Federal government has said that it has begun a revalidation exercise of the National Social Register in a drive to strengthen the ongoing conditional cash transfer programme designed to ameliorate the impact of economic reforms.

Up-to-date, a total of 2.3 million households have been confirmed and cleared for payment under the renewed scheme.

Abisoye Coker-Odusote, director general, National Identity Management Commission (NIMC), made this known at a recent press briefing held at the agency’s headquarters in Abuja.

The revalidation exercise comes amid concerns raised by the World Bank over the slow implementation of the cash transfer programme, which was launched in 2023, following the removal of petrol subsidy and unification of the foreign exchange market.

In its latest Nigeria Development Update report titled “Building Momentum for Inclusive Growth”, the global financial institution observed that only 37 per cent of the intended 15 million households, approximately 5.6 million had so far received payments two years after the programme was launched.

The World Bank had approved a $800m loan for the initiative, out of which $530m had been disbursed as of April 30, 2025.

The World Bank said, “Only 5.6 million households—around 37 per cent—have received at least one tranche of direct transfers. Further expansion of the programme remains dependent on biometrically verifying at least one adult member of the household with a foundational digital identity. Also, efforts to urgently provide support to the poorest and most economically at-risk households should be redoubled and expanded,” the bank noted.

Coker-Odusote, who is a member of the inter-agency task force managing the identity verification process for the programme, noted that the revalidation was being carried out under the National Social Safety Nets project to ensure that only eligible Nigerians benefit from the government’s palliative initiative.

“The Federal Government is currently conducting a revalidation exercise on the national social register under the National Social Safety Net, so that they are able to carry out the payment,” she said.

“As of Tuesday, we have been able to revalidate 2.3 million persons and will soon be able to start making the necessary payments. Our job is to ensure the number of people validated, and we are doing that in conjunction with other agencies to make sure that the money goes to the right people.”

She stressed the importance of accurate identity verification in delivering targeted interventions, noting that the exercise is rigorous to avoid misallocation of funds.

“We don’t want to pay people who no longer exist in this world. So, the right thing must be done, and I want to emphasise that.

“This is the reason for identity, ensuring there is a verifiable source of truth and identity credentials that you can use to validate the identity of someone, and that person can also use it to authenticate who he or she says, they are in real time,” she added.

As global financial fraud surges to over $485 billion in annual losses, Access Holdings PLC is setting a new standard in Africa’s banking industry through aggressive and strategic investment in technology aimed at combating the growing threat. With Nigeria’s financial sector experiencing a spike in digital fraud, particularly through mobile and online channels, Access Holdings has emerged as a front-runner in fraud prevention through innovation.

In 2024, Access Holdings, the parent company of Access Bank, recorded a landmark ₦193.5 billion ($120.5 million) in technology investments, a 147% increase over the previous year and the highest IT spend in Nigeria’s banking industry. This bold move has paid off significantly. The Group reported a 73% drop in fraud-related losses, falling from ₦6.15 billion in 2023 to just ₦1.64 billion in 2024.

“Our customers’ trust is our most valuable asset,” said Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings Plc. “In a world of rising digital risks, we have chosen to lead with innovation and resilience. Our sustained investment in cybersecurity, AI-driven fraud detection, and biometric authentication is delivering real results, and reinforcing confidence in our digital banking platforms.”

Globally, banks like JPMorgan Chase are increasing technology budgets to combat fraud, with a record $17 billion in 2024. Nigeria is not left behind. Among local peers, Access Holdings has demonstrated the strongest correlation between strategic tech spending and measurable fraud reduction.

Access Holdings’ investments include AI-driven transaction monitoring, biometric verification systems, enhanced core banking upgrades, and real-time fraud analytics, all designed to detect and respond to threats with speed and precision.

While digital innovation is expanding access to banking, it has also exposed customers and institutions to evolving threats. According to Nigeria Inter-Bank Settlement System (NIBSS) data, fraud incidents in the country jumped 112% from 2019 to 2023, underscoring the urgent need for systemic countermeasures.

Access Holdings’ proactive stance not only affirms its leadership in Nigeria’s digital banking landscape but also offers a compelling model for financial institutions across Africa looking to secure trust in an increasingly digital world.

Access Bank has partnered with global consultancy firm, Deloitte, to empower Small and Medium Enterprises (SMEs) in Nigeria with the knowledge and skills necessary to strengthen their operations and boost economic contribution.

Abiodun Olubitan, Group Head of SME Banking at Access Bank, speaking at the Business Clinic held in Lagos said that the initiative focused on enhancing SME access to finance, market opportunities, and business information.

With the theme ‘Building a Resilient, Profitable and Future-Ready Business in Nigeria’, Olubitan highlighted the significance of the Business Clinic, emphasizing that one of the three essential needs for SMEs is access to finance, information, and market opportunities.

She spoke further: “Access Bank aims to support SMEs not only with financial resources but also by providing valuable information. This includes expert guidance to navigate challenges, particularly during times of policy or economic shifts.”

Recognizing that each business faces unique challenges, she added that Access Bank has partnered with Deloitte, renowned for their expertise, to offer personalized one-on-one consultations for SMEs.

Olubitan elaborated on Access Bank’s commitment to supporting SMEs through various banking solutions, saying that the bank has created a dedicated group that focuses on entrepreneurs at different stages, from Nano and micro to medium-sized businesses, as well as larger corporations.

“Understanding that emerging businesses may not always have the capacity for substantial loans, Access Bank offers diverse financing structures. This includes collateral-free loans based on cash flow analysis, allowing businesses to access funds that align with their financial trends.”

Olubitan said that the initiative has been in place for several years, noting that the event was the second edition focused on providing physical consultation and a reflection of Access Bank’s the ongoing commitment to SMEs, to foster business growth and sustainability.

Rob Giles, Senior Banking Advisor for Retail Banking at Access Bank, stated Access Bank aims to make SMEs ‘finance-ready’, saying, “this means ensuring that businesses understand their operations, market dynamics, and the purposes for which they seek financing to foster growth.

“We prioritise lending that supports tangible growth rather than lending merely for the sake of it. Our financing strategies are designed to assist businesses in acquiring physical assets, such as retail spaces and machinery as well as offering short-term working capital to navigate trading cycles. We recognise the current high-interest rate environment and strive to ensure our lending enables sustainable income generation.”

Toluwalogo Odutayo, Partner in Tax and Regulatory Services at Deloitte, shared the firm’s dedication to making a positive impact on the community, saying “as SMEs are fundamental to Nigeria’s economy, contributing about 51 per cent of GDP, we believe it is essential to equip them for success. From our extensive experience, we have witnessed businesses flourish and others falter due to a lack of information and actionable insights.”