E-Financial
Uba Introduces Mastercard for Domiciliary Accounts
United Bank for Africa (UBA) Plc has added MasterCard for domiciliary accounts to its bouquet of electronic products as part of its support for the Central Bank of Nigeria’s (CBN’s) cashless policy.
A statement from the bank said the product would ease the transaction needs of its customers as they could now upgrade their Debit MasterCard for use on accounts denominated in currencies such as dollar, British Pounds (GBP) and Euro.
“This variant of UBA’s Debit MasterCard products is tied to domiciliary accounts instead of naira current or savings account. It offers the same flexibility of usage anywhere in the world, including Nigeria.
“When a transaction is carried out with the dollar, GBP or Euro MasterCard, the customer’s account is debited in dollars, Pounds or Euro depending on the currency of the domiciliary account. The Debit MasterCard product is unique as it offers the Customer the opportunity to spend from his or her domiciliary account,” the bank explained.
Dr. Yinka Adedeji, divisional head, E-Banking, UBA, said: “UBA MasterCard is accepted locally and internationally at all MasterCard merchants’ outlets and on over one million Automated Teller Machines (ATMs), 30 million Point of Sale (POS) merchant terminals in over 210 countries across the world.
“It can also be used on the internet and other merchant outlets worldwide. To operate the MasterCard for domiciliary account, the customer must have an active Domiciliary account with UBA in dollars, Pounds or Euro.”
Other benefits of the card include the opportunity to spend more than $40,000 in a year without restriction by the regulatory cap of $40,000 on naira debit MasterCard.
“The card is protected with the chip and PIN technology guaranteeing utmost security. Additionally Customers’ transactions are protected with UBA One-Time-Password when doing transactions on the internet locally and with MasterCard Secure Code when the transactions are done on websites hosted outside Nigeria,” the bank said further.
E-Financial
Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme
“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.
E-Financial
CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering
Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.
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.
E-Financial
CBN Urges Banks to Expedite Action on Recapitalisation
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.
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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