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AMMAN Picks Holes in Shared Network Initiative of Banks

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Godwin Emefiele, Governor of the Central Bank of Nigeria

Association of Mobile Money Agents in Nigeria (AMMAN) has pick holes in the Central bank of Nigeria (CBN) and money deposit banks’ recently launched Shared Agent Network initiative, saying that infrastructure on ground does not support massive rollout of agent network in the country.

 

Shared Agent Network initiative entails an aggressive rollout of a 500,000 agent network within two years to offer basic financial services. The approved CBN-Bankers committees’ roll out ratio will be as follows North-east 30 percent, North-west 30 percent, north-central 20 percent; south-south 7.5 percent, south-east 7.5 percent, and south-west 5 percent.

 

Victor Olojo, national president, Association of Mobile Money Agents of Nigeria (AMMAN), told Nigeria CommunicationsWeek that recruiting 500,000 agents across the country within the next two years is not difficult and what is tall order to achieve is managing that number with poor infrastructure they are presently facing in the business of agency business.

 

“Presently, banks and licensed mobile money operators lack capacity to manager issues arising from network downtime. Web based solutions does not have the capacity to carry out transactions volume of up to 5,000 let alone when 500,000 are brought into the system.

 

“There must be concrete plans to improve upon available infrastructure to be able to support additional agents into the system. More so, there is knowledge gap in the management of agents by banks officers who does not understand business of informal sector. Over the years, we have noticed that some bank staff lack basic knowledge on digital financial service, “he said.

 

Olojo urged CBN and banks to put in place Agent support system in dealing with agents who are people not regulated by any institution.

 

Ifeoma Onibuja, head, Digital banking, Fidelity Bank, had acknowledged that managing mobile money agents as well as logistic challenge have been a headache for the banks which has resulted in some banks scaling down their mobile money operation focusing on other digital payments.

 

Olojo however, commended the recent Global System for Mobile Association (GSMA) launch of global certification scheme. This according to him, will regulate chaotic situation they face in the business and go a long way to boost confidence in the system.

 

John Giusti, Chief Regulatory Officer, GSMA , said the GSMA Mobile Money Certification is a consumer-focused initiative, aimed at giving customers confidence that a provider has taken steps to ensure their funds are in safe hands, their rights are protected and they can expect a high level of customer service.

 

“With over 690 million accounts globally, the mobile money industry is having a clear impact on the global effort to expand financial inclusion, providing access to life-enhancing financial services and serving as a gateway to the digital economy. Mobile money is directly advancing 13 of the 17 Sustainable Development Goals by facilitating access to essential services such as health and education, providing employment opportunities and reducing poverty,” he said.

 

 

 

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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E-Financial

Bankers, Criminals Collaborate to Clone ATM Cards- Police

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Dan Okoro, commissioner of Police, Anti-Fraud Unit, Federal Criminal Investigation Intelligence Department (FCIID) Ikoyi- Lagos, has raised alarm over many cloned certificates and ATM cards in circulation.

 

Okoro raised the alarm while briefing journalists in Lagos on the discovery of some cloned certificates by a syndicate, which specialised in printing fake documents of banks, government and corporate organisations.

 

He said that the syndicate had been using the cloned documents to defraud banks, government, corporate organisations and individuals, stressing that some bank officials were collaborating with the suspects for the crime.

 

Among documents cloned by the syndicate included CBN, presidential clearance certificates, IMF and court documents.

 

“I advise members of the public against cloned certificates, ATM card and other important documents currently in circulation. I want members of the public to keep their pin numbers, passwords and ATM safe.

 

“We have some documents recovered from one suspect arrested. We are investigating the documents and some bank staffers allegedly collaborating the syndicate.

 

“It is only the bankers that have details of every deposit in the bank. Our investigation revealed that some bankers give information to the syndicate on how much customers have in every account.

“The syndicate cloned documents and transferred such money to another account, particularly, accounts with ATM cards are their easiest target.

 

“Many crimes are going on in different banks, unfortunately, the bank management will not allow the public to know about it because they want to keep their customers trust,” he said.

 

Okoro said the unit was able to detect some of the documents through the assistance of a foreign cyber security firm based in Lagos using forensic analysis equipment to unravel the identities of the syndicate members.

 

He noted that cyber crime was a global challenge, stressing that the unit was synergising with the foreign firm for capacity building for officers and men in the unit.

 

The commissioner said the suspect arrested was currently in the hospital after he collapsed during search of his house and many incriminating materials, including hard drugs were discovered.

 

“The suspect is a web site designer. He designed many of the cloned documents. We are on the trail of other members of the syndicate,” Mr Okoro said.

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NSE Wins Best Use of Technology for Efficiency Award

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The Nigerian Stock Exchange (NSE) has announced that it received the 2018 Best Use of Technology for Efficiency Award from Nigeria Tech Innovation & Telecom Awards 2018 (NTITA).

The NTITA is the most celebrated industry awards for the Technology and Telecom industries attracting top decision makers in the sectors. The annual event is held to showcase excellence and celebrate the continued growth of Nigeria’s Information, Communication and Technology industry with a focus on the exceptional and innovative performance within the industry.

The award was presented by Mr Olusola Teniola, President, Association of Telecommunications Companies of Nigeria (ATCON) to the Chief Executive Officer of The Exchange, represented by Mr Olumide Orojimi, Head, Corporate Communications, NSE at ​NTITA  Award ceremony.

According to Mr Akin Naphtal, Chairman, Organising Committee of the awards ceremony, stated that the award is in recognition of NSE’s outstanding service, innovation and tireless efforts in the industry.

“We are proud to promote success stories, technology advancement and disruption in one of the most dynamic business sectors in Nigeria. Not only do we look at businesses, but also those who have made a genuine impact on the market from within these companies”.

Commenting on the award, Mr Bola Adeeko, Head, Shared Services Division, NSE, stated that, “we are very honoured to receive this award.

This achievement is a testament to the efficiency of our service offering which is underpinned by cutting edge technology. This award will spur us to continue to provide investors and businesses with a reliable, efficient and adaptable exchange hub in Africa, to save and to access capital”.

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Senate Orders Suspension of ATM Fee, Summons Emefiele

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Central Bank of Nigeria (CBN) has been told to direct all Deposit Money Banks (DMBs) operating in the country to suspend the monthly N50 they charge their customers for the maintenance of Automated Teller Machine (ATM) cards.

 

This was the resolution of the Senate on Wednesday after a lawmaker in the red chamber moved a motion on the illicit and excessive bank charges on customers’ accounts.

 

The Senate also directed its Committee on Banking Insurance and other Financial Institutions and Finance to conduct an investigation into the propriety of Automated Teller Machine card maintenance charges in comparison with international best practices.

The Senate decision was sequel to a motion sponsored by Senator Gbenga Ashafa, who expressed dissatisfaction with excessive charges by Nigerian Banks.

 

Ashafa lamented that most banks have deliberately manipulated their ATM machines not to dispense more than N10,000 per withdrawal in some cases and in most cases not more than N20,000 per withdrawal, adding this is deliberate ploy to manipulate the ATM machine.

 

According to him: “ost banks deliberately manipulated their ATM machines not to dispense more than N10,000 per withdrawal in some cases and in most cases not more than N20,000 per withdrawal at the ATM.

 

“This is a deliberate ploy to manipulate the ATM machine, which are ordinarily manufactured to dispense as much as N40,000 per transaction, in order to attract more bank charges from customers, who are forced to carry out more transactions due to the manipulated machines.”

 

Other Senator who spoke like Emmanuel Bwacha and Adeola Olamilekan kicked against excessive charges by Nigerian banks on Customers account with particular focus on the ATM.

 

The Senate also Mandated the committee on Banking to invite the Governor of Central Bank of Nigeria, Godwin Emefiele to appear before the committee in order to explain why the official charges as approved by the CBN are skewed in favour of banking institutions against ordinary customers to the banks.

 

In addition, the lawmakers Urged the Customer Protection Council to be up and doing in taking up the plight of ordinary Nigerians by looking into the various complaints of excess and unnecessary charges by Nigerian Banks.

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