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Mobile Phones Key Driver of Financial Inclusion – MasteCard

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Mrs. Omokehinde Adebanjo, Vice President and Area Business Head, West Africa, MasterCard said the mobile phone was a crucial tool that would drive financial inclusion.

Adebanjo spoke on Wednesday at the Cashless Africa Expo 2017 held in Lagos with the theme: “Future of Finance”.

“More households in Africa own a mobile phone than has access to electricity or clean water.

“Nearly 70 per cent of the poorest of the population in developing countries own a mobile phone.

“Mobile transcends demographics, economic disparity and location and proven to be a crucial tool for driving financial inclusion,” she said.

Adebanjo said that one of Africa’s most important resource to its people, especially the younger generation was to have a digital revolution.

She said that Africans needed to tackle one of its biggest challenge over the past five years, which was how to reconcile the demands of its youths.

She said that there was need to expose tomorrow’s leaders to critical thinking and radical innovation, nurture and inspire them to join in the journey of digital and financial inclusion.

“In order to develop a digital economy, all citizens need to get behind the shift toward digital solutions. “We all have one common enemy and that is cash. There is need to focus on driving cash out of the economy and ensure smarter and secure solutions are introduced, adopted and correctly supported.

“Digital payment solutions are here to stay and usage will explode in the coming years with the adoption of mobile solutions,” she said.

Adebanjo said that being financially included would give people opportunity to protect their future and give business owners the opportunity to grow and for the youths to achieve their dreams.

She said that the challenge of the future was not finding solutions to solve challenges facing the country but to ensure that once solutions were identified, they would be supported and implemented.

Mr. Ayo Olademeji, the Director at E-Tranzact said that the future of transaction would be through the mobile phones as such people and businesses should position themselves in the right space.

He urged businesses to leverage on what consumers want by giving solutions that would solve present and future needs.

”The essence of economic activity is to create value and there be should solutions that will provide seamless services to the target to achieve financial inclusion. There is need to create awareness by leveraging in the National Youth Service Corps,” he said.

Dr Tayo Adesoji, the Executive Director, Grooming Centre, a microfinance institutions said that to talk about financial inclusion was about knowing people that would be included. ”

There is need to feel the pulse of the people, their social issues and the value that will be added to them.

“Things should be made simple for the common man or woman and whatever will be done should be leveraged on what they are used to,” he said.

Mr Uwana Ekanem, an official of Netplus said that collaboration would enhance the way people do their services.

Mr. Adeyinka Shorunbiased, an official of Ecobank said that cashless was not for financial institution but for the benefit of the economy and customers He said that interoperability was important to make the process work.

“We need to educate people on the cost of cash; it being imported and for them to understand that electronic money is the same as ones cash,” he said.

The Cashless Africa Expo highlights the challenges and opportunities in the Financial Technology (Fintech) space in Africa.

It will provide knowledge and networking platform that will bring the African Fintech industry at par with its counterparts across the globe. The summit will empower stakeholders to devise strategies that will help them keep pace with the evolving financial eco-system in this digital age.


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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.

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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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