E-Financial
Easy Wallet, Others Top Kalahari MobileMoney Nominations
Etisalat’s Easy Wallet, the premium SIM application with a single interface to access and operate mobile money accounts is leading nominations at MobileMoneyexpo’s Kalahari awards.
Kalahari awards recognize individuals, organizations and stakeholders that are promoting the frontiers of mobile money.
So far, Etisalat’s Easy Wallet is on top of the leader board with nominations pouring in for the innovative solution which helps Nigeria transactions such as airtime top up, money transfer, bill payments,
It would be recalled that In 2012, Etisalat Nigeria rolled out fully interoperable, industrial grade, open loop mobile commerce in Nigeria with leading licensed providers in Nigeria.
The scope of the service includes p2p, merchants and utility payments. It can also interface with existing Bank accounts of licensed providers in Nigeria.
The SIM tool kit is currently available in Nigeria as the Eazywallet product in active collaboration of licensed providers by the Central Bank of Nigeria.
MobileMoney firms from Neighboring West African Nations are also topping the charts in numbers of nominations for the Kalahari awards that will recognize innovations and exceptional commitment to mobile financial inclusion around Africa.
With more than seven different award categories, Tigo cash and MicroEnsure are currently leading with numbers of nominations with the mobilemoney based family insurance product which promotes use of mobile money for microinsurance services for the bottom on the pyramid while GlifeGhana has highest nomination for use of mobilemoney for microfinance services.
The award will be the highlight of the event that will hold during the 3rd MobileMoney Expo on February 6-7i Lagos, Nigeria with expected participation from 14 countries.
The two day event will also host a special panel that will be hosted by the GEMS, a world Bank arm that will examine the challenges of mobile financial service in Nigeria in collaboration with leading providers in Nigeria and proffering the way forward.
It is expected that some Nigerian firms will also be recognized for their efforts in the mobile money ecosystem but it should be noted that Mobilemoney is still a fledgling industry in Nigeria and unlike East Africa and other parts of West Africa. However, recognition will be given to Mobile Network operators, financial institutions and independent providers that are actively showing signs of future impacts in the mobile financial ecosystem.
According to Emmanuel Okoegwale principal associate of MobileMoneyAfrica, the organizers of the event, Splash MobileMoney of Sierra Leone and Tangaza of Kenya, Two of Africa’s fastest growing mobile money providers by subscription and transaction, are also expected to share their innovations at the annual event .
E-Financial
Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme
“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.
E-Financial
CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering
Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.
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.
E-Financial
CBN Urges Banks to Expedite Action on Recapitalisation
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.
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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