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AfDB Scaled up Project Funding by 15% to US$ 7.6Bn in 2014

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The African Development Bank Group (AfDB) realised a 15.3-percent increase in its operations turnover in 2014 compared to 2013 despite the challenging global and regional economic environment, according to AfDB 2014 Annual Report.

Support to infrastructure accounted for over half of the US $7.6 billion invested in the Regional Member Countries (RMCs) during the year, representing a 15.3-percent increase over the 2013 funding portfolio.

According to the Annual Report, a compendium of the Bank’s activities in 2014 and its operations programme for 2015 released Wednesday, May 27 at the AfDB’s Annual Meetings in Abidjan, infrastructure projects (in energy, transport, and water and sanitation) were accorded priority over the four other operational domains – regional integration, private sector development, skills and technology, and governance and accountability.

The Bank’s other funding approvals for the year were channelled to the finance sector which accounted for 17.9 percent of the loans allocated to the continent’s small and medium enterprises (SMEs) in order to ease their financing constraints and promote financial inclusion.

Agriculture, which accounted for 10.8 percent of the loans and grants, focused on enhancing food security and raising productivity.

The social sector received 8.3 percent of all approvals, with skills development, technological innovation, and improvement of health-care service delivery as key beneficiaries.

The Bank’s efforts to diversify its client base helped extend AfDB public-sector lending to 11 countries, almost double the number in 2013. The AfDB private-sector window helped leverage some US $19.5 billion in co-financing, more than double the year’s target of US $9 billion.

Furthermore, the Bank’s move towards mobilizing innovative financing for the development of infrastructure in Africa became a reality following the incorporation of the Africa50 fund in Morocco with a US $100 million seed capital in 2014, barely a year after it was established.


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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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