E-Financial
PFS selects Gartner as Globalization Advisor, Embraces International Markets
To realize its objective of capturing the international software markets in Europe and the USA, management of Precise Financial Systems [PFS] announced today that it has engaged the services of Gartner Consulting as its global advisor, which would lead the company to fulfill its globalization schema.
The engagement which would be for two years empowers Gartner to review PFS software solutions including its flagship Clirec and iTeller in order to recognize the possible international markets where the products would be most needed and advise on appropriate market approach.
A statement signed by Dr. Yele Okeremi, MD/CEO of the company, informed that as the “global advisor to PFS”, Gartner would guide PFS on the strategy for effective globalization as well as engage in “some hand-holding to ensure we get into some specific international markets. Gartner will do this for two years”.
He added that Gartner would provide a fact-based consulting service for PFS to boost its business performance. According to him, Gartner’s expertise would help the international businesses to make the right decisions about adopting PFS software and align their IT initiatives with business objectives as well as connect with industry peers and best practices.
Explaining how Gartner works, Dr. Okeremi said that Gartner has invested in research processes and proprietary methodologies that enable the firm to cut through information “overload, decipher multiple viewpoints and develop insights” that allow their clients to perceive the business landscape more clearly.
“Gartner will give us the information we need, in the context necessary to make both large-scale and everyday decisions with confidence”, Dr Okeremi said.
Account Manager, Africa, Emerging and Midsize Technology Providers at Gartner, Joseph Banks, said, “As Precise embraces international markets, our research process embodies a way of thinking that turns complex information into insight, which Precise can use for its business advantage.
Our underlying methodologies are a tested set of research practices, procedures and rules used to collect and analyze information. This is what Precise stands to benefit as we work together to achieve its globalization objective it has set”.
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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