Hola,
Victoria from Techpoint here,
Here’s what I’ve got for you today:
Banks told to account for deductions or face sanctions
The Nigerian House of Representatives just dropped a serious summons: the CEOs of GTBank, Zenith Bank, and Access Bank have been ordered to show up in person before the investigative panel headed by Speaker of the committee Kelechi Nwogu. The issue? Allegations that the banks have been making unauthorised deductions from the accounts of civil servants, public employees, and other customers. No proxies. The big bosses themselves must come.
Nwogu didn’t hide the seriousness. He warned that these CEOs cannot just send a representative. “You cannot appear here without an identity,” he said Tuesday in Abuja. The panel needs hard answers and expects full accountability from the top, no exceptions. And those banks have just four days to hand over all relevant documents before the next hearing scheduled for Wednesday. Failure to comply could bring sanctions.
This step shows just how urgently the House wants to get to the bottom of what many Nigerians have complained about: mysterious charges on payrolls and savings, especially affecting public-sector workers. The probe doesn’t stop at the banks. The panel is also looking at institutions like the Ministry of Finance, the Office of the Accountant General, and the Economic and Financial Crimes Commission (EFCC). Together, they’ll review deductions, remittances, and compliance documentation to see if anyone handled transactions unlawfully.
For bank customers, this investigation could be a real turning point. Many people who’ve seen unexplained withdrawals may finally get clarity on whether those deductions were legitimate. For the banks, it’s a make-or-break moment: cooperate and rebuild trust or face regulatory heat, potential sanctions, and reputational damage. Either way, the spotlight is firmly on top-level accountability.
Word on the block is that the House isn’t just playing politics. This is about protecting ordinary Nigerians and cleaning up what some view as rampant billing abuses. With demand for transparency in Nigeria’s financial industry already high, what happens in the coming days could shape how banks handle clients’ accounts for years to come.
Tribunal dismisses all claims against Kuda
An employment tribunal in the UK has cleared Nigerian fintech company Kuda of all the discrimination and unfair dismissal claims brought against its former Chief People Officer, Rosemary Hewat. The case, filed in February 2025, accused the company of treating her unfairly, sidelining her because of her gender, and firing her without proper cause.
The dispute centred on events from 2023 to 2024, where Hewat said she faced public humiliation, a toxic work environment, and unequal access to stock options. But after reviewing evidence from both sides, the Tribunal ruled that none of the claims held up.
One of the big allegations was that senior leaders made derogatory comments about her background during a company retreat. The Tribunal said that didn’t happen, adding that the CEO’s comments at the event were linked to travel and accommodation issues, not hostility. It also dismissed a claim that she was told to “make a colleague like her,” saying it was part of a general conflict-resolution effort across the team.
On the stock option issue, Hewat said she was promised a better strike price similar to what a male colleague received. The Tribunal found that the paperwork clearly reflected a Series B strike price and that there was no proof she was misled. It also noted that the male colleague’s revised option terms were tied to his role in fundraising, not gender.
Hewat also argued that her dismissal was retaliatory, especially after she raised concerns internally. The Tribunal disagreed, saying her role was removed during an organisation-wide restructuring aimed at cutting costs. On the confidentiality breach she complained about, the Tribunal concluded that the likely source of the leak was actually Hewat herself.
MTN to hike contract prices above inflation in 2026
MTN South Africa is gearing up to bump up its contract prices again from February 2026, and customers are in for a sharper rise than the economy suggests. If you’re on a contract — meaning you’ve signed up for a 12- or 24-month deal with a fixed monthly package — expect your bill to climb by about 5.4% on average, with some of the actual subscription charges jumping even higher. With national inflation sitting at just 3.6%, MTN’s hike is well above the trend, so most customers will definitely notice the extra hit to their monthly budget.
The big story is not the blended increase, but what’s driving it. MTN is lifting subscription charges by almost 10% on average and out-of-bundle voice rates by 8%. Other parts of the bill, like device instalments, insurance, value-added services and add-on bundles, stay the same. So the 5.4% figure is essentially a softened average, balancing steep jumps in service costs with flat charges elsewhere.
MTN says the hikes are unavoidable because its operating costs are climbing faster than inflation, blaming rising electricity bills, infrastructure vandalism and ongoing network upgrades for pushing expenses up. For some customers, especially those on premium plans, the increases are significant. Sky Premium packages, for example, will rise by up to R200. Meanwhile, mass-market plans such as the Yellow family also get bumped, though some will receive extra minutes in return.
The increases cut across almost every family of MTN’s consumer post-paid products, including Mega Gigs, Mega Talk, mobile internet plans and home LTE/5G packages. Even mobile internet and home connectivity plans, which usually trigger the most customer complaints, are seeing noticeable changes. To soften the blow, MTN is adding more benefits and speed upgrades to selected plans, pushing a “more-for-more” approach rather than calling it a basic tariff hike.
What remains to be seen is how customers respond. With South Africans already under financial pressure and rivals aggressively fighting for market share, even loyal subscribers may consider downgrading, switching to prepaid or exploring alternative operators. MTN bets that extra value will keep people from leaving. The real answer will only emerge once the new prices hit bank accounts next year.
In case you missed it
- Why Microsoft, AWS, others may never build data centres in Nigeria
What I’m watching
- A Practical Guide to Taking Control of Your Life | Cate Hall | TED
- Some Nights – Stellenbosch University Choir
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Have a terrific Thursday!
Victoria Fakiya for Techpoint Africa
