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E-PPAN Intensifies Grassroots Mobilization on Cashless Initiative

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With the nation-wide implementation of cashless policy introduced by the Central Bank of Nigeria (CBN) on July 1, 2014, the E-Payment Providers Association of Nigeria (E-PPAN) has intensified its Grassroots Mobilization to ensure the initiative meets the targets.

Mrs. Onajite Regha, executive secretary and chief executive officer of E-PPAN, said that the nationwide implementation amongst others will spur development and modernization of the payment system in line with vision 2020.

According to her, the measure will lead to reduction in the cost of banking services and drive financial inclusion as well as improve the effectiveness of monetary policy in managing inflation and driving the economic growth.

Ntia Nnene Sylvia, media and strategy development manager at E-PPAN, in a statement said that the grassroots mobilization, this time, took E-PPAN to Enugu, Cross River and Edo States.

Meanwhile, E-PPAN believes that, “Besides, there is the need for the country’s monetary system to fall in line with standard practices obtained across the world which the cashless policy exemplifies.

With all these in mind, the E-PPAN whose overarching goal is to enhance institutional frameworks and processes for a robust and effective e-payment system in Nigeria aligned its strategies with the objectives of the CBN to mobilize and sensitize the grassroots on the cashless initiative, Regha said.

“This was to get the total support and full commitment of the people at the bottom of the pyramid in order to actualize the laid down objectives of the apex bank in its Cashless initiative drive.

“The last wave of the sensitization exercise which saw E-PPAN touring through the cities, towns, villages, and communities in Cross River, Edo and Enugu state, gave the team the opportunity to experience firsthand the challenges of not being included in the financial mainstream and the opportunities that lie fallow in converting these challenges to solutions that can revolutionarize the payment industry, particularly with the advent of mobile payment which came as an exciting channel for everyone  the team came across.

Giving accounts on the outing the E-PPAN CEO said, the grassroots sensitization in Enugu state commenced with a visit to all the major media outfits.

“This was to create awareness and also enlighten the listeners and viewers alike on the cash policy and the activities of the sensitization team in the state.

“After the media sessions the team then moved into the markets for proper sensitization of the grassroots in Enugu state. The first point of call for the team was the Night Mile Market,” she said.

In Cross River State, Regha, said that the people awoke to the news of the cashless initiative as they watched the live interview on their popular breakfast morning show.

The team which was made up of the Branch Controller Central Bank of Nigeria Cross River State and the E-PPAN representative spoke extensively on the benefits of the cashless initiative to the people of cross River state.

After the discussion, the viewers called to ask numerous questions on the implication of the cashless initiative to the ordinary man and its benefits as well as disadvantage if any.

The team also visited Edo State.  The sensitization in Edo took off at the Edaiken Market at Uselu in Egor Local Government Area.

With the presence of the market women leader, the enlightenment kicked off at the car park within the market which lasted for about two hours.

The team then moved on to Uwelu Auto Spare Parts Market and Mechanic village. In attendance was the Chairman, executives and members of the traders union.

It was observed that apart from hearing of the term cashless Nigeria on radio adverts, they had no clue as to what the policy means, how it applied to them and its benefits.

After the sensitization session, the people were excited by the electronic payments options available as an alternative.

“At the popular Lagos Street Market which is at the city centre, the team met with the community Head, Chief Osula (the Arala of Benin kingdom) who listened to our purpose of coming. He addressed the teaming youth, the market executives and all who gathered at the meeting ground imploring them to pay attention to the good news that the team brought.

“Being the Community market day at Aduwawa, the team went there and kicked off the exercise with a visit to the Odionwere (Eldest man of the community) Chief David Osemunekha.

“The Aduduwa people who came out in mass were entertained by our professional dancers prior to to delivering the cashless message to the traders.

Interestingly, the team carried out live demo on the use of the PoS and Mobile Payment.


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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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E-Financial

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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