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CBN Wants School Fees Paid through e-Naira

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Central Bank of Nigeria (CBN) has introduced a digital currency called e-Naira to Nigerian tertiary institutions to enable members of the academic environment to offer better payment prospects in retail transactions when compared to cash payments and to enable students to pay their school fees through e-Naira.

CBN Wants School Fees Paid through e-Naira

Mrs. Tinat Esther Catherine, branch controller of CBN in Jos, Plateau State, who disclosed this during a courtesy call on Professor Tanko Ishaya, vice-chancellor, University of Jos, said Nigeria is the first country in Africa to introduce the digital currency.

She started by stating that e-Naira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira, adding that it serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments.

The branch manager disclosed that e-Naira can be used for a number of things, including the payment of school fees, adding that payments with e-Naira are seamless and the settlement is instant.

“Students are the targets of the CBN’s engagement in this regard, and the best place to engage students is in the university because they will take it around and introduce it to their peers outside the university. We are introducing it to the University of Jos because we want school fees to be paid via E-Naira.

She said, “We are here to flag off the e-naira which the CBN started in October 2021. After going through so many tests, it has come to stay, the purpose of this is that we want to capture the students because they will take it around, pay courtesy visits to the VC and flag off using the campus because we want school fees to be paid using the e-naira.

“The CBN is the first in Africa to hold this digital currency, Nigeria is moving forward, and we want to encourage the merchant, everybody to enrol on this platform. Jos is the 10th to be enrolled, it has taken place in other cities, Port Harcourt, Lagos and others. The economy of the world is evolving; it is transforming so neither will the CBN want to be left behind so we decided to key into it.

“This will be done through technology which will make transactions very easy. Once you have the wallet, you can purchase anything through the e-naira. We are bringing it to the University, with the permission of the VC, everyone can start using the e-naira to pay school fees and purchase anything. Even if you want to have the cash, you can transfer it from your wallet to your bank account and then withdraw it.

“This is a Nigeria project, not just a CBN project, the cost of the transaction will be made easy. We encourage our children here to use it, we have the merchant and the individual wallets, and we plead to the University to embrace the e-naira.”

 

 

 

 


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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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E-Financial

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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