E-Financial
Banks, Service Providers Parley on Removal of ATM Charges
The Association of Corporate Affairs Managers of Banks (Acamb) has said that the implementation of the Bankers Committee’s resolution to scrap the N100 charge on the usage of ATM of banks in which users’ account are not domiciled will soon take full effect.
They also urged banks’ customers to be patient for a short while to allow banks to work out the modalities with third party service providers.
Tunde Shofowora, president of the association promised that “the rough edges will be smoothened in a few days” and that “all customers will soon begin to enjoy this new freedom of using any ATM without charge”, urging all parties to speed up the process.
The agreement (not a directive), to abolish the charge was reached at the bankers’ committee meeting made up of chief executive officers of deposit money banks, directors and top officials of the Central bank of Nigeria (CBN) on the November 13.
Acamb pointed out that the modalities will soon be finalised for the very few that are yet to implement the resolution of the committee.
The resolution is one of the series of ways that banks are giving value to customers nationwide and also one of the ways of promoting neighbourhood banking.
The body of corporate communications professionals said that Nigerian banks have acquired sufficient capacity in the areas of infrastructure and manpower to run a seamless cashless economy. It assured bank customers and other related parties to avail themselves of the friendly environment Nigerian banks have provided to promote businesses and personal banking experience.
“Banks are making it as easy as possible for customers to transact their businesses from any location. Providing transaction convenience to customers is strategic to moving the economy forward. The ability to cash money from the nearest ATM could mean a big difference in the business of a bank customer.”
“Banks operating in Nigeria have invested billions of Naira to acquire hundreds of thousands of PoS and allied facilities and technology to service customers better in the new cashless economy era”.
The new cashless policy is expected to promote ease in payment transactions, eliminate risks associated with carrying cash and reduce high cost of cash processing borne by all entities across the value chain.
The association urged merchants, traders, supermarket operators, and filling station owners to hurry to their banks and collect Point of Sale (PoS) Terminals to facilitate e-payments nationwide.
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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