By Elvis Eromosele
Nigeria is a cash-driven economy. Yet, today, when cash is needed, the default option isn’t the bank’s ATM but the nearest Point-of-Sale (POS) agent. ATMs, once the backbone of convenience banking, now sit idle, often empty, gathering dust, while POS agents offer the only real alternative for cash withdrawals. In a cash-driven economy, ATMs have become extremely unreliable for Nigerians needing cash.
This shift begs several critical questions. Are ATMs going out of fashion in Nigeria? Is the massive infrastructure investment in ATMs now a waste? And most importantly, why do ATMs rarely have cash since the infamous CBN naira redesign policy?
ATMs were once symbols of banking convenience. Their introduction in Nigeria in the early 1990s revolutionised cash withdrawals, offering 24/7 access to money without the hassle of entering a bank hall. However, the story changed drastically after the CBN’s naira redesign policy in late 2022. The move, which sought to limit cash circulation and encourage a cashless economy, led to a severe cash crunch. Even after the policy was reversed and old notes returned into circulation, ATMs never fully recovered.
While several factors contribute to the near-death of ATM cash availability in Nigeria, the CBN’s cash policy hangover tops the list. The cash scarcity that began with the naira redesign created a shift in how banks handled cash distribution. Even after the policy softened, many banks still operate under the mindset of cash rationing, and ATMs remain dry.
Secondly, running an ATM is expensive. Each machine requires regular cash loading, security, power supply and maintenance. With the high cost of diesel and frequent power outages, keeping ATMs functional has become a burden for banks. Many banks prefer to direct customers to digital transactions or POS agents reducing the need for constant ATM maintenance.
Another reason is that ATMs are prime targets for fraudsters and criminals. Cases of card skimming, machine tampering and outright vandalism have discouraged banks from investing in more ATMs. It appears easier, safer and maybe more convenient to work with POS agents, who assume the risk of handling cash.
In addition, POS businesses have exploded across Nigeria, filling the cash withdrawal gap that ATMs once occupied. With over 1.6 million POS terminals in the country, these agents are more accessible than bank ATMs. Banks themselves appear to encourage this shift by supplying POS agents with cash, while ATMs remain empty.
Furthermore, reports indicate that many banks struggle with logistics, making it difficult to restock ATMs efficiently. Poor cash management strategies, delayed cash deliveries and a lack of urgency in ATM restocking contribute to the ongoing crisis.
Yet, considering the millions of naira invested in ATM deployment, maintenance and security, the decline of ATMS feels like a massive waste of resources. Many banks invested heavily in ATM infrastructure over the years, only to see the machines fall into disuse.
So, while ATMs may not be entirely obsolete, their role has significantly diminished. Digital banking and mobile money are rapidly replacing the need for physical cash withdrawals. It is no surprise therefore to see banks now focusing on mobile transactions, transfers and QR code payments rather than cash-based transactions.
But all hope is not yet lost. To restore ATMs to their former usefulness and balance the cash distribution system, things must be done differently.
The CBN, for one, should enforce a policy that ensures banks prioritize ATM cash supply. So, just as they provide cash to POS agents, banks should be required to maintain a minimum level of cash availability in their ATMs.
Banks can also explore solar-powered ATMs to cut operational costs, especially in areas with poor electricity supply. Additionally, introducing deposit-taking ATMs, which allow customers to withdraw and deposit cash simultaneously, could improve liquidity and reduce the frequency of cash restocking challenges.
Moreover, improved security measures, including surveillance cameras, fraud detection software and real-time tracking can reduce ATM-related crimes and encourage more banks to keep their machines functional. Aside, many Nigerians now see POS agents as the only viable cash source but their withdrawal charges are a real burden. The CBN and banks should regulate these to ensure affordability.
ATMS may not disappear completely, but their role would undeniably continue to shrink. Digital transactions, mobile banking and fintech solutions are taking over. As Nigeria moves towards a more cashless economy, ATMs may transition from being the primary cash dispenser to backup options for emergencies.
For now, though, the frustration remains. The days of walking up to an ATM and effortlessly withdrawing cash seem long gone. And unless major reforms take place, the trend of empty ATMs will continue, leaving Nigerians with no choice but to pay extra at POS stands.
In the end, the real question isn’t whether ATMs are going out of fashion; it is whether banks and regulators are willing to fix the system or let ATMs fade into irrelevance.

Eromosele, a corporate communication professional and public affairs analyst, wrote via: [email protected]

The nascent growth in the Nigerian private sector seen at the end of 2024 was sustained into the first month of 2025, with new orders and business activity each continuing to rise.

Moreover, there was a large improvement in business confidence while firms expanded employment, purchasing and inventories. Although input costs and output prices continued to rise rapidly, respective rates of inflation were much slower than seen in December.

The headline figure derived from the survey is the Stanbic IBTC Purchasing Managers’ Index (PMI). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

The headline PMI posted 52.0 in January, down from 52.7 in December but still above the 50.0 no-change mark and therefore signalling a second successive monthly improvement in the health of the Nigerian private sector. Business activity rose solidly in January, after having returned to growth in December. That said, the rate of expansion eased from the previous month. Activity increased across three of the four monitored sectors, the exception being wholesale & retail.

Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank commented: “Nigeria’s private sector activity sustained its improvement in January 2025, albeit lower than levels seen in December 2024. We note an increase in both output (53.7 vs December 2024: 54.8) and new orders (52.6 vs December 2024: 53.2) although slightly weaker than that seen at the end of 2024, on account of improving customer demand and more willingness to commit to new projects.

Given the rising new orders, companies took on additional workers in January – representing the second month running in which this has been the case. “Elsewhere, input prices increased at a slower pace while the pace of increase in output prices is the slowest since July 2024.

Headline inflation averaged 33.18% y/y in 2024 from an average of 24.52% y/y in 2023 mostly driven by significant FX depreciation; renewed petrol price increases in line with full petrol price liberalisation; structurally low food supplies exacerbated by high extreme weather conditions; and increased food demand, especially during the festive season.

We expect a moderation in the inflation rate in 2025 although the pace of the moderation is only likely to be faster in late Q3:25. Notably, we expect headline inflation to average 30.5% y/y in 2025 and end the year at 27.1% y/y.

“In 2025, we project the non-oil sector to grow by 3.2% y/y from an estimated 3.0% y/y in 2024. Growth is likely to pick up across manufacturing and trade, while ICT and finance & insurance should continue to play a big role in economic performance.

However, agriculture will likely still lag its long-term average amid lingering internal security challenges, high input costs, and extreme weather conditions. Within the manufacturing sector, cement, food and chemicals & pharmaceutical products are key sub-sectors that have been exceeding the manufacturing sector’s growth since Q4:22.”

Signs of improving customer demand and a greater willingness among clients to commit to new projects supported the rise in output and also contributed to growth of new orders. As was the case with activity, new business increased for the second month running, but at a softer pace than in December.

Companies were also much more optimistic regarding the future in January, with business expansion plans and marketing activities set to support output growth over the coming year. Although remaining relatively muted overall, the uplift in sentiment seen at the start of the year was the largest since the survey began just over 11 years ago.

There were signs of inflationary pressures softening in January. Although rates of increase in both input costs and output prices remained elevated, in both cases the rises were much weaker than seen in December.

Overall input price inflation was the slowest since April 2024, while charges increased at the weakest pace in six months. Efforts to satisfy customer requirements in a timely manner led companies to expand their staffing levels, purchasing activity and inventory holdings at the start of the year. In each case, the rises were the second in as many months.

In particular, the accumulation of stocks of purchases was the most pronounced in just over a year-and-a-half. The attempts to get through projects quickly meant that firms were more successful in depleting backlogs of work, which decreased at a solid pace that was the most pronounced since June 2022.

Finally, suppliers’ delivery times continued to shorten amid good arrangements with vendors and prompt payments.

For his exceptional leadership and contributions to banking and finance, the Board Chairman of Fidelity Bank Plc, Mr. Mustafa Chike-Obi, has been presented the Lifetime Achievement Award at the ThisDay Awards.

At a well-attended event featuring leaders across Nigeria’s public and private sectors, the erudite banking professional joined a host of awardees who were recognized for their leadership across various sectors of the economy.

Lauding the event organisers for the recognition, Chike-Obi said: “This is one of the proudest moments of my life. I thank the ThisDay team, led by the ebullient Prince Nduka Obaigbena, for this award and I wish them every success as they celebrate three decades of impactful reporting.”

Also honoured in the Lifetime Achievers category of the ThisDay Awards were Atedo Peterside, founder of Stanbic IBTC Bank; Mohammed Hayatu-Deen, founder of Alpine Group; and Maiden Ibru, Chair and Publisher of the Guardian Newspaper.

Themed, “When the Going Gets Tough… The Tough Get Rewarded”, the prestigious award ceremony was held at Eko Hotels & Suites, Victoria Island, Lagos, to commemorate the 30th anniversary of Thisday Newspapers and the 12th anniversary of Arise News Channel.

Leading financial institution, Fidelity Bank Plc, has announced its selection as one of the partner banks for the Nigeria Youth Economics Engagement and De-Radicalization Programme (NIYEEDEP).”

NIYEEDEP (Nigerian Youth Economic Engagement and De-Radicalisation Programme), is an initiative of the Federal Ministry of Youth Development, in collaboration with the Nigerian Senate, through its committee on Sports Development. The primary aim of the initiative is to empower Nigerian Youths for economic growth and Development, nation-building, poverty alleviation and security.

Situating the NIYEEDEP partnership within the Bank’s strategy, Osita Ede, Divisional Head, Product Development, Fidelity Bank Plc explained, “We are delighted to partner with the Federal Government on this noble cause especially as it aligns with brand ethos of helping individuals to grow, inspiring businesses to thrive, and empowering economies to prosper. We believe that Nigeria’s youthful population is a blessing and initiatives like this will go a long way in unlocking the value in our teeming young population”.

Open to Nigerians between the ages of 18 and 35 years, NIYEEDEP is designed to create 6 million jobs focused on key sectors like agriculture, technology, and renewable energy.

Interested participants are required to visit https://bit.ly/Fidelity-NIYEEDEP to open a Fidelity Bank account to be able to access the programme.

“There are limited spaces for participants in the initiative, so I enjoin everyone to hurry to our website or the nearest Fidelity Bank branch to get started. Do remember to provide correct details so that we can provide necessary updates as the programme kicks off”, said Ede.

Ranked among the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank serving over 8.5 million customers through its 255 business offices in Nigeria and the United Kingdom, as well as through digital banking channels.

The bank has garnered multiple local and international awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards.

It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

The MD/CE, Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan presents the NDIC research publications to the Chief Judge of the FCT High Court, Honourable Justice Husseini Baba-Yusuf along with Honourable Justice S. C. Orji and Honourable Justice M. F. Anenih during the NDIC Management’s visit to the FCT High Court, Abuja.

With the transformative role of technology in education more critical now than ever, this year’s theme for the International Day of Education, “AI and Education: Preserving Human Agency in a World of Automation,” highlights the need for inclusive and technology-driven education systems.

According to UNICEF, Nigeria’s education system continues to face significant challenges, with the number of out-of-school children rising to 18.3 million. This alarming figure underscores the urgent need for targeted interventions to bridge systemic gaps and improve access to quality education.

Education is a thematic focus area for Sterling One Foundation, which in 2024 reached over 20,000 individuals directly and indirectly through impactful programs designed to address these challenges. Through its initiatives, the Foundation has empowered educators and students with STEM-focused tools that integrate innovative teaching methodologies, ensuring inclusive and equitable learning opportunities.

The Early Child Learning Advancement Project (E-CLAP) significantly improved foundational literacy and numeracy skills for over 2,000 children in underserved communities. Implemented across Kano, Lagos, Borno, and Oyo states, the program combines modern teaching tools with active community involvement to enhance learning outcomes.

Within six months, E-CLAP achieved measurable improvements by equipping teachers with culturally relevant and interactive teaching techniques that keep students engaged and motivated.

In the Northeast of Nigeria, where secondary and tertiary school representation has historically been low, Sterling One Foundation partnered with the Northeast Development Commission (NEDC) to implement the Accelerated Senior Secondary Education Programme (ASSEP).

This initiative addressed systemic educational challenges in the region by focusing on Science, Technology, Engineering, Mathematics, and Agriculture (STEMA). ASSEP trained over 720 teachers through online and in-person modules, providing over 15,000 students with STEM-focused resources, virtual reality-enabled learning tools, and tailored exam preparatory materials designed to improve WAEC, NECO, and JAMB exam outcomes.

In alignment with this year’s theme, the Foundation’s collaboration with CDIAL AI further expanded its impact through the Indigenous Multilingual Digital Literacy & Artificial Intelligence Hub, launched in Ajegunle, Lagos. This initiative empowered 174 learners with essential digital literacy skills, leveraging AI-powered tools in 13 native African languages. The project bridged education gaps and promoted inclusion in underserved communities by enabling learning in mother tongues.

Commenting on the importance of this year’s education theme, Olapeju Ibekwe, CEO of Sterling One Foundation, stated:

“The theme, ‘AI and Education: Preserving Human Agency in a World of Automation,’ underscores the urgent need to integrate technology responsibly while ensuring education remains inclusive and human-centred. At Sterling One Foundation, we recognise that achieving the Sustainable Development Goals, particularly SDG 4, requires accelerating efforts to bridge systemic gaps. By empowering educators and students with innovative tools and collaboration, we are building a future where quality education drives sustainable development and leaves no one behind.”

Sterling One Foundation’s impact is rooted in partnerships that enable scalable and sustainable solutions. Education remains fundamental to development, and to accelerate progress toward the Sustainable Development Goals, Nigeria and Africa must prioritise inclusive policies, embrace innovative approaches, and commit to collaborative efforts that address systemic challenges while ensuring equitable access to quality education for all.

Union Bank of Nigeria has kicked off its Save and Win Palli Promo 4campaign on a high note following the announcement of its first set of winners in its inaugural monthly draws.

The first live draw of this season, which took place at the Bank’s Head Office in Marina, Lagos, rewarded 60 customers with ₦100,000 each.

Additionally, 300 other winners went home with ₦50,000 worth of gift vouchers during the inaugural live draw, which was conducted transparently and digitally under the supervision of relevant regulatory bodies. The winners cut across the nation.

Speaking at the first monthly draw, Gloria Omereonye, Union Bank’s Area Business Executive for Lagos Island 1, stated:

“Union Bank is always dedicated to rewarding customers for their loyalty and financial discipline. We are pleased that our promo has continued to achieve its noble goals of providing succour to our customers through our gifts and rewards, especially in these economically trying times, while facilitating a sustainable savings culture for future goals and objectives.”

Save & Win Palli Promo is a nationwide campaign designed to reward both new and existing customers with cash prizes. Season 4, which began in December 2024 and runs until May 2025, offers customers the opportunity to win ₦131 million in cash prizes, Motorcycles, Tricycles, Fuel Vouchers, and a star prize of ₦5 million, which will be handed out to three lucky winners at the grand finale.

Open to new and existing customers, the Save and Win Palli Promo requires participants to save a minimum of ₦10,000 and perform a minimum of five transactions monthly to qualify for draws. Monthly winners can receive ₦100,000, while quarterly draws will reward lucky savers with Motorcycles, Tricycles, and other exciting prizes. Customers who save in multiples of ₦10,000 will increase their chances of winning.

New customers can join the promo by downloading the UnionMobile app to open an account or visiting any Union Bank branch.