E-Financial
Global Accelerex Wins Best Partner Award From Nexgo
Global Accelerex, the innovation leader in payment technology in Nigeria, has received the Best Partner Award from Nexgo, China’s technology giant. Hailed as the corporation’s highest tribute, the Award honours enduring partnerships as well as consistency in delivering superior e-payment solutions.
The Award was presented at an elaborate ceremony during the Nexgo Partners’ Summit, which took place recently at Continental Hotel, Shenzhen, China, with over 60 partners from 25 countries in attendance. Guests also included technology experts and dignitaries from the private and public sector in China.
This honour came despite stiff competition from many other notable names in the digital industry world-wide and Global Accelerex is once again proud to be at the top. The Managing Director of the company, Tunde Ogungbade, was at the Summit to receive the award.
“Global Accelerex is delighted to be recognized by Nexgo with the Partner of the Year Award. We are very proud of our long-term partnership with Nexgo.
“We are honoured to have received this recognition for providing customized terminal solutions that suit varying business needs not just in Nigeria, but across Africa, by our valued technical ally.
“We will not rest on our oars in the quest to deliver seamless e-payment technology to our customers,” said Tunde Ogungbade, in his acceptance speech”.
He dedicated the award to the staff of Global Accelerex, saying the feat was a concerted effort by different departments.
The Nexgo Partners Award recognizes outstanding partnership that is strategic and sustainable. It also rewards partners that developed innovative payment applications which impacted positively on Nexgo’s developmental capability.
This award comes just weeks after Global Accelerex was awarded Fintech Company of the Year at the Digital Pay Expo, the biggest e-payment event in Africa.
“Global Accelerex is among the partners we signed-on at the early stage of international business and over the years, we have made remarkable achievement in terms of growth and contribution to the cashless policy in Nigeria.
This is a win-win for both our companies as our alliance with partners like Global Accelerex has catapulted our position on the Nielson Report from No. 12 to No. 6, while Global Accelerex has become the preferred Payment Terminal Service Provider in Nigeria.
We believe in this partnership and know that in the coming years, we will witness new achievements of the two companies in Nigeria and Africa,” said Yang Min, Managing Director of Nexgo.
“Global Accelerex has demonstrated a strong innovative culture. They received high marks for their collaborative work with Nexgo and their delivery of an array of cutting-edge solutions on payment terminals that work for Nigeria and Sub-Saharan Africa.
“The solutions Global Accelerex deploy on the Nexgo family of products have tremendously improved the business system and performance of customers.
We are honoured to have this company as a key partner in building a stronger alliance that fosters creativity,” said Yuan Liang Wei, Deputy General Manager of Nexgo International.
Global Accelerex has set the standard for innovation in cashless payment systems, not just in Nigeria, but in sub-Saharan Africa.
It is renowned for its pedigree in world-class technology and excellent customer service, and its commitment to provide e-payment solutions that evolve with customers’ needs.
By simplifying payment solutions, Global Accelerex help organisations accelerate their business processes to ensure maximum profitability.
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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