E-Financial
SurePadi Agency Banking Processed N10Bn Transactions In 100 Days
SurePadi, Polaris Bank’s Agency Banking initiative, has serviced over half a million customers impacting directly an estimated two million households across the seven business regions of the Bank nationwide, its first 100 days of introduction.
Beyond the direct impact on customers and households in Nigeria, the sheer volume and value in financial numbers on the gross earnings of the Bank has been significant as the Agency recorded giant strides in the number of services and transaction volumes it processed which was valued N10 billion.
The Bank in a statement quoted Mr. Dele Adeyinka, its Chief Digital Officer (CDO), as explaining that, in the first 100 days of introducing SurePadi, it had carried out over 500,000 services, and transaction volume above N10billion directly servicing over two million households, giving them easy access to cash for businesses and family needs.
According to Adeyinka: “As a result of this milestone, SurePadi was ranked 5th in Q1, 2020 by the Shared Agent Network Expansion Facility (SANEF) report—an indication that it is bridging the gap and helping people to meet their needs of accessing funds; as well as sending money to their loved ones.”
The CDO further stated that: “This is also part of Polaris Bank’s ongoing effort to drive financial inclusion among the underbanked and unbanked in line with the Central Bank of Nigeria’s (CBN) regulatory mandate; intimating that ‘from what we have seen so far, we are already making significant progress in this regard.”
“With SurePadi’s spread across far-flung areas nationwide, this laudable initiative by the Bank has shown another way to bank—without physically visiting a bank’s branch—which allows the customer to make cash deposits, transfer money and enjoy other banking services like bills payment and purchase of airtime amongst others”, he opined.
SurePadi Agents ensure individuals in the suburbs do not have to travel long hours to the city for their basic banking needs. This is because the gap between the tech-savvy and the low literacy clients has been bridged by the Agent who represents a convenient and comfortable alternative.
Aside from cash deposits and transfers, Polaris SurePadi is also intended to attract prospects to a host of other products and services that could better their lives as they enjoy the ease, convenience and cost-saving benefits from completing transactions in the comfort of their locality.
SurePadi offers financial benefits for stakeholders with the Bank’s introduction of viable partnerships with Supermarkets, Retail outlets, dealers in FMCG, Petrol Stations, etc. It is unique with comprehensive features to solve financial needs as users now have the opportunity to complete transactions to solve emergency needs without visiting the Bank.
In this COVID-19 era, where movement is restricted in some major parts of the world, including Nigeria, this platform also serves as one of the many measures by Polaris Bank to support the need to promote social distancing and reduce drastically where physically possible, interactions of customers in bank branches in line with protocols of preventing the spread of the disease.
Nigeria’s Bank Verification Number (BVN) database expanded to 69.55 million as of July 5 2026 from 69.32 million in June 2026, according to latest data released by the Nigeria Inter-Bank Settlement System (NIBSS).
BVN is an 11-digit biometric identification system introduced by the Central Bank of Nigeria and managed by the Nigeria Inter-Bank Settlement System (NIBSS) to secure customer accounts and reduce fraud.
This means that BVN enrolments increased by 228,947 between June and July 5 this year.
With the BVN database standing at 67.8 million as of December 31, 2025, it also means that the database grew by 1.75 million between the end of last year and July 5, 2026.
Specifically, with less than 1.8 million BVN enrolments so far recorded for this year, it is looking highly unlikely that BVN registrations at the end of 2026 will come close to the 4.3 million total registrations recorded in 2025.
Analysts note that while the expansion in the BVN database last year was largely driven by the introduction of the NonResident Bank Verification Number (NRBVN) initiative, which enables Nigerians in the diaspora to do their BVN enrolment remotely, thereby removing physical barriers and boosting cross-border financial engagement, the Central Bank of Nigeria (CBN) in March this year, announced a revised BVN regulatory framework, that saw it introducing stricter controls on suspected fraudulent transactions, BVN enrollment, and data access within the banking system.
According to the regulator, the amendments to the BVN framework, which came into effect on May 1, 2026, were aimed at strengthening fraud monitoring, improving identity management within the financial system and safeguarding the integrity of banking transactions, by strengthening identity verification and ensuring that BVN registration aligns with legally recognised age thresholds.
Thus, under the revised BVN framework, the apex bank introduced a stricter age requirement for BVN enrolment, limiting registration to 18-year-old individuals and above.
Also, under the new framework, customers will only be allowed to change the phone number associated with their BVN once. The CBN further stated: “Under the new guidelines, financial institutions are required to establish and maintain a temporary watch-list for BVNs linked to suspected fraudulent transactions reported within the banking system.
“A BVN may remain on this temporary Watch-list for a maximum period of twentyfour (24) hours, during which the BVN owner shall be contacted to provide clarification regarding the identified transaction(s).”
Launched on February 14, 2014, by the CBN in collaboration with the Bankers’ Committee, the NIBSS, and the German firm Dermalog, the BVN scheme was designed to capture the biometrics of all bank customers and provide each with a unique 11-digit identification number that can be verified across the Nigerian banking industry.
Central Bank of Nigeria (CBN) has reaffirmed that the standard N100 banknote remains legal tender across the country, warning that its rejection by individuals, businesses and institutions violates the law.
The clarification follows reports that some members of the public have refused to accept the standard N100 note over concerns about its legal tender status following the introduction of the commemorative N100 banknote issued to mark Nigeria’s centenary.
In a statement signed by Mrs. Hakama Sidi-Ali, acting director of Corporate Communications, the apex bank stressed that “both the commemorative N100 banknote and the standard N100 banknote are valid legal tender and must be accepted for all transactions nationwide.”
The CBN explained that the commemorative N100 note was introduced to celebrate Nigeria’s centenary and did not replace the existing standard N100 banknote.
The CBN cautioned individuals, businesses, financial institutions and other economic agents against rejecting the standard N100 note, noting that such action contravenes the provisions of the CBN Act and undermines public confidence in the national currency.
It warned that appropriate enforcement measures would be taken against any person or organisation found violating the law.
The apex bank reaffirmed its commitment to protecting the integrity of the naira, maintaining confidence in all duly issued banknotes and ensuring the smooth circulation of currency across the country.
The CBN also urged members of the public to continue accepting and transacting with all banknotes legally issued by the Bank and advised anyone seeking further clarification to use its official communication channels.
FCMB Asset Management Limited (FCMBAM), the asset management arm of FCMB Group Plc, has received an upgrade to its national scale long-term and short-term issuer ratings of A(NG) and A1(NG), from A-(NG) and A2(NG), by GCR Ratings, a leading pan-African credit rating agency.
The outlook on the ratings remains stable, said the rating agency.
The upgrade is anchored on FCMBAM’s competitive resilience and financial discipline, alongside the strengthened credit profile of FCMB Group.
GCR highlighted FCMBAM’s decade-long track record of strong performance, well-established brand franchise, diversified product suite and robust distribution network as key drivers of its standalone strength.
These are further supported by consistent earnings growth and a disciplined, unleveraged balance sheet, it said.
According to GCR, FCMBAM’s competitive position is supported by “its relatively long track record, strong brand franchise, established product and geographical distribution network and cross-selling opportunities,” with the rating agency noting that FCMBAM ranks among the top five asset managers in Nigeria, with an estimated five per cent share of a fragmented market as of 31 December.
The Company’s financial performance underpinned the upgrade, with revenue growing by 30 per cent and operating cash flow increasing by 13 per cent, enabling the business to be fully funded without recourse to debt.
Liquidity strengthened further, with liquidity sources versus uses improving to 5x as of December 2025, from 3.6x a year earlier, while the EBITDA margin edged up to over 58 per cent.
Commenting on the upgrade, the Chief Executive Officer of FCMB Asset Management, James Ilori, said: “This upgrade is an important external validation of a strategy we have pursued with discipline over many years: building an investment franchise that performs reliably, governs itself rigorously, and earns trust in every market cycle. It speaks to the strength of our membership of FCMB Group and to a culture that holds itself to local and global standards of risk management and capital stewardship.
“As Nigeria’s asset management industry enters a new era of higher capital thresholds and rising investor expectations, we intend to lead from the front – ahead of regulatory timelines, ahead in digital transformation and ahead in the outcomes we deliver for the clients who trust us to assist them in achieving their investment objectives.”
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