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Founder Open Vector to Address Nigerian Bankers on Open Banking Opportunities

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Carlos Figueredo, CEO and founder of Open Vector, a professional consultancy firm founded in 2017 with its forte in open banking, PSD2, GDPR and payments, he has consented to headline the Open Banking Masterclass, one of the key attractions of Lagos Fintech Week on April 23, 2019, in Lagos-Nigeria, West Africa.

According to the statement signed by the chairman organizing committee, Dr. Yele Okeremi, Lagos Fintech Week [LFW] is an invigorating week of distinct FinTech events that delivers exciting discussions, stimulating demos and insightful debates. “It is scheduled for April 23-26, 2019 at Oriental Hotel, Victoria Island, Lagos”, he said.

He explained that Open Banking is a trend that is poised to transform how banking is done over the next decade. While only a few countries have started or are in the process of starting. The traction is so strong and it is expected that this trend will become dominant in five years.

“Nigeria cannot afford to lag behind, as we have had various conversations whether we should have open banking, how we should do it, and what are the benefits. This is why we are bringing an expert of Carlos’ status who has wealth of experience and fundamentals of the needs for Open Banking to lead the Masterclass at Lagos Fintech Week in April”.

He pointed out that Figueredo is a recognised open banking SME with over 20 years’ experience in payments, SWIFT, SEPA and PSD2 and started open banking in 2016 as the Head of Data Standards for the UK Open Banking Implementation Entity (OBIE).

Dr. Okeremi said that Figueredo oversaw the ISO 20022 based standard development and the relevant technical elements needed to integrate it across the array of product-based API’s for OBIE, which was the first initiative globally in the banking sector, or any other sector, to have done so.

“In quarter three of 2018 Open Vector was granted by the British Embassy of Mexico City and the Prosperity Fund a component of phase 1 of the Fintech Law delivery. Carlos worked alongside the CNBV (National Banking and Securities Commission) to develop and implement the data standards, which will go live in April 2019.

 


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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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