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CBN Hosts International Conference on Payments System

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Central Bank of Nigeria is hosting maiden edition of International Conference on Payments System to a critical look at the Nigerian payments ecosystem.

The conference will also analyse  the yesterday, celebrate the today and focus on the future. Most importantly, the conference would gear towards actualising the Vision 2020.

Mallam Sanusi Lamido Sanusi, governor, Central Bank of Nigeria (CBN) is to present the keynote address on, “Payments System Transformation in Nigeria: Strategic Framework, Implementation, Achievements & Challenges”, and public presentation/launching of the revised PSV2020 Strategy Document.

Information on Conference portal stressed that, “For too long, governments and businesses in Nigeria relied on cash to pay employees, make or receive payments, and fulfil other financial obligations.  As a result, the economy was slowed by the negative side effects of needing cash on hand—long lines and wait times, instances of delayed or missed payments, and paper-based record-keeping, to name a few.

 “Reforms were put in place by the CBN such as the mandating all Federal Government funds to be made electronically, deployment of IT in all banking operations and the introduction of the Cashless Economy which have indeed helped to improve Nigeria’s payments system,”.

In order for Nigeria to propel the rest of Africa and become one of the 20 leading economies in the world by the year 2020, Vision 2020 was set in motion. It is hence critical for Nigeria to build an integrated financial system.

The organisers identified that, today, Nigerians have embraced electronic payments to boost efficiency and transparency of operations. Government have benefited from e-payment system by enhancing their liquidity and opening the financial system to a larger portion of the population.

Businesses have lowered their costs of doing business, while creating more secure and reliable means of conducting transactions. The transition in the payment system has created jobs, better lives, and added speed and pace to the economic recovery.

“Finally, consumers enjoy greater convenience through multiple payment channels, such as the Internet and automated teller machines (ATMs). Having achieved this much in a little space of time, and with Vision 2020 around the corner, it is not unusual to showcase the evolution of the Nigerian payment system to the world, celebrate such achievements and chart the course ahead.


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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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