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E-Financial

Stakeholders Call for Technology Driven Agency Banking Approach

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Information and Communications Technology stakeholders have urged central bank of Nigeria (CBN) to make technology the centre piece of agency banking in its financial inclusion programme in order to achieve its mandate.

 

Tunde Ogungbade, managing director, Global Accelerex, told Nigeria CommunicationsWeek at the second quarter of POS Innovation Summit, organized by the company in Lagos, said that cheap and affordable technology would enable financial inclusion agents deliver financial services to the last mile.

 

He noted that adequate technology is the livewire to delivering financial services to people in the hinterland where there is no bank branch or ATM services.

 

Ogungbade added that the cost of building bank branches is too prohibitive in achieving Central Bank of Nigeria’s (CBN) goal of reaching the unbanked at the hinterland.

 

According to him, “the intention of the financial services industry is to reach everyone, but then the cost of building bank branches is prohibitive to achieve that last mile.

 

“We are going to dress this problem using mobile money operators to reach everyone and thereby bridge the gap between the banked and unbanked.

 

“The provision of access to financial services to the underserved and most vulnerable in our society will help them step out of poverty and reduce inequality in the society.”

 

He stated that about 85 % of Africans and Asians are excluded from financial services, noting that this is a problem we must address through cheap and affordable technology.

 

While supporting digitalization of retail payment system in the country as a boost to financial inclusion initiative of the central bank of Nigeria (CBN), Austin Okere, founder, CWG said that in most emerging markets and developing countries, the current formal financial system only reaches a minority of the working-age adult population,

 

Emmanual Agha, managing director, Innovectives LLC, said that digitalization of retail payment will help address the huge cash transactions going on at different market clusters across the country.

 

“There is huge cash transactions going on every day at various market clusters such as Computer Village where over a million transactions happen between 9am and 4pm with only 1 percent of it going through electronically.

 

Victor Olojo, national president, Association of Mobile Money Agents of Nigeria (AMMAN), stress the need to ensure that technologies that are deployed for agent banking are compactable with the environment where it is been deployed.

 

“We have observed that policy formations around financial inclusion for rural areas are done by people that don’t understand behavioural pattern of the rural populace in Nigeria. It has always been Top- bottom approach against Bottom- top approach,” he noted.

 

 

 

 


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Financial

Sterling Bank Pledges ₦2bn to Fully Fund University Scholarships

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Sterling Bank has launched a ₦2 billion scholarship initiative to support Nigerian students in private universities. The program, Beyond Education, was unveiled on Democracy Day and aims to remove financial barriers to higher learning.

The bank will fully sponsor 600 students from across Nigeria’s 36 states and the FCT to study Technology, Finance, Sales, and Public Health at Miva University, founded by Sim Shagaya. The selection process is merit-based, with candidates nominated by themselves or others, and final selection determined through public voting open to Sterling account holders.

Sterling Bank’s CEO, Abubakar Suleiman, described the initiative as an investment in Nigeria’s future, aligning with the bank’s commitment to Health, Education, Agriculture, Renewable Energy, and Transportation. The bank has already deployed over half a trillion naira in financing across these sectors.

According to Obinna Ukachukwu, Growth Executive at Sterling Bank, the program is about creating opportunities beyond education. The bank is shifting from short-term philanthropy to long-term ecosystem development, with investments in digitized healthcare, school financing, agricultural cooperatives, solar energy, and transport systems.

“Nigeria’s progress requires action,” Suleiman said. “We are funding the future architects of the country—those who will build the businesses, institutions, and innovations needed for national prosperity.”

Nominations for the Beyond Education scholarships are now open at www.sterling.ng/FUTURE. The initiative sets a precedent for private-sector-driven education investment, where success is measured not just in profit, but in people empowered.


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E-Financial

FG to Train 100,000 Youths Annually in Forex Trading and Financial Skills

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Federal Government of Nigeria has signed a Memorandum of Understanding (MoU) with Investonaire Academy to train 100,000 young Nigerians annually in forex trading, financial planning, and risk management.

The agreement, signed in Abuja, was announced by Omolara Esan, Director of Information and Public Relations at the Federal Ministry of Youth Development. According to her, the initiative is part of the government’s broader strategy to reduce youth unemployment and enhance financial inclusion.

At the signing ceremony, Minister of Youth Development, Comrade Ayodele Olawande, described the partnership as a milestone in the ministry’s efforts to equip young Nigerians with practical financial skills. He emphasized that the programme would foster critical thinking, improve digital literacy, and expand access to global economic opportunities.

Speaking on the collaboration, Dr. Enefola Odiba, International Programme Director at Investonaire Academy, highlighted the importance of empowering youth with relevant financial and digital skills. He described young people as essential drivers of innovation and national development.

The ministry assured that the programme would be implemented with transparency and measurable outcomes, ensuring that participants gain practical expertise in forex trading and financial planning.

The Federal Government has recently intensified efforts to boost skill development across various sectors. A separate plan aims to train 100,000 artisans nationwide, following the successful upskilling of 29,000 individuals in previous phases. This initiative seeks to professionalize vocational trades, eliminate quackery, and introduce licensing systems.

Additionally, technicians from specialized institutions will receive industry-standard training to strengthen Nigeria’s labor force and increase self-reliance in skilled professions.

Through these efforts, the government hopes to position Nigerian youth for economic success both locally and globally.


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E-Financial

NDIC Begins Final Settlements to Creditors of Liquidated Premier Bank

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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.

NDIC Begins Final Settlements to Creditors of Liquidated Premier Bank

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.


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