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Phillips Consulting Inks Partnership with Polaris FT

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Phillips Consulting Limited, a business and management consulting company that draws its competitive strength from collaborations with global partnership, has announced recorded another strategic partnership with Polaris Financial Technology (FT) Limited. 

The leading African based business and management consulting practitioners defined the partnership as to include a co-marketing of Polaris FT products and services, with exclusive sales distribution across Africa.

Speaking to Nigeria CommunicationsWeek at Phillips Consulting Breakfast Forum and Web Jurist Award v12.0, Mr. Foluso Phillips, the chairman, described Polaris FT Limited, as a leader in financial solutions for the global financial services industry, adding that the partnership will enable Phillips Consulting to provide the African market with all of its renowned cutting edge services.

Phillips Consulting focuses on creating and managing change in organisations by helping them formulate and implement customer focused strategies, align their management systems to support service delivery, and develop the competence and capabilities of their people to deliver on their promises.

He said the partnership will offer a solid platform which interacts with the mission of Phillips Consulting to contribute visibly in bringing Africa into the forefront of the global economy by devising strategies, designing systems and developing people to significantly improve performance.

He added that through the measures to be adopted under the partnership, Phillips/Polaris will be forging strategic alliances in Africa, expanding the best of Africa into the rest of the world and taking the best of the world into Africa.

Phillips added that, “Phillips Consulting is proud to join forces with Polaris FT to offer a wide range of financial technology services to the African market that can be fully integrated into any existing solutions in use by any organization.

“The uniqueness of the range of services offered by Polaris stemmed from its ability to integrate with major financial platform already running in any organization”.

He maintained that the multifaceted partnership will allow them expand its addressable markets by providing customers with integrated solutions that increase the efficiency of their IT infrastructure.

On his part, Christopher Tomes, senior vice president, iGTB Africa of Polaris FT, told Nigeria CommunicationsWeek that they were excited to have entered into partnership with the reputable firm.

According to him, Phillips Consulting was sighted by Polaris as capable of leading their course in penetrating African market with their world best solutions.

He said that the Polaris FT has a deep understanding of the lifecycle of money and the role of technology as a value creator, hence the partnership for Africa.

Founded in 1993, Polaris Financial Technology Limited is a global leader in Financial Technology (FT) for Banking, Insurance and other Financial Services.

The organization offers superior technology solutions through its two specialized divisions that enable clients unprecedented operational efficiency – FT Services and FT Products.

The organization’s specialist capability, from solutioning through delivery, is apparent in its full spectrum offerings across Testing, Infrastructure Management, Business Efficiency, Business Transformation, Data & Analytics, Mobility & Channels, and Risk & Compliance.

 

 

 


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Financial

CBN Permits BDC Operators to Buy FX from NAFEM During Festive Season

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Central Bank of Nigeria (CBN) has announced that eligible Bureau de Change (BDC) operators will have temporary access to the Nigerian Autonomous Foreign Exchange Market (NAFEM) to purchase $25,000 weekly. This arrangement, aimed at addressing seasonal foreign exchange (FX) demand, will be effective from December 19, 2024, to January 30, 2025.

In a statement signed by T.G. Allu, CBN’s acting director of trade and exchange, the apex bank said BDC operators would buy FX from authorized dealers—banks licensed by the CBN—exclusively to meet retail market demand.

“To meet expected seasonal demand for foreign exchange, the CBN is allowing temporary access for all existing BDCs to the NAFEM for the purchase of FX from Authorized Dealers, subject to a weekly cap of $25,000,” the statement read.

BDC operators must fully fund their accounts before accessing the market at prevailing NAFEM rates, choosing only one authorized dealer for transactions under this arrangement. A maximum price spread of 1% is allowed for retail pricing by BDCs, and all transactions will be reported to the CBN’s Trade and Exchange Department.

The CBN reiterated that personal travel allowance (PTA) and business travel allowance (BTA) remain available through banks for legitimate travel needs. The bank emphasized that all FX transactions must be conducted at market-determined exchange rates.

“The CBN remains committed to a fully functional foreign exchange market and will continue to provide liquidity when necessary to manage price volatility,” the statement added.

Earlier in September, the CBN approved FX sales to eligible BDC operators at a rate of N1,590 per dollar to cater to demand for invisible transactions, reflecting ongoing efforts to stabilize the FX market.


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E-Financial

Diaspora Remittances to Nigeria Reach $4.22 Billion in 2024, Says CBN

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Central Bank of Nigeria (CBN) has announced that diaspora remittances through international money transfer operators (IMTOs) reached $4.22 billion between January and October 2024.

This figure represents a 61 percent increase, or $2.62 billion more than the amount recorded during the same period in 2023.

CBN Governor Olayemi Cardoso shared the figures during an interactive session with the Senate Committee on Banking, Insurance, and Other Financial Institutions at the National Assembly on Wednesday. “The year-on-year increase reflects significant growth,” Cardoso noted.

He also reported that remittances rose from $336 million in September 2024 to $402 million in October 2024 on a month-to-month basis.

Cardoso expressed optimism about continued growth in remittance inflows, saying, “The remittance inflows would continue to rise by the end of the year, given the current trajectory.”

He attributed the surge to improved efficiency in the remittance system, the positive effects of President Bola Tinubu’s policies, and increased trust among Nigerians in the diaspora to contribute to national development.

In addition to remittance updates, Cardoso addressed the state of Nigeria’s external reserves, which he said had grown to $42.01 billion as of December 12, 2024, from $38.35 billion on September 30, 2024.

“External reserves rose largely due to receipts from crude oil-related taxes and third-party receipts in Q3 2024,” he explained.

He added that Nigeria’s external reserves could fund over nine months of goods and services imports, surpassing the international benchmark of three months. “Our external reserves level is a robust buffer against shocks,” Cardoso said.

On the issue of cash shortages, the CBN governor reiterated the enforcement of the new policy imposing a fine of N150 million on any bank branch found distributing new naira notes illegally to currency hawkers.

Cardoso also shared his outlook for the Nigerian economy in 2025. “Distinguished Senators, as we conclude this briefing, I want to highlight that despite the challenges facing our economy, there are clear reasons for optimism,” he said.

“The gradual stabilisation of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”

This comes as the CBN continues to implement measures to strengthen the economy. On October 17, the apex bank reported that remittance inflows had risen to almost $600 million by the end of September, while on June 25, it granted eligible IMTOs access to trade on the official FX window.

 


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Fraud in Bank Branches Surges by 31 Percent in Q2 — FITC

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The Nigerian banking sector has witnessed a concerning rise in fraudulent activities, with incidents of fraud in bank branches increasing by 31 percent in the second quarter of 2024.

Fraud in Bank Branches Surges by 31 Percent in Q2 — FITC

This alarming statistic was disclosed by the Financial Institutions Training Centre (FITC) in its Fraud and Forgeries report, highlighting significant challenges to the integrity of the country’s financial system.

Fraudulent activities in Nigerian banks led to a staggering N42.33 billion in reported losses during the first half of 2024.

This sharp rise was driven by escalating fraud across multiple channels, most notably within physical bank branches.

The FITC report revealed that fraud in bank branches rose dramatically to N42.2 billion in the second quarter, compared to N133.9 million in the first quarter.

The FITC data also pointed to a massive 1,560.3 percent increase in computer and web fraud. Losses in this category surged from N24 million in the first quarter to N400.8 million in the second quarter.

In contrast, mobile fraud witnessed a significant decline, dropping by 59 percent from N216.4 million in the first quarter to N88.7 million in the second quarter.

Interestingly, no cases of ATM-related fraud were recorded during the period under review.

The figures also indicate a shift in fraudulent activities involving various financial instruments. Card fraud saw a notable decline of 47.66 percent, with cases dropping from 21,469 in the first quarter to 11,231 in the second quarter. Conversely, cheque-related fraud rose by 36.67 percent, increasing from 30 cases in the first quarter to 41 in the second quarter.

Mobile fraud recorded an even steeper decline in value terms, dropping by 99 percent from N21.6 billion in the first quarter to N216.36 million in the second quarter.

These figures suggest evolving strategies among fraudsters, with some methods becoming less prevalent while others gain traction.

Amid the rising tide of fraud, legal actions have also intensified. In one notable case, an Abuja Federal High Court issued a 30-day freeze on 818 bank accounts linked to a N10 billion cyberattack on a Nigerian bank.

The court’s directive, issued on October 15, 2024, was based on a motion filed by the police against James Akagwu Isaac and other suspects, including several financial institutions.

Analysts say the surge in fraudulent activities underscores the urgent need for heightened vigilance, enhanced security measures, and robust regulatory interventions in Nigeria’s banking sector.

While the decline in some fraud categories, such as mobile and card fraud, offers a glimmer of hope, the sharp rise in branch-based and web-related fraud highlights the evolving tactics of fraudsters.

To combat these threats effectively, experts recommend that banks must invest in advanced fraud detection systems, conduct regular staff training, and strengthen internal controls.

Collaboration between financial institutions, law enforcement agencies, and regulators will also be crucial in mitigating the impact of fraud and safeguarding the financial ecosystem.

The FITC report serves as a stark reminder of the vulnerabilities within the banking sector and the need for proactive measures to address them. Without sustained efforts, the rising trend of fraud could pose significant risks to Nigeria’s economic stability and the trust of consumers in the financial system.

 

 

Credit: Tribune


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