Banking
POS Operators Not Authorised to Increase Charges—CBN
By Dipo Olowookere
The Central Bank of Nigeria (CBN) has stressed that POS operators in the country do not have the authority to fix or increase charges for rendering financial services to their customers.
The central bank said this through its acting governor, Mr Folashodun Shonubi, at a media briefing on Tuesday evening in Abuja.
He said the central bank had approved fees that must be charged by banking agents, noting that the super agents, mainly commercial, digital and microfinance banks, who gave out their Point of Sale (POS) machines to operators, would be sanctioned if they charged above the approved fees.
According to Mr Shonubi, the CBN issued licences to super agents to provide financial services to Nigerians, especially those in the unbanked areas, at an agreed fee.
“It is the super agents we have business with because we issued licences to them. We will hold them responsible if their agents charge their customers above the authorised fees,” Mr Shonubi said yesterday after the two-day Monetary Policy Committee (MPC) meeting.
Recall that some POS operators under the umbrella of the Association of Mobile Money and Bank Agents in Nigeria recently increased their charges across the country, threatening to deal with members who fail to comply.
The group also berated the Federal Competition and Consumer Protection Commission (FCCPC), which plans to stop the implementation of the new transaction charges.
“What has the commission done to other price increases across other sectors? We are waiting for the enforcement or the sanction.
“We want to know if it is the commission that is funding us or giving us support. We need to ask them the right questions. What are they doing as regards other segments of the economy that are also increasing prices?” the National Public Relations Officer of the association, Mr Oluwasegun Elegbede, queried in an interview with The Punch.
Under the new price regime, operators are expected to charge for withdrawal N100 for N1000 to N3,400; N200 for N3,500 to N,4000; N300 for N4,100 to N6,400; N400 for N6,500 to N7,900; N500 for N8,500 to N10,900; N600 for N11,000 to N14,000; N700 for N14,500 to N17,900; and N800 for N18,000 to N20,000.
As for deposits and transfers, agents can charge N100 for N1,000 to N4,900; N200 for N5,000 to N10,900; N300 for N11,000 to N20,900; N400 for N21,000 to N30,900; N500 for N31,000 to N40,000; and N600 for N41,100 to N50,000.
Some Nigerians have kicked against these charges, but the POS operators said they were compelled to increase the fees because of the “rude shock that pump prices have jumped up.”
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
