Echotitbits – Nigeria News

Tag: financial inclusion

  • Presidency Targets 10 Million Citizens for Nationwide Financial Literacy Drive

    Presidency Targets 10 Million Citizens for Nationwide Financial Literacy Drive

    Reporting by the State House Press Office indicates that Vice President Kashim Shettima has officially launched a massive initiative to train 10 million Nigerians in financial inclusion and digital skills. The program, executed through the Presidential Committee on Economic and Financial Inclusion (PreCEFI), involves a partnership with six major professional bodies, including ICAN and CIBN. The goal is to equip women and youth with the tools needed to navigate the modern digital economy.

    The Vice President emphasized that Nigeria can only reap its “demographic dividend” if the population is financially literate and ethically grounded. By signing a Memorandum of Understanding with these professional institutions, the government intends to create certification pathways and mentorship platforms that will bridge the gap between rural populations and formal banking services.

    The initiative was further validated by Leadership Newspaper and Tribune Online. Leadership noted that the program is a response to “visible improvements in the economy,” while Tribune Online quoted the CEO of technical partner WAWU Africa, who stated, “We are ready to provide the digital platform to ensure no Nigerian is left behind in this wealth creation journey.”

    Echotitbits take: Financial literacy is a pre-requisite for the success of the government’s student loan and MSME credit schemes. If successful, this could significantly reduce the 40% unbanked rate in Nigeria. The challenge, as always, will be reaching the “last mile” in rural areas with poor internet connectivity.

    Source: Arise – https://www.arise.tv/fg-signs-mou-with-ican-cibn-others-to-train-10m-nigerians-on-financial-literacy/, February 3, 2026

    Photo credit: Arise

  • Nigerian Banks to Enforce Mandatory Tax ID for All Account Operations

    Nigerian Banks to Enforce Mandatory Tax ID for All Account Operations

    In an update published by Channels TV, Nigerian commercial banks have begun the full enforcement of mandatory Tax Identification Numbers (TIN) for both new and existing account holders. This policy, which stems from the new tax reforms, requires every individual and business to link their bank accounts with their tax records. Failure to comply will result in restricted access to banking services, including transfers and withdrawals, as the government seeks to widen the tax net and track illicit financial flows.

    The Central Bank of Nigeria (CBN) and the FIRS have collaborated on a unified platform that allows for real-time verification of tax IDs. Bank officials have urged customers to update their records immediately to avoid being locked out of the financial system. The policy is also aimed at identifying high-net-worth individuals who have previously evaded taxes while moving large sums of money through the banking sector.

    The enforcement was also documented by The Nation and Vanguard. The Nation reported that “banks have seen a surge in customers visiting branches to link their TINs,” while Vanguard noted that “the move is expected to significantly boost the government’s non-oil revenue.”

    Echotitbits take:

    This is the “no-escape” phase of Nigeria’s tax reform. By linking TIN to bank accounts, the government can now monitor income versus lifestyle in real-time. Watch for a rise in fintech usage and “under-the-mattress” cash holdings as some small businesses try to avoid the digital tax footprint.

    Source: Facebook – https://web.facebook.com/ReportYourself/posts/nigerian-govt-set-make-tax-identification-number-mandatory-for-bank-accounts-fro/1421006479380864/?_rdc=1&_rdr#, January 31, 2026

    Photo credit: Facebook

  • CBN Pushes Banks: FirstBank ATMs to Accept International Cards

    CBN Pushes Banks: FirstBank ATMs to Accept International Cards

    Photo Credit: The Punch
    2025-12-25 09:15:00

    In an update published by The Punch, FirstBank says its ATMs will be enabled to accept international cards in line with a Central Bank of Nigeria (CBN) directive, a step aimed at improving foreign-card usability for travelers and visitors. The bank said the change is part of broader compliance work across Nigeria’s payment infrastructure.

    For customers, the biggest impact is convenience: foreign-issued cards should be able to withdraw cash (where permitted) and complete ATM transactions more smoothly, reducing friction for diaspora visitors and business travelers—especially during peak travel seasons.

    For banks and switching/payment processors, the directive implies backend reconfiguration, routing, and compliance checks to ensure international schemes work reliably across channels.

    Supporting reports show the regulator set deadlines and scope: Vanguard quoted the directive saying banks must “configure their ATMs to allow foreign cards” by “February 28, 2025,” while The Guardian reported the goal is for ATMs to accept “Visa, MasterCard, and other foreign cards.”

    Echotitbits take: This is a pro-diaspora, pro-tourism signal—but reliability is everything. Watch for early hiccups (declines, FX conversion disputes, downtime), and whether fees and FX spreads become the next consumer pain-point.

    Source: The Punch — December 25, 2025 (https://punchng.com/firstbank-atms-to-now-accept-intl-cards/)

    The Punch 2025-12-25

  • Regent Microfinance Bank Says MSME Lending Has Crossed ₦10bn in Total Disbursements

    Regent Microfinance Bank Says MSME Lending Has Crossed ₦10bn in Total Disbursements

    Photo Credit: The Punch
    2025-12-23

    Coverage from Punch says Regent Microfinance Bank says it has crossed ₦10 billion in cumulative lending to MSMEs, pitching the milestone as part of a push to narrow Nigeria’s credit gap.

    The report suggests the lender pairs credit with advisory support and repayment flexibility to help small businesses survive inflation and weak demand.

    For MSMEs, the key test remains conditions—pricing, tenor, and speed of disbursement—especially as working-capital stress persists.

    Punch framed the milestone: “By reaching the N10bn mark in disbursements…”. The Nation also reported the bank “has disbursed over N10 billion in cumulative loans disbursements…”.

    Echotitbits take: MSME lending is essential but default risk is high in this cycle. Watch for portfolio quality after Q1 2026 and whether borrowers get practical support like bookkeeping and inventory discipline.

    Source: The Punch — December 23, 2025 (https://punchng.com/regent-mfb-crosses-n10bn-msme-lending-milestone/)
    The Punch2025-12-23

  • Regent MFB Says It Has Crossed ₦10bn in MSME Loan Disbursements

    Regent MFB Says It Has Crossed ₦10bn in MSME Loan Disbursements

    Photo Credit: The Punch
    2025-12-23 09:00:00

    From a brief by The Punch, Regent Microfinance Bank says it has passed the ₦10 billion mark in cumulative MSME loan disbursements, positioning the milestone as part of its push to close Nigeria’s credit gap for small businesses.

    The bank frames the milestone as evidence that structured micro-lending—paired with advisory support—can help small enterprises scale beyond survival mode, especially amid inflation and weak consumer demand.

    For MSME operators, the bigger story is access: whether such disbursements translate to broader geographic reach, fair pricing, and sustainable repayment terms that don’t trap businesses in rollover cycles.

    It also reflects a sector-wide narrative: microfinance banks competing for relevance by tying credit to digital onboarding, supply-chain partnerships, and specialised products for traders and light manufacturers.

    Validation: The Nation reports, “Regent Microfinance Bank (MfB) has disbursed over N10 billion in cumulative loans disbursements to… MSMEs.” In Regent MFB’s own messaging, the milestone is presented as impact-driven: “By reaching the N10bn mark in disbursements, the bank reinforces its role as a catalyst for productivity…”

    Echotitbits take: The next thing to watch is asset quality. If repayment performance stays strong, MSME credit can scale responsibly; if not, we’ll see tighter lending and higher effective borrowing costs.

    Source: The Punch — December 23, 2025 (https://punchng.com/regent-mfb-crosses-n10bn-msme-lending-milestone/)
    The Punch 2025-12-23

  • World Bank moves to unlock $500m credit boost for Nigeria’s MSMEs

    World Bank moves to unlock $500m credit boost for Nigeria’s MSMEs

    Photo Credit: Punch / World Bank
    2025-12-18 09:00:00

    According to The Punch, the World Bank is moving to support Nigeria’s micro, small and medium businesses with a $500 million financing package aimed at widening access to credit and strengthening inclusive finance.

    The facility is framed around improving lending channels that actually reach MSMEs, especially where high interest rates and collateral hurdles keep firms outside formal credit.

    Verification: The World Bank’s project documentation describes objectives to “increase access to finance for micro, small and medium enterprises.” Business Insider Africa also reports an approved/advancing $500m package for MSMEs.

    Quotes: World Bank: “increase access to finance for micro, small and medium enterprises…” (documents.worldbank.org). Business Insider Africa: “approved a $500 million loan to Nigeria…”

    Analysis/Echotitbits take: MSMEs don’t just need money—they need cheaper, reachable money with clear pipelines. Watch the implementing institutions, eligibility rules, pricing, and whether funds reach real producers rather than being trapped in intermediaries.

    Source: The Punch — 2025-12-18 — https://punchng.com/world-bank-set-to-approve-500m-loan-to-support-nigerian-msmes/

    The Punch 2025-12-18

  • UBA Rolls Out ₦100m Vehicle Financing Scheme to Support Lagos Ride-Hailing and Commercial Drivers

    UBA Rolls Out ₦100m Vehicle Financing Scheme to Support Lagos Ride-Hailing and Commercial Drivers

    Photo Credit: Punch

    2025-12-17

    As reported by *The Punch*, UBA has unveiled a ₦100 million vehicle support/financing scheme in Lagos aimed at helping qualifying drivers access vehicles under structured repayment terms.

    The programme is positioned as a mobility and financial inclusion play—lowering entry barriers for commercial drivers while giving the bank a scalable consumer-credit product tied to income-generating assets.

    For participants, the big variables are affordability (interest, fees, insurance), vehicle quality, and the clarity of default rules—issues that have derailed similar schemes in the past.

    Other reporting on the same development includes:
    – BusinessDay: “Banks are expanding asset-backed lending as consumer credit demand grows.”
    – Nairametrics: “Driver-focused vehicle financing is returning as platforms seek more stable fleets.”

    Analysis/Echotitbits take: If the underwriting is data-driven (earnings history, telematics, repayments automation), this could be a model for MSME credit. Watch adoption rates, default performance, and whether other banks replicate it across other states.

    Source: The Punch — December 17, 2025 (https://punchng.com/drivers-benefit-from-ubas-100m-lagos-vehicle-scheme/)

  • PenCom flags low funding for personal pension plans, urges stronger contributions

    PenCom flags low funding for personal pension plans, urges stronger contributions

    2025-12-15 08:00:00

    According to The Punch, the National Pension Commission (PenCom) expressed concern that personal pension plan (PPP) accounts are poorly funded, citing low contribution levels relative to account openings.

    Punch reports the commission said the funding gap could weaken retirement outcomes and called for improved contributor discipline and broader pension awareness, especially for informal-sector participants.

    The report adds that stronger compliance and product design could help scale voluntary pension savings and reduce old-age financial vulnerability.

    Analysis/Echotitbits take: Voluntary pension uptake is a key lever for Nigeria’s informal economy, but sustainability depends on regular contributions and trust. Watch for PenCom’s enforcement stance, incentives for contributors, and partnerships that make micro-savings easier.

    Source: The Punch — December 9, 2025

    The Punch https://punchng.com/unfunded-personal-pension-plans-worry-pencom/ December 9, 2025

  • Kaduna Opens 800,000 Bank Accounts as Financial Inclusion Surges

    Kaduna Opens 800,000 Bank Accounts as Financial Inclusion Surges

    Photo Credit:Punch Newspapers

    Kaduna State has recorded 800,000 new bank accounts as part of an aggressive financial‑inclusion drive targeting low‑income residents and informal‑sector workers. Authorities attribute the surge to mobile‑banking campaigns, agent networks and partnerships with microfinance institutions and fintechs.

    Officials say greater access to formal financial services is helping citizens save securely, receive government payments and access credit for small businesses. The initiative aligns with national inclusion targets and could serve as a model for other states seeking to bring more people into the formal economy.

    Source: Punch Newspapers – 12 Dec 2025

    2025-12-12 10:00:00 Punch Newspapers – 12 Dec 2025 2025-12-12