E-Financial
NAICOM to Boost Financial Inclusion with NIIDP
National Insurance Commission (NAICOM), on Monday said it has concluded plans to launch the Nigerian Insurance Industry Development Plan (NIIDP) in order to boost financial inclusion.
The commission said it had already concluded work on the NIIDP, with KPMG, a consulting firm monitoring its implementation to ensure each segment of the market kept to date with their assigned responsibilities.
The Commissioner for Insurance and Chief Executive Officer, NAICOM, Mohammed Kari, said this at the National Insurance Conference, in Abuja.
The conference had ‘Insurance Industry and Financial Inclusion’ as its theme.
He said: “The timing of this Conference could not have been more significant especially as we prepare to launch the Nigerian Insurance Industry Development Plan (NIIDP) which has Financial Inclusion as one of its major components. Work on the NIIDP has already been concluded with inputs from KPMG, consulting firms who will also independently monitor its implementation to ensure each segment of the market keep to date with their assigned responsibilities.
“It may interest you to know that the plan has been presented to the Insurers Committee, a body comprising management of NAICOM, CEOs of insurance companies and heads of insurance trade associations and the Chartered Insurance Institute of Nigeria (CIIN) to ensure every player in the industry is on the same page with us. I commend the market committee and KPMG for the good job on the NIIDP.
“How the insurance sector in Nigeria could effectively and efficiently navigate this turn to increase the number of policyholders while reducing the figure of the financially excluded, is part of what the NIIDP contain.
“The strategic initiatives and implementation plans of the NIIDP notwithstanding, we have dedicated this forum to financial inclusion for an opportunity to listen to speakers and discussants with divergent views and opinions so as to improve on what we already have.”
NAICOM also linked high rate of poverty in Nigeria and the rest of the world to financial exclusion.
Kari said the insurance sector plays a vital role in any economy by helping to reduce the poverty line.
He said: “The general consensus seems to be that financial exclusion is one of the main causes of poverty in the world.
“The insurance sector plays a vital role in all of these because it helps to reduce the poverty line, it helps entities and individuals manage their risks and protects them from negative adverse effects of unforeseeable events.
“Commission recognizes financial inclusion as a tool for financial development and inclusive growth agenda and will therefore, continue to support the development of products that will improve the standard of living of the people and increase the role of insurance in the development and growth of the average Nigerian’s standard of living.
He added that Nigeria launched the National Financial Inclusion Strategy (NFIS) in 2012 to reduce the percentage of adults that are excluded from financial services from 46.3 per cent in 2010 to 20 per cent by 2020.
“The strategic goals are driven by a broad range of coordinated interventions, including simplified Know Your Customer (KYC) regulations, Agent banking, Micro insurance and Consumer Protection principles,” he added.
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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