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Heritage Bank Supports Nigerian Airforce with Impactful Digital Solutions for Profit Mark-Up

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Heritage Bank Plc has entered partnership with the 301 Heavy Airlift Group Cooperative Multipurpose Society, Nigerian Airforce (301 HAG CMS) to leverage impactful digital banking solutions that will enhance HAG CMS’ financial wellbeing and take its members’ experiences to a new level.

R-L: Ozena Utulu, Ag. Group Head, Corporate Communications, Heritage Bank; WG CDR JC Igwenagum, President, Nigerian Air Force 301 HAG Cooperative Multipurpose Society and Rosemary Onwuka, Experience Centre Manager, Lagos Mainland 1, Heritage Bank at the 14th Annual General Meeting of the Nigerian Air Force 301 HAG Cooperative Multipurpose Society.

The bank revealed that through its advanced all-in-one digital banking experience; ‘Octiplus’ which would guarantee a new level of customer experience on the omni-channel to 1500 members of the Cooperative.

The bank disclosed this on the sidelines of the 14th Annual General Meeting of 301 HAG CMS, held at the Danjuma Hall of Nigerian Armed Forces Resettlement Centre, Lagos.

Speaking on the benefits of the Octiplus to the Cooperative, the Ag. Group Head, Corporate Communications, Ozena Utulu explained that as a forward-thinking institution, the bank is ready to satisfy customers’ needs for financial health, wealth, trust, and security, with a new level of online, mobile, and omni-channel services for seamless, inspired, and innovative transactions.

According to her, Heritage Bank is keeping the end customer at the heart of everything we do, we innovate to meet the demands of the new decade, including memorable experiences, instant solutions, robust security, ultimate convenience, reliability, and inspirational designs.

“Aside the regular features that were known by all including Payment features, buying of airtime, payment of bills, flight bookings, movie tickets and one of the most interesting features that was mentioned, was that with Octiplus, you can add all your debit cards from other financial institutions to this App and enjoy easy banking, easy life,” Utulu explained.

Speaking during the 14th Annual General Meeting of 301 HAG CMS, President, Nigerian Airforce, WG CDR JC Igweagum, disclosed that in a bid to replace measures to forestall possible negative impacts of future economic disruptions, the Cooperative is seeking for means to fully digitalize its financial operations.

Igewagum, who disclosed this at the AGM, themed, “Evolving Business Concepts for the New Normal,” stated how important it was for the Cooperative to key into fully digitalized operation that would leverage its members to perform financial transactions seamlessly from any part of the world.

He noted that partnerships with organizations like Heritage Bank and others would help on the possibilities of diversifying its investment into the real sector. “Consequently, the Cooperative would be launching fully digitalized operations in the next few months to allow members operate their accounts from anywhere in the world.

Investments in the Agriculture and Real Estate development sectors would also be scaled up to increase profit mark-up.

“Additionally, the Cooperative is currently discussing with its partners on the possibilities of diversifying its investment into the oil and gas sector as well as canopy rentals,” he stated.


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E-Financial

Crypto Exchanges Begin Delisting Naira from P2P Platforms- SEC

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Crypto exchanges have commenced delisting of the Naira from Peer-to-Peer (P2P) trading platforms, following directives of the Office of the National Security Adviser and the Securities and Exchange Commission (SEC).

Crypto Exchanges Begin Delisting Naira from P2P Platforms- SEC

P2P trading in the realm of cryptos is a decentralized method that allows individuals to buy and sell digital assets directly with one another.

In this system, P2P trading platforms serve as intermediaries, facilitating secure and trust-based transactions.

SEC explained that its checks have indicated that the Naira has been removed as a fiat currency option for transactions on KuCoin platform and the exchange has already begun the necessary adjustments to its technology to accommodate the delisting of the Naira as soon as practicable.

It explained that the removal of the Naira from the platforms limits the ability to manipulate the exchange rates against the Nigerian currency which is expected to further strengthen the value of the naira.

Dr. Emomotimi Agama, acting director general of SEC, reacting to the delisting by KuCoin, expressed delight that the crypto exchanges were heeding the directives of ONSA and SEC, describing it as a welcome development.

He stated: “We are happy that they have started complying with the directives by the ONSA.  We ask that those involved in sharp practices that undermine national interest should cease and desist. It is in our interest as a people to protect what belongs to us.  Anyone that disobeys directives should be ready to face the full weight of the law”.

Agama added that as the apex regulator of the capital market, “SEC is co-operating  with the Office of the National Security Adviser, the  Economic and Financial Crimes Commission (EFCC) and other relevant agencies to achieve the national objective of making sure that illegality is not allowed to thrive”.

 

 

 


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E-Financial

Court Backs Banks to Collect Customers’ Social Media Handles

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A federal high court in Lagos has struck out a case against the Central Bank of Nigeria (CBN) over its directive requiring banks to collect and verify social media handles as part of their know-your-customer (KYC) requirement.

Court Backs Banks to Collect Customers’ Social Media Handles

In June 2023, the apex bank issued the directive, saying the aim is to prevent financial crime, and terrorism, as well as boost the precision and thoroughness of customer identification.

Chris Eke, the applicant and a customer, represented by Olubunmi Abayomi-Olukunle, a lawyer, had filed suit number FHC/L/CS/1281/2023 in July 2023, arguing the CBN’s directive infringed upon constitutional rights, particularly section 37 of the 1999 constitution.

Nnamdi Dimgba, presiding judge, struck out the suit filed by Eke, which sought a declaration that the regulation as contained in section 6(a)(iv) of the CBN (customer due diligence) Regulations, 2023, is “undemocratic, unconstitutional, null and void”.

The CBN, in its response to the suit, filed a notice of preliminary objection, challenging the competence of the suit and disagreeing with the claim of interference with the applicant’s private life.

In his judgment, Dimgba held that the notice of preliminary objection had merit, subsequently striking out the suit.

The judge ruled that providing a social media handle is equivalent to providing email and phone numbers for potential customers, and therefore, it does not violate the right to privacy.

“First, the applicant claims that the requirements on the CBN regulations for financial institutions to request and collect the social media handle of its customers as part of KYC infringes on his right to privacy,” the judge said.

“This claim is very ambitious and amounts to a very far throw. The said regulations are directed to and apply to financial institutions.  It does not apply to private individuals such as the applicant.

“Even if, as appears to be argued, that the regulations itself would inevitably affect the applicant, this claim is speculative for the simple reason that in nowhere in the affidavit in support was it stated that the applicant operates an account with a financial institution and that the said institution had demanded his social media handle.”

Consequently, the judge said the suggestion that he would be negatively affected by the regulation is very “speculative and at large”.

He said there is a lack of evidence suggesting financial institutions have implemented the regulation, and it is causing disruptions and inconvenience.

Furthermore, Dimgba said if the applicant is “irritated by the requirement of the regulation”, he has a choice to “refuse to do business with any bank insisting on the information as part of its social media handle, but to seek other alternatives”.

PROVISION OF SOCIAL MEDIA HANDLES TO BANKS DO NOT TRANSLATE TO BREACH’

Dimgba said banks asking customers or potential clients to provide their social media handles is not a breach of privacy.

He said the essence of having a social media account was for one to be publicly visible communication-wise.

According to the judge, a social media handle, being in the public space, can be accessed by everyone whether or not consent was obtained.

As a result, he said it would be unreasonable to hold the respondent in breach of privacy.

“The apprehension of the Applicant of his social interactions being monitored is manifestly speculative in itself and rather incredulous to believe that the financial institutions have the luxury of time to concern itself with such frivolities,” the judge said.

 

 


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CBN Grants Approval to 14 New IMTOs  to Spur Liquidity

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Central Bank of Nigeria (CBN) has said that it has granted 14 new International Money Transfer Operators, IMTOs Approval-in-Principle (AIP) to double foreign-currency remittance inflows through formal channels amid foreign currency crisis.

CBN Grants Approval to 14 New IMTOs  to Spur Liquidity

Hakama Sidi Ali, acting director of Corporate Communications, CBN, disclosed this in a statement that the he initiative will help increase the sustained supply of foreign exchange in the official market by promoting greater competition and innovation amongst IMTOs, lowering the cost of remittance transactions and boosting financial inclusion.

CBN’s thinking is that increasing formal remittance flows, which are one of the major sources of foreign exchange and account for over 6 per cent of gross domestic product, would help ease the historical volatility in Nigeria’s exchange rate caused by external factors, such as fluctuations in foreign investment and oil export proceeds.

This will spur liquidity in Nigeria’s Autonomous Foreign Exchange Market (NAFEX), augmenting price discovery to enable a market-driven fair value for the naira,” Olayemi Cardoso, the CBN Governor, recently disclosed the apex bank’s target to double remittance flows into Nigeria within a year, which he firmly believed was possible.

On Wednesday, the Naira recorded its first N61 gain against the dollar at the foreign exchange market for the first time after weeks of decline.

 

 


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