E-Financial
First Bank Launches LIT App, Reiterates Commitment to Put Customers First
In furtherance of its commitment to spearhead value-driven mobile and digital banking in Nigeria, First Bank of Nigeria Limited has announced the launch of the LIT Application, created to revolutionise the culture and experience of mobile banking in Nigeria.
The state-of-the-art banking app is the first of its kind in the industry, exposing customers to a wealth of opportunities to promote their safety, convenience whilst ensuring they are at an edge in today’s digital banking world. It is a mobile banking app developed and owned by the Bank and configured with a wide range of exciting features to meet the needs of its dynamic customers.
The Firstbank LIT application is not just about bills payment, funds transfer or airtime recharge, but also the app is equipped with several other exciting features that reiterate the Bank’s resolve to continually expand its digital architecture to modernise its interaction with customers, irrespective of where they may be across the world.
These functions of the LIT app include: multiple transfers which allow customers to select several beneficiaries at once for a single transfer; account opening opportunities for non-customers as well as account management, enabling customers to identify their relationship managers for immediate assistance, should the need arise.
In addition, customers can generate bank statements with options to download as pdf or send an email whilst having receipts generated as far back as one wants.
With the FirstBank LIT app, customers are also able to log and manage their complaint(s) without having to visit the branch. The LIT app is not all about usage but rewards as users (customers) are rewarded for using the application.
Expressing his excitement, Dr. Adesola Adeduntan, CEO, First Bank of Nigeria Limited said “the LIT App is designed to strengthen our commitment to our customers, ensuring the continued safety of their funds and providing them with access to renewed transformative and adaptable solutions especially in today’s digital world.
“Developing the application is essential to make certain that our customers have more ways to seamlessly interact with us.
“The LIT App is the latest addition to the Bank’s robust electronic banking family, with others being the multiple global award-winning FirstMobile, *894# USSD Banking, FirstOnline internet banking, WhatsApp chat banking, amongst many others.”
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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