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UBA Launches Cashless December, Rewards Customers for Using Electronic Channels

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United Bank for Africa (UBA) Plc has announced incentives to encourage the bank’s customers to use electronic channels for their transactions in December. Tagged UBA Cashless December, the initiative is aimed at encouraging non-cash transactions, in line with the CBN’s cashlite agenda.

From December 1 to December 31 2014, UBA customers who do transactions on U-Mobile, U-Direct or pay with their Cards on the web and POS stand a chance to win great prizes.

In addition, Cardholders who use the bank’s ATM value-added services such  as bill payment, airtime top up and funds transfer are eligible.

Prizes to be won include iPhone 6, airtime for phones, movie tickets, and shopping vouchers. These incentives are for new and existing UBA Customers.

“Going cashless during this festive period is not only convenient, but it also enhances your personal safety and protects your hard earned money” explained Dr. Yinka Adedeji, the Bank’s Divisional Head of e-Banking. Dr. Adedeji explained that “going cashless means customers abstaining from all forms of cash transactions and embracing e-Banking.”

UBA’s highly secure mobile banking platform, U-Mobile, enables customers carry out about 90 per cent of all their regular banking transactions on their phones. U-Mobile customers can do funds transfer from their UBA accounts to any bank in Nigeria. Customers can also pay different bills, including air time top-up, cable subscription and transfer funds to loved ones for the festive season.

U-Direct is UBA’s internet banking platform that enables customers  do most of their transactions from a desk top computer, laptop or tablet from any location and at anytime. Foreign exchange transfer has been introduced on this platform making it easy to send money across the world without visiting the bank.

UBA’s POS Terminals are deployed to thousands of Merchants across Africa and only recently, bill payment on UBA POS was launched in select outlets.

It must be noted that the Bank’s ATM terminals are available across the continent, from large cities to smaller towns, in a bid to making banking services available in even remote locations.

UBA, one of the largest issuers of payment cards in Africa, offers cards for every segment of the market including MasterCard and Visa which are acceptable by millions of merchants in over more 210 countries.

The Bank also has the Prepaid Card for Banked and Unbanked Customers and the personalized All About U Card, which allows Customers put their pictures on their Debit Card; UBA Verve Card is widely accepted for domestic transactions.

 UBA is urging its customers to take advantage of all these offerings to carry out cashless transactions during the festive season. To ensure security for Customers during the festive season, the Bank has put in place world-class security systems for round the clock transaction monitoring.

 


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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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