Business

SIM-NIN: 22 Days After Ban, Telcos Lose N76bn, Subscribers Stranded

Published

3 years ago

April 27, 2022

Telecommunication companies have lost about N75.78bn as subscribers struggle to link their National Identification Number to the Subscriber Identity Module, about 22 days after the Federal Government directed telecom companies to bar defaulting consumers from making outgoing calls.

On April 4, the Federal Government directed telcos to restrict outgoing calls on all lines that had not linked their SIMs to NINs after the deadline for the verification exercise expired on March 31.

As a result, about 72.77 million active telecom subscribers were barred from making calls on their SIMs. Voice revenue is a major source of revenue for telecom companies. In 2021, MTN made N819.74bn from voice revenue, while Airtel made N397.91bn from voice.

According to the Association of Telecommunications Companies of Nigeria, the industry Average Revenue Per User was N1,420 in 2020. This translates to about N1,041.33 per subscriber in 22 days.

According to the statement announcing the directive, subscribers whose lines are restricted can have them unrestricted once they link their SIMs to their NINs.

Meanwhile, sources in the telecom industry have said the process has not been seamless and that it is also impacting telcos’ revenue stream.

A source in the Association of Licensed Telecoms Operators of Nigeria said the verification exercise had become a major challenge for the operators and the Nigeria Identity Management Commission.

The source said, “This ban is significantly impacting on the revenue stream of telcos. If almost half of your subscribers are cut down, that is, they cannot make calls; of course, this will impact revenue.

“From the telcos’ side, we have no challenge. The challenge is with the Nigeria Identity Management Commission, with verification.

“They have a lot of subscribers who want to verify their NINs. And without these verifications, we can’t activate these numbers. A lot of people have tried to link but because they have not been verified, they are still blocked. There are still certain numbers of verifications that can be done per day, and this is technology.

“So in-between those periods there may be downtime, issue of non-access, and more. I cannot tell you offhand how many verifications we can do per day. The major challenge we have now is that of people trying to unblock their numbers. There is a surge, and sometimes they are overwhelmed. That is what is happening presently, but all the stakeholders are trying to do their best.”

A high-ranking source in one of the telecom companies said there was nothing the companies could do as they needed NIMC to give a go-ahead before they could unblock numbers.

The source said, “A lot of the issues we have are from the NIMC end. There is nothing anyone can do. If this problem is from the backend, it means every network subscriber is likely to be facing this challenge.

“One thing is for operators to regularise from their side. Another thing is for the NIMC to do their part. Sometimes it gets to them, and they have downtime and maybe server issues.”

According to the source, when subscribers submit their NIN for verification, it gets sent to the NIMC, which has to send feedback before the numbers can be unbarred. The source added, “So, after telcos accept the numbers and verify, we need to wait for feedback from the NIMC, this is where there is a problem.”

The President of the National Association of Telecoms Subscribers, Adeolu Ogunbanjo, stated that the capacity for NIMC to accept uploads was not particularly adequate. He added that congestion in the past couple of days had aggravated the situation.

He said, “Subscribers are trying to link their lines, but they are still being barred. The capacity of the NIMC to accept the upload is not particularly adequate. Now, there are so many people who want to upload all their data so that the NIMC will verify.

“That is not happening because there is so much congestion right now. And unfortunately, the relevant ministry does not want to listen. They are still saying, through the NCC, that they are not going to extend it anymore. This is why we would be joining SERAP by end of this month in its suit against the government.”

Ogunbanjo further said that subscribers were paying as much as N10,000 to get their numbers verified within three to four days at NIMC centres.

He stated, “It is a problem. Go to the NIMC centres, it is a mess. Again, if your NIN and Number are verified within three to four days, you would have to pay N10,000. People are paying because they are frustrated.

“We are still appealing to the agencies to give at least another three-month extension. Let them unbar subscribers so that sanity can be restored to the centres. Another 90 days won’t make any difference, it would only give us time to regularise.”

Efforts to reach the Head, Corporate Communications at the Nigeria Identity Management Commission, Mr Kayode Adegoke, proved abortive.

Calls and WhatApp messages sent to him were not responded to as of the time of filing this report.

PUNCH

Business

CBN Directs Banks To Refund Failed ATM Transactions Within 48hrs

Published

2 days ago

October 11, 2025

Editor

The Central Bank of Nigeria has directed Deposit Money Banks and other financial institutions to refund customers for failed Automated Teller Machine transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system.

The directive is contained in a draft guideline released by the apex bank on Saturday, titled “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria.”

The document, signed by Musa I. Jimoh, Director of Payments System Policy Department, was circulated to banks, payment service providers, card schemes, and independent ATM deployers, with a call for stakeholder feedback by October 31, 2025.

Under the draft, failed “on-us” transactions, where customers use their own bank’s ATM, must be reversed instantly. If technical glitches prevent immediate reversal, the bank is required to manually refund the customer within 24 hours.

For “not-on-us” transactions, involving other banks’ ATMs, refunds must be processed within 48 hours.

“Customers must not be made to suffer for failed transactions caused by system errors or network failures,” the circular stressed.

In a significant shift, the CBN mandated banks and ATM acquirers to deploy technology that automatically reverses failed or partial transactions, removing the need for customers to lodge complaints.

Institutions holding customer funds due to failed disbursements must reconcile and return balances immediately.

According to the apex bank, these measures respond to widespread frustration over delayed refunds and poor customer service and form part of a broader effort to enhance consumer protection, improve reliability, and modernise Nigeria’s payment infrastructure in line with global standards.

The guidelines will also overhaul ATM operations nationwide. Banks and card issuers are now required to deploy at least one ATM for every 5,000 active cards, with phased targets of 30% compliance in 2026, 60% in 2027, and full compliance by 2028. Any future deployment, relocation, or decommissioning of ATMs must receive prior approval from the CBN.

To ensure safety, ATMs must be fitted with anti-skimming devices, CCTV cameras, and placed in enclosed or well-lit areas.

Machines are expected to comply with Payment Card Industry Data Security Standards, maintain audit logs, and display functional helpdesk contacts. At least 2% of all ATMs must feature tactile symbols for visually impaired customers.

ATMs are also required to dispense cash before returning cards, allow free PIN changes, issue receipts for all transactions except balance inquiries, display clear transaction fees, dispense only clean banknotes, and provide backup power to reduce downtime.

Downtime must not exceed 72 consecutive hours, after which operators must inform the public of the cause and expected restoration time.

The CBN will enforce compliance through regular audits, on-site inspections, and monthly reports from ATM operators detailing deployments and locations. Defaulting institutions risk sanctions, though fines were not specified.

The apex bank explained that the overhaul was necessary due to rising complaints about failed transactions, cyber fraud, and declining service quality, noting that “the goal is to build a payments system that works seamlessly for everyone, urban and rural users alike.”

Nigeria’s electronic payments landscape has grown rapidly in recent years, with 200 million cardholders and rising reliance on digital banking, but network failures, poor infrastructure, and delayed reversals have continued to undermine confidence.

The fresh guidelines, coming eight months after a revision of ATM fees, are expected to streamline service delivery, enhance transaction security, and hold banks accountable. Stakeholders are invited to submit feedback ahead of the final policy adoption, which could take effect before the end of the year.

Business

Nigerian Stock Market Hits 10th Consecutive Uptrend As investors Gain N308bn

Published

3 days ago

October 10, 2025

Editor

The Nigerian Stock Market recorded its 10th consecutive uptrend as investors raked in N308 billion gain on Thursday.

This comes as the Nigerian Exchange Limited, NGX, market capitalisation, which opened at N92.490 trillion, appreciated by 0.33 per cent to close at N92.798 trillion on Thursday.

Also, the All-Share Index added 0.33 per cent, or 485.25 points, to close at 146,204.34, compared with 145,719.09 recorded on Wednesday.

Increased trading in Eunisell Interlinked, Caverton Offshore Support Group, Sunu Assurances, Industrial and Medical Gases, Mecure, and 27 other advancing stocks boosted market performance on Thursday.

To this end, the market breadth also closed positive with 32 gainers and 21 losers.

Further analysis showed that Eunisell Interlinked and Caverton Offshore Support Group led the gainers’ chart by 10 per cent each, closing at N44 and N6.93 per share, respectively, while FTN Cocoa Processors led the losers’ table by 6.67 per cent, closing at N5.60 per share.

Market activity showed a decline in the number of deals and volume traded but an improvement in trade value.

Accordingly, a total of 346.99 million shares worth N27.43 billion were traded in 24,691 deals, compared with 525.72 million shares worth N13.61 billion exchanged in 25,597 deals on Wednesday.

Fidelity Bank topped the activity chart with 42.01 million shares valued at N861.54 million.

According to DAILY POST, NGX has continued its bullish run from last month’s end to date.

Business

CBN Sets POS Maximum Transactions In Fresh Guidelines

Published

5 days 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.