E-Financial
MoMo PSB to Invest in Financial Education, Mobile Financing, to Drive Financial Inclusion

Eli Hini, CEO of MoMo PSB, says that the mobile money operator will invest in financial education, mobile device financing and other financial solutions, to bridge the financial inclusion gap in Nigeria.

L-R: Co-Founder, Andela, Iyinoluwa Aboyeji; Group Head, Digital Banking, UBA, Kayode Olubiyi; Co-Founder, PiggyVest, Odunayo Eweniyi; Chief Executive Officer, MoMo PSB, Eli Hini; Chief Executive Officer, Uplift, Agada Apochi; and Managing Director, Fairmoney, Henry Obiekea at the inaugural MoMo PSB Stakeholder Conference in celebration of MoMo’s first anniversary in Lagos on Wednesday
He said this at the MoMo Stakeholder Forum, held to commemorate the first anniversary of the Payment Service Bank in Nigeria.
The event was held at the Lagos Continental Hotel on May 17, 2023.
Eli, after identifying financial illiteracy as one of the barriers to financial inclusion said, “Financial literacy is key in the drive for financial inclusion. This is why we are committed to investing in customer education to ensure people understand basic financial solutions and are able to use them to improve their lives.
This also includes sensitisation to help people understand the value of having access to financial solutions and the impact it has on the quality of their lives.”
According to Eli, MoMo PSB “intends to invest in the provision of mobile phones to rural locations to help improve access to phones which will enable us to provide financial services to our rural communities.”
He also added that MoMo’s large spread in Nigeria will ensure that customers without the luxury of having financial institutions in close proximity can also be financially included.
“Limited access to traditional financial institutions is also what institutions like MoMo PSB will address because of our deep distribution and penetration into the rural areas. We believe that we can extend financial solutions to all Nigerians to bridge that gap.”
Themed “Addressing the Barriers to Financial Inclusion and Cashless Payment in Nigeria”, the MoMo PSB Stakeholder Forum pulled together industry heavyweights to discuss a way forward for financial inclusion and cashless payments in Nigeria.
The focus was on exploring the current landscape of financial inclusion in Nigeria, highlighting key advancements, addressing challenges and exploring strategies for the future. The forum also presented MoMo PSB with the opportunity to share some of the fintech’s efforts in driving financial inclusion.
At the forum, a panel of industry experts shared their experiences, expertise and visions, shedding light on the industry’s progress, and discussing innovative approaches to drive further inclusivity.
Speakers on the panel included the CEO of MoMo PSB, Eli Hini; Founding Partner, Future Africa, Iyinoluwa Aboyeji; Group Head, Digital Banking, UBA, Kayode Olubiyi; CEO of Unified Payments, Agada Apochi and MD of FairMoney, Henry Obiekea.
Also present at the stakeholder event was the Lagos State Honourable Minister for Science and Technology, Hakeem Fahm, who spoke on some of the ways the state is promoting cashless transactions, as well as the importance of collaboration between the public and private sector to drive financial inclusion.
He said, “In Lagos state, we have adapted the way we do business to make sure that we embrace cashless payments in most of our transactions, from transportation to paying for government services.
“If you look around you today, we have adopted a multi-modal transport system from boats, to rails, to buses. We have adopted the cowry card which is a payment system you can use for any of our transportation channels.
“There is also an opportunity for the private sector to collaborate with the Lagos state government in extending this mode of cashless payments across our other transportation systems like mini buses.”
Speaking on the thinking behind the stakeholder conference, Eli recognised the importance of collaboration in achieving set goals, stating that the stakeholder conference is designed to serve as a platform for forward-thinking conversations on the state of the industry and for key stakeholders, comprising industry players, the regulator, government officials, to provide solutions to the challenges affecting financial inclusion and cashless payments in Nigeria..
E-Financial
Panic as Hackers Allegedly Steal N9.3Bn Customers’ Fund from Union Bank

Union Bank of Nigeria Plc is facing a major financial scandal after hackers reportedly siphoned N9.3 billion from multiple customer accounts.
The breach, which occurred on March 23, 2025, has led to an urgent legal battle as the bank seeks to freeze accounts suspected of receiving the stolen funds.
Court filings reveal that the cybercriminals exploited a critical system glitch, discreetly transferring the money in small amounts across 54 financial institutions to evade detection.
Oluwasegun Falola, Union Bank’s Head of E-Fraud Investigations, confirmed that tracking the transactions has been challenging due to their fragmented nature.
Acting swiftly, the bank filed a lawsuit (FHC/L/CS/629/2025) at the Federal High Court in Lagos, requesting an emergency order to halt further withdrawals. On April 2, 2025, the bank’s legal team, led by A. Adedoyin-Adeniyi, informed the court that the stolen funds were still being actively moved—suggesting an ongoing laundering operation.
In response, Justice Deinde Dipeolu granted a Post No Debit (PND) order, freezing all implicated accounts pending further investigation.
This crisis comes just 15 months after the Central Bank of Nigeria (CBN) dissolved Union Bank’s former board over governance failures. Under the leadership of MD Yetunde Oni, the bank now faces intense scrutiny as customers demand accountability.
E-Financial
CBN Urges Banks to Source FX for PAPSS Settlement Through NFEM

The Central Bank of Nigeria (CBN) has announced a comprehensive review of documentation requirements for transactions processed through the Pan-African Payment and Settlement System (PAPSS), aimed at enhancing intra-African trade, promoting financial inclusion, and improving operational efficiency for cross-border payments within Africa.
In a press release issued on Monday, the CBN outlined key updates to the documentation framework in a circular addressed to Authorised Dealer Banks (ADBs) and the general public.
The revised guidelines are part of the CBN’s ongoing efforts to streamline processes and support seamless financial transactions across the continent.
Under the new framework, individuals conducting low-value transactions up to USD 2,000 equivalent in naira and corporates transacting up to USD 5,000 equivalent in naira can now rely on basic Know-Your-Customer (KYC) and Anti-Money Laundering (AML) documents already provided to their ADBs.
This measure simplifies compliance requirements for smaller transactions and reduces administrative burdens.
For transactions exceeding the specified thresholds, parties must comply with the full documentation requirements as outlined in the CBN Foreign Exchange Manual and related circulars to ensure regulatory compliance.
Applicants are also responsible for ensuring that all necessary regulatory documents are available to facilitate the clearance of goods as mandated by relevant government agencies.
The new policy permits ADBs to source foreign exchange for PAPSS settlements directly from the Nigerian Foreign Exchange Market, eliminating the previous requirement to obtain forex directly from the CBN.
Additionally, all export proceeds repatriated via PAPSS must be certified by the relevant processing banks to promote transparency and regulatory adherence.
The CBN urged all ADBs to adopt PAPSS and commence originating transactions in accordance with the updated policy.
Exporters, importers, and individuals were encouraged to familiarize themselves with the new requirements and leverage PAPSS for efficient cross-border transactions across Africa.
E-Financial
FIRS Orders Banks to Close Unauthorised Tax Collection Accounts

The Federal Inland Revenue Service has directed banks across the country to immediately identify and close any tax and levy collection accounts not authorised under its TaxPro Max platform.
The directive, aimed at promoting transparency and ensuring uniformity in tax collection, was disclosed in a public notice titled “Directive to close unauthorised FIRS tax collection accounts,” issued by the FIRS Chairman, Zacch Adedeji, and circulated to journalists on Monday by his Special Adviser on Media, Dare Adekanmbi.
According to the notice, all tax and levy collections must now be processed exclusively through assessments generated on the TaxPro Max system.
The FIRS warned that all banks participating in its collection, remittance, and reconciliation scheme must comply without delay, discontinue the use of unauthorised accounts, and ensure only transactions initiated from the TaxPro Max platform are processed.
“We count on your cooperation to ensure a smooth transition to this centralised system, thereby contributing to a more transparent and efficient tax collection process,” the agency stated.
Developed locally, the TaxPro Max platform facilitates key tax activities such as taxpayer registration, filing of returns, payment processing, and the issuance of tax clearance certificates.
It was introduced to streamline tax administration and support the FIRS’s broader digitalisation agenda.
The agency also urged taxpayers and stakeholders seeking clarification to contact its Revenue Accounting and Refund Department.
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