E-Financial
E-PPAN, NIBSS Upbeat on Strategic Cashless Nigeria
The Nigeria Inter-Bank Settlement System Plc (NIBSS) and the Electronic Payment Providers Association of Nigeria (E-PPAN) said that through strategic alliances and partnerships across the e-payments space, the Central Bank of Nigeria (CBN) cashless policy tops the option to safeguard the nation’s economy.
The duo expressed hope that the trend has come to stay especially with the nationwide implementation of the scheme.
Speaking at a one-day training for ICT journalist on e-payment reporting in Nigeria organized by E-PPAN, Mr. Dipo Fatokun, director, Banking & Payments System Department at the Central Bank of Nigeria (CBN), said that the apex regulator in the financial system aims at creating an electronics payments infrastructure that is nationally utilized and internationally recognized.
Fatokun who was represented by Mr. Musa Itopa Jimoh, head, Banking and Payment System Policy at CBN said that the e-Payments objectives include amongst others the eliminate delays in the payment process. It enables the processing of payments on-line real time; minimize people interaction (contractors and government officials), which implies means less human interaction with the system value chain and improve controls and supervision.
He said that the relevant systems control is embedded, audit trail of transactions maintained for ease of oversight/supervision and improve process efficiency and effectiveness, as it allows for Straight Through Processing (STP) of eligible transactions.
He listed recent developments in the industry to include, “licensing of Mobile Money Operators (MMOs); licensing of Payments Terminal Service Providers; licensing of Switches/Processors; creation of Payments System Policy and Oversight Office (PSPO) to monitor compliance with the various guidelines and standards and payment Card Industry Data Security Standard (PCIDSS) requirements”.
On his part, Osamuede Odiase, head of Public Sector & Corporation at NIBSS, highlighted benefits of e-payment to include Financial Inclusion cum Vision 20:2020, as Cashless Nigeria initiative will lead to reduction on the level of Cash in Economy.
He said, “There will be DMBs investment in e-banking as an alternative low cost channel for serving their customers; High investments by e-payments / e-business operators to the cashless initiative. It will also signal African/ Nigeria Growth Prospects such as growing middle class, bringing the large unbanked population to the space, and integrate the technology savvy youthful population and spur growth in Telecommunication/ Mobile Phones.
According to Odiase, shared services infrastructure is another means of reduction on cost of doing business in Nigeria as there has been mandate to provide shared infrastructure services for the financial industry.
This is even opportunity for Innovation & to set industry standards for e-payments and openings to win market share from rivals.
On the challenges, he listed competitive landscape, regulator policy changes, dearth of required skills and harsh economic (operating) environment and user enlightenment as issues that must be addressed.
Earlier, Onajite Regha, executive secretary and chief executive officer of E-PPAN, said the role of the Association of Nigeria has increasingly become oriented to policy advocacy, capacity building and training towards the achievement of the adoption of E-payment and improving service delivery.
She said that “E-PPAN realizes the important function of the media in achieving its objectives and therefore entered into collaboration with Industry experts to train the men of the fourth estate of the realm whose duty amongst others is agenda setting for the society”.
Regha added that the objective of the training was to enlighten the journalists on the intricacies and peculiarities of providing electronic payment services and also to drive home the benefits to the society.
“While operators and regulators make efforts to ensure that the payment system in Nigeria meets global best practice, it is important that journalists who are the watchdog of the society understand the possibilities, trends, operational framework and challenges of an efficient payment system to ensure effective reporting of the industry”.
The training programme focused on overview of electronic payment industry; understanding policies and regulation of E-payment in Nigeria; understanding the challenges and opportunities of electronic payment and the need for knowledge-based reporting on electronic payment.
Dr Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), has stated that cross-border tax crimes had undermined effort of countries to raise revenue for development.
He added that cross-border tax crimes distorted fair competition because compliant companies pay a higher cost for business and appear less profitable.
He also challenged global leaders to tackle the rising cross-border crimes that have disrupted revenue mobilisation and economic growth. Adedeji threw the challenge while delivering a keynote address at the 42nd Cambridge International Symposium on Economic Crimes (CIDOEC) held at the University of Cambridge, United Kingdom.
The symposium has, for over four decades, been a crucible of ideas, a forge for strategies, and a platform where countries chart a collective course against the impact and threat economic crimes pose to countries and institutions.
The global meeting was attended by about 1,000 participants from more than 100 countries, including legislators, policy makers, law enforcement agencies, security and intelligence personnel, regulators, governance and compliance officers, and academics.
Special Adviser on Media to the FIRS boss, Dare Adekanmbi, in a statement, said Adedeji was represented by the Coordinating Director of Proceeds of Crime Management and Illicit Financial Flows and immediate past chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Professor Bolaji Owasanoye.
“This year’s theme ‘Cross-Border Crimes’ speaks directly to one of the most complex and corrosive challenges of our interconnected world. “In a global economy where capital can move faster than law enforcement, and where digital and legal arbitrage often outpace regulation, the fight against crossborder economic crime is, by necessity, both local and global, both urgent and pressing.
“Modern day cross border crimes remind us that borders and boundaries have become virtual and distance irrelevant to the perpetration of crime and the negative impact on victims,” said Adedeji, who is also the Special Adviser on Revenue to President Bola Ahmed Tinubu.
On corporate or natural citizens who evade, avoid, fraudulently manipulate tax obligations by exploiting the intricacies of international trade or international finance, the FIRS boss said they have become implicated in cross border crimes.
He said: “When corporate or natural persons earn income in one country but hide same in another country, when they deceive, conceal or falsify records, they undermine the integrity and fiscal aspirations of the two countries they are manipulating. “When they hide income and assets in secrecy in some jurisdictions to avoid home-country taxes, they are hurting the fiscal target of home country.”
Nigerian Exchange (NGX) has suspended three insurance companies on the exchange for failure to release financial results for the 2024 fiscal year.
The affected underwriting firms are Regency Alliance Insurance Plc, International Energy Insurance Plc, and Universal Insurance Plc.
As a result of the embargo, shareholders and other investors will not be able to trade their stocks on the local stock market, according to a notice signed by Obioma Oge for the Head of Issuer Regulation Department of the NGX.
In the statement, it was disclosed that the effective date for the suspension of the three organisations was Monday, September 1, 2025.
It was in line with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, (Default Filing Rules), which provides that if an Issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will: a) send to the issuer a second filing deficiency notification within two business days after the end of the cure period; b) suspend trading in the issuer’s securities; and c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.
However, the embargo may be lifted if the trio released their outstanding financial statements for “the year ended December 31, 2024.”
Securities and Exchange Commission (SEC) Nigeria has officially launched its newly redesigned website, marking a significant step toward enhancing digital engagement, regulatory transparency, and investor protection.
The regulator, in a statement on Monday, said the upgrade introduces a modern design, enhanced functionality, and a streamlined user experience aimed at investors, market operators, and the general public.
According to the SEC, the new platform features improved navigation, consolidated resources such as regulatory guidelines and publications, and a mobile-friendly design.
“This comprehensive upgrade introduces a modern design, enhanced functionality, and a streamlined user experience,” SEC said.
“The restructured platform ensures critical information is better organized and more accessible for all stakeholders, including investors, market participants, and the general public.
“Key enhancements include an intuitive menu and site structure for finding information quickly.
“Consolidated Resources: Key documents, regulatory guidelines, and publications are now easier to locate. A responsive design optimized for desktop and mobile devices.
“The initiative underscores the Commission’s ongoing commitment to transparency, operational efficiency, and improved stakeholder engagement.”
According to Emomotimi Agama, director-general (DG) of SEC, the website redesign reflects “our dedication to continuous improvement in service delivery and communication”.
“This digital advancement is a significant step in building a more transparent and accessible Commission, enhancing our engagement with the capital market and the investing public,” Agama said.
Also speaking, Samiya Usman, executive commissioner for corporate services at SEC, said the focus went beyond aesthetics.
“By simplifying access and logically organizing content, we have created a powerful platform that supports our mission to develop and regulate a fair, efficient, and transparent capital market,” the commissioner said.
The SEC urged stakeholders to explore the website and use its features to access regulatory updates, news, and services.
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