The Lagos State Government has reappointed leading Payment Service Bank, Moneymaster for the second phase of the ‘Ounje Eko’ Food Discount Market, which commences across the state on September 1, 2024’.

A food price discount initiative packaged by the Lagos State Government to bring succor to residents of the state, ‘Ounje Eko’ provides a variety of food items to residents at a discount of 25 percent.

The scheme, which recommences on Sunday, September 1, across all the Local Government Areas (LGAs), Local Council Development Areas (LCDAs) and in the premises of five tertiary institutions in the state was successfully piloted in March this year.

MoneyMaster’s innovative and robust payment and collection technology infrastructure was fully deployed during the pilot exercise and once again it has been given the mandate to deploy its cutting-edge collection solution for seamless transactions at Ounje Eko discount markets.

“We are excited to partner with the Lagos State Government in the second phase of the Ounje Eko discount markets as this programme aligns with our corporate philosophy of adding value to people’s lives”, MoneyMaster PSB disclosed in a statement.

Moneymaster’s secure, fast transaction processing and robust payment channels, which facilitated excellent performance in the scheme’s first phase, has been described as the factor responsible for the retention of the bank for the payment programme.

MoneyMaster PSB, which was issued a license by the Central Bank of Nigeria (CBN) in August 2020 has been instrumental in providing financial technology services to bridge the gap between the banked, underbanked and unbanked populace in the country.

Citibank Nigeria Limited has appointed Nneka Enwereji as its Managing Director/Chief Executive Officer.

In a statement issued by the Head of Public Affairs, Nigeria and Ghana Global Communications Enterprise Services and Public Affairs, Lola Oyeka and made available to us on Thursday, it was indicated that Enwereji’s appointment became effective on August 19, 2024, following approval by the Central Bank of Nigeria.

Nigeria CommunicationsWeek reports that Enwereji succeeds Ireti Samuel-Ogbu who has retired from Citi after 36 years.

Commenting on her appointment, the Chairman of Citibank Nigeria Limited, Dr Shamsuddeen Usman, said, “I am very happy about Nneka’s appointment.

“Her deep industry knowledge, strong leadership skills, and a clear vision for the future will ensure the bank continues to help Citi’s clients navigate an increasingly dynamic environment. It has been a pleasure working with her as an Executive Director and I look forward to working with her as the MD/CEO of Citibank Nigeria Limited.”

Sub-Saharan Africa Sub-Cluster Head for Citi, Akin Dawodu, in his comments, said, “Nneka is a strong leader with a proven track record of growing businesses, deepening client relationships, and building strong partnerships. I am confident that she will continue to deliver value for our clients and other stakeholders.”

Commenting on her appointment, Enwereji said “I am excited about this new chapter at the helm of Citibank Nigeria Limited, working with our dedicated team to deliver the full value of Citi’s network to clients and stakeholders.”

Before her appointment, Enwereji was Citi’s Head of Global Network Banking across the SSA sub-cluster, and she led the team in achieving record business growth amidst considerable market complexities.

Her previous roles include the GNB Co-Head for the Middle East and Africa, Africa Trade Services Head and Financial Institutions SSA Trade Head.

Enwereji brings a wealth of experience and her 31-year banking career spans Markets, Corporate & Investment Banking, Transaction Services, Risk Management and Operations.

She has been an Executive Director on the Citi Nigeria board and has also served on different boards in a non-executive capacity. Nneka holds a degree in Computer Science and Economics with first-class honours from the Obafemi Awolowo University and an MBA from the Warwick Business School, UK. She has also attended executive programs at Yale School of Management and the University of California, Berkeley.

With her appointment, the number of female bank MDs in Nigeria has increased.

Fidelity Bank Plc, a leading financial institution in Nigeria and Mastercard have collaborated to launch Fidelity Send, a new initiative to enhance cross-border payments and remittances in Nigeria.

L – R: Kari Tukur, Vice President, Customer and Solutions Center, West & East Africa, Mastercard; Kevin Ugwuoke, Executive Director/Chief Risk Officer, Fidelity Bank Plc; Folasade Femi Lawal, Country Manager, Mastercard; and Osita Ede, Divisional Head, Product Development, Fidelity Bank Plc; at the launch of Fidelity Send powered by Mastercard at the Fidelity Bank headquarters on Friday, 30 August 2024.

Nigeria CommunicationsWeek reports that the collaboration leverages Mastercard’s extensive global network to facilitate near-real-time and cost-effective outbound transactions, driving financial inclusion in the country.

The new solution utilizes Mastercard Cross Border Services—a leading money transfer platform that allows participating banks to use the global Mastercard network to send money safely and securely to beneficiary bank accounts across the world.

Read Also: Fidelity Bank Trains 1,276 Women in Digital and AI Skills

Individuals and businesses using Fidelity Bank branches and digital platforms now have access to near-real-time funds delivery to over 60 countries.

Cross-border remittances continue to play an important role in Africa’s economy, with flows to Sub-Saharan Africa increasing by approximately 1.9% in 2023 to $54 billion, with Nigeria accounting for 38% of the flows.

In 2024, remittance flows to the region are projected to increase by 2.5%, presenting significant opportunities for businesses to expand their services and tap into the growing market of financial transactions across borders. However, limited banking infrastructure, high fees, and long processing times hinder adoption.

This collaboration aims to address these challenges by providing a faster, more reliable, cost-effective, and transparent solution with lower fees, no landing fees, wider management options, and guaranteed funds delivery—aligning perfectly with the evolving needs of customers.

Osita Ede, Divisional Head, Product Development at Fidelity Bank Plc, said: “Our collaboration with Mastercard to introduce Fidelity Send demonstrates our commitment to meeting our customers’ business and lifestyle needs through carefully designed products and services.

“We are pleased to offer our valued customers a quick and seamless means of receiving or transferring funds globally via a range of service touchpoints.”

Fidelity Int’l Transfer is designed to bridge the gap in cross-border payments by providing the Fidelity Bank’s growing customer base with an enhanced banking experience.

This solution also addresses the key challenge of managing foreign currency fluctuations during international money transfers.

Folasade Femi-Lawal, Country Manager, West Africa, Mastercard, said: “We are honored to collaborate with Fidelity Bank to introduce innovative solutions that offer greater choice, security, and flexibility to individuals and businesses in Nigeria.

“Through advancements in payment technology, we aim to empower people and enhance financial inclusion for millions in underserved communities.”

In recent years, Mastercard has amplified its efforts to facilitate better access to cross-border payments in Nigeria and across the continent, in line with its commitment to bringing one billion individuals into the digital economy by 2025.

This collaboration with Fidelity Bank strengthens this initiative and enables both parties to connect and power an inclusive digital economy that benefits everyone, everywhere.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.