E-Financial
The Alternative Bank Introduces Elite Banking, Gold Card Offerings
The Alternative Bank (a member of the Sterling Financial Services Holding Company) proudly unveils the next level of premium banking services with the AltElite product suite and Gold Card offering.
This innovation redefines luxury, personalization, and convenience in financial services, empowering customers to achieve their goals with unmatched liquidity and flexibility.
Mohammed Yunusa, Director, Digital Products & Innovation at The Alternative Bank, shared his enthusiasm about the product: “We have reimagined AltElite with a focus on personalization and accessibility. With features like interest-free liquidity solutions and bespoke investment opportunities, this ensures our customers experience the future of banking today.”
The Gold Card, a symbol of prestige and privilege, complements AltElite with advanced spending power, personalized rewards, and global acceptance. It also offers. exclusive travel perks, enhanced purchase protection, and access to premium services, ensuring that every moment of the customer experience is elevated.
Chidinma Akanle, Group Head of Private Banking & Wealth Management, elaborated: “The Gold Card is more than a financial tool; it is a gateway to a sophisticated lifestyle. With access to over 1,200 airport lounges, enhanced spending power, and bespoke rewards, it has been meticulously designed to complement the ambitions and lifestyle of our esteemed clientele, elevating their experiences in every aspect.”
E-Financial
AMMBAN Seeks Review of 5 Percent Charge Imposed on PoS Agents
Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has appealed to the Central Bank of Nigeria (CBN) and the Office of the Vice President, Kashim Shettima, to review the five per cent charge on Point of Sale (PoS) transactions imposed on its members.
The association stated that the recent introduction of the five per cent electronic fee on agents has added to the burdens faced by PoS operators nationwide. It emphasized that the fee is onerous, considering that agents already shoulder numerous costs to deliver their services
The appeal was made in a statement issued on Tuesday in Ibadan. The association lamented that PoS operators are not treated as priority agents for cash accessibility, which has made it difficult for them to access cash while providing essential financial services to the public.
The statement explained that even when agents visit banks or their principals to obtain cash, they often fail to receive it. This situation is unsustainable, as agents are expected to provide financial services without adequate support or funding.
The statement further criticized the introduction of the five per cent electronic fee, describing it as a significant burden on PoS operators who are already dealing with numerous financial constraints.
In light of the current inflation rate, the association proposed raising the electronic fee threshold to N50,000, noting that this adjustment would not affect low-income individuals, who are exempt from the fee.
The association also expressed concern that the current arrangement could hinder the government’s efforts to drive financial inclusion. It called on the CBN and the Office of the Vice President to review the policy and ensure that principals provide adequate support and funding to their agents.
The statement was signed by several key officials, including Mr. Badiru Asimiyu Olawale, Osun State chairman; Mr. Ogungbayi Ganiyu, national Public Relations officer, and other representatives from Bauchi, Edo, and Abia States.
E-Financial
Mastercard Move and BCP Group Partner to Enhance Cross-Border Payments
In collaboration with Mastercard, the BCP Group will leverage Mastercard Move’s money movement capabilities to enhance cross-border payments for their corporate and individual clients. The collaboration aims to enable near instant, traceable, secure and cost-effective cross-border payments to and from the multiple markets where the BCP Group operates in Africa.
The move reflects the shared vision of both organizations to provide inclusive and innovative financial solutions that optimize transfer operations while reducing transaction costs for end users. It also demonstrates the BCP Group’s strong commitment to addressing the needs of consumers and businesses in the region.
Mr. Kamal Mokdad, General Manager of BCP & International, stated: “We are delighted to join forces with Mastercard to address the real needs of the populations in our various countries of presence in Africa.
This collaboration marks a new milestone in the strategic relationship between the BCP Group and Mastercard; it demonstrates our commitment to providing superior payment services and driving innovation in the African banking sector. In addition to improving the customer experience, the new solutions offered will support the economic growth of our region by facilitating the exchange of international flows through simplified transfers at competitive prices.”
“At Mastercard, we are committed to building a prosperous digital economy where everyone can thrive. Our latest collaboration with BCP perfectly aligns with our mission to provide our customers with innovative payment solutions that meet the evolving needs of their consumer and business customers.
Together, we will work to develop a more connected and inclusive financial ecosystem by delivering funds with speed, transparency, and flexibility,” said Mr. Dimitrios Dosis, President of Eastern Europe, Middle East & Africa at Mastercard.
Mastercard Move is Mastercard’s comprehensive portfolio of money movement solutions offering a range of domestic and international payment experiences, from personal payments to disbursements to business payments.
Mastercard Move facilitates the transfer of funds to various endpoints in over 150 currencies across more than 180 countries.
E-Financial
NITDA Warns Nigerians about Malware Stealing Banking Details
National Information Technology Development Agency (NITDA) has warned Nigerians about a dangerous banking malware that targets users worldwide through complex phishing schemes.
The warning was issued by NITDA’s Computer Emergency Readiness and Response Team (CERT) on Monday via social media.
The agency described the new version of Grandoreiro as a serious threat that uses sophisticated methods to steal sensitive information.
Malware, short for malicious software, refers to any intrusive software developed by cybercriminals (often called hackers) to steal data and damage or destroy computers and computer systems.
According to the agency, the malware employs “advanced techniques, including screen overlay attacks and remote device control, to steal sensitive information such as banking credentials and personal data.”
NITDA explained that the malware primarily spreads through phishing emails and fraudulent websites.
These deceptive platforms trick victims into downloading malicious software by disguising it as legitimate updates or documents.
Once installed, the malware can bypass security protections, giving attackers unauthorized access to users’ devices.
The agency warned that this could result in significant financial losses and potential identity theft.
The agency urged the public to exercise caution and adopt recommended security measures to mitigate the risk.
“Cyber threats like Grandoreiro are evolving, and users need to stay vigilant and adopt robust security practices to protect their information,” the agency advised.
NITDA recommended avoiding links and attachments from unknown emails, downloading software only from trusted sources, and enabling multifactor authentication for online banking and financial accounts.
The agency also emphasized the importance of keeping antivirus software updated, avoiding public Wi-Fi for financial transactions, and regularly monitoring bank accounts for unauthorized activities.
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