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Mobile Money Subscribers Hit 9.25m in 6 Months

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The number of subscribers to the 23 Mobile Money Operators (MMOs) in the country stood at 9.25million as at the first half of this year, Alhaji Umaru Ibrahim, managing director and chief executive of the Nigeria Deposit Insurance Corporation (NDIC), has said.

Mobile Money Subscribers Hit 9.25m in 6 Months

He disclosed this at the 16th edition of the workshop for Business editors and members of the Finance Correspondents Association of Nigeria (FICAN), recently in Yola, Adamawa State.

Represented by Mohammed Kudu of the Communications and Public Affairs Department of the Corporation,  Ibrahim cited the provision of the Deposit Insurance Coverage (DIS) to subscribers of MMOs to the maximum limit of N500,000 through the Pass-Through Deposit Insurance Framework, as one   of the significant reforms embarked upon by the Corporation to  strengthen its capacity for effective service delivery in the second decade of its evolution as a public institution.

Another such reform, according to him,   was the NDIC’s extension of DIS coverage to micro-finance banks (MFBs) and Primary Mortgage Banks (PMBs).

He said: “In 2010, the maximum Deposit Insurance coverage was increased from N200,000 and N100,000 to N500,000 and N200,000 for Deposit Money Banks (DMBs) and Microfinance Banks (MFBs)/Primary Mortgage Banks (PMBs), respectively. The coverage level for the PMBs was later reviewed upward to N500, 000.”

Other significant reforms embarked upon by the NDIC  during  the period, according  to Ibrahim,  are the development of Enterprise Risk Management, implementation of Differential Premium Assessment System (DPAS), Capacity Building in Risk-Based Supervision (RBS), deployment of a Performance Management System, enhanced Deb Recovery System and Increased Pay-out to both insured and un-insured depositors.

The NDIC boss also  stated that  as at 30th June, 2019, the Corporation received a total number of 35 petitions/complaints from  bank customers on various issues such as  Automated Teller Machine (ATM) frauds, unauthorized funds transfers  and cheque related  problems, adding  that:  “investigations and mediation were carried out where necessary and customers were appropriately reprieved.”

In addition, he emphasised that following the issuance of the framework for the licensing and regulation of Payment Service banks (PSBs) by the Central Bank of Nigeria (CBN), which stipulated the extension of Deposit Insurance Coverage to PSB depositors, the NDIC  will protect the depositors of PSBs and guarantees  to pay them N500,000.00 as insured sum in the event of  the financial institutions’ closure.

Noting that Fintech and digital currencies are witnessing rapid deployment globally and in these parts, the NDIC Chief pointed out that the Corporation,  laust August, signed a Memorandum of Understanding (MOU) on experience sharing and capacity building with the Korean Deposit Insurance Corporation (KDIC) and the Taiwan Central Deposit Insurance Corporation to further deepen the implementation of the DIS in Nigeria, adding that the MOU also aims to enhance the NDIC’s:

He stated that the support of the media has been instrumental to the successful implementation of the DIS by the Corporation since its inception 30 years ago, noting that: “It is in recognition of the crucial and strategic role the media has to play in the actualization of our own objectives that the NDIC has remained faithful in its support for the annual FICAN Conference along with the Editors Forum.”


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E-Financial

FG Sacked IST Members over Fraud- Ahmed

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Mrs Zainab Ahmed, minister of Finance Budget and National Planning, has said the Federal Government sacked some past members of the Investments and Securities Tribunal (IST) as they indulged in corruption.

FG Sacked IST Members over Fraud- Ahmed

Inaugurating the new members, the minister charged the new members to eschew corruption and be forthright.

Bar. Azi Amos Isaac was appointed as Chairman for a five year term and Bar. Nosa Smart Osemwengie, was re-appointed as member for a second term of four years.

“The problem with the tribunal has been infighting amongst members, lack of industrial harmony and series of complaints bordering on maladministration.

“This has been the bane of the tribunal and a source of embarrassment not only for the Ministry of Finance but for the government in general,” Ahmed said.

The new chairman, Azi, assured the finance minister that, “the teething issue of restiveness has been addressed since he assumed duty,” adding that, “The place is calm and the staff have become very supportive.”

Azi said since 2003, the tribunal has “given judgment in the value of assets worth over N844 billion and that from 2017 to date, they have given decisions in monetary value totalling over N28bn.

“It has not failed in its adjudicatory responsibility.

“It has carried out its assignment with candour and integrity and intends to improve on what has been on ground.”

 


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CBN Bans Customer-to-Customer Forex Transfer

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Central Bank of Nigeria (CBN) has banned transfer of foreign exchange (forex) from one customer to another.

CBN Bans Customer-to-Customer Forex Transfer

According to the apex bank, forex cash lodgements into domiciliary accounts can only be done by the account owners henceforth.

An internal memo available in the media space explains that the new guidelines are necessary to review the utilisation of inflows into customers domiciliary accounts.

The circular states: “Forex inflows cannot be credited to customers until the legitimacy of funds is established.

“They can have unfettered access by telegraphic transfers up to a limit of $40,000 monthly for payment of medical bills, school fees, subscription to professional bodies subject to existing CBN guidelines.

“Transfers from one customer to another is prohibited. Transfer within related companies is allowed subject to a limit of $50,000 per month.”

It recommended that proceeds from non-oil exports should be sold to banks, used for repayment of dollar term loans, and self-utilisation for trade transactions for LC, bills and Form A.

Also oil export proceeds from E&P companies are to be used to pay contractors and service providers employed by the oil companies in addition to the recommended uses for non-oil FX proceeds.

Offshore forex inflows from other Nigerian banks and internal account to forex transfers sourced from offshore inflows are to be used for trade transactions subject to eligibility for E-Form M.

“Upon confirmation of the legitimacy of the inflows, customers can have unfettered access, subject to a maximum of $50,000,” the document read.

“Utilisation for trade transactions subject to processing of eligible trade transactions using E-Form M. Payment for services must be backed with demand note from offshore beneficiary and other regulatory documents.

“Related party transfers are allowed to the maximum of the inflow received. The transfer request should be backed by a signed instruction from the account holder.” Payment of government fees and levies are also allowed to the maritime, oil and gas, aviation. government parastatals and export processing zones.

 


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Stanbic IBTC, Standard Bank, Listed Among Top African Corporate Brands

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Stanbic IBTC Holdings PLC and its parent company, Standard Bank, have emerged amongst the top winners of the 2020 Tech Times’ Africa LinkedIn Corporate Brand Awards.

The Stanbic IBTC Group emerged the second position in the category, with total votes of 3,515, out of 24 firms nominated for the award. Standard Bank placed the fourth 2,494 votes.

Nominations for this award opened to the public on July 1, 2020 and closed on July 14.

Shortlisted nominees were announced on August 24 while voting commenced immediately and voting ended on September 8, 2020.

The Corporate Brand Awards was instituted by Tech Times’ Africa, an online platform for leading technology, innovation, and startup stories.

Expressing his delight on the awards, Dr Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC, said that both Stanbic IBTC Holdings PLC and Standard Bank had been deliberate and consistent in making a remarkable impact in Africa’s financial sector.

“Our sincere appreciation goes to the organisers of the Africa Corporate Brands Awards and to every member of the public who voted. This is a reflection of the high level of trust and confidence that the public has reposed on us,” he added.

Dr Sogunle further said that Stanbic IBTC Holdings PLC would remain relentless in portraying the organisation as one of the most influential corporate brands in Africa.

He stated: “Stanbic IBTC Holdings PLC and Standard Bank have relentlessly contributed to driving the growth and development of the African financial ecosystem. These awards affirm our efforts, and we are encouraged to raise the bar continually.”

The Africa Corporate Brand Award is designed to identify and recognise outstanding companies. It also projects their achievements and impacts on African society and the world at large.


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