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AfDB Unveils Online Platform for Advancement of Gender Equality in Africa

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The African Development Bank (AfDB) has launched the Gender in Practice Community of Practice (GiP COP), an online resource that seeks to promote information and knowledge sharing on gender equality.

The event took place on September 28, 2016 at the Bank’s headquarters in Abidjan, Côte d’Ivoire.

The GiP CoP will operate as a “community of commitments”, as it formed around shared commitments to advance gender equality within the Bank and across Africa.

It will serve as a virtual learning platform, a convener and an integrator of knowledge among Gender Focal Points and gender experts. In addition, it will provide space for members to meet and exchange ideas on how to effectively integrate gender mainstreaming in their work, and promote gender equality in their professional and personal lives.

Unveiling the platform, Geraldine Fraser-Moleketi, AfDB’s Special Envoy on Gender emphasised the importance of information and knowledge sharing, noting that “the road to knowledge is via people, conversations, connections and relationships.”

She added: “It is critical to innovate and become knowledge seeking especially at this time when the Bank is rolling out its High Five strategies and new ways of doing business.” Fraser-Moleketi called on members of the community to enliven it through active participation.

The GiP CoP aims to become a One-Stop-Shop that enables all its members to access information that will make them more effective in delivering on their functions, whilst at the same time facilitating linkages and networking, virtual information sharing, and face to face events specifically tailored for members. The experiences and lessons gathered from the forum will be codified and published into short knowledge pieces for dissemination.

The Community is hosted on http://genderinpractice.afdb.org/ and has various features including e-discussions, webinars, a bulletin board, and a query system. The Platform also features community news, announcements and resources on gender for ease of reference by members. Through the query system for instance, members can post questions or request ideas on projects/documents that they are working on, and receive inputs from other members. The online discussions enable members to contribute ideas on specific challenges which are of relevance to the Bank and the continent.

The first online discussion will be launched in October 2016, and will address the issue of gender and energy. 


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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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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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