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VAS Key to Financial Inclusion Says Obi, eTranzact Boss

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Forging Inclusive growth in payment systems and financial inclusion initiatives In Nigeria was the theme of this year’s edition of the annual Business Day Mobile Money Roundtable held on the 24th of July, 2014 at Radisson Blu hotel, Lagos

The event which is in its 3rd edition is organized by Business Day Media Ltd, the publishers of Business day newspapers, and has always been an avenue for mobile money operators, regulators, consumers and members of the press to come together and dialogue on way to improve the spread of mobile money in Nigeria.

This year’s edition had in attendance Mr Valentine Obi, CEO of eTranzact International PLC, Mr  Sim Shagaya, CEO of Konga.com, Mr Niyi Ajao, ED, (Technology & Operations), NIBSS, Mr Olaoluwa Awojoodu, CEO, CashEnvoy and Mr Emmanuel Okoegwale, principal associate, Mobile Money Africa amongst others.

The panel discussion started up with Mr Valentine Obi, CEO of eTranzact International PLC,( whose company owns PocketMoni, a Central Bank licensed mobile money service which enables users create an e-wallet on their mobile phones for making payments, fund transfer, as well as for receiving money), sharing lessons that eTranzact has learnt so far in its financial inclusion efforts across the country

He said “Financial inclusion without value add will not work, and every day at eTranzact we are working on unique solutions that continue to add value to the end consumer.

Over the years, we have worked hard to understand and deploy strategies that have truly helped mobile money grow, and though we have been hit with challenges along the way, we continued to invest financial, educational and other resources to ensure we can reach both the banked and unbanked.

For the potential of mobile money to truly explode, it is important that we begin to see it as more than an add-on, but a truly important part of the future of payments in Nigeria.

Right now, teams from PocketMoni are on ground in Kano and Ogun state driving mobile money adoption; the project is done in collaboration with EFInA, and we are happy with the results we have seen so far. We believe collaboration can help in building the industry”

Also affirming what Valentine Obi said, Sim Shagaya, CEO of Konga.com talked about how we should be thinking less of value destruction and more of value creation.

He talked about how China is a good example of how finanicial inclusion can truly be achieved in an economy that is largely rural.

He said “Human beings are economic animals, and they want value and convenience. We need to rethink mobile experience even on the hard ware basis, and the power of mobile money will truly come alive. Today 70% of Nigerians will rather pay on delivery, and even though we do not have a problem with this, most of these people still insist on paying cash, but until we can solve some of these underlying issues, we will not be able to truly unlock the potentials of mobile payments”

Niyi Alao, ED (Technology & Operations), NIBSS, said “Mobile is a critical technology needed to achieve inclusiveness. Some of the challenges I see are in the way the mobile money solution is communicated to the average man on the street. We at NIBSS are committed to ensuring the success of mobile payments in Nigeria, and we have been working closely with providers like eTranzact and the banks to ensure that we truly achieve the set out goals for mobile money”

Mr Emmanuel Okoegwale, principal associate, Mobile Money Africa spoke about the importance of collaboration among the players if the true potential of mobile payments is to be achieved.

Mr Amadi Iheukwumere,  manager, Conferences/Enterprise & Promotion, Business Day who served as the moderator of the summit thanked everyone that was able to make it and gave some direction to how the press could help in achieving mobile money goals for the coming year.


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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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