In a landmark move to enhance transparency and accountability in Nigeria’s digital and electronic banking sector, the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), ably led by its Acting National President, Dr. Obioha Oti, has expressed its appreciation to the House of Representatives for inviting it to participate in the recent Stakeholders’ Meeting with the Joint Committee on Digital and Electronic Banking. The meeting focused on implementing verifiable documentation for Point of Sale (POS) users and fund recipients, a critical measure aimed at strengthening Nigeria’s financial ecosystem.
The event, held at the National Assembly in Abuja, was chaired by Rt. Hon. Emmanuel Ukpong-Udo, Ph.D., Chairman of the House Committee on Digital and Electronic Banking. The session also included the active participation of Hon. Mohammed Bello El-Rufai, Chairman of the House Committee on Banking Regulations, alongside other distinguished House members, bank CEOs, executive directors, and AMMBAN national officers. Key industry players, including Moniepoint MFB, Palmpay, and Opay, contributed to the discussions, reflecting the collective commitment of stakeholders to secure and advance Nigeria’s digital payment systems.
During the meeting, the need for robust identification processes for POS users and recipients was emphasized as a means to combat financial fraud, identity theft, and unauthorized transactions. AMMBAN lauded the collaborative spirit of the meeting, recognizing its potential to safeguard the integrity of digital transactions while fostering public trust in electronic payment platforms.
Dr. Obioha Oti underscored the importance of recognizing AMMBAN as a key stakeholder in the financial services industry, particularly regarding agency banking and mobile money operations, also known as the POS business. He emphasized that stakeholders, especially the Central Bank of Nigeria (CBN), should ensure that AMMBAN is involved in every decision that impacts the financial services sector. He further asserted that if the regulation of agency banking and mobile money services were entrusted to AMMBAN, the association possesses the capacity— in terms of its large membership base, administrative structures, industry experience, advanced technology, and skilled human capital— to ensure the effective regulation and growth of the sector.
Rt. Hon. Ukpong-Udo emphasized that implementing verifiable documentation aligns with the government’s broader objective of creating a safer and more transparent financial environment. He noted that enhanced verification processes would not only protect consumers but also boost investor confidence in Nigeria’s digital economy.
AMMBAN reaffirmed its commitment to supporting these regulatory advancements, recognizing that standardized documentation for POS transactions would further professionalize the industry, ensuring that mobile money and bank agents contribute responsibly to the nation’s financial ecosystem. The association pledged to collaborate with relevant authorities, including security agencies, to streamline the verification process, ensuring compliance among its members while maintaining efficient service delivery.
This stakeholders’ meeting marks a pivotal step toward securing Nigeria’s digital banking landscape, positioning the nation as a leader in financial innovation and inclusion. As digital transactions continue to reshape commerce and daily life, initiatives like this will play a crucial role in safeguarding the interests of both consumers and businesses, paving the way for a more resilient and prosperous economy.
