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NCC, Others Join Forces on Loan Seekers’ Data

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Central Bank of Nigeria (CBN) has said that it is collaborating with the Nigeria Communication Commission (NCC) and other data gathering agencies to get additional data of customers who take loans from financial institutions in the country

 

This was disclosed by Aishah Ahmad, the apex bank’s deputy governor, financial system stability, in Lagos at the Union Bank’s maiden Edu 360 Conference.

 

Ahmad, who is the chairperson of the national inclusion technical committee of which National Identity Management Commission (NIMC) is one of the representatives, said the commission was trying to improve the level of registration of Nigerians.

 

“Every Nigerian having a national identity remains the national objective. They are going to be using other stakeholders like BVN. BVN has had a huge capacity. We have signed on about 40 billion and what NIMC has done is to define standard for all these”.

 

She acknowledged that statistics say about 63.2 percent of Nigerians are financially included. “If you break that down to the number of people that are taking credit, it is very low. Part of the challenge is data on credit. We are also trying to do some work with other agencies including the NCC on how we can get additional data for those that are taking credit”.

 

“For us as financial regulators, we are trying to promote financial stability, economic development. At the core of financial stability is inclusion. There is a nexus between inclusions, financial education, and economic development so that we understand a bigger picture of financial inclusion/literacy”.

 

Ahmad said the CBN had come up with the Consumer protection framework and is coming out with three guidelines that revolve around transparency.

 

“There is a dispute framework and complaints framework that saves the right of bank customer, she said. “Underpinning all of these is that education is why this digital matters. We can put all the guidelines/framework we want if people do not know their right it is not going to be fair. We are open to feedback, collaboration. We work with a lot of different interest groups.”

 

While also speaking at the ceremony to mark the kick-off of the three-day event, Emeka Emuwa, managing director/CEO, Union Bank plc, restated the Bank’s attention to education as a key driver of national development.

 

“Our goal over the next three days here at Edu360 is to drive conversations and collaboration that will catalyse action necessary to move our education sector forward. We understand that scaling up government spending on public education is imperative, but to actually move the needle and drive impact, we believe the key is creating scope for private investments in the sector,” Emuwa said.

 

Chukwuemeka Nwajiuba, minister of State for education, while delivering the keynote address on behalf of the Vice President, Professor Yemi Osinbajo, said: “It is possible for us as a country to restore education to its place – not juxtaposed by entrepreneurship or wealth creation; not looked down upon by certain groups in our society but embraced by all – working assiduously to deliver our respective responsibilities to empower our children and indeed, the future of our dear country Nigeria”.

 


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E-Financial

Nigerian Manufacturing Sector Contracts for 5th Consecutive Month – CBN

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The Manufacturing Purchasing Managers’ Index (PMI) in September stood at 46.9 index points, indicating a contraction in the Nigerian manufacturing sector for the fifth month.

This was disclosed by the Central Bank of Nigeria (CBN) in its September PMI report released last week.

According to the report, four out of the 14 sub-sectors surveyed reported expansion (above the 50 per cent threshold) in September.

It listed the expansion order as electrical equipment; transportation equipment; cement and nonmetallic mineral products.

It said the remaining sub-sectors reported contractions in the following order: petroleum & coal products; primary metal; furniture & related products; printing & related support activities; food, beverage & tobacco products; textile, apparel, leather & footwear; chemical & pharmaceutical products; fabricated metal products and plastics & rubber products; while the paper product sub-sector was stable.

Production

At 47.3 points, the production level index for the manufacturing sector indicated contraction in September for the fifth consecutive month.

Of the 14 sub-sectors surveyed, five recorded increased production level, one reported same level of production, while eight recorded declines in production.

New Orders

At 46.4 points, the new orders index also contracted in September for the fifth consecutive month. Six sub-sectors reported expansion in new orders, while the remaining eight recorded contraction in the month.

Supplier Delivery Time

The manufacturing supplier delivery time index stood at 53.5 points in the month, indicating a faster supplier delivery time for the fifth time.

Six of the 14 sub-sectors recorded improved suppliers’ delivery time, five reported same level, while three recorded slower delivery time

Employment Level

The employment level index stood at 44.1 points, indicating contraction in employment level for the sixth consecutive month.

Of the 14 sub-sectors, two recorded growth in employment, three recorded same level of employment, while the remaining nine recorded lower employment level in the review month.

Raw material Inventories

The manufacturing sector inventories index also contracted for the sixth consecutive time in September to 43.0 points. Four of the 14 sub-sectors recorded growth in inventories, while the remaining 10 recorded lower raw material inventories.


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FG Sacked IST Members over Fraud- Ahmed

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Mrs Zainab Ahmed, minister of Finance Budget and National Planning, has said the Federal Government sacked some past members of the Investments and Securities Tribunal (IST) as they indulged in corruption.

FG Sacked IST Members over Fraud- Ahmed

Inaugurating the new members, the minister charged the new members to eschew corruption and be forthright.

Bar. Azi Amos Isaac was appointed as Chairman for a five year term and Bar. Nosa Smart Osemwengie, was re-appointed as member for a second term of four years.

“The problem with the tribunal has been infighting amongst members, lack of industrial harmony and series of complaints bordering on maladministration.

“This has been the bane of the tribunal and a source of embarrassment not only for the Ministry of Finance but for the government in general,” Ahmed said.

The new chairman, Azi, assured the finance minister that, “the teething issue of restiveness has been addressed since he assumed duty,” adding that, “The place is calm and the staff have become very supportive.”

Azi said since 2003, the tribunal has “given judgment in the value of assets worth over N844 billion and that from 2017 to date, they have given decisions in monetary value totalling over N28bn.

“It has not failed in its adjudicatory responsibility.

“It has carried out its assignment with candour and integrity and intends to improve on what has been on ground.”

 


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CBN Bans Customer-to-Customer Forex Transfer

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Central Bank of Nigeria (CBN) has banned transfer of foreign exchange (forex) from one customer to another.

CBN Bans Customer-to-Customer Forex Transfer

According to the apex bank, forex cash lodgements into domiciliary accounts can only be done by the account owners henceforth.

An internal memo available in the media space explains that the new guidelines are necessary to review the utilisation of inflows into customers domiciliary accounts.

The circular states: “Forex inflows cannot be credited to customers until the legitimacy of funds is established.

“They can have unfettered access by telegraphic transfers up to a limit of $40,000 monthly for payment of medical bills, school fees, subscription to professional bodies subject to existing CBN guidelines.

“Transfers from one customer to another is prohibited. Transfer within related companies is allowed subject to a limit of $50,000 per month.”

It recommended that proceeds from non-oil exports should be sold to banks, used for repayment of dollar term loans, and self-utilisation for trade transactions for LC, bills and Form A.

Also oil export proceeds from E&P companies are to be used to pay contractors and service providers employed by the oil companies in addition to the recommended uses for non-oil FX proceeds.

Offshore forex inflows from other Nigerian banks and internal account to forex transfers sourced from offshore inflows are to be used for trade transactions subject to eligibility for E-Form M.

“Upon confirmation of the legitimacy of the inflows, customers can have unfettered access, subject to a maximum of $50,000,” the document read.

“Utilisation for trade transactions subject to processing of eligible trade transactions using E-Form M. Payment for services must be backed with demand note from offshore beneficiary and other regulatory documents.

“Related party transfers are allowed to the maximum of the inflow received. The transfer request should be backed by a signed instruction from the account holder.” Payment of government fees and levies are also allowed to the maritime, oil and gas, aviation. government parastatals and export processing zones.

 


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