Business
TSA Compliance: Group Wants ICPC To Probe MDAs
A non-profit initiative has urged the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to extend its ongoing probe of Ministries, Departments and Agencies (MDAs) to include their level of compliance to the Treasury Single Account (TSA).
The Africa Leadership Strategy and Transparency Development Initiative (ALSTDI) in a statement in Lagos yesterday by its Executive Director, Mr Nelson Ossaieze, also implored the Federal Government to explain its decision to transfer the burden of transacting with the TSA to the citizens.
This, ALSTDI said, was in line with international transparency best practices.
“It is indubitable that the implementation of the Treasury Single Account policy is one of the most significant achievements of the current Federal Government administration.
“This feat is despite the alleged non-compliance or partial compliance by certain MDAs and exclusion of foreign accounts from the scheme.
“Therefore, the need arises for the ICPC to openly investigate the level of adherence to the policy by MDAs in order to consolidate on the remarkable achievement of the policy thus far,” it said.
It noted that in November 2018, the Federal Government suddenly directed that the cost of operating the scheme should be transferred to the payers who were the citizens.
The group also said the change, according to the Accountant General of the Federation, was premised on the unsustainable nature of the cost of servicing the policy.
“Non-card payments to the government now attract a flat service charge of ¦ 157.50K and card payments now cost ¦ 150 plus 0.75 per cent of the amount being paid, subject to a maximum of ¦ 1,200 per transaction.
“Understandable as this appears, owing to the long-term impact on the nation’s economy, the lack of proper public sensitisation leaves much to be desired from the FG.
“Surprisingly, Nigerians are unaware of the policy change prior to the effective date.
“Reports indicate that the operators, like other players in the process, has this sudden reality forced on them.
“FG must bridge the inherent knowledge gap in the public space by embarking on a nationwide sensitisation campaign and highlight the long-term benefits rather than allow the current misinformation to linger,” it added.
ALSTDI, however said, it was aware that the current rate was lower than the global industry benchmark.
It also said that, the current economic realities of the country implied that such changes could not be made without proper and due consideration of the average Nigerian.
The body advised FG to assent the minimum wage bill, implement the 2009 agreement with the Academic Staff Union of Universities and other initiatives to significantly lessen the burden on Nigerians whilst sustaining the gains of the TSA.
It said: “Finally, we remain proud of the role played by the indigenous firms in delivering the TSA project in record-time when foreign companies can not deliver and for their patriotic successful sustenance of the TSA regime.
“SystemSpecs came to the rescue of the country when our economy was on the brink of a total collapse through its deployment of Remita to plug existing leakages in the public financial sector.
“Undeniably, SystemSpecs’ exceptional delivery of a project of national significance is proof of the maturation of indigenous firms hence must be celebrated and not vilified,” it added.
According to ALSTDI, FG is required to do more in promoting these firms and demystifying the TSA service charge will be a step in the right direction.
“In conclusion, as an African-focused Civilian Society Organisation, we entreat FG to make Nigeria proud.
“This can be by promoting and even exporting the TSA to other countries across the continent to promote probity and add to the ranks of TSA compliant nations like Rwanda and Uganda,” it added.
Business
Agency Gives Insight Into Its Inspection, Monitoring Operations
Business
BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS
The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.
In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.
NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.
Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.
A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.
However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.
The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.
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