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Cryptocurrency: Konga Denies MoPAS MarketPlace Acclaimed Partnership

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Konga Online Shopping Limited has denied MoPAS MarketPlace’s acclaimed partnership for The Billion Coin (TBC) acceptance in Nigeria.

The Billion Coin is one of the global digital currencies (cryptocurrencies) in Nigeria promoted with the launch of an initiative tagged MoPAS MarketPlace

The MoPAS MarketPlace scheduled supposedly launched in Lagos on Thursday by Sembic International Limited, a local firm, had claimed to have the backing of Jumia, Konga respectively.

The scheme, according to a statement by the firm, allows holders of the TBC to shop on e-commerce platforms including Jumia and Konga using naira and the TBC.

A statement alleged to have emanated from Sembic International Limited as reported by other online platforms, read in part, “MoPAS MarketPlace is an initiative and product of Sembic International Limited. This is the first time in Nigeria that an indigenous company has been able to create a solution for the acceptance of the currency of the not-too-long future, thereby positioning Nigeria for the financial revolution, redefinition and disruption that is about to happen through the blockchain technology.”

Commenting on the development, the Chairman, Sembic, Mr. Victor Akinbile, said, “We came up with this product in order to boost digital currencies revolution. This was why we went ahead to strike a deal with major e-commerce organisations in Nigeria through the product called MoPAS MarketPlace.

“This is meant to ensure that the TBC holders can, through the MoPAS MarketPlace, shop on e-commerce platforms (including Jumia and Konga) using naira and TBC. The TBC is now redeemable on Jumia and Komga through MoPAS MarketPlace!”

But, Oluwayemisi Mafe, manager, Brand Comminication & PR at Konga in an email to Nigeria CommunicationsWeek refuted the publication captioned “Firm partners Jumia, Konga to boost TBC acceptance”.

She writes, “Konga want to make it clear that we are not in partnership with the firm and we find this headline misleading and untrue.

“Konga as a technology company is pivotal in using technology to meet business challenges as we constantly prove our commitment to deepening commerce and trade in Africa by supporting and empowering businesses but we are not in partnership with the said firm in this regard. We therefore advise the firm to desist in misleading the populace as we would not hesitate to take legal actions if they fail to give accurate presentation of what obtains”.

 

 


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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

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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