Business

Many Nigerian Adults Have No Access To Financial Services – CBN

Published

4 years ago

October 6, 2021

Editor

The Central Bank of Nigeria (CBN) has said about 36% of Nigerian adults have access to financial services, despite the rate at which innovations occur in the nation’s payment system.

The apex bank has driven innovations in the banking industry and payment system, introducing technologies that have aided financial services which are backed by regulations.

The innovations which have birthed financial products and services have encouraged investment in fintech, competition among financial institutions and more risks for consumers.

But the Deputy Governor, Corporate Services of the CBN, Mr Edward Lamtek Adamu says the bank is working to keep up with all trends and fill financial gaps using enhanced regulations.

He gave the assurance at a seminar on Trends in the Nigerian Payment System: Regulating the FinTech Digital Playing Field”

The CBN boss called for increased regulatory scrutiny to ensure the continuous safety of the financial ecosystem and drive inclusion for all and sundry.

He said the apex bank would continue to improve access to finance for individuals and businesses through digital channels to improve financial inclusion, lower the cost of transactions, and increase the flow of credit to businesses.

“The high level of confidence in our payment system, between 2015 and 2020, has attracted the investment of about $500m in firms run by Nigerian founders,” he said.

“It is therefore imperative that Regulators must keep pace with these exponential developments and leverage new knowledge and technology tools such as Regtech and Suptech to enhance the efficiency and effectiveness of their mandate.”

The CBN boss also revealed that it is deploying its e-Naira project to ensure that all Nigerians are included and benefit from Fintech payment systems.

“With the deployment of the eNaira, Nigerians in remote areas can conduct financial activities using digital as well as features on their phone devices, partnering with our stakeholders in the financial industry, I believe that more Nigerians will be financially included.”

(DAILY POST)

Business

CBN Sets POS Maximum Transactions In Fresh Guidelines

Published

15 hours ago

October 8, 2025

Editor

The Central Bank of Nigeria has rolled out fresh guidelines for agent banking, known as Point of Sales, across the country.

The apex also in the guidelines pegged daily POS transactions at N1.2 million per agent and N100,000 per individual.

CBN disclosed this in a circular signed by its Director of the Payments System Management Department, Musa Jimoh.

The guidelines further mandate all financial institutions to publish the list of all their POS agents on their website and to display it in their branches.

CBN noted that the guidelines would take effect from April 1, 2026.

“The Guidelines aim to establish minimum standards for operating agent banking in Nigeria, enhancing agent banking to provide financial services and promoting financial inclusion, encouraging responsible market conduct and improving service quality in agent banking operations.

“This circular takes effect from the date of release, while the implementation of agent location and agent exclusivity shall be in effect from April 1, 2026.

“POS agents are restricted to a maximum of N1.2 million per day. Individual customers are limited to N100,000 in daily transactions.

“These limits are intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework,” it stated.

Business

Naira Records First Appreciation Against US Dollar At Official Market

Published

16 hours ago

October 8, 2025

Editor

The Naira recorded appreciation on Wednesday against the United States dollar at the official market, the first time in three days this week.

The Central Bank of Nigeria’s exchange rate data showed that the Naira strengthened to N 1,470.62 per dollar on Wednesday, up from N1,471.09 traded on Tuesday.

This means that the country’s currency firmed up slightly by N0.47 against the dollar on a day-to-day basis.

Monday and Tuesday, the Naira recorded negative sentiment at the official foreign exchange market.

However, at the black market, the Naira remained unchanged at N1,500 per dollar on Wednesday, the same rate exchanged on Tuesday.

The apex bank data indicated that the country’s external reserves, a determinant of the exchange rates, stood at $42.57 billion as of October 7, 2025.

Business

SEC Warns Nigerians Of AfriQuantumX Ponzi scheme

Published

16 hours ago

October 8, 2025

Editor

Nigeria’s Securities and Exchange Commission (SEC) has named AfriQuatum, with a claimed worth of N76 billion, as a Ponzi scheme.

The regulator also urged the public to be cautious about investing with the firm.

SEC disclosed this in a recent statement.

According to the SEC, any person who places an investment or engages with the entity does so at his or her own risk, adding that its operations exhibit characteristics commonly associated with fraudulent Ponzi schemes.

“The attention of the Securities and Exchange Commission has been drawn to the activities of AfriQuantumX, which holds itself out as an investment platform trading on and selling cryptocurrency and stocks to investors in Nigeria.

“The Commission hereby informs the public that AfriQuantumX is not registered by the Commission either to solicit investments from the public or operate in any capacity within the Nigerian capital market,” SEC stated.