NIPOST Expands into Financial Services, Surpasses N10 Billion Revenue

The Nigeria Postal Service (NIPOST) has officially ventured into financial services after securing International Money Transfer Operator (IMTO) and Super Agent licenses.

This strategic shift comes after an eight-year hiatus, during which NIPOST was unable to operate in financial transactions.

Postmaster General Tola Odeyemi announced that the organization had renewed its licenses with the Central Bank of Nigeria (CBN) and settled outstanding fines, allowing it to resume operations. She emphasized that NIPOST is now set to facilitate cross-border payments, making it easier for Nigerians to send and receive money.

To strengthen its financial services, NIPOST has signed bilateral agreements with countries like Togo and Benin, aiming to resolve remittance challenges across Africa. Odeyemi acknowledged that sending money within the region has been more difficult than transferring funds from the United States to Nigeria, highlighting the importance of NIPOST’s intervention.

Beyond financial services, NIPOST is investing heavily in e-commerce and digital infrastructure. Odeyemi revealed that the agency exceeded N10 billion in revenue last year, thanks to digitization efforts and operational improvements. However, she believes this is only the beginning, with the potential for much higher revenue as NIPOST scales its services.

Looking ahead, NIPOST plans to modernize its operations, integrate with Nigeria’s booming e-commerce sector, and enhance the National Addressing System to improve financial inclusion and security. These efforts aim to transform NIPOST into a key player in logistics, payments, and digital commerce in Nigeria.