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Keystone Bank Partners CeLD, Launches ‘CashToken’ Customers

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Keystone Bank has partnered with a ‘Cash Reward as-a-Service Company’, CeLD Innovations Limited, to launch a ground-breaking product, ‘CashToken’, a new age of hyper consumer centricity in Nigeria.

The new innovative product, CashToken, which was formally launched in Lagos on Thursday April 19, 2018 at a conference tagged “500 Top CEOs Conference – Unleashing The Age of Hyper Consumer Centricity, is an electronic reward and celebratory gift commodity which costs only N30 (Thirty Naira).

The initiative, according to CeLD creates an avenue for every customer in Nigeria to have an opportunity for life-changing cash rewards every Friday night at the National CashToken draws, to be monitored by Alexander Forbes and audited by Deloitte. The product is designed to optimize customer loyalty investment for business, celebratory gift value optimization and public emotional equity for government.

According to Mr. Obeahon Ohiwerei, Group Managing Director/ Chief Executive Officer of Keystone Bank Limited, “At Keystone Bank, our vision as we begin our trajectory towards industry leadership is the enablement of new possibilities tied to our customer’s innermost desires as we connect our customers to a new era of Hyper Consumer Centricity; where every patronage of our bank is a life changing opportunity.”

“And so, the establishment of the World’s First Cash Reward as-a-Service Platform by CeLD is indeed not only most commendable but worthy of strategic support of forward looking businesses; hence the support of the Board of Directors and management of Keystone Bank Limited.”

“We have also taken a decision to partner with CeLD to adopt this ground-breaking product, ‘The CashToken’ as a Keystone Bank Customer Loyalty Reward Commodity. We believe every patronage of the bank should be a true life changing-opportunity with guaranteed cash for insurance, pension or savings.”

“We therefore call on all industry leaders, business owners, governments and the celebratory gift industry to join us as we project this great African Innovation to the world stage. We believe that One (1) to Three (3) Billion people will receive CashTokens in five years across the world.’’ Ohiwerei concluded.

Also speaking at the launch, Mr. Leo Stan Ekeh, Chairman of Zinox Technologies Limited said that products like CeLD are the kind of empowerment that today’s startups earnestly require.

“CashToken is the miracle of the 21st Century, and it’s an innovation that makes business faster, and is transparent. It is an innovation that will bring growth to the economy of the country.” Ekeh added.

Other speakers and guests at the launch include: Tunde Irukera (Director General Consumer Protection Council), Lanre Gbajabiamila (DG, National Lottery Regulation Commission), Mitchel Elegbe (GMD, Interswitch Group), Hon. Fuad Atanda-Lawal (Chairman Obalende/Ikoyi LCDA), Wale Olokodana (Enterprise Commercial Lead, Microsoft Nigeria), Bello Maigari (Executive Secretary, National Lottery Trust Fund), Alex Okoh (DG, Bureau of Public Enterprise,) and many more.

Summarizing the essence of the epoch-making event, through a concise letter to the CEOs, Mr. Lai Labode, Founder and CEO of CeLD Innovations said: “the CashToken idea inspires a new age of HYPER Consumer Centricity, where the reward on every patronage is an incontrovertible life-changing opportunity and development of consumer emotional equity that will ultimately attempt to shape the several and individual preferences of the average consumer in the ever-competitive and volatile business world.”

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E-Financial

eTranzact Fires Obi as CEO, Others over Alleged N11Bn Fraud

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eTranzact International Plc has confirmed that Mr. Valentine Obi, managing director and some of its other directors will step down, after the Central Bank of Nigeria (CBN) asked the senior management of the payment processor company  to resign.

 

The action is coming in the wake of alleged fraud to the tune of ₦11billion perpetrated on its platform, by Michael Obasuyi, CEO of Platinum Multi-Purpose Cooperative Society Limited on the platform.

Mr. Valentine Obi

In a letter signed by the company’s secretary, eTranzact International, said that Mr. Obi will step down as the company managing director, while Mr. Niyi Toluwalope will be taking over as the managing director in an acting capacity.

 

Until this new appointment, Toluwalope was the Chief Financial officer of the company, a position he has held since 2011.

 

Others affected by the management change include Executive Directors; Sullivan Akala, Ike Eze and Chief Technology Officer, Mr. Richard Omoniyi, Head of Operations, Mr. Kehinde Segun.

 

eTranzact International however denied reports that PricewaterhouseCoopers, PwC, and Earnest & Young have been recruited to review the accounts of the company.

 

eTranzact, claimed that the move for the change in the management of the firm is strictly a decision by the board.

 

“We want to categorically state that there was no fraud in eTranzact International Plc, however, a merchant used the company’s interface with a bank to perpetrate fraud,” the press release made available to Techpoint.ng reads in part

 

The firm also affirms that neither of PricewaterhouseCoopers (PwC) nor Ernst and Young is reviewing the books of the company. eTranzacts claims PwC handles various technology-related assignments from time to time for the company, none of which has to do with account reviewing.

 

E-Tranzact international was incorporated as a Private Limited Liability Company on the 7th of May 2003. It became a public limited liability company on the 7th of August 2009 and was quoted on the Nigerian Stock Exchange (NSE).

 

Its shares are currently trading flat on the Nigerian Stock Exchange at ₦4.55 with its one year return down by 7.14%.

 

Full Text of Release

 

eTranzact International PLC, Africa’s premier e-payments solution provider has announced that it will be making significant changes to the Company’s management team.

 Niyi Toluwalope

Mr. Valentine Obi, Managing Director of the Company will be stepping down and Mr. Niyi Toluwalope will be taking over as the Managing Director in acting capacity. Until his appointment, Mr. Niyi Toluwalope was the Chief Financial Officer, a position he has held since 2011. Other executive positions affected by the management changes are: Executive Directors -Mr. Sullivan Akala and Mr. Ike Eze; Chief Technology Officer – Mr. Richard Omoniyi and Head of Operations – Mr. Kehinde Segun.

 

eTranzact is aware of recent Business Day publications about these management changes and wishes to announce that the changes are strictly eTranzact Board’s decision, and would like to advise all its stakeholders that it is working closely with the regulators, and all other relevant Stakeholders to resolve any issue related to or arising from the management changes.

 

In addition, we want to categorically state that there was no fraud in eTranzact International Plc, however a merchant used the company’s interface with a bank to perpetrate fraud. The eTranzact executives resigned honorably because they have the responsibility for governance in the company. Also, there is no truth about PricewaterhouseCoopers (PwC) or Ernst & Young reviewing the Accounts of the Company. eTranzact retains PwC from time to time for various technology related assignments and none has to do with reviewing the Company’s Accounts.

 

The ISO certifcations are a testament to eTranzact’s focus in adopting and implementing global and best practices to ensure effectiveness, efficiency, confidentiality and integrity in its day to day operations. This marks the beginning of a new journey for the company.”

 

 

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E-Financial

UBA to Reward Loyal Customers in ‘Refer-a-Friend’ Campaign

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Pan-African Financial Services Institution, United Bank for Africa (UBA) Plc will be rewarding its loyal customers who refer friends and family to the bank in its new diaspora campaign.

 

The campaign is designed to reward customers of the bank who refer their Diaspora friends/relatives to open a UBA account.

 

Specifically, this campaign will last for three months and the bank will be rewarding any customer who refers other customers with the reward of N5,000 for every successfully opened new and funded account.

 

For instance, new and existing customers who refer friends and relatives in the Diaspora to open new UBA accounts will be eligible to grab the reward for as many times as the number of people they refer.

 

According to the campaign managers, the referrer who must have an account with UBA, will have his/her account number inputted in the provided field by the referred. The account number is expected to serve as a reference code for paying the reward, and once the new Diaspora account is funded with a minimum of $100,  $100, £100, €100 or N50,000, for a one-month period, the reward sum of N5,000 will be automatically credited into the Referrer’s account.

 

They further explained that the campaign which kicks-off on May 22, 2018, involves no raffle draws, customers just refer, and redeem their cash prizes after successful funding of the new account.

 

 

 

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E-Financial

Court Orders Zenith Bank to Pay Customer N11m as Damages

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An Anambra State High Court sitting in Onitsha has ordered Zenith Bank PLC to pay the total sum of eleven million naira to Mr. Iwuchuckwu Okeke of Okeke P.C Stores as damages for detaining his five hundred and fifty thousand naira for ten days and also for reputation and business damages.

 

In its judgement, the court presided by Justice M.N.O Okonkwo ordered the bank to pay a sum of one million naira to the Plaintiff as damages for detaining his five hundred and fifty thousand naira for ten days and the sum of ten million naira as reputation and business damages.

 

According to Plaintiff who deals with the products of the Nigerian Bottling Company, on 1st March 2017, he paid the sum of five hundred and fifty thousand naira to the account of the Nigerian Bottling Company Limited through the defendant and the electronic transaction receipt evidencing the payment was issued to him but the bank failed to effect the transaction timeously blaming the failure on poor network and all attempts by him in approaching the bank to effect the transaction failed.

 

He thereafter wrote the bank through his lawyer and requested that the money be remitted and that also sum of five million naira should be paid to him as compensation to his loss but the bank failed to act accordingly and he had no option than to seek for justice at the court of law in order to save his business as he was out of stock and had no money to order for new products from the Nigerian Bottling Company.

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