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FirstBank Re-elected to the Board of Advisors of PCI SSC

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First Bank of Nigeria Limited, Nigeria’s most valuable bank brand has reaffirmed its leadership position in corporate governance and risk management with its re-election into the Board of Advisors of the Payment Card Industry Security Standards Council (PCI SSC) for the second consecutive time. 

PCI SSC is an open, global forum for the development of payment card security standards. Payment Card Industry Security Standards Council works with organizations around the world to protect businesses and consumers against data theft by continuously developing new payment security standards, cyber security training courses, and certification programmes.

Lara Nwokedi, Head of Information Security management at First Bank of Nigeria Limited would represent FirstBank on the Board of PCI SSC in the fight against payment fraud and data breaches globally.

Nwokedi, a payment card industry professional, security lead auditor and implementer, has many years’ experience in information security and has led several initiatives in the Bank. Mrs. Nwokedi will be supported in this function by Emmanuel Okoroji who will be the alternate for FirstBank on the Board of Advisors of PCI SSC.

FirstBank has been the only African Bank elected to the PCI SSC Board since its inception. The Bank’s re-election into the Board underpins its commitment to the protection of customer assets and information while maintaining a safe and secure environment for customer transactions.

According to Bisi Onasanya, GMD/CEO of the Bank,, “FirstBank in its tradition of being a pioneering institution has continued to attract both local and international recognition as an outstanding brand. It is in recognition of this astute tradition, the PCI Security Standards Council through an open and well contested electoral process re-elected FirstBank on its Board of Advisors, a feat which no African Bank has achieved in the long history of the PCI SSC”.

Among many duties, board members provide directional and technical input on matters of focus, vital for maintaining the security standards that protect digital purchasing and payments.

Areas of importance include new cybercrime tactics, public-private-law enforcement information sharing, app development and merchant needs in developing economies.

The Board of Advisors represents the Council’s 1,000 Participating Organizations and security assessors worldwide to ensure global industry involvement in the development of PCI Security Standards.

In a statement by Stephen W. Orfei, General Manager, PCI Security Standards Council, the Council is grateful to have some of the best economic and security minds in the world joining the Board to help tackle the challenge that cybercriminals present.

“We are particularly pleased have First Bank of Nigeria Limited join the board as together, we work to educate and protect card holders against today’s global threats”, he stated.


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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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E-Financial

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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