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CIBN Urges Nigerians to Embrace Import Substitution Models to Promote Home Products

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The Chartered Institute of Bankers of Nigeria (CIBN) has urged Nigerians to embrace import substitution models that ultimately promote home grown products and services, economic growth, and sustainable development in the country.

Dr. Bayo Olugbemi, President/Chairman of Council of the Institute made the call while delivering his remarks at the 2021 CIBN Fellowship Investiture in Lagos yesterday.

The CIBN at its Fellowship Investiture formally conferred its honorary fellowship awards on 14 distinguished bankers in recognition of their contributions to the banking industry and the economy; 77 Associates as Elected Fellows while 146 Senior Management Staff of banks and the academia became Honorary Senior Members of the Institute at the event themed, ‘Nigeria’s Rising Debt Profile: Issues and Implications for Sustainable Economic Development’.

Dr. Olugbemi told over one thousand participants who attended physically or connected to the event across the globe through Zoom and YouTube that the choice of this year’s topic stems from the growing concerns of Nigerians about the rising debt profile of the country and the need to educate the public on this issue as well as proffer sustainable management strategies.

He maintained that there is nothing wrong with borrowing. Public borrowing, public debt and public debt management are normal features of a modern economy. However, the major concern with borrowing be it, as an individual, organisation or a nation, is simply the purpose of the borrowing and the capacity to repay.

CIBN President stated that high debt levels cannot be overlooked. Historical accounts shows that high debt ratios could negatively impact or worse still, reverse economic growth. He cited example of the research by the World Bank confirms that a public debt-to-GDP ratio of 77% and over would result in an adverse impact on economic growth.

Dr Olugbemi also urged stakeholders in the banking and finance industry to continually support efforts and initiatives of government aimed at improving the economy toward inclusive growth and development. He, however, urged government to do all to minimize excessive borrowing.

“We must also pursue the path of efficiency, ensuring that all reoccurring costs that may potentially lead to excessive borrowing are reduced to the barest minimum,’’ he said.

In other way round, Mr Taiwo Oyedele, Africa Tax and Legal Services Leader PWC Nigeria and Guest Speaker at the event said that Nigeria’s public debt over the past five years (2015-2020) had expanded by an average of 21.02 percent while economic growth figure averaged 0.15 per cent.

Oyedele said that revenue, on the other hand, expanded by an average of 5.19 per cent. “By implication, the rate of expansion in public debt in Nigeria is fast outweighing the revenue mobilization capacity of the government.

“Consequently, the debt to GDP ratio expanded from 20.32 per cent in 2015 to 34.98 per cent in 2020 (IMF).

“This pace of increase in the public debt stock, particularly, raised the fiscal sustainability concerns on Nigeria,’’ he said.

Dr Ngozi Okonjo-Iweala, the Director-General of the World Trade Organisation, in response to the award of fellowship conferred on her said: “I’m honoured to be made a fellow of the prestigious the Chartered Institute of Bankers of Nigeria.

“I want to thank the institute for the excellent work it has done to uphold the professional and ethical standards of the Nigerian Banking Industry as well as its effort to educate new generations of bankers.

“Nigeria’s banking sector has contributed immensely to the development of the country and indeed the continent; there is still so much to be done and our financial services industry including the emerging FinTech sector has a strong role to play,’’ she said.

Okonjo-Iweala said the theme chosen by CIBN for deliberation at the event was an important one. She said this was so as the institution already had the necessary professional insight on issues on debt and debt sustainability, be it at the individual, institutional or national level.

However, Dr kingsley Obiora, Deputy Governor, Central Bank of Nigeria, said the launch of the eNaira by President Muhammadu Buhari had positioned Nigeria as a global leader in innovation in financial and payment system landscape.

“It is not a white coincidence that the president launched the eNaira spurring a historic first and introducing Africa’s first digital currency, and that is not a mean feat because it makes and positions us again as a global leader in innovation in financial and payment system landscape, he said.


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E-Financial

UBA Banks on Technology to Spur Growth in Africa

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United Bank for Africa (UBA) Plc, Africa’s Global Bank, has once again reiterated its unwavering commitment to increase its investment in cutting edge technology and training to support the growth of Small and Medium scale Enterprises (SMEs) in Nigeria and across Africa, which will in turn help them contribute meaningfully to their economies and the continent as a whole.

UBA Banks on Technology to Spur Growth in Africa

Oliver Alawuba, GEO/Managing Director at United Bank for Africa PLC

The bank gave this pledge during the 38th Lagos International Trade Fair, at Tafawa Balewa Square, in Lagos.

Shamsideen Fashola, group head, Retail and Digital Banking, UBA, who addressed participants at the event, said: “The banks investment in cutting edge technology are currently yielding tangible business value, and this high level commitment has proven to be instrumental in delivering enhanced customer experiences and optimising operational efficiency, all of which continues to yield positive outcomes from all areas of our business.”

This feat, Fashola noted, continued to engender their growth and success stories, as well as reinforce the bank’s passion and commitment to support SMEs at every step of their journey.

According to him, “it is for this reason that we are constantly evolving, with innovation and are very intentional in our investment in cutting edge technology, dedicated to putting the power to succeed in the hands of our customers as it concerns our wide range of products”.

“To this end, it is safe to say, we are relentless in advancing the growth of SMEs, and that is why we want to further equip them with what they need to achieve even more, by introducing the UBA SME Card—a bespoke financial solution designed specifically for SMEs.

“This card is primely dedicated to empowering business owners by providing seamless access to financing, efficient expense management, and exclusive benefits tailored to help streamline operations. With the UBA SME Card, we aim to equip our entrepreneurs with the necessary tools to thrive in an increasingly competitive landscape.”

Fashola also emphasised UBA’s impressive footprint across over 20 African nations and its strategic partnership with the African Continental Free Trade Area (AfCFTA).

With our presence in 20 African countries, where we have consistently driven rapid growth for the continent, UBA is dedicated to fostering intra-African trade, as seen in our partnership with AfCFTA, recognizing its critical importance for sustainable economic growth on the continent,” he said.

“By facilitating crossborder trade and investment, we are not only helping businesses expand their reach but also contributing to the overall economic integration of Africa,” Fashola explained.

Babatunde Ajayi, head of SME Banking,UBA, also underscored the critical need for comprehensive SME support, highlighting UBA’s strategic approach to providing enhanced capital access and targeted financing solutions that address financing disparities for small businesses, as well as women and youth entrepreneurs.

 


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Cybersecurity Expert Raises Alarm, Warns against Use ATM Card PIN for Online Transactions

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Dr. Kingsley Chibuzor Aguoru, a Nigerian-British Chartered Engineer and Doctor of Information Security, has petitioned the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) to immediately put a halt to card PIN usage for online payments to protect Nigerians from being fleeced of their hard earned money.

Cybersecurity Expert Raises Alarm, Warns against Use ATM Card PIN for Online Transactions

He said he was making the passionate appeal in order to secure financial practices in the country.

According to the UK based chartered Engineer, with his over 20 years of experience in financial technologies and security, who pioneered the concept of OTPs for card-not-payments, he was compelled to bring attention to the critical flaws in the Nigeria’s current online card payment practices, which exposes customers to unnecessary risks and significant danger.

Specifically, according to Aguoru, the continued use of PIN in online transactions put Nigerians at a grave risk of being defrauded.

Aguoru noted that card PINs were designed for face-to-face transactions at ATMs and POS terminals where secure encryption methods protect users rather than online usage.

In the petition cited by this paper, titled: “Urgent Call to Ban Card PIN Usage for Online Payments in Nigeria”, Dr. Aguoru explained: “In 2005, I developed a solution to tackle prevalent fraud in card-not-present transactions in the United Kingdom using both online and offline OTP models, drawing on Cartesian geometry. Although major networks like Visa and Mastercard declined the innovation at the time, my OTP model has since become a standard worldwide for authorization.

”Nigerian payment providers, such as Paystack and Flutterwave, and Interswitch still require card PINs for online card transactions, a practice virtually obsolete elsewhere or not ever used. Card PINs are designed for face-to-face transactions at ATMs and POS terminals, where secure encryption methods protect users. Using them online exposes consumers to serious cyber risks, including phishing, keylogger, man-in-the-middle attacks, even some dubious staff at the payment provider company can misuse customer’s PIN captured on the internet.”

He continued: “Nigerians are already familiar with OTPs for securing online transactions. However, it is critical to understand that OTPs should never be combined with Card PINs in an online setting. Instead, global best practices require using OTPs or Multi-Factor Authentication alone for online payments, which adds a secure layer of protection, an alternative to using card PINs online is to issue hardware card readers. With these devices, customers would simply insert their card, enter their PIN directly on the reader, and receive a generated OTP, keeping the entire process offline and secure.”

Enumerating the role of CBN in financial matters in the present digital age, Dr. Aguoru called on the apex financial regulator to protect consumers from cyber vulnerabilities. “I respectfully call on the CBN to address these issues head-on by prohibiting web PIN entry for card payments and enforcing OTP or MFA requirements across all payment providers.”

He advised the CBN to urgently steps forward for the safety of Nigerian cardholders by banning the use of card pins for online transactions and mandate the use of OTPs or other dynamic authentication methods, such as authorization through mobile banking apps.

He noted that there was need for consumers to be educated on safe online payments practice to minimize exposure to phishing and other cyber threats.

He said it was also necessary for the apex bank to enforce industry wide compliance with modern security standards to protect Nigerian customers, especially on the web, through policies, such as security, payments compliance policies.

Aguoru emphasized that by adopting these measures, the CBN will greatly reduce the risks Nigerian consumers face and bring the nation’s payment systems in with international best practice.

 


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MoneyMaster PSB Customers to Enjoy 10% Data Bonus Per Recharge

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Customers of foremost payment service bank, MoneyMaster Payment Service Bank (MMPSB), will henceforth, enjoy a 10 percent data bonus offer on every recharge above N1,000 on their Glo lines.

The data bundle offers one of the highest volumes in the country and the data purchases come with 30-day validity, with an automatic rollover of unused data upon subscription for a new plan.

The offer, which is meant to reward loyal customers and new ones, also underscores the bank’s dedication to empowering Nigerians to master their money via efficient offers that make every naira count.

The 10 percent bonus offer is available for Glo customers on banking channels including the MoneyMaster PSB app, USSD banking code *995# and MoneyMaster PSB Web banking.

MoneyMaster is a provider of innovative digital financial products and services that transform lives. It has the mission to deepen financial inclusion and has been pivotal in providing financial technology services to bridge the gaps between the banked, underbanked and unbanked population.

Mr. Julius Arhebun, head of Agency Banking at MoneyMaster, said, the offer shows the bank’s commitment to offering its customers products that enhance their lifestyle and help them master their money.

“With this offer, our existing and new customers can enjoy extended access to quality internet services whether it is streaming their favourite content, browsing top sites, or catching up on trends on their favourite social media apps”, he noted.

He further explained that existing customers can buy a data bundle of N1000 or above from their mobile wallets, savings account or individual current account via our USSD banking code *995#, mobile app or web banking. For new customers, the offer comes via opening accounts via the USSD banking platform or downloading the mobile application.

 


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