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E-Financial

Banks to Stop or Limit Debit Card Spending abroad as Forex Crisis Worsens

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Beginning today, banks in the country are expected to either suspend or reduce the amount their customers can spend abroad using debit cards.

Banks to Stop or Limit Debit Card Spending abroad as Forex Crisis Worsens

It is yet more worrying sign of the country’s worsening dollar shortages made more severe by the sharp fall in the price of oil, Nigeria’s main export.

Already, two banks have said they are trying to limit foreign currency settlement risk.

Stanbic IBTC Bank (IBTC.LG), the local unit of South Africa’s Standard Bank (SBKJ.J), said it will halve the spending limit for offshore card transactions to $500 per month from Monday and will limit cash withdrawals to $100.

Another top tier lender Zenith Bank (ZENITHB.LG) said it will temporarily suspend the use of debit cards abroad for cash withdrawals and cut the monthly spending limit abroad by more than half to $200.

“This review is in response to today’s economic realities,” Zenith said in a notice, advising clients to request prepaid dollar cards.

Other lenders — Ecobank (ETI.LG) and Fidelity Bank (FIDELIT.LG) — have also lowered withdrawal limits for individuals while abroad.

Such moves have previously been at the behest of the central bank, but it was not clear if the regulator was behind the latest action. The central bank did not respond to a request for comment.

The bank is battling to conserve dollar reserves that are down 19% from a year ago. Last week it depreciated the currency on the official market NGN= prompting the naira to weaken on the black and over-the-counter spot markets.

Bankers told Reuters that it now takes more than six months to settle foreign lines of credit.

Nigeria is yet to resume forex sales to retail currency traders after it banned international travel as part of a lockdown measure to slow the spread of the coronavirus that has killed 778 people and infected more than 36,000.


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Financial

Titan Trust Bank Selects Oracle FSS for Core and Digital Banking Technology

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Titan Trust Bank has selected Oracle FSS for its core and digital banking technology, it is understood.

Titan Trust Bank Selects Oracle FSS for Core and Digital Banking Technology

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.


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E-Financial

IMF Appoints Elumelu, Nigerian Businessman to Advisory Council

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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.

IMF Appoints Elumelu, Nigerian Businessman to Advisory Council

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”.


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E-Financial

Fintech, Remittances Anchor Africa’s Booming Payments System

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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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