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AfDB Partners Launch E-Learning Program for African Financial Institutions

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The Trade Finance Division of the African Development Bank and the International Islamic Trade Finance Corporation (ITFC), have teamed up with the International Chamber of Commerce (ICC) to launch a Joint AfDB-ITFC Trade Finance E-Learning Program for African Financial Institutions.

This program will provide online post-training to about 500 trade finance staff of 200 local partner banks in more than 35 African countries over a three-year period. Part of the program will be funded by German international cooperation agencies (BMZ/GIZ) under the MFW4A Trade Finance Initiative, which aims to improve the understanding of the trade finance market in Africa, and promote sound financial sector policy, regulatory reforms and joint thematic research.

The initial phase of the program will deliver the Global Trade Certificate (GTC), a nine e-courses curriculum designed to sell, deliver and process global trade finance solutions, including Islamic (Trade) Finance courses. The Global Trade Certificate (GTC) is offered by the ICC Academy, the educational arm of the International Chamber of Commerce.

The partnership has two objectives. First, it will help local partner banks to strengthen their trade finance capacity, required to extend superior services to SMEs and local businesses clientele engaged in international trade.

Second, it is expected that the partner banks experiment and introduce more sophisticated trade finance products in line with the evolution of the market and the needs of their clients, including in the area of Islamic finance.

The skills acquired will contribute to reduce operational risks inherent in trade finance, to access untapped markets, diversify the product portfolios and improve the perception that global banks have about the capacity of local African banks to manage trade finance transactions.

Ultimately, the program will increase the volume of lending and contribute to reduce the trade finance gap, estimated at US$1.5 trillion with almost US$120 billion in Africa.

Leveraging trade as a catalyst for economic development can only be possible if Multilateral Development Banks work together alongside commercial banks, both at the financing and capacity levels.

According to a recent survey conducted by African Development Bank, one of the major constraints African banks face in growing their trade businesses is inadequate staff capacity in trade finance.

In this context, the beneficiary banks must possess the requisite infrastructure and skills required to absorb further financing, compete globally and capture the diversity and appetite of clientele for various products.

The training program is being implemented within the context of the Bank’s and ITFC strategic priorities to promote financial inclusion, private sector development and integrated trade solutions.

The International Chamber of Commerce via its education arm has a groundbreaking e-learning platform for trade finance practitioners. It delivers online certification and professional development services to meet the educational needs of banks, corporates, and other organizations at the forefront of international trade.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“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.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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.

 

 

 

 

 

 

 

 


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E-Financial

CBN Urges Banks to Expedite Action on Recapitalisation

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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.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

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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