E-Financial
Why #EndSARS Campaigners’ Bank Accounts are Still Frozen – Malami
Abubakar Malami, SAN, attorney-general of the federation and minister of justice, has given reasons the federal government was yet to obey the court order to unfreeze bank accounts of 20 #EndSARS protesters.
Malami, who spoke on Sunrise Daily, a Channels TV programme monitored in Lagos, Malami said the federal government’s decision not to unfreeze the bank accounts immediately was because it was still weighing options as allowed by the law on such matters.
On October 15, 2020, Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), directed banks to place a Post-No-Debit order on the accounts of 20 persons linked to the #EndSARS campaign.
Three weeks after, Mike Aondoakaa, counsel to CBN obtained an ex parte order from the Federal High Court in Abuja to freeze the bank accounts of the #EndSARS campaigners for a period of 90 days.
At the expiration of the 90-day order on February 2,2021, CBN moved to extend the period but later withdrew the application on Wednesday.
It was on this note that Ahmed Mohammed, a judge of the Federal High Court in Abuja, ordered the unfreezing of the bank accounts.
But speaking on the programme, Malami said: “We need to take in a lot of factors with particular reference to the compliance with the court order and within the context of striking a balance, the options that are available are multiple.
“One, the consideration of or a possibility of wholehearted compliance with the court order; that is, comprehensive, unconditional compliance with the order relating with the unfreezing of the #EndSARS account.
“But, that does not take away the right of government to give a further consideration when the need arises, a consideration, for example, of excising the right of appeal against the order, if the need arises, coupled with the right of stay of execution of the order or perhaps, application of variation of order, among others.
“While the government has chosen to exercise those rights and, indeed, an appeal of variation of the court order or an appeal for setting aside the order or perhaps stay of execution of the order, you cannot within the context of the rule of law adjudge the government as operating in breach of the order.
“It all depends on, for example, where parties unilaterally settle for arrangement or the order is a product of settlement arrangement. I think the possibility of considering options associated with appeal of variation of the order or setting aside the court order may not necessarily come into play.
“But where it indeed is product of contentions between the party ‘A’ saying, ‘this is the way it is’, and the other party saying no, ‘this is the way it is’, the court will now decide to make a ruling one way or the other.
“So, the right of appeal, right of application to set aside the court order or perhaps, maybe a staying of execution of the order may come into play.
“It all depends on the prevailing circumstances. It is the prevailing circumstances that determine what decisions, what provision, what direction the party involved in the suit or the party affected by the order will consider as the next line of action to take.
Speaking on the same programme, Mr. Femi Falana, SAN, counsel to the protesters, said the Federal Government had nothing to act on to freeze the accounts of the protesters, saying the development was a violation of constitutional provisions which guaranteed the rights of Nigerians to protests.
Falana also asked CBN to stay out of politics and stick to the business of banking.
Noting that the apex bank went out of its way, Falana said: “I do hope that sufficient lessons have been learnt, particularly by CBN to desist from jumping into the political arena by attempting to freeze the accounts of people who are involved in the struggle one way or the other against the government.”
He argued further that CBN misled the court into believing that some grave offences had been committed, which would require time to investigate.
He, however, noted that no offence was committed and that no attempt was made by CBN to investigate any individual.
The lawyer urged CBN to be more circumspect in the future, adding that the individuals whose accounts were frozen will be going to court to challenge the “gross violation” of their rights to their property.
Remita, a leading digital payment platform, has called for increased investment in digital infrastructure, cybersecurity and financial inclusion to ensure that more Nigerians benefit from the country’s growing digital economy.
The company said bridging the digital divide was critical to unlocking economic opportunities for millions of Nigerians who remain excluded due to limited connectivity, affordability challenges and inadequate access to digital services.
Lanre Idowu, Divisional Head, Financial Industry Partnerships at Remita, made the call during the Nigeria Information Technology Reporters Association (NITRA) Innovative and Scientific Conference held in Lagos.
Idowu said that although Nigeria’s digital economy was projected to reach $18.3 billion by the end of the year, the benefits would remain unevenly distributed unless barriers limiting digital access were addressed.
He described the country’s digital transformation as representing “two Nigerias” — one recognised globally for technological innovation and another still struggling with poor broadband infrastructure, high connectivity costs and unequal access to digital services.
According to him, Nigeria has developed one of Africa’s fastest-growing fintech ecosystems, with instant payments becoming increasingly popular among individuals, businesses and government institutions.
He noted that Nigerian technology startups had continued to gain international recognition, but warned that uneven broadband penetration and limited digital access in underserved communities were slowing inclusive growth.
“The country’s digital divide should be viewed as an opportunity divide because millions remain excluded from education, healthcare, financial services and economic opportunities,” Idowu said.
He stressed the need for digital solutions to be designed with diverse users in mind, including people with different languages, literacy levels, income capacities and device limitations.
Idowu identified connectivity, affordability, digital literacy, access to devices and trust as the five major factors affecting inclusive digital transformation in Nigeria.
The Remita executive said trust remained a major factor influencing the adoption of digital financial services, noting that failed transactions and weak dispute resolution systems often discourage users from embracing digital platforms.
He recalled that Nigeria’s banking sector had evolved significantly from an era when customers relied heavily on manual processes, paper documentation and long queues in banking halls.
He noted that financial services had been transformed through innovations such as Automated Teller Machines (ATMs), mobile banking, agency banking, USSD services and digital payment platforms.
Idowu said previous banking processes, including clearing outstation cheques that took between five and 15 working days, had gradually been replaced by faster digital alternatives.
“The future of Nigeria’s digital economy depends not only on innovation but also on inclusion. When technology becomes accessible to everyone, regardless of geography or income level, we truly begin to bridge the digital divide,” he said.
Idowu attributed the growth of Nigeria’s fintech ecosystem to collaboration among government agencies, regulators, banks, telecommunications operators, fintech companies, consumers and the media.
He said government institutions had provided policy direction, while regulators created frameworks that supported responsible innovation.
He added that banks pioneered digital financial services, telecom operators expanded connectivity, and fintech companies introduced solutions that improved access to financial services.
“No single institution built Nigeria’s fintech ecosystem alone. Government, regulators, banks, telecommunications operators, fintech innovators, consumers and the media all contributed to the progress we see today,” he said.
The Remita executive also highlighted the importance of USSD banking in extending financial services to Nigerians without smartphones or internet access.
However, he expressed concern that rising USSD transaction charges could discourage low-income users and undermine efforts to promote financial inclusion.
Idowu called for continued collaboration among stakeholders to build a digital economy that is secure, affordable, accessible and beneficial to all Nigerians.
When people and businesses gain genuine access to financial services, they gain the ability to transact securely, build savings, and access credit. That access creates the conditions for progress: more stable revenues, better business decisions, and the capacity to grow. Progress, sustained over time, is what produces financial happiness. This framework is how Moniepoint measures its impact.
According to Moniepoint 2025 Impact Report, titled creating financial happiness; “Financial happiness is the feeling of confidence and ease that comes with financial freedom and well-being. It is a condition that develops over time and requires a specific set of enablers to take hold.
For millions of people and businesses across Nigeria, those enablers, like tools and solutions to manage their finances, have historically been out of reach. Moniepoint was built to change that, and this change, for us, begins with inclusion”.
Across the world, access to digital tools is a key driver of financial inclusion. The World Bank’s Global Findex 2025 report finds that more than 60% of adults in low- and middle income economies now make or receive digital payments. In Nigeria, this figure is around 54%. Moniepoint has been a key driver in expanding this access with its POS terminals. “Our terminals also drive financial inclusion for individuals.
The report stated that, in 2025, Moniepoint enabled 100 million people to make payments via their POS terminals across the country. For customers in communities where bank branches are scarce or non-existent, a Moniepoint terminal at their local shop, market stall, or fuel station provides reliable access to digital financial services.
They can make purchases, withdraw cash, and manage their money without travelling long distances or depending solely on physical currency. Critically, customers without cards can complete transactions through direct bank transfers to the terminal’s account.
Beyond practical benefits, Moniepoint terminals have also introduced a new layer of trust to everyday commerce. “When network issues make it unclear if a payment went through, the Moniepoint terminal’s loud beep provides instant confirmation for everyone, building trust in digital payments with every transaction”.
Moniepoint POS terminals operate across all 774 local governments in Nigeria, ensuring that small sellers and large stores can accept payments reliably, regardless of location.
In 2025, millions of Nigerians, businesses and individuals alike, accessed Moniepoint services through its mobile app. Top among them are groups like women and low-income earners, who have historically been excluded from formal banking. Inclusion of women is particularly important, as they typically manage household spending and informal savings but are frequently left out of structured financial systems. “Through our app, they are gaining financial independence and greater control over their economic decisions,” the report added.
For millions of Nigerians, debit cards represent a move away from the limits of cash transactions. They enable safer, more reliable everyday payments, particularly as more local businesses begin to accept digital payments.
Moniepoint debit cards are designed to meet this need. In 2025, Moniepoint customers completed over 300 million card transactions at physical locations, largely driven by essential, food-related purchases. Most of this spending took place at neighbourhood provision shops where households buy everyday items such as rice, cooking oil, and soap.
“We’ve made access to our cards intentionally simple. Customers can get a Moniepoint debit card by requesting it within their mobile app or from neighbourhood agents, without lengthy paperwork or waiting periods. By lowering these barriers, more people are able to access financial tools and participate in the formal financial system.
“Our cards also safeguard our customers’ financial information. They don’t carry special markings or any identifiers that could expose our customers or put their financial security at risk. In the event of loss, this reduces the likelihood of targeted fraud or misuse.
“When people can pay with their debit cards at their neighbourhood stores, they can manage their spending, reduce cash handling, and transact more securely. Merchants also benefit, recording higher transaction volumes and more consistent customer activity.
“Moniepoint helps millions of businesses and individuals across Nigeria access seamless payments and banking, every day. The widespread adoption of our tools and services, as highlighted, demonstrates our critical role in expanding financial access, supporting everyday commerce, and enabling more Nigerians to participate safely and consistently in the digital economy,” the report noted.
ChatPay has launched Africa’s conversational banking platform, enabling individuals and businesses to access financial services through WhatsApp.
The Lagos-based fintech startup, is in controlled rollout, connecting WhatsApp to linked-bank management, airtime and supported electricity payments through simple conversations.
The company said the platform is designed to enable users to send money, pay bills, buy airtime and manage business transactions within WhatsApp conversations, subject to the completion of regulatory approvals and integration with licensed banking partners.
According to ChatPay, the platform is operated by CP Technology Limited and is currently undergoing a phased rollout ahead of its planned public launch.
The company said the initiative is intended to simplify access to financial services by leveraging WhatsApp, which it estimates is used by more than 50 million Nigerians monthly.
Speaking on the idea behind the platform, Adeoluwasubomi Odebunmi, product lead and co-founder, said the concept emerged while she was studying Software Engineering at Babcock University.
“I saw the gap while I was still in school—how much friction there was just to move money. I didn’t want to just study the problem. I wanted to help fix it,” she said.
Odebunmi said she had previously worked on software solutions spanning e-commerce, real estate management, school administration and artificial intelligence applications before co-founding ChatPay.
Aseoluwa Siyanbola, growth lead and co-founder, said his experience managing Nigerian bank accounts while studying abroad highlighted some of the challenges users face with digital banking services.
According to him, difficulties such as one-time password (OTP) failures and inconsistent banking applications inspired the team to explore conversational banking solutions.
“We each encountered similar challenges and came together to build a solution that simplifies everyday financial transactions,” he said.
cAbraham William, tech lead and co-founder, said the company is focused on improving access to financial services through a platform that many Nigerians already use daily.
“We want to make financial services easier to access by allowing people to carry out transactions through a familiar messaging platform,” he said.
William said he oversees the company’s engineering, technology strategy and system architecture.
ChatPay said its services will be introduced in phases as regulatory requirements are met and integrations with banking partners are completed.
The company added that its newly launched “Founding 2,500” programme will enable selected early users to test features, provide feedback and participate in product development before the platform’s wider rollout.
According to the company, interested users can register for the waitlist and the Founding 2,500 programme through its website.
Founded by Odebunmi, Siyanbola and William, ChatPay said its long-term goal is to expand conversational banking services beyond Nigeria into other African markets after its domestic rollout.
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