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eTranzact Receives BSI ISO 27001 & ISO 20000 Certifications

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eTranzact International PLC, Africa’s premier e-payments solution provider, on Monday received the prestigious BSI ISO 27001 & ISO 20000 certifications from the British Standards Institute – the national standards body of the United Kingdom.

The certifications presented to eTranzact at its corporate headquarters in Lagos- ISO 20000:2011 for Service Management System (SMS) and ISO 27001:2013  for Information Security Management System (ISMS) are the World’s highest standards of information security and service delivery, demonstating eTranzact’s commitment to a world-class, customer-oriented service culture and environment.

Presentation of the certification was done by a team led by Mr Ahmed Basher MBE’, acting deputy British High Commissioner, who congratulated the CEO, management and staff of eTranzact for joining the class of International organisations with these certifications.

He said; “eTranzact with the ISO 20000:2011 for Service Management System (SMS) and ISO 27001:2013  for Information Security Management System (ISMS) standards has increased its comparative advantage in its industry as well as joined the class of international organisations with these certifications.

To achieve certifications of these standards, a company must show a continuous structured commitment towards assessing security risks and managing sensitive information.

eTranzact clearly demonstratees that they are operating at this level and meets the needs of their customers.

“The ISO certifcations are a testament to eTranzact’s focus in adopting and implementing global and best practices to ensure effectiveness, efficiency, confidentiality and integrity in its day to day operations. This marks the beginning of a new journey for the company,” he attested.

While receiving the certificates, Mr Valentine Obi, CEO/Founder, eTranzact said: “We are deeply honoured to be awarded the BSI ISO 27001 & ISO 20000 certifications, a clear demonstration of our unwavering commitment to establishing a world class customer-oriented service culture and high standards of information security.

“The BSI ISO 27001 & ISO 20000 certifications are in line with our values on security and excellence, and we believe they will increase the confidence of our partners across our business lines.

“At eTranzact, we are committed to providing simple technology to power all forms of payment and will continue to ensure our products and systems meet our customer needs”

The process was anchored by a management systems consulting organization, Afenoid Enterprise Limited, which helped with the planning, establishment and implementation of a Service Management System, (SMS) to foster business value for stakeholders and an Information Security Management System,( ISMS), to preserve the value of the business.

eTranzact International PLC sits at a very critical place as the connection between users and business partners(Banks, Government and private companies) on products like:

Business to Business (B2B)
– Mobile banking: Disruptive Banking apps for 50% of Nigeria’s banking space.
-Corporate Pay: Enabling organisations to do bulk payments to bank accounts and mobile wallets across different industries;  from health payment initiatives for UNICEF to staff salaries for 100,000s of thousands of Nigerian Police officers.

-JusTopUp: USSD and app based topUp engine for Banks and Telcommunication companies
-eTranzact Strong Authentication (ESA): Securing payments with a soft token that is truly seamless.
-ATM Cardlex Cash: Pioneering cash withdrawals at ATM without cards from Bank accounts and mobile wallets.
-ATM Payoutlet: ATM bill payment solutions for banks
-Webconnect+: Web payment gateway that allows payment from debit cards online.
-Debit and Prepaid Master Card: Card solutions for Banks, government and businesses.
Business to Consumer (B2C)

-PocketMoni: At the forefront of driving cashless transactions and mobile money in Nigeria, PocketMoni has over 4 million users and 8,000 agents.

-BankIT: Elimination of paper, cash and cards for transactions at point of sale, whether online or at physical locations. BankIT works directly with a customers’ bank accounts accessible through multiple channels – Web, Mobile, and USSD.

-Payoutlet(Consumer): Direct consumer top up to mobile phones, direct payments to billers across telecommunications, CableTV, Airline, Online betting,  religious bodies, etc., and funds transfer to bank accounts and mobile wallets.

eTranzact recently announced a corporate rebranding and strategic repositioning across its markets.

These have distinguished eTranzact as Africa’s premier e-payments solution provider delivering electronic transaction switching and payment processing solutions across POS, web, mobile, ATMs and cards.

With operations in various countries, eTranzact’s multi-application and multi-channel electronic transaction switching and payment platforms has won numerous awards.

Setting the pace for payment solutions since inception in 2003, it has today evolved into a brand with global reach extending its innovative services to cut across different sectors.


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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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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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