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CBN may Launch Digital Currency End of 2021 – Official

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Central Bank of Nigeria (CBN) on Thursday in Lagos said that its digital currency might be launched by the end of  2021.

CBN may Launch Digital Currency End of 2021 – Official

Pix credit….Makemoney.ng

Mrs Rakiya Mohammed, an Information Technology Specialist with CBN, made the disclosure at an online news briefing at the end of Bankers Committee meeting.

According to her, the apex bank has for over two years been exploring the technology and has made tremendous progress.

“Before the end of the year, the Central Bank will be making special announcement and possibly launching a pilot scheme in order to be able to provide this kind of currency to the populace,” she said.

Mohammed said when eventually  operational,  the currency would complement cash notes.

According to Muhammed, another reason the apex bank plans to come up with digital currency  is to make remittances travel easier from abroad to Nigeria.

She said that digital currency would accelerate the ability to meet the target, regardless of one’s country of residence.

The  specialist also said that CBN would be exploring various technological options and engaging various industry players as well as moving to the next stage of proof of concept to pilot the scheme.

Mohammed said that CBN considered the architecture, accessibility issue and privacy of the currency before going into it.

News Agency of Nigeria (NAN) reported that other issues discussed at the bankers’ committee meeting include  launch of digital cards as well as foreign exchange availability in banks.

Bank chief executives at the briefing include Mr Herbart Wigwe, group managing director/chief executive officer (CEO) of Access Bank Plc, and Mr Patrick Akinwuntan, managing director/CEO, Ecobank Nigeria.

Others are: Nneka Onyeali-Ikpe, managing director/CEO, Fidelity Bank; Mr Abubakar Suleiman, managing director/CEO, Sterling Bank Plc;  Mr Haruna Mustafa, director, Banking Supervision, CBN, and Mr Osita Nwanisobi, acting director, Corporate Communication Department, CBN.

 

 


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E-Financial

EFCC Says PoS, Mobile Money Operators Fueling Scam, Cybercrime

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Economic and Financial Crimes Commission (EFCC) has charged banks operating in the country to put in place water-tight mechanism to regulate and monitor activities of Mobile Money/Point of Sale (PoS) operators.

EFCC Says PoS, Mobile Money Operators Fueling Scam, Cybercrime

Babashani Sanda, head of EFCC in Gombe zonal office, stated this while receiving Alhaji Shehu Goringor, controller of Central Bank of Nigeria (CBN) in the state, and his team in Gombe.

According to Sanda, “I am quite pleased to have you here having noted the existing cordial relationship between EFCC and the CBN especially in the area of exchange of information and the need to further strengthen it for our mutual benefit and that of our country.

“This visit is timely as it gives me the opportunity to report to you an emerging trend involving Mobile Money Operators, which we commonly call POS, in abetting crimes especially cybercrimes where they are used to scam gullible Nigerians in connivance with internet fraudsters known as Yahoo Yahoo boys”.

Earlier, Goringor said they were at EFCC to consolidate the existing relationship between the two organisations and to equally solicit EFCC’s assistance in the areas of training and sensitisation.


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FMDQ Approves Coronation Merchant Bank’s Quotation

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FMDQ Securities Exchange Limited (“FMDQ through its Board Listings and Markets Committee has approved the quotation of the Coronation Merchant Bank Limited ₦11.36 billion Series 18 Commercial Papers (CP) under its ₦100.00 billion CP Issuance Programme on its platform.

Coronation Merchant Bank Limited in 2018, joined the league of other companies whose debt profiles have been raised via the value-packed quotations service offered by FMDQ Exchange.

The continuous admission of securities to FMDQ Exchange’s platform is reflective of the potential of the Nigerian debt capital market and the commendable level of confidence demonstrated by both issuers and investors in the market.

Coronation MB is Africa’s premier investment bank that provides innovative solutions to the needs of corporations, governments and other financial services organisations.

The Coronation MB CP, which was co-sponsored on the Exchange by Coronation Merchant Bank Limited and Chapel Hill Denham Advisory Limited, Registration Member (Quotations) of FMDQ Exchange, will be availed all the benefits of FMDQ Exchange’s prestigious quotations service, including global visibility through its website and systems, governance, credible price formation and continuous information disclosure, to protect investor interest, amongst others.

The proceeds from the quotation of this CP will be used to finance the Issuer’s working capital requirements.

As the market participants and a host of other stakeholders continue to meet their funding needs effectively and invariably contribute to the development of the nation’s capital markets through FMDQ Exchange’s platform, the Exchange remains committed to taking crucial steps, in close collaboration with market stakeholders, to deliver on its agenda of making the Nigerian financial markets globally competitive, operationally excellent, liquid and diverse.

FMDQ Group, Africa’s first vertically integrated financial market infrastructure (FMI) group – with its wholly owned Exchange, Central Counterparty and Depository – is a one-stop platform for the seamless and cost-efficient execution, risk management, clearing, settlement and depository services, as well as data and information services across the debt capital, foreign exchange and derivatives markets in Nigeria.


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Ecobank Nigeria Pledges More Support, Collaboration with Bankers Institute

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Patrick Akinwuntan, the managing director, Ecobank Nigeria has pledged more support and collaboration with the Chartered Institute of Bankers of Nigeria (CIBN), the umbrella body of all bank workers in the country.

Akinwuntan who was speaking during a courtesy visit by the President and Council members of the Institute to Ecobank Nigeria’s head office on Victoria Island, restated that Ecobank will continue to contribute to the efforts of the Institute to become top class and remain relevant globally.

According to him, “for us at Ecobank, we are extremely proud of the Institute’s efforts at ensuring public discourse on the future of the Nigeria economy and the banking and finance industry.

This is not in isolation of the ethics, professionalism, accountability, transparency, good corporate governance without losing focus of harnessing the opportunities technology has provided in the new world order. Be assured of our maximum support and collaboration at all times.”

The Managing Director also identified with the efforts of CIBN to raise the bar of competency and capacity building in the industry, stressing that with sound professional conduct, every banker would be held in high esteem.

He said Ecobank is working assiduously to ensure majority of Ecobank Nigeria staff become members of the Institute, adding that the bank will also provide more mentees and mentors in its mentorship programme.

“We are working on a medium to long term programme to ensure all Ecobank Nigeria staff become chartered members of the Institute.

At Ecobank, we take human capacity development very seriously. Some of our staff that wrote the last examinations are now chartered members of the Institute. We will also ensure bulk subscription of our staff. We will be nominating 30 mentors and 100 mentees to participate in the second mentorship programme”. He stated.

Earlier in his address, Bayo Olugbemi, the President/Chairman, CIBN, commended Ecobank’s consistent support for the Institute to ensure the realization of the Institute’s mandate of determining the standards of knowledge and skills to be attained by persons seeking to become members of the banking profession.

In particular, he conveyed the gratitude of the institute to the bank for the various local and international recognitions and awards garnered over the years. He observed that Mr. Akinwuntan has made immense contributions to the growth of the Institute..

He disclosed that the visit was to share with Ecobank Nigeria management the Institute’s strategic initiatives in the acronym A-TEAM, explaining it as “A- Accelerated Development, T- Technology and Digital Enhancement, E- Engagement for Growth, A- Accountability and Transparent Leadership and M- Membership Drive for Value.”

He solicited Ecobank’s support and collaboration in its proposed amendment of the CIBN Act No. 5 of 2007; compliance of staff of the bank with the mandatory registration with the Institute for the purpose of ethics and professionalism, urging the Management of the bank to ensure staff enroll and become Chartered Bankers and also participate in its Internship Scheme by accepting students of linkage institutions who are members of CIBN as interns.

“We also solicit Ecobank to enlist in our Endowment/Prize Awards in any subject of interest in its name or personal capacity; donate towards the renovation of Abuja Bankers’ House; support the establishment of banking museum by donating artefacts and other relevant materials;  participate actively in training programmes of the Institute and our regular impact assessments and satisfaction surveys on our respective services which is targeted at improving quality service delivery and identify gaps where necessary.”


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