Category: Money

Stanbic IBTC Holdings Plc has stressed the place of youths in economic growth and development.

Its Chief Executive, Stanbic IBTC Holdings Plc, Demola Sogunle, start this during fifth Youth Leadership Series (YLS)  in Lagos.

The event themed Becoming attracted youths from across Nigeria.

Shogunle said: “At Stanbic IBTC, we recognise the youth are the leaders of tomorrow, and we are conversant with their needs. We thus created this platform to sensitise youths to imbibe a solution-oriented mindset. Not only to position them to think outside the box, but also help them proffer solutions that will enhance the economy.

“As an organisation that leveraged new digital technologies to ensure seamless banking, we introduced our AI robot called Pepper to participants. The robot displayed at the event further reiterated our innovation and readiness to serve our customers and clients.”

Stanbic IBTC Bank Plc’s Chief Executive, Wole Adeniyi said: “Stanbic IBTC has remained committed to encouraging entrepreneurial skills among  youths. Panelists spoke on the benefits of building achievement through consistency, resilience, and perseverance to achieve individual, corporate and national goals. We are delighted to have hosted the fifth edition of the YLS.”

The event had two sessions entitled: ‘Building achievement through consistency and perseverance’, and ‘Life planning in an unconventional career’.

It featured experts such as  co-founder/Chief Operations Officer, Piggy Vest, Odunayo Eweniyi;  CEO, 3Line Technologies, Femi Omogbenigun; and founder, Joy Incorporated, Chude Jideonwo.

 

 

The Chief Executive Officer/co-founder, Paxful, Ray Youssef, has said Bitcoin has the power to open doors and increase economic opportunity and mobility for millions of people across the world.

He said: “At Paxful, our goal is to use education to drive financial freedom and provide equal access to finance for the 100 per cent. Stories like Betty’s show us how Bitcoin and peer-to-peer finance can reduce barriers to wealth and break the cycle of financial inequality.”

On how Paxful is promoting  women, he said financial equality is a challenge that women continue to face all around the world. According to the World Bank’s  Women, business and the law 2022 report, about 2.4 billion women of working age do not have equal economic opportunity and 178 countries maintain legal barriers that prevent their full economic participation.

In the same report, women face  job restriction in 86 countries and are not guaranteed equal pay for equal work in 95 countries.

Given that women can play a critical role in driving economic development, it has become more important than ever that women are supported to reach their financial potential.

This is what Paxful, the global peer-peer fintech platform, is doing through their education initiatives and the empowering efforts of their Peer Programme.

Take Betty Oluwakemi Famakinwa for example. She began her journey with Bitcoin through her fiancé who encouraged her to sign up on Paxful. “The first time I sold the first Bitcoin he sent me on Paxful, I realized that it was worth much more than what I would have if he had sent me fiat. That was what triggered my interest in crypto. From that day on, I began to study how to trade BTC and learned every other thing from my fiancé,” she said.

Today, Betty is actively trading on Paxful  as a  Power Trader and Paxful Peer, serving as a leading light for other women in the Bitcoin community. For her, women have all it takes to become successful traders on the platform and that’s enough reason to be more passionate about it to gain financial freedom. “As a lady and a crypto trader, women don’t need to be reliant on any man to provide for their needs. I encourage women in crypto to join the Paxful Peer Program because it comes with many advantages where they can gain a lot,” Betty said.

Famakinwa brings at least three new fully verified users to the platform every month. She uses her online influence and introduces others to Paxful via Twitter and Facebook, recognizing that she has the power to influence others to gain financial independence.

 

The Group Managing Director of Afrinvest, Ike Chioke, has said Anambra State’s monthly Internally Generated Revenue (IGR) rose from N500 million to N2.4 billion in  eight years.

Chioke, who is the Chairman, Anambra State Investment Promotion & Protection Agency (ANSIPPA), spoke at  a briefing in Lagos on  his new book, Akpokuedike – Duty Call in Anambra, where he chronicles the achievements of the state Governor Willie Obiano.

Obiano had set up the ANSIPPA and appointed Chioke as its chairman in mid-2019. This led to the  state’s IGR growth due to major reforms anchored on ANSIPPA and its industrialisation objectives.

The scheme enabled Obiano to put in in place, not just physical but institutional infrastructure.

“It goes without saying that you cannot run a government without the appropriate institutions. The Anambra State Investment Promotion and Protection Agency was the first institution the governor set up. Through ANSIPPA, a lot of investments came to the state in various sectors: agriculture, tourism and hospitality, and aviation, Chioke said.

On why he wrote the book, he said: “I think I have learned a lot of practical experience on how to translate ideas into action. In my business, we talk about public-private partnership, raising capital and attracting investors.

“But when you come on ground, we then meet what they call quicksand. You could easily be swallowed by the challenges on the ground for you to implement your vision.

“But working with Obiano, I learnt valuable lessons of how you take an idea, translate it into actionable steps, then execute with diligence until the idea becomes reality.

That was what led me to writing the book.”

In his review of the book, professor of Economics and Director, Institute for Development Studies, University of Nigeria Nsukka, Osita Ogbu, submitted that Akpokuedike would serve as a reference material in years to come.

According to Prof Ogbu, Akpokuedike is not just an ordinary biography of Obiano, but also of his leadership in the past eight years.

His words, “I am certain that the author did not realise that the book he has authored about Obiano will be a reference book on political recruitment, inclusive governance, loyalty and political fidelity, empathic and result-oriented leadership as well as talent hunt for political positions.

“The author has painstakingly painted a balanced portrait of the man. His antecedents, character, professionalism, devotion to family and church, achievements left us with utter admiration of Obiano. It is also a story about love, triumph over adversity and God’s faithfulness to those that wholeheartedly trust in him.”

Chioke, he observed, did not rely on Obiano to tell his story, nor did he sit alone to make up an entertaining story.

“He and a handful of talented researchers tracked down those that knew Chief Obiano before being governor and when he became governor to piece together an account that is diagnosed diverse, logical and authentic.

“This is, therefore, a well-researched book of 184 pages, 15 chapters and with fully documented bibliography and sources,” he said.

According to the don, the first and most important lesson, and why people should read the book, is that it teaches that political recruitment requires a thorough background check.

“Our decisions and choices are a product of our culture and biology. An individual’s moral philosophy in personal life and in governance is shaped by the same culture and biology. A person is who he is because of his parental upbringing, home, church and schools he attended.

“I have thoroughly enjoyed reading this book and I highly recommend it,” Ogbu added.

On his part, former Commonwealth Secretary-General, Chief Emeka Anyaoku, noted that the synopsis of the book he read confirmed his best knowledge about Obiano.

Anyaoku added, “Willie Obiano must be one of the most prepared leaders that our country has ever had. There is very little doubt that his administration has transformed Anambra. Obiano is leaving a legacy that will serve this state many years to come.”

 

FIDELITY Bank Plc, in partnership with media entrepreneur-Linda Ikeji, has celebrated the  International Women’s Day (IWD) with networking in Lagos.

Managing Director/Chief Executive Officer, Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe said: “Despite the challenges women face, we continue to play a significant role in driving the economic, social and cultural development of our communities. Indeed, a recent PwC Nigeria report indicated that 41 per cent of micro-businesses in Nigeria are run by women, with over 23 million female entrepreneurs operating in this segment.

:This exemplifies not only our drive as women but the immense value we bring to the table. Just imagine what we could achieve if the girl child is given the opportunity she deserves, encouraged to go to school and is judged by her competence and not by her complements! The possibilities are endless.”

At the event, The bank launched its HerFidelity, for female customers.

“One of the pillars of HerFidelity is Capacity Building. Therefore, we are sponsoring five female-led enterprises with N5 million for training female apprentices.

“In addition, we are supporting Dream Catchers Academy for Girls—a free educational and performing arts academy for orphaned and underserved girls— with N10 million for an IT centre at the academy as well as one year of coding training for the girls,’’ the Managing Director said

The event featured  notable personalities, including former World Bank Vice President/guest speaker, Mrs. Oby Ezekwesili.

Ezekwesili highlighted the importance of joining forces to fight gender discrimination and inequality.

“The power of collaboration and cooperation is key as implicit bias is not something you can fight alone. It requires a coalition effort. You must build your  coalition. At every point in life, a woman must understand that she will face a major challenge because of the condition that society has given to itself. Therefore, build coalitions. We have the numbers and we must let the numbers work for us.’’

She urged organisations to be deliberate about eliminating barriers to the career growth of women.

Others were Africa’s richest woman, Mrs. Folorunso Alakija; Managing Director/CEO, Practoil Limited, Hajia Bola Shagaya; award-winning author, Chimamanda Ngozi Adichie; and Iya Oge of Lagos, Chief Opral Benson, Country Director, Empretec Nigeria Foundation, Onari Duke; Executive Vice Chairman, H. Pierson, Eileen Shaiyen; oil magnate, Mrs. Uju Ifejika; seasoned actress and journalist, Dame Taiwo Ajayi-Lycett; Former Senator of the Federal Republic of Nigeria, Senator Florence Ita-Giwa; Fashion  connoisseur, Nkiru Anumudu.

Entrepreneurs, particularly startups, have been charged to acquire knowledge and the right competencies if they must succeed and stand the test of time in a rapidly changing business environment.

Twelve celebrated business leaders and entrepreneurs made the call in Season 2 of the First City Monument Bank (FCMB) knowledge sharing and capacity building series, Top-5-In-5. The series was designed to give Small and Medium Scale Enterprises (SMEs) insight into various business areas to inspire them to achieve optimal results.

Offering tips on various topics, the business leaders noted that no entrepreneur could stand the test of time without the right competencies and offerings aligned with market needs.

They added that businesses must have a broad view and offer solutions that exceed expectations to achieve optimum performance and sustainable growth.

Speaking on “How to grow a local startup with global appeal”, Mitchell Elegbe, CEO of Interswitch Limited, said entrepreneurs must have a unique business model and be clear on the products or services they are offering to the public.

“Customers patronise you because they have a challenge, and you have created a solution to fix that challenge. A clear idea of the problem you solve translates directly to the success of your business. Particularly when it comes to monetising your solutions to hit the bottom line,” he said.

Business Manager, Africa Development Centre,  Nkechi Wigwe said given the challenges posed by COVID-19, which has led to remote working by employees, entrepreneurs should provide the necessary tools for their staff members to work effectively.

 

She urged them to adopt the right technology, policies and processes to remain relevant and competitive.

Also, “How to build top of mind awareness on a budget”, the Chief Executive Officer, X3M Group, Steve Babaeko, advised entrepreneurs to build a strong network of partners and customers.

He said: “Networking presents you with the opportunity to find others who are either in similar circumstances or can buy into your business. When you network appropriately, doors start to open, and your brand is top of mind. Building professional relationships can help you get new customers, retain current customers, and manage your reputation. Your network is your net worth.”

In his presentation on “How to navigate tax issues as a small business owner”, Mr. Taiwo Oyedele, Fiscal Policy Partner and Africa Tax Leader at PriceWaterhouse Coopers, highlighted the importance of professionalism, best business practices and record-keeping.

He stated that, “cutting corners will not last. It won’t take you far, especially if you plan to grow your business, scale and become a large organisation. Ensure you commit to doing the right thing, including compliance with laws, regulations and paying taxes. It is a lot more affordable to do the right thing. Though Tax compliance can be complicated, having the right knowledge can help you”.

Group Technology Programme Manager at FCMB Group Plc,  Emeka Eboegbune, equally offered tips on “How to harness technology in transforming your business”. He advised entrepreneurs to leverage on digital platforms to market their products and services, adding that:

“To succeed in the digital space, you need to focus on people who work with you. First, consider the skills of your employees. The more digital-minded employees you have, the easier it is for your organisation to grow and succeed. You need to continually refresh your product and respond very quickly to the change in the market. Keep your finger on the pulse of your business, know where customers are going to, why they go there and what they need. Data will help you with that”.

Other prominent thought leaders and experts that featured in this year’s FCMB Top-5-In-5 series are Olori Boye Ajayi, President, Borderless Trade Network; Ifedayo Durosinmi-Etti, Chief Executive Officer of Herconomy; Joseph Edgar, a Theatre Producer/Investment Banker; Nike Majekodunmi, Chief Executive Officer of Nuts About Cakes; Tomiwa Aladekomo, Chief Executive Officer, Big Cabal Media and Dr Echefu Ukattah, a Senior Associate at Olaniwun Ajayi Legal Practitioners.

The FCMB Top 5-in-5 series aims to make it easier for existing startups to run successful businesses. Topics in this year’s edition cut across entrepreneurship, marketing, technology, personal development, and legal issues, among others.

 

Like the previous season, the series positions FCMB as an industry leader empowering entrepreneurs and businesses nationwide on how to operate, grow sustainably and improve their business.

 

A purpose beyond profit commer

MANY financial institutions  are unable to patent their  products which are regularly copied by competing brands for some reasons, an expert has said.

The Chief Consultant, Adedipe Associates,  Biodun Adedipe, said banks cannot register because they provide services.

“The fact is that banks cannot register their products. Banks get approval from the Central Bank of Nigeria for new products but the reality is that a bank cannot put patent on its new product because its a service,” he said.

According to Adedipe,  aside banks, companies, especially in fast-moving consumer goods should do more research on product development, avoid breach of competing brand’s patent and provide additional value to consumers.

“Ideas are perishable.You need to do more research and avoid being a ‘lazy thinker’. On ongoing basis, you need to be interrogating the market, discovering what the market wants and matching it with your products and services. No need to duplicate the trademark of an existing brand,” he advised.

He added: “There was a case in the United States, where a particular company went to the stores of a toy merchant and bought all the toys there. Anytime the merchant brought new supplies, the competing brand will come and buy all the products. It looked very good to the person selling, but the buyer will go and display the toys in his own stores. The consumer will come to the stores of the original toys merchant, and discover they did not have any product. Over time, the consumers moved the the competing brand customers stopped going to the merchant’s shop.”

Adedipe said aside banking where products are not patented, other sectors need to have their trademarks registered.

“Basically, companies need to have their trademarks registered, ensure that constantly, they  are in campaigns that makes people conscious of their brand,” he advised.

Findings showed that in recent time, the cases of trademark infringements by companies have dominated Nigerian courts with serious implications on businesses and value addition to consumers.

A brand expert, Kingsley Obinna, explained that  cases of domestic  litigation of trademark infringement between organisations like the one  between Coca Cola vs Pop Cola or Rite Foods Limited against Nigerian Bottling Company, NBC, among others, demand urgent regulatory intervention to ensure that the cases are resolved.

For instance, last November, Coca-Cola Company dragged Mamuda Beverages Nigeria Limited, manufacturers of Pop-Cola to a Federal High Court, Kano over trademark infringement.

Report says Coca-Cola is accusing Mamuda Beverages company of using a ‘ribbon device’ trademark that is near identical to its ‘dynamic ribbon device’ trademark as well as depicting its Pop-Cola product in a script that mimics and causing the mark to be confusingly similar to the Coca-Cola trademark.

The coca-cola claimed that it is the proprietor of trade mark ‘coca-cola (script)’ and ‘dynamic ribbon device’ both in Nigeria and worldwide, adding that the marks have been registered by the company in numerous countries across the world including in Nigeria. There is also the suit against Nigerian Bottling Company (NBC) by Rite Foods Limited, producers and marketers of Bigi beverages and Fearless energy drinks.

There was also Nabisco Inc. and Allied Biscuits Company Limited, in 1998, where companies were entangled in a lawsuit on the trademark RiTZ.

Adedipe said Nigeria’s intellectual property protection laws and administration should be put to work to address such issues. Such laws, he said,  include the Copyrights Act, the Patents and Designs Act, and the Trademarks Act.

He said Nigeria is also a member of World Intellectual Property Organisation (WIPO) meant to ensure global best practices in the use of intellectual property and trademarks within the market.

Obinna said protection of intellectual property in the form of inventions, writing, music, designs and other works is important to allow the owners reap the full benefits of their intellectual product. intellectual property protection encourages investment.

He said where the regulators fail to punish offenders, the business environment becomes less attractive, which can constitute a discouragement to new capital inflow, particularly foreign investments. On how consumers react to copyright abuse, Adedipe said: “Many consumers will be indifferent at first that leads to choices that are based on availability  and access and then preference  if there is significant price differential between the two products.”

On advice to businesses against copyright abuse, he said: “Ensure patents, trademarks and the likes are properly registered.

“Continuously promote the brand to establish a strong market identity for the elements of the trademark. Effectively monitor the market for new products and services that are either similar offerings or use any of the registered trademark elements to gain market entry.  Move quickly to start the process of challenge to any suspected infringement. Consider the Alternative Dispute Resolution window where it is obvious that litigation may be expensive and time consuming.”

 

Women own and manage 43 per cent of small businesses that keep the economy afloat, the Chief Operating Officer, RED for Africa, Bukonla Adebakin has said.

In a report to mark the International Women’s Day entitled: ‘Breakthe bias women leading, the vanguard for improved representation of women in Nigeria’, she said in Nigeria, for example, small businesses make a significant contribution to the economy – 48 per cent of national Gross Domestic Product (GDP), 96 per cent of businesses, and 84 per cent of employment.

“Statistics, according to the State of Entrepreneurship in Nigeria 2021, report show women own and manage 43 per cent of these small businesses that keep the country’s economy afloat.

“Women belong in all places where decisions are being made. It shouldn’t be that women are the exception, Adebakin said.

She recalled that in 1993, Ruth Bader Ginsburg became the second woman ever to be nominated as Justice of the United States’ Supreme Court.

Adebakin said Ginsburg’s nomination by President Bill Clinton and her 27-year tenure before her death in 2020 would go down in history as  awatershed, especially for women.

“Therein lies the gender problem that plagues most aspects of modern society.

“Women who rise to the top of their chosen profession are the exception, not the norm. When they reach this position, society holds them up as the example, the beacon to guide other women to success and recognition. Their new existence is besought with labels such as ‘first female’, ‘SHE-EO’, and so on, which is only fair given the obvious gender-specific difficulties they must overcome to reach these positions.

“Gender inequality is not a myth. There is sufficient published data to prove that women are underrepresented in places that matter such as high profile jobs and governments. According to a 2019 study by executive search firm, Heidrick & Struggles, only five per cent of chief executives globally are women. In 2020, the figures remained the same. On the other hand, women are overrepresented in low-paying jobs with many of them earning less than two-thirds of the median of the earnings distribution.”

She continued: “Women have tended to turn to other sources of income, such as entrepreneurship, due to their low earning capacity.

“Despite the numbers and facts that continue to be presented, women continue to struggle to hold their own in a male-dominated world.

“In the hours that ushered in Women’s History Month across the world, hundreds of women gathered at the National Assembly complex in Abuja to protest for their right to be represented in politics. The ninth Nigerian Senate – a congregation of 109 senators, including only seven women – had voted against a provision to allocate special seats to women to increase their representation.

“Granted the rare opportunity to rewrite the fate of women through the 1999 Constitution amendment, the senators trampled on possibilities and sent a poignant message to women in Nigeria.

“To provide context to the severe discrimination and bias against women in politics in Nigeria, it should be noted that during the 2019 elections, 47 per cent of registered voters across the country were women.

“However, only 6.5 per cent are in the National Assembly and it remains that no woman has ever held a governorship position or sat in the presidential seat of the nation. In similar vein in 2020, a bill to promote gender equality in employment and property inheritance was thrown out when male senators labelled it as “anti-Islam.”

She said it is not to conclude that women representation in politics is the panacea for gender inequality in society. It is, however, an ideal place to start. One of the hallmarks of truly inclusive democracies is the equal representation of women, she added.

“It is also a crucial factor in earning public trust, improving society and advancing policies and legislation that benefit women. When these are achieved, they can provide a bedrock formula for solving the deeply ingrained cultural, social, and religious conventions that prevent women from attaining positions of leadership.

“The 2023 elections are approaching and several women have announced their interest in running for key offices. While political parties and political campaigns in Nigeria remain male-dominated, it is important for women across all strata to begin to throw their weight behind these women who have boldly indicated their interest. Women supporting women should be more than just a mantra. International Women’s Day should be more than an annual celebration characterised by hand gestures, catchy slogans, and pretty pictures.

“In Nigeria, women who are strewn across all aspects of business, media, advocacy, and technology must first identify the collective power that they wield.

“One way to begin is to discard the idea that men are more assertive and deserving of leadership. Another way is to consciously grant women visibility and positioning. Women in the media should push for improved coverage for other women. Women in career should mentor younger women rising up the ladder as opposed to seeing them as threats. Women in technology should build products that solve everyday problems for women.

“When women actively build and sustain support systems for other women, the patriarchal society that gives the power to rewrite women’s fate to men is not only torn down, we would no longer have to overtly celebrate one woman’s success. Women at the top would be the norm,” she added.

 

The creation of the agent banking system by the Central Bank of Nigeria CBN), roll-out and deployment of the Point of Sale (PoS) terminals by banks are expanding financial inclusion, Wema Bank officials have said.

The two senior officers are Damola Bolodeoku, Head, E-Business, and Adekunle Alarapon, Head Retail Segments.

Both spoke on an NTA Network programme, “Weekend Deal”, which x-rayed the benefits and challenges of PoS since its inception.

Bolodeoku said the PoS business has witnessed 86 per cent growth in the last two years and has helped to bring a large segment of the informal and unbanked population into the formal financial system.

According to him, financial service delivery has become easier, especially in the rural areas where there are no banks, through the massive deployment of PoS terminals.

On the monitoring and supervision of PoS, Bolodeoku explained: ”The banks that appointed them in case of fraudulent reports against them can sanction such agents.’’

He suggested that network connectivity should be improved upon.

Alarapon said the CBN is pushing financial inclusion through agent banking to integrate about N2.6 trillion in the informal and unbanked sector.

According to him, CBN’s target has been to achieve about 25 per cent financial inclusion of the adult  population within a short time.

Alarapon refuted claims that banks were pushing customers to their PoS. terminals to earn a commission

”It is not true. The CBN is only trying to bring most Nigerians into the financial system through the PoS. Wema Bank, for instance, charges low. For withdrawals from N1000 to N5000, we charge N30. For withdrawals from N5100 to N10,000, we charge N50, and so on. And we still pay the switch company,” Alarapon explained.

The Lagos State government has reaffirmed its commitment to opening more economic opportunities for residents in the Lekki-Epe axis.

The Commissioner for Commerce, Industry and Cooperatives, Mrs. Lola Akande, stated this during the presentation of startup equipment and supplies for the inauguration of the Lagos State Traffic Management Authority (LASTMA), Area Command at the Lekki Free Zone.

She said an efficient traffic management system supports investors’ businesses and builds better confidence in the economy.

She said the government planned to reduce man hours wasted on road to aid efficient and effective business operations at the optimal level.

“We shall not rest on our oars in safeguarding the interests of business operators in this community and in the state.  We shall continue to create an enabling environment and provide platforms for business expansion. Our government will continue to promote critical investments in human and infrastructural development in line with Mr. Governor, Babajide Olusola Sanwo-Olu’s T.H.E.M.E.S Agenda and Sustainable Development Goals,” Akande said.

She said the project would impact the lives and businesses of the entire Lekki Free Zone host communities encompassing Ibeju-Lekki, Eleko, Akodo Coastal road communities significantly.

She lauded Lekki Free Zone Development Company Limited, Dangote Refineries, Lekki Deep Seaport and Northwest Quadrant Development Company Limited for their contributions to the realisation of the initiative driven by Lekki Worldwide Investment Limited by the Lagos State Government.

She said that equipment such as patrol vehicles, trucks, boots and other traffic control gadgets were presented to the new LASTMA Area Command in demonstration of the State Government’s proactivity and commitment to stemming current and future rise in traffic in communities within Ibeju-Lekki, Eleko and Akodo areas.

“Without equivocation, the influx of global businesses and investments such as the Dangote Refinery, Alaro City and the Lekki Deep Sea Port Into the Lekki Free Zone axis has given rise to heavy traffic logjams within the corridor with indications of a future rise in volume of vehicular and human traffic.”

“Hence, it became imperative upon our proactive and responsive Government to proffer solutions towards easing mobility, safety and general well-being of the people and businesses”.

Also speaking, Executive Director, Lekki Worldwide Investment Limited, Yemi Olusanya, said the project aligns with the state government’s plan to open up the environment to investment. She said the current move will help provide traffic management for investors to impact lives and businesses significantly.

 

The Measuring Fees and Transparency in Nigeria’s Digital Financial services report has examined the compliance levels with fee structures, price transparency requirements, the reliability of transactions and the consistency of information available from customer service channels.

The report highlights barriers that impact consumer trust in financial services.

According to the report, Nigeria’s digital financial services ecosystem has rapidly evolved over the last decade due to increased broadband and mobile penetration and digital payments, which boost financial access in urban, rural, and hard-to-reach areas across the country.

This progress provides underbanked populations with greater access to digital banking products, mobile payments, savings and credit facilities – transforming the financial inclusion landscape. However, between 2018 and 2020, financial exclusion in Nigeria decreased by only one percentage point, from 37 per cent in 2018 to 36 per cent in 2020.

“The cost of financial services remains a major barrier to access for price-sensitive consumers, especially within marginalised, vulnerable, and lower-income segments of society. In addition, any lack of transparency on product pricing, departures from regulated pricing and limits trust between customers and service providers,” it said.

A new collaboration between Innovations for Poverty Action (IPA) and the Inclusion for All initiative aims to address the challenges and understand the ease of accessing accurate price information from providers and their levels of compliance with the revised pricing guidelines.

Director, Consumer Protection Department, Central Bank of Nigeria (CBN), Mrs. Rashida Monguno, commended IPA and Inclusion for All for the study, said: “This ground-breaking research provides new evidence and insights on one of the most critical aspects of consumer protection which is pricing transparency. Consumers’ right to easily access and understand the cost of services they use is one of the most fundamental rights of consumers. The research provides a baseline for future audits and identifies several areas which require improvement. I trust that the results will be instrumental in exploring new conversations that will result in tangible changes in the digital financial services marketplace.”

CBN recognised the impact of product pricing on financial inclusion outcomes and reviewed pricing guidelines in 2019, issuing lowered pricing caps for e-banking transactions from January 2020. In addition, the apex bank encouraged financial service providers to restructure transaction fees and limits.

The action supports Nigeria’s digital financial services uptake, which increased during the COVID-19 pandemic, where government responses such as lockdown restrictions led to the temporary closure of bank branches, reinforcing digital access.