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Ecobank Promotes Digital Banking with Incentives

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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.


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E-Financial

CBN Says Old, New Naira Notes Remain Legal Tender

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Central Bank of Nigeria (CBN) has said that all denominations of Naira banknotes currently in circulation remain indefinitely valid as legal tender and cannot expire or be phased out.

CBN Says Old, New Naira Notes Remain Legal Tender

A statement on Friday by Mrs Sidi Ali Hakama, acting director, Corporate Communications, CBN, said all banknotes, including the old and new designs of N1,000, N500, and N200, were valid.

Hakama urged the public to disregard misinformation regarding the validity of the old notes.

“In line with the bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the N1,000, N500, and N200 denominations of the Naira indefinitely.

“For the avoidance of doubt, all versions of the Naira, including the old and new designs of N1000, N500, and 4200 denominations, as well as the commemorative and previous designs of the 100 denomination, remain valid and continue to be legal tender without any deadline.

“We, therefore, advise the public to disregard any claims that the old series of the aforementioned banknotes will cease to be legal tender on December 31, 2024.

“We urge Nigerians to continue accepting all Naira banknotes (both old and redesigned) for their daily transactions and to handle them with care to ensure their longevity,” she said.

The director encouraged the general public to embrace alternative modes of payment, such as e-channels, to reduce pressure on using physical cash.


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Oloworaran, PenCom DG Puts Pension Fund Assets @ N21.92trn by October

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The National Pension Commission (PenCom) revealed that Nigeria’s pension fund assets have surged to N21.92 trillion as of October 2024, reflecting a substantial increase of N1.113 trillion from the N20.79 trillion reported in July.

Omolola Oloworaran, PenCom Director General, who made this known, also revealed that the Commission recorded 10.53 million registered contributors as of the same month.

Oloworaran spoke at the 2024 PenCom Media Conference, themed “Tech-Driven Transformation: Shaping the Pension Landscape,” held in Abuja on Thursday.

She stated that the figures reflect the Commission’s unwavering commitment to fund safety, prudent management, and sustainable growth.

However, the DG noted that the economic realities of 2024 and preceding years, including high inflation, the devaluation of the naira, and the lingering effects of unorthodox monetary policies, have eroded the real value of pension funds and impacted contributors’ purchasing power.

To address these challenges, Oloworaran said PenCom has initiated a comprehensive review of its Investment Regulations, focusing on diversifying pension fund investments into inflation-protected instruments, alternative assets, and foreign currency-denominated investments.

“Our goal is to safeguard contributors’ savings and ensure resilience against future economic volatility,” she said.

She further added, “Expanding pension coverage remains a top priority for the Commission. Our revamped Micro Pension Plan leverages technology to incentivize informal sector participation, making it easier for everyday Nigerians to save for retirement. This initiative aligns with our vision of inclusive growth and financial security for all.”

The PenCom boss also highlighted efforts to address delays in retirement benefit payments to retirees of Federal Government treasury-funded MDAs.

“Recently, N44 billion was released under the 2024 budget appropriations to settle accrued pension rights for retirees from March to September 2023. Moving forward, we are working with the Federal Government to institutionalize a sustainable solution, ensuring retirees receive their benefits promptly and without undue stress.”

Oloworaran also highlighted the launch of the e-Application Portal for Pension Clearance Certificates (PCC) in October 2024. She noted that this initiative replaces the manual process, enabling companies to seamlessly apply for and receive PCCs online.

“This year, we have issued 38,528 PCCs, significantly enhancing ease of doing business and ensuring compliance.”

She also stated that the Pension Industry Shared Service Initiative is in advanced stages of implementation. This initiative will digitize pension contributions and remittances, ensuring seamless processing of Retirement Savings Account contributions and resolving discrepancies caused by incomplete remittance details.

“To further enhance contributors’ experiences, we have introduced a revised programmed withdrawal template, simplifying access to voluntary contributions and revising the threshold for en-bloc payments in line with the new minimum wage. These measures are designed to make retirement processes more efficient and user-centric,” she explained.


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House of Reps Moves to Shut Down Illegal Loan Apps Exploiting Nigerians

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House of Representatives has urged the closure of illegal loan platforms used by “one chance” operatives to extort money from unsuspecting victims.

This decision followed a motion of urgent public importance presented by Billy Osawaru during Wednesday’s plenary session.

Osawaru highlighted the activities of these operatives as “heinous,” explaining how their actions leave victims in dire conditions.

He noted that victims are often subjected to severe torture and forced to hand over personal information, which is then exploited.

“In many cases, the phone numbers and bank accounts of victims are used to borrow money from illegal and unauthorised loan apps, thereby incurring huge debts that the victims are forced to repay,” Osawaru said.

The lawmaker also expressed concern over the reluctance of banks to assist complainants without a Police report.

He called on the Nigeria Police, banks, and FinTech operators such as Opay and MoniePoint to prioritize cases of “one chance” operations and kidnappings reported to them.

The motion was adopted unanimously by the House without further debate.


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