E-Financial
Inlaks Reiterates Commitment to CBN’s Financial Inclusion Strategy
Inlaks has reiterated its commitment to extend the frontier of Central Bank of Nigeria’s financial inclusion vision 2020 project in Nigeria.
Femi Adeoti, MD and CEO of Inlaks, made the commitment based on the belief that the project would make a far-reaching impact on the nation’s economy.
Adeoti made this promise during a keynote address he delivered at the Nigerian ICT Impact CEO Forum and African Digital Awards in Lagos, where he bagged the ICT Man of the Year award.
At the event where Inlaks was named ICT conglomerate of the year, he said the CBN’s approval to Inlaks to function as a Super-Agent in the nation’s financial services system was also part of the effort to bring financial services closer to the people.
Adeoti, who was represented by Oladimeji Talabi Koyejo, Director of Value Added Services, said that the organization through the provision of its services to the people is committed to extend the frontiers of CBN’s financial inclusion in Nigeria.
“We are committed to the CBN’s financial inclusion agenda most importantly in the areas of poverty reduction, employment generation, wealth creation, improving welfare and general standard of living of Nigerians’, he said.
He explained that 61% of adults in the country who are currently excluded from the formal financial systems are under age 65 years.
To attract these set of Nigerians into the formal financial system, Adeoti listed agency banking, mobile banking, electronic wallet, internet banking, call centre banking and the automated teller machine [ATM], as some of the requisite channels that would make it possible to bring Nigerian adults closer to the fore front of financial development.
“Mobile payment technology has become increasingly significant, especially in the context of developing economies, where many low income households and micro enterprises do not have ready access to financial services”, he continued.
He added that with an impressive customer base including six Central Banks in West Africa, 18 of the 24 commercial banks in Nigeria and other major customers in the West African region, the company has become the dominant information technology company in Africa.
Adeoti explained that Inlaks would work closely with the CBN and other stakeholders to reach the under-served population and the financially excluded in order to ensure that informal workers in Nigeria have access to affordable financial services through its agent network, which is expected to address social challenges in key areas such as health, insurance, credit accessibility, savings and wage payment.
E-Financial
Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme
“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.
E-Financial
CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering
Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.
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.
E-Financial
CBN Urges Banks to Expedite Action on Recapitalisation
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.
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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