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HF Partners Interswitch to Launch International Money Transfer Service

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HF Group has announced its partnership with Interswitch Group, a leading digital payments and commerce company, to expand its digital banking services to include International Money Transfer (IMT).

The IMT service will enable people in the diaspora to remit funds seamlessly into any HF account and also provides a simplified channel for them to make their loan/mortgage payments. The partnership is coming on the heels of the company’s diversification efforts into full-service banking.

Robert Kibaara, HF Group Chief Executive Officer said, “We have made significant investments in technology in order to bolster our full service banking proposition. Our focus is in building a digital first bank that is responsive to emerging customer trends. Designing the best customer experience is a continuous process and our vision is to empower customers to make their personal and business transactions at the click of a button.”

Kibaara added, “Our understanding of the customer and the market, coupled with strategic partnerships with fintech, enables us to design solutions that are simplified to address our customers’ needs.

“Kenyans in the diaspora send a lot of money to associates and loved one’s back home and are always on the lookout for a secure means to make these remittances. We are giving them an opportunity for real-time funds transfer from wherever they are directly into any HF account.”

The solution developed through the partnership with Interswitch Group is known as HF Whizz International Money Transfer. It allows customers in the diaspora to remit funds up to USD 10,000 instantly from their debit or credit cards.

Romana Rajput, Country General Manager at Interswitch Kenya, said, “We are excited at the prospects, potential and possibilities of the partnership with HF Group. This partnership is consistent with our commitment to make payments one less thing for Africans to worry about. At Interswitch, our solutions are continuously designed to be reliable, secure and convenient”.

The HF Whizz IMT will be leveraging Interswitch’s secure and robust collection solution-IPG to enable the seamless transfer and receipt of funds into local accounts According to the Central Bank of Kenya data, USD 3Billion was remitted into the country from the diaspora in 2020.


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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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