Connect with us

General News

CBN Decries Under-Funding, Inefficiency of Cash Handing Services

Published

on

Kindly share this post

The Central Bank of Nigeria (CBN) has berated some cash handling services companies for being underfunded, inefficient and uncoordinated in the provision of cash-in-transit and currency sorting services in Nigeria.
The apex bank and the Nigerian Police force also warned banks against the use of substandard armoured vehicles to carry money within the country.
Speaking at the launch of the Association of Cash Managers of Nigeria (ACMAN) in Lagos last week, Alhaji Mohammad Nda, director, Currency Operations Department of the CBN said, “It is regrettable to note that the cash-in-transit and currency sorting services in Nigeria are limited in scope and restricted to few cities in Nigeria, under funded, inefficient, unregulated and uncoordinated. The challenge is to how to harness the potentials of the companies, as well as admit new entrants into the sub-sector to provide cash handling support services to the CBN and deposit money banks.”
He disclosed that banks have been instructed to use standard armoured vehicle to move their money. “For currency distribution, the deployment of inappropriate bullion vehicles is prevalent. The importance of the deployment of the appropriate armoured vehicles for cash- in transit operations cannot be over-emphasized, especially in view of the increase in the rate of robbery attacks on specie currency movements and the sophistication of the criminals.”
Nda, noted that investment in cash handling services all over the world is capital intensive and urged the members of ACMAN to look at various sources of funding to be able to meet the minimum requirements of paid up capital for various operations of currency management systems.
Adebayo Adeoye, retired Deputy Inspector General (DIG) of Police encouraged banks to use sophisticated armoured vehicle that will help protect Nigerian citizens, and ward off armed robbers and would be rebels.
He advised banks not to use substandard armoured vehicle in carrying cash but to use sophisticated armoured vehicle that can stop AK 47, M-16 and even armoured piercing rounds at close range.
According to him, “Armoured vehicle is the main thing all over the world and Nigeria should embrace it. I am happy that the CBN has come out with the order asking banks to use armoured vehicles in carrying cash as it is the best international practice.”
In his speech at the occasion, Charles Nwodo Jnr. Group Managing Director/Chief Executive Officer, XL Management Services Group, encouraged ACMAN members to support the CBN’s policy to license and appropriately regulate the operations of Cash in Transit (CIT) and cash processing companies and outsourcing CBN’s distribution and processing of currency.
Tunde Dabiri and Chief (Mrs.) Henrietta Vannni, chairman and president of ACMAN stated that the cash industry was no longer on the defensive mind set that it was in before now, stressing the need to go on the offensive and recover lost grounds. “Nigeria is a economy cash driven. Members of ACMAN operate within the Nigerian cash supply chain, unfortunately, these are also trying times for the banks and each and every one of them must now go back to see how best to address the twin issues of costs and risks inherent in carrying out the business of banking, Dabiri said.”

 


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

General News

Court Freezes MCSN Copyright Levies amid Record Label Legal Battle

Published

on

Kindly share this post

Justice Ambrose Lewis-Allagoa of the Federal High Court, Lagos, has issued an interim Mareva injunction freezing copyright levy funds due to the Musical Copyright Society of Nigeria (MCSN).

Court Freezes MCSN Copyright Levies amid Record Label Legal Battle

The order prevents the Central Bank of Nigeria (CBN) and at least 20 commercial banks from disbursing these funds until further court proceedings.

The injunction stems from Suit No. FHC/L/CS/207/2026, following an ex parte application filed on February 5, 2026, by the Record Label Proprietors’ Initiative on behalf of 11 major record labels and music companies.

Plaintiffs include industry heavyweights such as Mavin Records, Davido Music Worldwide, Chocolate City Music, Universal Music Group, Sony Music Africa, and Warner Music South Africa.

The plaintiffs, through their attorney, sought to restrain the CBN from releasing any copyright levy funds related to sound recordings earmarked for MCSN.

They also asked the court to bar MCSN and its agents from accessing, transferring, or using the funds, whether received directly from the CBN or routed through commercial banks.


Kindly share this post
Continue Reading

General News

NITDA, HORSA Empower Lawmakers’ Spouses with Digital Skill

Published

on

Kindly share this post

The National Information Technology Development Agency (NITDA), in partnership with the House of Representatives Spouses Association (HORSA), organized a specialized two‑day digital literacy and capacity‑building workshop for the spouses of members of the House of Representatives.

The initiative, themed “Empowering Women for a Digital Future: Leadership, Wellbeing, and Opportunity,” is designed to equip spouses of lawmakers with the tools needed to navigate the modern digital economy and the unique demands of public life.

Moving beyond basic computer literacy, the workshop offers a comprehensive suite of skills, including financial and digital literacy—focused on using digital tools for business growth and personal finance management; cybersecurity and digital wellbeing—promoting online safety, data protection, and mental health resilience; and economic empowerment—unlocking opportunities in remote work, Business Process Outsourcing (BPO), and digital entrepreneurship.

Declaring the workshop open on behalf of the Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, PhD, the Deputy Speaker, Rt. Hon. Benjamin Okezie Kalu, said the workshop underscores the crucial role spouses play in supporting public office holders. He described spouses as trusted advisers whose understanding of legislative responsibilities helps lawmakers perform more effectively.

He noted that the demanding nature of legislative work often places strain on family life, adding that empowering spouses with digital and leadership skills would strengthen their capacity to provide informed support and constructive feedback to their partners in public service. He urged participants to take full advantage of the training, stressing that continuous learning is essential in an increasingly digital world.

Kalu further observed that many spouses already lead humanitarian and development initiatives in their communities, and that the skills gained from the programme would enhance communication, strategic planning, and resource mobilisation, thereby deepening their contribution to community development and national growth.

In his welcome address, the NITDA Director‑General, Kashifu Inuwa, said the initiative aligns with the Federal Government’s drive to build a sustainable digital economy by ensuring that no group is excluded from digital opportunities due to skills gaps. He noted that the Renewed Hope Agenda of Bola Ahmed Tinubu places digitalisation and innovation at the heart of economic diversification and inclusive growth.

He added that NITDA is implementing a national digital literacy framework aimed at achieving 95 per cent digital literacy by 2030, driven through three key focus areas: integrating digital skills into formal education, upskilling public servants, and expanding community‑level digital inclusion.

Inuwa described women as critical drivers of Nigeria’s digital transformation, noting that empowering spouses of lawmakers with digital skills would strengthen leadership at home and positively influence legislative processes at the National Assembly. He explained that NITDA is working with the Ministry of Education and global technology partners to train teachers nationwide, while over 54,000 public servants are currently enrolled in the Agency’s digital literacy programmes.

He also stated that through community champions deployed across the 36 states and the Federal Capital Territory, millions of Nigerians are being reached annually with basic digital skills training, stressing that national leaders must not be left behind in Nigeria’s digital transition. According to him, digitally literate spouses can play a vital role in encouraging technology‑driven governance, including ongoing efforts to digitise legislative processes.

In her goodwill message, the Leader of HORSA and wife of the Speaker, House of Representatives, Hajiya Fatima Tajudeen Abbas, described the workshop as a historic milestone and the first comprehensive capacity‑building programme organised by the 10th Assembly for spouses of lawmakers. She noted that public life in a digital age now extends beyond physical spaces into online platforms, making digital and financial literacy, cyber protection, and digital wellbeing essential skills for spouses of national leaders.

Hajiya Abbas emphasised that the sessions on mental health, emotional resilience, entrepreneurship, and leadership were timely, as spouses of public office holders often shoulder invisible emotional responsibilities. According to her, empowering women economically strengthens families and communities, adding that the knowledge gained from the workshop would not only support lawmakers behind the scenes but also enable women to contribute more meaningfully to national development in the digital economy.

The event also featured goodwill messages and contributions from senior government officials, including the Chief of Staff to the President, Hon. Femi Gbajabiamila; the Honourable Minister of Women Affairs and Social Development, Hon. Imaan Sulaiman Ibrahim; the Chairperson of the Nigeria Governors’ Spouses’ Forum, Prof. (Mrs.) Olufolake Abdulrazaq; the Chairman of the House Committee on ICT, Hon. Stanley Olajide; the Chairperson of the House Committee on Women Affairs and Social Development, Hon. Kafilat Ogbara; and the Managing Director of the South-South Development Commission, Usoro Offiong Akpabio.


Kindly share this post
Continue Reading

General News

PalmPay Unveils First Batch of Winners in #LoveWithPalmPay Campaign

Published

on

Kindly share this post

PalmPay is thrilled to announce the first set of winners of its highly anticipated Valentine-themed #LoveWithPalmPay campaign, following a week of receiving entries from users across the country, celebrating their real love stories shaped by simple money moments.

The #LoveWithPalmPay, a two-week campaign which started on the 9th of February until the 21st of February, has unveiled the first set of four (4) couples who shared their heartfelt stories of how PalmPay has positively impacted their relationships, from seamless transfers and bill payments to shared savings goals, dates, and everyday financial support.

The first batch of selected winners are:

  1. Abdulsalam Aishat Omowumi ( Facebook)
  2. Symply Omotoshan (Instagram)
  3. Unusual_aaron (Tiktok)
  4. MTN_DATA_VENDOR (X)

Speaking on the campaign, Olorunfemi Hanson, the Head of Marketing of PalmPay, stated, “We are using the campaign to appreciate our over 35 million users and the many ways they use the PalmPay app to make life seamless. The four (4) couples, each rewarded with ₦100,000, were chosen based on how effectively they highlighted PalmPay’s features and demonstrated how the platform helped their everyday payments be reliable and seamless.

PalmPay noted that with the campaign still ongoing, four (4) more couples will be announced in the coming days, encouraging more users to continue sharing their love stories using the hashtag #LoveWithPalmPay on PalmPay’s social media platforms.

The campaign reinforces PalmPay’s commitment to creating financial solutions that not only simplify transactions but also bring people closer through meaningful, everyday money moments.

PalmPay is a leading digital banking platform driving financial inclusion and economic empowerment in underserved emerging markets. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay empowers individuals and businesses with tools to manage and grow their money.

PalmPay offers a comprehensive range of products, including mobile payments, savings, and micro-insurance via its app and mobile money agent network.


Kindly share this post
Continue Reading

Trending