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Bankers’ Committee Scraps N100 ATM Charges

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Deposit Money Banks (DMBs) have agreed to waive the N100 charge imposed on Automated Teller Machine (ATM) transactions across banks,B isi Onasanya, group managing director of FirstBank, said after the Bankers’ Committee meeting in Abuja last night.

“We have decided that with immediate effect, we will develop modalities to send those charges to the respective banks. We will bore the charges so that no matter where you are drawing money from you would not be subjected to any charges,” Onasanya announced the decision of the committee.

However this does not cover the charges inside the bank.

He explained “this does not cover withdrawals from inside the banking halls. For customers of FirstBank to use the ATM of GTBank is free; you no longer have to bear any cost,” he said.

Onasanya said the banks have been directed to go back to the drawing board and take a decision as to how this cost will be borne by them. He said: “We need to understand that these services have some inherent costs. What we have just decided is that banks will no longer be passing this cost to their customers.

“What we need to do now is work out the modalities, and it should be in a very short period of time because we are all committed to it and it was a unanimous decision of the bankers committee.” He added that the decision to stop charging customers for using ATMs, borders on the need for banks to follow the global trend.

He said in some parts of the world, when you use your card on most of the ATM networks, you don’t have a charge, stating that although there were costs involved in doing this, the Bankers’ Committee agreed “to give back to the society some form of what we benefited from the system”.

The lenders he said that felt that since they are doing well, they need to encourage the rest of the community to be part of the success story. So we felt that we should be able to bear the cost as a way of cushioning the impact of whatever the situation is in the economy today,” he added.

The burden of this decision and the cost implication that the banks are carrying he lamented “are not low but as responsible corporate citizens we do not want to pass this cost on to the public, we will bear the cost,” he said.

Also , Mrs. Agnes Olatokumbo, director of Banking Supervision, Central Bank of Nigeria said at the press briefing that the central bank will be working with the Securities and Exchange Commission to supervise and monitor the stock broking firms, especially those that are owned by Holding companies under the new banking reforms.

She said this is to maintain financial stability.

The bankers also said that they want to support mortgage facilities to civil servants and other people to help them get houses of their own at affordable rates.

The bankers said they are also looking at how they can donate to the victims of flood


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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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