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IFC, CIBN Partner On Sustainable Banking Certification Programme

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The International Finance Corporation (IFC), has collaborated with the Chartered Institute of Bankers of Nigeria (CIBN) on capacity building and certification on sustainable banking in Nigeria

Mr. Ibrahim Salau, Environmental and Social Risk Management (ERSM) Nigeria Programme Coordinator, International Finance Corporation (IFC), disclosed at an Advocacy Dialogue Webinar, organized by the Centre for Financial Studies (CFS) of The Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, with the theme “Enhanced Sustainable Banking (ESB) Model in the Event of Major Economic and Business Disruptions’.

Salau said the objective of the program is to increase the uptake of E&S standards by FIs in the Sub-Saharan Africa region leading to a reduction in risk exposure for FIs and an improvement in the E&S performance of their clients in the long term.

He emphasized that, the program partner’s with financial services regulators and industry associations to raise awareness on the business case for E&S risk management in the financial sector, provide technical support on the development of mandatory E&S risk management standards for the financial sector and build capacity to supervise the implementation of the standards.

He stated that the curriculum for the certification programme has been approved by the CIBN Governing Council and the course will be launched later this year, he added that, a Training of Trainers (TOT) on Sustainable Banking will kick off next week with over 100 participants.

Mrs. Aisha Ahmad, deputy Governor, Financial Systems Stability Directorate, CBN and Chairman of the event, in her address stated, that banking has been undergoing disruptions before the pandemic, as technological disruptions and competition has made banks change their business model.

‘’Banks can only manage these challenges if at this destructive event that is happening, they can fortify their big models and become more agile to respond to what’s happening in the market. And over 80 per cent of banks have incorporated sustainable banking principles in their model.” she said.

Mrs. Mosun Belo-Olusoga, former chairman, Access Bank Plc and Guest speaker, in her presentation stated that, the implications of the pandemic on the Nigerian economy include a rise in inflation, decline in investment such as FPI and FDI, a shrink in forex income, drop in oil revenue and a contraction in GDP which would all in turn lead to a fall in the value of the currency.

She also expressed that some of the implications for the banking sector include restrain on financial performance, movement of businesses to digital space, likely changes to board procedures and effectiveness, likely fall in Capital Adequacy Ratio below regulatory limit, decline in cash flow from loan repayment, increased fraud and cyber threats as a result of relaxed internal control etc.

She averred that, when life will get back to normal, no one knows as there is more pressure than ever for organizations to innovate and think outside the box, while the good news is that financial institutions that step up to meet these challenges will benefit from a brand and shareholder perspective.


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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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