By Modupe Gbadeyanka

The chief executive of Access Bank Plc, Mr Roosevelt Ogbonna, has expressed the commitment of the company to building partnerships that drive sustainable growth.

Speaking when the lender hosted the President of Germany, Mr Frank-Walter Steinmeier, in Lagos last week, he said the organisation will always leverage its deep expertise in cross-border banking and market integration to the advantage of its customers.

“Nigeria’s position as Germany’s second-largest trading partner in Africa reflects the mutual benefits of this relationship.

“By leveraging our deep expertise in cross-border banking and market integration, Access Bank is committed to building partnerships that drive sustainable growth, innovation, and economic advancement across the continent,” Mr Ogbonna said while addressing stakeholders at a roundtable organised to welcome the German leader.

Last week, Mr Steinmeier made his first official visit to Nigeria and was welcomed by President Bola Tinubu.

President Steinmeier’s visit showcased Germany’s commitment to fostering economic partnerships in the region.

His Lagos agenda featured a landmark visit to Access Bank, as well as engagements with Nigerian startup founders and German-Nigerian business representatives to explore opportunities for trade and investment.

A central feature of the engagement at Access Bank was a business roundtable hosted by Access Bank’s leadership team and its German Desk.

The roundtable brought together German and Nigerian stakeholders, with discussions focused on two key areas: finance and energy, both of which are crucial to bolstering economic growth and innovation in the region.

President Steinmeier also received remarks from Roland Siller, CEO of DEG (German Development Bank), who elaborated on the financial synergies and products DEG provides to German and Nigerian businesses alike.

Access Bank’s German Desk, led by Sebastian Barroso da Fonseca, marked its sixth anniversary this year and has become a cornerstone for German and European businesses operating in Sub-Saharan Africa.

The Desk has provided critical support to over 100 clients, offering end-to-end financial solutions, including local funding facilitation, cash management, and seamless repatriation of funds to corporate headquarters. With operations spanning Nigeria, Angola, Ghana, South Africa, and beyond, the Desk has played an instrumental role in enabling businesses to navigate complex financial landscapes in Africa.

The engagement concluded with a Networking Reception at Access Bank’s headquarters, where delegates and stakeholders had the opportunity to engage and strengthen ties further.

Despite global challenges, Africa remains the fastest-growing economic region, with its GDP rising by 30 per cent over the past decade and average annual growth rates exceeding 5 per cent.

As a key player in the continent’s economic outlook, Nigeria continues to attract interest from global investors, and Germany has emerged as a critical economic partner in this regard.

Access Bank has strategically positioned itself as a gateway for trade and investment, leveraging its growing international footprint across 24 countries in Africa, Europe, and Asia to facilitate cross-border collaboration.

By Modupe Gbadeyanka

As part of measures to promote its cashless policy, the Central Bank of Nigeria (CBN) has directed Point-of-Sale (POS) agents not to pay more than N100,000 as cash to each customer per day.

The banking sector regulator also restricted the POS operators not to pay more than N1.2 million per day as cash to customers, adding that customers may not withdraw more than N500,000 per week as cash.

To ensure accountability, the CBN has mandated that all agency banking transactions must be conducted exclusively through float accounts maintained with the principal institutions.

It also directed that agent banking services be separated from other merchant activities, with agents required to use the approved Agent Code 6010 for transactions.

In a circular dated December 17, 2024, the central bank noted these efforts are to ensure uniform operational standards, combat fraud, and enhance the use of electronic payment systems in agency banking operations.

The CBN ordered that, “All principals of agents are to comply with the following directives immediately,” in the circular signed on behalf of its Director of the Payments System Management Department, Mr Oladimeji Taiwo, and directed at Deposit Money Banks, Microfinance Banks, Mobile Money Operators, and Super-Agents.

“Issuers shall set a cash withdrawal limit (cash-out) per customer (regardless of channel) to N500,000.00 per week; Ensure that all agent banking terminals are set to a daily maximum transaction cash-out limit of N100,000.00 per customer; Ensure that each agent’s daily cumulative cash-out limit shall not exceed N1,200,000.00,” the notice added.

The central bank advised all stakeholders to adhere strictly to the directives to ensure the smooth implementation of the policy and contribute to the advancement of Nigeria’s cashless economy.

By Adedapo Adesanya

African telecommunication giant, MTN, is planning to acquire a full banking licence in South Africa.

According to reports, the telco plans to do this once the South African Reserve Bank (SARB) opens up its national payments system to fintechs and other non-banking entities.

MTN already has a banking service known as MTN Mobile Money (MoMo), but this supports limited transactional banking services.

MoMo offers payments and money transfers to individuals and businesses and customers use their phone numbers to carry out transactions like cash transfers and bill payments.

Due to stringent regulations, MTN and other fintech companies that offer these services work through a licenced bank as a sponsor. For MoMo, MTN uses the African Bank.

Now, this may change as SARB is reportedly working to enable non-banking entities like fintechs and telcos to gain direct access to the core clearing and settlements system.

The SARB is currently developing frameworks to authorise fintechs and other non-banking entities to access the national payment system directly.

According to the South African central bank’s head of the National Payments System, Mr Tim Masela, although banks were the backbone of the financial system in terms of savings and accounts, non-banks were offering convenient transactional services.

“We believe that we should move with the times and open up the system for the entry of non-banks,” Mr Masela said.

According to MTN South Africa’s chief fintech officer, Mr Kagiso Mothibi, entities like fintechs will be given an opportunity to participate in the banking system following an ongoing review of the payments system.

“When that is rolled out, we’ll definitely be looking to pursue our own licence,” Mr Mothibi said.

MoMo is one of several fintechs that participated in the SARB’s working groups to develop the regulatory framework that will enable greater direct participation in core banking services.

The frameworks are necessary to balance innovation with the risks associated with a more flexible and open financial system.

Mr Mothibi said that bypassing a traditional banking partner would allow MTN to exercise much more control over the future of its banking services.