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E-Financial

CBN Slams N10m Fine for Unlicensed e-Payment Solutions

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Central Bank of Nigeria (CBN) said that banks that use unlicensed third party electronic payment solution will pay a fine of N10 million, as part of the regime of sanctions contained in the guidelines on electronic payment of salaries, pensions, suppliers and taxes in Nigeria.

The guidelines   spell out the roles and responsibilities, of all stakeholders in the end-to-end electronic payment of salaries, pensions, suppliers and taxes.

It also spells out sanctions and fines for sundry contraventions of the guidelines.  For example,  when  a bank uses an unlicensed 3rd party e-payment solution for end-to-end e-payment of salaries etc., the CBN would suspend its e-payment operations with the bank, issue a warning letter to the managing Director and impose a fine of  N10 million  for every repeated occurrence

Also, Non-availability of help desk/contact centre to receive enquiries, complaints and provide feedback on e-payment issues, will lead to suspension of the bank’s end-to-end e-payment operations until conditions are satisfied.

Non-Provision of monthly report on reported complaints & resolution status to the Bank attracts N25,000 penalty for each day for which report is not provided to the Bank, while submission of false or inaccurate reports  will attract  penalty of N250, 000 and a warning letter to the Managing Director.

The guidelines explained that, “to-End Electronic Payment is the seamless electronic processing and payment of all forms of salaries, pensions, suppliers and taxes with the electronic delivery of associated schedules alongside the payment transactions where applicable on a Bank approved electronic platform which transmits the instruction to debit a payer’s account and credit a beneficiary’s bank account, mobile account, electronic wallet or any other electronic channels; and shall include the ability of a payer to independently monitor and obtain electronic feedback on the status of any payment, at any time without depending on any third party, manual or semi-manual means.

“This means payment instructions and associated schedules are no longer to be transmitted to deposit money banks (DMBs)  by all public and private sector organisations through unsecured channels, such as paper- based mandates, flash drives, compact discs (CD), email attachments , etc.

While nationwide commencement date of  end-to-end e-payment of salaries, pensions, suppliers and taxes is January 9, 2014, compliance monitoring and  enforcement  will be in stages. This is to give enough time to all stakeholders to make necessary adjustments as may be required. Compliance monitoring and enforcement by CBN shall be according to the schedule below.

According to the apex bank all salaries, pensions, suppliers and taxes should be through end-to-end electronic payment.

The guidelines stated that banks are expected to:  promote the adoption of end-to-end electronic payments by all stakeholders covered by the guidelines;  provide paying organisations and beneficiaries with e-payment enabled bank accounts or any other approved electronic channel that promotes financial inclusion; process electronic payment instructions in accordance with subsisting payments system and clearing house rules;  publish customer service contact details and maintain customer service desks in all branches, to promptly attend to all electronic payment enquiries and challenges within stipulated timelines; and   maintain and make available to the Bank, on a periodic basis, report of all electronic payment transactions processed and report of customer complaints, indicating resolution status.

 


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E-Financial

Sterling Bank Pledges ₦2bn to Fully Fund University Scholarships

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Sterling Bank has launched a ₦2 billion scholarship initiative to support Nigerian students in private universities. The program, Beyond Education, was unveiled on Democracy Day and aims to remove financial barriers to higher learning.

The bank will fully sponsor 600 students from across Nigeria’s 36 states and the FCT to study Technology, Finance, Sales, and Public Health at Miva University, founded by Sim Shagaya. The selection process is merit-based, with candidates nominated by themselves or others, and final selection determined through public voting open to Sterling account holders.

Sterling Bank’s CEO, Abubakar Suleiman, described the initiative as an investment in Nigeria’s future, aligning with the bank’s commitment to Health, Education, Agriculture, Renewable Energy, and Transportation. The bank has already deployed over half a trillion naira in financing across these sectors.

According to Obinna Ukachukwu, Growth Executive at Sterling Bank, the program is about creating opportunities beyond education. The bank is shifting from short-term philanthropy to long-term ecosystem development, with investments in digitized healthcare, school financing, agricultural cooperatives, solar energy, and transport systems.

“Nigeria’s progress requires action,” Suleiman said. “We are funding the future architects of the country—those who will build the businesses, institutions, and innovations needed for national prosperity.”

Nominations for the Beyond Education scholarships are now open at www.sterling.ng/FUTURE. The initiative sets a precedent for private-sector-driven education investment, where success is measured not just in profit, but in people empowered.


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E-Financial

FG to Train 100,000 Youths Annually in Forex Trading and Financial Skills

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Federal Government of Nigeria has signed a Memorandum of Understanding (MoU) with Investonaire Academy to train 100,000 young Nigerians annually in forex trading, financial planning, and risk management.

The agreement, signed in Abuja, was announced by Omolara Esan, Director of Information and Public Relations at the Federal Ministry of Youth Development. According to her, the initiative is part of the government’s broader strategy to reduce youth unemployment and enhance financial inclusion.

At the signing ceremony, Minister of Youth Development, Comrade Ayodele Olawande, described the partnership as a milestone in the ministry’s efforts to equip young Nigerians with practical financial skills. He emphasized that the programme would foster critical thinking, improve digital literacy, and expand access to global economic opportunities.

Speaking on the collaboration, Dr. Enefola Odiba, International Programme Director at Investonaire Academy, highlighted the importance of empowering youth with relevant financial and digital skills. He described young people as essential drivers of innovation and national development.

The ministry assured that the programme would be implemented with transparency and measurable outcomes, ensuring that participants gain practical expertise in forex trading and financial planning.

The Federal Government has recently intensified efforts to boost skill development across various sectors. A separate plan aims to train 100,000 artisans nationwide, following the successful upskilling of 29,000 individuals in previous phases. This initiative seeks to professionalize vocational trades, eliminate quackery, and introduce licensing systems.

Additionally, technicians from specialized institutions will receive industry-standard training to strengthen Nigeria’s labor force and increase self-reliance in skilled professions.

Through these efforts, the government hopes to position Nigerian youth for economic success both locally and globally.


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E-Financial

NDIC Begins Final Settlements to Creditors of Liquidated Premier Bank

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Nigeria Deposit Insurance Corporation (NDIC) has begun the final phase of liquidation for the defunct Premier Commercial Bank, initiating the payment of liquidation dividends to verified creditors, nearly 25 years after the bank’s closure.

NDIC Begins Final Settlements to Creditors of Liquidated Premier Bank

Premier Commercial Bank had its operating license revoked by the Central Bank of Nigeria (CBN) on December 20, 2000, following findings of financial instability and regulatory non-compliance.

Since then, the NDIC has overseen the bank’s liquidation process under a winding-up order from the Federal High Court, which designated the corporation as the official liquidator.

In a public announcement, the NDIC invited all eligible creditors to visit any of its zonal offices between June 2 and June 27, 2025, to verify and claim their entitlements.

This move marks a critical milestone in the final settlement of claims related to the bank’s collapse.

To facilitate the verification process, creditors are required to present proof of deposit or shareholding, such as a passbook, chequebook, term deposit certificate, or bank statement.

Additionally, valid identification documents must be submitted, including a driver’s license, international passport, national identity card, NIN slip/card, voter’s card, or a formal identification letter from a traditional ruler or local government chairman.

The NDIC assured the public that the ongoing settlement is part of a broader effort to bring closure to longstanding claims resulting from Premier Commercial Bank’s liquidation. The process, according to the corporation, has been designed to ensure efficient disbursement to all verified stakeholders.

Premier Commercial Bank is one of 53 deposit money banks whose licenses were revoked by the CBN between 1994 and 2018 due to various violations and signs of financial distress.

These closures were followed by legal procedures appointing the NDIC to manage asset recoveries and creditor settlements.

By initiating this final phase of payment, the NDIC is reaffirming its commitment to financial system stability and depositor protection while calling on all affected individuals and institutions to complete verification processes promptly to receive their due compensation.


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