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Access Bank to Give Customers More Rewards this Season

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Access Bank Plc, Nigeria’s leading retail bank, has unveiled series of exciting rewards for its customers to celebrate the yuletide season.

The campaign tagged ‘More Xtravaganza’, will run from November 21 to December 31, 2019.

Access Bank Plc, Nigeria’s leading retail bank

Access Bank Plc

Speaking at the launch of the campaign in Lagos, Victor Etuokwu, executive director, Retail banking, Access Bank plc said “Access Bank is passionate about its customers and everything we do is centred around giving them more. This season, we have decided to launch this campaign to end the year on a high note in celebration of our customers. We appreciate them for their loyalty and support and this is our own way of saying thank you to them.

The More Xtravanganza campaign further demonstrates our promise to provide customers with the best banking products and services whilst rewarding them for banking with us. We will be rewarding 50 active and inactive Diamond Business Advantage customers with one-month free advert broadcast and production for signing up to the Ebony Life Access to Market package or reactivating their accounts respectively”. Victor said.

Commenting further on the campaign, Robert Giles, head, Insights and capabilities, Access Bank Plc, said “Customers are the reason the bank is in business and they will always come first in our products, processes and services.

To show appreciation for their patronage, we are going to feature three different DiamondXtra draws; Senior citizens draw, Women’s draw and the National quarterly draw this December. We will reward 19 senior citizens who are 50 years old and above, 10 Women in which one of them will win a shopping allowance of N100,000 per month for one year and 9 others will win N300,000 each and of course 1,016 lucky customers will emerge winners from our quarterly draw”.

In an interview with newsmen, Adaeze Umeh, head, Consumer Banking, Access Bank Plc said, “In the spirit of this yuletide season we will be rewarding our first 100 premium savers with daily airtime when they maintain their account balances for 30days. We are also going to reward the first 200 transfers on the mobile app with airtime. XclusivePlus customers who refer 3 new customers of their subscriber type will win one monthly/yearly plan. This reward will be for the first 200 customers. We will also reward our Early Savers with 20% bonus of their 13th savings for maintaining consistent savings over 12-month period.

To join our winning train, all you need to do is to dial *901#, or walk into any Access Bank branch close to you to reactivate or open new account and start enjoying the More Xtravaganza benefits”. Adaeze concluded.

Access Bank is committed to delivering products and services tailored to suit the lifestyles of every Nigerian irrespective.


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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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