E-Financial
Oradian Deploys Cloud Tech for Digital Rural Banking
Oradian, a financial inclusion company, is set to build its community of visionary microfinance institutions, microfinance banks and Cooperative Societies in West Africa. Through Oradian’s toolset, which includes its cloud-based core banking system (CBS) Instafin, financial institutions are enabled to grow and reach more clients with digital financial services.
The company’s mission – to boost financial inclusion by delivering the tools financial institutions need to reach more clients in rural communities – supports Nigeria’s goal to reach 80 percent financial inclusion by 2020 as stated by the Central Bank of Nigeria (CBN).
According to Onyeka Adibeli, Oradian Co-founder and Head of Implementation, “Oradian’s cloud-based CBS enables financial institutions to go digital. Paired with guidance and support from our in-market teams, we are enabling the successful digital transformation and implementation of global best practice for our community of financial institutions”.
To accelerate financial inclusion in Nigeria and to share best practice for going digital with cloud technology, Oradian will host a dinner event in Lagos as part of the Africa Banking and Finance Conference on April 10 2018.
The event is designed to bring leaders of financial institutions, regulatory groups, financial inclusion experts, the Central Bank and fintech providers together to build strategic partnerships that will boost financial inclusion in Nigeria and West Africa at large. The event will connect the private sector, public sector and financial services regulators.
“Strategic partnerships within the digital ecosystem are proving to be the most effective way to enable our customers to provide better service to their end-clients,” says Antonio Separovic, the Chief Executive Officer and Co-founder of Oradian.
Oradian is demonstrating the value of strategic public-private partnerships in Southeast Asia with the Asian Development Bank (ADB) and Cantilan Bank, one of the top rural banks in the Philippines. Backed by a $150,000 ADB grant, Cantilan Bank will use Oradian’s toolset to demonstrate how cloud technology can unlock financial opportunities by providing access to financial services for hard-to-reach individuals in rural areas.
Oradian’s toolset, including Instafin, delivers three key business benefits to financial institutions: improved efficiency with digital processes and operations, informed decision-making with real-time data and reporting, and growth without incremental cost. Oradian provides access to its toolset using a subscription model, eliminating financial barriers that prevent financial institutions from accessing leading technology.
Co-founders Separovic and Adibeli will lead Oradian’s dinner event in Lagos and they will be joined by Eric Elango, Oradian’s Business Development Manager, who specialises in working with financial institutions to align their business strategy with their technology strategy.
Together, Oradian will continue building strategic partnerships with key financial inclusion leaders and visionary financial institutions in West Africa to provide access to financial services to more clients and to fast-track CBN’s financial inclusion goal for 2020.
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.”
- News3 days ago
NGX RegCo, FRCN Unveil Roadmap for SFRS Adoption
- News2 days ago
FIRS Files Tax Evasion Charges against Binance
- News3 days ago
NCC Files Copyright Violation Charges Against MTN, Others
- News2 days ago
IFC Invests in New 4DX Ventures Fund to Support Tech Startups in Africa
- E-Financial3 days ago
Access Bank Introduces Innovative Offline Banking Platform
- Telecom1 day ago
SIM-NIN Linkage: Telcos to Bar More Lines Friday as NCC Insists on Deadline
- Telecom1 day ago
FG Rakes in N412Bn VAT from Telecom Subscribers
- Telecom2 days ago
NCC Reports Sluggish Growth in 5G Penetration, 3 Years after Adoption