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NIBSS, PFS Launch National Automated Cheque Clearing System

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Dr. Yele Okeremi, Managing Director of PFS,

Nigeria Inter-Bank Settlement System (NIBSS) and Precise Financial Systems (PFS) have collaborated to unveil a new National Automated Clearing System (NACS), which allows all the Deposit Money Banks in the country to clear cheques within hours.

 

The banks have been test-running the infrastructure for 11 weeks ago and a total of N5 trillion  worth of cheques from 10 million transactions has been processed through the new platform.

 

At the post go-live session in Lagos with representatives of the banks, Mr. Ade Shonubi, managing director of NIBSS, explained that the institution had been on the project for over 18 months. He added that the infrastructure would allow all the banks to achieve several payment and non-payment transactions.

 

NIBSS’ boss said that as at today there are four clearing sessions. According to him, the advantage of having multiple clearing sessions was that the net amount against each bank is smaller so that risks are managed.

 

“With the new system, a cheque can be cleared within six hours, four hour or at whatever duration we agree”, he said.

 

Dr. Yele Okeremi, Managing Director of PFS, the software firm behind NACS, at the session said the process of clearing cheques in all Nigerian banks has been simplified with the launch of NACS and that the successful completion of the project has the door for more Nigerian firms to take on more national challenges.

 

Okeremi commended the collaborative effort that exists between NIBSS and PFS, saying that the partnership has given birth to the new system that “allows bank customers to experience the benefits of shorter cheque clearing cycles, as it reduces operational cost of the banks because the clearing departments of the bank can work smarter and close earlier”.

 

Mr. Kolawole Aminu, Head, Domestic Payments and Collections, Union Bank,  described the new platform as user-friendly.

 

He added that “over N5 trillion that has been processed on the new platform just within 11 weeks. We are talking of over 10 million in terms of the volume of cheques. That tells you how much we do with this mode of payment.”

 

 

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So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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E-Financial

CBN Injects $210m Into Forex Market

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Fresh $210million has been injected by Central Bank of Nigeria (CBN) into the inter-bank foreign exchange market, to meet customers’ requests in various segments of the market.

Figures obtained from the Bank on Monday indicated that CBN offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million.

Those requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.

The Bank’s Acting Director, Corporate Communications Department (CCD), Mr. Isaac Okorafor, confirmed the figures, adding that those who made bids in the wholesale window would receive value for the bids on Tuesday, January 16, 2018
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Okorafor reassured the public that the Bank would continue to intervene in the interbank foreign exchange market in line with its resolve to sustain liquidity in the market and maintain stability. According to him, the steps taken so far by the CBN in forex management had yielded many positives, particularly as it had to do with the reduction in the country’s import bills and accretion to its foreign reserves.


It would be recalled that the CBN last Friday, January 12, 2018, intervened in the Retail Secondary Market Intervention Sales (SMIS) to the tune of $262.5 million, to cater for requests in the agricultural, airlines, petroleum products and raw materials and machinery sectors.

 


Meanwhile, the naira continued its stability in the FOREX market, exchanging at an average of N360/$1 in the BDC segment of the market on Monday, January 15, 2018.

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E-Financial

ATM Deployers Report Double-digit Crime Surge in 2017

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The ATM Industry Association has published the results of its 2017 Global Fraud and Security Survey in which more than half of respondents (54 percent) reported an increase in ATM crime during the previous year. This represents a 12 percent change from the previous year’s survey, in which less than half (42 percent) of deployers said they had experienced a rise crime at their ATMs.

According to a press release, the survey looked at trends in ATM card skimming, PIN compromise, deposit and transaction reversal fraud, cash and card trapping schemes, eavesdropping, card data malware, chip card data shimming, network packet sniffing, and other network and remote network card data compromise methods.

“Since there are now such a variety of methods of attack, technologies and tools available, our industry needs to start 2018 with an attitude of vigilance,” ATMIA CEO Mike Lee said in the release. “We must unite like never before to tackle all these challenges.

“By reading this study early in the new year, industry practitioners will be well prepared for what lies ahead and can plan their defenses accordingly. I’d like to thank international ATM security expert Douglas Russell for giving us the true crime big picture in such a professional way.”

The new report is available online to ATMIA members. In the press release, the association also encouraged members to consult its online library of international ATM security best practices to reduce their risk of attack.

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UBA Introduces Leo, Chat Banking Personality on Social Media Platforms

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l-r: Executive Director, Lagos and West, United Bank for Africa(UBA) Plc, Mr. Ayoku Liadi; CEO, UBA Francophone Africa, UBA Plc, Mr. Emeke Iweriebor; Group Head, Online Banking, Austin Abolusoro; GMD/CEO, UBA Plc, Mr. Kennedy Uzoka; Executive Director/Group Chief Operations Officer, UBA Plc, Mr. Chukwuma Nweke; and Executive Director, Risk Management, UBA Plc, Mr Ike Uche, during the launch and introduction of Leo, a Chat Banking Personality on Social Media Platforms by UBA in Lagos on Thursday

United Bank for Africa (UBA), Pan-African financial institution, has changed the face of e-banking with the introduction of Leo, the UBA Chat Banker who enables customers make use of their social media accounts to carry out key banking transactions.

 

At the official launch of Leo, UBA’s Chat Banker, which took place in Lagos on Thursday, customers of the bank were given a step by step demonstration on the novel way of delivering lifestyle and quality  banking through the Facebook Messenger chat platform.

 

This is the first time that a financial institution in Africa has come up with this manner of solution to simplify the way customers transact. Something that has become necessary in today’s fast-paced world with demands for  quick-time transactions and response.

 

With the launch of the Chat Banking, customers will be able to open new accounts, receive instant transaction notifications, check their balances on the go, transfer funds and airtime top up. They will also be able to confirm cheques, pay bills apply for loans, freeze accounts, request for mini statements, amongst other things.

 

At the occasion, Mr. Kennedy Uzoka, group managing director, UBA, said that the launch of Leo is part of initiatives aimed at putting the bank’s customers first with UBA continuously developing strategies aimed at easing transactions for the bank’s numerous users, while ensuring utmost safety of their transactions.

 

Mr. Uzoka said, “The formulation of this product, is consistent with the bank’s customer 1st philosophy, where we are doing things not the way we like, but focusing on what the customers want, where they want it, and in the exact platform they want it.’

 

“At UBA, we have been working with technology giants that have the global capacity to ensure not only seamless but also effortless banking for millions of our customers across Africa. We at UBA, have collaborated with Facebook to come up with this innovation that is capable of revolutionising the way banking is done in Africa,” he said. Uzoka noted that Leo will  in the nearest future, show up on other social platforms and added that all it takes to enjoy the services is simply to have a Facebook account.

 

As he unveiled the character of Leo, Uzoka stated:  “Leo being an intelligent personality will give you feedback instantaneously as you transact your business on the platform. A solution that is from the customer’s standpoint and is easy to use by anyone’

 

Also speaking at the launch of Leo, Mr. Austine Abolusoro, group head of Online Banking at UBA, who conducted a step by step demonstration on the working of  Leo, reitirated that Leo  is  not just a chat machine, but an artificial intelligence personality meant to address any type of banking concerns raised by customers.

 

“Leo is ready and waiting to help with most transactions and to deliver any form of banking services. Leo is operating a lifestyle banking platform on facebook messenger to assist with your transactions while chatting with your friends and business partners. The security with this platform is that for every transaction, an OTP (One Time Password) is generated to the phone number that is registered on your account.”

 

He explained that with Leo your banking needs become easy and simple.  As simple as chatting.

 

UBA was incorporated in Nigeria as a limited liability company after taking over the assets of the British and French Bank Limited who had been operating in Nigeria since 1949.

 

The United Bank for Africa (UBA) Plc merged with Standard Trust Bank in 2005 and from a single country operation founded in 1949 in Nigeria – Africa’s largest economy – UBA has become one of the leading providers of banking and other financial services on the African continent.

 

The Bank provides services to over 14 million customers globally, through one of the most diverse service channels in sub-Saharan Africa, with over 1,000 branches and customer touch points and robust online and mobile banking platforms.

 

UBA was the first Nigerian bank to make an Initial Public Offering, following its listing on the NSE in1970.

 

It was also the first Nigerian bank to issue Global Depository Receipts. The shares of UBA are publicly traded on the Nigerian Stock Exchange and the Bank has a well-diversified shareholder base, which includes foreign and local institutional investors, as well as individual shareholders.

 

 

 

 

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