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Firstbank, Microsoft Lift SMEs with Technology

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First Bank of Nigeria Limited and Microsoft have partnered to provide supporting technology solutions at discounted rate to over 40 million Small and Medium Enterprises (SMEs).

 

Gbenga Shobo, FirstBank deputy managing director, who spoke disclosed this at the Firstbank-Microsoft SME Partnership Launch held in Lagos, said the lender wants to lift SMEs by encouraging them to embrace technology in their operations.

 

Shobo, who spoke on the theme: The Accelerating impact of Digital Transformation on Business Growth in Nigeria said that the target was to reach out to about 40 million SMEs and interested individuals.

 

The event was attended by SME operators whose businesses have benefitted from use of technology solutions.

 

According to Shobo, the bank is connecting the SMEs with Microsoft to enable the operators improve their operations digitally.

 

He said: “The SMEs can buy some of the Microsoft solutions at discounted rates, pay in naira as against the dollar, thereby removing the stress of exchange rate which is sometimes a challenge for the SMEs. They now have a portal where they can ask for advice on the products and some extra sales support we can also get Microsoft to give them,” he said.

 

He said the SMEs may not have been able to get the Microsoft solutions and products on their own, but for the two being FBN customers have managed to put them together.

 

“We feel that SMEs are the major drivers of the economy in Nigeria today, because of the challenges of jobs creation and so most people are setting up businesses,” he said.

 

“The SMEs segment is so important to the livelihood of many Nigerians, and we have seen that SMEs have the ability to grow.

Also speaking, Arjan Kotte, director, Small and Medium Business Middle East and African Headquarter at Microsoft, said the world is going digital, and that SMEs cannot be left behind.

 

He said one million new devices will be coming online in 2020 while 60 per cent of computing will be in public cloud in 2025 adding that 25 per cent of workers’ time is wasted by information overload.

 

Kotte, who spoke on the theme: “Digital Transformation in Small and Medium  Enterprises” said that the partnership between Microsoft and FirstBank was meant to help the SMEs take their operations higher in terms of technology and use of the company’s product.

 

He said the company considered FirstBank’s reach and customer base as critical in reaching more SMEs that would need Microsoft solutions.


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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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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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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