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Africa Prudential Revolutionises Registrar Services with “Personal Registrar USSD *4018#

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Africa Prudential Plc, has unveiled her new USSD code, *4018# tagged “Personal Registrar”, in line with its determination to dominate and redefine the landscape of registrar service delivery in the country.

 

The USSD code, *4018#, which was unveiled in Lagos on Wednesday enables shareholders to perform  a lot of tasks including checking their outstanding dividend, shareholding balance, confirming bank mandate right from their mobile phones from the comfort of their homes, work places or leisure.  With the code, shareholders can also check postal and email addresses from their mobile phones.

 

Speaking about the product, Mr. Peter Ashade, managing director/CEO, explained that the service, which is available round the clock, works on all kinds of mobile phones and networks, and does not require internet data, adding that shareholders only need to dial the code to access the service environment.

 

He noted that the “Personal Registrar” was developed by the company in its drive to persistently pursue exceptional service experience and is borne out of its culture of excellence and persistent drive to improving investors’ confidence in the market, adding, “We continuously embark on product development and process improvement to deliver exceptional customer experience to our clients across sectors of the economy, while exciting the Nigerian capital market as a whole.”

 

Ashade stated further that at the announcement of the company’s change of name from Africa Prudential Plc to Africa Prudential Registrars Plc in 2017, it was emphasized that the name change does not imply its exit from registrar business but was rather to enable it extend service offerings to other sectors of the economy by leveraging technology, one of which is the just launched USSD code *4018#.

 

Mr. Emmanuel Nnorom, a Non-Executive Director, stressed that the development of the product was not just about Africa Prudential, but remains a plus for the entire registrar business in Nigeria and encouraged other players in the market to follow suit in breaking new grounds.

 

Mrs. Bridget Bayo-Ajayi, Head, Business Development, who also addressed key capital market stakeholders at the event,  encouraged shareholders whose mobile numbers have not been duly registered on the company’s database to execute a shareholder data update form for their mobile numbers to enjoy the service.

 

Representing shareholders at the event, Mrs. Bisi Bakare of Pragmatic Shareholders Association, lauded Africa Prudential for putting shareholders convenience first by launching the first-of-its-kind product in registrars business.

 

It would be recalled, among others that the company was named the Best Registrar Firm in West Africa by Africa-Canada Trade Alliance at the 7th Edition of the West Africa Innovation and Excellence Awards in 2017 in recognition of outstanding innovations and advocacy role in the Capital Market.

 


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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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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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