E-Financial
Modex Announces World’s First Blockchain App Store
By peter oluka
Modex has announced the launch of world’s first App Store for Blockchain.
The Modex Smart Contract Marketplace, according to Mihai Ivascu, the CEO, will be launched through an Initial Coin Offering (ICO), allowing investors to participate in the launch and buy utility tokens, which will give them access to the marketplace. The date of the pre-sale for the ICO will be 28th November 2017.
This was announced at The Smart Contract Marketplace Platform in London and attended by industry giants such as Miko Matsumura of Pantera Capital, Renny Navaez of BNY Mellon, Angelique Mohring Founder CEO of GainX, Professor Olinga Ta’eed Director of the not-for-profit Think Tank, the Centre for Citizenship, Enterprise and Governance (x Pedagog Limited and Hyper Cast) as well as Nick Williamson, Founder of Qadre along with leaders of industries.
About the Modex Smart Contract Marketplace, Renny Navaez of BNY Mellon commented: “From a financial perspective– there’s a big piece of savings in there. But, in addition to that, we see a lot of potential for building products that have not been thought of yet and that’s quite exciting…. That, for any financial institution is quite important.”
The Modex Smart Contract Marketplace promises to be a global blockchain App Store meant to remove the inefficiencies by having users interact directly with the provider at every level of a company’s daily life whether it be in financial services, retail, supply chain or travel insurance.
Mihai Ivascu, CEO of Modex, said: “Since September, Modex has moved steadfast to be the innovator and creator of world’s first App Store for Blockchain. The moment is now to launch the Modex Smart Contract Marketplace which coincides with the increasing interest from retailers, industry leaders and financial institutions. Smart contracts introduce an added layer of facilitation, where agreements can be structured on the Blockchain to be both self-executing, and self-enforcing, providing a wide range of benefits and applications.”
The Modex App Store for Smart Contracts will be a platform to connect smart contracts and applications that together will create an ecosystem to empower blockchain advancements.
Modex makes deployment of Smart Contracts significantly easier, faster and more cost-effective, speeding up blockchain technology adoption.
E-Financial
Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme
“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.
E-Financial
CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering
Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.
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.
E-Financial
CBN Urges Banks to Expedite Action on Recapitalisation
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.
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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