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EMV: Banks Continue to Issue Old ATM Cards

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Some banks are still issuing magnetic stripe cards to customers in apparent disregard of the Central Bank of Nigeria (CBN)’s directive to all commercial banks to stop issuing the old Automated Teller Machine (ATM) cards, Nigeria CommunicationsWeek can reveal.
CBN directed all banks to upgrade their e-payment channel to Europe MasterCard and Visa (EMV) standard by issuing chip and pin based cards beginning from April 1 this year.
Nigeria CommunicationsWeek however gathered that four banks are still issuing the magnetic stripe cards two months after the deadline.
Most of the cards issued by these banks were produced in March this year and will expire in March 2011, against the 2010 date announced by the switching company, Interswitch, when it said that magnetic stripe cards will no longer be used on its platform.
Nigeria CommunicationsWeek also gathered that in spite of the technological upgrade of debit cards to EMV standard chip and pin cards by Interswitch, most banks are still reluctant to issue them.
Further investigations revealed that the banks have not actually upgraded their e-payment channels to accept chip and pin based cards, a clear violation of the regulator’s directives.
Meanwhile, ATM transactions have continued to rise in the country accounting for 91 percent of all electronic transactions.
Nigeria CommunicationsWeek gathered that the dominance of ATM in electronic transactions may have informed the current efforts by CBN to ensure that the system is strictly guarded against fraudsters.
CBN estimates that there are approximately 8,138 ATMs in the country, representing a penetration rate of one ATM per 18,000 individuals.
The point of sales (PoS) penetration rate represents a ratio of less than 90 PoS terminals per one million inhabitants, which is however a low penetration rate compared to other countries in Africa.
Effective branchless banking requires the co-operation of parties outside the control of the CBN, such as telecommunications service providers and consumer protection agencies, as the CBN is in the process of drafting mobile payment guidelines to promote branchless banking.


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LIRS to Invoke NTAA to Recover Unpaid Taxes from Bank Accounts, Others

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Lagos Internal Revenue Service (LIRS) pursuant to Section 60 of the Nigeria Tax Administration Act (NTAA), plans to ask Nigerian banks to debit bank accounts of employers who failed to remit tax liability.

LIRS to Invoke NTAA to Recover Unpaid Taxes from Bank Accounts

This was disclosed in a recent notice on Sunday.

LIRS stressed that the move was in line with the implementation of the country’s NTAA and other new tax laws, which took effect on January 1, 2026.

“Where a taxpayer fails, neglects, or refuses to settle any established outstanding tax liability when due, LIRS may exercise its power under Section 60 to direct any of the following persons to pay the amount owed by the taxpayer:

“Banks and other financial institutions; Employers; tenants, debtors, or customers of the taxpayer; Agents, business partners, and any person holding money on behalf of the taxpayer; Any person owing money to the taxpayer, whether presently due or accruing. Once a substitution notice is issued, the person served is statutorily required to remit to LIRS the amount. Specified in the notice from funds belonging to, or payable to, the defaulting taxpayer,” the LIRS notice partly read.

Meanwhile, Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, weeks ago ruled out claims that the government would debit personal accounts over tax remittances.


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Anambra Cuts Monday Pay to Kill Sit-at-Home

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Anambra State will implement pro-rata salary payments for civil servants starting February 2026, targeting chronic Monday absenteeism from the long-running sit-at-home order, Information Commissioner Dr. Law Mefor announced Saturday.

Anambra Cuts Monday Pay to Kill Sit-at-Home

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Speaking at an Awka briefing after the Executive Council’s end-of-tenure retreat, Mefor said improved security and transport have eliminated excuses for the four-year disruption, which cost the state trillions in lost revenue. “Workers enjoyed full pay despite staying away; now, no work means no pay for that day, calculated over 24 working days,” he stated.

Compliance measures include mandatory Monday clock-in forms, with markets urged to reopen fully amid bolstered security. This builds on a January 22 executive order docking 20% pay from teachers absent on Mondays.

Mefor warned that lost Mondays cripple revenue collection and productivity, rejecting alternatives like Saturday shifts as capitulation to agitators.


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Stakeholders Demand Stronger Governance and Infrastructure to Drive Tech Adoption @ Lagos AI Summit

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As AI adoption accelerates across Nigeria, leaders at the “AI in Action Now” conference 2026 have called for a balance between rapid innovation and strict regulatory governance. The event, held at the Lagos Oriental Hotel, highlighted both the doggedness of Nigerian builders and the risks of unregulated data usage.

Dotun Adeoye, Co-Founder of AI Nigeria, raised alarms over “Shadow AI”, a trend where employees upload sensitive official documents to public AI platforms. He praised the Nigerian Data Protection Commission (NDPC) for its recent aggressive stance, including multi-million-dollar fines against major banks and social media brands.

“Innovation without governance is dangerous. The regulator now has the job of educating players. We are working in partnership with them to ensure players don’t just get fined, but actually understand how to protect data locally rather than storing it abroad, ” Adeoye noted.

Addressing issues of lack of infrastructure to carry AI adoption, Conference Convener Debola Ibiyode admitted that while Nigeria lacks the traditional foundation for AI adoption, the tech community cannot afford to wait.

“The simple answer is we don’t have the infrastructure, but Nigeria has never really had infrastructure to drive anything, and we still thrive, ” Iboyode said, encouraging students and builders to look beyond current limitations. “Once we start to build based on what we have now, it will encourage those who need to provide the infrastructure to do their part. The world will not wait for us,” she insisted.

To bridge this gap, she highlighted the AI Foundry Africa, an incubator designed to mentor ideas into market-ready products.

Meanwhile, speaking to journalists on the sidelines, Biodun Ogunleye, the Lagos State Commissioner of Energy and Mineral Resources, echoed the sentiment that the government’s role is to facilitate the right environment through partnership. He emphasized that data generated from interactions with the government must have long-term value.

“We must ensure that in all facets from production to interaction with government, the tools required to ensure data has value are appreciated,” Ogunleye stated.

He concluded that through private-sector collaboration, the government can focus on its primary functions while leveraging AI to ensure the nation aspires for the future.


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