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Visa, Airtel Extend Mobile Payments to Seven African Countries

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Visa Inc. and Bharti Airtel, a leading telecommunications services provider with operations in 20 countries across Asia and Africa, on Monday announced a partnership to bring innovative mobile payment services to seven markets in Africa including Ga-bon, Ghana, Kenya, Madagascar, Rwanda, Seychelles and Tanzania.

Visa and Airtel will build on the existing capabilities of Airtel’s Mobile Money service, allowing subscribers to use their Airtel Money account to pay in stores and online wherever Visa is accepted.

Additionally, customers can withdraw money and make payments from their Airtel Money account using their Airtel Money Visa companion card.

“Mobile payments can transform the lives of people throughout Africa who commonly have access to a mo-bile phone, but not a bank,” said Vish Sowani, vice president of MNO Partnerships for Visa. “For most new subscribers, this will represent their first payment account and bring some of the latest digital payment advancements into the everyday experiences of Airtel’s customers.”

In addition to everyday Visa transactions in stores, online and at ATMs, Airtel Money can also be used to make micro-payments, conduct fund transfers, purchase airtime and pre-paid electricity, plus Internet bundles – using an easy, safe mobile experience. For example, a bill can be paid without having to travel, wait in long lines, or hold large sums of cash.

“We are excited to embark on the next phase of development for Airtel Money with our new partner Visa,” said Chidi Okpala, director and Head of Airtel Money Africa. “We can look forward tofurther empowering our Airtel Money customerswith access to retail, ATM and online payments using only their Airtel Mobile Phone and companion card to manage all their mobile payment needs.”

Visa and Airtel have already launched an Airtel Money Visa Card in Kenya and will roll out services in other markets starting in early 2015.

Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable elec-tronic payments.

It also operates one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 56,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants.

Airtel on the other hand, is driven by the vision of providing affordable and innovative mobile services to all.

Airtel has African operations in: Burkina Faso, Chad, Democratic Republic of the Congo, and Republic of the Congo, Gabon, Ghana, Kenya, Malawi, Madagascar, Niger, Nigeria, Rwanda, Seychelles, Sierra Leone, Tanzania, Uganda and Zambia.

Bharti Airtel Limited is a leading global telecommunications company with operations in 20 countries across Asia and Africa.

 


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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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