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UBA, Ixaris Deliver eCommerce to 10m across Africa

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United Bank for Africa (UBA) Plc yesterday announced a deal with Ixaris and its Nigerian partner Ojapay to deploy a virtual card platform across its twenty African markets.  

UBA will use Ixaris Payment Server to deliver innovative payment options for individuals and corporates.

The e-commerce market in Africa is predicted to reach $75 billion by 2025[1]. However, many consumers and businesses across the continent currently lack a secure, convenient and low-cost means to make purchases online.

To take a share of the market opportunity, UBA selected Ixaris Payments Server to quickly and cost-effectively deploy payments programs based on virtual prepaid cards.

“We have partnered with Ixaris and Ojapay to make this convenient payment option available to customers because virtual cards are not only easy and convenient to use but also protect users against online fraud. They will offer our customers across Africa a new layer protection and security for their online transactions.” said Kennedy Uzoka, deputy managing director and CEO, UBA Africa.  

Complementing its range of physical card products and mobile banking applications, UBA’s new virtual card option will enable more than 10 million customers across twenty African markets to make safe and easy online purchases at any online merchant worldwide.

The new virtual payment card will also enable UBA Corporate Clients to take advantage of the wider range of goods and services available on the Internet, while also enhancing internal controls through full traceability of purchasing and payments activities.

Virtual cards work in the same way as plastic payment cards but are issued in electronic rather than physical form. They have now become the payment instrument of choice for a range of flexible solutions for payments-related problems faced by consumers and corporate organisations in many regions of the world.  

Virtual cards are indistinguishable from physical cards when used for payments and are already accepted at millions of merchants worldwide that accept Visa or MasterCard payments.  

In contrast to plastic, virtual cards can be issued to any connected device instantly and at almost zero cost.

“Virtual cards offer our customers an exciting new option to securely consummate their transactions. As one of Africa’s leading banks, we are proud to offer customers another innovative payment solutions. The changing dynamics of the African banking industry means that we have to constantly seek value-adding partnerships that meet the financial challenges faced by our customers.” Uzoka said.

Alex Mifsud, founder and CEO of Ixaris, commented: “We are excited to be working with UBA, one of the most respected banks in Africa, to help bring safe and convenient e-commerce to millions of people who can really benefit from it. This deal shows how open payments platforms like Ixaris Payments Server are transforming how banks approach the product development lifecycle for payments.  By using this technology, enterprising banks like UBA can bring compelling payment applications to the market at a fraction of the time and cost it would take using traditional methods”.


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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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