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MasterCard Collaborates with FNB to Offer Multi-Currency Cash Passport

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MasterCard’s subsidiary, Access Prepaid Worldwide, in collaboration with First National Bank (FNB) introduced the MasterCard Multi-currency Cash PassportTM to customers, promising a safer and more convenient alternative to foreign currency notes when travelling.

The Chip and PIN protected travel payment card is secure and easy to use and can be loaded with up to four currencies (Euros, Pound Sterling, US Dollars and Australian Dollars) on a single card.

The Multi-currency Cash Passport can be loaded before departure, and while travelling, with any one or all of the four available currencies.

The cardholder can then use the card globally to pay for goods and services at millions of merchant locations or withdraw cash from ATMs wherever the MasterCard Acceptance Mark is displayed.

“We chose the MasterCard Multi-currency Cash Passport as the best way to address the needs of our travelling customers who can now load four different currencies in one card,” said Vicky Ratshefola, CEO of FNB Forex.

“The MasterCard Multi-Currency Cash Passport is Chip and PIN enabled, which significantly improves our clients’ travel experience by giving them one secure, simple and effective way to pay anywhere in the world” she said.

MasterCard said in a statement on Thursday that using the Multi-currency Cash Passport means travellers lock-in the exchange rate for each currency so they can better plan what they have to spend.

If travellers use all of their funds on the MasterCard Multi-currency Cash Passport while abroad, they can easily reload their card with more currency telephonically during South African business hours.

“The enhancement of being able to reload currencies while abroad is a key advantage for travellers. It adds an additional level of convenience and flexibility, and ensures they never run out of funds while travelling,” said Rajeev Kumar, regional director for Middle East and Africa, Access Prepaid Worldwide. “What’s more, because the card is valid for up to five years and can be reloaded easily, it can be used for multiple trips so that it becomes an essential travel companion.”

An important feature of the MasterCard Multi-currency Cash Passport is its ability to move between available currencies if there are insufficient funds available in the chosen payment currency.

If the cardholder does not have the currency of the country they are visiting loaded on their card, they can still use it to make a payment.

The Multi-currency Cash Passport will automatically convert the local currency of the purchase to one of the other currencies loaded onto the card.

 


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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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