The Nigerian Postal Service (NIPOST) is undergoing a significant transformation, rebranding itself into a financial services powerhouse. This strategic shift is underpinned by the acquisition of International Money Transfer Operator (IMTO) and Super Agent licenses, signaling NIPOST's intent to offer a broader range of financial services to the Nigerian populace and beyond.

According to the Postmaster General and CEO, Tola Odeyemi, NIPOST is poised to revive its IMTO business, which had been dormant for eight years. This revival is part of a broader effort to bolster the agency's revenue streams and leverage its extensive nationwide network.

NIPOST aims to capitalize on these licenses, along with its foray into e-commerce, to significantly increase its revenue. In 2024, the service generated N10 billion, and there are ambitious plans to surpass this figure in the current year. Odeyemi emphasized that NIPOST's operations have been optimized to ensure robust service delivery, enabling the agency to generate more revenue for Nigeria.

The acquisition of the IMTO license involved renewing the license with the Central Bank of Nigeria and settling outstanding fines. With these regulatory hurdles cleared, NIPOST is now positioned to facilitate payments and remittances through bilateral deals with various countries. The agency is particularly focused on serving African countries, where many Nigerians face challenges with cross-border payments.

Odeyemi highlighted that sending money from Cameroon to Nigeria is currently more challenging than sending money from the US to Nigeria, underscoring the need for bilateral agreements to streamline these transactions. NIPOST has inked such deals with different countries.

In addition to its renewed focus on financial services, NIPOST is also implementing several innovations and strategies to enhance its overall operations. These include deeper integration with Nigeria’s e-commerce landscape, expanding digital services such as PostMoni, and leveraging the National Addressing System to boost financial inclusion and enhance security. Odeyemi has also called on the Nigerian Police to utilize the service's addressing guidelines to combat crime and improve emergency responses.

As part of its modernization efforts, NIPOST has announced that all post office counters nationwide will cease accepting cash payments from July 1, 2025. This move aligns with Nigeria’s broader push towards a digital economy and is part of a wide-ranging reform agenda themed 'Change of Renewed Hope Berths at NIPOST Shores.'

This initiative is designed to support President Bola Tinubu’s Renewed Hope Agenda and reposition NIPOST as a technology-driven, customer-centric service provider. NIPOST aims to provide Nigerians with a revitalized postal service that delivers superior service and embraces digital change. In a related move to improve revenue generation, NIPOST has set a deadline of February 2024 for unregistered courier and logistics enterprises in the country to complete registration and adhere to the organization's regulations, with enforcement measures planned for non-compliance.