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TerraPay supports GSMA to Promote Standardised Mobile Money APIs

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TerraPay, a mobile-first international payment network, has announced that it has been working with the GSMA to ensure TerraPay compatibility with the recently rolled out standardized mobile money APIs.

TerraPay will provide support by providing a staging environment for the new GSMA Mobile Money API Developer portal that will enable the wider technical community to learn how to use its APIs.

The GSMA Mobile Money Programme has led a consultative design process together with its partners and industry stakeholders, culminating in a published a set of standardized mobile money APIs that combine best practices in the technology industry.

These APIs cater for a core set of mobile money use cases including interoperability between mobile money and banks, or among mobile money providers and merchant payments, including: fulfilment status of transactions; bill payments; basic account management; international transfers, including request for quotation; and bulk transactions, amongst other important industry-based requirements and use cases.

Ambar Sur, founder and CEO of TerraPay said, “We help to provide a standardized, off-the-shelf operating environment for all mobile wallet service providers wishing to offer affordable, secure and reliable transnational payment products faster to their consumers. This is important because the mobile wave for international remittance growth is just beginning. An increasing number of mobile wallet providers are now ready to open networks and make low-value international payments an integral part of their businesses.”

TerraPay has supported the industry-led initiative, by providing a staging environment to the GSMA Mobile Money API Developer portal, where the wider mobile money industry and associated technical verticals can test and learn to develop against these standardized APIs in an interactive environment.

It is also recognised as having submitted a compatibility measurement publication of its available services with the GSMA.

Adoption of the harmonized APIs will bring consistency and encourage quicker partner on-boarding across diverse industry players. It will facilitate seamless integration between the different mobile money industry platforms and reduce bottlenecks that delay partners from leveraging the wider mobile money ecosystem.

 

 


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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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