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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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NITDA DG Calls for Innovation-Led Economic Rebirth @ Kano Startup Weekend

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Kashifu Inuwa, the Director General of the National Information Technology Development Agency (NITDA), has called for a fundamental shift in Kano State’s economic strategy, urging stakeholders to embrace innovation, technology and collaboration as the drivers of growth in the 21st century.

Speaking at the Kano Startup Weekend, Inuwa acknowledge Kano’s long-standing reputation as the commercial nerve centre of Northern Nigeria and the wider Sahelian region, noting that its history of trade, enterprise and human capital provides a solid foundation for future growth.

He emphasised that while these strengths powered Kano’s success for centuries, the modern economy now offers even greater opportunities through innovation and technology.

He described innovation as the process of transforming ideas into impactful solutions through commercialization, stressing that when ideas are effectively deployed, they create value, solve societal challenges and generate sustainable economic growth. He noted that Kano’s large market, strategic location and vibrant entrepreneurial culture place it in a strong position to take advantage of innovation-driven opportunities.

According to him, “Innovation is the process of taking an idea from inception to impact. Invention on its own is a cost centre, but when you commercialise an idea, when you turn it into a product or service that solves a real problem and creates value, that is when you begin to drive economic growth and inclusion.”

He noted that the state hosts numerous degree-awarding institutions across federal, state and private ownership, providing a strong base for human capital development. However, he expressed concern that these institutions often operate in isolation from industry, with research outputs rarely translating into commercial or industrial applications.

He explained that innovation does not happen in silos and stressed the need for a strong, interconnected ecosystem that brings together academia, industry, startups, entrepreneurs and government.

According to him, universities should conduct research informed by industry needs, industries should leverage research to improve productivity and competitiveness, and startups should serve as the bridge that converts ideas into market-ready solutions.

He further encouraged entrepreneurs to leverage technology to build businesses that can grow beyond local markets, explaining that innovation-driven enterprises have the power to scale rapidly, create jobs and position Kano competitively at both national and global levels. According to him, digital platforms and emerging technologies now make it easier for startups to reach wider markets and develop solutions that were previously unimaginable.

“You can start your business here in Kano, but your thinking must be global from day one. Technology has removed barriers. With the right skills and platforms, a startup in Kano can build solutions that serve not just Nigeria, but the world,” he noted.

Highlighting NITDA’s ongoing interventions, the Director General outlined the Agency’s commitment to building national innovation capacity through targeted human capital development programmes. He cited the Digital Literacy for All (DL4ALL) initiative, which aims to equip Nigerians across all segments of society with essential digital skills, and the 3 Million Technical Talents (3MTT) programme, designed to produce a pipeline of globally competitive technical professionals in areas such as software development, data analysis and emerging technologies.

He said, “Through DL4ALL, we are ensuring that Nigerians at all levels have the basic digital skills needed to participate in the digital economy, while 3MTT is deliberately building a pipeline of globally competitive technical talents who can drive innovation, create jobs and attract investment.”

He explained that these programmes are key pillars of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises skills development, innovation, job creation and inclusive economic growth as pathways to national prosperity. According to him, empowering Nigerians with digital and technical skills is essential for building a resilient economy capable of competing in the global digital landscape.

“President Tinubu’s Renewed Hope Agenda is about investing in people, empowering them with relevant skills and creating opportunities for inclusive growth. At NITDA, we are using digital skills and innovation as tools to translate that vision into real economic impact for Nigerians,” he said.

Inuwa urged all stakeholders in Kano to work together to build a functional innovation ecosystem that can unlock the state’s vast potential. He expressed confidence that with the right mindset, strong collaboration and sustained investment in digital skills and innovation, Kano can reclaim its historic leadership role and emerge as a major innovation and entrepreneurship hub in Nigeria and beyond.


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Sterling Bank Renewable Energy Colloquium Urges Stakeholders to Unlock Nigeria’s Clean Energy Potential

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Sterling Bank Limited on Monday convened stakeholders in the renewable energy industry to explore strategies for accelerating Nigeria’s transition to clean energy and boosting economic growth.

Sterling Bank Renewable Energy Colloquium Urges Stakeholders to Unlock Nigeria’s Clean Energy Potential

L-R: Mr. Ayo Ademilua, President, Renewable Energy Association of Nigeria; Dr. Jekwu Ozoemene, Group Executive, The Alternative Bank; Mr. Biodun Ogunleye, The Honourable Commissioner, Lagos State Ministry of Energy and Mineral Resources; Mr. Dele Faseemo, Group Executive, Coprporate and Investment Banking, Sterling Bank; Engr. Bem Samuel Anyangeuor, Representative, Honorable Minister of Power and Mr. Oluwaseyi Okunnuga, Group Head, Renewable Energy & Sustainability Finance, Sterling Bank at the just concluded Renewable Energy Colloquium held in Lagos recently.

The colloquium, themed “Beyond the Grid: Unlocking New Frontiers in Renewable Energy”, was held in Lagos and brought together policymakers, financiers, and industry leaders to deliberate on priority areas for action.

In his opening address, Managing Director and Chief Executive Officer of Sterling Bank, Mr. Abubakar Suleiman, represented by Mr. Dele Faseemo, Group Executive, Corporate and Investment Banking, said the bank would focus on regulation and financing to expand access to energy.

He noted that energy access remained critical to supporting economic growth and achieving Nigeria’s ambition of building a one trillion-dollar economy.

Delivering a keynote address titled “Scaling Electrification in Nigeria: The REA Impact”, Managing Director of the Rural Electrification Agency (REA), Dr. Abba Aliyu, represented by Mr. Abba Hayatudden, said Nigeria required about 26 billion dollars to bridge its energy deficit.

Aliyu explained that the energy transition strategy integrates grid, mini-grid and off-grid technologies to achieve universal, reliable and sustainable energy access while aligning with national development and climate goals.

Minister of Power, Mr. Adebayo Adelabu, represented by Engineer Samuel Ayangeaor, commended Sterling Bank for convening the dialogue.

He said renewable energy and rural electrification were central to the Federal Government’s Renewed Hope Agenda.

“The Ministry of Power has continued to expand electricity access to underserved communities to drive economic growth, foster industrial activity and create jobs across the nation,” Adelabu said.

Lagos State Commissioner for Energy and Mineral Resources, Mr. Biodun Ogunleye, highlighted the state’s efforts in renewable energy, including the ongoing two-gigawatt grid-scale solar project.

He described it as the most ambitious energy transformation ever undertaken by the state.

Chief Executive Officer of Sterling One Foundation, Mrs. Olapeju Ibekwe, urged participants to move beyond communiqués and act with intention to deliver meaningful impact.

The colloquium featured panel sessions on financing and scaling green energy solutions in Africa, among other discussions.


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Cellulant Taps Freddie Oduro to Lead Enterprise Payments Expansion in Ghana

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Mr. Freddie Oduro, New Country Manager for Ghana.
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Cellulant, a leading Pan-African payments company enabling seamless digital transactions across Africa, has appointed Mr. Freddie Oduro as its new Country Manager for Ghana.

Cellulant Taps Freddie Oduro to Lead Enterprise Payments Expansion in Ghana

Mr. Freddie Oduro, New Country Manager for Ghana.

Freddie’s appointment is a key step in Cellulant’s broader strategy to deepen its presence in priority markets by accelerating the acquisition of in-country enterprise businesses and strengthening its position as the payments partner of choice in Africa.

Freddie brings over a decade of commercial and strategic leadership experience in the telecommunications and financial services sectors, with expertise in  sales, business operations, and market expansion.

In his new role, he will drive merchant acquisition, strengthening partnerships, oversee collections and payout operations, while ensuring strong internal controls and regulatory compliance.

He joins Cellulant from Payaza and previously served as Sales Director at Cellulant, where he helped significantly expand the company’s footprint in Ghana.

Cellulant has been powering payments in Ghana for leading brands in sectors like e-commerce, utilities, oil and gas and retail, helping them offer their customers a wide range of secure digital payment options.

“We are happy to welcome Freddie back to the Cellulant family,” says Richard Gesimba, Chief Revenue Officer at Cellulant. “Ghana remains a critical market for us, with immense potential driven by rising digital payments adoption.

“As we sharpen our focus on in-country enterprise customers, Freddie’s leadership and industry insight make him the ideal person to steer our Ghana operations.”

The appointment comes at a transformative time for the company. Following a strategic shift between late 2023 and early 2024, focused on streamlining operations, doubling down on enterprise payments, and strengthening customer intimacy, Cellulant achieved profitability in 2024 and continues to build on this momentum.

The company now processes close to 4.5 million transactions daily for businesses across Africa, reinforcing its position as a fintech leader.

“I am honoured to return to Cellulant and lead the Ghana team at such a defining moment,” says Freddie, Country Manager for Cellulant Ghana. “Ghana presents a tremendous opportunity.

“We will ramp up our efforts to sign on more local merchants, strengthen our compliance and control frameworks, and introduce innovative solutions like Tingg Edupay, our automated school fee management solution that eliminates reconciliation delays by validating payments in real time and instantly updating student accounts.

“We will build on Cellulant’s strong foundation to deliver real value, reliability, and economic impact.”

Ghana’s digital payments sector continues to grow steadily, supported by increased mobile money usage and a progressive regulatory environment. Between January and October 2025, the value of mobile money transactions hit about GH¢ 3.6 trillion, up sharply from GH¢ 2.37 trillion in the same period of 2024.

Registered mobile money accounts now exceed 79 million, demonstrating strong consumer and business confidence in digital financial services and in turn creating many opportunities for payment innovation.

This leadership appointment underscores Cellulant’s commitment to building a resilient, high-performance organisation geared towards playing a pivotal role in the next era of Africa’s digital economy.

Looking ahead to 2026, Cellulant plans to further enhance the user experience on its payment platform, Tingg, and expand its  footprint across Ghana.


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