‘Papa Banji’ is a free to watch comedy web series showing on YouTube and can be viewed across the globe. Season 3 of ‘Papa Benji’ went live last Wednesday, months after season one and two premiered with positive reviews. 

Papa Benji tells the story of a man, his family, customers, everyone and everything surrounding them and how it impacts the society. It’s depiction of the life of an everyday Nigerian relies on the use of comedy to take one off the heat of daily hassles.

Babajide Sipe, Head Marketing and Corporate Communications at Ecobank Nigeria, said the bank’s decision to bring ‘Papa Benji’ to the screen from inception is to take entertainment to higher level, adding that the show also serves as a platform to showcase the bank’s ubiquitous digital payment platforms, providing people with entertainment whilst showing them how to bank hassle-free on their phones. This is banking at your fingertips which is endearing the Pan African bank to many Nigerians.

Ecobank Digital platforms includes the Ecobank Mobile app, USSD *326#, Ecobank Online, Ecobank OmniPlus, Ecobank Omnilite, EcobankPay, Ecobank RapidTransfer, ATMs, and PoS terminals.

Also available to customers is an extensive distribution network of over 60,000 agency banking locations spread across the country.

Specifically on the pervasive nature of the Ecobank Mobile app, Sipe said the app which is available for download on the Apple Store and Google Playstore makes it extremely easy to bank on the go 24/7, enabling customers to cater to their everyday banking needs anywhere and at any time directly from their mobile device.

“Our Mobile app allows customers manage their accounts, send money, make payments, buy airtime, pay for services, and do other transactions across the 33 African countries where Ecobank is present. The mobile app is secure, reliable, convenient, and available to everyone.

At Ecobank, we have just one Mobile App on Google Play store, unlike other Banks with different apps in the respective countries they operate. Our customers are able to send money instantly to the 33 African countries where Ecobank is present; transfer money to other bank accounts both domestic and international; transfer to a mobile money wallet in the same country; transfer money by email and SMS in the same country; and send money to Visa cardholders through Visa Direct.

Other unique features, include the opportunity to open an Xpress Account; create and fund a Virtual card; set travel notifications for enhanced card security; block and unblock one’s bank card; attach other bank cards for transactions; as well as being able to add one’s banking profiles from different countries”, he stated.

The web series of ‘Papa Benji’’ first season premiered with 13 episodes in December 2020. It stars actors like Bethel ‘Senator’ Njoku, Onyebuchi Ojieh, Nedu Wazobia, Jemima Osunde, Basketmouth, and a host of other comic stars.

The online comedy series follows the life of its eponymous character, Papa Benji, an industrious Igbo man who took a loan to start his pepper soup joint, which attends to many other interesting characters that come into the joint.

The series also interjects conversations about current issues of social relevance in a relatable manner.

The post Ecobank in Partnership with Basketmouth Premiers “Papa Benji” Season 3 appeared first on Tech | Business | Economy.

Launched to meet the pressing need for a card scheme tailored to African markets, Verve has grown into a trusted household name, with over 85 million cards issued and presence in several African countries with an expanding consumer appeal across Africa.

Verve’s story began with a challenge; existing international card solutions struggled to meet the needs of Africa’s diverse and dynamic markets. Issues like regulatory complexity, limited infrastructure, and inconsistent connectivity posed serious barriers.

Verve responded with purpose-built solutions engineered to perform where others couldn’t, delivering stability, security, and interoperability for consumers and institutions alike.

From its roots in Nigeria, Verve has steadily expanded its reach and impact. Today, the Verve network powers millions of transactions daily across ATMs, POS terminals, web, retail outlets, online and offline platforms, while remaining grounded in its commitment to local relevance and innovation.

Now with a network of over 350 members, Verve has earned deep trust across the banking and fintech sectors. Its continued growth underscores a broader narrative: Africa is not just adopting digital payments, it’s shaping them.

Furthermore, strategic partnerships with companies like Manipal and Cardforte have enabled the production of eco-friendly Verve cards, allowing Verve to align with global sustainability goals without compromising on durability or security.

Driving Innovation and Regional Integration: Verve’s Expanding Footprint

Verve continues to evolve with the changing expectations of today’s consumers. Recognizing the growing demand for speed and convenience, the brand introduced contactless payment solution, allowing cardholders to tap-to-pay for quicker, more secure and convenient transactions.

Over 30 million Verve Contactless cards have been issued, and the contactless cards are accepted in about ninety percent terminals across Nigeria.

This feature underscores Verve’s commitment to enhancing user experience through innovation rooted in local relevance.

Breaking Barriers to Cross-Border Payments

One of Verve’s most strategic advancements in recent years is its focus on enabling seamless cross-border payments within Africa.

Through a landmark partnership with GIM-UEMOA, the regional switch for the West African Economic and Monetary Union, Verve became the first Nigerian and African card scheme integrated into a major regional payment network. This integration connects over 130 million people across eight West African countries.

With this breakthrough, Verve cardholders can now perform transactions including withdrawals from ATMs, and more, across the UEMOA region.

This dual strength, regional relevance and collaborations with global brands such as Google, Spotify, Temu, AliExpress, Uber, Facebook Ad, Netflix, amongst others, sets the card apart as a uniquely African success story in the digital payments space, with a future focused on deeper financial inclusion and continental interoperability

The post Verve: Powering Africa’s Payment Evolution for Over 15 Years appeared first on Tech | Business | Economy.

These partnerships allow Nigerian shoppers to enjoy seamless, secure, and direct Naira payments on both platforms, eliminating foreign exchange hurdles and enhancing the cross-border shopping experience.

Previously, Temu, a rising global e-commerce platform, did not accept Verve cards, requiring Nigerian shoppers to rely on Visa, Mastercard, or virtual dollar cards for transactions.

With this new partnership, Verve cardholders can now make direct purchases in Naira, accessing Temu’s vast selection of affordable products without the complexity of currency conversions.

Similarly, AliExpress, a subsidiary of Alibaba, now fully accepts Verve cards for payments, addressing previous payment challenges faced by Nigerian users.

Through this collaboration, Verve is simplifying digital commerce, enabling Nigerians to shop on global platforms with ease and security, thereby staying true to its brand promise of making transactions and payments seamless and enriching.

Beyond growing its reach, Verve, with over 15 years of consistent quality delivery, is also shaping the future of payments with its transition to contactless technology, enabling faster, more secure, and convenient transactions across digital and physical payment channels.

Verve’s over 70 million cardholders can now enjoy the ease of tap-and-go payments, further enhancing their transaction experience.

Verve cards are widely accepted across Nigeria and select African countries, providing seamless transactions across ATMs, PoS terminals, and online platforms. Cardholders can also use their Verve cards for subscriptions on Google Play, YouTube Premium, Netflix, Amazon Prime, Uber, Spotify, among others, ensuring a broader, more integrated payment experience.

Through these strategic advancements, Verve, Nigeria’s foremost domestic card, is redefining global commerce, empowering African consumers with seamless, secure, and borderless payment solutions.

With such commitment to continue to expand its reach and innovate, it is not a surprise there are over 70 million Verve cards and token in circulation.

The post Temu, AliExpress Now Accept Payment in Naira with Verve Card appeared first on Tech | Business | Economy.

The motion moved by a member, Marcus Onobun, drew the attention of the House to a circular by the Central Bank of Nigeria to that effect.

Lawmakers were worried that this would impose additional financial burdens on Nigerians.

The House asked the CBN to suspend the policy pending proper engagement with the relevant committees on banking, finance, and financial institutions.

Recall on February 10, 2025, the CBN announced that charges would apply anytime customers use the ATMs of banks other than theirs.

“The three free monthly withdrawals allowed for remote-on-us (other bank’s customers/not-on-us consumers) in Nigeria under Section 10.6.2 of the Guide shall no longer apply,” the bank said in a circular to financial institutions.

The CBN directed banks and other financial institutions to apply the following charges with effect from March 1, 2025.

The apex bank said while customers withdrawing at the ATMs of their banks and financial institutions won’t be charged, customers withdrawing from the ATM of other banks would now be charged ₦100 per every ₦20,000.

The CBN said for off-site ATMs — automated teller machines not on a bank’s premises – like those at shopping malls, eateries and other public places — a surcharge of not more than ₦500 per every ₦20,000 will apply in addition to the statutory ₦100 fee for withdrawals by customers of other banks’ ATMs.

The apex bank attributed the reviewed charges to rising costs and the need to improve the efficiency of ATM services in the country.

“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,” the circular stated.

Criticisms have trailed the new policy but the apex bank insisted that its policy is mutually beneficial to customers and commercial banks.

The post Why Reps Want CBN to Suspend ATM Fee Hike appeared first on Tech | Business | Economy.

The goal?

To reduce operational costs for banks and improve ATM access nationwide.

This announcement has sparked conversations among consumers, financial institutions, and industry experts.

While the CBN policy is positioned as a solution to Nigeria’s ATM challenges, a deeper issue remains unaddressed—transaction inefficiencies.

For years, Nigerian banking customers have struggled with ATM-related frustrations, from failed withdrawals to slow dispute resolutions and system downtimes.

Will adjusting fees make ATMs more accessible? Possibly. But will it make transactions faster, more reliable, and hassle-free? That’s a different question.

The Real Issue: Inefficiency Over Cost

Interestingly, NIBSS reported that active bank accounts reached 311.65 million as at December 2024. However, Nigeria has less than 22,000 ATMs, serving a population of over 200 million people and access to cash remains difficult due to frequent cash shortages, connectivity failures, and reconciliation delays.

For many Nigerians, ATM challenges extend far beyond withdrawal fees. In this 2024 report, nearly 30% of ATM transactions failed due to network issues, cash shortages, or other operational failures.

The current system faces persistent challenges, including frequent transaction failures where customers are debited without receiving cash, leading to frustration and financial inconvenience. Dispute resolution is also slow, with refunds for failed withdrawals often taking days or even weeks to process.

Additionally, the limited availability of ATMs—due to high operational costs—prevents banks from expanding their networks, resulting in long queues and restricted access to cash for many customers.

These issues indicate that while fee adjustments may increase ATM installations, they won’t necessarily make transactions more efficient or customer friendly.

Why Fees Alone Won’t Solve the Problem

The new policy is expected to help banks offset the rising cost of ATM maintenance and cash handling, potentially leading to an increase in ATM installations across the country.

However, simply increasing the number of ATMs or the cash within them without improving their reliability will not solve the core issue.

Expanding the number of ATMs won’t be effective if transaction failures remain frequent. Lower fees will have little impact if customers still spend hours trying to withdraw cash. Even with improved infrastructure, adoption will be limited if trust in ATM reliability remains low.

For CBN’s initiative to truly succeed, banks need to go beyond just cost recovery and expansion—they must focus on efficiency, security, and automation in ATM transactions.

Technology as the Missing Link

One of the biggest gaps in Nigeria’s financial system is the lack of real-time, automated transaction processing for ATM withdrawals.

This is where technology can play a transformational role. Several innovative financial solution technologies have the potential to revolutionize ATM efficiency.

However, advancements like AI-driven fraud detection can enhance security by preventing unauthorized withdrawals, while real-time settlement solutions can eliminate delays in refunding failed transactions, improving overall customer experience and trust in the system.

Some Nigerian banks have already adopted blockchain-powered solutions for ATM transactions. These systems enable instant reconciliation and faster refunds when failures occur. Zone Payment Network, among others, has demonstrated how blockchain can streamline payment processing, reducing disputes and enhancing customer experience.

By integrating blockchain and real-time payment infrastructure, financial institutions can increase efficiency, eliminate delays, and restore consumer trust in ATM transactions.

A Holistic Approach is Needed

CBN’s new policy is a step in the right direction, but for meaningful, long-term improvements, Nigeria’s banking sector must go beyond fee adjustments.

A combination of regulatory policies and technological innovation is essential to create a system where ATM transactions are not just affordable—but also seamless, fast, and reliable.

To achieve this, key stakeholders must prioritize real-time reconciliation to ensure transaction failures are resolved instantly. Investing in decentralized financial infrastructure can help reduce transaction bottlenecks, while leveraging AI and automation will optimize ATM uptime and minimize failures, ultimately improving efficiency and customer experience.

The Bigger Question

As CBN works to improve ATM accessibility through fee restructuring, financial institutions must consider the bigger picture—does Nigeria’s ATM system need more machines, or does it need better technology to ensure smooth transactions?

If we truly want to enhance financial services, the conversation must shift from fees to efficiency.

Would better technology adoption make a bigger difference than fee restructuring?

The post Beyond Fees: Can CBN’s New ATM Policy Solve Nigeria’s Banking Efficiency Problem? appeared first on Tech | Business | Economy.

During a visit to an ATM stand in Lagos, we spoke with a customer who shared that eight out of ten ATMs are either out of service or have no cash. “This Bank never has money in their ATM,” she said.

“Even when they do, it’s usually only until noon, and then they stop working. The only option is to go into the bank and make transfers yourself.”

Techeconomy engaged with an insider at one of Nigeria’s top-tier banks to understand why this problem seems unending. We wanted to know: Why aren’t banks keeping their ATMs filled? Do they deserve the sanctions imposed by CBN?

In response, the insider said, “That’s a broad conclusion for a bank that has over 800 branches. I’m not sure how many branches the customer has visited before arriving at that. However, I can tell you several challenges faced by banks in Nigeria and not just ours, but it is heavier on us because of our high number of branches.”

He continued, “Yes, there is a CBN sanction on banks when your ATMs are not dispensing. The regulatory body expects the bank to load their machines when there is an obvious epidemic in the sector called “POS.”

The PoS Epidemic: A Growing Concern

The PoS (Point of Sale) phenomenon has become a big issue in the Nigerian banking sector, contributing heavily to cash shortages in ATMs. 

With the high reliance on PoS agents across the country, many Nigerians are using them as alternatives to traditional banking transactions. However, PoS agents, who often carry large sums of cash for transactions, are now becoming primary players in the liquidity problems facing banks.

“PoS agents are constantly on standby at ATMs and business locations, to collect and buy cash from customers or businesses,” the insider explained. 

“While these agents may seem to help by making things easier and providing access to cash withdrawal or deposit, in the larger scheme, they’re creating problems. The fact is, businesses are becoming more reliant on PoS agents rather than making traditional cash deposits in banks.

“They are making things difficult for both the masses and the Banks.”

This has caused a drastic reduction in the amount of cash flowing into the banking system, leading to shortages at ATMs. It’s reported that in some urban areas, PoS agents have begun hoarding cash to capitalize on the high demand, further straining ATM services.

While the CBN sanctions are meant to encourage better service across ATMs, it’s still not clear how effective they have been. The insider acknowledged the CBN’s role in attempting to regulate ATM cash availability but also noted the complications faced by banks in meeting these demands, especially when dealing with the PoS issue.

“Yes, the CBN expects us to have cash readily available at ATMs, but what is the bank to do when there is a continuous shortage of cash in circulation? How many companies are still making cash deposits? Most businesses rely on PoS agents now,” the insider said.

According to the Nigeria Inter-Bank Settlement System (NIBSS), the number of PoS terminals in Nigeria surged by 129% over the past three years, with an increasing percentage of Nigerians using PoS services daily. This growth in PoS usage has greatly impacted the ability of banks to maintain sufficient cash flow in their ATMs.

This ATM cash shortage crisis is not an isolated banking issue; it is intertwined with Nigeria’s economic challenges. The scarcity of cash is just one symptom of larger financial challenges the country is facing, including inflation and the ongoing transition to a cashless economy.

The government’s vision of digital financial inclusion, paired with inflation and currency devaluation, has placed high pressure on the banking system. As cashless transactions become more prevalent, many Nigerians are still challenged with access to physical currency for daily needs. These economic factors have compounded the challenges banks face in providing adequate ATM services.

Addressing the Root Cause: PoS Regulation

The key to solving the ATM cash issue lies in addressing the root cause—the unchecked proliferation of PoS agents. While PoS services are undoubtedly improving access to cash for many Nigerians, the increasing demand and the role PoS agents play in withdrawing cash from the banking system are draining the liquidity needed to sustain ATM networks.

The insider stressed, “Before banks can begin to solve the ATM shortage, there needs to be a conversation around regulating the PoS sector. We need to ensure that businesses are encouraged to deposit cash back into the system, rather than hoarding it.”

“The menace of POS first needs to be tackled.”

Meanwhile, the apex bank had recently stated that “Ensuring seamless cash flow is paramount to maintaining public trust and economic stability. The CBN will not hesitate to impose further sanctions on any institution found violating its cash circulation guidelines.”

The statement further read, “The CBN’s investigations and monitoring will continue to scrutinise cash hoarding and rationing, both at bank branches and by Point-of-Sale (POS) operators. The Central Bank is working with security agencies to crack down on illegal cash sales and operational violations, including enforcing POS operators’ daily cumulative withdrawal limit of N1.2 million.

“The new policy on cash-based transactions (withdrawals) in banks, aims at reducing (NOT ELIMINATING) the amount of physical cash (coins and notes) circulating in the economy, and encouraging more electronic-based transactions (payments for goods, services, transfers, etc.)”

The post Exclusive: CBN Battles to Resolve ‘Cashless ATMs’ as PoS ‘Epidemic’ Hits the Financial Sector appeared first on Tech | Business | Economy.

These accessible solutions build confidence, encouraging people to store money in digital formats and explore other financial tools.

When empowered to engage meaningfully in the economy, individuals can fund small businesses, drive entrepreneurship, and contribute to local development.

Financial inclusion enables communities to go beyond survival and build resilience, helping them weather economic shocks, reduce poverty, and foster sustainable growth.

These opportunities create a ripple effect, strengthening economies at the individual and community levels.

Despite its established importance, access to financial services remains a critical challenge in many developing countries. Inadequate infrastructure and barriers like low incomes and high fees leave many in Africa disconnected from formal financial systems.

The scarcity of bank branches, ATMs, and digital networks, coupled with long distances to urban centres in some cases, restricts access to communities living in geographical and economic peripheries, perpetuating economic inequality and limiting growth opportunities.

To illustrate, only 49% of adults across sub-Saharan Africa own a formal bank account, though this figure varies widely between countries. For instance, in Ghana, 62% of adults have bank accounts; in Nigeria, the figure is 64%; and in Kenya, where mobile money has been a key factor in expanding access, it’s 79%.

Similarly, the availability of Automated Teller Machines (ATMs) per 100,000 adults varies significantly: in Nigeria, there are approximately 16.2 ATMs; in Kenya, about 6.9; and in Ghana, around 11.4.

It is crucial to note that Africa is vast, and the financial landscape is not uniform, as evidenced by the number of ATMs in South Africa, which had 43.6 ATMs per 100,000 adults in 2021. In contrast, developed countries tend to have a higher density of ATMs; for example, high-income countries have an average of 62.7 ATMs per 100,000 adults.

Internet usage also highlights these challenges. As of 2022, 70% of Ghana’s population used the internet, compared to 35% in Nigeria and 41% in Kenya. Nigeria and Kenya fall significantly below the global internet usage rate of 64%.

Such disparities highlight the importance of innovative solutions like agency banking. We’ve seen how effective it can be in places like Nigeria and Kenya, and it has the potential to improve financial access in other developing countries as well.

By relying on a network of authorised agents equipped with point-of-sale (POS) devices, agency banking can offer essential services such as cash deposits, withdrawals, bill payments, and money transfers.

Imagine it like a water distribution system. Instead of everyone having to walk several kilometres to a central source of water (the bank), smaller taps (agents) are installed throughout every area.

These taps provide the same clean water (financial services) directly to people where they live, saving time and effort while ensuring everyone can stay hydrated (financially included).

Agency banking in action

The agency banking model has gained traction in Nigeria due to its ability to offer convenience through proximity and responsiveness.

It’s no surprise that the most popular use for agency banking in the country is withdrawing and depositing cash. This has particularly seen an adoption uptick in the West African nation following commercial banks’ capping of withdrawals at ₦100,000 ($64).

Recent IMF data highlights this trend, illustrating the rapid expansion of non-traditional access points across sub-Saharan Africa, with mobile money agents nearly doubling from 2019 to 2023.

In Kenya, an agent network played a crucial role in the growth of M-Pesa by significantly expanding its reach and accessibility. By establishing a widespread network of local agents, M-Pesa was able to provide services in various communities, including rural areas where traditional banking infrastructure was limited.

These agents facilitate transactions, enabling users to deposit, withdraw, and transfer money conveniently.

The trust established between agents and the community also encouraged more people to adopt M-Pesa as a reliable financial tool, further enhancing its popularity and effectiveness as a savings vehicle.

Today, agency banking operates under the framework established by the Central Bank of Kenya, allowing commercial banks to partner with third-party retailers who serve as authorised banking agents. Over 30,000 retail outlets are currently operating as bank agents. Here, agent banking has complemented the success of mobile money platforms, as the proximity of households to agents is a significant factor in decisions to adopt mobile money. This further enhances access to financial services and expands credit availability and savings options for small business owners.

While agency banking adoption has been slower in Ghana than in other developing nations, it has steadily grown since arriving in 2013.

Partnerships between financial institutions—such as traditional banks, fintechs, and telcos—and local agents have enabled rural populations to access microloans and savings accounts, contributing to economic empowerment.

While a lack of access to financial services stems from various challenges, including poor infrastructure, low incomes, and a lack of trust in traditional banking systems, agency banking offers a compelling solution by decentralising service delivery and making it easier for people to perform transactions without the need to visit a bank branch or ATM.

Challenges and opportunity for growth

Despite its success, agency banking faces unique challenges, especially in the areas that need it most — rural and peri-urban communities. These challenges can be grouped into three key areas: operational difficulties, financial constraints, and regulatory inconsistencies.

Operational Challenges: Given the limited presence of banks or ATMs in remote locations, agents often face logistical hurdles, such as restocking cash supplies.

Additionally, they are prone to risks such as hardware or software failures, which can halt operations, and low levels of formal training, which hinder their ability to serve customers effectively. Fraud and counterfeit bills also pose significant risks, exposing agents to financial losses.

Financial Viability: First-movers — or organisations pioneering agency banking in new markets — often face significantly higher costs.

These include training agents, educating users, and building trust in communities unfamiliar with formal banking. However, after these initial investments, competitors can easily enter the same market and benefit from the groundwork laid by the first mover, often at a lower cost. This can discourage private entities from taking on the financial risks of entering underserved regions.

Regulatory Barriers: The lack of consistent regulatory frameworks across African markets leads to fragmented implementation. In some regions, agency banking faces stricter oversight, increasing compliance burdens, while in others, inadequate regulation creates gaps that expose agents and customers to higher operational risks, such as a lack of recourse mechanisms in cases of fraud.

Still, agency banking offers significant growth opportunities. Financial institutions can tackle these hurdles by investing in training programs that confidently equip agents to offer a wider range of services.

Upgrading network facilities and using advanced technologies, like biometric authentication and enhanced POS systems, can boost efficiency and security while minimising fraud risks.

Strengthening cash logistics networks is also essential to ensure agents in remote areas have the liquidity and support they need to meet customer demands.

Successful innovations in markets like Kenya showcase the potential. Biometric systems have increased security and reduced fraud, while countries like Ghana and Nigeria are exploring ways to link agent banking with digital wallets and e-commerce. These initiatives aim to expand services beyond basic transactions, providing access to credit, pensions, and insurance.

The Role of Governments and Public-Private Partnerships

Private sector-led agency banking has expanded successfully in urban areas, but rural expansion remains challenging. Unlike cities, rural areas have lower transaction volumes, dispersed populations, and weaker economic activity, making agent operations less profitable.

Rural areas often have unique financial systems that differ within and across countries. Expanding into these markets requires tailored strategies rather than a direct urban replication.

Regulatory barriers further limit private investment. In countries like South Africa, agency banking networks are dominated by large retailers and supermarkets, as banks prefer partners with existing infrastructure and the ability to meet compliance requirements. As a result, large retail chains operate in more commercially viable areas, with little incentive to expand into deep rural regions with low economic activity. Similarly, operational and compliance requirements may make it difficult for smaller organisations to enter the market.

To address these limitations, governments and regulatory bodies must play a key role in promoting agency banking by creating public-private partnerships (PPPs) that combine private innovation with public resources. India’s Business Correspondent (BC) model is a great example of how these collaborations can expand financial services to underserved communities.

The Business Correspondent (BC) model, launched by the Reserve Bank of India in 2006, utilised agency banking to address the distribution of welfare payments, ensuring payments went directly to the right beneficiaries and improved financial access in rural areas.

Tying welfare payments to the system helped educate the market on using financial services, which would have otherwise fallen on private first movers, easing their entry into underserved regions.

The BC model became even more efficient with the introduction of Aadhaar, India’s biometric ID system. Aadhaar-enabled tools like eKYC helped agents quickly verify customer identities, cut onboarding costs, and speed up service delivery. Interoperable agent networks enabled multiple banks to utilise the same infrastructure, extending services to remote areas.

By implementing smart policies, leveraging technology, and fostering shared resources, millions of underserved individuals gained access to essential financial services, providing useful insights for other regions.

Conclusion

Agency banking represents a transformative approach to bridging the financial inclusion gap in developing countries.

By decentralising access to essential financial services, it empowers underserved communities, fosters entrepreneurial activity, and cultivates trust in formal financial systems. As illustrated by its successes in Nigeria and Kenya, agency banking provides immediate convenience and promotes long-term economic resilience by enabling individuals to manage their finances effectively.

However, realising its full potential requires ongoing collaboration between financial institutions, regulatory bodies, and local agents to address infrastructure limitations and low financial literacy.

Through the power of agency banking, we can create more inclusive financial ecosystems that drive sustainable growth and ultimately improve the quality of life for millions in developing regions. The time to embrace and expand these innovative solutions is now, as they hold the keys to unlocking opportunity and fostering economic empowerment for all.

The post How Agency Banking is Transforming Financial Access in Developing Countries appeared first on Tech | Business | Economy.

Confirmed in a circular signed by John Onojah, acting director of the Financial Policy and Regulation Department, the goal is to address high costs of operations and enhance banking services across 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 Guide).”

While withdrawals from ATMs belonging to a customer’s bank will remain free, transactions carried out on ATMs of other banks will now attract a charge of ₦100 per ₦20,000 withdrawal. 

Added to this, if the ATM is located off-site—outside a bank’s premises—users will incur a surcharge of up to ₦500 per ₦20,000 withdrawal.

The CBN clarified that this surcharge is an income for the ATM deployer or acquirer and must be clearly displayed for customers at the point of withdrawal. 

For Nigerians making withdrawals abroad using debit or credit cards, banks will apply a cost recovery fee charged by the international acquirer.

Again, the three free ATM withdrawals previously allowed per month for customers using another bank’s ATM have been scrapped. The central bank stated that this adjustment aligns with its goal of ensuring efficient ATM deployment nationwide.

“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,” the circular stated.

Banks and other financial institutions have been directed to implement these new charges from 1 March 2025.

The post CBN: Bank Customers to Pay More as New ATM Charges Begin March 1 appeared first on Tech | Business | Economy.

This growth results from the increasing reliance on PoS for both payments and cash withdrawals, driven by persistent cash shortages and the rapid expansion of fintech-powered PoS networks.

In terms of transaction volume, there was an 8% year-on-year increase, with 1.5 billion PoS transactions recorded in 2024 compared to 1.4 billion the previous year. The expansion of PoS terminals also surged, as deployments more than doubled to 5.5 million from 2.4 million in 2023—a 129% jump. 

Meanwhile, the number of registered PoS terminals rose from 3.5 million in December 2023 to 7.8 million by the end of 2024. However, over 2 million registered devices are yet to be deployed, revealing untapped prospects for further expansion.

The Rise of PoS: Fintechs Driving Financial Inclusion

Historically, commercial banks outshined PoS terminal deployment, but fintech companies have taken the lead in recent years. The demand for alternative payment solutions skyrocketed due to cash shortages at ATMs and long bank queues, making PoS transactions a convenient choice for millions of Nigerians.

Financial analyst Adewale Adeoye explained the shift, stating, “The rapid growth of PoS is not just an avenue for payment but also withdrawals have filled a gap for many Nigerians who struggle to access cash through banking channels such as ATM or teller withdrawals. It has also helped in bringing banking services closer to the rural areas, which do not have as many banks accessible to them.”

Fintech Firms Expanding PoS Networks

Leading fintech companies continue to push PoS adoption across the country. PalmPay, for example, has onboarded over 700,000 agents and is expanding its reach to all 774 local government areas in Nigeria. “This mission has fueled our efforts in deploying more PoS terminals across the country,” said Femi Hanson, head of Marketing and Communications at PalmPay.

Similarly, Moniepoint disclosed that it has deployed over 800,000 PoS terminals nationwide and is working on introducing an advanced PoS machine that integrates payment processing, inventory management, and transaction reconciliation. OPay, another major player in the sector, reported having over 500,000 PoS agents across the country.

Beyond convenience, the growth of PoS transactions has economic implications. Increased transactions contribute to government revenue through the Electronic Money Transfer Levy (EMTL), which applies to transactions of N10,000 and above. PoS businesses have also become a source of income for many Nigerians, particularly in rural areas where banking services remain limited.

However, there are still issues about rising PoS charges. With limited cash availability at bank ATMs, many Nigerians have no choice but to rely on PoS agents, who have increased transaction fees. In some parts of Lagos, withdrawing N5,000 now attracts a fee of N500—far higher than the N100 or N200 charged a few months ago.

PoS operators justify the higher charges, pointing to the increasing difficulty in sourcing cash, often purchasing it from alternative sources like petrol stations due to bank limitations.

Electronic Payments Reach Historic High

In a related development, electronic transactions in Nigeria surged to N1.07 quadrillion in 2024, surpassing the quadrillion mark for the first time. This represents a 79.6% increase from the N600 trillion recorded in 2023, according to NIBSS data. 

The NIBSS Instant Payment (NIP) system, which facilitates real-time interbank transfers, remains the dominant electronic payment method, processing transactions across mobile apps, USSD, internet banking, PoS terminals, and ATMs.

The post PoS Transactions in Nigeria Hit Record N18 Trillion in 2024, Surge by 69% as Terminal Deployments Soar by 129% appeared first on Tech | Business | Economy.

ATMs, once the backbone of convenience banking, now sit idle, often empty, gathering dust, while POS agents offer the only real alternative for cash withdrawals. In a cash-driven economy, ATMs have become extremely unreliable for Nigerians needing cash.

This shift begs several critical questions. Are ATMs going out of fashion in Nigeria? Is the massive infrastructure investment in ATMs now a waste? And most importantly, why do ATMs rarely have cash since the infamous CBN naira redesign policy?

ATMs were once symbols of banking convenience. Their introduction in Nigeria in the early 1990s revolutionized cash withdrawals, offering 24/7 access to money without the hassle of entering a bank hall.

However, the story changed drastically after the CBN’s naira redesign policy in late 2022.

The move, which sought to limit cash circulation and encourage a cashless economy, led to a severe cash crunch. Even after the policy was reversed and old notes returned into circulation, ATMs never fully recovered.

While several factors contribute to the near-death of ATM cash availability in Nigeria, the CBN’s cash policy hangover tops the list.

The cash scarcity that began with the naira redesign created a shift in how banks handled cash distribution. Even after the policy softened, many banks still operate under the mindset of cash rationing, and ATMs remain dry.

Secondly, running an ATM is expensive. Each machine requires regular cash loading, security, power supply and maintenance.

With the high cost of diesel and frequent power outages, keeping ATMs functional has become a burden for banks.

Many banks prefer to direct customers to digital transactions or POS agents reducing the need for constant ATM maintenance.

Another reason is that ATMs are prime targets for fraudsters and criminals. Cases of card skimming, machine tampering and outright vandalism have discouraged banks from investing in more ATMs.

It appears easier, safer and maybe more convenient to work with POS agents, who assume the risk of handling cash.

In addition, POS businesses have exploded across Nigeria, filling the cash withdrawal gap that ATMs once occupied. With over 1.6 million POS terminals in the country, these agents are more accessible than bank ATMs. Banks themselves appear to encourage this shift by supplying POS agents with cash, while ATMs remain empty.

Furthermore, reports indicate that many banks struggle with logistics, making it difficult to restock ATMs efficiently. Poor cash management strategies, delayed cash deliveries and a lack of urgency in ATM restocking contribute to the ongoing crisis.

Yet, considering the millions of naira invested in ATM deployment, maintenance and security, the decline of ATMS feels like a massive waste of resources. Many banks invested heavily in ATM infrastructure over the years, only to see the machines fall into disuse.

So, while ATMs may not be entirely obsolete, their role has significantly diminished. Digital banking and mobile money are rapidly replacing the need for physical cash withdrawals. It is no surprise therefore to see banks now focusing on mobile transactions, transfers and QR code payments rather than cash-based transactions.

But all hope is not yet lost. To restore ATMs to their former usefulness and balance the cash distribution system, things must be done differently.

The CBN, for one, should enforce a policy that ensures banks prioritize ATM cash supply. So, just as they provide cash to POS agents, banks should be required to maintain a minimum level of cash availability in their ATMs.

Banks can also explore solar-powered ATMs to cut operational costs, especially in areas with poor electricity supply. Additionally, introducing deposit-taking ATMs, which allow customers to withdraw and deposit cash simultaneously, could improve liquidity and reduce the frequency of cash restocking challenges.

Moreover, improved security measures, including surveillance cameras, fraud detection software and real-time tracking can reduce ATM-related crimes and encourage more banks to keep their machines functional. Aside, many Nigerians now see POS agents as the only viable cash source but their withdrawal charges are a real burden. The CBN and banks should regulate these to ensure affordability.

ATMS may not disappear completely, but their role would undeniably continue to shrink. Digital transactions, mobile banking and fintech solutions are taking over. As Nigeria moves towards a more cashless economy, ATMs may transition from being the primary cash dispenser to backup options for emergencies.

For now, though, the frustration remains. The days of walking up to an ATM and effortlessly withdrawing cash seem long gone. And unless major reforms take place, the trend of empty ATMs will continue, leaving Nigerians with no choice but to pay extra at POS stands.

In the end, the real question isn’t whether ATMs are going out of fashion in Nigeria; it is whether banks and regulators are willing to fix the system or let ATMs fade into irrelevance.

*Elvis Eromosele, a corporate communication professional and public affairs analyst, wrote via: elviseroms@gmail.com

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