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Tag: CBN

  • Nigeria’s NIN enrollment hits 117.3 million 

    Nigeria’s NIN enrollment hits 117.3 million 

    According to the National Identity Management Commission (NIMC), the National Identification Number (NIN) enrollment in Nigeria has reached 117.3 million as of February 2025. This milestone, recorded just weeks ago, highlights Nigeria’s rapid progress in building a robust digital identity system.

    This milestone underscores NIMC’s efforts, alongside policies from the Nigerian Communications Commission (NCC) and Central Bank of Nigeria (CBN), to enhance security and inclusion across the nation of over 200 million people.

    Read also: Nigerians to pay for new multipurpose national ID card

    NIN and NIMC: A leap forward in Nigeria’s digital identification

    The NIN, an 11-digit unique identifier managed by NIMC, has become vital for Nigeria’s citizens and legal residents. In February 2025, NIN enrollment reached 117.3 million, up from 104.16 million in December 2023, reflecting an average monthly increase of 1.1 million. Lagos leads with over 12.4 million NINs as of January 2025, followed by Kano and Kaduna, while 530,345 Nigerians in the diaspora are also enrolled, showcasing NIMC’s global outreach.

    The NIN enrollment surge owes much to NCC and CBN mandates. The NCC’s SIM-NIN linkage deadline of February 28, 2024, pushed millions to register, a trend persisting into 2025. NIMC, under Engr. Abisoye Coker-Odusote has expanded to 4,000 enrollment centers, supported by a $433 million loan from the World Bank and partners. Mobile stations and self-service options have further simplified NIN registration across Nigeria.

    NIN, CBN, and economic impact in Nigeria

    The rise to 117.3 million NINs has transformed Nigeria’s economy and society. The CBN’s requirement to link NINs to bank accounts has curbed fraud and boosted financial inclusion, while NIMC’s efforts have streamlined access to services like passports and taxes. With 56.8 percent male (66.6 million) and 43.2 per6 female (50.7 million) enrollees by January 2025, NIN is fostering a digital economy in Nigeria, though gender and youth gaps remain.

    Despite the success, NIMC faces hurdles in Nigeria’s NIN rollout. Enrollment rates have lagged behind the initial 2.5 million monthly target, with states like Bayelsa (657,484) trailing. Past data breaches and infrastructural issues have sparked privacy concerns, prompting NIMC to upgrade its database to 250 million capacity by March 2025. While effective, the NCC and CBN policies have also faced criticism for pressuring citizens.

    Read also: NIMC, Galaxy Backbone to head discussions at Nigeria eGovernment Summit 2024

    NIN and Nigeria’s future: NIMC targets 200 million with NCC and CBN support

    With 117.3 million NINs by February 2025, NIMC aims for 200 million by year-end, leveraging NCC’s SIM policies and CBN’s financial oversight. Plans to integrate NIN into healthcare and education signal broader applications, while diaspora enrollment growth hints at untapped potential. NIMC’s focus on data security and accessibility will be key to sustaining Nigeria’s digital identity momentum. Mobile enrollment and telecom partnerships have made NIN accessible nationwide, while CBN’s NIN-bank account linkage has enhanced financial oversight.

    Economically, NIN’s 117.3 million milestone empowers Nigeria’s digital economy. The CBN reports reduced fraud, and NIMC’s efforts enable access to passports, voting, and welfare, with 66.6 million male and 50.7 million female enrollees by January 2025. However, challenges persist—Bayelsa lags at 657,484 NINs, and past data breaches have raised privacy concerns. NIMC is addressing this with a database upgrade to 250 million capacity by March 2025.

    Looking ahead, NIMC, with NCC and CBN support, will target 200 million NINs by December 2025. Integrating NIN into more sectors and boosting diaspora enrollment are priorities. As Nigeria navigates these goals, the 117.3 million NINs mark a transformative step toward a secure, inclusive digital future.

  • EFCC releases full list of Ponzi scheme operators in Nigeria

    EFCC releases full list of Ponzi scheme operators in Nigeria

    The Economic and Financial Crimes Commission (EFCC) on Tuesday published a list of at least 58 companies that use Ponzi schemes, also known as illegal investment schemes, to defraud unsuspecting Nigerians.

    This action demonstrates the EFCC’s commitment to sanitising Nigeria’s financial system and protecting its citizens from fraudulent investment platforms.

    In a statement released on Tuesday, the EFCC stated that these companies are operating unlawfully due to their failure to register with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).

    Read also: EFCC repatriates $120,000, N70.6 million to U.S., Spanish citizens scammed by Yahoo Boys

    The statement reads, “The Economic and Financial Crimes Commission, EFCC, hereby alerts Nigerians on the operations of 58 companies posturing as investing entities and defrauding innocent Nigerians of their hard-earned money.”

    “The companies are neither registered with the Central Bank of Nigeria, CBN, nor the Security Exchange Commission, SEC. The two regulators, in separate correspondences with the EFCC, denied that they are registered with them,” it added.

    Both regulatory bodies confirmed in separate letters that these organisations lack the necessary authorisation to function as investment businesses.

    Several of these companies have been sued by the EFCC. Five of the cases have already been found guilty, five are still awaiting arraignment, and five more have pleaded guilty and are awaiting a review of the facts.

    “The Commission has charged many of the companies to court, with five of them convicted, another five pleaded guilty but awaiting review of facts while the rest are pending arraignment,” the statement reads.

    How Ponzi schemes operate

    Ponzi schemes typically attract people seeking quick riches because they offer high returns with little to no risk. However, these schemes are not long-term viable because they rely on funds from new investors to provide returns to earlier investors. When the plan fails because fewer new investments are made, participants lose a lot of money.

    As demonstrated by these companies’ alleged involvement in fraudulent activities, due diligence is essential prior to making any investments.

    The EFCC reiterated its commitment to shielding Nigerians against financial predators and fraudulent investment schemes.

    “The EFCC assures the public of its vigilance and proactive monitoring of every entity and player in the nation’s economic space to safeguard the public from opportunistic and predatory operators and use the instrumentality of its anti-corruption mandate to stimulate growth in the economy.”

    In order to prevent further exploitation of Nigerians, the commission pledges to monitor the economy aggressively and continuously.

    Read also: EFCC announces online auction of 900 luxury vehicles seized from Yahoo Boys, corrupt politicians

    Below is the full list of the companies designated as Ponzi scheme operators by the EFCC:

    1. Wales Kingdom Capital

    2. Bethseida Group of Companies

    3. AQM Capital Limited

    4. Titan Multibusiness Investment Limited

    5. Brickwall Global Investment Limited

    6. Farmforte Limited & Agro Partnership Tech

    7. Green Eagles Agribusiness Solution Limited

    8. Richfield Multiconcepts Limited

    9. Forte Asset Management Limited

    10. Biss Networks Nigeria Limited

    11. S Mobile Netzone Limited

    12. Pristine Mobile Network

    13. Letsfarm Integrated Services

    14. Bara Finance & Investment Limited

    15. Vicampro Farms Limited

    16. Brooks Network Limited

    17. Gas Station Supply Services Limited

    18. Brass & Books Limited

    19. Annexation Biz Concept

    20. Maitanbuwal Global Ventures

    21. Crowdyvest Limited

    Other firms include:

    22. Jadek Agro Connect Limited

    23. Adeeva Capital Limited

    24. Oxford International Group and Oxford Gold Integrated

    25. Skapomah Global Limited

    26. MBA Trading & Capital Investment Limited

    27. TRJ Company Limited

    28. Farm4Me Agriculture Limited

    29. Quintessential Investment Company

    30. Adeprinz Global Enterprises

    31. Rockstar Establishment Limited

    32. SU. Global Investment

    33. Citi Trust Funding PLC

    34. Farm Buddy

    35. Eatrich 369 Farms & Food

    36. Globertrot Farmsponsors Nigeria Limited

    37. Farm Sponsors Limited

    38. Cititrust Credit Limited

    39. Farmfunded Agroservices Limited

    40. Adamakin Investment & Works Limited

    Additional firms include:

    41. Cititrust Holding PLC

    42. Green Eagles Agribusiness Solutions Limited

    43. Chinmark Homes & Shelters Limited

    44. Emerald Farms & Consultant Limited

    45. Ovaioza Farm Produce Storage Limited

    46. Farm 360 & Agriculture Company

    47. Requid Technologies Limited

    48. West Agro Agriculture & Food Processing Limited

    49. NISL Ventures Limited & Estate of Laolu Martins

    50. XY Connect Investment Limited

    51. River Branch Unique Investment Limited

    52. Hallmark Capital Limited

    53. CJC Markets Limited

    54. Crowd One Investment

    55. Farmkart Foods Limited

    56. KD Likemind Stakeholders Limited

    57. Holibiz Finance Limited

    58. Ifeanyi Okpe Oil & Gas Services

    59. Servapps Nigeria Limited

    60. Barrick Gold Mining Company

    61. 360 Agric Partners Limited

  • House of Reps directs CBN to suspend hike in ATM charges

    House of Reps directs CBN to suspend hike in ATM charges

    The House of Representatives on Tuesday directed the Central Bank of Nigeria(CBN) to suspend the increase in ATM fees in light of the nation’s economic challenges.

    The House’s decision followed the acceptance of a motion of urgent public interest during Tuesday’s plenary, which was presented by Honourable Marcus Onobun, the representative for the Esan Central/Esan West/Igueben Federal Constituency in Edo State.

    Read also: No cause for alarm: CBN assures Keystone Bank customers after court’s forfeiture ruling

    Speaking to his colleagues on the floor, Onobun stated that the apex bank had recently issued a circular to raise ATM withdrawal fees and end free ATM withdrawals offered to consumers using ATM machines operated by other banks. He pointed out that this move will further burden Nigerians, many of whom are already struggling with economic hardships, including high inflation, rising fuel prices, increased electricity tariffs, and a multitude of banking and service charges that significantly reduce disposable income.

    Recall that the new policy will not affect the free withdrawals that clients can make from their bank’s ATMs. Customers from other banks who use ATMs on the bank’s property, however, will be charged N100 for every N20,000 withdrawal. Similarly, N100 plus an extra N500 surcharge will be applied to customers of other banks who use ATMs located outside the bank’s grounds, such as in shopping centres, marketplaces, and other public areas.

    ATM transaction charges hike amid economic hardship 

    The Peoples Democratic Party lawmaker said Nigerians “are already grappling with multiple economic hardships, including high inflation, increased fuel prices, electricity tariff hike, and numerous banking and service charges that significantly reduce disposable income and negatively impact their welfare.”

    Read also: Nigerian lawmaker moves motion for NCC to block XVideos, PornHub, other pornographic sites

    “We are worried that the imposition of additional ATM withdrawal charges will further limit the financial inclusion of Nigerians by discouraging low-income earners from accessing banking services, thereby contradicting the CBN’s financial inclusion agenda.”

    “The banking sector has continued to record significant profits, imposing further charges on consumers without corresponding improvements in service delivery or infrastructure is unjustifiable.”

    The resolution was placed to a voice vote by Speaker Tajudeen Abbas, who oversaw the plenary session, and it received overwhelming support from the legislators.

    Consequently, the House recommended the CBN to halt the policy’s implementation until it was properly discussed with the pertinent Banking, Finance, and Financial Institutions Committees.

  • Tech solutions key to financial inclusion, says CBN Governor at IMF conference

    Tech solutions key to financial inclusion, says CBN Governor at IMF conference

    At the Inaugural Economic Policy Conference for Emerging Market Economies which took place from February 16 to 17, organised by the Ministry of Finance, Saudi Arabia, and the International Monetary Fund (IMF) Regional Office in Riyadh, CBN Governor, Olayemi Cardoso highlighted the importance of technology in enhancing financial inclusion in Nigeria.

    Through tech-driven solutions and mobile money services, the CBN hopes to increase financial access for marginalised areas, especially women.

    “Digitalisation is key to Nigeria’s financial inclusion efforts,” he stated.

    Read also: CBN launches Nigeria Foreign Exchange Code to drive economic growth, stability

    On Nigeria’s economic reforms 

    Governor Cardoso emphasised Nigeria’s continuous economic reforms and the CBN’s dedication to macroeconomic stability in his speech on policy challenges amid structural changes in the global economy.

    He reaffirmed the significance of long-term resilience and consistent policymaking in guaranteeing Nigeria’s economy grows sustainably.

    The Governor also reiterated the CBN’s position on recapitalisation policy, emphasising that its goal is to fortify Nigeria’s financial industry and make sure banks are prepared to withstand future economic downturns.

    Nigeria’s economic future is still bright, according to CBN Governor Mr. Olayemi Cardoso, despite harsh macroeconomic reforms. He stated that “Nigeria’s tough but necessary policy decisions are paying off.”

    CBN seeks closer economic ties with Nigerian diaspora in the Middle East 

    He underlined the importance of forging closer economic links with the Nigerian diaspora in the Middle East.

    In response, Mr. Cardoso received assurances from Talal Al-Humond, the Assistant Governor for Monetary Affairs at the Saudi Arabia Central Bank, that the two institutions will cooperate to guarantee the achievement of mutually advantageous goals.

    Read also: CBN unveils new naira payment system to improve MDAs payment turnaround times by 70%

    On financial market reforms 

    The CBN Governor, meanwhile, mentioned financial market reforms that addressed distortions in the Nigerian foreign exchange market, which had previously seen a discrepancy of up to 60 percent between the official and parallel market exchange rates, during a panel discussion at the conference moderated by Jihad Azour, Director, Middle East and Central Asia Department, IMF.

    He pointed out that the difference has considerably shrunk to about 4-5 percent as a result of steady policy direction, increased market confidence, and better transparency in currency trading.

    Cardoso also emphasised the implementation of a foreign exchange code of conduct, which all Nigerian banks signed to guarantee compliance with market regulations, and the use of an electronic matching system to increase market transparency.

    He stated that these actions have caused the nation’s foreign reserves to reach their greatest level in almost three years, surpassing $40 billion.

    He admitted that Nigeria has experienced severe economic difficulties, such as the withdrawal of capital, the existence of several exchange rate regimes, currency depreciation, high inflation, and a backlog of foreign exchange transactions, all of which contributed to a decline in confidence in the nation’s currency.

  • No cause for alarm: CBN assures Keystone Bank customers after court’s forfeiture ruling

    No cause for alarm: CBN assures Keystone Bank customers after court’s forfeiture ruling

    The Central Bank of Nigeria (CBN) on Friday assured Keystone customers that banking operations were unaffected by the court ruling that transferred ownership of all shares to the federal government.

    While the apex bank admitted that the ruling might have stirred worries, CBN’s Director of Corporate Communications, Hakama Sidi Ali stressed that protecting customers’ funds and uninterrupted day-to-day running of Keystone Bank remain a priority.

    Read also: Nigerian government takes over crisis-marred Keystone Bank

    “We acknowledge that this development may have triggered customer concerns. However, we wish to underscore that the stability of the banking system and the safety of depositors’ funds remain our top priorities,” Ali said in a statement.

    “Keystone Bank’s operations are entirely secure, and there is no reason for concern,” it emphasised.

    CBN’s takeover of Keystone Bank 

    The court order only restated the Central Bank of Nigeria’s earlier determination to assume administration of Keystone Bank Limited in January 2024 after a leadership transition.

    Since then, the CBN has kept a careful eye on the bank’s operations to make sure they fully adhere to operational transparency, regulatory standards, and depositor interests.

    The statement reads, “As part of our commitment to safeguarding the financial system and building public

    trust, we shall continue to monitor the bank’s performance. We will take all necessary steps to protect the interests of depositors, staff, and stakeholders.”

    Read also: CBN imposes N600 ATM charge for every N20,000 withdrawal

    Keystone Bank issued a statement announcing that the Federal Government of Nigeria now owns all of its shares following a Tuesday ruling by the Lagos State Special Offences Court.

    Justice Rahman Oshodi of the special court ordered the full forfeiture of Keystone Bank’s billions of shares to the government, specifically 6.3 billion shares at the rate of one naira per share.

    For questions or concerns, customers are urged to visit any Keystone Bank location or contact customer service.

  • GTbank scraps POS fees as CBN increases ATM withdrawal charges

    GTbank scraps POS fees as CBN increases ATM withdrawal charges

    Guarantee Trust Bank (GTBank) on Thursday scrapped processing fees on all of its point-of-sale (POS) terminals to support business entities across the country in light of the Central Bank of Nigeria’s (CBN) approved increase in ATM withdrawal charges.

    GTB users will no longer incur Merchant Service Charges (MSC) as a result of this change, which is scheduled to go into effect this month — just as the new ATM withdrawal charges will be effective March 1.

    Read also: GTBank trends on X as customers bemoan inaccessible app, USSD channels

    Removal of POS transaction fees to enhance value for businesses 

    The program is a part of a larger push to simplify digital payments and improve value for businesses, according to Miriam Olusanya, managing director of the bank.

    “At GTBank, we continuously seek ways to enrich our financial ecosystem. By eliminating POS processing fees, we are ensuring that businesses maximise the full value of every transaction while offering a seamless and efficient payment experience,” Olusanya stated.

    The program is especially helpful for small and medium-sized enterprises (SMEs), enabling them to reduce operating costs and concentrate on growing their businesses.

    Read also: GTBank announces temporary service disruption to upgrade system

    Mitigating CBN’s ATM withdrawal fees hike

    This endeavour is in line with GTBank’s objective to offer creative financial solutions that promote efficiency and economic progress, the bank reaffirmed.

    The statement coincides with recent developments in Nigeria’s banking sector, such as new rules on ATM withdrawal fees from the Central Bank of Nigeria (CBN).

    In addition to restructuring ATM costs, GTBank’s most recent action offers merchants financial relief and demonstrates its dedication to helping companies with affordable payment options.

  • Nigerian government takes over crisis-marred Keystone Bank

    Nigerian government takes over crisis-marred Keystone Bank

    Keystone Bank has issued a statement announcing that the Federal Government of Nigeria now owns all of its shares following a Tuesday ruling by the Lagos State Special Offences Court.

    Justice Rahman Oshodi of the special court ordered the full forfeiture of Keystone Bank’s billions of shares to the government, specifically 6.3 billion shares at the rate of one naira per share.

    Read also: CBN imposes N600 ATM charge for every N20,000 withdrawal

    “At the sitting of the court today, February 11, 2025, the court ordered the forfeiture of the shares of the bank previously held by the shareholders in favour of the Federal Government of Nigeria,” the bank said in a statement on Tuesday. “The implication of this judgment is that Keystone Bank Limited is now fully owned by the Federal Government of Nigeria.”

    Keystone Bank breached CBN regulations 

    The Central Bank of Nigeria (CBN) in January 2024 sanctioned Keystone Bank, Union Bank and Polaris Bank. CBN dissolved the banks’ board members and management over “regulatory non-compliance, corporate governance failure” and “involvement in activities that pose a threat to financial stability among others.”

    The FG takeover was a key indicator of how Keystone bank failed to bounce back and why it had to surrender all its assets to the Nigerian government.

    Read also: Khazna secures $16 million to expand digital banking in Egypt, Saudi Arabia

    “Subsequently, the Federal Government through the EFCC filed a court action at the Lagos State High Court, Ikeja, against the former owners challenging the acquisition of the bank,” the statement said.

    The former shareholders of the bank are Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo.

    Still, Keystone appeared to maintain an unperturbed stance as the financial institution assured “customers that the bank remains safe, healthy, strong, and resilient.”

  • CBN imposes N600 ATM charge for every N20,000 withdrawal

    CBN imposes N600 ATM charge for every N20,000 withdrawal

    The Central Bank of Nigeria (CBN) on Monday directed all banks to charge customers N600 for every N20,000 withdrawal from Automated Teller Machines (ATM) to reflect “rising costs.” 

    Per a CBN circular titled ‘Review of Automated Teller Machine Transaction Fees,’ referenced FPR/DIR/GEN/CIR/001/002 and seen by Techpression, all financial institutions are to charge ATM users from other banks N600 for every N20,000 withdrawal effective March 1, 2025.

    Read also: CBN launches Nigeria Foreign Exchange Code to drive economic growth, stability

    The apex bank said the ATM charges were revised to match “rising costs and the need to improve efficiency of Automated Teller Machine (ATM) services in the banking industry.”

    “Off-site ATMs: A charge of 100 plus a surcharge of not more than N500 per N20,000 withdrawal,” stated the CBN circular. “The surcharge, which is an income of the ATM deployer/acquirer, shall be disclosed at the point of withdrawal to the consumer,” the circular dated February 10 stated.

    On-site ATMs, on the other hand, will incur a charge of N100.

    The outgoing policy mandated ATM users to pay N100 charge after three withdrawals from ATM of other banks.

    The new N600 charge comes in the wake of a telecom tariff hike that has driven up the costs of calls, text and data.

    Although the Nigerian Communications Commission (NCC) approved a 50 percent hike, MTN subscribers bitterly complained on social media of a 200 percent hike, posting screenshots of a 15GB data plan that previously cost N2000, now selling for N6000.

    Read also: CBN fines UBA, Zenith Bank, First Bank, 6 others for ATM cash hoarding during yuletide

    Activists and rights group have accused the President Bola Tinubu administration of levying fees on struggling Nigerians without a corresponding plan to alleviate economic hardship in the country.

    “In response to rising costs and the need to improve efficiency of Automated Teller Machine (ATM) services in the banking industry, the Central Bank of Nigeria (CBN) has reviewed the ATM transaction fees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions, 2020,” the CBN said in the circular.

    “This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service. Accordingly, banks and other financial institutions are advised to apply the following fees with effect from March 1, 2025.”

  • CBN launches Nigeria Foreign Exchange Code to drive economic growth, stability

    CBN launches Nigeria Foreign Exchange Code to drive economic growth, stability

    Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), introduced the Nigeria Foreign Exchange Code (FX Code), highlighting honesty, equity, openness, and efficiency as essential tenets for promoting stability and economic progress in Nigeria.

    According to the statement which was released by the CBN on Tuesday, Ethics, governance, execution, information sharing, risk management, compliance, and confirmation and settlement procedures are the six pillars around which the FX Code is based.

    Read also: CBN unveils new naira payment system to improve MDAs payment turnaround times by 70%

    These guidelines address the particular difficulties of Nigeria’s foreign exchange market while also being in line with international norms.

    According to Cardoso, “The FX Code represents a decisive step forward, setting clear and enforceable standards for ethical conduct, transparency, and good governance in our foreign exchange market. The era of opaque practices is over. The FX Code marks a new era of compliance and accountability. Under the CBN Act 2007 and BOFIA Act 2020, violations will be met with penalties and administrative actions.”

    Market reform’s progress

    Additionally, Governor Cardoso stated that progress is already being made on the path to market reform.

    He stated, “The year 2024 was marked by structural reforms that sought to return the naira to a freely determined market price and ease volatility as several distortions were removed from the market.”

    The FX Code is a component of the CBN’s enhanced emphasis on compliance throughout the financial industry, which extends beyond the foreign exchange market. Its 52 sub-principles and six guiding principles are intended to serve as the standard for behaviour at all member institutions.

    Read also: CBN targets foreign investments, restrict local transactions in new diaspora accounts

    Leaders of the financial markets and bank heads praised the launch and reaffirmed their support for the FX Code.

    Participating banks formally signed the agreement at the event’s conclusion, signifying their joint efforts to advance openness and confidence. Building a more responsible and stable financial future is made possible by this group’s dedication.

  • CBN unveils new naira payment system to improve MDAs payment turnaround times by 70%

    CBN unveils new naira payment system to improve MDAs payment turnaround times by 70%

    The Central Bank of Nigeria (CBN) has introduced a new naira payment system to improve payment turnaround times for Ministries, Departments, and Agencies (MDAs) by 70 percent.

    This new technology, which was introduced simultaneously with DocFlow, a digital document management system, is expected to enhance customer service and expedite financial operations in the public sector.

    “The MDAs Naira Payment Solution is considered a game-changer in the CBN’s financial transaction management. It is projected to cause a 70 percent improvement in payment turnaround time and further improves Nigeria’s financial ecosystem,” a statement released by the bank on Friday reads.

    CBN’s ‘Digital First’ initiatives 

    As part of his commitment to modernising the Bank’s operations, CBN Governor Olayemi Cardoso launched the digital transformation project “Digital First” in December 2023, which the CBN said is an extension of the launch.

    The Governor underlined during the unveiling ceremony at the Bank’s headquarters the substantial influence these digital solutions will have on the financial sector’s sustainability, operational effectiveness, and service delivery.

    According to the statement, Cardoso “pledged his commitment to all initiatives of the Bank which aims to enhance service delivery, improve operational efficiency, and foster sustainability through technological advancements and expressed delight that the two solutions were fully developed in-house, thus saving a lot of costs.”

    Read also: Zenith Bank, UBA, FCMB, others to be disconnected from telcos over unpaid USSD debt

    CBN’s dedication to operational excellence

    Deputy Governor of Operations Emem Usoro, who spoke at the event, emphasised that the launch demonstrated the CBN’s dedication to operational excellence and cultivating an innovative culture that prioritises stakeholder satisfaction.

    She also mentioned how the new payment methods might lessen fraud, inconsistencies, and government mistakes.

    According to Jide-Samuel, the project lead and acting director of the CBN’s information technology department, the cash payment system, which has already undergone successful testing at a few MDAs, is in line with the Bank’s overarching goal of guaranteeing excellence in banking operations.

    These programs represent a positive step in enhancing the general operation of Nigeria’s financial system and are a part of the CBN’s continuous attempts to use technology to improve the effectiveness and transparency of government financial operations.