E-Financial
GTBank Rolls Out GTExpress @ Forte Oil Locations
Guaranty Trust Bank Plc has launched ‘GTExpress’; a comprehensive agent banking service at Forte Oil locations nationwide, as part of efforts at bringing banking services closer to its existing and potential customers.
Through this partnership, GTBank will leverage the extensive reach of Forte Oil to further bring banking services such as account opening, cash deposit and withdrawal via ATMs, customer enquiries, bills payment and funds transfer closer to the people.
The bank has rolled out in 14 Forte Oil locations including Western Avenue, Surulere; Bank Road, Ikoyi; Local Airport Road, Ikeja; Festac; Olorunsogo, Mushin; Shomolu, Ikorodu Road, Apapa-Oshodi/ Mile 2 Expressway; Boundary Road Ajegunle; Campos Square Lagos Island, Jebba, Ebute Metta; Old Apapa Road; Wharf Road and Kingsway Road, Apapa.
GTBank formally launched this service in November 2013 at Ebeano Supermarket in Lekki, Lagos and has recorded tremendous success at this location since inception. Basic banking services and any other activity as the Central Bank of Nigeria may prescribe from time to time, can be carried out at these agent locations.
According to Segun Agbaje, managing director of the bank, “the unbanked sector of the economy presents a significant growth area for banks in emerging markets. Our objective is to offer banking products and services to this segment via non-banking outlets thus breaking down barriers to financial inclusion such as accessibility and cost. This is a great step in achieving a more inclusive financial services industry”.
Also, Akin Akinfemiwa, group chief executive officer,Forte Oil, said: “We are pleased with the GTBank partnership as it reinforces our vision of being a one stop shop whilst affirming the wide reach of our retail network. With this alliance our customers who patronize GTB Plc will be able to reduce commuting time and cost in attending to their various needs.”
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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