E-Financial
Bankers Protest EFCC’s Order to Declare Assets
Bankers under the aegis of the Association of Senior Staff for Banks, Insurance and other Financial Institutions (ASSBIFI) and National Union of Banks, Insurance and Financial Institutions Employees (NUBIFE) have asked the Economic and Financial Crimes Commission (EFCC), focus on the managing directors of banks and other agencies of government instead of the junior workers.
The bankers were reacting to the recent order by Abdulrasheed Bawa, chairman, EFCC, that all bankers in the country should submit their asset declaration forms to the Commission.
Bawa explained that the decision was in line with the provisions of the Bank Employees Declaration of Asset Act.
But Comrade Oyinkansola Olasanoye, president, ASSBIFI, said the anti-graft agency was merely playing to the gallery.
He said: “As bank workers, we do not have any issue with the EFCC investigating the banks but asking bank workers to declare their assets is just trying to enforce an order already in existence.
“Every year, bank workers declare their assets by filling a form which is sent to the CBN for scrutiny. We have been doing that for almost five years now.
“So, for the EFCC Chairman to now wake up and ask the same of us is only an admission the EFCC is not doing its work.
“EFCC has the right to investigate the top management and board of directors of banks but ordinary workers who are diligently carrying out their responsibilities as professionals should be exempted.”
On the possibility of challenging the order in court, the ASSBIFI boss said the union is watching events as they unfold and would decide on the next line of action if need be.
Nodding in agreement, Sola Aboderin, deputy general secretary, NUBIFIE, said: “We are not against any policy of the government to checkmate fraudulent activities either in the financial institutions or the country as a whole.
“But what we are concerned about is why single out banks? What about the Nigerian Ports Authority, NNPC (Nigerian National Petroleum Corporation) and other organisations?
“Why are they particular about banks? We are not saying they should not check the illegality in the transfer of funds but why focus on banks?”
“Another thing is that they said bank workers. Now, who are the bank workers? They should go to CBN (Central Bank of Nigeria) and ask who are the bank workers? The CBN has said that about 90 per cent of those working in banks are not bank workers.
“So, if you are saying tellers, marketers and others are not bank workers, then fine. In that case, they (EFCC) should focus on the MDs (managing directors) of banks.”
He added: “I’m telling you that if you enter into the branch of any bank today, hardly will you find more than three or four people working as real staff of the bank. The rest are outsourced staff.
Titan Trust Bank has selected Oracle FSS for its core and digital banking technology, it is understood.
The start-up bank recently obtained its license by the Central Bank of Nigeria (CBN).
It’s understood that Temenos and Infosys also competed for the deal.
The shortlist came down to the two most widely installed international core systems in Nigeria, Infosys’ Finacle and Oracle FSS’s Flexcube.
The Nigerian banking sector has seen a great deal of upheaval over the years, with many mergers, start-ups and closures. Flexcube is a well respected name since the late 1990s (the pioneer was Access Bank, now one of the country’s top five banks) and has been a commonly selected platform since then.
The new bank is believed to be one of five to have gained regulatory approval of late (Globus Bank is another).
Local media sources say the new licences stem from the Central Bank’s desire to attract new investments into the sector and better serve the country’s 50 million+ unbanked and under-banked citizens.
Titan Bank is said to be headed by a former executive director of Heritage Bank (which is a Finacle user).
Oracle FSS did not respond to request for comment.
International Monetary Fund (IMF), has appointed Tony Elumelu, Nigerian billionaire and group chairman of Heirs Holdings, owners of United Bank of Africa, to its advisory council on entrepreneurship and growth, convened by Kristalina Georgieva, the fund managing director.
The announcement was disclosed in a statement on Friday.
According to the statement, the IMF advisory council comprises global business leaders, policymakers, and academics dedicated to identifying and addressing regulatory barriers to entrepreneurship.
The IMF said Elumelu will be instrumental in ensuring that Africa’s entrepreneurship is central in policy making.
“Elumelu, Africa’s leading advocate of entrepreneurship and whose Foundation has funded, mentored, and trained over 25,000 African entrepreneurs since 2015, champions entrepreneurship as the engine for the economic transformation of Africa,” the statement reads.
“A self-made entrepreneur, Elumelu’s embracing of entrepreneurship is fundamental to his concept of Africapitalism, his belief that Africa’s private sector can and must play a leading role in the continent’s development, making long-term investments that deliver social and economic value.
“Elumelu will be instrumental in ensuring that Africa’s entrepreneurial potential is central to global economic policy making.”
Speaking at the inaugural meeting of the advisory council on March 26, Georgieva said the appointees would share their experiences on how macroeconomic and financial policies “can provide a supportive environment for innovation, entrepreneurship, and productivity — key ingredients for a thriving private sector and strong economic growth”.
Africa’s Micro, Small, and Medium Enterprises, fintech industry, scaling remittances, and cross-border payments will be the driving forces behind the continent’s digital ballooning payments system, which is estimated to reach $1.5 trillion by 2030.
This is according to a MasterCard-commissioned study by Genesis Analytics, which states that the digital payments economy is growing faster on the continent.
This comes as the World Bank says Sub-Saharan Africa has shown significant growth in financial inclusion over the past decade, much of it driven by mobile money account adoption.
Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at MasterCard, comments: “Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead.
“MasterCard remains deeply committed to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments. By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future.”
The payment technology company went on to say as a longstanding technology partner to Africa, its continues to strengthen its commitment to the continent’s digital growth through strategic investments, public-private partnerships, and innovation initiatives that drive financial health and economic growth.
In addition, it says trends in Africa signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region.
“For over five decades, MasterCard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development.
“With Africa projected to host nine of the world’s 20 fastest-growing economies, we are focused on leveraging our expertise and a technology to support the continent’s continued digital transformation.
“Our investments today will help build a more resilient economy for the future,” says Mark Elliott, division president, Africa, MasterCard
By fostering collaboration with key stakeholders, MasterCard says it aims to enhance digital connectivity, expand economic opportunities, and enable millions of people and businesses to thrive in the digital economy.
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