E-Financial
CBN Orders Banks to Start Paying New Notes over the Counter
Central Bank of Nigeria (CBN) has directed deposit money banks (DMBs) to commence the payment of the redesigned Naira notes over the counter, subject to a maximum daily payout limit of N20,000.
Osita Nwanisobi, Director Corporate Communication, CBN, disclosed this in a statement adding that the apex bank will collaborate with the Nigeria Police, Federal Inland Revenue Service (FIRS), the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) to prosecute abuses and sellers of the naira.
He said: “The Central Bank of Nigeria (CBN) has observed, with grave concern, the activities of persons who sell the newly redesigned banknotes and those who flagrantly abuse the legal tender by hurling wads of Naira notes in the air and stamping on the currency at social functions.
“We have equally noticed the queues at Automated Teller Machines (ATMs) across the country and an upward trend in the cases of people stocking and aggregating the newly introduced banknotes they serially obtain from ATMs for reasons best known to them. Also worrisome are the reported cases of unregistered persons and non-bank officials swapping banknotes for members of the public, purportedly on behalf of the CBN.
“We wish to state unequivocally that, contrary to the practice of these unpatriotic persons, it is unlawful to sell the Naira, hurl (spray), or stamp on the currency under any circumstance whatsoever.
For the avoidance of doubt, Section 21(3) of the Central Bank of Nigeria Act 2007 (As amended) stipulates that “spraying of, dancing or matching on the Naira or any note issued by the Bank during social occasions or otherwise howsoever shall constitute an abuse and defacing of the Naira or such note and shall be punishable under the law by fines or imprisonment or both.”
“Similarly, Section 21(4) states that “It shall also be an offence punishable under Sub-section (1) of this section for any person to hawk, sell or otherwise trade in the Naira notes, coins or any other note issued by the Bank.”
“Accordingly, the Central Bank of Nigeria (CBN) is collaborating with the Nigeria Police, Federal Inland Revenue Service (FIRS), the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) to address the unpatriotic practice.
“We, therefore, warn Nigerians, particularly those at social functions such as birthdays, weddings and funerals, to desist from disrespecting the Naira or risk being arrested by law enforcement agencies.
“While reiterating our commitment to Nigerians to ensure the effective distribution of the newly introduced Naira banknotes, we urge them to exercise patience as the CBN is working assiduously to address the challenge of queues at ATMs.
“In line with this resolve, the Governor, Mr. Godwin Emefiele, has directed deposit money banks (DMBs) to commence the payment of the redesigned Naira notes over the counter, subject to a maximum daily payout limit of N20,000.
“We also admonish members of the public to embrace and adopt other payment channels for their transactions. The Naira is our legal tender and symbol of national pride. Therefore, let us respect it and handle it with care”
E-Financial
First Bank Proposes New Name after Upgrading Banking Platforms
FBN Holding Plc, one of Nigeria’s foremost banks, has announced plans to change its name, Plc at its upcoming 12 Annual General Meeting (AGM) on November 14, 2024.
The bank announced this in a notice of its AGM signed byAdewale Arogundade, acting company secretary .
The name change is one of the several notable decisions the bank’s shareholders will consider at the AGM.
The company’s rebranding will also extend to its subsidiaries across Africa.
The notice reads: “The shift to “First Holdco Plc” represents a significant moment for FBN Holdings, aiming to modernise its identity and streamline its corporate structure.
E-Financial
FairMoney Thrills Customers with Significant Interest Boost, Offers up to 30% on FairLock
FairMoney, a financial service provider, is pleased to announce a significant update to all its savings services, delivering some of the highest interest rates in the Nigerian financial market.
This increase underscores FairMoney’s ongoing commitment to providing exceptional value and supporting customers’ financial growth. Given the current high inflation of 32.7% as of September 2024 as released by the Nigeria Bureau of Statistics, FairMoney intends to provide customers with options that improve their return on savings.
As part of this update, FairLock now offers up to 28% interest per annum, with an exclusive 30% per annum on certain tenures for first-time users.
This makes FairLock an even more rewarding fixed-term deposit option where users can securely lock their funds and enjoy between 18% and 28% p.a upfront interest payments.
Commenting on this development, Manager Director of FairMoney, Henry Obiekea, reaffirms the company’s commitment to supporting customers’ financial growth and ensuring a rewarding savings experience.
“We understand that saving is an important part of financial growth, and we want to ensure that our customers are not just saving but also growing their wealth with the best returns.
“With the new 28% interest rate on FairLock, 20% interest rate on FairTarget, and 17% interest rate on FairSave, our goal is to ensure that we continue to prioritize customer satisfaction, ensuring that they have the most beneficial and rewarding savings experience,” he said.
Another savings product, FairTarget, now offers a competitive 20% interest rate per annum, an increase from its previous 17% per annum. This provides customers with a flexible, secure, and rewarding way to save toward their financial goals while earning substantial returns.
FairSave on the other hand, changed from 15% per annum to an increased interest of 17% per annum. This product offers daily interest accrual and the flexibility to withdraw funds to a FairMoney bank account at any time without penalties, making it ideal for users looking to save for short-term goals while keeping their funds easily accessible.
FairMoney’s competitive interest rates, fast transaction processing time, and minimal service disruptions are highly favorable for salary earners, seeking reliable financial services to receive and grow their money, without sacrificing flexibility or accessibility
According to FairMoney, all savings processes have been made easy, allowing users to fund their FairLock, FairTarget, and FairSave accounts via their FairMoney account or other external banks.
E-Financial
Media Capacity Training: Polaris Bank trains more than 5,000 journalists in 10 years
Polaris Bank Limited, Nigeria’s leading digital retail commercial bank, has empowered more than 5,000 journalists across the country through its yearly media capacity building workshops in the last 10 years.
The 2024 edition of the media workshop, which held on Thursday in a hybrid format, focused on “Integrating AI Tools in Contemporary Media Practices for Innovation and Excellence.”
Speaking at the event, Rasheed Bolarinwa, Head of Brand Management and Corporate Communications at Polaris Bank, noted that the bank will continue to provide its unwavering support for the journalists and the media as a vital pillar of society.
“We believe that journalists and the media plays crucial role in shaping public discourse and fostering informed citizenship,” Mr. Bolarinwa said.
“Our commitment to training journalists across the media spectrum, is rooted in our belief that they (journalists) deserve the best possible support to excel in their profession.”
He said the bank started the media training partnering journalism clinic and holding workshops in various cities across the country. The media clinic which focused on divination of the media, was facilitated by Mr. Taiwo Obe, a veteran journalist.
Bolarinwa disclosed that more than 500 journalists registered for the 2024 edition and expressed the hope that the bank will continue to do more to support journalists and the media by bringing the best faculty to facilitate contemporary issues at its subsequent media workshops.
The programme featured a diverse range of topics, including; creativity, AI tools, and critical thinking.
Dr. Chike Mgbeadichie, a Senior Lecturer at the Pan-Atlantic University, provided insights into the application of AI tools in media practices while Mr. Lekan Otufodunrin, Executive Director of the Media Career Development Network, discussed contemporary media trends such as multimedia journalism, fact-checking and data journalism.
Dr. Mgbeadichie noted that at the end of the seminar, participants will be able to reflect deeply on thinking, actions and processes needed to generate ideas, possibilities and actions.
He added that journalists should be able to figure out how to analyze, synthesize and evaluate information; know the different AI tools available in the media space as well as understand the benefits of AI tools in contemporary media practices, among others.
Mr. Otufodunrin explained that journalists should be adept at the use of solutions journalism to enhance their investigative capabilities, using new tools such as OSINT, Geo journalism, data analysis, digital forensics, website blogs, social media, newsletters, podcasts e-publishing and social media engagements, among others.
Participants from across Nigeria, both online and in person, expressed their gratitude for the opportunity to enhance their skills.
Segun Adeleye, publisher of Worldstage, commended Polaris Bank for its continuous dedication to fostering media excellence in Nigeria.
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