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Masterpass QR Now Live in 7 Markets in Middle East, Africa

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Mastercard has successfully been able to introduce and roll-out Masterpass QR in seven markets in the Middle East and Africa (MEA).

This momentum, Mastercard said, is part of the company’s commitment to delivering efficient and cost effective payment solutions to Micro, Small and Medium Enterprises (MSMEs) in the region.

The significance of Masterpass QR and the contribution already made in these markets are being highlighted at Mobile World Congress that is convening the best minds from the global business and technology community in Barcelona this week. Insights will be shared on how to expand this model to other emerging markets across the globe.

Front of mind will be recent research that reinforces how mobile financial services can potentially contribute $3.7 trillion to emerging economies in the next ten years.

With mobile penetration figures on the rise and predictions that smartphone adoption in the region will jump to 65 percent (467 million devices) by 2020, it goes without saying that mobile-driven and supported solutions will have a significant impact on financial inclusion.

Key Milestones Achieved to Date:
In Pakistan, Mastercard supported United Bank Limited by introducing the country’s first interoperable digital payment solution in August 2016, allowing consumers to use their mobile banking app to pay for goods and services.

Mastercard launched the solution in the first African market in partnership with the Ecobank Trans International Group in Nigeria.

The partnership was later extended to include the signing of a strategic partnership agreement that will result in Masterpass QR being rolled-out in 33 countries across Africa along with the launch of the financial institution’s new mobile banking app focused on impacting 100 million new customers by 2020.

In early January 2017, UBA introduced the first merchant-focused app in Africa aimed at creating a SMART (secure, mobile, accessible, reliable, transparent) network of 100,000 micro merchants in Nigeria, using Masterpass QR to drive efficiency and a secure method to accept payments.

And in February 2017, Masterpass QR was officially launched in Kenya along with a commitment to empower 150,000 MSMEs within 2017 by giving them access to the solution.

The solution has since been rolled out to a number of markets across the region, most notably in Rwanda, Tanzania, Uganda and Ghana.

“Mastercard remains fully committed to delivering solutions that build inclusive ecosystems and consequently drive a cashless society. The most effective way to ensure the continued evolution of products and services that develop robust and resilient digital payment systems is by forging strong partnerships,” said Gaurang Shah, Lead for Digital Payments and Innovation Labs in Middle East and Africa, Mastercard while at Mobile World Congress.

Masterpass QR facilitates operational efficiencies for MSMEs, the backbone of emerging market economies.

According to the World Bank, these enterprises create four out of five new jobs in emerging economies. The solution allows millions of MSMEs to accept quick and secure payments and empowers consumers to move beyond cash when buying goods and services.

The solution further offers convenience to consumers by enabling them to pay for in-store purchases by scanning the Quick Response (QR) code displayed at checkout on their smartphones, or by entering a merchant identifier into their feature phones, at any location worldwide that Masterpass QR is accepted.

“By continuing to partner with market leaders to roll-out scalable solutions, Mastercard is better equipped to fulfil its strategy of bringing millions of previously excluded citizens – both business owners and consumers – into the financial mainstream and developing payment ecosystems that enable for people to move beyond cash,” concludes Shah.

According to one of the partners, Ade Ayeyemi, Group CEO of Ecobank, “With partnerships such as the one that we have with Mastercard, we are well positioned to meet the growing demands of consumers and merchants across Africa who are becoming more reliant on using their mobile phones to make payments.”

“We see enormous potential for this innovative solution in Africa especially with the growing population of mobile phone users. With Masterpass QR, we are offering our customers a trusted digital payment service. Previously consumers were restricted to using cash but with Masterpass QR, shoppers no longer need to carry cash or have their physical bank cards on them to make payments.”

Masterpass QR powering the development of digital ecosystems

 

 

 

 


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E-Financial

FG Makes u-Turn on Bank Account Re-Registration

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Federal government on Friday apologised for asking all account holders in financial institutions in the country to re-register their personal details.

FG makes u-Turn on Bank Account Re-Registration

Recall that the federal government had on Thursday ‎ordered that all persons holding accounts across financial institutions and insurance firms should complete and submit self-certification forms to their respective financial institutions.

The notice issued by the government to that effect read, ‎“This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc.) are required to obtain, complete, and submit Self – Certification Forms to their respective Financial Institutions.

“Persons holding accounts in different financial institutions are required to complete and submit the form to each one of the institutions. The forms are required by the relevant financial institutions to carry out due diligence procedures, in line with the Income Tax Regulations 2019.‎”

The directive raised eyebrows, as account holders already possessed Bank Verification Numbers.

Following widespread condemnation that trailed the directive, the Federal Government backtracked on Friday, saying the fresh guidelin‎e was not for all Nigerians.

The government attributed the development to misinformation.

The clarification issued by the government on Friday read, ‎“We apologise for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the notice does not apply to everybody. ‎FIRS will clarify Nigerians on the objectives of the directive.”

Also on Friday, FIRS, in a statement posted on Twitter, explained that the guidelines were only for non-residents, as well as people paying tax in more than one country.

Parts of the FIRS statement read, “The Self Certification Form is basically to be administered on Reportable Persons, holding accounts in Financial institutions, that are regarded as “Reportable Financial Institutions” under the CRS.

“Reportable persons are often non-residents and other persons, who have residence for tax purposes in more than one jurisdiction or country.”

“The information that indicates an account holder is a resident for tax purposes in more than one jurisdiction, is expected to be available to Financial Institutions during account opening processes, for the KYC and AML purpose.”


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Stanbic IBTC Bank Disowns Lagos ATM Fraudster

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Stanbic IBTC Bank PLC has disowned Tope Olajide, 22-year-old fraudster arraigned for theft of customers deposits.

Stanbic IBTC Bank Disowns Lagos ATM Fraudster

The Bank said this in a statement on Wednesday.

The statement said: “The attention of the management of Stanbic IBTC Bank PLC has been drawn to news currently circulating in the media, about the alleged arraignment of staff of the Bank on charges bordering on the theft of customers deposits.

“The Bank would like to clarify that the defendant, a 22-year-old Tope Olajide, IS NOT, and was at no point in time an employee of Stanbic IBTC Bank PLC.

“The alleged culprit was apprehended around 7:30 am, on Thursday, 27 August 2020, by security operatives after he was exposed by CCTV footage using ATM cards he had allegedly stolen and converted, to make withdrawals from the accounts tied to the stolen ATMs.

“The CCTV footage also showed the alleged culprit pretending to assist customers at ATMs whilst also attempting to fraudulently dispossess the customers of their ATMs.

“He was subsequently arraigned before an Ikeja Magistrate Court on Monday, 14 September, for stealing the debit cards of two customers and using them to unlawfully withdraw the sum of N427,000.

“The Bank would also like to implore members of the public to be security conscious when conducting transactions at ATMs. Customers are advised to report any suspicious actions around them to security operatives who are usually stationed around the Bank’s ATMs, when carrying out transactions at any of our ATM locations.

“As an organisation, we hold dear the values of integrity, and we will continue to prioritise the safety of our customers effectively.”


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Buhari Okays Establishment of CBN-Led Infraco

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President Muhammadu  Buhari has approved the establishment of an   Infrastructure Company (Infraco) to be driven by the Central Bank of Nigeria (CBN) in partnership with the African Finance Corporation (AFC) and the Nigerian Sovereign Investment Authority (NSIA).

Buhari Okays Establishment of CBN-Led Infraco

Mr. Godwin Emefiele, CBN governor

This is coming  on the heels of the foreign reserves’ slump to $36 billion following a cocktail of monetary policy interventions by the apex bank to cushion the scathing effects of the COVID-19 pandemic on the economy.

Mr Godwin Emefiele, CBN governor, made these disclosures in Abuja at the annual conference of the Chartered Institute of Bankers of Nigeria (CIBN) with the theme: Facilitating a Sustainable Future: The role of Banking and Finance.

According to him, Infraco would enable the use of private and public capital to support infrastructure investment that will have a multiplier effect on growth across critical sectors.

“This entity would also be able to raise funds from the capital markets and mobilise long term finance to address some of our infrastructure needs, while providing reasonable returns to investors. “We believe this well-structured fund can act as a catalyst for growth in the medium and the long run. The support of the banking community will be important in achieving this objective.

“A well-built infrastructure system, comprising hard infrastructure such as roads and ports, and soft infrastructure such as broadband penetration, can have a multiplier effect on growth by enabling the expansion of business activities in the country”, he explained.

On foreign reserves, Emefiele attributed its crash to the decline in foreign exchange earnings and subsequent adjustments in the value of the naira to the dollar.


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