E-Financial
Equity Assurance launches mobile ‘USSD’ insurance
By peter oluka
Equity Assurance Plc., a member of SUNU Group, a leading Insurance Group that operates in 14 countries in Africa, announces the launch of its innovative mobile (USSD) Insurance solution.
It is a simple, ‘first of its kind’ self-service solution which enables car owners / users to purchase authentic 3rd party Auto Insurance with the use of their mobile phones in less than 5minutes.
This mobile (USSD) application also serves as a platform for customer engagement, claims payment and other after-purchase services.
The company’s decision to develop this ground-breaking mobile insurance solution is aimed at ensuring excellent customer experience at all times for its existing and prospective customers at affordable cost.
In addition, it guarantees customer convenience, easy & secure access, real-time interaction and speedy service.
Mr. Moruf Apampa, the managing director of Equity Assurance Plc., shares that the application will be available to all customers, regardless of their GSM network or type of phone they use, whether they have internet access or not, effective 10th December 2017.
Furthermore, Demo& animated illustrations can be viewed by prospective customers and general public on the firm’s website in order to better understand how to purchase/use the product as well as its different service features and functionalities.
In response to a question regarding the Company’s decision to go the digital route, Apampa, who took over the reins of Equity Assurance in December 2016, went on further to explain the firm’s strategic decision to deploy low-cost digital/mobile technologies as a means to overcoming longstanding industry challenges while effective and affordable insurance solutions to Nigerians, regardless of their location or economic/social status.
He further shared that, “The firm has witnessed a surge in purchase of its insurance products since testing the application with a few selected customers, garnering a lot of very positive feedback from the customers and organizations that are looking to partner. I can confidently say that Equity Assurance Plc is on the verge of revolutionizing the insurance marketplace in Africa within the next few years.”
Apampa, who until last year was at AIICO Insurance as General Manager – a role he played successfully with exemplary leadership and proficiency – has deep understanding of consumer behavior and the power of digital technologies.
He has garnered over 24years experience in the Insurance industry. Since joining the Equity Assurance family in 2016, the firm has recorded significant wins in product innovations, customer satisfaction, growth &value creation.
Equity Assurance Plc., a member of SUNU Group has the vision to be a Leading African Insurance Company.
It is on a mission to be an insurance company recognized for excellent client services, using cutting edge technology, motivated workforce and good business ethics to meet stakeholders expectations.
This will be driven by innovative in service delivery, products development, cost management, customers experience and ensuring proper balance in all dealings. Equity Assurance preserves and multiplies value of shareholders and ultimately maintain a consistent dividend payment policy.
Equity Assurance was incorporated on December 13, 1984 and was licensed to underwrite all classes of general business. The company operates with a recently increased authorized share capital of N7 billion and shareholders fund of about N5.1 billion.
The company is a corporate member of the West African Insurance Company Association (WAICA) and the Nigeria Insurers’ Association (NIA), the official umbrella of registered insurance companies in Nigeria, as well as The Africa Insurance Organisation (AIO).
Equity Assurance Plc is the parent company of Equity Assurance Limited, a Ghanaian subsidiary that started operations in Ghana in 2008.
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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