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NDIC Settles over N120.5Bn Claims to Depositors, Shareholders

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Nigeria Deposit Insurance Corporation (NDIC), has said that over N120.532 billion liquidation claims has been paid to 545,269 depositors, creditors and shareholders of failed financial institutions in the country.

NDIC Settles over N120.5Bn Claims to Depositors, Shareholders

This as at June 30, covered claimants of Deposit Money Bank’s, DMB; Micro Finance Bank’s MFB’s and Pay Money Bank’s PMB’s.

Speaking at occasion marking the 2023 World Savings Day at Government Girls College, Dala, Kano, Mahadi Abdullahi, a departmental head at NDIC Kano, disclosed that the corporation settled substantial amount of liquidity of failed banks.

According to Abdullahi, N116.537 billion liquidation was paid to 444,010 claimants of Deposit Money Bank’s, N3.659 billion liquidity went to 94,419 claimants of Micro Finance Bank’s while N336.2 million liabilities paid to 1,833 claimants of Pay Money Bank’s.

Abdullahi, said the corporation in collaboration with the Central Bank of Nigeria (CBN) and Federal Ministry of Finance have strengthened efforts to minimize risk in the nation’s banking sector.

Although he contended that NDIC can guarantee the heath worthiness of the country’s banking sector, he reminded that the corporation is formidable with failure restoration, banking supervision and instruments to reduce risk in the sector.

Abdullahi used the occasion to highlight the statutory mandate and operational activities of NDIC in the banking system, just as he clarified the common misrepresentation of the corporation with that of the Insurance company.

Hajia Hajara Sule, representing the controller, NDIC, Kano, emphasized on the significance of saving culture and the need imbibe financial discipline at a tender age.

Highlighting the theme of the 2023 World Savings Days “Conquer Your Tomorrow Through Savings”, Hajia Sule encouraged the participating students to inculcate the culture of savings to meet their future needs.

While advising the teenage female students to leverage on the theme of the 2023 World Savings Days to cultivate financial literacy and budgetary plans in all their dealings, Sule urged them to consider opening a bank account for themselves.

Hajia Rahmatu Muktar Tofa, principal of Government Girls College, Dala, lauded NDIC for chosen the College to educate the girls on financial literacy and saving culture on the occasion of the 2023 World Savings Days.

 


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E-Financial

CBN Withdraws Controversial Monetary Policy Document on Cybersecurity Levy, Others

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Central Bank of Nigeria (CBN) has said that it has temporarily withdrawn the Monetary, Credit, Foreign Trade, And Exchange Policy Guidelines for Fiscal Years 2024 – 2025 document published on Tuesday, September 17, 2024.

CBN Withdraws Controversial Monetary Policy Document on Cybersecurity Levy, Others

It said the revocation of the document is to minimise the risk of any further misrepresentation or misinterpretation, resulting in confusion among stakeholders.

It disclosed this in a new statement published on its website on Friday. The new release was however not signed by any CBN official.

On Tuesday, excerpts of the policy documents stated that the bank will sustain Ways and Means Advances to the Federal Government at a five per cent limit for the fiscal years 2024-2025, contrary to a bill passed by the National Assembly which raised the maximum borrowing percentage in the Act from five per cent to 10 per cent.

Another controversial excerpt was the reinstatement of the cybersecurity levy, which was suspended earlier this year due to serious public backlash.

But refuting these claims, the CBN said the guidelines were misunderstood by some outlets as new policies when, they are a compilation of previously issued policies and directives effective until December 31, 2023.

It also noted that some policies mentioned in the guidelines have been revised or replaced by newer updates.

The statement read, “The attention of the Central Bank of Nigeria has been drawn to certain instances of misinterpretation or misrepresentation of its biennial publication on Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines published on September 17, 2024.

“In response, the CBN has temporarily withdrawn the document to minimise the risk of any further misrepresentation. As is stated explicitly in the document to guide stakeholders, the CBN reiterates that the publication is a compilation of previously issued policies and guidelines issued by the bank up to a cut-off date, typically December 31 of the relevant year.

“As in all previous editions, the current document is intended to achieve the following objectives: A single reference source for the ease and convenience of stakeholders. A valid compilation of policies, directives, and guidelines for adjudication in conflict situations involving stakeholders.”

The bank noted that as a compendium of previously issued policies and guidelines, the provisions apply only to the extent that there have been no updates or revisions to the guidelines and policies contained therein. This, it said, is stated explicitly in the document to guide stakeholders.

“In line with prior editions, the most recent publication (January 2024) contains policies and guidelines issued by the bank up to December 31, 2023, some of which will remain relevant during the period 2024 – 2025,” the bank stated.

Continuing, the statement noted that, “In the light of these clarifications, we ask stakeholders to note the following: Some recent media publications referencing aspects of the guidelines refer to policy positions of the bank issued prior to December 31, 2023, which have changed in the light of revisions and updates in 2024. One example is the Cyber Security Levy, which was suspended in May 2024, superseding the circular reported in the guidelines.

“Certain technical aspects of the guidelines have been widely misreported and misrepresented. For example, reports have mistakenly sought to link the fuel subsidy removal to external reserves. Such reports essentially missed the analytical basis for the original statement, which was intended to observe a potential risk that was to be mitigated by policy. More recently, policies of the bank around the naira exchange rate and those of the fiscal authorities have positively altered the outlook of the subject in question.

“In summary, the guidelines must primarily be viewed as a record of policies, circulars and directives issued by the bank up to the end of 2023. They are not new directives and should not be reported as such.

“The bank will continue to provide clear monetary policy direction and advice for the overall good of the economy. We urge all stakeholders to seek clarification of information about the Bank before publishing,” the statement concluded.


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E-Financial

CashToken Empowers Customers with the Cash Rewards

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CashToken Rewards Africa is transforming the rewards landscape in Nigeria with its groundbreaking loyalty solution that offers customers real, tangible cash rewards.

Unlike traditional reward programs that tie customers to points, vouchers, or discounts, CashToken empowers Nigerians with immediate cash rewards and the chance to win life-changing prizes.

Chief Lai Labode, CEO of CashToken Rewards Africa, emphasized the company’s mission to offer Nigerians greater value for their everyday spending. He stated, “CashToken is designed to give Nigerians what they truly deserve—cash rewards that they can control.

“We believe that every Naira spent should have the potential to bring even more value to our customers’ lives. Whether it’s N6 or N3,000,000, our goal is to make every transaction count. This is what sets CashToken apart from traditional rewards programs. We’re not just building customer loyalty; we’re building a system that puts cash directly in the hands of Nigerians.”

Stella Oshorinde, the Chief Commercial Officer of CashToken Rewards Africa, shared the company’s vision: “We’ve always believed that when it comes to customer rewards, cash stands above all else. For too long, Nigerian consumers have been limited by rewards systems that require them to spend within a business. With CashToken, we offer something different—cash that customers can use however they choose.”


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Sterling Bank Adopts Africa’s First Indigenous Core Banking Solution

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Sterling Bank Limited has migrated to what is believed to be the continent’s first ever indigenous core banking solution called SeaBaaS.

The implementation of SeaBaaS, developed by Peerless, marks the completion of a new banking system announced to customers in August 2024.

According to a statement from the bank, the strategic move positions Nigeria as a leader in digital banking, driven by local talents and cutting-edge technology.

“Leveraging advanced data analytics and artificial intelligence, the system promises to enhance customer experience and operational efficiency, providing smarter, faster financial services” the statement added.

Speaking on the achievement, Abubakar Suleiman, CEO of Sterling Bank, said SeaBaaS is the first fully developed core banking platform that is wholly built and owned by an African technology company.

He described the development as the start of a new revolution in Africa’s drive for economic self-sufficiency, noting that the intellectual property underpinning SeaBaas will be available to partners across the continent in the coming months.

 


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