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First Bank Extends Agent Banking In Bayelsa, Cross River, Delta

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As a part of efforts to deepen Financial Inclusion in Nigeria, First Bank of Nigeria Limited extended the Agent Banking campaign to 14 major markets and business points across Bayelsa, Cross River and Delta States.

The Market Activation which spanned over three weeks between November 24 and December 16, 2018 was an intensive period of customer engagement, education and awareness creation of the Firstmonie Agent Network and by extension, Financial Inclusion.

The Market Activation took place in Ogbonogo Market, Koka Junction, Bonsac Junction, Ibusa Junction (Delta States) while Calabar, Cross River State had the event at Mobil Junction, Etagbor Junction, Watt Market, Marian and Etim Edem Markets. Swali, Tomba, Opolo and Nembe communities also felt the impact of our activation campaign in Bayelsa State.

In just about 18 months, the FirstmonieAgent Network has expanded to almost every Local Government Area in Nigeria (98% coverage) demonstrating our readiness to make financial services available to everyone irrespective of their location.

Firstmonie Agents are positioned within rural and semi-urban locations across the country to provide basic financial services such as account opening, cash deposit, cash withdrawals, airtime purchase, bill payments and much more to every Nigerian.

Through this channel, the Bank is committed to providing convenient services that endear trust, provide ease of access to financial products, thereby saving time and travel costs. Transactions carried out through this channel are securely authenticated.

In a statement issued by Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications, First Bank explained that the Agent Banking model, which is in line with the mandate of the Central Bank of Nigeria (CBN) is targeted at ensuring individuals and members of the public irrespective of their literacy levels, familiarity with technology or income levels can access financial services.

The FirstmonieAgent Channel delivers financial services outside conventional bank branches, often using non-retail agents – Firstmonie Agents – and relying on technology such as point-of-sale (POS) terminals or mobile phones for real time transaction processing.

According to Chuma Ezirim, Group Head, eBusiness, First Bank of Nigeria Limited, “With our Firstmonie Agents spread across the country, we are aggressive at increasing the penetration of financial services, especially in the suburbs whilst significantly reducing the unbanked in the country. We encourage the patronage of Firstmonie Agents irrespective of the location as these Agents are well trained to provide the FirstBank Gold Standard Services to customers.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“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.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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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.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

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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