By Modupe Gbadeyanka

To bridge the financial inclusion gap in Nigeria, Moniepoint Incorporated will leverage its extensive reach and robust infrastructure to distribute about 5 million AfriGO cards.

AfriGO is Nigeria’s national domestic card scheme designed by a subsidiary of the Nigeria Inter-Bank Settlement System (NIBSS), Afrigopay Financial Services Limited (AFSL).

It is an innovative solution which allows users to make payments by tapping or hovering their contactless card or Near Field Communication (NFC) enabled device over a payment terminal or directly on compatible mobile phone devices.

AfriGO aims to deepen financial inclusivity by utilizing innovative products, a customer-focused approach, and cutting-edge technology.

By reducing the country’s dependency on foreign exchange (FX) for payment transactions and ensuring data sovereignty, AfriGO Card strengthens and empowers local businesses, creating new opportunities within the growing card business ecosystem in Nigeria.

“This partnership is set to transform financial service delivery, particularly in underserved areas, by leveraging AfriGO’s innovative payment solutions.

“With AfriGO Cards, merchants and agents will experience seamless transaction finalization and instant settlement, leading to improved efficiency, better cash flow management, and reduced risk.

“Backed by robust technology infrastructure and effective liquidity management, AfriGO ensures smooth and secure operations, further enhancing accessibility and driving financial inclusion.

“Moniepoint’s extensive agent network will play a key role in expanding this reach, supporting local businesses and delivering essential banking services, including purchases, deposits, withdrawals and money transfers.

“Together, we are creating a more connected and inclusive financial ecosystem, making transactions faster, more reliable and widely accessible to Nigerians,” the chief executive of AFSL, Mrs Ebehijie Momoh, stated.

Her counterpart at Moniepoint, Mr Tosin Eniolorunda, said, “Our partnership with AfriGO aligns perfectly with our ongoing mission to engineer financial happiness for every Nigerian while driving convenience, transparency and security with contactless payments.

“The Moniepoint/AfriGO card is not just a product; it’s a vital tool that will extend our reach, particularly to those who have been traditionally excluded from the formal financial system.

“Building on Moniepoint’s impressive track record, this partnership will offer Nigerians a more affordable payment option while ensuring instant transaction settlement through AfriGO. Additionally, it will further drive financial inclusion across the country.

“The benefits of contactless payments are far reaching and will be great for our ecosystem. There are mutual synergies in unlocking potentials by creating a better life through our services for all Nigerians and we can reshape the digital economy so everyone — individuals, financial institutions, governments and businesses — can realize their ambitions.”

By Adedapo Adesanya

The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to direct the Central Bank of Nigeria (CBN) to suspend the implementation of the increase in Automated Teller Machine (ATM) transaction fees.

It argued that the increment must be suspended because of a lawsuit challenging the legality of the policy at a Federal High Court in Lagos.

SERAP had on February 21, 2025 filed the lawsuit with number FHC/L/CS/344/2025 against the CBN over the failure to reverse the patently unlawful, unfair, unreasonable and unjust increase in ATM transaction fees.

“The court processes were duly served on 26 February 2025 on the CBN in Abuja. The CBN has acknowledged receipt of the processes,” the group said in a statement.

SERAP also urged the President to seek legal advice from the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi (SAN) on whether the CBN has the legal responsibilities to uphold the rule of law its operations by suspending the ATM fee hike, pending the determination of lawsuit on the matter.

The lawsuit filed by SERAP followed the announcement by the CBN that ATM withdrawals made at a machine owned by a bank but outside its branch premises will now attract a charge of N100 per N20,000 withdrawn.

ATM withdrawals at shopping centres, airports or standalone cash points, will incur a N100 fee plus a surcharge of up to N500.

In the open letter signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation said: “Directing the CBN to suspend the ATM fee hike would allow the Federal High Court to hear and determine the case on its merit.”

SERAP said, “It would also be entirely consistent with the letter and spirit of the Nigerian Constitution 1999 [as amended], your oath of office and oft-repeated promises to uphold the rule of law.

“Implementing the ATM fee hike while the lawsuit on the matter is pending before the Federal High Court would make a mockery of the judicial process and the rule of law.

“The CBN is bound to suspend the increase in ATM transaction fees, and await the outcome of the lawsuit.

The letter, read in part: “The CBN has the responsibilities to uphold the due process of law, protect the integrity of the judicial process, and ensure that its practices and operations do not make nonsense of the rule of law or the court.”

By Aduragbemi Omiyale

A memorandum of understanding (MOU) has been signed between Wema Bank and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).

The agreement is to train about 800,000 entrepreneurs in the Micro, Small and Medium Enterprises (MSME) sector of the Nigerian economy over the next 12 to 18 months.

Wema Bank will provide training and resources for the 800,000 businesses who will be curated by SMEDAN. They will undergo training on soft skills, technical skills, and business skills, empowering them to build profitable businesses, gain more visibility and scale sustainably.

“At Wema Bank, we don’t pay lip service to SME matters. From inception in 1945, Wema Bank was built with a purpose to provide financing for the indigenous people of Nigeria. It wasn’t because banks didn’t exist during those years; it was because we identified the gaps in access to finance for our people.

“This is why Wema Bank came to life; to provide tailored financial services and empower Nigerians to thrive on both individual and business levels.

“Over the past 8 decades, Wema Bank has been driving this lifelong mission of empowering Nigerians with access to finance, constantly reinventing to develop more efficient ways of delivering value to the people.

“One cardinal thing that we haven’t deviated from is that we are fully committed to empowering entrepreneurs and small businesses in Nigeria.

“The petty traders we provided for in the 1900s are the entrepreneurs and MSMEs that we continue to empower in the 2000s, and we will never relent in fulfilling this promise. So, MSME empowerment for us is not just a buzzword.

“It is what we have always done, what we are doing through this partnership with SMEDAN and what we will continue to do beyond 80 years,” the chief executive of Wema Bank, Mr Moruf Oseni, said at the signing ceremony on Tuesday in Lagos.

The Director General of SMEDAN, Mr Charles Odili, said, “I want to again, thank Wema Bank. This is a prime example of how collaboration and determination to create impact can make a positive difference.

“I thank you for their constant support to MSMEs and for not paying lip service to MSME Empowerment in Nigeria.”