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Five Millionaires Emerge in Polaris Bank’s ongoing ‘Save & Win’ Promo

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Five lucky Nigerians at the weekend hit a fortune when they emerged Millionaires in the ongoing Polaris Bank Save & Win Promo.

The live quarterly draw of the ongoing Polaris ‘Save & Win’ promo which took place at the Bank’s headquarters Annex, Alausa Ikeja at the weekend in Lagos, further underscored Polaris Bank’s dedication to fairness in all its promotions and activities.

The development is in line with the Bank’s commitment to rewarding its loyal customers across the nation.

The winners emerged through a draw exercise which was witnessed by its representatives and relevant Agencies of government; Federal Competition & Consumer Protection Commission (FCCPC), National Lottery Commission (NLRC) and Advertising Regulatory Council of Nigeria (ARCON) who confirmed that the 5 lucky winners were selected across Nigeria’s various regions spanning the geo-zones.

Each winner received a cash prize of N1,000,000. During the draw, the lucky winners were called at random using a hybrid media technology which enabled in-premises event; as well as participation of over 1221 customers through the Bank’s virtual network and social media handles.

One of the lucky millionaires commended the Bank in putting in place the promo at this time which he said was relevant saying “Thank you to Polaris Bank for making me a millionaire. I never expected this surprise. This money definitely came in at the right time, I will tell my friends to open accounts with Polaris Bank and participate in the promo so we can all become millionaires.”

Speaking at the live draw event, the representative from FCCPC; Susie Onwuka said, “We’ve been monitoring Polaris Bank since the promo started and it has been fair, they comply to rules and guidelines. Customers should feel free and confident to participate in the promo”.

During the unveiling of the lucky millionaires, Polaris Bank’s Chief Digital Officer (CDO), ‘Dele Adeyinka also expressed the Bank’s commitment to encouraging a culture of savings among its customers. “The Polaris Bank Save & Win promo is not just about rewarding customers; it’s also about encouraging our customers to save for the rainy day”.

The CDO emphasized that customers can still participate in or increase their chances of winning by depositing a minimum of N10,000 in their Savings account. He also noted that non-customers of the Bank can participate for a chance to win in the draws by opening a Polaris Savings account with N2,000 and growing same to N10,000 before the next draw date.

The representatives of the regulatory bodies commended the Bank for making good its promise to winners of the draws.

For those wishing to be part of the Campaign and stand a chance to also become millionaires, below are four (4) ways to participate in the ongoing Polaris Save & Win promo:

1. Download VULTe on iOS and the App store to open a Polaris Savings Account or dial USSD *833*0# on your phone or log into Polaris Bank savings portal.
2. Grow your account by N10,000 or more and maintain for 30 days or by N10,000 for 3 consecutive months to qualify for monthly & quarterly draws respectively.

3. If your account is dormant, you can reactivate your account without visiting the Bank by simply dialing *833*30#.

4. Follow the Bank’s handles @polarisbankltd across all social media platforms or visit the website to stay updated.

Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2023, 2022 and 2021 in BusinessDay’s Banks and Other Financial Institutions (BAFI) Awards. As a digital-forward Bank, the Bank is dedicated to forging a customer-focused future through innovative partnerships that reshape both businesses and communities.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Financial

CBN Licenses Unified Payments as Second Provider for PTSA Services for Nigeria

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Central Bank of Nigeria (CBN) has awarded the country’s second Payment Terminal Service Aggregator (PTSA) license to Unified Payments, Nigeria’s premier financial technology company, following a rigorous and transparent process,

CBN Licenses Unified Payments as Second Provider for PTSA Services for Nigeria

The move is targeted at enforcing existing requirement that all transactions from point-of-sale channels in Nigeria must go through a licensed Payment Terminal Service Aggregator (PTSA).

The CBN is enforcing the laws to clamp down on financial crimes and other market misconducts and it aligns with the CBN’s objectives to fully track all electronic transactions in Nigeria, given the propensity of using such transactions to fund insecurity, violent crimes, banditry, kidnapping as well as other vices.

According to one analyst, “By awarding a second PTSA license, the apex bank has proactively responded to industry operators who had expressed serious concerns about channelling all transactions through a single aggregator, the Nigeria Interbank Settlement System PLC (NIBBS), as has been the case for some years.

“With the new policy direction, payments service providers would henceforth route all transactions through either of the two licensed Companies.”

Other financial analysts and industry players have commended the Central Bank, affirming that “the move can be a massive step in the right direction. They also commended the open, transparent, and inclusive manner via which the selection process was managed, and the license awarded.

“The selection process, which lasted for months, began with an invitation for qualified organisations within the payment industry to submit an Expression of Interest document, alongside other requisite documentation and additional capital requirement of N1 billion.”

 

The new management of CBN decided not to give the license out without going through an open process – and for the first time in licensing a payment service provider – the apex bank went through a public bid process outlined in its publication of Friday, January 5, 2024, in different national newspapers. At the end of the process, Unified Payments emerged as the most preferred service provider.

Unified Payment Services Limited, also called Unified Payments or UP, is a shared service provider within Nigeria’s financial technology sector owned by a consortium of Nigerian banks. For over 26 years, the firm has provided payment technology to banks and other industry operators. The first and only non-bank entity that is a principal member and licensed acquirer of all of American Express, Mastercard, Visa, UnionPay and Payattitude. Unified Payments facilitates both local and international transactions.

Formerly known as ValuCard Nigeria Plc, Unified Payments led the way to introduce POS payments in Nigeria under its card scheme known as ValuCard which is the first payment card to be issued in Nigeria. The company later transformed into a scheme-neutral and option-neutral service provider enabling transactions under different schemes.

The company has continued to provide leading payment technologies and services, enabling different operators to leverage its capabilities and licenses, enabling prompt and seamless transactions.

Among the shareholders of Unified Payments are First Bank, Access Bank, United Bank for Africa (UBA), Guaranty Trust Bank Plc, Zenith Bank and Fidelity Bank. Other shareholders are Citibank Nigeria Limited, Ecobank of Nigeria Plc, First City Monument Bank Plc, Keystone Bank Ltd, Polaris Bank Ltd, Stanbic IBTC Bank Plc, Sterling Bank Plc and Wema Bank Plc.


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E-Financial

CIBN says Recapitalization will Empower Banks to Lend more to Economy

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Chartered Institute of Bankers of Nigeria, CIBN, has expressed support for the ongoing banking recapitalization exercise saying it will empower banks to lend more to the economy.

CIBN President, Dr. Ken Opara stated this yesterday while speaking at the annual lecture of the institute in Lagos, with the theme “Improving Availability of Credit in the Nigerian Real Economy: The Critical Importance of Liquidity.”

Okpara noted that the volume of credit to the real sector activities namely agriculture, manufacturing and services is low compared to their critical role in driving economic growth.

Consequently, he called for more credit to the real sector, saying, “I   propose that we consider offering more credit to these key sectors and particularly the agriculture sector. It is for this reason that the Recapitalization exercise is a welcome development.

“The recently announced upward review of the Minimum Capital Requirements of Nigeria by the Central Bank of Nigeria would further empower banks to extend more credit to the economy’s productive sectors.”

To address these factors impeding credit to the real sector, Okpara suggested that, “The government needs to improve further the ease of doing business and infrastructural development, such as power, roads, rail networks, etc.

“Setting up industrial centres where these companies can co-habit and share common infrastructure. Harmonize and reduce the various taxes and levies, including locating them in a single hub.

“Banks need to be deliberate in de-risking these companies via Capacity building programmes, and Advisory services.

Specialised Financial Institutions can be created in addition to the Bank of Industry (BOI), especially credit guarantee agencies and risk-sharing institutions, to further facilitate the deepening of credit as practiced in countries such as China which significantly transformed its economy.


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E-Financial

New Report Reveals 20% of Nigerians Use Bitcoin to Transact Daily

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A new report claims that 20 per cent of Nigerians are using Bitcoin to carry out financial transactions every day.

According to the open-source blockchain website, Elastos, the research was compiled from online interviews conducted with 1,407 self-defined ‘tech savvy’ respondents in Brazil, Germany, Nigeria, South Korea, UAE, the UK, and the US.

The interviews were completed by a third party, a registered market research company and completed between 30 March and 04 April ’24.

The report further revealed that 67 per cent of Nigerians would have more trust in Bitcoin to put their life savings than banks and local governments.

The report reads; “The inaugural BIT Index (Bitcoin; Innovation & Trust) – compiled from over 1,400 self-defined ‘tech savvy’ respondents from 7 countries across the globe – sheds light on the actual perception and use of Bitcoin in people’s daily lives, irrespective of its current valuation. Elastos’ BIT Index is part of ongoing research to better track the ‘real world’ use of Bitcoin together with users’ motivations, expectations and barriers around the same.

“In particular, the data reveals the role being played by emerging markets in terms of understanding, usage and confidence around Bitcoin. Nigerian respondents’ levels of usage and trust compare starkly with those expressed from so-called ‘established’ markets such as Germany and the UK and Germany where daily usage levels are just 8% (for German respondents) and (9% for their UK counterparts).

“In terms of the trust – in addition to Nigeria – significant proportions of respondents from Brazil (35 per cent) and the UAE (32 per cent) would have more confidence in Bitcoin-based services to protect their life savings compared to those from markets such as the UK (20 per cent) and Germany (22 per cent).

“When it comes to ensuring the integrity of online transactions, emerging market respondents also revealed their relative confidence in Bitcoin, compared to alternatives. According to the data, 66 per cent of Nigerian respondents and 35 per cent from Brazil have more confidence in Bitcoin-based systems than alternatives such as banks, or national Governments, compared to figures of just 16 per cent (Germany) and 21 per cent (UK) who feel the same.


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