E-Financial
NGX Appoints Advisory Panel on Digital Technology Products
As it advances on its digital transformation agenda, Nigerian Exchange Limited (NGX), said it had set up the NGX Digital and Technology Products Advisory Panel.
The Panel would provide a forum for the Exchange to interact with the capital market community and the fintech ecosystem to enhance and increase NGX’s digital product offerings.
Responsibilities of the Panel include but are not limited to providing insight into product innovation and proposing ways to increase technology listings on NGX; recommending ways to boost data and digital market liquidity; providing thought leadership by developing whitepapers, creating frameworks and making recommendations; and a host of advisory matters like market trends, risks and sentiments.
The Securities and Exchange Commission (SEC) had approved the Rules for Listing on the NGX Technology Board in December 2022. The creation of the committee is part of a continuous process to further scale the capacities of NGX in the technology ecosystem.
“Technology and innovation are the driving forces of progress, and at NGX we are committed to leveraging both to transform the Exchange into a leading force of product development in the capital market,” says Dr Olufemi Oyenuga, Chief Digital Officer, NGX.
“With the establishment of the committee, we are poised to explore new frontiers, pool ground-breaking ideas and strategies, unlock exciting opportunities for the future addressing creativity, innovation and sustainability.”
Appointed to the panel are Tope Kola-Oyeneyin (McKinsey); Iyin Aboyeji (Future Africa); Kola Aina (Ventures Platform); Idris Saliu (Ceviant); Fope Adelowo (Helios Group); Richmond Bassey (Bamboo); Tayo Oviosu (Paga); Wale Ayeni (International Finance Corporation); Ahmad Zuaiter (Jadara Capital Partners LLC) and Adedeji Olowe (LendsQr).
NGX, as the sustainable exchange championing Africa’s development, recognises the potential of diverse viewpoints and aims to leverage the extensive networks of experts across the budding technology ecosystem and the capital market in designing breakthrough frameworks to position itself for global competitiveness.
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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