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Oradian Scoops Two Awards at Cashless Africa Conference

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Oradian, a leading global provider of cloud banking software for microfinance institutions (MFIs), cooperatives and village savings and loan groups, won two awards at the Cashless Africa Conference which took place in Lagos, recently.

Oradian’s flagship banking software, Instafin, was named Best Microfinance Enabler Platform.

This award recognizes that Instafin enables its customers, MFIs in Nigeria, to overcome challenges and to achieve operational excellence.

The company also clinched the Microfinance Empowerment Recognition Award, an acknowledgement of the company’s work in enabling microfinance institutions to reach the unbanked and provide MSME (micro, small and medium enterprise) credit to remote rural communities.

The Cashless Africa Awards recognizes organisations that have set themselves apart in the digital financial services industry by their commitment to excellence and their creative approach to solving the challenges of financial services across Africa.

According to the conference organisers, Oradian won the awards in recognition of the positive impact the company has had on Nigeria’s microfinance sector.

Commenting on the awards, Natalie Baatjies, managing director for Africa, said, “We are inspired by the transformational work done by our 22 microfinance clients who collectively serve 650,000, mostly unbanked, people in Nigeria. The Microfinance Empowerment Recognition Award is the result of everything we have achieved together with our customers to overcome infrastructure challenges in rural Nigeria.

“This award is thanks to institutions such as DEC, LAPO and Master’s Touch who have extended their rural networks after implementing Instafin. Mission-based MFIs like these will play an increasingly important role in addressing Africa’s SME credit gap as well as in the quest for Universal Financial Access by 2020”.

Omen Bassey, managing director of Master’s Touch Community Development Company, an Akwa Ibom State-based microfinance institution said implementing Instafin has reduced cost and enhanced the institution’s efficiency.

While describing the Best Microfinance Enabler Platform award as well deserved, he commended Oradian for its commitment to enabling financial institutions to transform and grow, adding, “expansion for us became possible with Instafin; one thing we like is that customer support is very effective and always there – the team makes you feel that Oradian is part of your growth and your progress”.

The Cashless Africa Conference and Expo, which has over the years become a leading regional digital financial services conference in West Africa, brings together experts to discuss the future of finance on the continent.

The event, organised by Mobile Money Africa, brought together over 35 expert speakers from 30 countries around the world to discuss the future of finance at this leading regional digital financial services conference in West Africa.

 


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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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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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