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COVID-19: Ecobank Encourages Customers to Adopt Digital Self-Service Solutions

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The Coronavirus pandemic is rightly causing a lot of anxiety globally including Nigeria.  Customers of Ecobank have been encouraged by the Bank to utilize its digital self-service solutions, including Ecobank Mobile App, Ecobank Online, EcobankPay, Ecobank OmniPlus, OmniLite and the RapidTransfer App without having to visit branches. This is as part of efforts to ensure social distancing which will help curtail the spread of COVID-19.

COVID-19: Ecobank Encourages Customers to Adopt Digital Self-Service Solutions

According to the bank, customers can “Bank from anywhere” by  utilizing digital solutions to easily access their bank accounts, make payments, transfer funds, process salaries, and carry out other ancillary banking transactions from the comfort of their homes and offices without visiting branches.

The Bank advised that its branches remain open and available to customers who choose to visit to carry out their transactions.  The Bank emphasized that its branches are equipped with all prescribed preventative measures.

Additionally, the bank noted that as part of its self-service options customers can create virtual cards for eCommerce and other online transactions on the Ecobank Mobile when required.

It noted that Ecobank also provides online and digital product assistance through its Chatbot, Rafiki on Ecobank Online or Mobile, and through  24/7 Contact Centres across the group.

The bank reiterated that “standard measures have been put in place at the branches across the group to help curtail the spread.

These include provision of temperature checks at all entry points to screen employees, customers and visitors; installation of hand sanitizers; equipping customer-facing staff with emergency response plan;  encouraging social distancing especially from anyone who is coughing or sneezing; educating branch staff on international best practices recommended by the Federal Ministry of Health and the World Health Organisation (WHO) and actively updating customers and employees on the COVID-19.

The message signed by ), Ade Ayeyemi, group chief executive officer, Ecobank Transnational Incorporated (ETI) reads : “This is an unusual, extraordinary and difficult period in time.  At Ecobank we do understand that COVID-19 is impacting a number of people and causing others serious concern and anxiety. We will continue to stay abreast of the situation in order to adapt to changing developments for the good health and well-being of all our customers, employees and communities. Together let’s keep well and safe, following the instructions given to us by the world health experts for our better health”

In Nigeria, dedicated national contact lines had been provided by the Federal Government to report on suspected cases of COVID-19: Federal Ministry of Health Nigeria, 0909 299 6283, 0809 555 3232; Nigeria Center for Disease Control (NCDC) 0708 711 0839; WhatsApp, 0809 955 5577 or 0800 970000 10 (Toll-Free Call Centre).

 

 

 


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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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