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Africa Accounts for 60/130 of Global Mobile Money Systems

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Africa accounts for 60 out of the 130 mobile money systems in the world, said the International Telecommunication Union (ITU) as mobile ticketing, insurance, charitable donations, as well as fee payments for health and education services are now possible via mobile phones in Africa.

Mr. Brahima Sanou, director, Telecommunication Development Bureau, International Telecommunication Union (ITU) disclosed, adding that, specifically, in Africa there are transformative opportunities skyrocketing mobile growth, owing to recent figures where Africa leads the world in mobile money services.

Sanou who spoke through his Deputy, Mr Philippe Metzger, at World Cybersecurity Conference held in Abuja, also said that the world is living through a particularly exciting period in human history, the one that is witnessing the development and continuous growth of global communications.

“We are close to seeing as many mobile cellular subscriptions as there are people on the planet, and by the end of this year some 2.7 billion people will be using the Internet; with 2.1 billion active mobile-broadband subscriptions. This means, of course, that many more need to be connected”.

According to the director, internet is becoming a global resource and a basic commodity, as well as an indispensable tool for exchange and learning and the security challenges inclusive. Thus, “Cyber” is becoming one of ten most used prefixes used nowadays.

As internet and the use of ICTs are growing, individuals, businesses and nations are also experiencing the negative social and financial impacts from their misuse.

Cyber threats represent a major challenge to the economic and national well-being of everyone, everywhere and anytime.

“In a nutshell, the current global cybersecurity landscape can be described as follows: Cybercriminals are becoming more skilled – both at penetrating organizations and at avoiding detection by IT professionals and law enforcement agencies; hacker groups are increasingly trying to profit – by abusing legitimate online revenue sources such as online advertising; as mobile technology and its use continue to grow worldwide, such platforms will become ever more tempting targets for cybercriminals and new generation of young social networkers are having a different attitude towards protecting and sharing information: They are more likely to reveal personal data to other parties through social networking sites, thus increasing the likelihood of becoming cyber-victims”.

Sanou added that a recent worrying trend is the dramatic increase of cybercrime tools available on the market.

These include “Crime-ware” services such as purchasing customized email lists for spamming; ransom-ware services that restrict users from conducting further activity until they pay up; or renting out botnets for launching attacks can be found on the web at a relatively low price.

In other facts he shared with participants at the conference, he said, “Web attacks in 2012 were up 30% compared to web attacks in 2011, and malware targeting mobile phones grew by 58%.

“Annual losses of over 110 billion dollars are being caused by cybercrime, with over 550 million adults worldwide experiencing some form of cybercrime last year.

“Almost half of the teenagers aged 13 to 17 report that they have experienced some sort of cyber-bullying in the past year; and three quarters of young people involved in aggressive sexual solicitations in the real world met their aggressors online”.

The ITU director, Telecommunication Development Bureau, lamented that the problem is getting worse. “By the time I have finished this address, at least another ten thousand people around the world will have become new victims of cybercrime”.


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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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