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NAMB says 40% of Nigerians are Financially Excluded

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Rogers Nwoke, President of the National Association of Microfinance Banks (NAMB), said on yesterday that more than 40 per cent of Nigerians were still excluded financially and needed to understand their rights.

He made the observation when he visited Mr Bayo Onanuga, Managing Director of the News Agency of Nigeria (NAN), in Abuja.

“We are in the forefront of financial inclusion programme and we are seeking collaboration with the News Agency of Nigeria (NAN) to drive financial inclusion in the country.”

According to Nwoke, one major issue that has been identified in the country is the financial exclusion of rural dwellers who form over 70 per cent of the Nigerian population.

He said the people in the rural areas needed to understand their rights and privileges, adding that collaboration with the agency would help disseminate such information to them.

“We are here to introduce ourselves and put a face to the micro finance association and we consider this agency as a very key in the dissemination of information.

“As you know, microfinance sector is very important in the micro economic development of the country and we think that there is a gap between what we do and the perception of Nigerians.

“One of the issues we have identified is the issue of financial literacy which is very low and even those who are banked do not really understand their rights and privileges as bank customers.

“Record shows that more than 40 per cent of Nigerians are still excluded financially and we are in the forefront of financial inclusion programme.

“It is over 10 years since the formal micro finance started by virtue of the law of the national micro finance policy of 2005 and we still haven’t solved this problem.

“And we think it is because there has not been a strong handshake between us and the information space in Nigeria and a strong collaboration will help us get there.’’

The NAMB president explained that collaboration with NAN would help advance financial inclusion and get the people into the formal financial system.

He noted that the business of microfinance had been totally misunderstood by the people, even those in the National Assembly.

He said there were over 999 licensed Micro Finance Banks (MFBs) in the country regulated and supervised by the CBN and over 3000 unregulated MFBs in operation that people are not aware of.

“We believe people need to know this difference and we cannot do it alone; that is why we need a strong collaboration with the information space and you (NAN) are key and central to that.

Mr Yusuf Zango, the NAN managing director, represented by the Editor-in-Chief, expressed the agency’s commitment to collaborate with NAMB to drive financial inclusion in the country.

Onanuga said the agency was about 40 years old with offices across the country and district offices with correspondents who were report happenings from the rural perspective.

He said NAN engaged mainly in development journalism and was in the right position to partner with the microfinance association to deliver their mandate.


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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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