E-Financial
Senator Wants Legal Teeth for Cashless Policy
Senator Adegbenga Kaka, ACN, Ogun (East), has described the nascent cashless economy policy by the Central Bank of Nigeria (CBN), as a ‘good innovation’ by decried the lack of legal framework to effectively govern its operation.
Senator Kaka, stated that he already has a bill in the legislative chambers which has passed through its second reading at the Senate, to prohibit and punish all forms of electronic fraud.
“The law, if passed, would reduce electronic fraud and would instill confidence in the users. The Central Bank of Nigeria should also ensure that commercial banks don’t just charge the people anyhow; banks must work for the money they are making,: said Kaka.
Senator Kaka, who spoke during the annual Diamond Lecture Series organized by students of department of Mass Communication of the Moshood Abiola Polytechnic, Abeokuta, Ogun state stated that basic infrastructure needed for the implementation of the cashless policy needed to be put in place before its operation would be effective.
Mrs. Kemi Adeosun, Ogun state commissioner of Finance attributed prevalence of internet fraud in the country as inimical to the success of the cashless policy.
“The prevalence of internet fraud, indiscriminate deductions(by banks), high rate of illiteracy, epileptic power supply, poor connectivity, amongst other factors needed to be effectively tackled for the cashless policy to become operationally effective in Nigeria,” said Adeosun.
She however stated that the Ogun state government has introduced the policy in all tertiary institutions to enhance transparency and accountability in revenue generation.
Adeosun added that the policy had also been introduced in other government revenue generating agencies.
Chidi Umeano, who represented CBN Governor Mallam Sanusi Lamido Sanusi, said the policy was aimed at reducing the amount of cash circulating in the economy and also to encourage electronic-based transactions. He assured that as the policy implementation progresses all observed loopholes would be plugged.
Prof. Tokunbo Fowode, Rector of the Polytechnic, agreed that the policy implementation has been very effective as it has aided in the reduction of fraud since the school introduced it for collection of fees and other forms of payment by the students.
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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CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering