E-Financial
Stakeholders Seeks Mobile Technology Driven Out-Bound Remittance Operators
Remittance and payment stakeholders have urged central bank of Nigeria (CBN) to expand the licensing of out-bound money transfer operation to accommodate mobile technology driven operators.
They said this has become necessary in view of inconveniences and stress Nigerians face in transferring of money out of the country, which today are done by only three foreign remittance operators.
They spoke at the 7th Remittance and Payment Expo held in Lagos earlier this week.
Opeyemi Odeyale, co-founder and chief operating officer, Ping Express, said that the CBN is not giving any indigenous company the license to move money out of Nigeria allowing monopoly by foreign remittance operators, which include Western Union, Moneygram and Riyadh who are moving money out of Nigeria every day.
“These operators system require you to go to banking hall, why don’t you let us use technology and drive it. It is very expensive now because people have to go to the banking hall fill form with other inconvenient documentations.
“The only way to bring down that cost is to use technology; a lot of us make money with our mobile phones, why don’t we do the same to get money out of Nigeria; do the transaction on your mobile phone. We have the technology to handle the compliance; we have the technology to handle all the regulatory requirements in sending money out of the country. Just give us the license let’s do it.
“To send $100 into Nigeria through Western Union you pay $11, but, with technology powered system such as Ping Express, to send $100 you only pay $3 this is a fraction of what traditional operators charge.
“That is what we want to do for Nigerians as well, if you want to send money out it does not have to be stressful, it doesn’t have to be expensive, and we can do it cheaper than the foreign operators. Why don’t CBN give us the license let’s do it.
“If we are able to get license from CBN to operate from 32 countries in North America and Europe, why do you think we are not capable of handling or holding a license with CBN for out-bound remittance.
“Is it that the regulator is doing something wrong or they are not paying attention to the fact that we have demonstrated that capability? We just need a license and we will make life easy for Nigerians.
“Indigenous companies having license to move money out of Nigeria will add to the economy as we have staff in the country, we pay taxes but the foreign operators don’t pay taxes, some of them don’t have staff in the country.
“Whether we like it or not the digital operators are disrupting that market it is better we streamline it by licensing indigenous operators. We need to empower ourselves,” he said.
Corroborating Odeyale, Yves Lauent Ewoune, manager, Information System project, MTN Cameroon, said that out-bound remittance from Africa using mobile technology provides a huge market opportunity.
He noted that MTN Cameroon started the service sometime last year and witnessed 150 percent growth within few months only for the regulatory authority in the country to stop it.
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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