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MasterCard Grants Unified Payment License to Accelerate Merchants e-Payments

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MasterCard on Thursday granted an acquiring license to Unified Payment Service Limited (Unified Payments) a leading Payments Service Provider in a move that is expected to broadly increase the acceptance of MasterCard payment cards in Nigeria.

Unified Payments operates as a shared infrastructure for the Nigerian banking community to enable a wide range of merchants to accept electronic payments.

Thanks to this acquiring license, merchants using Unified Payment’s e-payments services will be able to accept local and international MasterCard and other branded payment cards without needing to operate multiple Point of Sale (POS) terminals.

“Our collaboration with Unified Payments is another step by MasterCard towards realizing our vision of a world beyond cash,” said Omokehinde Ojomuyide, vice president and area business head, MasterCard in West Africa.

“Through this partnership, we will introduce merchants – many of which are Micro, Small and Medium Enterprises – to all the benefits associated with MasterCard acceptance, while providing our more than two billion cardholders with even more locations at which to use their MasterCard payment cards.”

Research carried out by the Small and Medium Enterprises Development Agency and the National Bureau of Statistics shows that MSMEs represent 95% of registered businesses in Nigeria and account for 75% of the workforce.

However, nearly 98 percent of all MSME payments are still made with cash, according to MasterCard research.

As the acceptance of electronic payments is enhanced, these business owners can increase their revenue, enjoy better access to capital, be able to better manage and track their spending, save for future needs and protect themselves against unforeseen risks.

This partnership supports MasterCard’s broader strategy of working with a wide range of traditional and non-traditional partners including the government, merchants, telecommunication companies and others to increase the adoption and usage of electronic payments, and help stimulate economic growth in Nigeria.

“We are delighted to work with a global leader in payments technology, MasterCard, and to leverage the MasterCard brand to enhance merchant services in Nigeria,” said Babatunde  Okeniyi, director, Marketing and Sales at Unified Payments .

“Through this partnership, we have once again added to the list of ‘firsts’ in providing leadership and exceptional innovations that have contributed immensely to the growth of payments in Nigeria.”

MasterCard as a technology company in the global payments industry operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories.

And Unified Payment Services Limited otherwise known as Unified Payments® is a card-neutral and option-neutral Payments Service Provider founded in 1997 and owned by a consortium of leading Nigerian banks.


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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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