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Skye Bank Bags CBN Awards for Fight Against Electronic Fraud

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Skye Bank Plc. has emerged “The Most Committed Watch Listing Bank in Nigeria” out of four corporate awards that were up for grabs at the Nigeria Electronic Fraud Forum (NeFF) Annual Dinner and Awards which held in Lagos recently.

This was confirmed in an industry-wide survey administered by Central Bank of Nigeria (CBN), in conjunction with NIBBS.

The prestigious award, which is in recognition of efforts of the Banking industry in the fight against electronic fraud is presented to the institution “with the most efficient and robust system for tracking all forms of electronic fraud and arresting perpetrators for prosecution”.

The challenge of securing the Nigerian Payments System will always be a daunting task as with the ease of payment, comes greater adoption, and with increased adoption, the lure of cybercriminals who seek to convert either digital asset or resources or both to their own, becomes even greater.

Speaking at the event which held in Lagos at Colonnades Ikoyi, Mr. Dipo Fatokun, the NeFF Chairman, who is also the Director, Banking and Payment System in CBN, explained that, “an effective fight against fraud is not without robust awareness program; not only for members of the public, but also for staff of organizations that operate within the Payment Space.

‎He further stressed the importance of starting the awareness program in 2017, “as this would help the industry reduce cost of fraud through increased vigilance and detection abilities”, he said.

On the credibility of the process that led to the emergence of Skye Bank as the winner of the award, “the Central Bank of Nigeria in collaboration with NIBBS carried out a survey to rate the performance of all Banks in the fight against electronic fraud. According to him, most Banks, in their response, acknowledged Skye Bank as the most committed bank when it comes to tracking fraud and arresting perpetrators”.

Skye Bank runs its core banking ICT applications on one of the most advanced, and highly secured and scalable technology software, adjudged by cyber practitioners as consistent with what obtains with other financial giants in most advanced economies of the world.

Receiving the award on behalf of the Bank, the Executive Director, Lagos Commercial Banking Directorate, Mrs. Markie Idowu, thanked the organizers of the award and used the opportunity to canvass for collaboration amongst stakeholders, noting that this remains the only way to effectively tackle the spate of electronic fraud in the industry.

The Nigeria Electronic Fraud Forum (NeFF) is a forum where financial services stakeholders – banks and other organizations within the financial and payment systems – meet on a quarterly basis to deliberate on issues of electronic fraud and its prevention. 

The forum is organized and supervised by Central Bank of Nigeria.

Skye Bank, a Systematically Important Bank (SIB), with strong market share and relative interconnectedness, occupies a sensitive role in the financial industry in Nigeria and West Africa.

The other NeFF awards are: the best fraud desk personality of the year; the most responsive fraud desk and the overall best fraud desk.‎


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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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