By Modupe Gbadeyanka

Banks operating in Nigeria have been warned by the Economic and Financial Crimes Commission (EFCC) against granting unsecured loans to customers.

The Acting Zonal Director for the Lagos Zonal Directorate 2 of the agency in Ikoyi, Mr Bawa Usman Kaltungo, said giving loans without credible collateral often leads to insider abuse and non-performing loans.

According to him, loans backed only by personal guarantees, including those of top executives, are inadequate and put depositors’ funds at risk.

“We have issues with banks’ mode of giving loans. The process often shows insider abuse,” he said when the Chief Audit Executive of First Bank of Nigeria Limited, Mr Mufutau Olawale Abiola, led a delegation on a courtesy visit to his office in Lagos.

“Top-down loans are not secured. You cannot give a loan based solely on the personal guarantee of the chief executive; this is not security. Banks must not issue loans without verifiable collateral. If there is proper collateral for loans obtained by bank customers, this will reduce the rate of non-performing loans,” he stated.

Mr Kaltungo further warned that a bank is only a custodian, and that giving loans without adequate collateral “amounts to tampering with depositors’ funds,” urging lenders to implement measures, including thorough due diligence on its customers, to prevent loan defaults.

“Even in situations where you outsource due diligence, there must be a clause of liability,” he said.

Reaffirming the commission’s commitment to continued cooperation with the bank in tackling financial crimes, he urged the bank to release its staff promptly when invited during investigations of alleged financial crimes.

“When we invite your staff, especially where insider connivance is suspected, you must release them so we can jointly fight economic and financial crimes. We must work together to stay ahead of criminals.

“Let me add that where money is, that is where people’s hearts are. Most of the time, we escalate issues to foreign security agencies as may be necessary,” he added.

Earlier, Mr Abiola expressed gratitude to the EFCC leadership for the engagement, noting that the visit was intended to strengthen the existing collaboration between the bank and the Commission.

While urging the EFCC to expedite investigations into cases involving its staff and others, he also disclosed that a designated team in his bank handles requests from the EFCC.

By Modupe Gbadeyanka

As part of its commitment to delivering fast, secure, and truly accessible financial solutions at scale, Bankit has introduced a smart payment card.

It is completely free to customers, with no card issuance fee required and can be delivered nationwide at no extra cost.

Fully integrated with the Bankit app, the new payment cards enable users to carry out a wide range of transactions with ease, including ATM withdrawals, POS payments, and online purchases, while also allowing real-time tracking and management of spending.

The introduction of Bankit Cards marks a significant evolution of the platform’s already strong offering, which has seen widespread adoption for its instant transfers, seamless bill payments, and secure digital transactions.

By eliminating the cost barrier typically associated with card ownership, Bankit is setting a new benchmark for value in Nigeria’s digital banking space while extending its capabilities into everyday physical and online payments.

The Head of Marketing at Bankit, Mr Kingsley Ezenwa, described the initiative as a bold step toward deepening customer trust and accelerating financial inclusion.

“The launch of Bankit cards, completely free for our customers, is a defining moment in our growth journey. We are not just introducing a new product; we are removing barriers and expanding access to modern financial tools for millions of Nigerians,” he said.

He emphasised that the decision to waive both card and delivery fees reflects Bankit’s broader philosophy of putting customers first while building a truly inclusive financial ecosystem.

“Our users already trust Bankit for seamless transfers and bill payments. By making our cards free, we extend that value into everyday spending online, offline, and anywhere payments are required without adding any extra cost burden,” he added.

As Nigeria’s fintech landscape becomes increasingly competitive, Bankit continues to distinguish itself through simplicity, affordability, and superior user experience. The platform’s rapid growth is driven by its ability to anticipate and respond to the evolving needs of modern consumers who demand fast, reliable, and cost-effective financial services.

At the core of Bankit’s offering is a strong commitment to security. The platform integrates advanced protection systems, including real-time transaction monitoring, multi-layer authentication, and robust encryption protocols designed to safeguard user funds and data at every touchpoint.

“Security remains at the heart of everything we do. While we are making access easier and more affordable, we are also ensuring that our users enjoy the highest level of protection, delivering not just convenience, but true peace of mind,” Mr Ezenwa further stated.

With increasing adoption across individuals and small businesses, Bankit is quickly becoming Nigeria’s preferred fintech choice, playing a key role in driving financial inclusion and accelerating the transition to a cashless, digitally empowered economy.

“Bankit is scaling rapidly because we understand the needs of modern consumers. Simplicity, reliability, innovation and now affordability are what set us apart. Offering these cards free of charge is another step toward becoming Nigeria’s leading digital banking solution,” he concluded.

VALR, Africa’s largest crypto exchange by trade volume, has integrated with Onafriq, the continent’s leading digital payments gateway. This partnership enables VALR users across Africa to fund their accounts directly through mobile money in local currencies, significantly broadening access to digital financial services for millions of people.

Mobile Money’s Role in African Financial Inclusion

Mobile money serves as a foundational element of financial services in Africa, facilitating everyday transactions, remittances, savings, and credit in areas with limited traditional banking access. According to the GSMA’s State of the Industry Report on Mobile Money 2025, global registered mobile money accounts reached 2.1 billion by the end of 2024, with over half a billion monthly active users. The sector processed approximately 108 billion transactions valued at more than $1.68 trillion in 2024, reflecting 20% year-on-year growth in volume and 16% in value.

In Sub-Saharan Africa, mobile money continues to drive substantial economic impact, contributing around $190 billion to GDP in 2023 alone. This growth is supported by interoperable networks that enable payments across major local currencies, including the Kenyan Shilling, Nigerian Naira, Ghanaian Cedi, and Ugandan Shilling, and through mobile money platforms such as M-Pesa and MTN MoMo. In the majority of these markets, mobile money usage for domestic transactions far outweighs traditional methods such as credit cards and direct bank transfers, according to complementary insights from the World Bank’s Global Findex 2025 report, making acceptance of mobile money crucial to successful market entry.

Onafriq operates Africa’s largest digital payments network, connecting nearly 1 billion mobile money wallets across 43 markets. The integration utilises this extensive infrastructure to allow direct, local-currency deposits to VALR, settled in stablecoins or selected crypto, streamlining access and reducing dependence on conventional banking systems.

Enabling Broader Participation in VALR’s Financial Product Suite

Through this integration, with VALR and Onafriq processing all settlements using stablecoins, users in supported markets can deposit funds via mobile money and engage with VALR’s comprehensive offerings. These include spot and margin trading for Bitcoin and over 100 crypto assets, tokenised real-world assets such as gold, equities, and private credit, yield products like lending and staking, and VALR Pay for efficient payments.

By integrating mobile money on-ramps, the partnership facilitates easier entry into global digital markets using established local payment methods.

VALR’s Leadership in Promoting Financial Inclusion

VALR holds a prominent position in Africa’s digital asset sector, serving over 1.7 million registered users and 2,000 corporate and institutional clients worldwide. Licensed by South Africa’s Financial Sector Conduct Authority (FSCA) and with regulatory approval in Europe, VALR is dedicated to building inclusive financial systems.

“VALR’s partnership with Onafriq deepens our reach across Africa and the world, connecting many more countries and people to VALR’s wide array of crypto asset services and infrastructure,” said Farzam Ehsani, Co-Founder and CEO of VALR. “Mobile money has already reshaped financial access across the African continent. By enabling direct connections in local currencies, we offer millions a practical pathway to Bitcoin, stablecoins, tokenised gold, and more, as well as innovative financial tools, supporting greater economic participation for everyone.”

Onafriq’s Founder and CEO, Dare Okoudjou, highlighted the significance of the partnership for financial connectivity across the continent. “We are truly excited to welcome VALR onto the Onafriq Network, enabling their clients across Africa to transact freely with the 1bn mobile wallet users and hundreds of thousands of businesses already on Onafriq’s network. VALR is a recognised pioneer and leader of Blockchain and Stablecoin technologies on the continent and we look forward to working with them to bring the many benefits of these technologies to people and businesses across Africa.”