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African Development Bank Delivers Strong Operational Results

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The African Development Bank is delivering on its goals and making good progress towards achieving its development and operational targets according to the 2018 Annual Development Effectiveness Review (ADER) (link is external), which was released at the Bank’s Annual Meetings in Busan, Republic of Korea.

Every year, ADER scrutinizes the Bank’s operational effectiveness and its organizational efficiency, using the Bank’s results measurement framework for 2016-2025. It brings together evidence of strengths and weaknesses to provide management with a clear understanding of what has worked well and what the Bank must do better to achieve its High 5 development goals.

“The report shows that the African Development Bank is delivering on its commitment to help Africa achieve the Bank’s High 5 priorities,” said Charles Boamah, Senior Vice-President. “The Bank continues to strengthen its effectiveness as an organization, while scaling up its operations.”

This year’s ADER has a special focus on industrializing Africa. “There are good reasons to be optimistic that industrialization is achievable in the coming years. Africa is open for business, with stable economies and supportive business environments,” said Bank President, Akinwumi Adesina. “It has a young and growing workforce that is increasingly global in outlook. Urbanization and the rise of the African middle class are opening up new consumer markets, which act as a magnet for investors.”

In 2017, companies had improved access to transport, energy, and skills, which expanded their ability to do business across the continent. The Bank contributed to these improvement: it provided 14 million people with access to transport – well above its target – while building or rehabilitating 2,500 km of roads in 2017 and also helped 210,000 small and micro businesses access finance, which benefitted 2.6 million people.

“This level of performance is promising, but we must continue driving operational delivery and impact,” said Simon Mizrahi, Bank Director for Delivery, Performance Management and Results.

The Bank is scaling up its efforts to accelerate the pace of industrialization, supported by its presence in 38 countries and by timely and quality operations. This backbone and experience position the Bank well to mobilize more resources from institutional investors around the world for industrial development.


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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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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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