E-Financial
Ecobank Rapidtransfer Eases Homebound Remittances for Yuletide
In the spirit of the season, Ecobank Nigeria has called on Nigerians in diaspora to embrace the benefits of Ecobank’s Rapidtransfer app when sending money to their loved ones back home this festive season. The service the bank said is open to Ecobank and non-Ecobank customers.
Patrick Akinwuntan, Managing Director, Ecobank Nigeria, who made the call said the bank’s Rapidtransfer app charges zero fees for all transfers done through the Rapidtransfer app up until 31st January, 2019.
He explained that the Rapidtransfer removes all the bottlenecks, burden and inefficiencies usually associated with remittances. The app according to him provides simple and secure digital onboarding where users can choose how and when funds are delivered to the intended beneficiary, with transparent foreign exchange rates prior to each transaction.
“I wish to encourage our brothers and sisters living abroad who wish to send money to their relatives this season to do so through our Rapidtransfer app. This is a game changer in the way Nigerians can send money to their loved ones. They do not have to physically visit an agent.
“Rapidtransfer removes all of these issues and its standout affordability as we do not charge any fee for now. I wish to encourage them to sign up on this app and enjoy our seamless and cheap remittance service,” he said.
The Rapidtransfer app which can be downloaded from play store and app store is regarded as a game changer for remittances to Africa. Through the app users are able to Send money instantly to and across 33 African countries.
For Nigerians in diaspora the app will enable them easily and instantly send money to any bank account in Nigeria; receivers also have the option of picking up cash at any Ecobank branch. The exchange rates are very attractive.
The features of the app include easy navigation and multi-lingual capabilities. It is available in English, French, Spanish and Portuguese languages. Users can choose how and when funds are delivered to the intended beneficiary, with transparent foreign exchange rates prior to each transaction.
E-Financial
Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme
“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.
MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.
Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.
The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.
The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.
E-Financial
CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering
Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.
The inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.
In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN, disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.
“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.
The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.
However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.
Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.
Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.
E-Financial
CBN Urges Banks to Expedite Action on Recapitalisation
Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.
Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.
The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.
Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.
“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”
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