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Access Bank Gifts Customers Millions amid COVID-19 Pandemic

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Access Bank Plc has rewarded 10 customers with one million naira each and 28 female customers with N100,000 each in its DiamondXtra monthly draw.

Access Bank Gifts Customers Millions amid COVID-19 Pandemic

Mr Victor Etuokwu, executive director, Retail Banking, of the bank, said in a statement said that the draw was held at the bank’s headquarters in Lagos.

He said the DiamondXtra initiative was the bank’s little way of creating value and meeting the needs of its customers during these trying times.

“We understand what our customers are going through this period, and the bank is committed to providing them with a world-class banking experience via our digital platforms whilst rewarding them for their patronage and savings culture.

“DiamondXtra is the best banking product in the country at the moment and I urge Nigerians to sign up to the most rewarding way to save,” Etuokwu said.

Adaeze Umeh, group head, Consumer Products and Propositions, Access Bank, is quoted in the statement as saying that 10 customers were rewarded with N1 million each and 28 female customers with N100,000 each in the draw.

“We are gearing up for the quarterly draw next month where we will be rewarding more than 1,000 customers with various cash prizes,” Umeh said.

She said that the reward scheme which was launched in 2008 and had been running every year since inception had rewarded over 5,000 customers in 2019.

According to her, over N5 billion has been given away in cash and gift items in the past 11 years.

“To be a part of the reward scheme, all you need to do is to open a DiamondXtra account by dialling *901*5# and fund the account with N5,000, with an increased chance of winning for every N5,000 saved.

“It’s even more exciting that both existing and new customers are eligible to win, simply by opening and maintaining their DiamondXtra account,” she said.

DiamondXtra is an interest yielding hybrid account, which allows deposits of both cash and third party cheques.

Hybrid means a combination of both savings and current account features.


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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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