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CFAN Adopts Co-operative Banking Solution from CWG

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The National Co-Operative Financing Agency of Nigeria (CFAN) has adduced reasons it decided to adopt the Unified Co-operative Platform (UCP), a core Co-operative Banking solution that is powered by CWG Plc, Africa’s largest IT integration company.

The apex Co-operative financial institution in Nigeria, established under the Co-operative Societies Act 2004, believes that the solution ensures that Co-operatives in Nigeria meet standard results that are at par with global best practices, as it improve Co-operative Societies’ accountability, productivity and link them to the Financial Ecosystem in Nigeria.

“Our objective for instituting the CWG Plc’s platform is because it is the foremost and a robust technology platform that ensures Co-operatives in Nigeria meet standard results that are at par with global best practices, knowing that our mission is to provide industry standard solutions to our members,” said Emmanuel Atama, Executive Secretary/CEO of CFAN at a press conference in Abuja.

Atama noted that the Unified Co-operative Platform (UCP), being powered by CWG is a core Co-operative banking solution that enables their member Societies manage general ledgers, perform daily postings, manage loans and generate different types of reports.

He added that the platform also has features that allows data upload, migration and management from analog to digital mode with real-time access-grant to the Unified Co-operative Platform by the National Co-Operative Financing Agency of Nigeria.

“The Unified Co-operative Platform solution has a robust Internet Banking feature which enables the members of individual Co-operative Societies access to their accounts, check balances, apply for loans, view loan schedule and much more,” Atama emphasized.

Speaking further, Ajama stated that the planned implementation programme of the Unified Co-operative Platform solution is to have over 50 Co-operative Societies from each Geopolitical Zone of the country by the last quarter of 2016. He said this will be an increase from the 40 that were on board the use of the UCP as at December 2014.

According to him, the Unified Co-operative Platform with the Support of the Inter Bank Settlement System will help achieve the role of Co-operatives in the Financial Inclusion Drive by the year 2020, saying the CWG platform will equally assist in making the industry current drive for inclusive pension, healthcare, housing and others much easier and accountable on the part of collating the contributions from its teaming members and remittance to the appropriate quarter.

The Unified Co-operative Platform serves as a bedrock upon which the much desired National Co-operative Development Fund is anchored. With the solution, government and development partners can easily ascertain the level of Co-operative contribution to the economy with the right data at hand; as well as know the right budget to allot for the Co-operative movement in view of her overall contributions to mobilizing the informal sector for inclusive growth and development.


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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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