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What went Wrong with Stanbic IBTC Esusu Services?

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Sanusi Lamido Sanusi, Governor, CBN
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On April 22, it was reported by one of Nigerian dailies, The  Punch newspaper that some customers of  STANBIC IBTC were allegedly defrauded as active customers of the Bank enrolled for the esusu service  which entails savings contributions through roaming agents that are acting on the behalf of the Bank.

The product esusu enables any low income person, traders and others like students to save money and enjoy basic financial services which with the use of a Bank card and a point of sale terminal  provided by the Banking agents.

Banking through agents using same channel had recorded significant successes in other climes like Brazil and even some African nations till date.

Stanbic IBTC’s esusu is quite useful in a nation like Nigeria where millions of adult in urban and rural areas do not have access to basic financial services due to challenges of Bank Branch spread, lack of standard Know-Your-customer documentations and many others challenges that low income segments population are faced with when attempting to access basic financial services.

The esusu service was an innovative conception that was quite popular in some parts of Lagos when I conducted an independent assessment of the service  to enable me  learn more  about how mobile financial services agency network can operate in same like manner in Nigeria.

 Overall outcomes of the assessment proved beyond reasonable doubt that the Bank’s Brand and trust in the Bank played a key role in convincing the customers to sign up with the roaming agents and use the services with average customer using the services more than twice weekly in the minimum.

In essence, the Bank transferred the trust to the agents and the users trusted the agents as a representative of the Bank.

 It could have been difficult for a non bank provider to achieve what was achieved with the esusu product.

The complaints reported by the customers as reported by Punch Newspaper ranged from interest not earned on the savings as promised by the agents and saved balances shortages.

 What could have gone wrong with such novel concept that promises to bring financial access to the door steps of millions of Nigerians? An innovation that I secretly understudied and always refer to as ground breaking in Nigeria?

From my experiences of how Banking agency operates for mobile financial services , which is significantly different from what the Bank is offering is the use of roaming agents rather than fixed locations agents.

Roaming agents are more effective in signing users and building trusts in the early days of deployment.

However, providers should endeavor to transit roaming agents to fixed locations in those communities once they had achieved the mandate of signing up minimum users per community and had gained trust of users.

The advantage of fixed location agents is that tariff / service pricing can be placed on a wall in the booth, store or agent locations for customers to verify how much they are expected to pay for the services.

My assumption in the situation above was that the agents were eager to sign up customers and did not clearly educate customers on chargers for the services or interest payable on the savings.

The terms and condition of use of services might had been wrongly communicated or not at all by the roaming agents.

Terms and conditions of services is important to build confidence and manage expectations of the users.

However, most organization get it wrong when they make such prints almost unreadable by using the smallest printable character, not translating such for the benefit of the customer when He / She  is not literate to read the print version.

Agents are also not able to educate the customers adequately before they commit to signing up for the service.

Banking services is strongly evidenced based service and it is rather awkward for customers to wait till the following day to get receipt for deposit made a day earlier with the agent as reported by one of the aggrieved customers.

 If the service is designed that way, that is entirely wrong.

Depositors should be able to have instant fulfillment upon committing the transaction with agent and a paper based receipted issued in writing or printed out to keep as evidence or for future reconciliation purposes.

It could also be an ingenious method for the agents to short change  the depositor by way of  manipulating the receipt,  given the time lag of 24hours for the receipting.

I know as a matter of fact that the Bank is stable and will be able to meet the demands of the savers on demand and the police was also reported by the Punch newspaper to have stepped into the issue and resolve some  by arresting the guarantors of the agents.

 However, it is a reputational issue for the Bank and may portend systemic risk for the entire industry that is actively developing agency Banking through the use of agents via recently licensed mobile money providers in Nigeria.

Getting the agents is only the baking of the cake, monitoring the agents is the icing on the cake and that is where most providers will drop the ball.

The lessons to be learnt is that providers should not transfer their trust to agents where control is lax and the only compensatory control over agents is the guarantor whom may not fully understand what they are guaranteeing  or compensate the provider adequately when things wrong.

Emmanuel   Okoegwale
Principal Associate, MobileMoneyAfrica
[email protected]


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ARN Rejects Medical Bill over Attempt to ‘Scrap’ Profession

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Association of Radiographers of Nigeria (ARN) has rejected the Medical and Dental Practitioners Act (Repeal and Re-enactment) Bill 2026 currently before the National Assembly, describing it as a targeted and calculated existential assault on their profession.

ARN Rejects Medical Bill over Attempt to ‘Scrap’ Profession

According to the body the legislative attempt will erode the profession of radiography and transfer its statutory responsibilities to the Medical and Dental Council of Nigeria.

Dr Musa Dembele, president of the association, gave the warning while addressing a press conference at the Kano NUJ Press Centre on Saturday.

He said, “The Medical and Dental Practitioners Act (Repeal and Re-enactment) Bill, 2026 (HB 2695) is not a reform but a targeted, calculated, and existential assault on the profession of radiography.”

He also described the bill as an attempt to introduce a “jurisdictional override” intended to dismantle the Radiographers Registration Board of Nigeria.

“This is a legislative execution of a profession that has served Nigeria for over 50 years,” he said.

Dembele pointed to Section 8(1) of the bill, which grants the Medical and Dental Council of Nigeria exclusive authority, describing it as “a legislative nuclear weapon” that strips the Radiographers Registration Board of Nigeria of its mandate.

The association also accused the bill of “conceptual theft” by redefining radiology in a way that erases radiography as an independent scientific discipline.

“The bill seeks to legally erase radiography as an independent profession and subjugate radiographers to the disciplinary authority of a council composed of individuals with no expertise in radiographic science,” the association said.

On financial matters, the association accused the bill of promoting “extortion as regulation,” noting that it mandates that 70 per cent of practising fees be shared with the Nigerian Medical Association.

“This reveals the true motive — financial colonisation,” Dembele said.

The association also raised concerns over HB 2699, the Radiographers Registration Board of Nigeria Amendment Bill, which it said seeks to weaken the board from within.

It described the inclusion of medical doctors on the board as “a fundamental violation of the doctrine of professional self-regulation” and warned against excessive ministerial control that could politicise regulation.

The association stressed that globally, radiography regulation is profession-led, citing examples from the United Kingdom, Canada, and Australia, and noted that Nigeria cannot afford to adopt a substandard model that contradicts established international norms.

The association therefore called on the National Assembly to protect the integrity of the Nigerian healthcare system by rejecting the bill in its entirety.

It also called for a stakeholders’ summit to develop a harmonised regulatory framework that respects the co-equal status of all health professions, as obtained in the United Kingdom, Canada, and Australia.

“The association aligns with the position of the Joint Health Sector Unions, medical laboratory scientists, physiotherapists, and other critical stakeholders who have also rejected similar legislative attempts,” he added.

 


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Zarttech Reflects on Its Role in Changing Global Perceptions of Africa

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Zarttech extends a sincere apology to individuals and partners who may have been affected during the course of its operations. The company recognizes that its journey included challenges and acknowledges the importance of accountability, respect, and transparency toward everyone who was part of its story.

At its core, Zarttech was founded with a mission to bridge the global tech talent gap by connecting diverse IT professionals with opportunities around the world. The company sought to remove barriers that often prevent talented individuals from accessing global work, while promoting fairness and reducing bias in the technology recruitment process.

Through its work, Zarttech contributed to a broader shift in how Africa is perceived in the global technology ecosystem. By highlighting the expertise, creativity, and potential of African developers and technology professionals, the company helped bring greater visibility to the continent’s growing pool of world-class talent.

Zarttech’s mission centered on creating opportunities that connected businesses with skilled professionals across Africa, Europe, and South America while demonstrating that innovation and excellence in technology know no geographic boundaries.

Beyond its business activities, Zarttech also supported initiatives aimed at empowering women in technology across Africa through training and education programs, reinforcing its belief that inclusive access to opportunity can help shape a more equitable global tech industry.

While the company’s chapter has come to an end, the impact of the conversations it helped spark about African talent, global collaboration, and opportunity without borders continues to be part of a larger movement transforming the global technology landscape.


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NCDMB secures lead local content role at African Energy Week 2026

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Nigerian Content Development and Monitoring Board (NCDMB) has been named a Local Content Partner at African Energy Week (AEW) 2026, in a move that positions the agency as a key driver of indigenous capacity building in Africa’s energy sector.

NCDMB secures lead local content role at African Energy Week 2026

NCDMB

The event, scheduled to hold from October 12 to 16 in Cape Town, South Africa, will give the NCDMB a high‑profile platform to showcase Nigeria’s local content framework, industrial projects and investment opportunities to global investors and policymakers.

The NCDMB, a parastatal regulatory agency under the Federal Ministry of Petroleum Resources, has increasingly anchored its interventions on skills development, infrastructure and industrialisation.

In March 2026, the board launched a 12‑month pipeline engineering training programme for 33 young engineers in Port Harcourt, in partnership with Renaissance Africa Energy and MJD Oilfield Services.

The programme focuses on pipeline pigging, corrosion control and integrity management, aligning the workforce with major government infrastructure projects such as the Ajaokuta‑Kaduna‑Kano Gas Pipeline.

On infrastructure, the NCDMB is advancing construction of a 204‑room Radisson‑managed hotel and conference centre in Yenagoa, Bayelsa State, expected to be commissioned in December 2026. Located adjacent to the Nigerian Content Tower, the facility is designed to support industry collaboration, conferences and business meetings within the local content ecosystem.

The board has also commissioned a Clinical Skills and Simulation Laboratory at Bayelsa Medical University, enhancing healthcare training and service delivery in host communities through modern simulation technology.

Industrial expansion remains a core pillar of the NCDMB’s strategy. Under the Nigerian Oil and Gas Parks Scheme, pilot parks in Odukpani, Cross River State, and Emeyal‑1, Bayelsa State, are nearing completion and are projected to generate about 2,000 jobs each.

These shared‑services industrial hubs are designed to localise manufacturing, reduce project costs and enable indigenous companies to scale up production along the upstream and midstream value chains.

From a financing and policy standpoint, the NCDMB is deploying multiple funding mechanisms, including a 100‑million‑dollar equity investment scheme, a 500‑million‑dollar intervention fund and a 20‑million‑dollar initiative targeted at women‑owned enterprises in the oil and gas sector.

Recent enforcement measures, such as tighter expatriate quota controls and mandatory compliance certification for operators, signal a shift toward deeper localisation, greater transparency and stronger investor confidence in Nigeria’s energy industry.

Speaking on the significance of the board’s role at AEW 2026, the Executive Chairman of the African Energy Chamber, NJ Ayuk, said the NCDMB’s participation underscores Africa’s commitment to building domestic capacity and retaining value within the continent.

“Local content is not just policy – it is the foundation for sustainable growth, job creation and energy security across African markets,” Ayuk noted.

As African Energy Week 2026 gathers global investors, policymakers and energy operators, the inclusion of the NCDMB as a Local Content Partner highlights the growing importance of in‑country value creation. With focused sessions on skills development, technology transfer and industrialisation, the forum is expected to generate concrete partnerships and commitments that can help build resilient, competitive and investment‑ready energy ecosystems across Africa, with Nigeria positioned at the centre of the regional value chain.


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