E-Financial
NDIC to Prosecute Failed MFB Bosses
Nigerian Deposit Insurance Corporation (NDIC) has said chieftains of failed Micro Finance Banks (MFB) whose cases had been fully investigated and those found to have violated the existing policy guidelines as they relate to security of depositors’ funds would soon be prosecuted.
Alhaji Ibrahim Umar, managing director, NDIC stated this when a delegation of the National Association of Microfinance Banks (NAMBs) visited the Corporation’s Headquarters in Abuja adding that the the measures would ensure that all those abused the operational guidelines that led to huge losses of depositors money were brought to justice.
He said the Corporation was fully committed to the current efforts by the regulatory authorities to strengthen the micro finance banking sub-sector of the financial services industry and by implication, help in restoring depositors’ confidence in the system.
According to him, the Corporation in furtherance of its statutory roles in deposit insurance management has been doing a lot to ensure that appropriate institutional framework is put in place to support the operating micro finance banks just as more capacity building programmes will be provided for management of the MFBs to enhance their professional competences.
He explained: “There is no doubt that one cannot over-emphasise the importance of micro finance banks. The issue of prosecution of offenders of micro finance banks is very important to us. Now when the CBN revoked the license of 103 micro finance banks about two and a half years ago, we have done a making sure that we pay the depositors of these banks.
“But one thing that comes out clearly is that some people have abused the trust that was given to them to run these institutions, we have established a task force comprising the various law enforcement agencies, the police, the EFCC, the Minister of Justice that go through all these recoded cases of fraud and other offences perpetrated by these people. We have compiled a number of cases which we hope that very soon they will be prosecuted by the Attorney General or by us or by the police as the case be.
“The issue of trust cannot be over emphasised. We want to cease this opportunity to make that you sensitize your staff, and your board on this particular issue. This can be enhanced by evolving a very good framework for risk management, KYC and so on because these are issues that are of top priority for financial institutions and micro finance banks cannot be an exemption”, Umar added.
The NDIC boss said further that the efforts by the Association to ensure that members are regulated and made to observe the highest ethical standards in their positions of responsibility will go a long way in sanitising the system.
Earlier in his address, Chief Jethro Akun, national chairman of the Association, had commended the NDIC for its sundry initiatives targeted at stabilising the MFB sub-sector and re-assured the Board of the association’s readiness to partner with the Corporation in the collective efforts targeted at achieving sustainable growth of the financial services industry
While taking a cursory appraisal of the evolution of the MFB subsector and the roles the NAMB has been playing to instil discipline amongst its members over the year, Akun however canvassed the existing policy on Unit MFBs with a view to allowing them to establish cash centres in the grassroots and by so doing, help to achieve the goals of the nation’s financial inclusion strategy.
In addition, he also called for the establishment of a Private Sector Microfinance Stabilization Fund, decentralisation of capacity building programmes of MFBs, establishment of a Clearing House for MFBs and removal of NAPEP funds from the balance sheets of the Association’s members as policy imperatives that, if addressed, would help in strengthening the micro finance banks in providing financial services more efficiently at the grassroots.
E-Financial
Kekere-Ekun, CJN Blames Reliance on Telecom Services for Online Banking Glitches
Kudirat Kekere-Ekun, chief Justice of Nigeria and chairman of the Board of Governors, National Judicial Institute Justice has blamed telecommunications companies for the glitches experienced in the country’s banking sector.
Kekere-Ekun said this in her keynote address at the 2024 National Workshop for Justice and Judges on Legal Issues in Telecommunications with the theme, ‘The Role of the Judiciary in Accelerating Digital Transformation in Nigeria.’
The blame on telcos comes in the wake of multiple glitches in online services. On August 14, 2024, customers reported that the Guaranty Trust Bank (GTBank) website was down, leading to speculation that it had been cloned and customer data intercepted.
The CJN said, “I will like to quickly bring our attention to two issues which I consider to be pivotal and which revolve around cyber security and the attendant challenges of exploring the digital space.
“The first is the increased risk of the personal data of consumers being misused or compromised by unscrupulous persons, thus necessitating the need for improved strategies and innovation for consumer protection in the telecommunications sector.
“Also, worth noting are deficiencies in the Banking Sector and which are attributable to reliance on digital services provided by the Telecommunications Sector. There is for instance the major challenge posed by electronically backed transactions which is commonplace in the Banking Sector.”
The CJN said these glitches have led to several issues including hacking of online banking platforms as well as banks being compromised.
“Concerns in this regard include the spate of customers whose online banking platforms have been hacked, as well as banks being compromised due to technological glitches not factored into their day-to-day operations. Consequently, these and several other challenges have resulted in a number of disputes which frequently require adjudication,” she said.
Kekere-Ekun said the deployment of technology in telecommunications plays a pivotal role in the advancement economic system of any country.
She, however, said there is a need to proffer solutions to legal issues arising from digital services provided by the telecommunications sector.
“It is also my expectation that the forum will equip Judicial Officers with the technical skills required for adjudicating disputes arising from the sector and keep them abreast with global standards and best practices,” she added.
E-Financial
Ecobank Serves Customers Notice of Planned Service Disruption
Ecobank Nigeria has alerted its customers to an upcoming brief service disruption due to scheduled system maintenance on its card services.
The maintenance is set to occur from 11:00 p.m. on Thursday, November 7, 2024, until 1:00 a.m. on Friday, November 8, 2024.
In a notification to customers, the bank explained that during the maintenance window, cardholders might experience intermittent issues when using Ecobank cards on other banks’ channels.
However, the bank said all its specific channels, including ATMs and POS terminals, will remain operational.
Additionally, other digital platforms—such as the Ecobank Mobile App, USSD *326#, Ecobank Online, Omni Lite, and Omni Plus—will be fully accessible throughout the maintenance period.
The bank expressed apologies for any inconvenience, reaffirming its commitment to providing seamless banking experiences across Africa.
E-Financial
Zenith Bank Commends Customers After Successfully Unveiling Upgraded Enhanced Tech infrastructure
Zenith Bank Plc has announced that it now boasts the best technology infrastructure in the banking industry, positioning itself to provide an exceptional customer experience and superior service delivery moving forward. This upgrade follows a recent comprehensive technology enhancement.
The bank expressed its heartfelt gratitude to customers for their support and patience throughout the upgrade process, while also extending apologies for any inconveniences experienced during this time.
This announcement was made in a social media post on Wednesday, signed by Dame Dr. Adaora Umeoji, OON, the Group Managing Director/CEO.
In her message, the GMD/CEO emphasized the bank’s commitment to delivering an unparalleled service experience, stating, “We undertook this upgrade to ensure we can offer our customers the best possible service.”
Umeoji pledged that Zenith Bank will continue to innovate, ensuring that customer needs are met swiftly, safely, and conveniently.
The post read in part: “On behalf of the Board, Management, and Staff of Zenith Bank PLC, I would like to thank you for your patience and support during our IT infrastructure migration to a new and more robust operating system.
“We are truly grateful for the trust and confidence you have placed in us. The primary reason for undertaking this extensive endeavor was to better position Zenith Bank PLC for improved service delivery to all our valued customers and to create memorable banking experiences at all our touchpoints.
“While I regret the inconveniences and challenges you faced during and immediately after our migration, I am pleased to inform you that Zenith Bank PLC now has the best technology infrastructure in the industry. We are committed to ensuring you experience superior service delivery going forward.
“Rest assured, you remain our top priority, and Zenith Bank will continue to innovate and offer value-added products and services to meet all your banking needs quickly, safely, and conveniently.”
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