Connect with us

E-Financial

eNaira: CBN to Own Major Stake in Bitt Inc- Emefiele

Published

on

Kindly share this post

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the apex monetary authority will own a majority stake in Bitt Inc., its technical partner for digital currency, eNaira.

Emefiele said this at the end of the CBN monetary policy committee (MPC) meeting on Friday.

The Cable in a report monitored by our reporter noted that the apex bank, in July announced that the pilot scheme of e-Naira would kick off on October 1, 2021.

The decision was taken a few months after directing banks and other financial institutions to close accounts of persons or entities involved in cryptocurrency transactions.

CBN had explained that cryptocurrencies pose the risk of loss of investments, money laundering, terrorism financing, illicit fund flows and other criminal activities.

Emefiele said: “We chose Bitts as a partner… that they will establish their company in Nigeria, the Central Bank of Nigeria will own a majority stake in that company.

“As with all attempts at choosing contractors, the CBN went through a rigorous vendor selection process in line with the Public Procurement Act conducted by seven departmental directors and a deputy governor.

“Ten companies were evaluated based on the following criteria: technology ownership and control; implementation timeline; efficiency and ease of adoption; support for anti-money laundering and combatting of terrorism; platform security; interoperability; and implementation experience”.

He said out of six bidders for the final selection, Bitt emerged first obtaining an average scoring grid of 82.3 percent.

The CBN governor further said from the launch of the pilot scheme of Nigeria’s digital currency, anyone interested would be able to access and utilise the resources.

“We have all the approvals and mandates to launch on October 1, but it is important to understand that eNaira is not a one-off, it’s a journey that starts on October 1.

“From October 1, a Nigerian will be able to download the eNaira app from either Google Play Store or App Store, fund their eNaira wallet using their bank accounts or with cash at a registered agent, location.

“They will conduct transactions such as transfers and purchases at merchant outlets that have onboarded.

“We are not going to pretend that there are no risks in opening our system up. We will look at the various products, determine the risk, and determine the best way to mitigate the risk before we now open it up more and more,” Emefiele added.

In an interview with TheCable, Brian Popelka, chief executive officer (CEO) of Bitt Inc., said its financial software on eNaira will lower the cost of receiving and sending money and promote financial inclusion throughout Africa.


Kindly share this post

Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

Published

on

Kindly share this post

“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.

 


Kindly share this post
Continue Reading

E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

Published

on

Kindly share this post

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.

 

 

 

 

 

 

 

 


Kindly share this post
Continue Reading

E-Financial

CBN Urges Banks to Expedite Action on Recapitalisation

Published

on

Kindly share this post

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.”

 

 

 

 


Kindly share this post
Continue Reading

Trending