E-Financial
5 Great Ways Technology Has Influenced Banking
Haters of technology will unashamedly testify to the impact technology has had in the banking sector over the decades.
In Nigeria, the discrepancies between the so-called old generation and new generation banks are no longer there. Thanks to technology.
This is because many banks have invest millions to accommodate technology. Interestingly, if they don’t do this they will become irrelevant. But, at the end, they will still navigate towards tech. So, how has technology influenced banking? Here are 5 great ways.
Better Customer Service
Customer service in banks has improved. And with the CBN monitoring the activities of these 20 banks closely, they have to choice than to offer services that will make their customers happy. Many banks have embraced social media to interact with customers and help solve complaints.
Less Queues
In the past, you will be told to arm yourself with a mat when going to a Nigerian bank because of the long queues. Not that these queues have completely disappeared, they have significantly reduced to the barest minimum. Now, you can perform banking transactions on the internet or on mobile.
Withdraw And Send Money Anytime
With Automated Teller Machine all over, you can withdraw and send money at any time of the day. This also comes handy when you are stranded or have an emergency.
Cybersecurity And Data Protection
With banks recognizing the importance of technology to their services, they invested heavily on enforcing and reinforcing their cyber security and data protection. Jumia travel observed that the rate of cyber theft and data leaks have dropped in Nigerian banks. So, customers can perform online transactions without worries.
More Competition And Bigger Challenges
Technology has no doubt opened up the banking sector to competition which is one of the biggest changes. Almost all the banks in Nigeria have codes for mobile banking. In addition to this, offer incentives for you to bank with them. In fact, some of them call you if your account is dormant. This will never happen in the past.
E-Financial
Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme
“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.
MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.
Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.
The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.
The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.
E-Financial
CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering
Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.
The inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.
In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN, disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.
“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.
The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.
However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.
Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.
Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.
E-Financial
CBN Urges Banks to Expedite Action on Recapitalisation
Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.
Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.
The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.
Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.
“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”
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