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CBN, SEC Fine Access Holdings N1.21Bn for Infractions

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Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have jointly imposed a total fine of ₦1.21bn on Access Holdings Plc for a series of regulatory breaches committed during the 2024 financial year.

CBN, SEC Fine Access Holdings N1.21Bn for Infractions

The move reflects a more assertive regulatory approach by the country’s financial watchdogs, aimed at reinforcing discipline and aligning Nigeria’s banking standards with global best practices.

According to the group’s audited financial statements submitted to the Nigerian Exchange (NGX), the fines represent a sharp increase of over 217 per cent compared to the ₦38m penalty issued during the same period in 2023.

This significant rise in sanctions signals a new era of stricter enforcement and zero tolerance for non-compliance within the banking sector.

Access Holdings was penalised by the CBN for multiple contraventions, including failures related to anti-money laundering (AML) compliance, poor reporting of cybersecurity incidents, the unauthorized warehousing of government funds, and violations of consumer protection standards.

One of the most substantial penalties was a ₦718.5m fine imposed for breaches of AML regulations.

The central bank also issued a ₦300m fine for the improper warehousing of funds belonging to a government agency, which constituted a serious lapse in financial governance.

Further sanctions were issued for the group’s failure to properly report cyber incidents, resulting in a ₦69m fine, while additional penalties were imposed for breaches related to targeted financial sanctions and ineffective screening solutions within the bank’s systems.

The group got the sum of N10m penalty for contravention of regulations on targeted financial sanctions and screening solutions relating to the Bank’s database and ₦2m for wrongful renewal of debit cards, which violated consumer protection guidelines.

The financial institution was also penalised ₦5m for non-compliance with regulations related to mystery shopping exercises involving confiscated naira notes,

The SEC, on its part, sanctioned Access Holdings with a ₦100.6m fine for the unauthorized sale of securities, a serious infraction that undermines the integrity of Nigeria’s capital market.

This particular violation highlights concerns around operational transparency and internal controls within the bank’s investment services.

Regulatory authorities have emphasized that these enforcement actions are not isolated but part of a broader commitment to strengthen financial supervision across Nigeria’s banking and capital markets.

Under the leadership of Olayemi Cardoso, governor, CBN,  the central bank has prioritized reforms that promote financial stability, strengthen institutional compliance, and reduce the risk of systemic failures.

The focus on anti-money laundering and combating the financing of terrorism (CFT) has become particularly pronounced, reflecting both domestic priorities and Nigeria’s obligations under international financial agreements.

The SEC, similarly, has reaffirmed its dedication to maintaining order in the capital markets and ensuring that all participants adhere to existing rules and ethical standards.

Both agencies have adopted a proactive stance in recent years, intensifying oversight mechanisms and increasing the frequency of audits and inspections to deter infractions before they escalate.

The fines imposed on Access Holdings underscore the seriousness with which regulators now view non-compliance.

As the financial landscape evolves and becomes increasingly digitized, institutions are being held to higher standards of accountability, operational integrity, and consumer protection.

The CBN and SEC have made it clear that ensuring a sound, transparent, and globally competitive financial system is a top priority—and enforcement actions such as these are central to achieving that goal.


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E-Financial

Banks Reopen Naira Card Payments for International Tuition Fees

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Nigerian banks have resumed processing international tuition payments from Naira accounts through the Central Bank of Nigeria (CBN)’s Form A portal.

Banks Reopen Naira Card Payments for International Tuition Fees

Form A is an application form designed by the Central Bank of Nigeria to pay for service transactions (invisible trade).

The form allows customers to purchase foreign exchange at the CBN or interbank rate to make payments for eligible services as predetermined by the foreign exchange manual.

This development comes a month after commercial banks announced the resumption of international transactions on their naira cards.

In an email to customers, Guaranty Trust Bank Limited (GTBank) and Lotus Bank announced that the service is now available for applicants paying undergraduate and postgraduate tuition fees abroad.

“Pay international tuition fees directly from your Naira account,” the notice from GTBank read.

To access the service, customers are required to register and submit their applications via the Trade System Portal at www.tradesystem.gov.ng.

GTBank explained: “Select the ‘Form A’ application for Educational Fees. Choose GTBank as the processing bank, attach required documents, and submit the application.”

Similarly, Lotus Bank stated, “Register on the Trade System Portal. Select Form ‘A’ application for Educational Fees. Choose Lotus Bank as the processing bank, attach required documents, and submit the application.”

In a similar notice,  Lotus Bank also informed customers of processing international fees using its facility.

“Register on the Trade System Portal (www.tradesystem.gov.ng). Select Form ‘A’ application for Educational Fees. Choose Lotus Bank as the processing bank, attach required documents, and submit the application,” the bank said.

In 2022, Nigerian banks said international school fees and upkeep requests via Form A will be processed within 120 days due to forex scarcity at the time.


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Safaricom, PayPal Collaborate to Link Mobile Money with Online Payments

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Safaricom, M-PESA and PayPal have announced a strategic collaboration to enable account linking and seamless fund transfers across their networks.

This collaboration aims to empower more than 35 million M-PESA customers and two million businesses and micro traders in Kenya to access PayPal’s global network.

By first linking their PayPal and M-PESA wallets, users can easily transfer funds from their PayPal accounts into their M-PESA wallets, and vice versa. This service is designed to enhance the experience for customers and businesses transacting between the two platforms.

The solution is currently available to Safaricom M-PESA customers in Kenya, with plans to roll out the service to the other M-PESA markets in the future.

“As globalization and digitization continue to reshape how people and businesses connect, our partnership with PayPal is a bold step forward in enabling seamless, worry-free, safe, secure, and inclusive digital payments.

“This collaboration empowers over thirty-five million customers and two million businesses and micro-entrepreneurs across Kenya to participate in the global digital economy by conveniently sending and receiving payments across more than 200 markets. It’s part of our commitment to unlocking opportunities and transforming lives through the power of M-PESA,” said Esther Waititu, Chief Financial Services Officer, Safaricom PLC.

“Building seamless connections between the global economy and local financial ecosystems is crucial to expanding digital financial inclusion,” said Otto Williams, Regional Head and General Manager for the Middle East and Africa, PayPal. “We are thrilled to enable millions of M-PESA’s customers across Africa connect more easily to PayPal’s international customer base.”

For 18 years, M-PESA has driven financial inclusion and bridged the digital divide. With M-PESA Kadogo, introduced in 2016, Safaricom waived fees for transactions of Kshs 100 and below, making digital payments more accessible. Now, through Ziidi MMF, customers can invest from as little as Kshs 100, promoting a culture of saving and financial wellness.

The partnership will tap into the emergence and growing popularity of the gig economy that has seen a rise among Africans accepting online jobs for clients across the world.

It equally marks a growing trend of interoperability between fintech providers with a goal of providing customers with a digital financial ecosystem that meets their needs by combining different capabilities.

PayPal is a leading global payment processor with more than 400 million active PayPal accounts operating across 200 markets, while M-PESA is Africa’s leading mobile money service connecting more than 50 million customers across Africa, 2 million businesses and micro traders, with more than $1.1 billion transacted daily.

 


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FG Asks Banks to Report Individuals with N25m Monthly Transactions to FIRS

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Federal government has mandated banks and financial institutions to begin reporting monthly transactions exceeding N25 million for individuals and N100 million for firms to the tax authorities.

FG Asks Banks to Report Individuals with N25m Monthly Transactions to FIRS

Under the new provisions of the Nigerian Tax Act, financial institutions are required to submit quarterly returns to the Federal Inland Revenue Service (FIRS).

The agency will be renamed to the Nigeria Revenue Service (NRS) from January 2026, when the new tax system will take effect.

“Every person who has an obligation to deduct and remit tax under this Act or any other Returns for tax legislation shall render monthly returns to the appropriate tax authority, as specified deduction of tax in the regulation issued for that purpose,” the Act reads.

“Without prejudice to section 142 of this Act, every bank, insurance company, stock-broking firm, or any other financial institution, shall prepare, with or without demand be delivered by the relevant tax authority, quarterly returns to the relevant tax authority specifying the names and addresses of new customers;Nigerian fashion trends

“…and existing customers in the case of (i) an individual, all transactions where the cumulative transactions in a month amount to N25,000,000 or more, or (ii) a body corporate, all transactions where the cumulative transactions in a month amount to N100,000,000 or more.”

Prior to the new tax law, banks were mandated to report deposits of N5 million — a measure intended to curb illicit financial flows, according to  TheCable

Experts said the shift is part of efforts to tighten anti-money laundering reporting in the financial sector.

In 2023, Nigeria was listed on the grey list by the  Financial Action Task Force (FATF) over deficiencies in tackling money laundering and terrorism financing.

Since then, the country has been making efforts to exit the grey list, which subjects it to increased monitoring by the FATF.

In November 2024, Hafsat Bakari,  chief executive officer (CEO) of the Nigerian Financial Intelligence Unit (NFIU), said Nigeria has achieved upgrades in five key recommendations from the FATF.


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