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MasterCard Says eID Card Use Will Drive Financial Inclusion

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MasterCard Worldwide, multinational financial services corporation has advocated the use of electronic identity card (eID) to drive financial inclusion in Nigeria.

This is coming on the heels of a report by the firm which identified active government involvement through partnerships with the private sector and innovation as key to financial inclusion growth.

In an email response to Nigeria CommunicationsWeek‘s questions on how the Nigeria-National Identity Management Commission (NIMC) project will help financial inclusion, Omokehinde Ojomuyide, vice president and Area Business Head, West Africa said that “Combining an identity card with MasterCard’s prepaid payment capability creates a game changer as it breaks down two of the most significant barriers to financial inclusion – proof of identity and access to financial services.

She said that “Through the eID Card, they will gain access to formal financial services and receive an identity card that is universally accepted, enabling them to live more self- determined lives.
 
She added that the program will also help the Central Bank of Nigeria to achieve its goal of reducing the financial exclusion rate to 20% by 2020.

“The government will see increased transparency, cost savings, greater efficiencies, a reduction in fraud, reduced cost of doing business, enhanced security and socio-economic growth, as cash payments are digitized,” she said.
 
Ojomuyide added that “The National eID Card will make life easier for Nigerians by providing them with a convenient means of proving their identity in Nigeria and beyond, while giving them access to state-of-the-art financial services, she said.

The Card also eliminates the need to carry large amounts of cash, giving them greater peace of mind.

For example, SMEs will be able to apply for a loan to grow their businesses, in turn providing employment to others.

Farmers can receive their grants and subsidies using the eID Card.‎

The MasterCard progressive report also disclosed that usage needs to be proactively pursued.

The gap between adoption and usage is emphasized by the fact that the share of consumer transactions for payments outflows that are non-cash is significantly less than the share of adults who have a payments product (all countries lie below the equilibrium line, the line on which share of non-cash transactions is the same as share of adults who own a payments product.

                       


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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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