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Xpress Money, TerraPay Partner for Money Transfers to Mobile Wallets in Africa

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Xpress Money, one of the world’s most dependable money transfer brands has partnered with TerraPay, the world’s first mobile payments switch, to enable real-time international money transfers to mobile wallets in Africa.

Powered by TerraPay’s global clearing and settlement service for mobile wallets, the partnership will make it faster and convenient for Xpress Money consumers to send money to mobile accounts, in real time.

Through Xpress Money’s extensive network of over 200,000 agent locations in 165 countries, migrants across the globe will be able to send remittances safely and instantly to widely used Mobile Money services in Africa.

In the initial rollout, customers can send remittances to any mobile number or bank account in Nigeria as well as directly to Vodacom M-Pesa, Tigo Pesa, Airtel Money and Zantel Ezy Pesa wallets in Tanzania by visiting the nearest Xpress money outlet across 165 countries.

Ambar Sur, founder & CEO of TerraPay commented, “TerraPay has brought mobile wallets mainstream by interconnecting them with the extensive global network of Xpress Money for cross border money transfer. Our partnership will play a pivotal role in expanding our footprint into new markets and help friends and families of migrant workers receive small value remittances frequently through a cost-effective and convenient service.”

Commenting on the partnership, Sudhesh Giriyan, COO, Xpress Money said, “The convenience of mobile wallets is slowly changing our customers’ remittance patterns. Its advantages are not just restricted to convenience but also extend to offering customers lower fees and financial inclusion. In Africa today, Mobile Wallets are seen as a virtual bank account that enable customers to pay bills and transact, just like using a physical bank account; they work exceptionally well in places where the physical network of banks is limited. Xpress Money is therefore constantly investing in the mobile services space – either through in-house innovations or by partnering with existing providers with proven technologies such as TerraPay to bring convenient remittance solutions to a wider audience.”

TerraPay has partnered with Paga, Nigeria’s pioneering payments and financial services company and Selcom, a leading mobile money aggregator in Tanzania to launch cross border remittances to mobile money accounts in Nigeria and Tanzania respectively.


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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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