NIPOST Rebrands into Financial Services, Gets License to Compete with Western Union, Others

• The Nigerian Postal Service (NIPOST) is rebranding into a financial services powerhouse, with IMTO and Super Agent licenses
• This was disclosed by the Postmaster General and CEO, Tola Odeyemi, who stated that it will start operating its IMTO business, which shut down eight years ago
• Odeyemi further stated that the service generated N10 billion in 2024 and hopes to surpass the record this year

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Nigeria Postal Service (NIPOST) has disclosed that it is ready to deliver financial services nationwide and beyond with its International Money Transfer Operator (IMTO) and Super Agent licences.

NIPOST hopes on these two services and its e-commerce move to shore up its revenue, which exceeded N10 billion in 2024.

NIPOST to revive its IMTO, Super Agent licenses

According to the postmaster general and chief executive of NIPOST, Tola Odeyemi, the service has renewed its license with the Central Bank of Nigeria and paid some fines to begin the delivery of financial services after eight years since the business shut down.

Odeyemi disclosed this during a Channels TV interview, stating that NIPOST has two licenses, a Super Agent license and an IMTO license, which shut down eight years ago.

She disclosed that NIPOST has inked bilateral deals with different countries to facilitate payments and remittances.

She revealed that NIPOST targets some African countries because of the population of Nigerians who face cross-border payment challenges.

The NIPOST boss revealed that sending money from Cameroon to Nigeria is more challenging than sending money from the US to Nigeria, stating that these are the reasons for the bilateral deals.

NIPOST generated N10 billion in revenue

She also stated the service netted a N10 billion revenue in 2024 and hopes to surpass the record this year, saying that NIPOST can generate more revenue for Nigeria because its operations have been optimised to ensure robust service delivery.

Odeyemi reiterated several innovations and strategies, including deeper integration with Nigeria’s e-commerce landscape, expanding digital services such as its PostMoni, leveraging the National Addressing System to boost financial inclusion and enhance security.

She asked the Nigeria Police to leverage the service addressing guidelines to combat crime and improve emergency responses.

NIPOST to stop accepting cash payments

Legit.ng earlier reported that NIPOST announced that all post office counters nationwide would stop accepting cash payments from July 1, 2025. 

The latest development is part of a wide-ranging reform agenda to modernise its operations and align with Nigeria’s digital economy. 

In a statement on Monday, May 6, 2025, NIPOST's director of corporate communications, Franklin Alao, said the reforms are being rolled out under the theme 'Change of Renewed Hope Berths at NIPOST Shores.' 

The initiative is part of the agency’s effort to support President Bola Tinubu’s Renewed Hope Agenda and reposition itself as a technology-driven, customer-centric service provider. 

It assured Nigerians of a revitalised postal service that delivers superior service and embraces digital change.

NIPOST sets deadline to crack down on unregistered courier firms

Legit.ng earlier reported that NIPOST has set a deadline of February 2024 for unregistered courier and logistics enterprises in the country to complete registration and adhere to the organisation's regulations.

The postal service emphasised that failure to comply with the regulation will result in enforcement measures.

This development comes in the wake of NIPOST's prior declaration to initiate the implementation of postcodes and the Address Verification System (AVS) to tackle the issue of fraudulent addresses and enhance security measures.

Source: Legit.ng