E-Financial
Interswitch, Others Partner to Transform Fuel Retailing
Interswitch, Africa’s leading integrated payments and transaction switching company and EVSL, developers of FuelVoucher (fuelvoucher.com.ng) in 2015, the distribution network of the electronic fuel purchasing solution has been further broadened considerably in further partnership with 3 of the leading downstream oil marketing firms, OVH Energy Marketing, Forte Oil & RainOil in Lagos.
These partnerships were recently signed at a media event in Lagos involving key executives from Interswitch, EVSL, OVH and Forte Oil. Speaking on this progressive milestone in the life-cycle of the solution, Chinyere Don-Okhuofu, Interswitch’s Divisional CEO for Industry Vertical Markets, explained the rationale driving Interswitch’s partnership with Fuelvoucher, as well as the tremendous potential for accelerating distribution of the service offered by the alignment with 2 of the leading downstream marketing organization is Nigeria.
According to her; “As a business focused on providing products and services that are highly tailored to the African market, Interswitch has partnered with EVSL to launch this initiative in line with our desire to develop innovative payment products and services, facilitate transactions and strengthen the CBN cashless initiative. Following this alliance, FuelVoucher’s online and mobile fuel purchasing systems have been integrated with PoS terminals deployed by Interswitch to service stations across the country.
Commenting, Mr. Chimezie Emewulu, CEO of Seamfix/EVSL, added that “This initiative will allow consumers to make payments for petroleum products on the FuelVoucher.com.ng website and mobile app as well as all Interswitch payment channels including Quickteller and ATMs and vouchers can be redeemed at every petrol station with the Interswitch PoS. As a result, anybody can easily buy fuel; PMS, diesel, gas or kerosene on-the-go via the FuelVoucher mobile app at any time of the day and FuelVouchers can be remotely sent to friends, family, domestic staff or drivers with ease.
Also speaking at the ceremony, Mrs. Olaposi Williams, acting CEO OVH Energy Marketing stated that “We are happy to be a part of this partnership, as it allows us to provide innovative solutions to enhance consumer lifestyle while expanding the frontiers of our fuel retail operations”. She said. “At OVH Marketing, we are committed to amplifying solutions that make life easy for our customers in today’s current retail fueling space. Now consumers can redeem fuel purchased using the fuel vouchers at key Oando filling station across the country”, She added.
Also elucidating on why Forte Oil has aligned with this initiative by rolling it out across the company’s network of outlets, the company’s Head of Supply, Trading and Depot Operations, Mr. Jide Pratt remarked that “Forte Oil has always been at the cutting-edge of forward-thinking solutions designed to improve consumer experience, and fully aligns with the vision behind Fuelvoucher as a more efficient and trackable solution, particularly from the perspective of corporates”.
Mr. Kenneth Ndabai, RainOil’s Executive Director for operations also expressed the company’s delight at being a pioneer partner with Interswitch and Fuelvoucher and further enthused that “essentially, the solution will also enable petrol stations around the country run overnight by mopping up cash and accepting Fuel Vouchers thereby eliminating cash handling costs and risks”.
Because everything is automated and electronic, establishments no longer need to print paper vouchers with associated costs and reconciliation headaches. Corporate customers can also broaden their loyalty points redemption options to include Fuel Vouchers, and they can also easily manage and control fuel purchase with analytical insights to help in fleet management.
This partnership further buttresses the industry leading position of Interswitch on the attainment of a cashless Nigeria through the innovative use of technology.
The fuelvoucher solution is currently available across OVH and Forte Oil stations in Lagos, with aggressive plans for national coverage before the end of 2017.
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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