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MasterCard Partners AFI Network Regulators to Advance Financial Inclusion

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MasterCard and the Alliance for Financial Inclusion (AFI) signed a strategic partnership agreement that will enable a close collaboration within AFI’s Public-Private Dialogue Platform (PPD).

Launched in 2014, AFI’s Global PPD Platform incentivizes policymakers and regulators to cooperate with the private sector in designing smart policy solutions that encourage innovation and investment.

MasterCard with over 500 programs in 50 countries that have already reached 150 million people previously excluded from financial services will bring unique knowledge, resources and technical expertise critical to addressing regulatory challenges around financial inclusion. As part of the agreement, MasterCard will provide:

– Contribution to technical capacity building for AFI members on emerging payments, risk management and technology innovations to support financial inclusion in multiple regions, including Asia Pacific, Latin America and Africa.

– Ongoing dialogue in developing national-level public-private engagement strategies to AFI Working Groups, including the Financial Inclusion Strategy Peer Learning Group (FISPLG) made up of 39 policymaking institutions.

– Public and customized research and best practices that helps to inform policy dialogue

– Exposure to innovative products, business models and approaches to ensure the long term sustainability of AFI’s PPD

“To have a true impact on financial inclusion, the public sector and the private sector must work together on behalf of the 2 billion who are currently excluded,” said Ajay Banga, CEO and president of MasterCard. “This partnership will provide regulators in AFI’s network with unique knowledge, resources and technical expertise critical to addressing regulatory challenges around financial inclusion.”

Alfred Hannig, AFI’s Executive Director noted that this agreement is a promising partnership, “The PPD platform, with private sector partners, including MasterCard, builds upon AFI’s approach of bringing the knowledge and experience of financial inclusion leaders together for the benefit of all. Regulators, who have publicly committed to drive financial inclusion under The Maya Declaration, are eager to better understand new business models, and technology innovations that support financial inclusion, while the private sector has shown interest in better understanding as well as addressing regulatory concerns.”

The Global PPD builds on successful public-private engagement efforts in AFI’s regional initiatives where AFI members together with the private sector have developed a joint vision for advancing financial inclusion policy at the regional level.

The Alliance for Financial Inclusion (AFI), is a global peer-learning network of 124 policymaking and regulatory institutions from 95 developing and emerging countries working together to advance financial inclusion policy.

AFI members represent over 85% of the more than 2 billion unbanked people, most of whom live in poverty.

And MasterCard as a technology company in the global payments industry 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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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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