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Lagos State Goes Truly Digital,Partners with Interswitch to Provide Omni-Channel Digital Payment Solutions to Lagosians

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As part of the Lagos State Government’s strategic vision to embrace a digital future through the adoption of innovative technology and processes across all spheres of governance and public-sector service delivery, His Excellency, Mr. Akinwunmi Ambode, Executive Governor of Lagos State announced on Monday, February 19 that effective from the 1st of March 2018, the State Government will fully digitize revenue collection in partnership with Interswitch.

 

In announcing this strategic partnership with Interswitch, which is reputed to be one of Nigeria’s leading financial technology and electronic payment drivers, Governor Ambode stated that the government’s vision is to actualize extensive adoption of electronic channels in the payment of taxes, levies and other government payments.

 

This is with a view to expeditiously improve on the effectiveness of service delivery to residents of the State whilst ensuring greater accountability in line with the vision of the current administration in Lagos State.

 

Governor Ambode, In a statement announcing the partnership, revealed that “to ensure that the government improves on the quality of service delivery to our people, effective 1st March 2018, no payment or taxes will be made by cash henceforth across the State.

 

“Tax payers should be able to pay all legitimate taxes and bills through all payment channels at their own time and convenience.

 

“The transaction process is now going to be everyday, anytime and on weekends.”

 

Explaining further on what informed the Lagos State Government’s resolution to partner with Interswitch to digitize payments and collections in Lagos, Governor Ambode added that “Interswitch has been at the forefront of efficient and secure public sector payments and collections at National and State levels for quite a while now, and we are confident in their ability to provide strong support and the state-of-the-art payment infrastructure, comparable to such obtainable anywhere in the world as well as the capabilities required to facilitate seamless implementation of this policy in a state like Lagos.”

 

Interswitch has equally expressed a commitment to providing omni-channel payment infrastructure which will facilitate seamless transaction processes in revenue collection to make it easy and convenient for the good people of Lagos who can now pay every day, any time and online.

 

In a statement credited to Mitchell Elegbe, Founder and Group Chief Executive Officer, Interswitch “Over the last few years, we have invested extensively in building and continuously developing a variety of payment channels which facilitate real-time transaction through any means desirable by all parties within the payment process.

 

“Our vision at Interswitch is an Africa where payment becomes a seamless part of our everyday lives, and we are resolutely committed to working with Lagos State to embrace a fully digital future, in line with our resolve to continue to create digital transaction solutions that enable individuals and communities prosper across Africa.”

 

In view of this partnership with the LASG, government payments will now be possible through multiple channels including physical payments in any branch of any bank, and using Interswitch solutions such as Interswitch Paydirect, Interswitch Payment Gateway, Quickteller Paypoint, and Mobile Apps/USSD codes of LASG MDAs, thereby encouraging real-time cashless payments directly to the State Treasury. 

 

Observers have lauded this development as a welcome breakthrough in public sector finance, accountability and service-delivery as it essentially underscores the unwavering and forward-thinking dynamism of the Lagos State Government, with effective public-private collaboration at its heart.

 

Interswitch is extremely delighted to collaborate on this partnership and is excited to embark on a fruitful and constructive relationship with the Government. 

 

A statement from the company stated that “Going into the implementation of this, Interswitch will ensure that the full-breadth of our multi-layer platforms would henceforth be deployed for use by all government Ministries, Agencies, Parastatals, Associated Companies and Units.

 

“Interswitch is also committed to continuous innovation to ensure the provision of new and easier payment channels, particularly leveraging such platforms as direct payment from mobile phones.

 

“To facilitate the required awareness, enlightenment and consumer education across all segments of the population across the state, Interswitch is also fully committed to working very closely with the LASG and its relevant agencies with a view to driving adoption and uptake, from the perspective of all stakeholders who need to be engaged – the state civil service and MDAs as well as businesses operating within the state, general public etc.”


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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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E-Financial

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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