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Retail Banking: Some Banks on Path to Extinction- Experts

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In a bid towards redefining retail banking as it affects customers satisfaction, experts has harped on financial inclusion through alternative digital delivery channels, warning that some retail banks are heading towards extinction especially with the way they operate by not putting customers into consideration.

They made this known recently during the 2nd Africa Retail Banking Roundtable Conference organised by Jeff & O’Brien Conferences and Events in Lagos and with the theme; “Rethinking Retail Banking Architecture & Infrastructure.

Mr. John Berry, an International Retail Banking Consultant, Faculty Lead and Advisor, Jeff & O’Brien, in his keynote address said that banks needs to rethink some areas they do business and the processes they demand of there customers internally.

Berry noted that customers are meant to be protected and not the other way round, adding that, if care is not taken, some retail banks are heading towards extinction especially with the way they operate by not putting customers into consideration.

“If we don’t change our regulations, we won’t have banking in the future, “he said.

Meanwhile, Mr. Ifie Sekibo, special guest and Managing Director, Heritage Bank Plc, who was represented by the Executive Director of the bank, Mr. Ola Olabinjo hinted that they are positioned to drive retail banking with business transformation strategy for its customers.

He pointed out there is a fundamental transition in digital and mobile technology that would reshape how product and services offering is purchased by customers.

Sekibo further posited that change has already taken place with the adoption of internet, mobile technology amongst other platforms to boosts retail  banking services.

Mr. Usoro Usoro, head, Financial Inclusion Services, MTN Nigeria, noted the fast changing and disruptive world driven by technology is shifting customers behaviour leading to increased competition.

He, however, added that technology is the most significant as it enables and fuels the others at lower cost and greater access.

”Diverse industries are being transformed leading to grand convergence as at 2015 in the areas of banking, credit, Insurance, travel…and lot of others, “he said.

Moreover, Mr. Pascal Odibo, group country director, Jeff & O’Brien, in his opening remarks averred that so far, there has been remarkable progress towards financial inclusion in Africa in the last decade.

“This has been driven by a combination of policy reforms, increased competition, financial and technological innovation, “he said.

He maintained that policy changes and low-cost infrastructure built on mobile and digital technology has played a major role in advancing access to financial services by the under-banked.

“There is however still a lot of room for further development and huge profitable opportunities for current players and prospective investors who are willing to be innovative in embracing low-cost infrastructure for efficient service delivery, ”Odibo said

Jeff & O’Brien is an international professional knowledge development firm with key business interest in corporate training, business support and advisory, conferences and publications.

Also, Jeff & O’Brien Conferences and Events, an arm of Jeff & O’Brien International, is a thought leadership and agenda-setting forum targeted at senior professional executives addressing topical issues of global, regional, national and economic importance. Holding every quarter, the events attract leading minds on key subjects with a view to superintending superior thinking on critical global issues.

 

 


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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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