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EcobankPay, Xpresspoint Agents Leveraging Technology to Expand Financial Inclusion – Akinwuntan

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Patrick Akinwuntan, managing director, Ecobank Nigeria, has disclosed that the Bank is leveraging technology to push the frontiers of financial inclusion of the unbanked and under-banked in the country.

The Managing Director said this in his keynote presentation at the Vanguard Economic Forum series on mobile money market and Fintech, with the theme, ‘Leveraging Fintech Innovation for Unlocking Growth and Competitiveness in Nigeria’s Mobile & Payment Ecosystem’ held in Lagos.

He pointed out that Nigeria which has improved financial inclusion from 47% to 63% in the last decade, remains a dynamic market with a lot of opportunities for digital financial expansion.

He stated that Ecobank has built an ecosystem that leverages digital technology to bring affordable, easy and convenient financial services to the people and businesses.

According to him, Ecobank is currently pushing EcobankPay, Xpress Agency Points and other digital platforms as key solutions to address the rapid shift to mobile payment and the adoption of digital channels across the country.

He described EcobankPay as  “a lifestyle scan and pay digital payment and collection service which accepts payments from other platforms – mVisa, Masterpass and mCash. Payment can be made with any phone by scanning the QR code or using USSD at merchant locations.

“It’s a unique offering, is its interoperability, that is, all bank customers in Nigeria can pay through their accounts in other banks.  It is free to set up, as the shop owner only needs his/her QR code and phone for notifications to start receiving quick and easy payments.

Merchant QR can also be set up via Facebook Messenger as well as USSD payment for low-income phone users”

He noted that EcobankPay “is currently available at over 90,000 merchant locations across the country. This is in addition to over 6,000 Xpress point agent locations in the country. Also, we have over 8 million mobile banking subscribers across the Ecobank Group. Our Ecobank Mobile App is unique, as it is one universal app available in 33 countries where we operate in Africa.

“Furthermore, Ecobank has so far set up EcobankPay Zones in over 50 locations in different parts of the country. These are digital hubs enabling businesses within a location adopt Ecobank’s wide range of digital products for ease of payments for goods and services. The payment options at the zones include EcobankPay, Xpress points, Automated Teller Machines (ATMS) and Point of Sale (PoS)”.

Mr. Akinwuntan said also that the banks’ strategy includes collaboration with Fintechs to surmount the financial inclusion and adoption of financial services challenge. Quoting the Efina fintech 2018 report, he noted that “there is an increased partnership with Fintechs as Nigeria is currently home to over 250 Fintechs and approximately 60% of them supporting payments and lending capabilities.

“The cumulative Fintech funding by banks in Nigeria has surpassed $250m in the past five years, he pointed out.

“Ecobank hosts an annual Africa Fintech challenge and we are providing support infrastructure for Fintechs that excel at the challenge.

“At Ecobank our vision and mission focus on providing Africans affordable and easy to access financial products and services. We believe innovation and technology could help remove barriers to 24/7 access to financial services through the use of self-service applications.“

He also noted that increasing mobile phone penetration has been a key enabler whilst the positive regulatory regime of the Central Bank is driving financial inclusion and seamless payment services initiatives in the country.

While commending Vanguard newspaper for organizing the event and choice of the theme and the Central Bank of Nigeria (CBN)’s various initiatives targeted at promoting and creating an enabling environment for mobile banking to thrive in the country, he made case for collaboration of all stakeholders to achieve the desired result.

Musa Jimoh, Deputy Director, Payment System Department, CBN, in his goodwill message at the forum said: “Cost of service is one of the reasons why people refuse to use some banking services including mobile money.

“So we came out with guidelines to bank charges to make sure that we regulate the charges and we have also come out with some other initiatives under the cashless scheme to see how we can bring people to the digital channel and reduce the high cost of operations in the bank.

“There are several initiatives that CBN is pushing to ensure the mobile money operators grow and help us deepen financial inclusion.”

Earlier in her presentation, Professor Olayinka David-West, Academic Director, Lagos Business School, LBS, explained that financial inclusion is the access to unleash affordable financial services to the huge population of the unbanked and the under-banked in the society.

She stated: “Affordable financial service is important because not everybody can afford to pay for account maintenance of N500 a month.

“To address financial inclusion, innovation is important because it will help us address the easy access to financial services. It has nothing to do with literacy; it is about how do we design it knowing the capabilities of the people we are trying to serve.”

Ecobank is a leading pan-African bank with an unrivalled platform in Africa. Its vision is to build a world-class Pan African bank contributing to the socio-economic development of Africa, while also providing customers convenient accessible and reliable


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E-Financial

eNaira Makes Appreciable Impact with 57% Rise in Value

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Value of   eNaira, the digital currency of the Central Bank of Nigeria, CBN rose by 78.8 percent year-on-year (YoY) to N18.32 billion in the first ten months of 2024 (Q3’24) from N11.66 billion in the corresponding period of 2023.

Analysis of data from the Central Bank of Nigeria (CBN), Monthly Economic reports for the review period showed that the value of eNaira was stable in Q1’24 at N13.98 billion in 2024 from the previous quarter Q4’23.

The value grew by 31 percent YoY to N18.38 billion in Q2’24 but fell by 0.16 percent to N18.35 billion in Q3’24.

However, Month-on-Month, MoM,    the value of eNaira fell   by 0.16 percent to N18.32 billion in October.

Introduced by the Central Bank of Nigeria, CBN in October 2021 the eNaira is the digital form of the Naira and used just like the paper money (cash).   The eNaira wallet is a digital storage that holds the eNaira. The eNaira wallet is required to access, hold and use eNaira.

According to the CBN, the eNaira was designed to deepen financial inclusion by bringing more people into the financial space, support a resilient payment ecosystem, reduce the cost of processing cash, enable welfare intervention to citizens, increase transparency in revenue and tax collections, facilitate Diaspora remittances, reduce the cost of financial transactions and improve the efficiency of payments.

Recently, the Governor of CBN, Olayemi Cardoso revealed the apex bank’s Payment System Vision 2025 disclosed that   a comprehensive review of the eNaira implementation    would be made to    enable broad and positive economic impact.

Speaking at the 59th Annual Bankers   Dinner   of the Chartered Institute of Bankers of Nigeria, CIBN, Cardoso said, “To further enhance confidence in the payment system, our Payment System Vision 2025 initiative will drive initiatives to encourage quick and affordable cross border payment, a critical step toward unlocking trade , investment and economic growth. “Additionally, the eNaira, our CBDC, holds significant growth potential.

“We will therefore undertake a comprehensive review of its implementation to optimize broad and positive economic impact.”

 


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E-Financial

CBN Fines 9 Banks N1.3Bn over Cash Scarcity @ ATMs

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Central Bank of Nigeria (CBN) has sanctioned nine deposit money banks (DMBs) for failing to ensure cash availability via automated teller machines (ATMs) during the festive season.

CBN Fines 9 Banks N1.3Bn over Cash Scarcity @ ATMs

The banks have been fined a total of N1.35 billion for their non-compliance.

Each of the banks received a fine of N150 million.

The affected banks are Fidelity Bank, First Bank, Keystone Bank, Union Bank, and Globus Bank.

Others include Providus Bank, Zenith Bank, United Bank for Africa (UBA), and Sterling Bank.

A press release issued on Tuesday by Mrs Hakama Sidi Ali, acting director of Corporate Communications at the CBN, said, “In a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria has sanctioned Deposit Money Banks for failing to make Naira notes available through automated teller machines, during the yuletide season.

“Each bank was fined N150m for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches. The enforcement action follows repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods of high demand.

“The affected banks include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc.”

 

 


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Nova Bank Urges Court to Wind Up Sunrise Products over $2.58m Debt

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Nova Bank has asked the Federal High Court in Lagos to wind up Sunrise Products Limited due to its alleged failure to pay back an outstanding debt of $2,587,891.21N276,567,150.63 allegedly owed to the bank.

Nova Bank Urges Court to Wind Up Sunrise Products over $2.58m Debt

The bank applied in a winding-up petition, claiming Sunrise Products Limited is bankrupt.

Despite repeated demands and the statutory three-week notice required under the Companies and Allied Matters Act (CAMA), the alleged debtor has failed to settle the outstanding debt.

The petition was filed before the Court on December 19, 2024, by Kemi Balogun (SAN),  the bank’s lawyer, under case number FHC/L/CP/2357/24

In the petition, Nova Bank seeks the court’s permission to publish the winding-up notice in the Federal Government Official Gazette, a national daily newspaper, and other local publications distributed in Lagos State, where the company is registered.

The petitioner has also informed the court of a significant risk that Sunrise Products Limited may dissipate or dispose of its assets, potentially undermining any favourable judgment for the bank.

To address this concern, the bank filed a motion to protect the debtor’s assets by including the Central Securities Clearing System (CSCS) Plc and 21 other banks as respondents.

Therefore, the petitioner urges the court to order the Deputy Chief Registrar of the Federal High Court, Lagos, to be appointed provisional liquidator to oversee the company’s affairs until the winding-up order is granted.

The bank also asks the court for an interlocutory injunction to prevent the respondent, its directors, staff, and agents from withdrawing or tampering with the company’s funds in the listed banks.

The bank applied in a winding-up petition, claiming Sunrise Products Limited is bankrupt. Despite repeated demands and the statutory three-week notice required under the Companies and Allied Matters Act (CAMA), the alleged debtor has failed to settle the outstanding debt.

The petition was filed before the Court on December 19, 2024, by the bank’s lawyer, Kemi Balogun (SAN), under case number FHC/L/CP/2357/24

In the petition, Nova Bank seeks the court’s permission to publish the winding-up notice in the Federal Government Official Gazette, a national daily newspaper, and other local publications distributed in Lagos State, where the company is registered.

The petitioner has also informed the court of a significant risk that Sunrise Products Limited may dissipate or dispose of its assets, potentially undermining any favourable judgment for the bank.

To address this concern, the bank filed a motion to protect the debtor’s assets by including the Central Securities Clearing System (CSCS) Plc and 21 other banks as respondents.

Therefore, the petitioner urges the court to order the Deputy Chief Registrar of the Federal High Court, Lagos, to be appointed provisional liquidator to oversee the company’s affairs until the winding-up order is granted.

The bank also asks the court for an interlocutory injunction to prevent the respondent, its directors, staff, and agents from withdrawing or tampering with the company’s funds in the listed banks.


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