E-Financial
Fidelity Bank Receives BCMS Certification to Mitigate Risk
Fidelity Bank Plc yesterday achieved another feat with Business Continuity Management System (BCMS) and ISMS certifications to improve resilience capabilities and risk management.
Mr Nnamdi Okonkwo, the bank’s Managing Director, speaking at the award ceremony in Lagos, said that BCMS demonstrated its commitment to mitigate risk caused by human or natural disasters.
The 22301 BCMS was developed to protect companies from the risks associated with downtime, which could occur due to unexpected disruptions or disasters.
The Central Bank of Nigeria (CBN) has given all commercial banks operating in Nigeria Sept. 2018 deadline for BCMS certification.
Okonkwo said that the bank achieved the feat after months of rigorous Business Impact Analysis (BIA) and Risk Assessment across all departments.
He said that the bank was awarded the prestigious International Organisation for Standardisation (ISO) 22301 certificate by the British Standard Institute (BSI) in August 2017.
Okonkwo said the certification was valid for three years, noting that the certification body would return yearly to conduct surveillance audits.
Okonkwo said that implementing the ISO 22301 (Business Continuity Management System) was a critical step toward achieving its corporate strategy and enhancing stakeholders’ confidence in the Fidelity brand.
Okonkwo said that BCMS demonstrated the bank’s commitment to protect its staff and ensure the continuity of critical business functions, mitigate risk, and sustain customer confidence in the event of a disruption.
“For us as a bank, the customer is the sole reason we are in business.
Therefore, it is essential that we continually deliver exceptional service to our teeming customers.
Certification to such standards will assist us in achieving this,’’ he said.
Okonkwo said that most disruptions to smooth business operations were caused by infrastructure outages or human error, random power outages, natural disasters or international events.
He said that these disruptions could be costly and undermine an organisation’s ability to deliver best-in-breed customer service, thereby affecting efficient service delivery.
“More importantly, unplanned outages can also create far-reaching consequences that impact long-term revenue stream, brand and ultimately, an organisation’s survival.
It is against this backdrop that Fidelity Bank decided to take concrete steps to improve its resilience capabilities,’’ Okonkwo said.
Today, we have built resilience in process functions and services that are critically sensitive to time and disruptions. We have also tested our continuity plans and simulated the recovery of staff to alternate work locations.
“BCMS was implemented as a management system and like all management systems, procedures have been developed to maintain the system through planned activities and designated teams,’’ Okonkwo added.
Mr. Ben Ainsley, the Head, Trade & Investment, Nigerian Department for International Trade, British High Commission, commended the bank for the achievement that would set it apart from its competitors.
Ainsley said that the certification would enable the bank to militate against unnecessary risks in its business environment.
He assured that the United Kingdom would continue to support Nigeria in achieving the desired growth and development.
“We are helping Nigeria’s agriculture exporters to meet the United Kingdom standard, as well as in capacity building and skills,’’ Ainsley said.
Mr Dipo Fatokun, CBN Director of Banking Supervision, lauded the bank for achieving the feat ahead of Sept. 2018 deadline.
Fatokun said that Fidelity Bank was known for rendering quality services to its esteemed customers.
He said that hazards were on the increase on daily basis, noting that, BCMS certification would enable companies to mitigate risks.
Fatokun, however, called on the other players in the industry to emulate Fidelity Bank by getting BCMS certification.
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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