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ATMIA Unveils Cash Benefit Campaign for Consumers

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The ATM Industry Association unveiled its “WithdrawCashWednesday” campaign Wednesday, an initiative to encourage consumers to increase their cash use during the holiday shopping season this year and beyond.

Raymond Ching, marketing director at NationalLink, raised the idea during the International Marketing Forum at the 2016 ATMIA U.S. conference, according to a press release.

Ching said the idea of a “holiday” to promote cash use stemmed from consumers’ need for cash during the holiday season and the difficulty many holiday shoppers encounter in trying to budget their purchases when using noncash payment methods.

According to ATMIA CEO Mike Lee, the goal of WithdrawCashWednesday is “to help raise awareness of ATMs, promote the cash economy and combat the negative press being put out by card networks that cash is dead.”

Since last June, the WithdrawCashWednesday founding partners have volunteered their time to ready the campaign for a 2017 launch. The partners include: ATMIA; Blanda Marketing and Public Relations; MoneyPass Network; NationalLink Inc.; Pueblo Bank & Trust; and Strategic Marketing.

WithdrawCashWednesday will be observed on Wednesday Nov. 22 and all subsequent Wednesdays through the holidays.

“It is important to raise awareness about the convenience and safety cash provides for consumers,” Alicia Blanda, IMF chair and CEO of Blanda Marketing and Public Relations, said in the release.

Benefits highlighted in the campaign include:
–    budgeting assistance — cash offers a tactile and visual evaluation of available funds;
–    time savings — many retailers have cash only lines for checkout;
–    zero interest and fees — by using cash, shoppers can avoid post holiday interest payments on credit accounts and overdraft fees on debit accounts; and
 –   security — following high-profile data breaches at trusted big-box stores, consumers are wary about the theft of their card data at the POS. With cash, there is no such worry.

In the release, Lee encouraged all ATM operators and merchants to join in the effort to raise awareness of the positive benefits of cash use, and he congratulated the MoneyPass Surcharge Free Network for being first sponsor for WithdrawCashWednesday. 

“MoneyPass is excited to be a part of the new pro cash initiative,” said Doug Miraglia, president of the network. “This is another great concept from the ATMIA that will provide significant benefit for all involved, and MoneyPass is proud to participate as a founding member and platinum sponsor.”


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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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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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