E-Financial
Mobile Drives Payment as Instant Pay Users Hit 11m
There are indications that the country’s electronic payments ecosystem is today driven by mobile means of communications as the number of Instant Pay users in the system is put at 11million with mobile and USSD accounting for 77 percent of this figure, Nigeria CommunicationsWeek has learnt.
Mrs. Christabel Onyejekwe, executive director, Technology & Operations, Nigeria Inter-Bank Settlement Systems (NIBSS) disclosed this at Point of Sale, PoS, innovation summit held in Lagos recently.
According to her, ‘innovation is critical to the growth of e-payment in country as disruption we are going to witness in the next five years will be bigger than what we have seen in the last 10 years. Data is the future. If any business is not based on data such business will not go far.’
She added that Instant Pay is the future of payment as card business is declining. “This is why MasterCard and Visa are coming up with mobile payment services such as Mvisa and MasterPass,” she said.
Elsewhere, Mohammed Rudman, chief executive officer, Internet Exchange Point of Nigeria (IXPN) speaking on impact of digitization on banking system, said that Nigeria has recorded huge success toward digital transformation.
“There has been unprecedented transformation in the banking industry brought about by digitalization, for example financial transactions involving the use and movement of physical cash are gradually declining.
“The use of POS and other several simple avenues of transaction have made life very easy to the consumers, the bank and government. Individuals no longer had to embark on a trip to the bank to conduct banking business, the banks on the other hand have less ratio of customers to attend to, in essence reduction in the cost of banking services as well as reduction in high security and safety risks – Remember the days of abundant bullion vans on our roads, with frequent reports of armed robbery?
“Reducing the amount of cash being physically handled ensures that CBN has less old notes to destroy and to print replacements. Government can now have better data to understand the informal sector of the economy which would assist in tax and general development planning,” he said.
“In the 2017 Digital Evolution Index developed by Mastercard and Tufts University, Nigeria was ranked among countries in the breakout zone, meaning that it faces significant challenges with the low state of digitalization, especially in the area of infrastructure required to increase the momentum of adoption but are evolving rapidly.
Advanced technologies such as the Internet of Things (IoT), big data, automation, self-driving cars and artificial intelligence, are projected to affect about 50 percent of the world economy, these are some of the outcomes of the application of digital technologies.
He added that: “There are many relative success stories in other key areas as well, such education, Commerce, health, housing, employment, security, transportation, fighting corruption etcetera, which are too numerous to elaborate here. We have achieved much in less than two decades, but the journey to digital transformation is perpetual, we can’t afford to slow down, especially with our ever-expanding population. We have to find innovative ways to educate our young population and equip them with the right skills to handle ever evolving job market.”
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.
Union Bank of Nigeria has reacted to the recent judgment delivered by Justice Abike Fadipe of the Ikeja High Court involving Senator Jimoh Ibrahim, NICON Investment Limited, Global Fleet, and the bank.
The bank expressed strong disagreement with the ruling and confirmed that its legal team has been directed to file an appeal immediately. It said the court’s position on issues such as debt consolidation, locus standi, and third-party liability contradicts existing legal principles and the bank’s understanding of the facts.
In a statement released by Mrs. Olufunmilola Aluko, Chief Brand and Marketing Officer, Union Bank reiterated that the relevant debt obligations had been transferred to the Asset Management Corporation of Nigeria (AMCON), adding that all actions taken were in line with the law and standard banking procedures.
Union Bank assured stakeholders, customers, and the general public of its continued commitment to ethical practices, legal compliance, and professional conduct. It said it remains dedicated to protecting stakeholder interests and upholding the integrity that has defined its operations for more than a century.
The bank concluded by thanking all stakeholders for their trust and support as it navigates the ongoing legal process.
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.
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