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CWG, Infosys Pledge to Support Banks on Digital Banking

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Computer Warehouse Group Plc (CWG) and Infosys Finacle have pledged to support Nigerian banks in their efforts to provide digital banking in the country.

Venkatramana Gosavi, Senior vice president and head, growth market, Infosys Finacle, made the pledge at Digital Banking Nigeria 2017 forum held in Lagos.

According to him, ‘digital is one of the big themes and there is a lot of interests and we are using this opportunity to interact with our clients and inform them on what our views are on being fully digitalized worldwide and what opportunities are available to them in terms of service to their customers; whether is it improving customer loyalty, process efficiency and other factors which are topics we covered today.’

“For a bank to be fully digital implies the customer is at the centre of the business. With this, you will be able to measure the kind of transactions the client will be interested in. Why is it that some of the clients were able to stick to us and others sometimes shift from bank to another?”

“Digital banking is more of a journey; it is about something that can be brought to the market as fast as possible through a FinTech company. So, in essence it is not just as about modern infrastructure in banks but how we leverage these infrastructures. All the investments banks have made and the framework, we are talking about how to leverage the whole mantra of services,” he said.

James Agada, chief executive officer, CWG, explained: “the fact that you have issues with infrastructure is also a point for innovation. If you remember, Nigeria is the only country in the world to implement payment cards offline. You had cards but you had no network, but now you could still use the card. It was innovation driven. The same way, as you are going digital there are a lot of issues coming up; both skills and infrastructure.”

Austin Okere, vice chairman, CWG stated: “Some people are worried about will the banks ever become digital banks. We were worried before, whether PoS will ever take off in Nigeria, we surmounted that. We also got worried whether ‘cashless’. We have taken some steps back. But before now, you could travel anywhere with any Nigerian card; you don’t need the foreign cards. Today, because of lack of forex we are not able to do that. These were impossible. I think the banks are best suited based on the investments they have made to lead that collaboration. And they just have to adapt and change; the best way to do that is such that some are brining technology people and teaching them banking.”

“They will infuse technology and millennial thinking into banking. One of the predictions is that half of the industry will be driven by the millennial by 2015. Therefore, we have to look at how they consume. Millennial are not going to write cheques; they are not going into the banking hall. So, if you do not address the consumer-pattern of the millennial you will be ruining your business. We can work with the banks to chat a timetable which will depict where we are, where we need to be and what we need to do to get there and how long it will take us to get there.”


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E-Financial

FG Makes u-Turn on Bank Account Re-Registration

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Federal government on Friday apologised for asking all account holders in financial institutions in the country to re-register their personal details.

FG makes u-Turn on Bank Account Re-Registration

Recall that the federal government had on Thursday ‎ordered that all persons holding accounts across financial institutions and insurance firms should complete and submit self-certification forms to their respective financial institutions.

The notice issued by the government to that effect read, ‎“This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc.) are required to obtain, complete, and submit Self – Certification Forms to their respective Financial Institutions.

“Persons holding accounts in different financial institutions are required to complete and submit the form to each one of the institutions. The forms are required by the relevant financial institutions to carry out due diligence procedures, in line with the Income Tax Regulations 2019.‎”

The directive raised eyebrows, as account holders already possessed Bank Verification Numbers.

Following widespread condemnation that trailed the directive, the Federal Government backtracked on Friday, saying the fresh guidelin‎e was not for all Nigerians.

The government attributed the development to misinformation.

The clarification issued by the government on Friday read, ‎“We apologise for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the notice does not apply to everybody. ‎FIRS will clarify Nigerians on the objectives of the directive.”

Also on Friday, FIRS, in a statement posted on Twitter, explained that the guidelines were only for non-residents, as well as people paying tax in more than one country.

Parts of the FIRS statement read, “The Self Certification Form is basically to be administered on Reportable Persons, holding accounts in Financial institutions, that are regarded as “Reportable Financial Institutions” under the CRS.

“Reportable persons are often non-residents and other persons, who have residence for tax purposes in more than one jurisdiction or country.”

“The information that indicates an account holder is a resident for tax purposes in more than one jurisdiction, is expected to be available to Financial Institutions during account opening processes, for the KYC and AML purpose.”


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Stanbic IBTC Bank Disowns Lagos ATM Fraudster

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Stanbic IBTC Bank PLC has disowned Tope Olajide, 22-year-old fraudster arraigned for theft of customers deposits.

Stanbic IBTC Bank Disowns Lagos ATM Fraudster

The Bank said this in a statement on Wednesday.

The statement said: “The attention of the management of Stanbic IBTC Bank PLC has been drawn to news currently circulating in the media, about the alleged arraignment of staff of the Bank on charges bordering on the theft of customers deposits.

“The Bank would like to clarify that the defendant, a 22-year-old Tope Olajide, IS NOT, and was at no point in time an employee of Stanbic IBTC Bank PLC.

“The alleged culprit was apprehended around 7:30 am, on Thursday, 27 August 2020, by security operatives after he was exposed by CCTV footage using ATM cards he had allegedly stolen and converted, to make withdrawals from the accounts tied to the stolen ATMs.

“The CCTV footage also showed the alleged culprit pretending to assist customers at ATMs whilst also attempting to fraudulently dispossess the customers of their ATMs.

“He was subsequently arraigned before an Ikeja Magistrate Court on Monday, 14 September, for stealing the debit cards of two customers and using them to unlawfully withdraw the sum of N427,000.

“The Bank would also like to implore members of the public to be security conscious when conducting transactions at ATMs. Customers are advised to report any suspicious actions around them to security operatives who are usually stationed around the Bank’s ATMs, when carrying out transactions at any of our ATM locations.

“As an organisation, we hold dear the values of integrity, and we will continue to prioritise the safety of our customers effectively.”


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Buhari Okays Establishment of CBN-Led Infraco

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President Muhammadu  Buhari has approved the establishment of an   Infrastructure Company (Infraco) to be driven by the Central Bank of Nigeria (CBN) in partnership with the African Finance Corporation (AFC) and the Nigerian Sovereign Investment Authority (NSIA).

Buhari Okays Establishment of CBN-Led Infraco

Mr. Godwin Emefiele, CBN governor

This is coming  on the heels of the foreign reserves’ slump to $36 billion following a cocktail of monetary policy interventions by the apex bank to cushion the scathing effects of the COVID-19 pandemic on the economy.

Mr Godwin Emefiele, CBN governor, made these disclosures in Abuja at the annual conference of the Chartered Institute of Bankers of Nigeria (CIBN) with the theme: Facilitating a Sustainable Future: The role of Banking and Finance.

According to him, Infraco would enable the use of private and public capital to support infrastructure investment that will have a multiplier effect on growth across critical sectors.

“This entity would also be able to raise funds from the capital markets and mobilise long term finance to address some of our infrastructure needs, while providing reasonable returns to investors. “We believe this well-structured fund can act as a catalyst for growth in the medium and the long run. The support of the banking community will be important in achieving this objective.

“A well-built infrastructure system, comprising hard infrastructure such as roads and ports, and soft infrastructure such as broadband penetration, can have a multiplier effect on growth by enabling the expansion of business activities in the country”, he explained.

On foreign reserves, Emefiele attributed its crash to the decline in foreign exchange earnings and subsequent adjustments in the value of the naira to the dollar.


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