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Interswitch Unveils Verve Global Card

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Verve, one of the leading payment technology and card business in Africa, in partnership with Discover Global Network, the payments brand of Discover, was recently launched the Verve Global Card.

 

With this, cardholders will now have the ability to use their Verve Global Cards on the Discover Global Network which provides acceptance in more than 190 countries and territories.

 

Speaking in New York during the launch of the international payment card as well as the first international transaction through the card, the Managing Director, Interswitch Group, Mitchell Elegbe, said the move would expand Verve’s existing suite of tailored payment products and solutions for its customers.

 

The first transaction occurred at Swarovski in New York City, where senior executives from First Bank of Nigeria Limited which included the bank’s Deputy Managing Director, Mr. Gbenga Shobo and its Group Executive, eBusiness and Retail Products, Mr. Chuma Ezirim; Access Bank’s Head, Channels Sales (Digital Payment Systems), Olubusola Osilaja, and General Manager, Operations, Fidelity Bank, Mr. Martins Izuogbe, who all purchased various items from Swarovski using their Verve Global Card on the Discover Global Network.

 

According to Elegbe, the agreement with Discover Global Network would facilitate new international and cross border transaction capabilities for Verve Global Card customers, meeting the needs of its increasingly global customer base.

 

He explained that holders of the new card can now make payments outside Africa on the Discover Global Network which includes anywhere Discover, Diners Club International and Pulse and affiliate network cards are accepted.

 

“Verve Global Card also delivers additional benefits to cardholders including broad reward and loyalty schemes; benefits that are available both locally and internationally.

 

“The agreement with Discover Global Network will enable Verve to compete with other global card offerings, providing cardholders with an enhanced customer experience when transacting globally outside Nigeria.

 

“Creating a solution which facilitates international payments for our consumers will help to eliminate existing barriers and simplify the process when transacting abroad,” he added.

 

On his part, the Senior Vice President of international markets at Discover, Ricardo Leite said: “It is important to us that we are working with groups around the world to extend acceptance for their cardholders.

 

“At Discover, we recognise the importance of being able to use your card of choice no matter where you are traveling.”

 

Mike Ogbalu, Verve International divisional chief executive officer, also said the launch of the international payment solution provides consumers with the ability to transact globally across the US and other countries, addressing challenges that many Nigerians had experienced while travelling abroad.

 

“Our partnership with Discover Global Network will help us to optimise the overall experience of every Verve Global card holder by guaranteeing consistent and efficient payment solutions regardless of where they are in the world,” he added.

 

Verve is Interswitch Group’s innovative card scheme, offering products and solutions that enable consumers to transact all over Nigeria and across international markets.

 

“As the first African card scheme to be recognised as a valid, globally accepted e-payment gateway, we have built a world-class value chain ecosystem that benefit from the services that we provide,” he added.

 

 

 

 

 


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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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