E-Financial
Akinwuntan Praises EcobankPay as Easing Loan Access for SMEs
Patrick Akinwuntan, managing director, Ecobank Nigeria, has stated that SMEs who embrace the EcobankPay app stand a good chance of easily accessing business loans from the bank. Akinwuntan made this known during the launch of EcobankPay Zone at Amu Market in the Mushin area of Lagos.
Speaking at the event with market traders, Akinwuntan explained that transaction activities on the EcobankPay can be easily monitored by the bank. This he said can also make the bank approach some performing SMEs with loan offer.
The MD who addressed the traders in Yoruba language said, “As a small business owner who uses EcobankPay, if you need loan to expand your business, we don’t need to ask you for your business or transaction records.
We can see it from your everyday transactions. It makes it easier for us to grant such loans. And we can even be the one to approach you with the loan offer because we can see that your business is performing and you need to expand to make more profit.”
The event was interactive, as the traders asked questions and advised the bank on how it can serve them better. On security for Ecobank’s Xpress Point agents, Akinwuntan explained that “ that the situation at Xpress Points is cash in cash out. As you come to deposit your money, someone else come for cash withdrawal.
You can’t find much cash with the agents. We also ensure that we provide necessary support for these agents. We currently have 6,000 Xpress Point agents across the country. And we are very strategic with the agents’ location.”
He further explained that apps in the EcobankPay Zone are developed to cater for the needs of SMEs. “Small businesses thrive on instant cash. When a customer comes to pay with the POS, it takes 24 hours for the money to reflect in your account.
But with EcobankPay QR Code, you get value instantly. At our Xpress Points, you can easily make cash transactions, be it withdrawal or deposit without you visiting the bank. It’s fast, safe and secure. We have decided to come to the market and show you how this works. We are bringing banking to you right in your market and at your doorsteps. You don’t need to come to us, we come to you,” he said.
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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