E-Financial
NIBSS Tasks IT Professionals on Innovation to Drive Digital Financial Services
By peter oluka
‘Niyi Ajao, executive director, Business Development, NIBSS Plc., believes information technology (IT) experts have crucial roles to play to assist Nigeria deepen its financial technology (FinTech) and be strategically positioned to bridge financial inclusion divides.
Ajao made the remake during a keynote address on ‘Information Technology: A Tool for Sustainable Development’, presented at the 8th Nigeria Computer Society (NCS) Lagos IT conference & 2017 golden names award.
The rise of FinTech, according to World FinTech report 2017, has been aided by a perfect storm, created by increasing customer expectations, expanding VC funding, reduced barriers to entry, and increasing pace of technological evolution.
He however noted that mobile is the access point of the future, saying that 61% of NIP transfers were done through the mobile phone channels such as mobile app, USSD etc., adding that rapid advances in technological innovation are part of the forces shaping the future.
According to him, with over 189.4 million population with 49% urbanisation; 97.2 million internet users at 51% penetration and close to 160 million mobile subscription, Nigeria has opportunity to broaden its financial services.
“Automation, robotics and AI (artificial intelligence) are advancing quickly, dramatically changing the nature and number of jobs available. Technology has the power to improve our lives, raising productivity, living standards and average life span, and free people to focus on personal fulfilment. But it also brings the threat of social unrest and political upheaval if economic advantages are not shared equitably”, Ajao added.
He encouraged the IT professionals to assist the financial sector key into Mckingey&Company report which listed three required building blocks to drive digital financial services. “First, widespread digital infrastructure which shows that widespread connectivity is needed, robust digital payments infrastructure and well-disseminated personal identification system.
“Secondly, dynamic financial services market: to know the risk-proportionate regulation promoting stable financial system and open markets fostering innovation
“Thirdly, products people prefer to existing alternatives: new digital products offering true advantage in cost and utility for people to use them.
He said that banking products of the future should be able to address issues around the unbanked and the underbanked.
Also in a presentation: ‘The Next Dinosaur: Disruption and Response-ability’, Adeolu Okanlawon, said that Disruption in vocation including teachers, engineer, typist, etc., are driven by human’s quest to do more, learn more, and improve own experience.
“It will continue as long as we are humans and our needs are insatiable. That’s what makes us humans. It is a never-ending system of change that drives all the changes we have seen – called innovation. And it will never stop.
“Now it is being sewn into the fabric of Business, Living and Society that’s why we hear innovation, innovation, innovation everywhere. And both innovation and disruption are enabled by the twin factor of technology and globalization.
“Dying slowly is in the experience of Dinaosaur based on what we know …. So also are our “IT skills”’, Okanlawon 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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