E-Financial
New Vista to Deepen Financial Inclusion Beckons with COVID-19
The Covid-19 pandemic is forcing companies, especially those in the financial services sector to rethink their strategies. This is because during the Covid-19 complete lockdown of some parts of the country, financial transactions and payments were largely carried out through Digital finance services platforms. Now, some banks are considering focusing more on delivery services much more through the platforms.
However, in spite of its positive impacts on moving the economy while the lockdown lasted, it opened opportunity to develop other aspects of the ecosystem such as reducing the number of financially excluded in the country as well as providing robust digital financial tools.
According to Fasasi Sarafadeen Atanda, managing director, Ecosystem Hybrid Network – a banking agent, “the pandemic provided good opportunity for digital financial services initiatives to achieve its goal as it encourages social distancing as well as discourages the use of cash in transactions which are some of the things DFS guarantee. Unfortunately, we did not optimize that opportunity because we didn’t plan for it.
“What we should have done was to prepare for expansion of digital financial services to serve more people. The crowd witnessed at bank branches immediately the lockdown order was eased means that great number of Nigerians still rely on conventional banking.
“We expected federal government and other stakeholders to have capitalised on the opportunity to open more accounts for unbanked population thereby reducing the number of financial excluded rate.
“When giving financial palliative, instead of giving cash directly to people, they would have been advised to open account at banking agents’ locations that were operating during the lockdown and root the payment through their account. Brazil did it and it worked.
For Emmanuel Okoegwale of Mobilemoney Africa: “In most parts of Africa, millions of people do not have access to basic financial services due to many factors such as low literacy, low mobile device ownership, lack of acceptable identification, limited bank branches, low economic activities which presents a compelling opportunity for government interventions (emergence, short or long term) as a leverage for payment digitization and financial inclusion which can address all the issues militating against the access to formal financial services since governments can provide or waive some requirements and address the low economic activity of intended beneficiaries through the government grants payment.
“Digitization will help governments to scale their coverage and reach, in an effective and efficient manner such that millions can be reached instantaneously and simultaneously.
“It will save governments enormous cost, improve citizen’s trust, improve accountability, transparency of interventions, reduce physical barriers especially in many parts of Africa with significant infrastructural deficiencies across urban and rural areas”.
Atanda however, noted some of the flaws experienced with digital financial services during the lockdown which need to be improved upon, among them were long turnaround time for complaints arising from transactions not consummated and poor telecom network. “Except for NIBSS gateway that was itch free with absolutely zero downtimes, telcos had poor network arising from congestion.
“More so, during the period of lockdown customer care service attendants were working remotely and they faced connectivity issues due to congestion as well as power failure at their homes making it difficult for some of them to respond to calls and resolve transaction issues within a record time.”
He decried incessant harassment by law enforcement agents who are not aware of exemption of banking agents from the lockdown as essential service.
On liquidity issue faced by banking agents, he attributed it to the fact that banks and central bank of Nigeria did not make adequate arrangement for designated bank branches to support Agents’ outlets with liquidity.
Kuda Microfinance Bank partnered with Lovers & Frnds for a Valentine’s edition event on Sunday, February 15, at Space Hub Lekki, Lagos, redefining celebrations around love, friendship, and social connections beyond romance.
Kuda Bank
The R&B-themed gathering drew couples, friend groups, and solo attendees with music sets from DJs like TGarbs, games, gift exchanges, and colour-coded tags—red for relationships, yellow for mingling singles, orange for non-minglers—to spark easy interactions.
Kuda activated a branded photo booth, merchandise giveaways, prize activities, and complimentary drinks for Premium loyalty tier customers, while vendors used Kuda Business POS terminals for seamless cashless payments.
Senior Brand Manager Emmanuel Femi-Adejobi said: “We partner with experiences matching our customers’ lifestyles in music and entertainment, creating spaces they genuinely connect with—we’ll keep supporting how they live and celebrate.”
Central Bank of Nigeria (CBN) has lowered its Monetary Policy Rate (MPR) by 50 basis points to 26.50 percent from 27 percent, a unanimous decision announced by Governor Olayemi Cardoso at the end of the 304th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.
CBN
Cardoso cited 11 straight months of decelerating headline inflation—reaching 15.10 percent in January 2026 per National Bureau of Statistics—as key, driven by prior tightening lags, naira stability, food supply gains, steady petroleum prices, export earnings, remittances, and balance of payments strength.
Liquidity ratio stays at 30 percent, CRR unchanged at 45 percent for commercial banks (16 percent merchant banks) and 75 percent non-TSA public deposits; standing facilities corridor now +50/-450 basis points around MPR.
The MPC retained other parameters, welcoming Executive Order 09 redirecting oil/gas revenues to the federation account for fiscal boost, last cutting rates in September 2025 after November’s hold.
Abiodun Olokunjuwon, a retired civil servant based in Ibadan has instituted a N50 million lawsuit against Moniepoint Microfinance Bank at the Oyo State High Court, alleging that the fintech company opened unauthorized bank accounts in her name without her knowledge or consent.
Filed in February 2026, the suit is among the first significant cases testing the enforcement of the Nigeria Data Protection Act 2023 against a Nigerian fintech institution.
According to the statement of claim, the plaintiff became aware of the alleged unauthorized accounts only after her legitimate bank account was restricted pursuant to a garnishee order linked to a debt she denies incurring.
The restriction reportedly prevented her from accessing funds needed for essential transactions.
The claimant alleges that Moniepoint opened two separate accounts in her name using her National Identification Number (NIN) and Bank Verification Number (BVN) without proper authorization or verification.
Following the discovery, she submitted a Data Subject Access Request (DSAR) under the NDPA 2023. Documents allegedly provided by the bank, according to the suit, revealed significant verification lapses.
The plaintiff claims the accounts were opened using falsified documents, including what she describes as a fake NIN slip and contact information unrelated to her.
She further alleges that the accounts listed a Lagos residential address where she has never lived.
The suit contends that Moniepoint failed to implement adequate identity verification and address confirmation procedures before creating and operating the accounts. It further alleges breaches of statutory obligations under the NDPA 2023, including:
- Failure to ensure personal data processed was accurate and lawfully obtained
- Failure to implement appropriate technical and organizational security measures
- Failure to prevent unauthorized or fraudulent processing of personal data
The claimant maintains that these alleged lapses resulted in serious personal and financial harm.
The plaintiff is seeking N50 million in damages for emotional distress, health complications, and disruption to her financial life.
She is also asking the court to order the permanent closure of the allegedly unauthorized accounts.
No date has been fixed for hearing on the matter.
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