Banking
Nigerian Banks Resort to Electronic FX Payments as Cash Shortage Worsens
By Dipo Olowookere
The scarcity of foreign exchange (FX) in the financial system in Nigeria has forced commercial banks operating in the country to resort to payment of forex directly to the domiciliary accounts of customers or debit cards.
Business Post keenly observed that this is a new system the financial institutions are devising to manage the FX crisis the country is battling with at the moment.
Currently, it is very difficult for customers to get hard currencies in cash from banks for amounts more than $500.
At one of the banks visited by this reporter in the Egbeda area of Lagos State, customers were told to provide a domiciliary account of the bank for the requested forex to be transferred into.
In a situation where a customer is unable to provide one, a forex trader stationed in the bank is approached. After the exchange rate is agreed upon, the money is transferred into his account, and the Naira equivalent is given to the customer.
One of the customers who spoke with this newspaper said, “This is what this bank has been doing for a while now. They tell you there is no cash (FX). I have been coming here for weeks to get just $400, but it has not been successful.
“It was later suggested to me to provide a domiciliary account, which must be of the bank for the funds to be transferred. Since I do not have one, I had to use the Mallam’s account. We agreed on a rate, which is N7 lower than what is obtained outside, but I had no choice.
“When I asked him how he would get his forex in cash, he laughed. I know your guess is as good as mine. I hope this is another way these banks are milking us because I was asked to fill cash collected by me when in actual sense, I was not given the cash.”
Recently, Access Bank sent an email to its customers, informing them that FX payments would only be made via the Access Travel Debit Card.
“We would like to once again inform you that we disburse authorised personal and business travel allowance FX requests through our Access Travel Debit Card.
“The Access Travel Debit Card has been created to enable you to transact seamlessly when you travel abroad,” a part of the message sighted by Business Post read.
Another lender, First Bank, also sent a similar message to its customers when it said, “The full Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) ($4,000 and $5,000) respectively will now be disbursed into your First Bank Travel Card.”
A banker in the forex department of one of the old generation banks, who craved anonymity, told Business Post that the electronic FX payments to customers were obviously deployed to manage the shortage of cash in the system when efforts to ration the hard currencies failed.
A financial analyst based in Lagos, Mr Sunday Kalu, said this trend will continue until after the 2023 general elections.
“What we are witnessing at the moment is caused by the political actors. They have mopped up available FX in the financial system, and banks find it challenging to meet customers’ demands.
“The electronic forex transfer into customers’ accounts is another way to manage the crisis, and I support them. Don’t forget, the USD is not our legal tender, and there should not be any need for you to have the cash with you here except the Naira. So, I support this system,” Mr Kalu told Business Post.
By Aduragbemi Omiyale
The international spending limit on the GTBank Naira card has now been increased to $20,000 per quarter, a notice from the financial institution disclosed.
In an email message to customers sighted by Business Post on Tuesday, the lender said the Dollar limit is applicable to POS and online transactions carried out with the debit card.
The increase in the spending limit on the GTBank Naira card for offshore transactions comes as Nigeria continue to experience stability in the foreign exchange (FX) market.
A few years ago, Nigerians were unable to use their Naira cards to conduct financial transactions online for operations outside the country. This frustrated many consumers, who could not buy things online from other jurisdictions.
However, after some forex reforms by the Central Bank of Nigeria (CBN) under the leadership of Governor Yemi Cardoso, these restrictions were removed.
“The Dollar limit on your GTBank Naira Card is now $20,000 quarterly,” the notice read.
The increase in the spending limit to $20,000 per quarter will give GTBank Naira cardholders an opportunity to make more transactions online with ease, as before now, it was pegged at $15,000.
By Aduragbemi Omiyale
A new product known as Asset Financing Solution, tailored for those in the Nigerian transportation and logistics sector, has been introduced by a technology-enabled financial institution, FairMoney Microfinance Bank.
This initiative marks a significant expansion of FairMoney’s product ecosystem, moving beyond personal and working capital loans into commercial asset financing. By helping entrepreneurs build a verifiable credit history through vehicle repayments, the company is supporting financial inclusion and participation within the formal economy.
Asset Financing Solution forms part of the lender’s broader commitment to responsible lending and structured financing for eligible operators, as it expands access to asset financing for mobility entrepreneurs across the country through an application process subject to credit assessment and eligibility requirements.
The sector continues to record sustained market activity with reported growth rates of approximately 9.87 per cent–10.1 per cent in late 2025.
As road freight and passenger transport remain the nation’s dominant modes of transit, FairMoney’s new initiative aims to improve access to structured asset financing for thousands of transporters and delivery merchants. By providing access to business-use transport assets, the product helps address limited access to structured financing for micro-SMEs and supports activities within Nigeria’s logistics and mobility sector.
Mobility entrepreneurs seeking to acquire vehicles can now access flexible repayment plans through an application process that is subject to credit assessment and eligibility requirements.
Leveraging its technology-enabled onboarding and risk assessment capabilities, applicants can move through a structured onboarding and evaluation process.
Repayment structures are specifically tailored to the daily and weekly cash-flow realities of mobility businesses, supporting operational continuity and business growth within structured repayment arrangements.
The programme is open to eligible applicants via the FairMoney Business platform and through designated partner hubs across major cities.
“Our mission has always been to increase financial inclusion and create income opportunities by supporting individuals and small business operators in growing their businesses.
“With this solution, we are focused on supporting small business operators and mobility entrepreneurs who contribute significantly to transportation and commercial activity. The solution is designed to provide structured asset financing for eligible operators,” the Managing Director of FairMoney MFB, Mr Henry Obiekea, stated.
Speaking further, he said, “The intra-state transportation sector in Nigeria is experiencing sustained demand and market activity, offering opportunities for mobility and transport operators. The Asset Financing Solution ensures that costs are spread into manageable instalments, thereby supporting small business operations and broader economic participation.”
By Modupe Gbadeyanka
Two former employees of Access Bank Plc, identified as Mr Obadofin Daniel Bamise and Ms Hadiza Oyiza Yakubu, have been convicted and sentenced by Justice A.A. Bello of the Kaduna State High Court for theft.
The convicts were found guilty of a separate one-count charge of theft against them by the Kaduna Zonal Directorate of the Economic and Financial Crimes Commission (EFCC).
They carried out unauthorised withdrawals on the accounts of 305 customers of Access Bank, who were beneficiaries of the federal government’s Palliative Scheme, totalling N7.8 million. They posted the unauthorised withdrawals to the Palliative Scheme’s coordinators’ accounts.
After pleading “guilty” to the charges against them, Justice Bello convicted and sentenced both of them to seven years imprisonment each, with an option of a N50,000 fine each.
According to a statement from the EFCC, the charge against Mr Bamise was, “That you, Obadofin Bamise Daniel sometime between the 5th of November, 2024 and 23rd of January, 2025 in Kaduna, within the jurisdiction of this Honourable Court, while being an employee of Access Bank Plc did in your capacity as an employee committed theft in the sum of N433.000 being property in possession of Access Bank Plc and you thereby committed an offence contrary to Section 274 of the Kaduna State Penal Code Law, 2017 and punishable under same Law.”
The charge against Ms Yakubu was, “That you, Hadiza Oyiza Yakubu sometimes between the 5th of November, 2024 and 23rd of January, 2025 in Kaduna, within the jurisdiction of this Honourable Court, while being an employee of Access Bank Plc did in your capacity as an employee committed theft in the sum of N806,000 being property in possession of Access Bank Plc and you thereby committed an offence contrary to Section 274 of the Kaduna State Penal Code Law, 2017 and punishable under same Law.”
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