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Ecobank Group Doles Out $3m in Africa to Support Fight against COVID-19

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Ecobank Group, the Pan African Bank, has contributed about US$3 million to the fight against COVID-19 across its footprint in Africa.

Ecobank Group Doles Out $3m in Africa to Support Fight against COVID-19

In line with its commitment to the continent, various contributions were made to support the efforts of governments, the World Health Organization as well as the private sector in alleviating the effect of the pandemic on the most vulnerable on the continent.

The bank said that “With our knowledge of Africa, and to compliment various government efforts, we provided support in form of cash, healthcare equipment and supplies, strong and sustained awareness campaigns while also using our digital platform to provide cash to some vulnerable members of our societies, amongst others.

Ade Ayeyemi, group CEO, Ecobank Group said: “Covid-19 is a major global threat adversely affecting all countries and our home, Africa, is particularly vulnerable. We believe in the importance of creating awareness in our communities, while also empowering them to protect themselves and their families as we battle the pandemic. We are particularly mindful of the needs of our communities and therefore focused on these to ensure positive impact both in our urban and rural areas. “

“We are also paying attention to the effect of the COVID-19 outbreak on our various customers and have taken the decision to alleviate some of the adverse impact by making some bank charges free on our digital channels.  We will continue to anticipate situations that may require our support as developments evolve. “Ayeyemi, added.

At Ecobank, the health and well-being of our staff and customers are our priority and we are closely following guidance from the World Health Organisation, governments and health agencies. We are encouraging virtual/remote working, wherever possible and have since suspended physical gatherings, observing the required social and physical distancing in offices and branches which are open while also ensuring branches and ATMs are regularly disinfected across our network. We continue to promote good hygiene and health measures within our offices and externally using our social media platforms to sensitize the public on preventive measures needed at this critical period.

Ecobank’s ATMs and call centres remain open 24/7 and full range of banking services are available via our digital platforms for all category of customers. Ecobank Mobile and Ecobank Online for the Consumer Bank customers, Ecobank Omni Lite for our Commercial Bank customers and Ecobank Omni for our Corporate and Investment Bank customers.


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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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