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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

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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