Federal government has said that it has begun a revalidation exercise of the National Social Register in a drive to strengthen the ongoing conditional cash transfer programme designed to ameliorate the impact of economic reforms.

Abisoye Coker-Odusote, DG/ CEO, NIMC

Up-to-date, a total of 2.3 million households have been confirmed and cleared for payment under the renewed scheme.

Abisoye Coker-Odusote, director general, National Identity Management Commission (NIMC), made this known at a recent press briefing held at the agency’s headquarters in Abuja.

The revalidation exercise comes amid concerns raised by the World Bank over the slow implementation of the cash transfer programme, which was launched in 2023, following the removal of petrol subsidy and unification of the foreign exchange market.

In its latest Nigeria Development Update report titled “Building Momentum for Inclusive Growth”, the global financial institution observed that only 37 per cent of the intended 15 million households, approximately 5.6 million had so far received payments two years after the programme was launched.

The World Bank had approved a $800m loan for the initiative, out of which $530m had been disbursed as of April 30, 2025.

The World Bank said, “Only 5.6 million households—around 37 per cent—have received at least one tranche of direct transfers. Further expansion of the programme remains dependent on biometrically verifying at least one adult member of the household with a foundational digital identity. Also, efforts to urgently provide support to the poorest and most economically at-risk households should be redoubled and expanded,” the bank noted.

Coker-Odusote, who is a member of the inter-agency task force managing the identity verification process for the programme, noted that the revalidation was being carried out under the National Social Safety Nets project to ensure that only eligible Nigerians benefit from the government’s palliative initiative.

“The Federal Government is currently conducting a revalidation exercise on the national social register under the National Social Safety Net, so that they are able to carry out the payment,” she said.

“As of Tuesday, we have been able to revalidate 2.3 million persons and will soon be able to start making the necessary payments. Our job is to ensure the number of people validated, and we are doing that in conjunction with other agencies to make sure that the money goes to the right people.”

She stressed the importance of accurate identity verification in delivering targeted interventions, noting that the exercise is rigorous to avoid misallocation of funds.

“We don’t want to pay people who no longer exist in this world. So, the right thing must be done, and I want to emphasise that.

“This is the reason for identity, ensuring there is a verifiable source of truth and identity credentials that you can use to validate the identity of someone, and that person can also use it to authenticate who he or she says, they are in real time,” she added.

MTN’s BankTech platform disbursed $592 million in loans during the first quarter of 2025, setting a new record for the telecom operator’s digital lending business since its launch in August 2023.

MTN

The figures, released in MTN Group’s financial reports, highlight the accelerating adoption of mobile-based credit solutions across Africa.

The strong performance reflects growing demand for accessible financial services in markets where traditional banking penetration remains low.

BankTech operates as MTN’s banking-as-a-service platform, providing application programming interfaces that enable third-party fintech firms and businesses to integrate lending, savings and insurance products into their ecosystems.

Ghana, Uganda and Cameroon emerged as key growth markets, driving much of the platform’s expansion.

The Q1 results continue a consistent upward trajectory, building on disbursements of $371.7 million in the first quarter of 2024, followed by $359.9 million, $461.5 million and $546.8 million in subsequent quarters last year.

MTN’s move into digital lending follows earlier innovations by regional telecom operators including Safaricom’s M-Shwari in Kenya and Airtel Money Loans across East Africa.

These mobile-based services have collectively created a $247 million consumer lending marketplace, addressing portions of Africa’s estimated $782 billion credit gap.

The increasing loan volumes suggest shifting consumer attitudes toward telecom-driven financial solutions, which many now view as viable alternatives to conventional banking services.

This trend underscores the transformative role mobile networks are playing in financial inclusion across the continent.

As digital lending platforms gain traction, regulators face the dual challenge of fostering innovation while implementing safeguards for consumers.

The growth of services like BankTech indicates telecom companies will likely remain central to Africa’s financial services evolution, particularly for underserved populations and small businesses needing access to credit.

The platform’s expansion comes amid broader efforts to bridge Africa’s credit gap through technology-driven solutions. With mobile money adoption continuing to rise across the continent, digital lending services appear poised for further growth as they demonstrate their ability to reach customers traditionally excluded from formal financial systems.

As global financial fraud surges to over $485 billion in annual losses, Access Holdings PLC is setting a new standard in Africa’s banking industry through aggressive and strategic investment in technology aimed at combating the growing threat. With Nigeria’s financial sector experiencing a spike in digital fraud, particularly through mobile and online channels, Access Holdings has emerged as a front-runner in fraud prevention through innovation.

In 2024, Access Holdings, the parent company of Access Bank, recorded a landmark ₦193.5 billion ($120.5 million) in technology investments, a 147% increase over the previous year and the highest IT spend in Nigeria’s banking industry. This bold move has paid off significantly. The Group reported a 73% drop in fraud-related losses, falling from ₦6.15 billion in 2023 to just ₦1.64 billion in 2024.

“Our customers’ trust is our most valuable asset,” said Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings Plc. “In a world of rising digital risks, we have chosen to lead with innovation and resilience. Our sustained investment in cybersecurity, AI-driven fraud detection, and biometric authentication is delivering real results, and reinforcing confidence in our digital banking platforms.”

Globally, banks like JPMorgan Chase are increasing technology budgets to combat fraud, with a record $17 billion in 2024. Nigeria is not left behind. Among local peers, Access Holdings has demonstrated the strongest correlation between strategic tech spending and measurable fraud reduction.

Access Holdings’ investments include AI-driven transaction monitoring, biometric verification systems, enhanced core banking upgrades, and real-time fraud analytics, all designed to detect and respond to threats with speed and precision.

While digital innovation is expanding access to banking, it has also exposed customers and institutions to evolving threats. According to Nigeria Inter-Bank Settlement System (NIBSS) data, fraud incidents in the country jumped 112% from 2019 to 2023, underscoring the urgent need for systemic countermeasures.

Access Holdings’ proactive stance not only affirms its leadership in Nigeria’s digital banking landscape but also offers a compelling model for financial institutions across Africa looking to secure trust in an increasingly digital world.