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AfDB Supports Low-carbon Development in Africa

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The African Development Bank (AfDB) has reaffirmed its commitment to mobilize resources to help African countries adopt and mitigate climate change.

This commitment underpins its 2013-2022 Strategy promoting inclusive and green growth in Africa. Almost US $7 billion has been committed to projects in support of climate resilient and low-carbon development in the past four years.
 
However, ahead of the upcoming UN climate talks, COP22, which will be held in Marrakesh, Morocco, from November 7 to 18, 2016, the Bank is calling for implementation of the Paris Agreement, especially ensuring that climate financing is urgently delivered for African countries which are most vulnerable to climate change shocks.

Last year, the Bank’s support contributed significantly to ensuring that Africa’s concerns were addressed in the Paris Agreement at COP21.

The Bank has also committed to triple its climate change finance to about US $5 billion per year and to provide US $12 billion on renewable energy investments by 2020.

In keeping with the Bank’s New Deal on Energy for Africa, that provides a good entry point for the implementation of the Paris Agreement, and given that COP22 is a key milestone for the implementation of that agreement, it is important that Africa is fully on board, while ensuring linkages with the Bank’s High 5 priorities.

According to Akinwumi Adesina, President of the African Development Bank Group, the current climate financing architecture is not providing the finance Africa needs.

“Much more needs to be done to increase Africa’s access to climate finance,” Adesina said Friday, May 27, 2016, during a high-level panel on climate change, “Towards COP22 in Marrakech : What are the issues at stake?”, on the last day of the Bank’s 2016 Annual Meetings.

Adesina pointed out that Africa, which contributes less than 3 per cent of the global greenhouse emissions, is suffering from the effects of El Niño, which has caused severe drought in 14countries with 13 located in East and Southern Africa.

Citing Kenya and Rwanda, which have had devastating floods, with over 8.4 million people facing food insecurity in Malawi and 15 million in Ethiopia, as well as vast areas of South Africa, Zambia, Zimbabwe, Lesotho and Botswana, Adesina pointed out that the continent is already feeling the shocks of climate change.

To support these countries, AfDB has allocated funds to the tune of US $549 million.

Adesina demanded for “climate justice” for Africa, calling on the Green Climate Fund and the Global Environment Facility to “pay for the insurance premium of African countries to the Africa Risk Capacity Agency.”

“This will allow them to cope with extreme climate events … like Senegal which received US $17 million payout to mitigate the impacts of drought. AfDB will lead the way and triple its climate finance to US $5 billion per year by 2020,” Adesina said.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“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.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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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.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

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.”

 

 

 

 


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