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IFC, MasterCard, Software Group Launch Handbook on Delivery Channels & Technology

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IFC, a member of the World Bank Group, and The MasterCard Foundation yesterday launched a handbook on Alternative Delivery Channels and Technology.

The handbook, produced in collaboration with Software Group, aims to help financial institutions successfully implement alternative delivery channel projects in order to further financial inclusion.

Greta Bull, manager, Financial Institutions Group Advisory in Sub-Saharan Africa, Latin America and the Caribbean, said, “We have seen many of our clients struggle with implementing technology projects and produced this handbook for the benefit of other businesses considering employing alternative delivery channels to reach underserved markets. We hope this handbook will help facilitate the expansion of financial inclusion in Sub-Saharan Africa and elsewhere.”

Alternative delivery channels, such as mobile and agency banking, offer increasing opportunities for financial services providers to expand beyond the traditional bank branch channel and to further financial inclusion. The handbook provides a set-by-step, practical guide to building alternative delivery channels that links technology choices with the overall business process.

Ann Miles, director of Programs, Economic Opportunities for Youth & Financial Inclusion, The MasterCard Foundation, said: “The world of alternative delivery channels for financial service providers, with the wide range of technology platforms and device options, can be daunting. This is true particularly for those with limited technical capacity working in developing countries. We believe that this guidebook is an invaluable resource, which will help guide them in making the best decisions for their clients and their organizations.”

The handbook is a knowledge product of the Partnership for Financial Inclusion, a joint $37.4 million initiative by IFC and The MasterCard Foundation that aims to scale up commercial microfinance and develop mobile financial services to increase financial inclusion in Sub-Saharan Africa.


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E-Financial

FG Takes Full Ownership of Keystone Bank

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Federal government has taken full ownership of Keystone Bank, according to a statement by the bank posted on its X handle on Tuesday evening.

FG Takes Full Ownership of Keystone Bank

It read, “Keystone Bank Limited wishes to clarify media report of a judgement by the Lagos State Special Offences Court, sitting in Ikeja, Lagos, on Tuesday, February 11, 2025, regarding the status of the former shareholders of the bank: Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo.

“Recall that on January 10, 2024, the Central Bank of Nigeria (CBN) announced the dissolution of the previous Board and Management of the Bank for corporate governance breaches. The CBN followed this action with the appointment of a new Board and Management for the Bank.

“Subsequently the Federal Government through the EFCC filed a court action at the Lagos State High Court, Ikeja, against the former owners challenging the acquisition of the bank. At the sitting of the court today, February 11, 2025, the court ordered the forfeiture of the shares of the Bank previously held by the shareholders in favour of the Federal Government of Nigeria. The implication of this judgment is that Keystone Bank Limited is now fully owned by the Federal Government f Nigeria.”

Keystone Bank is entering a new era of stability and growth. Our foundation is solid, our future is bright, and our commitment to you remains stronger than ever. We move forward—together. #KeystoneBank #WeGrowTogether pic.twitter.com/aHV9XVd4T6

Describing the development as a “significant milestone in our journey,” the bank said the move is “paving the way for a seamless recapitalization process”.

“With this clarity, we are well-positioned for sustained growth, stronger partnerships, and enhanced profitability. Keystone Bank continues to strengthen its balance sheet while delivering exceptional value to its teeming stakeholders,” the statement read.

“The bank maintains a strong financial position, consistently fulfilling all its obligations and adhering to all regulatory requirements. We assure our customers that the bank remains safe, healthy, strong, and resilient.”

 

 

 


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CBN Rolls out New ATM Transaction Fees Effective March 1

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The Central Bank of Nigeria (CBN) has revealed new transaction fees for Automated Teller Machines (ATMs), set to take effect on March 1, 2025.

A circular, signed by John Onojah, the acting director of the financial policy and regulation department, explained that the revised charges aim to address increasing operational costs and enhance the efficiency of banking services.

This review marks the first change in ATM transaction fees since 2019 when the CBN reduced the withdrawal fee from N65 to N35.

According to the CBN, the updated fees are in line with Section 10.7 of the ‘CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (2020).’

The statement reads, “In response to rising costs and the need to improve the efficiency of Automated Teller Machine (ATM) services in the banking industry, the Central Bank of Nigeria (CBN) has reviewed the ATM transaction fees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial

“This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service,” the CBN added.

Under the new rules, customers withdrawing from their own bank’s ATMs (on-us transactions) will still enjoy free withdrawals. However, withdrawals from on-site ATMs (ATMs located at bank branches) will incur an N100 fee per N20,000 withdrawn.

For withdrawals at ATMs belonging to other banks (Not-on-Us transactions), an N100 fee plus a surcharge of up to N450 per N20,000 withdrawal will apply.

The CBN emphasized that the surcharge is the income of the “ATM deployer/acquirer and must be disclosed to consumers at the point of withdrawal.”

For international withdrawals using debit or credit cards, banks, and financial institutions are now allowed to charge a “cost-recovery charge equivalent to the exact amount charged by the international acquirer.”

Additionally, the CBN stated that the three free monthly withdrawals for Remote-On-Us (other bank’s customers/Not-On-Us consumers) will no longer apply under Section 10.6.2 of the Guide.

The apex bank has urged all financial institutions to ensure compliance with the new guidelines before the March 1, 2025, implementation date.

 


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Afreximbank Invests $52bn in Nigeria, Plans Energy Bank

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The African Export-Import Bank (AFREXIMBANK) has invested a total of $52 billion in Nigeria, making the country the largest recipient of the bank’s trade and development financing.

Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, disclosed this during a meeting with the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, in Abuja yesterday.

Prof. Oramah highlighted Nigeria’s strategic role in the bank’s projects, saying: “Being the largest recipient of the bank’s trade and development finance, Nigeria has attracted a cumulative disbursement of about $52 billion from Afreximbank. Nigeria is the first beneficiary of several flagship transformative projects that the bank is piloting.”

He noted that Nigeria had benefited from major investments in key sectors, including industrialization and healthcare, while also being the first host of many of the bank’s pioneering initiatives.

Among these initiatives is the African Quality Assurance Centre, established to ensure that Nigerian goods meet international trade standards. The first centre is already operational in Kaduna, with additional facilities being planned across Africa.

Over the past decade, Prof. Oramah stated that Afreximbank had disbursed no less than $140 billion across the continent, significantly driving Africa’s industrial growth and economic transformation.

He revealed that Afreximbank had made significant contributions to Nigeria’s healthcare sector, including the establishment of the African Medical Centre of Excellence in Abuja, set to open on June 5, 2025.

The centre, designed as a hospital and research hub, will focus on neglected diseases affecting people of African descent and is expected to position Nigeria as a medical tourism destination.

As part of efforts to strengthen Africa’s energy security, Prof. Oramah announced plans for the establishment of an Africa Energy Bank in Abuja, with an initial capital of $5 billion, of which Afreximbank is committing $1.25 billion.

The energy bank aims to finance projects that will enhance Africa’s energy sector, ensuring sustainable and reliable energy solutions across the continent.

In recognition of Nigeria’s strong partnership with Afreximbank, Prof. Oramah and Minister Wale Edun signed a Memorandum of Understanding (MoU) for Nigeria to host the bank’s Annual General Meeting (AGM) in Abuja this June.

Additionally, Afreximbank’s Africa Trade Centre in Abuja will be inaugurated on April 10, 2025, further strengthening Nigeria’s position as a key hub for African trade and investment.

Minister Edun expressed Nigeria’s appreciation for the continued support and partnership from Afreximbank, emphasizing the country’s commitment to leveraging these investments for national growth and development.

 


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