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Key Stakeholders to Gather at Global Ethical Finance Forum 2015

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Key stakeholders from the various areas of the ethical finance industry will gather at the much-awaited Global Ethical Finance Forum (GEFF) in early September.

The forum will host representatives from Environmental, social and governance (ESG), Socially Responsible Investing (SRI), United Nations Principles for Responsible Investment (UNPRI) and faith-based financing. Participating organizations from Africa include the Central Bank of Nigeria, Ecobank, Bank of Ghana, Stanbic Bank and Royal Bank Ghana, among others.

Organized by ME Global Advisors, a leading intelligence platform serving the ethical finance industry for 22 years, GEFF 2015 will serve as a key platform to discuss untapped opportunities for convergence and collaboration within the $59 trillion responsible investments industry.

The Forum is officially hosted by the Scottish Government and in conjunction with Thomson Reuters, UK Sustainable and Investment and Finance Association (UKSIF), Alliance Trust UK, DDCAP, SEDCO Capital, Abu Dhabi Islamic Bank, Luxembourg for Finance and other partners.

One of TIME Magazine’s 100 Most Influential People (2011), His Royal Highness Emir Muhammad Sanusi II, who led a an anti-corruption campaign as Nigeria’s Central Bank Governor, will speak on his experience as the banking chief of Africa’s largest economy in Africa.

He is quoted as saying: “It is now evident in the aftermath of the financial crisis that the importance of values cannot be overlooked in the financial system. The major stakeholders especially the regulators are expected to play a key role in making sure that the financial institutions not only abide by law but remain ethical in their practices and work towards the betterment of society in addition to achieving their financial goals. The global ethical finance forum will address these issues and I look forward to sharing my experiences at the forum.”

The Emir of Kano possesses a profile that is truly unique in the financial world. A banker by training who secured Nigeria’s top banking post, he would prove to the world that some of the most important lessons in banking reform can indeed come from West Africa.

During his 5-year tenure as Governor of the Central Bank, he spearheaded sweeping reforms resulting in the cleanup of a banking industry where corruption was the norm.

In 2009, he tackled widespread fraud in the financial sector with the aim of saving 24 banks on the brink of collapse.

HRH Sanusi’s participation is also significant in light of the successful issuance of the Nigeria’s first Sukuk by Osun state in 2013 and the guidelines produced by an Islamic finance advisory body under his leadership.

GEFF 2015 will feature thought provoking discussions on how to bring about more financial inclusion by utilizing financial technology such as microfinance, mobile money, crowd funding and also Sukuk as an instrument to finance infrastructure and reduce budget deficits.

The African continent has witnessed tremendous growth in these areas especially in impact investing and mobile money.

Hence, the forum is seen as a perfect opportunity for African delegates to share experiences with the global responsible finance industry and engage with key policy makers, regulators, and stakeholders on how to promote non-interest banking in the continent.

GEFF will take place on the 1st and 2nd of September at the historic Balmoral Hotel in downtown Edinburgh, one of Europe’s cultural & literary capitals.

 


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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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