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Consumers Cry, Urge Regulators to Act

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World Consumers’ Right Day has come and gone but the recently held consumer forum in Lagos offered an opportunity to discuss various issues which every consumer is daily confronted with while doing business with the banks in the country.

Speaker after speaker, who took turn to comment on how banks have been ripping innocent customers off their hard earned money, expressed their frustration and disapproval of the situation.

At the forum which was the fourth edition in a series being held by the Brand Journalists Association of Nigeria (BJAN), president of the association, Goddie Ofose, while giving his welcome remark, noted that the choice of the theme, “Banking in Nigeria: Developments Customers’ Challenges,” was relevant, apt and timely in view of the numerous complaints emanating from consumers both in the country and abroad.

Ofose noted that the essence of the forum was to draw the attention of stakeholders to the plight of consumers, stressing that there was need to address the problems. While calling the Central Bank of Nigeria to act, he emphasised the need for the regulatory body to act in the interest of consumers.

On his part, the guest speaker on the occasion, who also doubles as managing director of a leading public relations firm, Tokunbo Modupe, while taking the gathering down memory lane on what constituted a major impediment to modern banking in Nigeria, said the fact that the system was largely dominated by foreigners at inception led to difficulties encountered by Nigerians in securing loans, stressing that the situation forced many consumers to own stake in the banks. He said that even though the indigenously owned banks could not survive due to mismanagement, lack of regulation, Modupe, noted that the problem associated with loss of confidence on the part of consumers with banks emanated from that failure.

While commending the effort of some Nigerians who came to rescue the situation at that time, Modupe stated that the introduction of regulation as espoused by CBN contributed significantly to stabilize the system.

Speaking further on the challenges which the banking system had to confront with, Modupe explained that the decision by government at both state and federal levels to own and run banks impeded growth as activities in the system fell short of professionalism as obtained elsewhere.

According to him, many of the banks are subject to a lot of political considerations which led to erosion of confidence. Modupe who admitted that the reform which took place in the banking system helped a great deal in stabilizing the economy particularly when the economy was in distress, however, pointed out that bank customers were made to bear the brunt with many of them expressing dissatisfaction with the banking industry. According to him, it was a period when all sort of charges were introduced by the Central Bank of Nigeria, a development many consumers consider as violation of their right.

Modupe, who bemoaned the excessive charges that include management fees, processing fees, interest charges, commission on turnover, card maintenance fees, account maintenance fees, deposit, withdrawal and transfer telephone alert fees, and ATM fees being slammed on Nigerians, said the CBN needs to step in and provide proper explanation on some of the charges to prevent a reversal of fortune for the banking industry

Modupe was of the opinion that if the excessive charges were not addressed, it might in the long run hamper the gains recorded in various reforms embarked upon by banks

 Speaking on the issue of price fixing cartel in the banking industry, which she called the Bankers, Committee, Sola Salako, president, Consumer Advocacy Forum of Nigeria, stated that the absence of competition law had allowed so many issues affecting the consumer to fester..

“It is because Nigeria does not have a competition law. We are on the verge of pushing for one after passing four assemblies. If we have a competition law, it would not allow the banking committee to exist. There are many banks who can give services to you at cheaper rates but they are not allowed to pass that cheaper rate to their consumers because CBN already put a benchmark on what they should charge for that thing”.


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Cybervergent Expands to Three New Markets

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Cybervergent has launched version 3.0 of its artificial intelligence (AI)-native posture management platform and expanded operations into Kenya, Ghana, and SA.

The move, according to the company, introduces automated risk verification for enterprises and aims to position Africa as a force in digital governance technology.

It goes on to say the latest platform upgrade introduces continuous posture management, replacing traditional point-in-time governance, risk, and compliance reporting with real-time verification systems.

An AI engine independently verifies 99.9% of audit and monitoring findings before they appear on enterprise dashboards, according to Cybervergent.

It says risk management, compliance, audit, and data security operations are integrated into a unified system built for cloud and on-premise environments.

According to  Cybervergent, the platform maps more than 4 500 controls across frameworks, including the Nigeria Data Protection Act (NDPA), International Organisation for Standardisation (ISO) 27001, and System and Organisation Controls (SOC) 2.

Cybervergent says the rollout of its first South African customer validates the platform’s readiness for highly regulated enterprise markets and strengthens its expansion strategy across Africa’s leading technology and financial hubs.

The company is also adopting a channel-first deployment model, working with local partners and system integrators in Lagos, Accra and Johannesburg to scale verified security infrastructure for enterprises navigating increasingly complex regulatory demands.

“We built verification into the architecture,” said Ayomide Daniels, co-founder and chief scientist at Cybervergent. “If a finding is not traceable back to source documentation, it does not reach the dashboard.”

Cybervergent rebranded from Infoprivacy in late 2023 to reflect its shift towards AI-automated cybersecurity.

The start-up previously focused on data privacy compliance in the West African market before pivoting to its current integrated posture management model.


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FG Bans Honorary Degree Holders from Using ‘Dr’ Title, Warns of Academic Fraud

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Federal Government has directed recipients of honorary doctorate degrees to stop using the title “Dr.” before their names, as part of efforts to protect the integrity of academic qualifications and curb the misuse of honorary awards.

FG Bans Honorary Degree Holders from Using ‘Dr’ Title, Warns of Academic Fraud

Minister of Education, Tunji Alausa

Minister of Education, Tunji Alausa, announced the directive after the approval of the new policy by the Federal Executive Council (FEC).

Alausa said the measure was necessary to address the growing abuse, commercialisation and politicisation of honorary degrees in some tertiary institutions across the country.

He explained that honorary doctorates are symbolic recognitions of outstanding contributions to society and do not equate to earned academic qualifications obtained through rigorous study, research and examination.

“Recipients of honorary doctorate degrees are not entitled to use the title ‘Dr.’ as a prefix to their names in official, professional or academic engagements,” he said.

According to the minister, awardees may instead indicate the honorary distinction after their names using formats such as D.Litt (Honoris Causa), LL.D (Honoris Causa) or other approved honorary designations.

Under the revised policy, only universities with active doctoral programmes will be permitted to confer honorary doctorate awards.

The government also restricted recognised honorary awards to four categories: Doctor of Laws (LL.D), Doctor of Letters (D.Litt), Doctor of Science (D.Sc), and Doctor of Humanities (D.Arts).

In addition, all honorary degree certificates must clearly carry inscriptions such as “Honorary” or “Honoris Causa” to distinguish them from earned academic degrees.

The minister warned universities against indiscriminate conferment of honorary degrees, noting that institutions found violating the directive would face sanctions from the National Universities Commission and the Federal Ministry of Education.

He said the policy was part of broader reforms aimed at restoring credibility to Nigeria’s higher education system and ensuring academic titles are not misrepresented for personal, political or financial gains.

Observers say the development could reshape the long-standing culture where public office holders, business executives and celebrities often adopt the “Dr.” title after receiving honorary awards.


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Africa Fintech Revenues to Hit $65 billion by 2030 – Report

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African fintech revenues are projected to expand 13-fold to approximately $65 billion by 2030, marking the continent as the world’s fastest-growing digital finance market.

The “Beyond Payments: Unlocking Africa’s Second FinTech Wave ” report, released by Boston Consulting Group at the Inclusive FinTech Forum in Kigali, indicates the sector is shifting from transactional inclusion to scalable, infrastructure-driven systems.

While Sub-Saharan Africa accounts for 74% of global mobile money volume, more than 50% of lending still occurs through informal channels, representing a massive gap for B2B payments and data-driven underwriting.

The opportunity now is to convert scale into sustained, institutional-grade growth, says the report. Markets offering regulatory clarity and interoperable infrastructure are becoming increasingly attractive to long-term capital.

Rwanda is highlighted as an example of deliberate institutional coordination that lowers the cost to scale for financial institutions.

Forward-looking regulation and the License Passporting Memorandum of Understanding between Rwanda and Kenya are cited as practical steps toward easing regional expansion.

Financial centres like the Kigali International Financial Centre play a critical role in this next phase by reducing uncertainty for banks and investors.

By combining regulatory clarity and Pan-African integration, they reduce uncertainty for banks, fintechs, and investors, and help position markets as credible, long-term investment destinations.

Africa’s next fintech phase will be led by financial institutions, the report notes. It goes on to say banks and regulated entities are becoming the primary customers of digital financial infrastructure, demanding platforms that align with their risk frameworks.

The report identifies five institutional priorities to sustain momentum: interoperable infrastructure, data-driven credit, regulatory coherence, trust, and resilience.

Building seamless wallet-to-bank integration will enable more efficient value movement, while transforming transaction data into AI-enabled underwriting models will help bridge the gap in SME lending.

Proportional licensing frameworks and predictable supervisory practices will lower the cost to scale for innovators. Furthermore, expanding cybersecurity capabilities will ensure the ecosystem remains reliable as digital usage grows.

Africa has demonstrated that fintech scale is achievable, and the next decade will be shaped by those markets that strengthen their institutional foundations, the report concludes.

 


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