Nigeria’s Financial Landscape Shifts

The Central Bank of Nigeria (CBN) has expanded the operational radius for Point of Sale (POS) agents from 10 to 70 meters, a significant change that addresses compliance challenges created by earlier restrictions. This move comes as POS transactions in Nigeria reached ₦10.51 trillion ($6.8 billion) in Q1 2025, demonstrating the critical role these agents play in the country’s digital economy.

The initial 10-meter rule, implemented to curb fraud by geo-fencing terminals, inadvertently constrained legitimate transactions as agents struggled to serve customers beyond a narrow radius. The CBN’s latest decision provides more flexibility while allowing time to develop more comprehensive solutions before the August 1 enforcement deadline.

I&M Bank Signals Regional Ambitions with Strategic Acquisitions

Meanwhile, Kenyan lender I&M Bank is making clear its commitment to becoming a regional financial powerhouse. The bank recently acquired the remaining stakes in its Tanzanian subsidiary for KES1 billion ($7.7 million), completing a transition from minority investor to near-wholly-owned operation.

This move follows years of strategic investment across East Africa, including expanding branch networks (opening 10 new branches in Kenya) and growing customer bases (reaching nearly one million customers). I&M’s Q1 2026 net profit jumped by 20.2%, signaling a maturing financial institution ready to compete on the regional stage.

The acquisition of PROPARCO’s stake—a common milestone for banks graduating from developmental finance support to self-sustaining growth engines—underscores I&M’s ambition to capture greater value from its expanding operations.