Banking
Akinwuntan Enumerates Opportunities in Digital Financial Inclusion
By Ahmed Rahma
The Managing Director of Ecobank Nigeria, Mr Patrick Akinwuntan, has listed the opportunities in digital financial inclusion at the Ecobank-Vanguard Digital Financial Inclusion virtual summit in Lagos last Tuesday.
The bank chief, who also championed partnerships among operators, stated that “the biggest growth opportunities in digital financial inclusion lies in the ability to combine the mobile phone, cards and agency banking services in the most cost-effective and convenient way to reach the citizenry on a sustainable basis.”
He further explained that bank branches and ATM channels are cost-intensive to scale and less attractive to mass market financial service providers and agency banking, Unstructured Supplementary Service Data (USSD), mobile app, card services, including internet banking as chatbots remain optimum channels for digital financial inclusion.
In his observation, the Nigerian financial inclusion trend has improved significantly with the exclusion rate declining by 15.7 per cent between 2008 and 2018.
Still speaking, Mr Akinwuntan mentioned that digital financial inclusion entails deployment of cost-saving digital means to reach financially excluded and underserved population with a range of financial services suitable to their needs and delivered at affordable cost, noting that it offers lots of benefits to all players in the value chain and also engenders wealth creation, drives economic growth and sustainable development.
“There is sustained growth in digital financial inclusion and it is largely driven by customer changing demands; the entrance of non-traditional players such as Fintechs, Payment Service Banks (PSBs); mobile services penetration and enabling regulatory environment.
“With the introduction of mobile wallet Tier 1 accounts accessible with a phone number, agency banking, micro-lending, mobile BVN, micro-insurance, cashless policy and others we should now begin to move from poverty alleviation to wealth creation for the citizenry.
“Further partnership and collaboration of all stakeholders remain critical to delivering further growth in digital financial inclusion.
“Ecobank has been committed to driving digital financial inclusion through her pan Africa network advantage, award-winning capabilities and various flagship products and services. We collaborate with Fintechs in Africa, as we are present across 33 countries in Africa.
“If you wish to bring your innovation into the financial system, you can reach out to us and we will guide you through the required regulatory requirements and then integrate your innovation into our digital payments and financial system,” he stated.
Although the telecom operators are playing a vital role in financial inclusion of unbanked and underbanked, collaboration and partnership of all stakeholders was key to increase the volume of digital transactions and mobile money activities, said the Chief Executive Officer, 9mobile, Mr Alan Sinfield.
Mr Sinfield commended the Central Bank of Nigeria (CBN) for granting licenses to three PSBs, stating that they will further help to drive financial inclusion and critically stimulate savings and investment as more liquidity is mobilized from the informal sector to the mainstream financial system that will translate to increased economic activities.
He said, “Telcom operators in Nigeria have a customer advantage that financial institutions could benefit from to deepen their penetration. Banking started before telecommunication, but there are more active mobile lines than active bank accounts in Nigeria. A very key indication that we can achieve more through collaboration.”
Also speaking, the Director of Payment System Management at CBN, Mr Jimoh Musa, declared that financial inclusion was at the heart of the apex bank as it has been playing an active role through the strategy is for the whole economy, stressing that the CBN is interested in the progress of financial inclusion in Nigeria.
By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
By Aduragbemi Omiyale
A partnership aimed to enable seamless, real-time and secure transactions for cardholders across Africa and the rest of the world has been entered into by Payattitude and PAPSSCARD, the card scheme initiative of the Pan-African Payment & Settlement System (PAPSS).
The collaboration will allow Payattitude cards issued by banks and other deposit-taking institutions to be co-branded with PAPSSCARD, Discover, Diners and Pulse for acceptance across their networks in Nigeria, Africa and worldwide.
As an initiative of the African Export-Import Bank (Afreximbank) and a key financial infrastructure supporting the African Continental Free Trade Area (AfCFTA), the PAPSSCARD scheme will facilitate instant cross-border payments in local currencies.
“This partnership reflects our commitment to cross-enterprise alliances and enabling inclusive, efficient, and borderless payments across Africa and the world
“With Payattitude, Nigerian cardholders and financial institutions can now enjoy the benefits of a Nigerian card that can be used worldwide,” a director at Payattitude, Dr Agada Apochi, said.
The acting chief executive of PAPSSCARD, Mr John Bosco Sebabi, said the aim is “to connect African payment ecosystems, reduce the cost and inefficiencies of cross-border payments, and strengthen African sovereignty over payments infrastructure.
“Collaborating with Payattitude, a key innovator in Nigeria’s payment space, represents a significant step towards a more unified African payment landscape.”
The chief executive of PAPSS, Mr Mike Ogbalu, said, “By bringing together PAPSSCARD’s robust cross-border payment capabilities with Payattitude’s leadership in the Nigerian digital payments, we are taking tangible steps toward building a single African market where individuals and businesses can transact easily and securely, both within and beyond Africa.”
Payattitude is the first-in-kind Nigerian Payment Scheme to pioneer multibank App and USSD Code *569#.
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