Banking
Cashless Policy: No Going Back on Deposits Charges—CBN
By Adedapo Adesanya
Despite the recent criticisms that trailed the re-introduction of processing fees on deposits and withdrawals on certain thresholds by individual and corporate bank customers in seven states of the country, the Central Bank of Nigeria (CBN) has said it won’t back down.
The apex bank had directed deposit money banks in the country to begin implementation of this cashless policy from Wednesday, September 18, 2019 and since then, many have lambasted the CBN.
Governor of the central bank, Mr Godwin Emefiele, while briefing journalists at the end of the Monetary Policy Committee (MPC) two-day meeting on Friday in Abuja, said this cashless policy was not new and that since its first introduction in 2012 and withdrawal in 2014, Nigerians had five years to bring their cash into the banking space.
“Fees on excess cash withdrawals are not new and have been in place since July 2012. Deposit fees are also not new.
“They have been in place since inception but later withdrawn in 2014 following feedback on the need for stakeholders to fully embrace electronic payment before implementation
“We believe that after five years and with all the options and channels that are currently available that we need to really embrace the best practices by saying we should go cashless in Nigeria,” the CBN chief said during the briefing monitored by Business Post.
Based on data between 2012 and 2018, Mr Emefiele said the cost of currency management in 2014 reduced by 13 percent following the first introduction of the policy including charges on both deposits and withdrawal in the ‘six cashless states’ throughout 2013.
However, Mr Emefiele disclosed that due to the suspension of the policy on deposit charges in 2014, currency management cost went up from 2015 and increased year-on-year basis to 2018 at an annual rate of 33 percent.
Mr Emefiele further noted that the policy was put in place to encourage the use of electronic means of transaction and reduce but not eliminate cash-based transactions.
“It is in the public’s interest to promote an efficient payment system via the cashless policy which helps to reduce the punitive cost of cash processing passed on to money deposit banks”
He noted that the strategy will help promote an open and transparent system because “Cashless policy also improves transparency in financial dealings and reduction in crime such as advanced fee fraud, graft, ransom fee payment, and extortions.”
He also said that since the pilot of the cashless policy that electronic transactions had increased substantially within the Nigerian economy.
According to Mr Emefiele, “POS transactions increased by 4692 percent and we are talking about N2.27 trillion from just N48.6 billion in 2012 to N2.3 trillion at the end of 2018”
He added that electronic transfers increased significantly by 1967 percent or N76.5 trillion from N3.8 trillion in 2012 to N80.4 trillion in 2018. Cheque transactions had also reduced by 32 percent by about N2.45 billion from 7.48 billion in 2012 to 5.03 billion in 2018.
He then disclosed that financial access funds, ATMs, Agents, and Mobile Cash across each of the six cashless policy states all witnessed exponential growth.
Business Post reports that based on the new policy, individual customers would only be required to pay 2 percent fee on deposits above N500,000 and 3 percent on extra amount above N500,000 when withdrawing.
For corporate customers, they would pay 3 percent on deposits above N3 million and 5 percent on withdrawals above N3 million.
By Aduragbemi Omiyale
The creative industry in Nigeria may have nothing to worry about with the likes of Stanbic IBTC Bank around the corner.
The financial institution, which has not hidden its love for the sector, has promised to continue with its strategic investment in the country’s designers and artists.
Speaking at an event, An Evening of Fashion, Art & Lifestyle, the Executive Director for Personal and Private Banking at Stanbic IBTC Bank, Mr Olu Delano, represented by the Head of its Private Banking Segment, Ms Layo Ilori-Olaogun, said the company was proud to be associated with the programme, which it also sponsored.
“At Stanbic IBTC, we recognise Nigeria’s creative sector as a vital driver of economic diversification, employment, and global cultural influence.
“We are proud to support the individuals behind these platforms that elevate African excellence and provide visionary talents the visibility that they deserve.
“Nights like this reaffirm our commitment to continued strategic investment in our artists and designers,” he stated.
The invitation-only ceremony, which was held at The Garden, Federal Palace Hotel, Victoria Island, Lagos, hosted by Africa’s leading luxury fashion house, 2207bytbally, in collaboration with the acclaimed art collective Torrista, brought together high-net-worth individuals, art collectors, designers, media personalities, and luxury brand executives for an unparalleled showcase of creativity and sophistication.
The evening opened with a breathtaking runway presentation featuring three signature segments from the Evolve collection by 2207bytbally: Denim, Ethnic, and 2207 Prints. Each piece exemplified the meticulous craftsmanship, bold innovation, and cultural storytelling that has established the brand as a standard-bearer in African luxury fashion.
Complementing the couture was a curated exhibition by Torrista, transforming the venue into an immersive gallery. Commissioned artworks exploring themes of culture, femininity, and evolution created a robust visual dialogue with the collections, demonstrating the seamless harmony that can result when fashion and fine art converge.
“This evening was about more than clothes or canvases; it was about showing the world that African creativity is limitless. When fashion and art share the same space, magic happens, and tonight, Lagos felt that magic,” the Creative Director of 2207bytbally, Tolu Bally, stated.
By Modupe Gbadeyanka
The six edition of the Hackaholics of Wema Bank Plc has produced 20 top finalists shared equally between two streams, Ideathon and Hackathon.
The Hackathon finalists are Rapid DEV, Secure IT, Neurafeed, Trust Lock Babcock, Pulse Track, IlluminiTrust, Trust Lock FUTA, Fix Fraud AI, KASH Flow and VOC AI.
The Ideathon finalists include PLOY, Fertitude, VarsityScape, Mama ALERT, StockMed, Chao, All Arbitrate, FarmSlate, Sane AI and Cycle X.
They emerged after a two-day pre-pitch held on December 16 and 17, 2025, for the grand finale slated for Friday, December 19, 2025.
They grand finale of Hackaholics 6.0 will convene the top players in Africa’s tech and innovation ecosystem, creating an avenue for these finalists to not only put their creativity to the ultimate test but also give their solutions visibility to potential investors for additional funding opportunities beyond the prizes to be won.
The prizes to be won for the Ideathon include N25 million for the winner, N20 million for the first runner-up, N15 million for the second runner-up and N5 million each for two women-led teams.
In the Hackathon category, the first to fourth-place winners will receive N20 million, N15 million, N10 million and N5 million, respectively.
The pre-pitch saw the top 43 contenders battle in a game of innovation and problem solving, presenting compelling pitches for a chance to make it to top 10 in their respective streams.
After a rigorous stretch of pitches and presentations, the top 20 emerged, securing their spot in the grand finale of Hackaholics 6.0.
“Hackaholics started off as a hackathon and morphed into an ideation. For Hackaholics 6.0, the sixth edition, we decided to give both the builders of new solutions and the refiners of existing ones, an opportunity to make meaningful impact.
“For us at Wema Bank, we understand that innovation isn’t just building from scratch. Sometimes, it’s looking at what exists and developing new ways to optimise that and create more efficiency. This is the idea behind our two-stream Ideathon-Hackathon structure.
“Every year, Hackaholics shows us just how eager and motivated Nigerian youth are when it comes to exploring creativity and innovation, and we are honoured to be the institution that provides them with the platform and resources to put this drive to good use.
“We toured seven cities, indulged 1,460 participants and discovered hundreds of remarkable ideas; some of which needed some refining and some of which deserved to move to the next stage.
“For those who needed to go back to the drawing board, we provided useful guidance and for the top contenders, we were able to shortlist to the top 43, who proceeded to the pre-pitch. To every participant, Wema Bank is proud of you. This is just the beginning,” the chief executive of Wema Bank, Mr Moruf Oseni, said.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) says it will enforce penalties against designated banks that delay the remittance of customs revenue, in a move aimed at strengthening transparency and safeguarding government earnings.
This was disclosed in a statement on the NCS official account on X, formerly known as Twitter and signed by its spokesman, Mr Abdullahi Maiwada, who said the delays undermine the efficiency, transparency, and integrity of government revenue administration.
“The Nigeria Customs Service has noted instances of delayed remittance of customs revenue by some designated banks following reconciliation of collections processed through the B’odogwu platform,” the statement read.
“Such delays constitute a breach of remittance obligations and negatively impact the efficiency, transparency, and integrity of government revenue administration.
“In line with the provisions of the Service Level Agreement executed between the Nigeria Customs Service and designated banks, the Service hereby notifies stakeholders of the commencement of enforcement actions against banks found to be in default of agreed remittance timelines.”
Mr Maiwada disclosed that any bank that fails to remit collected Customs revenue within the prescribed timeline will be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the period of the delay.
He added that affected banks would be formally notified of the delayed amounts, the applicable penalty, and the deadline for settlement.
“Accordingly, any designated bank that fails to remit collected Customs revenue within the prescribed period shall be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the duration of the delay.
“Affected banks will receive formal notifications indicating the delayed amount, applicable penalty, and the timeline for settlement,” the statement read.
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