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CWG Plc Expands E-payment Ecosystem with its BillsnPay Solution

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CWG Plc is presently expanding, Nigeria and potentially Africa’s E-payment ecosystem with a new platform of its own called BillsnPay; a digital bills presentment -payment system with added value offerings, specifically designed to address the challenges of organizations and individuals, who send recurrent bills to their customers.

The solution, according to the Pan African ICT Company, provides a robust Electronic Bills Presentment and Payment Service that enhances customer interaction and engagement, thereby increasing the propensity for bills payment by customers and decreasing the overhead cost of manual input and followups, especially buying of stationeries and other logistics by billers.

Speaking about the solution at the Company’s Head Office in Lagos, Mr. Temitayo Oduwole, CWG’s Product Manager disclosed that BillsnPay takes the hassle of setting up individually hosted and branded sites, off billers and gives their customers a range of features which include viewing old and new bills, making payments, requesting receipts and storing all for future references.

BillsnPay is a repository of bills from different billers and a centralized portal where consumers can view and manage all their different bills.

With BillsnPay, customers can manage and pay their bills, check payment history and also consolidate bills from various biller, he said.

Oduwole stated that though BillsnPay is a relatively new solution, it has in the last one year addressed some of the inefficiencies associated with merchants who send physical bills.

He said with BillsnPay, the era where merchants send out physical bills, is gone.

Stressing that it was an era of great expensive, as the merchant ideally spends so much money on logistics such as stationeries and delivery, which most of the times doesn’t get to the consumers and many a bill do not get paid as at when due.

However, with the introduction of the BillsnPay solution, he explained that Organizations like Lawma and PHCN with a large pool of customers who receive recurring bills; all that is needed is for these Organisations to sign in to the platform and upload the basic details of its teeming customers.

He said the details to be uploaded include names, phone number and email addresses to which the respective bills would be sent.

We have designed BillsnPay in such a way that once a costumer receives an email or SMS notifying them about their bill, they can pay via various platforms such as; Internet banking and online payment; whilst a receipt will be generated immediately for the costumer, Oduwole said. He further added that the solution reconciles the merchant account in such a way that it helps him to get every detail of the customers who have paid their bills and those who are yet to pay.

 


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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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