Banking
Fintech Focuses More on Payments, Not Wealth Creation—Ecobank
By Adedapo Adesanya
The Managing Director of Ecobank Nigeria Limited, Mr Patrick Akinwuntan, has challenged financial technology companies in the country to endeavour to create wealth for their customers.
The banker, while at the Fintech in Nigeria: State of Play, pointed out that the fintech industry was currently more active in payments than in wealth creation, which he said is the ultimate goal for financial inclusion.
He, therefore, called for greater collaboration among banks, telecommunication companies, fintech companies and respective regulators to stimulate the Nigerian economy and enhance savings and lending in the financial landscape.
According to Mr Akinwuntan, these will help to generate activities in the economy and expand wealth creation, stating that the Central Bank of Nigeria (CBN) has been proactive in providing a regulatory environment for the collaboration of players with an emphasis on customer protection which has improved customers’ trust in using digital channels.
Mr Akinwuntan who commended the role fintechs play in facilitating payment, said “there is need to deepen their presence in lending and savings. This is why I maintained that collaboration between Fintech and banks is valuable.
“We are not at the stage of competition yet; we are at a situation where although we have our profitability interests, we will actually gain much more by collaborating”.
He added that “in the area of savings and lending, be it to the agriculture sector, the creative sector or the young graduates setting out to be entrepreneurs directly, the ability to save even in little bits creates a profile that would be able to attract lending that you can translate into economic value.”
Specifically, the Ecobank Managing Director stated that the Fintech industry rose to the situation especially in the payment space and increase in lending and savings during the COVID-19 pandemic lockdown in the country.
He noted that “between March and April, the number of transactions in the payment space for Fintech grew in multiples of close to 800 per cent. We saw significant participation of the Fintech industry in actually reaching more of the underserved in the market by reducing the cost of access and making these services available all the time either by using traditional banks or in collaboration with government agencies.”
Further, Mr Akinwuntan explained that Ecobank had uninterrupted banking services for its customers through its digital platforms and agency banking during the lockdown.
“We had invested significantly in our digital platforms; given the nature of Ecobank as a pan African institution, the only way we could reach every household was to leverage the digital platform.
“We saw a marked growth in the number of digital-based transactions as our customers continued in their way of life depending on these platforms. And most importantly is the use of our social media to drive advocacy with the stay safe campaign where we educated the masses on safety guidelines. We were ready for the situation giving the nature of our franchise. And with our agency banking push, people do not need to go beyond their neighbourhood to do a transaction.”
Also speaking, Director, Payment System Management, CBN, Mr Musa Jimoh, said the apex bank’s regulation is driven by innovation.
“We have come up with regulations that will enable all the participants to behave symbiotically. Our payment system directive will be driven by innovation in the banks. We don’t know what will happen in the future in terms of technological development, therefore we follow innovations and prepare a ground for all the participants to work symbiotically. A new innovation is studied before we provide the needed intervention in terms of policy derivative that will help everybody to participate”.
He observed that the coronavirus pandemic-induced lockdown provided an opportunity for banks to sell digital products, test their back up and business continuity processes and explore the technological services available and push for their financial services, noting that CBN is backing up these areas with relevant regulations to ensure all the participants with the payment and financial service space can actually conduct their service responsibly.
On priorities in the regulatory space especially those championing Fintech, Mr Jimoh said the apex bank currently operates both sandbox and the open bank regulation.
“The sandbox provides a regulated environment for startups who don’t have the financial strength to take authorization from CBN to go through the entire process of licensing to test their innovation.
“We are working hard to showcase an environment where startups can come to the regulatory sandbox to test their innovation and services without having the license yet,” he added.
He said further that “open banking regulation is a principle that will allow third-party to leverage on the existing bank accounts with the banks to get information and provide services. More like democratizing financial services where a person chooses the service provider that will provide services and the kind of services provided. As a Fintech, you will be able to connect to banks to provide value-added services.”
Fintech in Nigeria: State of Play is an Economist Intelligence Unit Research which examines key trends in the fintech sector in Nigeria and assesses both industry drivers and impediments to further growth.
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#.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has revised its cash withdrawal rules, discontinuing the special authorisation previously permitting individuals to withdraw N5 million and corporates N10 million once monthly, effective January 2026.
The new set of cash-related policies are designed to reduce the cost of cash management, strengthen security, and curb money laundering risks associated with the economy’s heavy reliance on physical currency.
This was contained in a circular released on Tuesday, December 2, 2025, and signed by the Director of the Financial Policy and Regulation Department of the central bank, Ms Rita I. Sike.
The apex bank explained that previous cash policies had been introduced over the years in response to evolving circumstances. However, with time, the need has arisen to streamline these provisions to reflect present-day realities.
“These policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels. With the effluxion of time, the need has arisen to streamline the provisions of these policies to reflect present-day realities,” the CBN stated.
So, effective January 1, 2026, individuals will be allowed to withdraw up to N500,000 weekly across all channels, while corporate entities will be limited to N5 million.
Withdrawals above these thresholds will attract excess withdrawal fees of 3 per cent for individuals and 5 per cent for corporates, with the charges shared between the CBN and the financial institutions.
Daily withdrawals from Automated Teller Machines (ATMs) will be capped at N100,000 per customer, subject to a maximum of N500,000 weekly. These transactions will count toward the cumulative weekly withdrawal limit.
The special authorisation previously permitting individuals to withdraw N5 million and corporates N10 million once monthly has been discontinued.
The CBN also confirmed that all currency denominations may now be loaded in ATMs, while the over-the-counter encashment limit for third-party cheques remains at N100,000. Such withdrawals will also form part of the weekly withdrawal limit.
Deposit Money Banks (DMBs) are required to submit monthly reports on cash withdrawals above the specified limits, as well as on cash deposits, to the relevant supervisory departments.
They must also create separate accounts to warehouse processing charges collected on excess withdrawals.
Revenue-generating accounts of federal, state, and local governments, along with accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks, are exempted from the new withdrawal limits and excess withdrawal fees.
However, exemptions previously granted to embassies, diplomatic missions, and aid-donor agencies have been withdrawn.
The apex bank clarified that the circular is without prejudice to the provisions of certain earlier directives but supersedes others, as detailed in its appendices.
This is the latest move by the apex bank to strengthen the Nigerian financial ecosystem. In October, the CBN issued a directive requiring all financial institutions to submit detailed monthly reports on the activities of their Point-of-Sale (POS) agents.
In the circular signed by the Director of the CBN’s Payments System Policy Department, Mr Musa Jimoh, it was stated that the reports must include comprehensive data on the nature, value, and volume of transactions conducted by agents.
The circular also stated that POS agents are restricted to a maximum of N1.2 million per day, while individual customers are limited to N100,000 in daily transactions.
CBN said these limits are intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn