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E-Financial

UBA Deploys New IT Platform; “Finacle 10x”

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Customers of United Bank for Africa (UBA) Plc are set to experience new levels of superior banking services following the deployment of a new and  improved IT platform; “Finacle 10x” on April 6.

The new IT platform will enable customers carry out quick, efficient and secure services via the bank’s e-platforms such as internet banking, mobile banking. It also improves the uptime period on the bank’s e-Channels like the POS machines and ATMs.

“We embarked on this major upgrade of our systems to simplify our processes and significantly improve the customer experience across all channels including e-channels like smart phones, tablets, phablets, laptops and desktops. UBA customers can now enjoy faster, richer and more secured services on these channels using our internet banking application ‘U-Direct’ and our mobile banking application ‘U-Mobile’. We have also made these applications more accessible by providing a seamless, self-service enrolment process.” said Phillips Oduoza, GMD/CEO, UBA Plc.

Finacle 10x, is the very latest generation of banking applications developed by Infosys, the world’s leading developer of banking applications, delivering a whole new set of offerings including enhanced treasury and advanced e-banking solutions.

“The system will enhance our multi-country operations by facilitating new levels of process integration across our diverse African footprint spanning 19 African countries, enable rapid innovation and expand our capacity to offer a comprehensive set of products to meet the specific requirements of different segments of our diverse customer base.” said Kennedy Uzoka, DMD/CEO UBA Africa.

The new platform will improve all segments of the bank’s operations including; retail, trade and corporate banking, deposits and loans management, product development and enhance customer information management.

Also speaking on the successful systems upgrade, Rasheed Adegoke, Director, Group Information Technology, UBA, said “Innovation and cutting edge technology will continue to shape banking operations in the increasingly competitive banking industry. Our new IT platform will enable us be at the forefront of innovation and efficiency in the banking industry, and position UBA for global competitiveness.”. 

In deploying Finacle 10x, UBA has warned customers to watch out for phishing emails, stating that it will never contact customers by e-mail to change or confirm their data. Customers are urged not to respond to any purported e-mails from UBA requesting the confirmation of their bank details.

“All customer details will remain the same after the upgrade, therefore we have no reason to ask for updates to personal details from our customers and certainly not via email.” maintained Mr. Adegoke 

United Bank for Africa is a highly diversified financial services provider and one of the largest financial institutions in Africa, with business offices in New York, Paris and London.

The UBA Group has operation across 22 countries spanning 19 African countries, New York, London and Paris.

UBA has a strong retail penetration across the African continent with more than 8 million customers who enjoy a bouquet of products and services tailored to meet their different financial needs and backed by a cutting edge e-banking platform that offers secured and convenient online banking services.

 

 

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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

AfDB Partners Interpol to Combat Financial Crime and Strengthen Anti-Corruption Efforts in Africa

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The African Development Bank Group has taken a significant step forward in its fight against corruption and financial crime by signing a Letter of Intent with the International Criminal Police Organization (Interpol) today. The Bank Group is the first multilateral development bank to establish such a collaboration with Interpol.

 

The Letter of Intent was signed on Wednesday by African Development Bank Group President Dr. Akinwumi Adesina and Interpol Secretary General Valdecy Urquiza, who visited the Bank’s headquarters in Abidjan.

The partnership will enhance collaboration between the Bank’s Office of Integrity and Anti-Corruption and Interpol’s Financial Crime and Anti-Corruption Centre. It will focus on sharing expertise, enhancing investigative capabilities, and developing preventive measures against emerging financial crime threats, including cybercrime, anti-corruption measures, and counter-terrorism financing.

This initiative comes as Africa faces significant challenges of illicit financial flows, estimated at nearly $90 billion annually—a loss of resources that could otherwise be invested in critical development needs including water, sanitation, health, food, and energy infrastructure.

As an institution that deploys approximately $10 billion annually in development financing, with the majority going to government projects, the African Development Bank Group brings crucial insight into regional financial flows and development challenges, Adesina said.

“This partnership demonstrates our commitment to protecting development resources and ensuring they reach their intended beneficiaries,” said Adesina. “As the world’s most transparent financial institution for two consecutive editions [according to Publish What You Fund’s assessment of sovereign portfolios], we maintain zero tolerance for corruption and terrorism financing.

“By joining forces with Interpol, we are strengthening our capacity to help African countries build robust systems against money laundering and financial crime.”

Rapid advancements in digital technology have also led to an increase in internet-enabled financial crimes. According to Interpol’s 2024 Global Financial Fraud Assessment, business email compromise, romance baiting, phishing, and other online frauds pose growing threats to Africa’s digitalized economy.

Secretary General Urquiza, who was elected to his position in November 2024, said, “Corruption and financial crime are among the biggest obstacles to economic and social development in Africa and around the world.

“The evolving nature of financial crime, particularly in the digital environment, requires strong partnerships between law enforcement and financial institutions.

“Interpol’s closer relationship with the African Development Bank Group will help law enforcement agencies and financial institutions across Africa tackle increasingly sophisticated financial crime threats.”

Adesina said the Bank will continue to tackle these challenges by:

-Building capacity and supporting African countries in strengthening transparent and accountable governance and strong institutions capable of driving inclusive and sustainable growth and resilient economies.

– Strengthening Know Your Customer and Due Diligence systems to prevent and to fight fraud and corruption.

– Ensure that the Bank’s resources are used for their intended purposes in a transparent and accountable manner, a practice that has led to the Bank being recognized for two consecutive editions as the most transparent multilateral development bank in the world by Publish What You Fund.


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E-Financial

Depositors Funds Safe in Nigerian Banks- NDIC

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Bello Hassan, managing director, Nigeria Deposit Insurance Corporation (NDIC), has said that with strict regulations put in place by the agency, depositors need not worry about the safety of their money in the country’s banks.

Depositors Funds Safe in Nigerian Banks- NDIC

He gave the assurance at the 46th Edition of the Kaduna International Trade Fair on NDIC’s Special Day on Thursday.

Represented by Ahmed Umar, area controller, Kano Zonal Office, Hassan said the corporation, in over three decades of operation, had strived to keep depositors’ confidence in the nation’s financial sector, safeguarding customers’ funds, especially the most vulnerable, who would be worst hit in any unforeseen circumstances.

“The NDIC is committed to ensuring a stable financial environment that safeguards depositors and builds public confidence, enabling businesses to thrive and contribute to our nation’s economic development. The corporation has played a vital role in safeguarding depositors, particularly the most vulnerable, and fortifying the financial system.

“Our primary objectives include insuring deposits in licensed banks, supervising financial institutions, managing distressed banks, and ensuring a smooth resolution process in the event of bank failures. We are dedicated to shielding Nigerians’ bank deposits from the adverse effects of bank failures.

“In collaboration with the Central Bank of Nigeria (CBN), we strive to maintain stability in the banking sector, enforce compliance with banking regulations, and exercise effective oversight over insured deposit-taking institutions. Our mission, embodied in the tagline ‘Protecting your bank deposits,’ is to promote financial inclusion and stability by reassuring Nigerians of the security of their savings,” he emphasized.

While calling on depositors of Heritage Bank and other closed banks who were yet to receive payments to hurry to the corporation with necessary documentation proving ownership of such accounts—such as BVN, means of identification, and alternative accounts—to enable NDIC to pay the insured sum, Hassan said:

“A recent example is the revocation of Heritage Bank’s operating license on June 3, 2024, where the NDIC reimbursed depositors within four days using their Bank Verification Numbers (BVN).

“The swift action has enabled the payment of insured amounts to all depositors other than those with no alternate accounts in other banks or those depositors whose accounts have post no debit (PND) instructions or have no BVN. These categories of depositors are being contacted by the Corporation through telephone calls and text messages to come forward for verification,” he pointed out.

The Corporation, according to the NDIC Boss, pays depositors the maximum insured amount of N5 million per depositor per bank from its Deposit Insurance Funds (DIF).

He, however, stressed the role of NDIC acting as liquidator while at the same time being committed to compensating deposits with balances exceeding N5 million upon realization of the defunct bank’s assets.

To achieve this, Hassan said the corporation had made significant progress in realizing the assets of the defunct banks and recovering outstanding debts to facilitate timely reimbursement of these uninsured deposits in the form of liquidation dividends.

“The Corporation has successfully and transparently auctioned the failed bank’s landed properties and chattels in line with its statutory mandate under Section 62 (1)(d) of the NDIC Act, 2023.

“The proceeds from these ongoing sales will be applied towards settling depositors with balances above the insured limit of N5 million, with additional payments to follow as further recoveries are made.

“NDIC remains committed to ensuring that creditors of the defunct bank receive payments once all depositors have been fully reimbursed. The Corporation’s systematic approach, based on asset realization and prioritization of claims, is vital for maintaining public trust and financial stability.

“I urge depositors of closed banks, particularly Heritage Bank, who have not yet received their payments, to come forward and provide the necessary documentation supporting ownership of the account, including BVN, means of identification, and details of an alternative account where the Corporation will pay the insured sum. You can submit your claims through our website, email, or social media platforms. We remain dedicated to safeguarding depositors’ funds and ensuring their timely reimbursement.

“In collaboration with the Central Bank of Nigeria (CBN), we strive to maintain stability in the banking sector, enforce compliance with banking regulations, and exercise effective oversight over insured deposit-taking institutions. Our mission, embodied in the tagline ‘Protecting your bank deposits,’ is to promote financial inclusion and stability by reassuring Nigerians of the security of their savings.

“The NDIC has consistently played a crucial role in maintaining financial stability by ensuring depositors receive prompt compensation when banks fail. A recent example is the revocation of Heritage Bank’s operating license on June 3, 2024, where the NDIC reimbursed depositors within four days using their Bank Verification Numbers (BVN).

“This swift action has enabled the payment of insured amounts to all depositors other than those with no alternate accounts in other banks or those depositors whose accounts have post no debit (PND) instructions or have no BVN. These categories of depositors are being contacted by the Corporation through telephone calls and text messages to come forward for verification.

“It is instructive to note that the Corporation pays depositors the maximum insured amount of N5 million per depositor per bank from its Deposit Insurance Funds (DIF). However, the NDIC, acting as liquidator, is also committed to compensating deposits with balances exceeding N5 million upon realization of the defunct bank’s assets,” he stated.

 

 


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DMO Appoints Stanbic IBTC as New FG Stockbroker

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The Debt Management Office (DMO) on Thursday appointed Stanbic IBTC Stockbrokers Limited as the Federal Government’s official stockbroker, marking a strategic move to bolster Nigeria’s domestic bond market.

In its new role, Stanbic IBTC – a prominent stockbroking and investment management firm in Nigeria- is expected to help government attract necessary investments and develop the retail market.

The appointment comes after the tenure of CSL Stockbrokers Ltd., a subsidiary of First City Monument Bank (FCMB), expired.

Patience Oniha, Director General of the Debt Management Office (DMO), stated that Stanbic IBTC Stockbrokers would serve as a vital platform for retail investors while also providing regular guidance and advisory services to the Government.

She explained the reason why Government needed a stockbroker whose functions are clearly defined, first of all, to comply with the Nigerian Exchange Group (NGX) requirements, being the largest issuer of securities, and secondly to deepen the market.

“We did quite a lot with wholesale investors, and that has helped us to achieve diversification for our FGN bonds, and the sukuk.

“But we realised that this smaller group may not have the money like the big players. They can invest in equities, but we believe that giving them fixed income securities is also another option.

“For that reason, we need to create awareness, particularly for products targeted at them – the FGN savings bond, and also create a secondary market for them,” Oniha explained at a brief event to announce the appointment in Abuja”, she said.

She Stanbic IBTC stockbrokers was chosen since it is a strong and respected brand with a wide reach – in the retail, capital market, and pension business as well.

“Those qualities matche our needs. Their sheer reputation, diversification as a group, and they have been in this role before for the federal government, but now with an expanded role.

“All of those sort of qualified you for the appointment as the government stockbroker”, she added.

She recognised the low awareness in the retail market, noting that increasing awareness would be one of the key responsibilities of the new stockbroker.

She emphasised that liquidity, awareness campaigns, workshops, and similar initiatives would be essential to support that segment of the market.

She stated that the DMO had made significant progress since initiating the process of appointing a Government stockbroker with an expanded role, but emphasised that “there is still much more to be done through engagements with other institutions and retail investors.”

She affirmed the DMO’s commitment to collaborating with Stanbic IBTC to achieve their established objectives.

Additionally, she indicated that the DMO would periodically seek guidance and advice from Stanbic IBTC.

Bunmi Olarinoye, Chief Executive Officer of Stanbic IBTC Stockbrokers Limited, expressed her gratitude for the confidence placed in the firm and the opportunity to assume such a pivotal role.

She stated that the DMO’s plan to enhance the retail segment of the market aligns with their own objectives, as they have been developing strategies to strengthen and enrich that area.

She emphasised that enlightenment and awareness are crucial elements they had identified for growing and expanding that segment of the market, and they would focus vigorously on these initiatives to attract more investors.

She also assured that they would collaborate with the DMO to deepen the market and achieve their established goals.


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