E-Financial
Africa Signs Digital Revolution in Public Procurement Declaration
Thirteen heads of Public Procurement Regulatory Authorities from Africa have signed a declaration committing to use innovative technologies in order to enhance public procurement processes in their respective countries.
The Digital Revolution in Public Procurement declaration was signed following a two-day Global Public Procurement Conference held in Washington DC from 18-19 September. The declaration set the basis for collaboration between the regional member countries of the Bank and the multilateral organizations on public procurement initiatives.
The meeting was hosted by the Inter-American Development Bank (IaDB) in collaboration with the African Development Bank.
Other participating institutions included the World Bank Group, the Asian Development Bank, the Caribbean Development Bank, the Inter-American Network on Government Procurement, the International Development Research Center, the Organization of American States, and the Open Contract Partnership.
Over 300 delegates from 83 nations attended the conference on behalf of several procurement agencies. Representatives from the Bank’s Fiduciary Services and Inspection Department (SNFI) led the African delegation to the event.
Acknowledging the disruptive influence of advanced technology on the procurement industry, the delegates affirmed the deepening capacity of technology to inject efficiency, effectiveness, competition and transparency into the procurement process. e-procurement solutions and systems are also enabling countries to achieve the best value for money.
The theme of the conference, ‘Towards the Digital Frontier’, set the tone for discussions about innovation and leveraging technology for public procurement and information sharing.
Participants shared insights on emerging e-procurement initiatives and policies, disruptive technology in public procurement, adopting and implementing new technologies, data management and strategic marketing for digital reform, amongst others.
In a separate discussion on the sidelines of the conference, representatives of the Bank and the African delegates also mooted the idea of establishing an African Public Procurement Network that would explore and seek to implement pan-African, regional and country-specific e-procurement initiatives.
Alexandre Meira da Rosa, Vice President for Countries at the IaDB welcomed delegates to the conference.
Saer Niang, representing the Procurement Regulatory Authority from Senegal, underscored the importance of African leaders in procurement meeting at such an international event.
“Africa is at the crossroads of development. This conference provides an important networking opportunity and is an eye-opener for many African countries in modernizing their procurement function,” he said.
While appraising their respective journeys to digitalization, the conference provided participants an excellent opportunity to share best practices and discuss the new technology issues reshaping the global and regional procurement landscapes.
The conference supports the Bank’s High 5 priorities. It also aligns with the new procurement framework of the Bank, which became effective as of 1st January 2016. The framework establishes technology innovation as the basis for modern procurement function amongst its member countries.
Emphasizing the commitment of the Bank to the continent’s electronic procurement journey, the Bank’s Lead Procurement Policy Officer, Ashraf Ayad said: “The African Development Bank’s new procurement framework encourages the application of new technologies and promotes the use of electronic procurement.
“Our countries in Africa are at different levels of adopting electronic Government Procurement and any other form of new information system, which will facilitate and make much more efficient countries’ procurement activities.”
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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