E-Financial
First Bank MD Warns Against Home Banking
Dr Adesola Adeduntan, Managing Director of First Bank Nigeria has advised Nigerians who have resorted to home banking to cultivate the habit of saving their monies in the conventional bank for future use.
Adeduntan gave the advice on Thursday in Calabar while educating students of St. Patrick’s College, Ikot-Ansa, on “Financial Literacy”.
The programme is part of the bank’s activities to mark the 2017 Global Money week tagged; “Earn, Learn, Save Money for Future Use.”
The managing director said that bank, as a financial institution, was saddled with the responsibility of managing and saving monies for individuals, the three tiers of government and corporate organisations, among others.
He said that if individuals and corporate organisations failed to save their monies in the bank, the situation could cripple businesses and cause major inflation in the nation’s economy.
“The circulation of cash promotes business and a business-driven economy; it is the bedrock of the nation’s growth and development.
“It is tantamount to economic sabotage when individuals start hoarding money, thereby crippling businesses which depend on cash to strive,” he said.
He said that the programme was organised to educate the children between 13 years and 17 years with the knowledge of financial literacy and entrepreneurship.
According to him, the bank has sent delegation to 30 schools across the six geo-political zones of the country to empower the students with requisite knowledge on financial literacy.
He advised the students to make good use of the entrepreneurship centre in the school, with a view to acquiring skills that would make them self reliant after school.
“The 2017 edition of educating students on Financial Literacy is designed to reach out to about 3,000 students in 30 locations across the six geo-political zones in Nigeria.
“Since its establishment in 1894, First Bank has consistently built relationships with customers, focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership.”
In his remarks, the Principal of the school, Rev. Fr. Christopher Okon, thanked the bank for choosing the school to benefit from the Financial Literacy Education.
Okon appealed to the bank to partner with the school in infrastructure development, scholarship for students, teachers’ welfare and teaching aid.
E-Financial
Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme
“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.
E-Financial
CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering
Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.
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.
E-Financial
CBN Urges Banks to Expedite Action on Recapitalisation
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.
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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