E-Financial
First Bank launches chat banking on WhatsApp
First Bank of Nig. Plc on Friday launched a WhatsApp application to make banking more convenient for its 12.5 million customers.
The FirstBank Chat Banking on WhatsApp was launched at the bank’s Digital Lab, Yaba, Lagos.
Dr Adesola Adeduntan, Managing Director, First Bank, said at the launch that, as a leading banking services provider, First bank was determined to offer satisfactory financial services to customers by devising ways of effectively meeting their needs.
He said that the bank had optimised digital banking for convenience.
“Since we have 12.5 million customers with 20 billion worth of transactions monthly, it has become necessary for us to create new technology innovations to meet their needs.
“Our FirstMobile app, Firstonline, FirstMonie and USSD banking are some of the channels we have put in place to make this happen.
“FirstBank Chat Banking on Whatsapp is our latest addition. We have gone live with this product, and we are pleased to formally introduce this product to our media partners today,’’ he said.
The managing director said that the app was another significant milestone in the bank’s mission to provide convenient and fast payment solutions to its customers.
“It is a new channel for access to our services; a convenient way to make payment and an easy-to-use banking application.
“Banking with FirstBank on WhatsApp is secure, accessible and convenient.
“You can now carry out basic banking transactions such as inter and intra bank fund transfer, pay bills, buy airtime, buy data and check your account balance on your WhatsApp,” he said.
Adeduntan said that customers would be able to generate a WhatsApp banking PIN to be able to carry out the transactions.
He added that transaction authentication would be done using a safe link, thereby ensuring the security of banking details.
Lola Ekugo, Head, First Bank Digital Lab, said that it would be easy for customers to operate the WhatsApp banking application since whatsApp was widely used in conversations.
She said that the app was launched to give customers variety of banking channels to choose from for their day-to-day transactions.
Ekugo said that the bank would continue to create awareness and introduce new banking channels nationwide for easy transactions.
“From time to time, we will continue to unveil new services and products for the benefit of our customers.”
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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