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Paga Launches Suite of Payment Solutions for Business

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Paga has announced the launch of its new business focused service line – Paga for Business.

Suitable for large to small businesses, Paga For Business is a one-stop-shop solution for any business looking for a smart way to collect payments from its customers in person, online, or remotely from anywhere in the world. The solution also allows businesses to disburse cash to any phone number or bank account and to disburse airtime to any phone number in real-time.

In operation since 2009, Paga is an indigenous company focused on delivering efficient payment solutions to all Nigerians – individuals or businesses.

The introduction of solutions aimed solely at businesses is the next step in Paga’s evolution towards solving the payment challenges of Nigeria.

Jay Alabraba, fo-Founder & head of Agent Network and Business Sales at Paga, said at the launch: “With over 5 years experience within the mobile payments market and a customer base rapidly approaching the 2 million mark, we believe that as a payments platform, Paga has already demonstrated its ability to accurately assess the payment challenges facing not just consumers but businesses nationwide; and provide innovative solutions to address them. Best of all our offering is easy to use and has zero setup costs.”

The initial offerings within Paga for Business are a robust online payment gateway, “Paga e-Pay”, and a web-based, real-time payment solution “Paga Bulk Pay”.

Paga e-Pay allows any business selling online to accept payments from customers with a Paga account, MasterCard, Visa, or Verve. The gateway is free to setup and businesses can view their transactions in real time online.

Paga’s disbursement solution, Paga Bulk Pay, allows businesses, irrespective of size to send cash to a large number of recipients anywhere in the country either to their bank account directly or to the recipient’s phone number.

Those who receive money via their phone number can pick up at Paga agents nationwide or select ATMs without a card. The solution also allows businesses to send airtime to a large number of recipients on all mobile networks.

Speaking on the launch of Paga for Business, Tayo Oviosu, founder and  Paga CEO, said: “As is our approach at Paga, we have created a suite of offerings by listening to our customers. To date over 1,800 businesses have already signed up for our business offerings. From global brands such as Emirates Airlines who use Paga’s payment gateway to accept payments from customers purchasing a plane ticket with a debit card or Paga account, to local businesses such as FoodPro who use Paga to disburse payments to staff at their cashew processing facility in Ilorin. We will continue to build on our current offering and expect to announce additional products to our suite soon.”

With the rapid growth of SME’s and online commerce within the economy, Paga believes using technology to create payment solutions that are low cost, convenient for entrepreneurs and most importantly accessible for their customers is the key to boosting economic development within our emerging economy.

With its industry experience and through its  in-house innovation labs “Paga labs” Paga is constantly developing and delivering on new and beneficial services to both individual consumers and businesses alike.

The introduction of Paga for Business can only be an added bonus to the fastest growing mobile payments company in the country.


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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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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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