General News
CBN Presses Forward with Deposits Charges Despite Public Outcry

Central Bank of Nigeria (CBN) has said it won’t back down the re-introduction of processing fees on deposits and withdrawals on certain thresholds by individual and corporate bank customers in seven states of the country.
This is despite the recent outcries and criticisms that trailed the announcement.
The apex bank had directed deposit money banks in the country to begin implementation of this cashless policy from Wednesday, September 18, 2019 and since then, many have lambasted the CBN.
Mr Godwin Emefiele, governor of the central bank, while briefing journalists at the end of the Monetary Policy Committee (MPC) two-day meeting on Friday in Abuja, said this cashless policy was not new and that since its first introduction in 2012 and withdrawal in 2014, Nigerians had five years to bring their cash into the banking space.
“Fees on excess cash withdrawals are not new and have been in place since July 2012. Deposit fees are also not new.
“They have been in place since inception but later withdrawn in 2014 following feedback on the need for stakeholders to fully embrace electronic payment before implementation
“We believe that after five years and with all the options and channels that are currently available that we need to really embrace the best practices by saying we should go cashless in Nigeria,” the CBN chief said during the briefing monitored by Business Post.
Based on data between 2012 and 2018, Mr Emefiele said the cost of currency management in 2014 reduced by 13 percent following the first introduction of the policy including charges on both deposits and withdrawal in the ‘six cashless states’ throughout 2013.
However, Mr Emefiele disclosed that due to the suspension of the policy on deposit charges in 2014, currency management cost went up from 2015 and increased year-on-year basis to 2018 at an annual rate of 33 percent.
Mr Emefiele further noted that the policy was put in place to encourage the use of electronic means of transaction and reduce but not eliminate cash-based transactions.
“It is in the public’s interest to promote an efficient payment system via the cashless policy which helps to reduce the punitive cost of cash processing passed on to money deposit banks”
He noted that the strategy will help promote an open and transparent system because “Cashless policy also improves transparency in financial dealings and reduction in crime such as advanced fee fraud, graft, ransom fee payment, and extortions.”
He also said that since the pilot of the cashless policy that electronic transactions had increased substantially within the Nigerian economy.
According to Mr Emefiele, “POS transactions increased by 4692 percent and we are talking about N2.27 trillion from just N48.6 billion in 2012 to N2.3 trillion at the end of 2018”
He added that electronic transfers increased significantly by 1967 percent or N76.5 trillion from N3.8 trillion in 2012 to N80.4 trillion in 2018. Cheque transactions had also reduced by 32 percent by about N2.45 billion from 7.48 billion in 2012 to 5.03 billion in 2018.
He then disclosed that financial access funds, ATMs, Agents, and Mobile Cash across each of the six cashless policy states all witnessed exponential growth.
General News
Nigeria’s BNPL Market is Projected to Value @ $2.6B by 2030

Nigeria’s Buy Now, Pay Later (BNPL) market is on a fast-growing trajectory and is predicted to be valued $2.61 billion by 2030, up 83% from $1.42 billion in 2024, owing primarily to the rapid emergence of fintechs in the country.
This observation was stated in EnterpriseNGR’s State of Enterprise 2025 report, which focuses on how fintechs are reshaping Nigeria’s business landscape through digital innovations, accessible credit systems, and mobile-first financial tools.
As a credit system, BNPL allows users to stagger payments for products and services, making it a key development driver in Nigeria’s developing digital economy.
From 2021 to 2024, the BNPL experienced a compounded annual growth rate of 23.1%. Fintechs have contributed to the rapid growth by providing a range of flexible loan alternatives for e-commerce, retail, and services, bridging financial gaps for millions of disadvantaged Nigerians.
The report highlights how fintechs have contributed to Nigeria’s flexibility and resiliency by simplifying digital payments, automating invoicing and payroll systems, and democratising credit through platforms such as Renmoney and FairMoney.
The report also shows a significant rise in remittance inflows into Nigeria following the Central Bank of Nigeria’s 2024 policy adjustments.
According to the report, by 2024, Nigeria boasted over 400 licensed digital lenders who extend collateral-free credit to those commonly excluded by banks.
General News
FG, Netherlands Partner on Digital Migration for NIS

The Nigeria Immigration Service (NIS) strengthened bilateral relations with the Netherlands’ government through an agreement targeted at improving migration governance and border security.
This partnership was confirmed during a meeting at the NIS headquarters in Abuja, which was attended by a Dutch team led by Jurgen Bartelink, Chargé D’Affaires of the Embassy of the Netherlands in Nigeria.
The meeting focused on increasing bilateral migration cooperation and came after the comptroller general of Immigration, Kemi Nandap, paid a working visit to the Netherlands.
Under the agreement, the Dutch government pledged to continue supporting technology-driven solutions targeted at boosting Nigeria’s border control systems and improving migration management.
During the Netherlands Embassy diplomats handed over essential operational tools, such as Edison Software licence keys and the Passport Examination Programme Manual App.
According to NIS spokeswoman ACI Akinsola Akinlabi, “The partnership focuses on enhancing bilateral collaboration on migration management and reviewing ongoing capacity-building efforts.”
Bartelink, Chargé d’Affaires of the Netherlands Embassy in Nigeria, underlined the Netherlands’ commitment to helping Nigeria’s continuing border security and migration reforms.
Also speaking, Rob Bokhoven, head of international affairs, repatriation, and deportation services at the Dutch Ministry of Justice and Security, emphasised the country’s strong bilateral relations and announced plans to share a mobile border software solution with the NIS.
Receiving the equipment, Nandap said the delivery of the gadgets would boost West African country’s border security, significantly improve the service’s document verification border management capabilities and support the implementation of Nigeria’s National Migration Policy.
“The engagement will further reinforce the strategic partnership between Nigeria and the Netherlands advancing shared goals in migration governance, border security and international cooperation,” she added.
General News
AfDB Cuts Nigeria’s Growth Projection to 3.2%

Peter Enogb, principal country economist, African Development Bank (AfDB), says the rise in global uncertainty, emanating from increases in global trade tariffs, has slowed Nigeria’s projected growth to 3.2% in 2025.
“Without this level of heightened uncertainty, our projections would probably have been somewhat higher. We’ve reduced our projections for Nigeria. We initially were projecting 3.5% – 3.6% growth in 2025.
“But given the current situation, our models are showing that we’re taking a more cautious approach. So that’s why we produced this and, of course, the main driver is uncertainty in the global economy,” Enogb said.
He said this at the launch of the 2025 Nigeria Country Focus Report (CFR) on Thursday.
AFDB projected that real GDP growth would hit 3.1% in 2026. Following the 2024 consumer price index (CPI) rebasing, with lower weights for food items, the inflation rate is expected to reduce over the medium term to 24.7% in 2025 and 17.3% in 2026.
As imports start to rise over the medium term, the current account is projected to decline to 3.9% of GDP in 2026.
The National Bureau of Statistics (NBS) reported that Nigeria’s headline inflation slowed for the second consecutive month to 22.97% in May. This is down from 24.48% at the start of the year
This is contrary to the World Bank projection that Nigeria’s economy would record steady growth of 3.6% despite the shift in the global trade dynamics.
Joseph Ogebe, head of research and development at Nigerian Economic Summit Group (NESG), also said that global uncertainty had been very high in recent times, resulting from the Trump 2.0 effect.
“And also with the recent war between Israel and the international community, we’ve seen what’s happening to oil prices. Even with the call-off of the war, we’ve seen the effect on oil prices too, which has implications on the fiscal side. So it has implications for the general economy,” he said.
The head of research at NESG said that rather than focusing on just growth, what should be looked at is a strategy called growth with depth.
“Growth with depth means that your growth must be diversified, export-led, productive, and technologically driven,” he said.
Ogebe said that if the Government works towards adopting a strategy of growth with depth, there is a tendency for the government to move towards its goal of achieving a $1 trillion economy by 2030.
The report revealed that the country’s recent policy moves, including fuel subsidy removal, exchange rate unification, and tax reforms, reflect a commitment to long-term transformation.
However, it also pointed out that at about 13%, Nigeria’s tax-to-GDP ratio is among the lowest in West Africa, noting that fiscal reforms are urgent.
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