News
Nigeria Coins ATM is World’s First
Nigeria will make history as the first country in the world if she goes ahead with the introduction of cash machines that dispense coins, Nigeria CommunicationsWeek investigations has shown.
There is no known place in the world where there is currently a coins dispensing ATM, according to experts who should know.
The cash machines that dispense coins otherwise automated teller machines (ATMs) is part of the Central Bank of Nigeria (CBN) currency restructuring policy known as “Project Cure” halted by the federal government.
Under the “Project Cure”, CBN planned to change all notes from N20, and lower into coins, a move aimed at encouraging Nigerians to imbibe the culture of spending coins.
According to the CBN, coins were more economical because they last longer than paper or polymer notes.
The new cash machines that dispense coins resemble existing vending machines that dispense Naira notes.
Nigeria CommunicationsWeek investigations showed that an ATM that dispenses coins must have “add-on” feature that will make them adapt to coins dispensing.
Otherwise, a brand new coins ATM would have completely different mechanical component as well as casket- which is the unit where notes or coins are stored for dispensing by the machine.
It was gathered that the conventional note dispensing ATM cost between $15,000 and $20,000 depending on the brand.
The major brands use in the industry are NCR and Wincor Nixdorf.
Coins ATM would cost some additional $7,000 to put together, according to experts who know better.
But Chidi Umeano, head of Shared Services, CBN, said the apex bank will facilitate the introduction of the coins ATMs to hasten the acceptance of coins by Nigerians and change the misconception about their use.
But James Agada, managing director, ExpertEdge Software one of the vendors of ATM in the country explained that the regular ATM that dispenses note cannot be upgraded to dispense coins because the mechanical component of the coin ATM is different as it is designed to dispense coins only.
Nodding in agreement, Mr. Peter Iwegbu, managing director, PN Consulting, an electronic banking consultant said that what is needed is to facilitate the inclusion of a process called ‘add-on’ to the ATMs.
“Good enough, the existing ATMs have the add-on feature that will easily make them adapt to coins dispensing.” Iwegbu added.
Umeano however insisted that, “It is very possible to achieve Automated Teller Machines that will dispense coins. This add-on feature can be activated on the ATMs at any time by the CBN and this is not new because it is being practiced in advanced countries.
A previous attempt to introduce new coins to the economy in 2007 failed because most people refused to use them.
The federal government has however halted its plan to introduce a banknote five times larger than the biggest denomination in the country.
The Central Bank had in a statement published Friday, said it made the decision to stop the plan to print the N5, 000 notes at the urging of President Goodluck Jonathan.
The introduction of a N5, 000 comes less than a decade after the country introduced aN1, 000 notes.
But it would have been the first comprehensive review and CBN said it will take advantage of latest technology.
Fidelis Egueke, former bank manager, , has been convicted and sentenced to six months in prison by an Asaba, Delta State Chief Magistrate’s Court for defrauding a victim of $46,900.
Chief Magistrate Callistus Isioma Moeteke found Egueke guilty of a single charge brought against him by the police under case number CMA/295c/2024.
Raphael Eze, prosecutor, of the State Criminal Investigation Department (SCID), Asaba, said Egueke, a former Asaba branch manager of a tier-one bank, fraudulently obtained $46,900 by using two Certificates of Occupancy (CofOs) as collateral.
One of the land titles, however, was not his, and the other was fake.
After receiving the money, Egueke used it for personal expenses and failed to repay the victim as promised.
The prosecution argued that Egueke’s actions violated Section 419 of the Criminal Code Law, Cap C21, Vol.1 Laws of Delta State, Nigeria, 2006.
Despite denying the offence, Egueke failed to present evidence of repayment during the trial.
Chief Magistrate Moeteke determined that the prosecution had proven its case beyond a reasonable doubt.
Egueke was convicted and sentenced to six months imprisonment.
However, the court also gave him the option to pay a fine of N350,000 in lieu of serving the prison term.
The court ordered Egueke to pay N30 million in restitution to the victim within six months of his conviction.
The charge against Egueke stated that, in 2016, he fraudulently obtained a credit facility worth $46,900 (approximately N60 million) from Chief Jude Ndudi by presenting false documents, including land titles that did not belong to him, in violation of Section 419 of the Criminal Code Law.
Egueke is also facing trial before a Lagos Federal High Court on charges related to a separate fraud case involving N179.498 million.
He is being prosecuted by the Force Criminal Investigation Department (ForceCID), Annex Alagbon-Ikoyi, Lagos.
This holiday season just got a whole lot more exciting! PalmPay, one of Africa’s leading fintech platforms, operates Nigeria’s most used mobile wallet and has teamed up with Jumia, the continent’s e-commerce giant, to launch a festive campaign that’s all about convenience, rewards, and enhancing your shopping experience.
Running from December 11th to 28th, 2024, this holiday campaign is set to reward shoppers who use the new “Pay with PalmPay” feature on Jumia with cash prizes. Every purchase made using the direct payment method automatically enters participants into a draw, giving them a chance to win exciting cash rewards while enjoying the seamless shopping and payment process.
A Strategic Partnership To Enhance Digital Payments
The integration of the “Pay with PalmPay Wallet” feature on Jumia marks a major milestone in the partnership between the two industry leaders.
Speaking at the media announcement, Mr. Chika Nwosu, Managing Director of PalmPay, highlighted the broader mission driving this collaboration: “We are thrilled to join forces with Jumia to redefine convenience for shoppers. At PalmPay, our mission has always been to drive economic empowerment through accessible and user-friendly financial services. This partnership is a natural step forward in achieving that goal.”
Beyond the holidays, this partnership with Jumia m,k is a signal of bigger things to come. Mr. Chika added: “This is more than just about payments—it’s about creating value for our customers. We are excited about the opportunities this partnership will unlock in 2025, including campaigns and innovative initiatives that will further transform the online shopping landscape.”
Sunil Natraj, CEO of Jumia Nigeria, highlighted the shared vision between both companies, stating: “At Jumia, we are dedicated to creating value for our customers by ensuring a convenient, reliable, and secure shopping experience. This partnership with PalmPay strengthens our commitment to enhancing the digital payments within our platform. By integrating PalmPay, we are providing more options for customers to access affordable and quality goods with the convenience of cashless transactions.”
How to Join the Holiday Fun
Participating in the campaign is simple. When shopping on Jumia, select the “Pay with PalmPay” option at checkout, and your entry into the draw is automatic. It’s that easy!
Bonus Entry: Share a screenshot of your purchase on X (formerly Twitter) using the hashtag #PalmPayXJumia to increase your chances of winning. Additional winners will be selected from participants engaging with the campaign on Twitter.
Whether you are shopping for gifts, or gadgets this festive season, PalmPay and Jumia are making sure your experience is not only seamless but also rewarding.
To learn more about the campaign, stay tuned to the official X accounts (formerly Twitter) of @palmpay_ng and @JumiaNigeria. for updates, announcements, and more chances to win.
Independent Corrupt Practices and Other Related Offenses Commission (ICPC), has revealed that none of the Ministries, Departments, and Agencies (MDAs), in the country complied fully with ethical standards, policies, and anti-corruption measures in the passing year.
This was following the findings from the Commission’s Ethics and Integrity Compliance Scorecard (EICS) for the MDAs.
The Commission warned that henceforth, non-compliant MDAs will face necessary actions, including enforcement, to ensure adherence to government directives.
According to the EICS scorecard released on Thursday in Abuja by Demola Bakare, ICPC spokesperson, no MDA out of 330 MDAs that were assessed through physical deployment by ICPC teams achieved full compliance.
The EICS serves as a preventive tool used to assess and enhance the compliance of MDAs with ethical standards, policies, and anti-corruption measures.
Findings from the report indicated that no MDA achieved full compliance, while 29.55 per cent of MDAs captured attained substantial compliance, and 51.62 per cent had partial compliance.
The report also observed that 15.91 per cent showed poor compliance, while 292 per cent were non-compliant.
According to the report, common gaps included a lack of whistle-blower policies, strategic plans, and effective stock verification units, adding that many MDAs failed to conduct any forms of system studies or render financial and audit reports.
Commenting on the report, Bakare noted: “This year, 2024, the tool covered 323 responsive MDAs, with 15 MDAs non-responsive and categorised as high corruption risk.
“It is imperative to inform you that this initiative has yielded some positive and value-driven impacts, and these are, but not limited to, increased awareness and compliance with anti-corruption measures, enhanced competition among MDAs to meet criteria, and improved procurement processes and data reliability.
“The Commission recognises the MDAs with substantial compliance and will continue deploying these tools to promote integrity and accountability.
“Non-compliant MDAs will face necessary actions, including enforcement, to ensure adherence to government directives. We are certain that these efforts will continue to underline ICPC’s dedication to enhancing good governance and preventing corruption.”
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