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NIRSAL MFB Taps 3,256 for N50Bn COVID-19

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NIRSAL Microfinance Bank (NMFB) has begun the disbursement of the Central Bank of Nigeria (CBN) N50billion loan as COVID-19 palliatives to SMEs and households.

NIRSAL MFB Taps 3,256 for N50Bn COVID-19

The first batch of the beneficiaries shortlisted totalled 3,256 and these applicants are mostly those involved in the production sector.

They started their documentation on Thursday and NIRSAL said those who successfully completed their documentation will have their accounts credited without delay.

Abubakar Abdullahi Kure, managing director of the bank, said the bank expects “to do disbursements in batches every week.”

Kure told the beneficiaries to make sure the amount being disbursed go a long way to reactivate their businesses and to allow people to stay in their job as well as allow the economy to normalize.

Speaking on how far the N50 billion targeted credit facility will go, Kure assured that “people that have not gotten should know it will cover them. Hopefully, It will go far.” The idea, he noted, “is to allow more people to get it. But you know the N50 billion cannot go round. Resources are limited. The idea is to allow a greater number of people to have it”.

He emphasised that the loan is “a short term relief. It is just to allow you to have liquidity around your cash flow. This is to support you, pending when businesses open.”

Kure also added that for now, the number of applicants has grown significantly. On the challenges that the bank have had to confront, the NMFB boss stated that, “incidentally, the reason the fund is established is also the major challenge – there has been a restriction of movement of people, businesses have been shut down.”

Kure noted that the disbursements “would have been more frequent than that. But we are thinking outside the box to find possible ways to get it done. We hope as the COVID-19 numbers are going down, we hope it will accelerate our disbursement rate.”

The documentation process Kure said will continue. “This is just the first phase. We are starting with Abuja because of conveniences. Abuja is within our reach.

“We have about 53 branches. Given the level of risk, some of them are providing skeletal services. As the situation demands, we are open to the public for the applicants to fill in their relevant documentation,” the MD explained.


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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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E-Financial

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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