Connect with us

E-Financial

Mobile Money Platform Gets Boost with Glo Xchange

Published

on

Kindly share this post

Mobile money financial services in the country received boost with the launch of Glo Xchange, a mobile money agent network that is aimed at accelerating the mobile money revolution in the country.

Godwin Emefiele, Governor, Central Bank of Nigeria (CBN), said that the launch of the partnership in Lagos yesterday that the apex bank is determined to use telecommunications to deepen financial services in the country in order to reduce the 46 percent of the population that does not have access to financial services.

He noted that a functioning payment system will bring about economic growth. He added that: “it is my expectation that existing telecommunications operators form a synergy with mobile money operators to build Agent network, it is in view of this expectation that I’m delighted in the launch of Glo Xchange”.

He describes the initiative as first mobile money super-Agent network in Nigeria.

Kamaldeen Shonibare, head of corporate Sales, Globacom, said that Glo Xchange was painstakingly developed in partnership with licensed mobile money operators, Firstmonie, Ecobank, Stanbic IBTC and Zenith bank.

“With this initiative, Globacom has provided the requisite platform for our partner banks to deploy mobile money services. Glo Xchange will enable the banks’ current and potential customers to carry out transactions under the three areas of banking transactions- deposits, withdrawals and transfers. Our partners will leverage on our company’s Gloworld shops, Glo Zones and Dealers’ outlets as well as their extensive retail financial market experience and customer base to push the service nation-wide. Under this arrangement, Globacom will be required to provide agent recruitment, training and management service to Glo Xchange,” he said.

He explained further that Glo agents will serve all the banks’ mobile money customers and Glo Mobile subscribers whether they have bank accounts or not.

“The banks, on their part, will provide their mobile money platform to mobile subscribers in the compliance with CBN policy on mobile payments. It will also provide specialized trading platform and merchandising materials to the recruited agents while managing customer accounts and support services,” he stated. 

Minister Commends Etisalat for Promoting Entrepreneurship Drive

Dr. Oluseguin Aganga, minister of Trade and Investment, has commended Etisalat Nigeria, Pan Atlantic University and the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) for consistently promoting initiatives aimed at the growth of Small and Medium Enterprises in the country. This commendation was made in a keynote address delivered at the Abuja leg of the Etisalat sponsored Market Access recently held at Ibeto Hotel.

He noted that the one-day business networking and knowledge sharing session will afford small and growing businesses the opportunity to key into the value chain of large enterprises and help drive entrepreneurship spirit in Nigeria.

According to him, Small and Medium Size Enterprises remain the backbone of the development for most economies around the world adding that the sector is currently has abundant growth opportunities.

“I must commend the partnership of Etisalat Nigeria, Pan African University and the Small and Medium Enterprise Development Agency (SMEDAN) for being consistent with the initiative. SMEs are the most economic sector in the country and it is my day to day goal to bring massive growth to this sector of the country. I am always inspired to attend events like this where stakeholders in the SME sector converge.” He said.

Addressing participants at the seminar, Bidemi Ladipo, head, Business Segment Marketing, Etisalat Nigeria, expressed delight at the turnout of participants at the session, noting that the attendance and testimonies of the impact of the seminar is encouraging.

“At Etisalat, we are passionate about the growth of growing businesses and entrepreneurs. We remain committed to providing them with every necessary support they need to thrive in their various industries. We recently awarded N2 million each to 10 entrepreneurs in our Easybusiness Millionaires Hunt scheme and I am delighted that some of them are present here in Abuja to share their experiences and how far they have gone in their businesses.” He stated.

The Market Access platform, now in its third year, is a quarterly networking event that has recorded tremendous success in the SME segment.

The initiative has held in different cities across the country in a bid to empower small and medium scales enterprises across the country. Before the Abuja leg, the event has held in Lagos, Port Harcourt, Enugu, Calabar and Uyo. It has recorded a combined total audience of over 2,000 people.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Comments

E-Financial

FG Makes u-Turn on Bank Account Re-Registration

Published

on

Kindly share this post

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.”


Kindly share this post
Continue Reading

E-Financial

Stanbic IBTC Bank Disowns Lagos ATM Fraudster

Published

on

Kindly share this post

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.”


Kindly share this post
Continue Reading

E-Financial

Buhari Okays Establishment of CBN-Led Infraco

Published

on

Kindly share this post

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.


Kindly share this post
Continue Reading

Trending