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HBL, MasterCard to Issue over 7m Payment Cards In 5 Years

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Habib Bank Limited (HBL), Pakistan’s largest commercial bank, and MasterCard on Monday, announced a partnership which will pave the way for the introduction of MasterCard’s innovative payment tools in Pakistan that will provide a safe, simple and secure payment experience to cardholders.

The announcement was made during a signing ceremony held at the MasterCard’s office in Dubai between Faiq Sadiq, group head, Payment Services, HBL and Raghu Malhotra, division president, Middle East and North Africa, MasterCard.

“We are very excited about our partnership with MasterCard,” said Sadiq. “As Pakistan’s largest bank, we recognize the importance of providing Pakistani’s with the latest and most secure payment options. Working with an industry leader such as MasterCard will help us deliver on our commitment to introduce innovative payment solutions for masses in Pakistan.”

Malhotra commented: “Pakistan is a key emerging market for MasterCard and we remain focused on driving the adoption of electronic payment solutions in the country. HBL has been instrumental in raising awareness about the numerous benefits of modern day payment solutions in Pakistan. We look forward to working with the Bank to continue providing relevant and innovative solutions that meet the evolving needs of consumers.”

In a major boost for the growth of electronic payment solutions in Pakistan, HBL, under the new collaboration will issue over 7 million MasterCard payment cards in five years including debit cards that will feature the highly-secure EMV Chip and Pin technology, prepaid cards, premium debit and prepaid cards as well as companion cards issued by HBL Express, the branchless banking arm of HBL.

Development of customized solutions that address the specific needs of consumers in Pakistan while also introducing them to the latest payment technologies will be a key feature of this landmark agreement between the two leading institutions.  Furthermore, with an objective to diversify its payment solutions portfolio, HBL will also be issuing MasterCard payment solutions specifically for students and the youth.

Pakistan’s largest bank has a network of 1,500+ branches across the country and presence in 25 countries. HBL has over 7 million customer relationships.

The Bank enjoys a leadership position in Pakistan’s Retail and Corporate Banking sectors and a strong presence in Consumer, Commercial and Investment Banking.

On its part, MasterCard is a technology company in the global payments industry.

It operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone.

 

 


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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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