The court held that NIBSS’s role in overseeing the BVN system is backed by the Central Bank of Nigeria (CBN) Act and other applicable banking laws. The judgment reaffirmed that the management of the BVN database does not violate the constitutional right to privacy and is essential for ensuring the stability of Nigeria’s financial ecosystem.

In a judgment delivered by Justice James Omotosho, the court declared that NIBSS is lawfully empowered to maintain the BVN and that such activity falls within the regulatory framework provided by the Central Bank of Nigeria Act of 2007 and the Banks and Other Financial Institutions Act (BOFIA) of 2020.

The judge emphasized that the BVN system serves a vital public interest and does not infringe upon individual privacy rights. The ruling dismissed previous objections raised by various groups, noting that NIBSS’s mandate to manage the database is both constitutional and statutory.

The court also issued a perpetual injunction restraining any individual, group, or institution from challenging NIBSS’s authority to oversee the BVN database, effectively reinforcing the role of the company in securing and streamlining Nigeria’s financial identity system.

This decision is expected to strengthen regulatory efforts aimed at combating financial fraud and enhancing transparency within the banking sector.

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Statistics from the Nigeria Inter-Bank Settlement System (NIBSS) show that N52.3 billion was lost to fraud in 2024 alone.

Fraudsters attempted to steal N86.4 billion in 2024, highlighting growing financial crimes despite increased digital transaction security measures.

NIBSS noted that fraud losses have risen alongside the expansion of digital financial transactions within Nigeria’s banking sector.

Fraudsters used various tactics, including withdrawing funds to gift cards and opening accounts with stolen identities.

Over N400 million was received in accounts opened using stolen identities of senior citizens, minors, and foreigners.

NIBSS confirmed some stolen funds were recovered, and implicated bank staff are currently under investigation.

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The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso announced this during a parley with members of the Nigerian community on the sidelines of the World Bank and IMF meeting in Washington D.C United States.

According to Mr. Cardoso, the initiative is part of efforts to ensure that Nigerians irrespective of their location anywhere in the world can participate in the Nigerian economy without any hassles and diversify their businesses.

“The launch of the non-resident BVN platform by NIBBS will enable enhanced KYC processes remotely making it more convenient and cost-effective for the diaspora to engage with the Nigerian banking system. This initiative in collaboration with our banks marks a significant step toward greater financial inclusion and accessibility as we continue to roll out innovative solutions.” 

Currently, Nigerians living in the diaspora must register with OIS Services, VFS Global or Avantech services which are only available in a few locations in selected countries and get their BVN done. Also, getting BVN from these platforms which are licensed by the NIBSS comes with a $45 fee. It is not known whether this new NIBSS platform will also carry a fee.

CBN’s efforts to increase diaspora remittances 

The CBN has been looking at integrating Nigerians in the diaspora into the Nigerian economy, especially the financial sector and receiving international remittance payments. In May 2024, the CBN granted preliminary licenses to 14 International Money Transfer Operators (IMTOs).

Earlier in the year, the apex bank had granted licences to 62 IMTOs to provide international money transfer services. These are part of efforts to discourage the utilisation of unofficial channels by diaspora Nigerians in sending remittances back home.

In 2023, Nigeria received $19.55 billion in international remittances- the highest in Africa during the period. However, there are reports that up to 50% of remittance inflow into the country comes through unofficial channels- a problem the current CBN leadership is looking to solve.

The CBN also confirmed monthly remittances through official channels using the international money transfer operators “IMTO” have risen to $600 million from $300 million. The apex bank targets $1 billion in monthly remittances.

SOURCE: Nairametrics.com

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Known as AfriGO, this domestic card scheme will power a new era of convenience and accessibility for Nigerians.

According to a statement from the Head of Corporate Communications of NIMC, Kayode Adegoke, the newly launched National ID card will incorporate verifiable identity features mandated by the NIMC Act No. 23 of 2007.

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This multifaceted card is designed to fulfill a range of needs, from proving identity to accessing government and private services, promoting financial inclusion, and fostering citizen empowerment.

To ensure eligibility for the card, individuals must be registered citizens or legal residents possessing the National Identification Number (NIN).

Built to meet international standards, the card will serve as the country’s default national identity card while also functioning as a debit or prepaid card, offering users flexibility in managing their finances.

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Moreover, the card will facilitate access to various government intervention programs, addressing the needs of financially underserved populations. Stringent measures will be in place to safeguard cardholders’ personal data, aligning with data protection regulations and international standards on data security protocols.

Key features of the card include a Machine-readable Zone (MRZ) compliant with International Civil Aviation Organization (ICAO) standards, biometric authentication capabilities, and offline transaction capabilities for areas with limited network coverage. Additionally, the card will include essential information such as travel, health insurance, microloans, and subsidies for sectors like agriculture, transportation, and energy.

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Requests for the card can be made online, at commercial banks, participating agencies or agents, and NIMC offices nationwide, catering to both banked and unbanked individuals.

This initiative marks a significant step forward in leveraging technology to enhance identity management and financial inclusion across Nigeria.

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The data indicates a remarkable 140% increase compared to the N19.4 trillion transactions recorded in 2022 across mobile money platforms.

Notably, the volume of mobile money transactions also witnessed a remarkable uptick, soaring by 326% compared to the previous year. In 2022, the volume stood at 714 million transactions, while in 2023, it escalated to 3.04 billion transactions.

Driving Forces Behind the Surge

The surge in mobile money transactions can be attributed to various factors. Particularly, technical glitches experienced on banking apps early last year during cash scarcity prompted many Nigerians to adopt online banking, turning to mobile money operators for swift and seamless transactions.

The reliability and efficiency of transactions on these platforms further bolstered their popularity among bank customers.

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Moreover, enticing offers such as free transfers and cashbacks provided by operators like Opay and Palmpay have attracted a larger customer base, further propelling the surge in mobile money transactions.

Licensed Mobile Money Operators

Our Source reports that there are currently 17 companies licensed by the Central Bank of Nigeria (CBN) as Mobile Money Operators. These entities play a pivotal role in facilitating mobile money transactions, offering a convenient alternative for financial transactions. It’s important to note that while there are over 200 fintechs in Nigeria, only 17 are licensed as mobile money service providers.

These licensed companies include Abeg Technologies Limited, Opay Digital Services Limited (formerly Paycom Nigeria Limited), Palmpay Limited, and others.

However, it’s worth mentioning that not all the licensed companies are currently providing the service, and some possess additional licenses enabling them to offer other services in the payment ecosystem.

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The significant increase in mobile money transactions underscores the growing reliance on digital financial services in Nigeria, indicating a shift towards a cashless economy driven by technological advancements and changing consumer preferences.

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