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Naira Crisis: Nigerians turn to Payment Service Providers as bank networks fail

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A cross-section of Nigerians have turned to Payment Service Providers, PSPs, as electronic transactions and other payment processes carried out by commercial banks have been epileptic as the Naira scarcity bites harder.

According to a report by the News Agency of Nigeria, NAN, most of the customers who complained noted that recently, online services from commercial banks have been disappointing thus their reason for migrating to the PSPs.

The PSP is a new banking category that operates on a smaller scale without credit risk and foreign exchange operations.

They offer current and savings account types, payments, and remittance services, and also issue debit and prepaid cards, for their customers.

They have also been licenced to deploy Automated Teller Machines (ATMs) and other technology-enabled banking services like end-to-end electronic payment solutions to stakeholders within the financial industry.

Some of the PSPs the customers migrated to include Opay, PalmPay, Kuda bank, etc.

Recently, commercial banks have been accused of not doing enough to strengthen their electronic transactions, a situation that has been seen to frustrate bank customers ever since the FG started implementing the Naira redesign policy.

The policy has made Nigerians rely more on online financial transactions due to limited cash in circulation.

According to the Vanguard, the National Association of Telecom Subscribers (NATCOMS), an advocacy group, also joined to call out the commercial banks blaming them for all failed and unsuccessful financial transactions.

Recall the CBN had released a list of Payment Service Providers (PSPs) licenced under categories like Card/Payments Scheme, Mobile Money operator, Switching and Processing, Payment Solution Service Provider (PSSP) Authorisation, Payment Terminal Service Provider (PTSP) and Super-Agent authorisation.

Seven companies including three Line Card Management Ltd, American Express International, Mastercard International (Mastercard), Payattitude, and UnionPay International were licenced under the card/payments scheme.

The CBN also approved licences to 15 companies including Chams Mobile, Etranzact International Ltd, Fortis Mobile Money Ltd, Digital Services Ltd, Pagatech Ltd., Palmpay Ltd. Parkway Projects Ltd, Mkudi Ltd, NowNow Digital Services Ltd., and Paycom Nigeria Ltd. for the mobile money operator scheme

Nine companies also received licences under the Switching and Processing category while 30 companies were licenced under the Payment Solution Service Provider (PSSP) Authorisation.

15 companies received licenses under the Payment Terminal Service Provider (PTSP) and 16 companies were licenced under the Super-Agent authorisation scheme.

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Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS

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The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.

The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.

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Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers

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The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.

This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.

The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.

Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.

“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.

“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.

“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”

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Allegation of missing fund untrue, says Access Bank

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Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.

The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.

“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.

“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.

“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.

“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.

“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.

“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.

“We remain committed to serving our customers.”

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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