E-Financial
CBN Approves Guidelines for Open Banking in Nigeria
Central Bank of Nigeria (CBN) has approved operational guidelines for open banking in Nigeria.
The guideline was released via a circular by Musa Jimoh, the Director of the CBN’s Payments System Management Department, on March 7, 2023.
According to its proponents, open banking will usher in a new age of financial inclusion and innovation and prove that Nigeria is a global pioneer in payments and financial services.
The statement said, “The Central Bank of Nigeria, in furtherance of a mandate for the stability of the financial system and pursuant to its role in deepening the financial system. hereby issues the Operational Guidelines for Open Banking in Nigeria
“The adoption of Open Banking in Nigeria will foster the sharing of customer pemissioned data between banks and third-party firms to enable the building of customer-focused products and services is also aimed at ensuring efficiency, competition and access to financial services in Nigeria.
“All stakeholders are required to ensure strict compliance with the guidelines and all other regulations, as the CBN continues to monitor developments and issue guidance as may be appropriate.”
The release of the final guideline is a culmination of a long journey for open banking in Nigeria, which started over five years ago when on June 1, 2017, a group of industry veterans, led by Mr Adedeji Olowe, decided that Nigeria needed to lead with payments innovation.
They formed an open banking working group, which became formalized as Open Banking Nigeria. The group engaged with banks, fintechs, CBN, and other international stakeholders.
Early backers of open banking in Nigeria include Sterling Bank, KPMG, PwC, EY, Paystack, TeamApt, Wallet Africa, and OnePipe.
The coalition now expanded to include the likes of Mono, Switch, Lendsqr, Palmpay, Carbon, and Trium.
Subsequently, the CBN released the regulatory framework for open banking in Nigeria on February 7, 2021, which laid the groundwork for an industry committee to create the draft of operational guidelines in May 2022. This draft is what has now become the law for bankers and fintechs supervised by the CBN.
Supporting this is also the Nigeria Data Protection Regulation (NDPR), released in 2019, as data privacy is a foundational pillar for open banking.
E-Financial
Access Bank Staff Arrested for Allegedly Stealing from Customers’ Accounts
The Katsina State police command, on Thursday, paraded one Adewumi Gabriel, Head of ATM Operations of Access Bank Daura branch, for conspiring with a colleague to steal the sum of N18 million from a customer’s account.
Adewumi confessed to conspiring with David Mesioye, now at large, using their expertise of the bank’s operations to carry out the theft discovered during an audit.
Spokesperson of Katsina State Police Command, Abubakar Aliyu said, some of the exhibits recovered from Adewumi include the sum of N10.18million from his different bank accounts and a physical cash of N366,900, among other valuables.
In a separate incident, Bishir Abdullahi, a 37-year-old resident of Sokoto State, was arrested at an Old Generation Bank ATM in Katsina with 14 stolen ATM cards in his possession.
According to Sadiq, the suspect was a notorious fraudster who specialised in swapping ATM cards of unsuspecting members of the public at ATM points.
He explained that the suspect was arrested by a police officer on duty at the bank’s branch of Tudun Katsira quarters in the Katsina metropolis, following suspicious activities around the ATM machine.
“Upon instant search, 14 suspected stolen ATM cards of different banks were found in his possession.
“Preliminary investigation revealed that the suspect had been using the stolen ATM cards to withdraw sums of money from his victims’ accounts.
“The total amount withdrawn by the suspect from the victims’ accounts is N2.705million. The suspect will be charged to court upon completion of the investigation.”
E-Financial
PalmPay Reaffirms Commitment to Combating Financial Fraud
PalmPay, a leading fintech company in Nigeria, has reiterated its commitment to combating financial fraud through cutting-edge technology. This was emphasized during a high-level courtesy visit by the company’s Managing Director and management team to the Nigerian Financial Intelligence Unit (NFIU).
Addressing the growing prevalence of fraud in the country, Chika Nwosu, Managing Director of PalmPay Limited, stressed the need for robust collaboration between fintech companies and government agencies. “At PalmPay, we believe that a secure financial ecosystem is the foundation for a thriving digital economy,” he stated.
“Our partnership with the NFIU underscores our dedication to supporting Nigeria’s anti-fraud and anti-money laundering (AML) efforts. Together, we aim to ensure a safer digital experience for all Nigerians.”
Chika also highlighted the significant rise in electronic payment transactions across Nigeria’s financial system, underscoring the importance of proactive measures to address emerging threats.
PalmPay reaffirmed its support for the NFIU’s mission to safeguard the country’s financial infrastructure. The company outlined plans for close collaboration with the agency, including knowledge-sharing initiatives, stakeholder training programs, and the development of innovative solutions to combat fraud in the digital space.
Hafsat Abubakar Bakari, Chief Executive Officer of the NFIU, commended PalmPay for its proactive approach to financial security and its commitment to aligning with national and international regulatory frameworks. She emphasized the importance of continuous collaboration between private sector players and government institutions in the fight against financial crimes.
PalmPay’s visit to the NFIU reflects its vision of contributing to a secure, transparent, and inclusive financial ecosystem in Nigeria. As a fintech leader, PalmPay remains steadfast in its mission to create a digital economy where trust and security drive growth and innovation.
E-Financial
AfDB, Italian Insurance Group Sign $6bn Deal to Foster Investment in Africa
In a bid to provide credit protection to foster investment in Africa under the “Mattei Plan”, SACE, an Italian insurance-financial group and the African Development Bank Group (AfDB) have signed a $6bn deal.
The collaboration between SACE and AfDB is to sustain the development of initiatives with Africa’s public and private sectors, with additional opportunities for Italian businesses in education, agribusiness, healthcare, energy, water and infrastructure.
The signing took place during the African Investment Forum (AIF) 2024 Market Days currently underway in Rabat, Morocco. The AIF is a platform that helps develop bankable projects, secures funding, and facilitates deal closures. Its goal is to mobilize capital for key sectors, supporting the UN’s Sustainable Development Goals and Africa’s development agendas.
The collaboration agreement was signed by Michal Ron, chief international business officer of SACE responsible for the Overseas Network, and Hassatou N’Sele, AfDB’s vice president for finance and chief financial officer.
“The $6 billion Mattei plan to bolster economic links and create an energy hub for Europe, while curbing African emigration to Europe, was unveiled by Italian Prime Minister Georgia Meloni in February this year. The Italian Government and the African Development Bank Group have planned a series of joint initiatives to support the implementation of the Mattei Plan.”
This initiative establishes synergies between SACE’s products, such as the Push Strategy as an untied export credit product, traditional export credit insurance, and the financial products offered by the African Development Bank Group.
It will support the financing of high-impact projects in Africa while jointly generating opportunities for business matching between African and Italian companies.
The initiative brings together SACE’s products, including untied export credits, traditional export credit insurance, and financial solutions from the AfDB. The collaboration aims to finance high-impact projects in Africa while fostering business partnerships between African and Italian companies.
“Africa represents a market of great potential for our companies, and our collaboration under the “Mattei Plan” will strengthen their positioning in key sectors for the continent’s development, in line with the purpose of the Mattei Plan,” said Ron.
“In particular, we are already identifying new business opportunities where SACE can make a difference thanks to the Push Strategy, a financial instrument that, through guarantees, connects African buyers with Italian SMEs, involving them in strategic projects related to infrastructure, agribusiness, healthcare, energy, and education: priority sectors where Made in Italy, with SACE’s support, can offer a significant contribution.”
The collaboration also looks to expand commercial relations between Italy and Africa, encouraging the business of Italian companies interested in operating on the continent in priority sectors of the Mattei Plan: education and training, agriculture/agro-industry, healthcare, energy, water, infrastructure, including digital economy infrastructure.
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