E-Financial
Ecobank Promotes Digital Banking with Incentives
Ecobank is promoting its flexible digital banking services to its customers with great incentives.
The bank said that its digital banking platforms which include *326#, EcobankPay, Ecobank Online, Ecobank Mobile, Ecobank OmniLite and the Rapidtransfer App offers unique banking experience to customers.
According to Olukorede Demola-Adeniyi, Head, Consumer Banking, Ecobank Nigeria, One of the incentives being used by Ecobank, to enable customers embrace digital banking, is the free offer on transfers below N5,000. “This zero-charge offer has been running for three months now and will continue till the 30th of September 2020”.
Further, she said “Ecobank’s USSD code, *326#, which is popularly known for its zero session fee can also be used for other transactions such as paying bills, sending money, buying airtime, checking BVN, applying for an Xpress Loan, opening a bank account instantly and even generating an e-token for cardless withdrawals at any Ecobank ATM or Xpress Point.
Amazing features have been added to the updated Ecobank Mobile App to make the users’ banking experience not just simpler, but also safer and more rewarding. Some of these unique features include the ability to create a virtual card, send money via text or email, split bill and request money”.
Mrs.Demola-Adeniyi, who was speaking on the backdrop of the advantages of digital banking noted that e-banking or digital banking as it is commonly called, has become the order of the day for both the young and old, especially now, as our current reality encourages us to adopt social distancing.
“To avoid non-essential contact and bank remotely, all a customer needs is a mobile device. It is also important to note that there is a need for customers to maintain online safety to avoid falling victim to fraudsters and scammers.
“Customers who need to make enquiries or register complaints can do so by following the bank’s verified social media pages and reaching out to our 24-hour contact centre by email, calls or live chat” she stated.
E-Financial
Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme
“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.
E-Financial
CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering
Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.
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.
E-Financial
CBN Urges Banks to Expedite Action on Recapitalisation
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.
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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