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Microfinance Bank Partners Foundation on N220Bn MSME Fund

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Ikam Imanyi, managing director, CAFON Micro Finance Bank, has said that the bank is to assist an initial 3,000 albinos across the country to access their share of the N220billion micro, small and medium enterprises (MSMEs) development fund set up by the Jonathan administration to support entrepreneurial ventures in the country.

According to guidelines released by the Central Bank of Nigeria (CBN) on disbursement of the funds, two per cent of the entire N220 billion have been dedicated solely to service loan requirements of persons with disabilities and other vulnerable groups such as albinos.

Speaking at the signing of a memorandum of understanding (MoU) between the bank and the Albino Foundation, he said the bank decided to partner with albinos to access the MSME funds because of the genuine need that the group faces, adding that the foundation has successfully galvanized itself into a force to reckon with despite being physical challenged.

According to him, the bank recently began a wide ranging training and vocational sessions for albinos, adding that the move is deliberate in order to better position the albinos to meet the requirements to access the two per cent share of the total MSME funds which totals about N4 billion.

He explained that the bank hopes to increase number of vulnerable persons who can access the loan, but however said it was concern with providing high level loan management skills to would be beneficiaries.

Babatunde Ogunlaja, deputy director, Development Finance of the Central Bank of Nigeria (CBN), said the regulatory bank was keen on ensuring strict compliance with the guidelines for the loans, saying that financial institutions, who delay in disbursement of the funds would be penalised by the apex   bank. 

He noted that the CBN has spelt out various classes of beneficiaries, adding that only borrowers who fulfill credit worthiness would be considered. 

According to him, the financial institutions cleared to participate in the MSME scheme have been given a leverage to give the funds at between 3-9 per cent to borrowers, adding that the variation is due to transactional costs, which differ from case to case.

Jake Epelle, founder of the Albino Foundation, who expressed optimism about the success of the scheme, said that the foundation had begun coordination of all viable business ideas own by its members throughout its units nationwide, with a view to collating them and properly harnessing them to attract necessary financial backing under the MSME scheme.

He commended the present government for the initiative, saying it was a step in the right direction.


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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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