Business
CBN Declares No Going Back on Cashless Policy, Says only 10% of Customers to Be Affected
The Central Bank of Nigeria on Friday said it would continue to implement the cashless policy in line with its mandate to ensure an efficient payment system.
The CBN Governor, Mr Godwin Emefiele, said this while briefing journalists shortly after the Monetary Policy Committee meeting.
He said that contrary to claims in some quarters that many Nigerians would suffer the negative impact of the policy, only about five to 10 per of bank customers would be affected.
The apex bank had in a circular to Deposit Money Banks stated that from Wednesday, September 18, it would impose three per cent processing fees on withdrawals and two per cent processing fees on lodgements of amounts above N500, 000 for individual accounts.
For corporate accounts, the apex bank in the circular said that DMBs would charge five per cent processing fees on withdrawals and three processing fee on lodgements of amounts above N3m.
The House of Representatives had on Thursday through a resolution directed the apex bank to suspend the policy.
But responding to the development, Emefiele said if the Nigerian economy was to compete effectively with those of developed countries, a payment system that encourages the use of non-cash channels was desirable.
He said that before the cashless policy was first inaugurated in 2012, a lot of stakeholder engagements were done to sensitise Nigerians on its benefits.
He said the policy was suspended in 2014 to allow more payment channels to be developed by Deposit Money Banks.
The governor said that since the policy was suspended, currency management cost had continued to increase year-on-year at an average annual growth rate of 33 per cent.
However, he said the bank had continued to provide alternative channels, adding that people had embraced it.
He said Point of Sale transactions had moved from N48bn in 2012 to N2.2tn while electronic transfer had moved from N3.8tn in 2012 to N80.46tn in 2018.
Emefiele said, “Since the policy was first launched, currency management costs have continued to increase year-on-year at an average annual growth rate of 33 per cent.
“Notwithstanding, electronic transactions have increased within the economy. We have provided alternative channels and people have embraced it.
“This is a strategic timing of these actions because on Monday, September 23rd, the mutual evaluation by GIABA (Inter-governmental Action Group Against Money Laundering in West Africa) on the country’s anti-money laundry and CFT (Combating Financing of Terrorism) regime will begin.
“Passing the mutual evaluation positions Nigeria as a safe and credible destination for financial transactions across the world.
“GIABA will be in Nigeria to access the rate at which Nigeria has embraced anti-money laundry and CFT regime. It is important that we display and show to them that Nigeria is indeed in conformity with their practices as enshrined in their anti-money laundry and CFA laws.”
The apex bank boss said if the CBN did not implement the cashless policy, credit cards owned by Nigerians might not be used abroad.
On the Value Added Tax, he said the MPC supported the decision of the Federal Government to increase the rate from five per cent to 7.5 per cent.
He said with Nigeria having one of the lowest VAT rate in the world, and faced with fiscal challenge, the best way to shore up revenue was to increase tax.
He said, “The MPC endorsed the increase in the VAT rate from five per cent to 7.5 per cent. The government has the responsibility to fend for everybody.
“In fending for everybody means that it has to spend money to provide infrastructure – roads, airports, different things that will improve the lives of its people.
“There are two ways through which government can fund these expenditures. It’s either it raises revenue or goes for debt. You all know that the government has been criticised that the debt stock is too high.
“You all know that government debt service ratios are too high. What that means is that your revenue is small because if your revenue is large, then your debt service ratios will be lower.”
He added, “If we say government should not borrow; then, government must raise revenue. If government must raise revenue and we think this is one way government can raise revenue to meet its obligation.”
Emefiele said while the decision to increase VAT might be painful to Nigerians, the benefit of such move far outweighed the cost.
On the Monetary Policy Rate, Emefiele said this was left unchanged at 13.5 per cent.
He explained that nine out of the 11 members that attended the meeting unanimously agreed to hold the monetary policy stance.
The governor said apart from the MPR that was retained at 13.5 per cent, the committee decided to hold the Cash Reserves Ratio at 22.5 per cent.
Also retained are the Liquidity Ratio, which was left at 30 per cent; and the Asymmetric Window which was left at +200 and -500 basis points around the MPR.
Explaining the rationale for the decision, he said the MPC felt compelled to review the options of whether to tighten, hold or loosen.
The Punch
Access Bank Plc, Nigeria’s largest retail bank, is set to unveil DettyFusion, an innovative all-in-one digital platform designed to help Nigerians at home and in the diaspora seamlessly discover, plan, and enjoy entertainment events during the upcoming Christmas and New Year festive season.
Billed as the first-of-its-kind entertainment aggregator in the country, DettyFusion will serve as a centralized hub where users can explore event calendars, purchase tickets, access exclusive discounts, participate in curated festive experiences, and make safe, seamless payments throughout the holiday period.
Speaking on the forthcoming launch, Access Bank’s Head of Mobility, Ishmael Nwokocha, said the platform was inspired by the bank’s commitment to enhancing customer experience during the highly anticipated Detty December season.
“Every December, Nigerians look forward to moments that bring joy, connection, and unforgettable experiences. The launch of DettyFusion will create a single gateway that makes it easier, safer, and more convenient for customers to enjoy the thrills of Detty December,” Nwokocha stated.
He added that the platform reflects Access Bank’s drive to deliver innovative lifestyle solutions that extend beyond traditional banking services. “DettyFusion brings together key features that meet the needs of today’s digitally active and experience-driven audience,” he said.
With this initiative, Access Bank continues to reinforce its position as a leading lifestyle enabler, supporting Nigeria’s creative sector while empowering customers to enjoy top-tier entertainment during the festive season.
With DettyFusion, Detty December just got smarter, more convenient, and even more rewarding.
Across Africa, women are fast becoming the heartbeat of economic transformation. From bustling open-air markets to high-tech boardrooms, women-led enterprises are redefining what is possible for the continent’s future.
Whether as market traders expanding their reach through digital platforms, tech founders scaling innovations across borders, or artisans turning local crafts into global brands, women’s contributions are now central to Africa’s economic resurgence.
Even as they break new ground, many still face formidable barriers. Access to finance, mentorship, business education, and supportive networks remains limited. Structural issues such as weak property rights, gender bias, and inadequate legal protections often hinder women from securing loans or expanding their businesses.
Consequently, many women-owned ventures remain small, informal, and vulnerable to economic shocks.
Recognising both the promise and the obstacles, Access Bank has positioned itself at the forefront of empowering women across the continent. Recently named Africa’s Best Financier for Female Entrepreneurs by the EMEA Finance Awards, the Bank has earned global recognition for its commitment to inclusion, innovation, and sustainable impact.
At the centre of this effort is the W Initiative, one of Africa’s most comprehensive women-focused banking programmes. Unlike conventional banking, it combines finance with mentorship, training, and community support, acknowledging that true empowerment requires more than access to capital. The initiative meets women wherever they are on their entrepreneurial journey, from start-ups to growing enterprises and corporate leadership.
The W Power Loan offers affordable credit with flexible terms, enabling women to invest in expansion, inventory, or technology. The W Academy provides leadership and business training on financial literacy, marketing, and regulatory compliance, while the W Community connects women to peers, mentors, and role models across industries.
Importantly, these offerings extend beyond urban centres. From microloans sustaining traders in rural markets to leadership programmes developing female executives in multinational firms, Access Bank’s approach is deliberately inclusive. By partnering NGOs, business associations, and government agencies, it reaches women in underserved communities, ensuring participation in Africa’s economic rise.
The results are evident. Thousands of women have accessed credit, training, and networks through the Bank’s initiatives, enabling them to launch and scale businesses, create jobs, and uplift their communities. The ripple effects are far-reaching: increased household income, improved family wellbeing, and greater economic resilience. Women who once faced daunting barriers now serve as role models and change-makers, inspiring others to follow their path.
Studies show that when women thrive, societies prosper. The World Bank and African Development Bank note that empowering women fuels GDP growth, improves health outcomes, and enhances social stability. By directly addressing structural gaps in access to finance and information, Access Bank helps to unlock this transformative potential.
Apart from supporting entrepreneurs, Access Bank promotes gender inclusion within its own organisation. Its leadership pipeline identifies and advances talented women, while mentorship and wellness programmes help female professionals thrive. The Bank also uses public platforms, from conferences to policy dialogues, to share success stories and advocate for gender diversity across sectors.
The EMEA Finance recognition thus goes beyond trophies and titles; it affirms that profitability and purpose can coexist. For Access Bank, supporting women’s advancement is smart economics. By embedding inclusion into its DNA, the Bank is shaping a financial ecosystem that views women as equal partners in progress.
Access Bank’s influence also extends into advocacy. Through forums, roundtables, and research collaborations, the Bank engages policymakers, civil society, and business leaders to identify and dismantle barriers facing women entrepreneurs. Its campaigns amplify women’s voices, spotlighting their achievements and driving conversations around inclusive growth.
In another demonstration of its commitment to corporate social responsibility, leading financial institution, Fidelity Bank Plc, has extended support to residents of the Makoko waterfront community in Lagos with the donation of boats, educational materials, food items and other essential relief items.
The donation was championed by the Achievers Inductees Class of 2025 under the Fidelity Helping Hands Programme (FHHP), the bank’s staff-led CSR initiative where members of staff identify areas of critical interventions in their communities, raise funds and receive matching support from the bank’s management to execute the projects.
Speaking on the donation, Divisional Head, Brand and Communications, Fidelity Bank Plc, Dr. Meksley Nwagboh, reaffirmed the bank’s dedication to supporting communities and fostering sustainable development.
“At Fidelity Bank, we believe that when communities thrive, businesses prosper. Our commitment goes beyond banking, it is about improving lives, supporting education, and creating opportunities for growth. This donation reflects our dedication to nurturing the next generation and contributing to a better, more sustainable future,” He stated.
Expressing appreciation on behalf of the community, the traditional leader of Makoko, Baale Shemede Emmanuel Ajakaekun, commended Fidelity Bank for its compassionate donation.
“We are grateful that Fidelity Bank came down here to support us. May their work continue to flourish, and may God lift them higher. We hope they will not forget us but come back again to support our people,” he said.
Similarly, the Proprietor, Part of Solution Orphanage, Nursery and Primary School, Shemede Taiwo, described the donation as life-changing for the children and residents.
“Many children here struggle to attend school because boats are expensive to build or hire. Fidelity Bank’s donation will make a huge difference in ensuring our children get to school safely and in ensuring the improved welfare of the residents of this community. We truly appreciate this gesture,” Shemede Taiwo said.
Through the Fidelity Helping Hands Programme (FHHP), the bank continues to empower communities across Nigeria by addressing key social issues in education, health, and welfare. The Makoko outreach comes off the back of a similar FHHP outreach to Old People’s Home in Yaba, Lagos, reaffirming Fidelity Bank’s commitment to the sustainable development that begins with genuine care for people and their environment.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
