E-Financial
Lack of Dispute Resolution Mechanism Hobbles Financial Inclusion Initiative
The objective of central bank of Nigeria to have 70 per cent of its adult population in the formal financial services sector by 2020 through its financial inclusion initiative is suffering a hitches as agency banking operators are faced with dispute resolution issues, Nigeria CommunicationsWeek has learnt.
According to Fasasi Sarafadeen Atanda, managing director, Ecosystem Hybrid Network, “there are no dispute mechanism in settlement issues between providers and agents as well with customers at agent location.
“The issues around PoS chargeback are beyond debit of customers as there is no complaint mechanism in place for financial inclusion services.
“In a formal banking system, there is complaint mechanism where customers are allowed to lodge complaint and tracking number given to them; if such issues were not resolved the customer can escalate it to CBN with the tracking number.
“For Agency banking, which is informal and still financial service the mechanism of formal should not be used in resolving complaints as the scenarios are different.
Today, if customers have issues at the PoS level and we the agents that interface between Banks and their customers at hinterland complain at bank branch, because of lack of knowledge they turn us back because they don’t understand the procedure that PoS is also issued by a bank .
He explained that, there are two parties involved in resolving PoS issues, the issuing bank, and the acquiring bank. “So, PoS is actually attached to acquiring bank when there is an issue, a customer should go to issuing bank that issued his card it is the responsibility of the bank to log it against the acquiring bank and ensure that the acquiring settles the account of its own customer.
“But, today they don’t do that because they lack knowledge most of them will ask customers to go to the bank that issued the PoS and collect their money. This means you are asking the customer to go and solve his/her problem. If the card is issued in Lagos and the customer travels to Maiduguri and use the PoS you are telling the customer to go to Maiduguri to ask the PoS agent of his refund. That is the problem we have today.
“We have been appealing to CBN to intervene by directing banks not to turn customers back to Agents for dispute resolution rather to resolve all electronic transaction disputes in the bank not at Agent locations, because agents are third party providers as they belong to one of the banks issuing or acquiring.
“Agents should be enabled to log complain on behalf of their customers as we are providing services at agent level, we should be providing resolution mechanism at agent level and the two should go together, you can’t sale service without problems. Agents are not protected like the banks
“The reason we want dispute resolution to start at the agent level is that banks cannot cope with the number of complaints arising from huge transaction that are done through PoS every month,” he said.
Victor Olojo, National President, Association of Mobile Money and Banking Agents of Nigeria (AMMBAN), added that recruiting 500,000 agents across the country within the next two years is not difficult and what is tall order to achieve is managing that number with poor infrastructure they are presently facing in the business of agency business,
“Presently, banks and licensed mobile money operators lack capacity to manager issues arising from network downtime. Web based solutions does not have the capacity to carry out transactions volume of up to 5,000 let alone when 500,000 are brought into the system.
“There must be concrete plans to improve upon available infrastructure to be able to support additional agents into the system. More so, there is knowledge gap in the management of agents by banks officers who does not understand business of informal sector. Over the years, we have noticed that some bank staff lack basic knowledge on digital financial service, “he said.
Olojo urged CBN and banks to put in place Agent support system in dealing with agents who are people not regulated by any institution.
Independent revenue remittance by the Government-Owned Enterprises (GOEs) moved from ₦200 billion in 2013 to over ₦2 trillion in 2024, Fiscal Responsibility Commission (FRC) confirmed the updated figure, on Wednesday.
FRC attributed the surge to collaboration between it and House of Representatives Public Accounts Committee (PAC).
Speaking at 2025 National Conference on Public Accounts and Fiscal Governance, held at the Transcorp Hilton, Abuja, Executive Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, Esq however notes with concern persistent challenge despite achievements. He cited weak enforcement mechanisms, limited public awareness, and the slow domestication of the FRA at the subnational level as according to him, only 26 out of 36 states have adopted similar laws.
He advocated for the establishment of a National Fiscal Governance Framework to improve coordination and strengthen audit and oversight structures.
Muruako further underscored the need for strict adherence to constitutional provisions, particularly regarding public debt and borrowing, which remain under the exclusive legislative list. He urged federal and sub-national actors to align their fiscal policies under the renewed hope agenda of President Tinubu’s administration.
Muruako called on state and local government operators across Nigeria to adopt and fully implement fiscal responsibility laws in line with the federal framework.
The event organized by House of Representatives Public Accounts Committee (PAC), brought together key financial stakeholders to discuss strategies for promoting transparency and sustainable development in Nigeria’s public financial management.
He lauded administration’s of president Bola Ahmed Tinubu commitment to strengthening financial policies aimed at driving economic growth. He emphasized that states and local governments must “key into” the Fiscal Responsibility Act (FRA) to ensure fiscal discipline and alignment with federal financial standards.
Highlighting a critical legislative gap, Muruako noted that the FRA 2007 currently outlines 54 offenses but does not prescribe punishments for offenders. He called for the urgent amendment of the Act to include stronger penalties, thereby enhancing compliance and service delivery.
“The Act must be amended speedily for efficiency and to deliver real value to Nigerians,” he stressed.
He congratulated the PAC, led by Hon. Bamidele Salam, for hosting the conference, which he described as a pivotal step toward strengthening accountability in the public sector.
He advocated for the establishment of a National Fiscal Governance Framework to improve coordination and strengthen audit and oversight structures.
Muruako further underscored the need for strict adherence to constitutional provisions, particularly regarding public debt and borrowing, which remain under the Exclusive Legislative List. He urged federal and subnational actors to align their fiscal policies under the Renewed Hope agenda of President Tinubu’s administration.
Reaffirming the FRC’s commitment to advancing transparency and reducing financial leakages, Muruako pledged continued support to the PAC in institutionalizing sound public financial management practices.
He also congratulated the committee for securing Nigeria’s hosting rights for the 2025 West African Association of Public Accounts Committees (WAPAC) Annual Conference, describing it as a testament to Nigeria’s leadership in regional fiscal governance.
PalmPay, a leading digital banking platform in Africa has announced the launch of strategic partnerships with top-tier insurance providers to offer accessible, affordable and simplified insurance products directly within the PalmPay app.
This initiative reflects the brand’s continued commitment to deepening financial inclusion and underscores its mission to improve the wellbeing of everyday Nigerians.
With only about 8.9% of Nigerians currently covered by any form of health insurance, the country remains one of the least insured populations in Africa. Barriers such as low awareness, affordability challenges, and trust issues continue to hinder broader adoption of insurance products.
PalmPay’s new insurance offering directly addresses these challenges by simplifying the purchase and management of insurance policies within the app. The PalmPay insurance feature is designed to make essential coverage, from health to device, and life insurance easily accessible at affordable prices, eliminating the traditional complexities often associated with insurance.
“Insurance is often perceived as complex or inaccessible, especially among underserved communities.” said Habib Kowontan, Head of Wealth Product at PalmPay. “Through these partnerships, we aim to break down those barriers by offering simple, reliable and affordable insurance options that are easily accessible within the PalmPay app.”
With over 35 million users across Nigeria, PalmPay continues to evolve as a smart, consumer-first digital banking platform. The integration of insurance services complements its growing suite of offerings, which includes transfers, bill payments, high-interest savings, and debit card services, making PalmPay one of the most comprehensive digital banking platforms in the African market.
“Our goal at PalmPay is to remove barriers and make essential services easily accessible to everyone,” said Mr Chika Nwosu, Managing Director of PalmPay. “Through these strategic partnerships, we’re expanding our services to be more inclusive and empowering our users with products that will positively impact their lives and finances.”
This rollout marks a significant milestone in PalmPay’s broader strategy to empower users with tools that enhance their daily lives. Building not just a payments app, but a smart and trusted financial partner for millions of Nigerians.
In a timely gesture aimed at improving the plight of internally displaced persons (IDP) in Benue State, leading financial institution, Fidelity Bank Plc, has distributed mattresses and essential food items to over 2,000 victims of the Yelwata attacks currently taking refuge at the Ultra-Modern International Market IDP Camp in Makurdi.
Team Lead, CSR, Fidelity Bank Plc, Victoria Abuka (Left); CEO, The Abbasid Charity Foundation, Hauwa Abbas (Centre); and Branch Leader, Fidelity Bank Plc, Makurdi, Terwase (Right), representing the Regional Bank Head, North Central, Sadi Zawiya, with some beneficiaries during the Fidelity Food Bank distribution event in Makurdi, Benue State recently.
The donation, which was carried out in collaboration with the Abbasid Charity Foundation, is part of Fidelity Bank’s ongoing commitment to supporting vulnerable communities through its flagship Fidelity Food Bank program. Since its launch in April 2023, the Food Bank has distributed over 200,000 food packs to beneficiaries across Nigeria’s six geo-political zones.
Speaking about the donation event, the bank’s Divisional Head, Brand and Communications, Dr. Meksley Nwagboh reaffirmed Fidelity Bank’s dedication to Corporate Social Responsibility (CSR) and its mission to uplift communities.
His words, “Since its launch, the Fidelity Food Bank initiative has helped to alleviate the effect of poverty and malnutrition across the country. We are honored to be back in Benue State to continue this impactful initiative, and we hope that today’s donation brings much-needed relief and comfort to the beneficiaries during this difficult time”.
In her remarks, the Executive Officer, the Abbasid Charity Foundation, Mrs. Hawa Abbas, emphasized the importance of restoring dignity to the displaced, stating that the donation of mattresses was to ensure the IDPs no longer sleep on bare floors.
“This gesture is our way of letting the displaced persons know that they are not forgotten. We care deeply for them, and we hope this donation offers some comfort and hope, even in these difficult circumstances,” Abbas noted.
The Executive Secretary of the Benue State Emergency Management Agency (SEMA), Dr. James Iorpuu, who was represented by Camp Manager, Mr. Robert Nyom, expressed deep appreciation to Fidelity Bank and the Abbasid Charity Foundation for their timely support.
“Your intervention has brought much-needed relief to the camp and we thank you for your compassion and generosity towards improving the welfare of the displaced persons,” he said.
The bank’s outreach to the International Market IDP Camp in Makurdi represents the most recent of its ongoing critical and timely interventions. Previously, through its Food Bank Initiative, the bank provided essential food items to more than 1,500 residents impacted by the recent flood disaster in Mokwa, Niger State.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
GOEs’ Remit Over ₦2tn to FG in 2024
Senate Orders Full Probe into N1.3 Trillion CBEX Ponzi Scandal
UpSkill Universe Launches ‘Skills for Business’ to Empower 10,000 African SMEs, in Collaboration with HP and Google
NITDA Reaffirms Commitment to 95% Digital Literacy by 2030, as UBEC Pledges Collaboration
MTN’s Karl Toriola and Business Leaders Champion Corporate Climate Reform
Telecom2 days agoNCC Wins Global ICT Award for Digital Awareness in Schools
Broadcasting2 days agoMore Woes for MultiChoice as Ghana Orders 30% Price Cut
News2 days agoNnamani, CEO Digital Realty Nigeria Bags Digital Economy Icon of the Year @ Digital Innovation Awards in Ghana
News2 days agoFG Says No Going Back to Nuclear Testing
E-Financial2 days agoAscensia Finance Commences Operations in Abuja
News2 days agoDICON, Saudi Firm to Produce Drones, Satellites in Nigeria
News2 days agoNIPOST to Crack Down on Criminal Courier Operators
Telecom2 days agoNCC to Chart MVNO Growth Path at Telecom Sustainability Forum 6.0