CBN LIMITS CARD ISSUING, MERCHANT ACQUIRING MARKET SHARE FOR FINANCIAL INSTITUTIONS. (PHOTO).

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 CBN limits card issuing, merchant acquiring market share for financial institutions The Central Bank of Nigeria (CBN) has introduced new measures aimed at curbing market concentration in the country’s payments ecosystem, including limits on the market share operators can hold across card issuing and merchant acquiring services. Card issuing refers to the provision of payment cards to customers, while merchant acquiring involves processing card payments on behalf of businesses. In a circular signed by Rakiya Yusuf, director of the payments system supervision department, on Monday, the apex bank said the measures are aimed at addressing concerns over market concentration, operational dependence, systemic importance and the localisation of payment transaction data. The CBN said rapid growth in electronic payments and digital financial services has increased the market presence of some operators, raising concerns about competition and resilience in the sector. “Accordingly, the CBN he...

WHY SOLUDO'S WAR ON FAKE PASTORS MATTERS. (PHOTO). #PRESS RELEASE.


 Why Soludo's War on Fake Pastors Matters


By Stella Obi 


For too long, fake pastors have hidden behind the cloak of religion to exploit the hopes, fears, and vulnerabilities of unsuspecting Nigerians. In Anambra State, however, Governor Chukwuma Soludo's administration has drawn a clear line, declaring that faith must never be used as a tool for deception, exploitation, or criminality. His decision to clamp down on fake pastors is a timely intervention against a growing menace that has impoverished innocent people, undermined genuine religious institutions, and contributed to social decay.


Religion occupies a central place in the lives of many Nigerians. For millions, churches are places of hope, guidance, and spiritual renewal. Unfortunately, some individuals have taken advantage of this deep religious devotion by masquerading as men of God. Through false prophecies, fabricated miracles, and promises of instant breakthroughs, they prey on the fears and frustrations of vulnerable people seeking solutions to life's challenges.


The consequences of these fraudulent activities extend beyond financial exploitation. Fake pastors often encourage blind dependence on miracles instead of hard work, education, and responsible decision-making. Such actions not only damage the credibility of genuine religious leaders but also weaken public trust in religious institutions.


The government's responsibility is not to regulate faith or dictate religious beliefs, but to ensure that individuals who use religion as a cover for unlawful activities are held accountable under the law.


Many fake pastors flourish because of widespread poverty, unemployment, and the desperation of people searching for quick solutions to difficult circumstances. Therefore, alongside legal measures, there is a need for sustained public enlightenment campaigns. Citizens must be educated to distinguish genuine religious teachings from manipulative practices designed to enrich a few individuals at the expense of many.


Religious organizations also have a critical role to play. Churches and faith-based bodies must strengthen internal accountability mechanisms and discourage practices that prioritize material gain over spiritual growth. Genuine religious leaders should lead the campaign to restore integrity and public confidence in the faith community.


Governor Soludo's actions may not eliminate fake pastors overnight, but they represent a bold and necessary step towards protecting citizens and preserving the sanctity of religion.


The fight against religious fraud is not the government's responsibility alone; it is a collective duty that requires the cooperation of religious institutions, community leaders, and the public. Faith should inspire hope and moral transformation, not serve as a tool for deception and exploitation.

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