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.
Nigeria Deposit Insurance Corporation (NDIC) has begun the final phase of liquidation for the defunct Premier Commercial Bank, initiating the payment of liquidation dividends to verified creditors, nearly 25 years after the bank’s closure.
Premier Commercial Bank had its operating license revoked by the Central Bank of Nigeria (CBN) on December 20, 2000, following findings of financial instability and regulatory non-compliance.
Since then, the NDIC has overseen the bank’s liquidation process under a winding-up order from the Federal High Court, which designated the corporation as the official liquidator.
In a public announcement, the NDIC invited all eligible creditors to visit any of its zonal offices between June 2 and June 27, 2025, to verify and claim their entitlements.
This move marks a critical milestone in the final settlement of claims related to the bank’s collapse.
To facilitate the verification process, creditors are required to present proof of deposit or shareholding, such as a passbook, chequebook, term deposit certificate, or bank statement.
Additionally, valid identification documents must be submitted, including a driver’s license, international passport, national identity card, NIN slip/card, voter’s card, or a formal identification letter from a traditional ruler or local government chairman.
The NDIC assured the public that the ongoing settlement is part of a broader effort to bring closure to longstanding claims resulting from Premier Commercial Bank’s liquidation. The process, according to the corporation, has been designed to ensure efficient disbursement to all verified stakeholders.
Premier Commercial Bank is one of 53 deposit money banks whose licenses were revoked by the CBN between 1994 and 2018 due to various violations and signs of financial distress.
These closures were followed by legal procedures appointing the NDIC to manage asset recoveries and creditor settlements.
By initiating this final phase of payment, the NDIC is reaffirming its commitment to financial system stability and depositor protection while calling on all affected individuals and institutions to complete verification processes promptly to receive their due compensation.
Securities and Exchange Commission (SEC) has directed all public companies and Registrars to stop treating unclaimed dividends older than 12 years as “statute-barred”, especially those dating from before the enactment of the Finance Act 2020.
The directive reaffirms the provisions of Section 60 of the Finance Act, which mandates that dividends unclaimed for over six years be transferred to the Unclaimed Funds Trust Fund (UFTF), where they remain accessible to shareholders pending claims.
The Commission said that shareholders are entitled to continue to claim their dividends that are not statute-barred (that is not above 12 years) before December 31, 2020 “when the Finance Act 2020, came into effect.”
According to the SEC in a Circular, “The attention of the Securities and Exchange Commission has been drawn to the fact that paying companies and their Registrars have continued to treat unclaimed dividends of public companies that are older than 12 years as being “statute-barred” without recourse to the provisions of the Finance Act 2020.
“In response to various inquiries on the subject, the Commission hereby clarifies as follows: The import of the provisions of Section 60 of the Finance Act 2020 (December 31, 2020), is that, where dividends declared by a public company quoted on the Nigerian Exchange Limited remained unclaimed for a period of six years or more, such dividends are expected to be transferred to the Unclaimed Funds Trust Fund (UFTF) to be held in trust and managed pending when the shareholder presents a claim for such unclaimed dividends.
“Pending the setting up and operationalisation of the UFTF by the Federal Government, pursuant to its powers under Sections 3 (4) (e) and 93 of the Investments and Securities Act 2025, the Commission hereby directs public companies and their Registrars to continue to honour all requests by shareholders for the payment of unclaimed dividends as described above, with effect from December 31, 2020”.
The Commission therefore directed public companies and Registrars to effect immediate compliance with the directive and submit periodic reports on same in the manner prescribed in the Commission’s Rules and Regulations.
Federal Inland Revenue Service (FIRS) has revised its Standard Operating Procedure (SOP) as part of efforts to improve consistency, transparency, and service delivery in tax administration across the country.
According to a statement on Monday in Abuja by Mr. Collins Omokaro, Special Adviser on Communication Strategy and Advocacy to the Executive Chairman of FIRS, the revised SOP offers a unified framework for core tax processes including registration, payment, audit, and enforcement.
“This is about people, experience, and impact. It’s a step toward a tax system that supports voluntary compliance and national development,” Omokaro said.
He explained that while FIRS field offices have long operated with good intentions, inconsistent methods across different locations often created confusion for taxpayers.
The revised SOP, he said, is designed to eliminate such disparities by providing a single, clear roadmap for operations in all of the Service’s over 300 offices nationwide.
More than just a procedural manual, the new SOP is described as a statement of institutional direction, reflecting values that define the future of the Service.
Omokaro quoted Dr. Zacch Adedeji, executive chairman of FIRS, as saying that “This SOP is not just a technical document—it is a declaration of who we are becoming as a service. It reflects our commitment to transparency and service to the Nigerian people.”
The SOP update is one component of a broader reform agenda underway at FIRS, which aims to transform the agency into a fully service-oriented institution.
The changes are also aligned with the ongoing digital transformation within the agency, which is intended to harmonize human and technological systems for faster, more reliable, and taxpayer-friendly service delivery.
Internally, the SOP is expected to enhance operational efficiency and provide a foundation for improved staff training, clearer guidance, and stronger evaluation systems. Omokaro noted that every FIRS employee is expected to study, implement, and embody the procedures outlined in the new document.
“With this rollout, every FIRS staff member has a clear mandate: study it, apply it, and embody it. That’s how we’ll earn the trust of Nigerians,” he said.
The SOP reform is being introduced as part of the Service’s broader mission to reposition itself as a modern tax authority grounded in accountability, consistency, and a shared sense of national purpose.
The move comes as the FIRS continues to modernize its processes, improve tax collection efficiency, and foster a culture of voluntary compliance—all aimed at strengthening revenue mobilization to support Nigeria’s development agenda.
ngCERT Issues High Alert to Nigerians Using Android Phones
OSGOF, NASRDA Partner to Boost Geospatial Data, Others
World Bank Maintains Nigeria’s Growth at 3.6% Amid Trade Tension
SEC Insists CBEX Ponzi Remains Banned in Nigeria
African Startups Raised $345m in Funding in May
Telecom3 days agoTelcos Hit by Major Outages across Lagos, Enugu, Others
E-Business3 days agoHuman Hacking: When Cyber Criminals Target You
News3 days agoBeware!, Fraudsters Using our Name to Defraud Investors- NNPCL
E-Financial3 days agoAGF Drops Charges Against Fidelity Bank MD, Cites Lack of Direct Involvement
E-Financial3 days agoFIRS Launches Revised SOP to Streamline Tax Payment
E-Financial3 days agoConfidence in Nigerian Economy Grows as Forex Inflows Reach $5.96Bn
News3 days agoFG Plans AgriConnect Initiative Pilot
News2 days agoCDCFIB Warns against Recruitment Racketeers