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Atlas Mara, Mastercard Enter into Partnership for Financial Access

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Atlas Mara and Mastercard have signed three strategic business agreements, which aim to build a stronger digital payment ecosystem with a focus on accelerating financial inclusion in sub-Saharan Africa.

The strategic alliance will pave the way for up to 20 million consumers and 100,000 merchants across Africa to be digitally and financially included in the formal financial sector by 2020.

By leveraging the Mastercard worldwide network and other processing assets, including the host of Mastercard secure digital payment platforms, such as HomeSend, Masterpass QR and Mastercard Payment Gateway Services, this partnership will enable Atlas Mara’s operating banks in Africa to build stronger payment ecosystems and expand access to fast and secure remittance, e-Commerce, and mobile payment solutions. 

“These Mastercard assets will position Atlas Mara to lead ongoing industry efforts to create cash-lite payments ecosystems, entrench financial independence, promote intra-Africa trade and remittances thus fast tracking attainment of scale as an Africa focused bank,” said Chidi Okpala, Chief Digital Officer at Atlas Mara.

“The digital payment solutions developed by the Mastercard Lab for Financial Inclusion in collaboration with Atlas Mara will help create a highly efficient society and facilitate true inclusive growth in Africa while reducing transaction costs across the continent.”

According to Daniel Monehin, Division President for Sub-Saharan Africa, Mastercard: “Sub-Saharan Africa requires innovative solutions and strong collaborations across sectors to help drive economic growth.  Mobile subscriptions in the region is steadily increasing and it is clear that mobile based solutions are relevant to the needs of people on the continent, and will help to develop an Africa that is less dependent on cash.”

“Africa’s remittance market has opened up a number of opportunities for driving financial inclusion due to the lack of legacy issues. According to research by the World Bank, the Sub-Saharan Africa region had an inward remittance flow of over US$34 billion, with outward remittance flows of approximately US$4 billion,” continued Monehin.

Masterpass QR, the Mastercard mobile-driven, Person-to-Merchant (P2M) payment solution, will also be rolled-out as part of the partnership, thus facilitating access to an affordable alternative to traditional point-of-sale (POS) terminals for merchants to accept electronic payments from their customers, benefiting the entire economy.

Added to this ecosystem, merchants and consumers will have access to the Mastercard suite of digital and traditional payment solutions, including prepaid, debit, and credit Mastercard cards, widely accepted at millions of locations worldwide. These payment cards offer EMV chip and pin technology, ensuring that all transactions are safe and secure.

“Our partnership with Mastercard will help to accelerate Atlas Mara’s vision to become a positive disruptive force in Sub-Saharan Africa by leveraging technology to provide innovative and differentiated product offerings that will better meet the diverse needs of people in the markets we currently operate, and as we expand across Africa.  After all, Africa’s success, is our success,” concluded Chidi Okpala.


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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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