E-Financial
UBA Gets Commendation for “All About U” Debit MasterCard
United Bank for Africa (UBA) Plc; the pan-African financial services institution with operations in 19 African countries, has been commended for its leading role and support to the cashless banking initiative of the Central Bank of Nigeria (CBN) with its array of innovative e-banking products and services geared towards making banking transactions seamless for Nigerians.
Speaking at the launch of UBA “All About U” Debit MasterCard; the latest innovation in the electronic banking segment by UBA Plc in Lagos, Omokehinde Ojomuyide, vice president & Area Business head, MasterCard Worldwide, said the bank has continued to play a significant role in ensuring the success of the cashless banking initiative through its innovations.
Ojomuyide who expressed delight in with UBA on this laudable project described the “All About U” Debit as a veritable banking product that will make electronic banking attractive and convenient for customers of the bank.
“This is a commendable innovation and we are thrilled to partner with people and institutions that are at the forefront of technology, like UBA Plc,” she added.
The UBA “All About U” Debit MasterCard, is a personalised debit card which allows Customers carry around their fond memories while using their Debit Cards.
Kennedy Uzoka, deputy managing director, UBA, while presenting the card at the launch ceremony, said the “All About U” Card was made for the bank customers to express themselves by branding their payment cards.
“The UBA “All about you’’ Debit MasterCard is another ground-breaking development in the industry. What you see is that UBA has gone through a detailed certification process to make sure our products serve the purpose of our customers. We are giving you something to own. A card truly reflects your own personality. You do not need a bank logo, but your personal logo or identity,” Uzoka said.
He noted that the cards will also be available to over 7 million customers of UBA in all the 19 African countries and three global financial centers where the bank operates, adding that a platform has been created where customers can upload their cards even from the comfort of their homes.
According to him, the UBA “All About U” card is a very secure card, noting specifically that with the launch of the Security Operations Centre (SOC) & Forensic Lab that provides all round security monitoring for all electronic banking transactions, UBA customers have more security for using any of the bank’s e-banking products.
The same sentiments were also echoed by Dr. Yinka Adedeji, divisional head, e-Banking, UBA Plc. said that the bespoke look and feel that UBA brought to card issuance through the All about you card will significantly boost the cashless initiative in Nigeria.
“Using design software which seamlessly integrates with the bank’s card management system, the UBA “All About U” card perfectly blends in the UBA brand with the customer’s creative imagination, making the customer a ‘partner-in-design’ while creating a sense of loyalty and enhancing affinity” he stated.
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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