E-Financial
Stakeholders Seek Establishment of Cashless Lagos Scheme
The Lagos State Governor Babajide Sanwo-Olu has been urged by the Fintech professionals who spoke at the annual Lagos Fintech Week to inaugurate the Cashless Lagos scheme as part of his administration’s Greater Lagos initiative.
The Fintech experts said that it is high time the Lagos State government in partnership with the private sector articulated a vision for the Cashless Lagos scheme.
According to them, the state that has over 14.3 million metro population, 30 per cent active payments terminal penetration, 64 per cent banked population, high number of bank branches, automated teller machines and mobile money and bank agents “deserves a cashless scheme”.
Speaking during the annual Lagos Fintech Week 2020 on November 10, which was held virtually due to the coronavirus social distancing protocol, the experts agreed that Lagos state – the largest sub-economy in Nigeria and the fifth largest in Africa – is ripe to go cashless. “This is enough for the governor to establish the Lagos Cashless scheme”, the Fintech specialists said.
Themed, Setting Agenda for Cashless Lagos, the annual Lagos Fintech Week attracted a large number of Fintech mavens from Nigeria, Africa and Europe.
With a widespread telecommunications infrastructure coverage, strong retail and transport networks, the experts noted, Lagos state has enumerated population into the national identity scheme, growing adoption for digital finance and robust participation ecosystem, significant diversity of financial service players.
In his keynote remarks, the Lagos State Commissioner for Finance, Dr. Rabiu Olowo, declared that the cashless policy is the right way to go. He added that consumers, corporations and government are the ultimate beneficiaries of the policy.
He said for the consumers, the cashless policy will increase convenience, offer more service options and reduce the risk of cash-related crimes while providing opportunity for cheaper access to banking services, credit and financial inclusion.
“For corporations, the cashless policy will foster access to capital, reduce revenue leakage and cash handling costs. For the government, the cashless policy will increase tax collections, push a greater financial inclusion agenda, increase economic development and lower the rate of money laundering activities”, he said.
The British Deputy High Commissioner, Ben Llewellyn-Jones, in his keynote address lauded the key role being played by the Lagos State government in developing solutions that are helping to drive broader financial inclusion nationwide.
Llewellyn-Jones noted that the rate of financial access and inclusion is much higher in Lagos State than in the rest of the country. He, however, observed that more should be done.
“If there is a silver bullet for financial inclusion, but also cashless Lagos, it is mobile money. The new Payment Service Banks will serve people who the traditional banks regard as too poor to be of interest.
“Mobile money transfers are also suitable for small payments. Among our neighbours in West Africa, mobile money is gaining traction in Burkina Faso, Cote D’Ivoire, Senegal and Ghana.
“The proportion of people with mobile money accounts ranges from 33 to 45 per cent in Ghana. In Kenya, more than 80 per cent of the population has mobile money accounts whereas it is only just starting in Nigeria,” he explained.
Llewellyn-Jones said that based on some recent modelling for UKAid, the proper roll out of mobile money could add about 46 million people to the Nigerian financial system, boost GDP by 12 per cent and create three million jobs in Nigeria.
John Obaro, the founder and CEO of SystemSpecs – owner and operator of Remita, HumanManager and Paylink payment system, – who was represented by the Executive Director, Deremi Atanda, said there must be a clearly articulated 5-year vision (2021-2025) for Cashless Lagos.
According to him, the 5-year vision must be reflective of the current reality and emerging trends. “The Cashless Lagos scheme should be owned and managed by Lagos State government in a strong partnership with the private sector. A focused, professional, non-political Cashless Lagos team should be put in place to drive the scheme,” he emphasized.
Olajide Mafolabomi, the Executive Director and Business Head for Cloud Interactive Platforms, a subsidiary of the Cloud Interactive Media Group (Nigeria and Ghana), said that building a robust and agile Fintech infrastructure in Lagos will require the right mix of players, services and initiatives.
According to Mafolabomi, telecommunication operators and Financial Service Providers (FSPs) need to work closely to reduce access cost, onboarding and accelerate the transition through joint mass education.
He urged that to promote inclusion to the unbanked, a digital strategy is a critical key success factor. “A localized identity management system that provides a bridge to the citizen and an opportunity to introduce government-to-person (G2P) services to the wider population is very imperative in Lagos state,” he submitted.
In similar vein, Emmanuel Agha, the Group CEO, Innovectives Group Data Collection, explained that with the cashless transport system, transit agencies can collect more ridership data.
“The data will assist the agencies in planning transit service. It can also be used to create other tools that support transportation planning efforts,” Agha added.
Jonah Adams, Deputy CEO, Industry Vertical Solutions, Interswitch Group, noted that the potential value of Automated Fare Collection (AFC) in Lagos is over N1.9 trillion annually.
According to Adams, this AFC figure cut across the Lagos State government-operated Bus Rapid Transit [BRT] buses, BRT private, para-urban buses, tricycles, water ferries, private cars and taxis.
”Any AFC scheme in the state must be multi-modal, integrated while leveraging on the national payment system rails already in place”, he said.
CitiTrust Financial Services Limited, the parent company of Osun-partly owned LivingTrust Mortgage Bank, has approached the Court of Appeal sitting in Lagos, following the company’s conviction at the Federal High Court, Lagos, over alleged fraud and illegal financial operations.
CitiTrust, is challenging the conviction and asset forfeiture order handed down by the Court in the case brought the Economic and Financial Crimes Commission (EFCC).
EFCC accused it of money laundering, illegal financial operations, and operating a Ponzi scheme.
Federal High Court, had ordered the forfeiture of the firm’s assets to the federal government of Nigeria, citing evidence of unlawful financial activities.
CitiTrust is fighting back according to the hearing notice No. CA/L/571/2025, issued on April 15, 2026, the appeal against the federal government, will be heard at the Court of Appeal complex in Tafawa Balewa Square, Lagos.
The matter, listed before Court 1, will first address a motion by the appellants seeking leave to file their appeal out of time.
Oyetola Muyiwa Atoyebi (SAN), counsel to the appellants, in a motion dated September 23, 2025, argued that procedural delays necessitated the application.
He explained that although the Record of Appeal was transmitted on May 26, 2025, the defence could not file its Brief of Argument within the stipulated 45 days due to time constraints and competing professional obligations.
Atoyebi further noted that the appellants’ brief exceeds the 35-page limit prescribed under the Court of Appeal Rules, 2021, by three pages, requiring the court’s permission for its adoption.
The appellants are therefore seeking the leave of the court to file and serve their Brief of Argument out of time, an order extending the time for filing, and an order deeming the already filed brief as properly filed.
The EFCC had earlier secured a conviction against CitiTrust and its subsidiaries, CitiTrust Asset Management Limited and CitiTrust Holding Plc, over alleged fraudulent financial operations.
It would be recalled that in a ruling delivered by Justice Friday Nemakonam Ogazi of the Federal High Court, Lagos, the judge held that there was overwhelming evidence linking the firms to unlawful activities.
The court found that one of the entities was not duly registered with regulatory authorities, including the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), describing the operations as illegal despite corporate registration.
Relying on Section 12 of the Proceeds of Crime (Recovery and Management) Act, 2022, the court ruled that the EFCC had established, on a balance of probabilities, that the assets were proceeds of unlawful activity.
Justice Ogazi also invoked provisions of the Advance Fee Fraud and Other Fraud Related Offences Act and the Companies and Allied Matters Act (CAMA), holding that the corporate veil could be lifted where fraud is alleged.
“The law is that when issues of fraud arise, the corporate veil must be lifted. Statutory provisions cannot be used as a refuge to justify illegality,” the court held.
The court subsequently ordered the final forfeiture of CitiTrust-linked assets, forfeiture of shares held in LivingTrust Mortgage Bank Plc, compensation of investors from recovered funds, and transfer of any balance to the Federal Government.
The anti-graft agency had also declared some executive directors of the firm wanted, alleging that they are currently on the run.
Federal court in Lagos has suspended the enforcement of Nigeria’s most comprehensive framework for regulating digital lending apps.
On April 15, Justice Ambrose Lewis-Allagoa of the Federal High Court in Lagos granted an interim injunction blocking the enforcement of the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations 2025, better known as the DEON Regulations.
The order followed an urgent ex parte application filed the previous day by the Wireless Application Service Providers Association of Nigeria (WASPA Nigeria), the industry body representing wireless application service providers operating mainly within the telecoms ecosystem.
The suit targets twelve specific provisions of the text, covering licensing, sanctions, compliance obligations and data-handling rules, according to court documentation published by Lawyard.
Until the next hearing on April 27, 2026, the regulator cannot impose sanctions, enforce compliance directives, or issue new instructions to WASPA members.
The judge also barred the Federal Competition and Consumer Protection Commission (FCCPC) from interfering with the ongoing commercial operations of association members.
The case pits two actors whose respective mandates the Nigerian legal framework has never clearly separated.
On one side stands the FCCPC — the federal agency established in 2018 to enforce consumer protection and competition — which gazetted the DEON Regulations on July 21, 2025, under sections 17, 18 and 163 of its founding Act.
In a press statement dated September 3, 2025, Tunji Bello, executive vice chairman, FCCPC, justified the rules by citing “a long history of complaints” involving exploitative practices, data breaches, abusive debt recovery, and harassment.
On the other side, WASPA Nigeria contests the very legitimacy of the FCCPC’s intervention, arguing that services tied to telecoms — airtime credit, data loans, mobile-financing products — fall exclusively under the Nigerian Communications Commission (NCC), the telecoms regulator created by the Nigerian Communications Act of 2003.
In the affidavit deposed by Ayo Stuffman, the association contends that the FCCPC is acting ultra vires and creating a regulatory regime parallel to the NCC’s.
A jurisdictional war that stretches far beyond a procedural dispute
The conflict is not limited to a question of legal boundaries. It strikes at the commercial core of the market: who collects the licensing fees, who sets the operational conditions, who governs the financial products embedded in telecom networks.
Nigeria’s consumer credit stock reached 3.82 trillion naira at the end of December 2024, up 21.27% on September, according to Central Bank of Nigeria (CBN) data relayed by The Cable and AFP.
In the fourth quarter of 2024 alone, personal loans disbursed amounted to approximately 470 billion naira.
A growing share flows through mobile applications and telecom-embedded lending products — including MTN’s MoMo Airtime Lending, operated by the country’s largest telecom operator.
If the court validates WASPA’s position, these products fall outside the FCCPC’s scope and come under the sole authority of the NCC, a regulator historically less active on consumer protection issues.
Available data on demand illustrate the social stakes. Between 2021 and 2023, the FCCPC recorded more than 11,000 consumer complaints for harassment, data abuse and unethical debt recovery practices, according to the agency.
The number of lending applications approved by the FCCPC rose from 269 in September 2024 to 408 in March 2025, while 47 apps were delisted and 88 were placed on the watchlist, according to data compiled by AFP and OneSafe.
The DEON Regulations were meant to introduce interest-rate caps, precontractual disclosure obligations, continuous supervision of recovery practices and fines of up to 100 million naira per violation, according to Legit.ng. The compliance deadline was set for January 5, 2026, and the FCCPC had issued written compliance notices to operators with an April 16 deadline, according to WASPA’s affidavit.
It is precisely this enforcement pressure that triggered the legal challenge.
Federal government has said that Nigeria has no plans to seek a loan from the International Monetary Fund’s proposed $50 billion support package for economies hit by the Middle East crisis.
Wale Edun, minister of Finance, who stated this, said that Nigeria’s current reliance on domestic economic reforms and fund mobilisation was working.
Edun gave these insights during the African Finance Ministers’ briefing, on Thursday, at the ongoing IMF/World Bank annual meetings, in Washington, DC.
He noted that for over two years, Nigeria’s investment in economic reforms have begun to yield results, restoring policy credibility and strengthening the country’s resilience against global economic shocks.
Edun told the global west and the rest of the world that Nigeria now prioritises market-based adjustments, avoiding administrative controls, particularly in foreign exchange and petroleum pricing mechanisms.
His assertion follows the disclosure by the IMF that a possible $50 billion support to cushion vulnerable economies against the crisis in the Middle East, was on the pipeline.
Despite clarifying Nigeria’s lack of interest in borrowing, Edun, urged the IMF to ensure faster financial assistance for African countries who will need help from the $50 billion global support package.
“Nigeria has no plans at the moment to approach the IMF or any other such body,” Edun said, emphasising that Nigeria’s reliance on market mechanisms had led to smoother economic adjustments, reduced disruptions and is sustaining the country’s macroeconomic trajectory.
“The IMF talked about $50 billion and we all know that the funding will largely go to Africa, because those are the most vulnerable countries. And the reality is that what we’re asking for in this instance, is that the funds and the support be released quickly and at scale.
FG Carpets W/Bank, Denies Alleged Diversion of Federation Revenue
Lagos Unveils Cybersecurity Guidelines to Tackle Rising Digital Threats
FG Borrows N100Bn from Unclaimed Dividends, Dormant Bank Accounts
CitiTrust Heads to Appeal Court over Alleged Ponzi Scheme
IHS Nigeria, Ilorin Innovation Hub Showcase 19 High Growth Startups
NBC Boss Urges Content Ceators to Participate in DSO
NITDA Takes Over National Digital Architecture System
DLM SPV PLC Lists ₦9.00bn AAA-Rated Medium-Term Notes on FMDQ Exchange, Sets Benchmark in Corporate Bond Market
FG Shifting Focus to “Meaningful Connectivity” to Drive Inclusion – Minister
Jury Finds Meta, Google Liable for Woman’s Social Media Addiction
Telecom2 days agoAirtel Nigeria Suspends Airtime and Data Credit Services
E-Financial2 days agoCourt Suspends Enforcement of FCCPC’s Reform on Loan Apps
Telecom2 days agoFCCPC Denies Banning Airtime Borrowing, Blames Cartel for Misinformation
E-Financial2 days agoFG Rules Out Borrowing from IMF’s $50Bn Support Fund
E-Financial2 days agoCBN Introduces Overnight Financing Rate to Compete with US, EU
General News2 days agoAfriStakes Unveils Platform to Connect SMEs with Investors
News2 days agoNITDA, CAC Activate Cybersecurity Measures Amid System Concerns
General News2 days agoNigeria’s Human Capital Key to Global Competitiveness – NITDA DG