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MasterCard Creates Platform for ePayment Excellence

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A series of intensive workshops hosted by MasterCard, global electronic payments company, has ignited excitement as  Nigerian banks, merchants and other payments industry stakeholders which attended the meetings expressed renewed enthusiasm for the country’s planned move towards a cashless society.

The workshops, held over five days in the city of Lagos, were attended by more than 200 merchants and payments industry stakeholders from the hospitality, retail, healthcare and travel sectors, as well as churches.

The training focused on card acceptance best practices, with an emphasis on card security, fraud identification and management, signage at points of sale and cardholder support, giving delegates the knowledge to understand the benefits of electronic payments. Attendants of the workshops received a certificate of completion by MasterCard.

“MasterCard envisions a world beyond cash, a goal that mirrors the Cashless Policy conceptualized by the Central Bank of Nigeria (CBN)”  said  Omokehinde Ojomuyide, country manager, West Africa, MasterCard Worldwide.

“We support this policy that aims to modernise the country’s payment systems. One of the key elements is reducing the costs of banking services and the cost of cash, as well as growing financial inclusion by providing more efficient transaction options and greater reach.”

She went on to explain, “It also aims to curb the high cost of using and accepting cash as a payment method, and prevent corruption leakage, money, laundering and other fraudulent activities that cash can enable.”

“Cash cannot be traced or monitored. Preliminary estimates of global cash usage suggest that $8.3 trillion of consumer purchases annually are made outside the formal economy using cash. This includes an estimated $6.8 trillion of underground economy purchases and approximately $1.5 trillion in illegal purchases. On the other hand, electronic payments, by its very nature, create a clear and concise record of payments made.”

Ojomuyide pointed out that, “This is of benefit not only in crime prevention, but also to businesses, which will benefit from formal insights into the financial activities of their company and the ability to closely monitor income and expenditure by persons authorised to transact on their behalf.”

“More Nigerian businesses are accepting MasterCard payment cards than ever before, and we acknowledge the support of the country’s financial institutions who have committed to educating their customers about the security and convenience of accepting cashless payments,” said Ojomuyide.

“MasterCard will continue to create an environment for these discussions with financial institutions and merchants at our regular training workshops.”

Insights and key topics from the workshop include: the appeal of fast, secure payments that eliminate queuing in theretail sector, while protecting merchants from fraudsters and the dangers
of transporting each day’s cash takings.

The importance of brand displays as a competitive advantage for merchants who accept electronic payments, underpinned by the need for merchants to identify themselves as bona fide by an established financial institution.

The benefits ofchip cards, including greater protection from fraud, and a consistent payment experience with both credit and debit cards.
        
KamilOlufowobi, director, Acceptance Development, West Africa, MasterCard Worldwide noted, “Particular attention was spent on discussing card acceptance best practices, which could be applied to various businesses.” 

He went on to add, “MasterCard highlighted the need for continuous staff training to ensure that businesses are equipped to avoid becoming victims of fraud.”

“These workshops were the latest in a series that MasterCard hosted, honouring its commitment to assist in growing the electronic payments industry in Nigeria. We receive numerous requests by businesses to host more workshops, indicating growing support for the Central Bank of Nigeria’s Cashless Policy from the country’s business sector,” Ojomuyide concluded.


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E-Financial

Nigerian Manufacturing Sector Contracts for 5th Consecutive Month – CBN

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The Manufacturing Purchasing Managers’ Index (PMI) in September stood at 46.9 index points, indicating a contraction in the Nigerian manufacturing sector for the fifth month.

This was disclosed by the Central Bank of Nigeria (CBN) in its September PMI report released last week.

According to the report, four out of the 14 sub-sectors surveyed reported expansion (above the 50 per cent threshold) in September.

It listed the expansion order as electrical equipment; transportation equipment; cement and nonmetallic mineral products.

It said the remaining sub-sectors reported contractions in the following order: petroleum & coal products; primary metal; furniture & related products; printing & related support activities; food, beverage & tobacco products; textile, apparel, leather & footwear; chemical & pharmaceutical products; fabricated metal products and plastics & rubber products; while the paper product sub-sector was stable.

Production

At 47.3 points, the production level index for the manufacturing sector indicated contraction in September for the fifth consecutive month.

Of the 14 sub-sectors surveyed, five recorded increased production level, one reported same level of production, while eight recorded declines in production.

New Orders

At 46.4 points, the new orders index also contracted in September for the fifth consecutive month. Six sub-sectors reported expansion in new orders, while the remaining eight recorded contraction in the month.

Supplier Delivery Time

The manufacturing supplier delivery time index stood at 53.5 points in the month, indicating a faster supplier delivery time for the fifth time.

Six of the 14 sub-sectors recorded improved suppliers’ delivery time, five reported same level, while three recorded slower delivery time

Employment Level

The employment level index stood at 44.1 points, indicating contraction in employment level for the sixth consecutive month.

Of the 14 sub-sectors, two recorded growth in employment, three recorded same level of employment, while the remaining nine recorded lower employment level in the review month.

Raw material Inventories

The manufacturing sector inventories index also contracted for the sixth consecutive time in September to 43.0 points. Four of the 14 sub-sectors recorded growth in inventories, while the remaining 10 recorded lower raw material inventories.


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FG Sacked IST Members over Fraud- Ahmed

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Mrs Zainab Ahmed, minister of Finance Budget and National Planning, has said the Federal Government sacked some past members of the Investments and Securities Tribunal (IST) as they indulged in corruption.

FG Sacked IST Members over Fraud- Ahmed

Inaugurating the new members, the minister charged the new members to eschew corruption and be forthright.

Bar. Azi Amos Isaac was appointed as Chairman for a five year term and Bar. Nosa Smart Osemwengie, was re-appointed as member for a second term of four years.

“The problem with the tribunal has been infighting amongst members, lack of industrial harmony and series of complaints bordering on maladministration.

“This has been the bane of the tribunal and a source of embarrassment not only for the Ministry of Finance but for the government in general,” Ahmed said.

The new chairman, Azi, assured the finance minister that, “the teething issue of restiveness has been addressed since he assumed duty,” adding that, “The place is calm and the staff have become very supportive.”

Azi said since 2003, the tribunal has “given judgment in the value of assets worth over N844 billion and that from 2017 to date, they have given decisions in monetary value totalling over N28bn.

“It has not failed in its adjudicatory responsibility.

“It has carried out its assignment with candour and integrity and intends to improve on what has been on ground.”

 


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CBN Bans Customer-to-Customer Forex Transfer

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Central Bank of Nigeria (CBN) has banned transfer of foreign exchange (forex) from one customer to another.

CBN Bans Customer-to-Customer Forex Transfer

According to the apex bank, forex cash lodgements into domiciliary accounts can only be done by the account owners henceforth.

An internal memo available in the media space explains that the new guidelines are necessary to review the utilisation of inflows into customers domiciliary accounts.

The circular states: “Forex inflows cannot be credited to customers until the legitimacy of funds is established.

“They can have unfettered access by telegraphic transfers up to a limit of $40,000 monthly for payment of medical bills, school fees, subscription to professional bodies subject to existing CBN guidelines.

“Transfers from one customer to another is prohibited. Transfer within related companies is allowed subject to a limit of $50,000 per month.”

It recommended that proceeds from non-oil exports should be sold to banks, used for repayment of dollar term loans, and self-utilisation for trade transactions for LC, bills and Form A.

Also oil export proceeds from E&P companies are to be used to pay contractors and service providers employed by the oil companies in addition to the recommended uses for non-oil FX proceeds.

Offshore forex inflows from other Nigerian banks and internal account to forex transfers sourced from offshore inflows are to be used for trade transactions subject to eligibility for E-Form M.

“Upon confirmation of the legitimacy of the inflows, customers can have unfettered access, subject to a maximum of $50,000,” the document read.

“Utilisation for trade transactions subject to processing of eligible trade transactions using E-Form M. Payment for services must be backed with demand note from offshore beneficiary and other regulatory documents.

“Related party transfers are allowed to the maximum of the inflow received. The transfer request should be backed by a signed instruction from the account holder.” Payment of government fees and levies are also allowed to the maritime, oil and gas, aviation. government parastatals and export processing zones.

 


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