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UBA Offers Customers Opportunity to Be Part of “Black Friday”, “Cyber Monday”

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The biggest shopping weekend is around in the United States of America (USA) and pan-African bank, United Bank for Africa (UBA) Plc has put in place plans to ensure all its card holders are able to take advantage of the huge discounts that will be on offer from the comfort of their homes in Nigeria.

Called America’s annual holiday shopping frenzy, “Black Friday” is the Friday following Thanksgiving Day in the United States, which is usually held on the fourth Thursday of November annually and is often regarded as the beginning of the Christmas shopping season and marked with huge discounts on all items on sale by major retailers across America.

This year’s Black Friday sales fall on November 28, 2014 but sales are expected to start early on Thanksgiving Day on Thursday November 27, 2014 and extend throughout the Black Friday weekend and into Cyber Monday 2014. Cyber Monday is the Monday after Thanksgiving Day in America and was created by marketing companies to encourage Americans to shop online.

The Black Friday weekend to Cyber Monday has become the busiest shopping days in America with billions of dollars of deals executed in stores and online.

To ensure that UBA’s Nigerian and African customers do not miss out on the huge deals that will be up for grabs from Black Friday to Cyber Monday, UBA has gone into partnership with Shoptomydoor, a service of American AirSea Cargo, that allows Africans, individuals and business owners, shop from thousands of stores in UK, U.S.A and China have the items delivered to their door steps in Nigeria or anywhere in Africa.

The partnership, which is exclusive to UBA MasterCard and Visacard holders, will offer unbelievable rates to help people to ship items purchased to Nigeria at amazing shipping rates.

Holders of UBA cards will also enjoy further discounts when they shop online with UBA cards.  This offer will be valid for the Black Friday weekend.

 Already, many top American stores are announcing huge discounts that will be available from the Black Friday weekend including a $199 50” HD TV from Best Buy.

There will be significant discounts on Laptops, tablets, phones and many other items. With the UBA offer, many Nigerians will be to take advantage of these deals.

UBA is recognized as one of the biggest card payment card issuers on the continent. UBA cards are accepted by millions of merchants in over 200 countries of the world.

They can be used to pay for items in both online and offline shops and come with the best-in-class security features to ensure that all card holders are protected from online fraudsters.

“Our partnership with Shoptomydoor will enable Nigerians unable to travel to America to take advantage of the significant discounts available on Black Friday to shop comfortably from their homes in Nigeria and still have the goods delivered to their door steps.” Yinka Adedeji, divisional head, e-banking said.

United Bank for Africa Plc is one of Africa’s leading financial institutions offering banking services to more than 7 million customers across over 700 business offices in 19 African countries.

With presence in New York, London and Paris, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross border payments, and trade finance//end

 


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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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E-Financial

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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