Economy
Digital Banking Growth Leaves Hundreds of Nigerian Communities Reliant on PoS Agents
By Rukevwe odeh
Nigeria’s accelerating shift toward digital financial services has transformed the way millions of people access and manage money. However, despite the impressive growth in fintech innovation, mobile banking, and electronic payments, a significant portion of the country remains underserved by formal banking infrastructure.
Across more than 300 local government areas (LGAs), residents continue to depend heavily on Point-of-Sale (PoS) agents for basic financial transactions, highlighting a widening gap between digital progress and financial inclusion. While urban centers benefit from expanding banking networks and digital payment solutions, many fast-growing rural and semi-urban communities lack bank branches, ATMs, and other essential financial services.
The rise of PoS operators has helped bridge this gap by providing cash withdrawals, deposits, fund transfers, and bill payment services in areas where traditional banking facilities are scarce. For many Nigerians, these agents serve as the primary link to the formal financial system, especially in communities where traveling to the nearest bank can require significant time and transportation costs.
Industry experts warn that the rapid adoption of digital finance risks creating a new form of economic exclusion if supporting infrastructure fails to expand alongside demand. Although digital transactions continue to grow across Nigeria, millions of citizens still face challenges such as poor internet connectivity, limited smartphone access, unreliable electricity supply, and inadequate banking presence. These obstacles prevent many individuals and small businesses from fully participating in the digital economy. Recent discussions around financial inclusion have emphasized the need to ensure digital transformation reaches underserved populations rather than leaving them behind.
The growing dependence on PoS agents has also raised concerns about transaction costs, cash shortages, fraud risks, and the sustainability of relying on informal banking alternatives. As the number of digital transactions increases, regulators have introduced new measures aimed at strengthening oversight of the agent banking ecosystem and improving service delivery.
Financial analysts argue that achieving true financial inclusion will require more than expanding digital payment platforms. Investments in banking infrastructure, telecommunications networks, digital literacy programs, and rural connectivity will be critical to ensuring that all Nigerians can benefit from the country’s digital transformation.
The Central Bank of Nigeria has set ambitious targets to increase financial inclusion in the coming years, with plans aimed at bringing more citizens into the formal financial system through improved payment systems and digital innovation. However, experts believe success will depend on addressing the infrastructure deficits that continue to leave many communities dependent on PoS agents as their primary source of financial services.
As Nigeria advances toward a more cashless economy, stakeholders stress that digital progress must be accompanied by equitable access. Without deliberate efforts to expand banking services into underserved regions, the benefits of financial technology may remain concentrated in urban areas, leaving millions of Nigerians on the margins of the country’s digital future.
Economy
Tantita, Partner Firm Support 20 Widows with ₦20 Million in Bomadi
By Rukevwe Odeh
Tantita Security Services Nigeria Limited has strengthened its community support initiatives by providing financial assistance totaling ₦20 million to 20 widows in Bomadi Local Government Area of Delta State.
The empowerment programme, carried out on Tuesday, was organized by the company through its Community Relations Department in collaboration with Tombraski Security Company. Beneficiaries were selected from the Tuomo and Bomadi communities.
The initiative forms part of Tantita Security Services’ widows’ empowerment programme, which is designed to improve the livelihoods of vulnerable women by providing financial support to help them meet their needs and pursue income-generating activities.
Company representatives said the programme reflects the firm’s ongoing commitment to community development and social welfare, particularly among disadvantaged groups in its host communities.Tantita, Tombraski Empower 20 Widows with ₦20m in Bomadi
The financial support was presented on Tuesday as part of the company’s widows’ empowerment initiative, aimed at improving the welfare of vulnerable women and promoting economic self-reliance in the benefiting communities.
The programme underscores Tantita’s continued commitment to community development and social investment across its host communities.
Economy
AfDB Raises Alarm Over Nigeria’s Growing Sanitation Challenge Amid Population Boom
By Divine Perezide
The African Development Bank (AfDB) has warned that Nigeria’s rapidly increasing population could deepen the country’s sanitation challenges unless urgent investments are made to improve urban sanitation infrastructure.
The warning was issued during the unveiling of Nigeria’s Urban Sanitation Diagnostic Report under the African Urban Sanitation Investment Initiative (AUSII) in Abuja. Participants at the event noted that only about 20 per cent of Nigerians currently have access to safely managed sanitation services, despite the country’s fast-growing population.
Experts projected that Nigeria’s population could surpass 400 million by 2050 and approach 500 million before the end of the century, a development expected to place greater pressure on cities, public health systems, the environment and economic growth if sanitation services are not significantly improved.
Speaking at the event, AfDB’s Division Manager for Water and Sanitation, Jeanne-Astrid Ngako, described Nigeria’s population expansion as one of the continent’s biggest urban development concerns. She stressed that the country’s priority should be ensuring residents have access to safe sanitation facilities as cities continue to expand.
Ngako urged governments at all levels, development partners, civil society organisations and the private sector to work together, describing urban sanitation as a critical national development issue rather than a sector-specific concern.
She acknowledged progress made by the Federal Ministry of Water Resources and Sanitation but said the report identified major shortcomings, especially in sanitation systems serving densely populated urban areas. According to her, relying solely on conventional sewer networks would not adequately solve Nigeria’s sanitation problems because such projects require huge investments and long implementation periods.
Instead, she recommended expanding the use of affordable on-site sanitation systems capable of serving rapidly growing urban and peri-urban communities more efficiently.
Also speaking, Director of Water Quality Control and Sanitation at the Federal Ministry of Water Resources and Sanitation, Jamilu Dan Habu, disclosed that while roughly 60 per cent of Nigerians have access to basic sanitation, only one in five enjoys safely managed sanitation services.
He added that hygiene service coverage stands at about 25 per cent nationwide. Sanitation facilities are available in only 44 per cent of schools, 15 per cent of healthcare centres and approximately 20 per cent of public spaces.
Habu explained that rapid urbanisation continues to outpace infrastructure development, leaving many cities with widening sanitation gaps. He noted that most households depend on on-site sanitation because sewer systems remain limited across the country.
According to him, the Federal Government has introduced several reforms, including the National Action Plan for the Revitalisation of the Water, Sanitation and Hygiene (WASH) Sector, while work is ongoing to review the National Policy on Water Supply and Sanitation to strengthen governance and improve inclusive sanitation services across Nigerian cities.
Economy
Dangote Refinery Explains Fuel Pricing, Cuts Petrol Cost by ₦50
By Rukevwe Odeh
Dangote Petroleum Refinery has defended its fuel pricing strategy following criticism over recent fluctuations in petrol prices, while announcing a fresh reduction of ₦50 per litre in its ex-depot price.
The company said the latest adjustment reflects changes in international crude oil prices and demonstrates its commitment to ensuring Nigerians benefit whenever market conditions improve.
According to the refinery, fuel prices are influenced by several factors, including the cost of crude oil, foreign exchange rates, logistics, and other operational expenses. It explained that price reviews are carried out in response to prevailing market realities rather than arbitrary decisions.
With the latest review, the refinery’s ex-depot price has been reduced by ₦50 per litre, a move expected to lower the cost of petrol at filling stations once marketers adjust their retail prices.
The company noted that all outstanding product orders that had not been loaded before the implementation of the new price would be recalculated using the revised rate, allowing customers to benefit from the reduction.
Dangote Refinery also stressed that it remains focused on maintaining a stable supply of petroleum products while promoting greater affordability for consumers across the country.
Industry observers believe the latest price cut could trigger further reductions in pump prices nationwide, although the final retail price will still depend on transportation costs, marketers’ margins, and other distribution-related expenses. The reduction follows a decline in global crude oil prices after easing geopolitical tensions in the Middle East, which have helped moderate energy costs internationally.
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