As the holiday draws near, fraudsters are on the prowl for whom to defraud using dubious shopping websites and posing on social media platforms as customer support agents of legitimate businesses to steal your identity.
While activities of online fraudsters are more sophisticated and are posed to spike during the holiday season, according to reports, other types of frauds that fraudsters are likely to use in defrauding you include digital loan scams, one-time password (OTP) scams, giveaway campaign scams, and free gift or voucher scams.
Aside from the security measures put in place by businesses such as banks, fintechs and online shopping stores, you owe it to yourself to take some safety precautions when conducting financial transactions during this holiday season.
In an interview in Lagos recently, Kevin Olumese, Senior Marketing Manager, PalmPay, rolled out financial safety tips everyone should master before the holiday season beckons.
Mr Olumese noted that as the holiday draws near, fraudsters would be on the prowl seeking whom to defraud using dubious shopping websites and posing on social media platforms as customer support agents of legitimate businesses to steal your identity.
“Aside from security measures put in place by businesses such as banks, fintechs and online shopping stores, you owe it to yourself to take some safety precautions when conducting financial transactions during this holiday season,” Mr Olumese cautioned.
He listed some easy safety tips to save yourself from fraudsters this holiday including but not limited to the following:
Shop from secure retail outlets
Shoppers this holiday season will see an increase in dubious shopping websites, with some of them offering ridiculous discounts to attract unsuspecting shoppers to input their debit card details which would be stolen by fraudsters.
Do not shop on an online retail store that you don’t trust or haven’t used before, it doesn’t matter whether they are offering the best discount. Moreso, if the discounts they are offering look too good to be true, it’s probably because it is not true.
Shop using verified online websites or payment apps that are secure and seamless. Payment apps like PalmPay have been integrated with different business outlets, allowing you to pay your bills and utilities securely and with ease.
Use only trusted POS machines
Whether you want to withdraw cash to spend this holiday season or make payments using a point of sale (POS), it is good that you thread carefully and only patronise POS agents that have terminals of fintech brands that you can trust.
Stay vigilant and watch out for possible irregularities while patronizing POS agents. To ensure that the details of your card are not stolen, hide them and do not input your personal identification number (PIN) in the presence of other people.
Using POS terminals of trusted fintech companies cannot be emphasised enough. For ease of transaction, use POS terminals that offer a good network, a reliable system with less than one percent failure rate, an option to know banks’ network updates in real-time, and 24/7 quick customer dispute resolution.
Be wary of unsolicited calls, emails and texts
Expect to receive several unsolicited phone calls, emails and text messages from scammers claiming to be from businesses that you know. Some of these calls, emails and texts would claim that you’ve won a discount or holiday giveaway from a trusted business and would ask you to pay some money to enjoy the discount or giveaway.
Do not fall for this trick. Legitimate businesses will not ask you to pay money to enjoy a giveaway promotion or require that you send sensitive bank details to be granted access to a discount. Beware! No staff or agents of PalmPay will call or text you to ask for money or sensitive information in exchange for a coupon or a discount.
Research discounts, giveaways
This brings us to the next and one of the most important safety tips to always apply during this holiday season and after. Always do your research on purported discounts and giveaway challenges supposedly coming from trusted brands.
During the holiday, whenever you come across an ongoing giveaway promotion, go to the official social media accounts and websites of the brand to verify. Any discount or giveaway challenge that is not communicated to the public through the official social media channels of a legitimate business should be viewed cautiously.
Every discount and giveaway by PalmPay is usually posted on the company’s social media pages. Follow the right handles on Instagram, Facebook, X (formerly Twitter), TikTok and LinkedIn, and always look out for the verified check marks.
Avoid fraudulent fintech apps
Do not give out your personal information and bank details to fintech platforms that you do not trust. It is important that we repeat this safety warning. Do not download fintech apps that are not regulated by the government.
Loan or fintech apps that are not regulated by the Central Bank of Nigeria (CBN) and whose deposits are not insured by the Nigeria Deposit Insurance Corporation (NDIC) should be avoided completely. Before downloading any fintech or loan app, conduct your research to ensure that they boldly carry the CBN and NDIC badges.
Aside from being regulated by the CBN and insured by NDIC, at PalmPay we go the extra mile to ensure that our over 30 million users and the more than 1.1 million businesses that are part of our payment ecosystem are safe from fraudsters. Follow our social media handles to stay up-to-date on safety guidelines.
Afreximbank Mulls Currency Trading Platform to Bridge $50bn Intra-Africa Trade Gap
The African Export-Import Bank (Afreximbank) has announced plans to launch its currency trading platform in a bid to bridge the Intra-African trade financing gap estimated at over $50 billion annually.
The President and Chairman of Board of Directors, Afreximbank, Prof. Benedict Oramah disclosed this at the 8th Goddy Jidenma Foundation (GJF) biennial public lecture tagged, “The trade route to poverty reduction in Africa in a de-globalising world.”
He said plans are ongoing to launch the platform in May, 2024, stating the urgent need to aggressively fill the intra-African trade gap.
Afreximbank, he said, operates an intra-African Trade Division that has disbursed over $40 billion since 2016, with an amount of about $11 billion outstanding, equivalent to about 28 per cent of Afreximbank’s loan portfolio.
According to him, “The Currency Trading Platform will also be launched under the auspices of Pan-African payment and settlement system (PAPSS).
“It is now becoming possible for a small farmer in Malawi to use his cell phone to purchase a Nollywood streaming movie and pay in the Malawian Kwacha while the seller in Nigeria receives Naira. We are nearing the stage when an Egyptian can buy shares on the Nigerian Stock Exchange paying in Egyptian Pounds.”
The Afreximbank boss said access to trade and investment information is key, “as lack of access is perhaps the greatest impediment to intra-regional trade.”
To address this challenge, He said Afreximbank offers an Artificial Intelligence-enabled Trade Information Platform under the brand name Tradar Intelligence.
“It is for the same reason that Afreximbank collaborates with the African Union Commission (AUC), the AfCFTA Secretariat, and others to host a biennial intra-African trade Fair. The three editions so far held since 2018 attracted an aggregate of over 70,000 visitors, 4,000 exhibitors and about 120 billion US dollars in deals,” he said.
On the status of implementation, he said the African Continental Free Trade Agreement (AfCFTA) Secretariat is operational in Accra, Ghana where 54 countries have signed the Agreement, and 47 have ratified it.
“While much progress has been made, a lot is still required to ensure that trading under the Agreement is boosted. For example, to avoid its falling victim to the discontent that negatively impacted globalisation, the AfCFTA must be complimented by the Free movement of Africans across the continent, with the right to work.
Although 32 countries have signed the Treaty, only four countries ratified it, falling short of the required 15 ratifications for the Free Movement Protocol to enter into force. We must continue to make aggressive push for countries to ratify the Treaty so as to get the requisite ratifications for it to come into force,” he urged.
Also speaking, the Founder and Executive Secretary, GJF, Dr. Ije Jidenma, said there is a perfect congruence between Prof. Oramah’s Pan African vision and the GJF quest to be part of the national think tank and solution to the nation’s developmental challenges.
“Even though the developmental turf is tough, as a seasoned public intellectual and one with a great sense of history, Prof Oramah is one person that is not ready to give up hope about Africa’s renaissance,” she said.
On his part, the Chairman, Board of Trustees GJF, Pat Utomi, said the world has gone through rounds of globalisation, recession and war, advising that the challenge is for Nigeria to think outside the box on ways it cpuld prosper in this new swing in Africa.
OPay Redefines Customer Service With Innovative Solutions, Expands Accessibility
OPay, Nigeria’s leading financial technology company headquartered in Lagos, has revolutionized customer service by prioritizing user satisfaction and implementing cutting-edge solutions to enhance customer experiences.
OPay is pioneering a customer service revolution built on convenience and efficiency. Recognizing the diverse needs of its users, OPay offers a top-notch and seamless blend of physical and digital touchpoints, ensuring everyone receives the exceptional service they deserve.
With the company’s headquarters situated in Lagos, OPay has established a network of 17 customer service centers across the country, catering to individuals who prefer face-to-face interactions for their service-related queries and concerns.
This extensive network guarantees easy access to friendly support, a welcome respite from long queues and impersonal interactions. But OPay doesn’t stop there. For the users that prefer online enquiries and technical resolutions, a robust and responsive online customer service center awaits.
Users can access a wealth of self-service resources, chat with helpful Customer Service Agents (CSAs) via real-time Live Chat, and even report disputes directly through the App. No more frustrating hold times or inconvenient branch visits – OPay puts the power in user’s hands, wherever they are.
Mr. Dauda Gotring, Managing Director of OPay stated that, “Transparency and timely resolution are cornerstones of the OPay experience. Dispute issues like transfer or card problems are handled with diligence, with progress updates and a satisfying resolution timeline conveniently communicated within the App.”
He further added that, “With a dedicated team of over 500 Customer Service Agents, OPay ensures exceptional care around the clock. Whether you need a quick query answered or complex assistance, a friendly and knowledgeable representative is always just a click away.”
THE KEY FEATURES OF OPAY’S ENHANCED CUSTOMER SERVICE INCLUDE:
Progress Updates Through the App:
Customers now have the ability to report disputes directly through the OPay app. The company ensures transparency by updating customers on the progress of their reported issues, such as transfer disputes or card-related concerns, along with a well-defined resolution timeline. This feature empowers users with real-time information and reassurance during the resolution process.
Live Chat with OPay Customer Service Agents:
OPay has introduced a Live Chat option, available online 24/7, where customers can connect with more than 500 Customer Service Agents (CSAs). This instant and interactive channel allows users to seek assistance, resolve queries, and receive support at their convenience. The Live Chat feature underscores OPay’s commitment to accessible and responsive customer service.
As OPay continues to lead the way in financial technology, these customer-centric innovations solidify the company’s position as a trailblazer in the industry. By combining traditional face-to-face support with cutting-edge online solutions, OPay aims to create a seamless and satisfying experience for its diverse user base.
CBN Raises BDC’s Share Capital to N2bn
Central Bank of Nigeria (CBN) has proposed two categories of Bureau De Change (BDC) licence- Tier 1 and Tier 2- that would see the minimum capital requirement of operators in the former and latter categories pegged at N2 billion and N500 million respectively.
The apex bank stated this in the draft Revised Regulatory and Supervisory Guidelines for BDC operations in Nigeria posted on its website late on Friday.
Under the extant regulations, BDCs had to apply for a general license and have a minimum capital requirement of N35 million.
The new guidelines contain several new changes to the guidelines for BDC operations in the country. If approved, the new guidelines will be effective at a date that will be announced by the CBN.
Specifically, the proposed new guidelines state that: “Tier 1 BDC is authorized to operate on a national basis. It can open branches and may appoint franchisees, subject to the approval of the CBN. A Tier 1 BDC (which is the franchisor) shall exercise supervisory oversight over its franchisees. All franchisees shall adopt their franchisor’s name, branding, technology platform and rendition requirements.
“A Tier 2 BDC is authorized to operate only in one state or the FCT. It may have up to three locations – a head office and two branches, subject to approval of the CBN. It is not permitted to appoint franchisees.”
Furthermore, in addition to the N2 billion capital requirement, a Tier 1 BDC is expected to pay an N200 million mandatory caution deposit, N1 million non-refundable application fee, N5 million non-refundable license fee and N5 million non-refundable annual fee.
Tier 2 BDC operators, apart from N500 million minimum share capital, are expected to deposit a mandatory caution deposit of N50 million as well as non-refundable application and license fees of N250,000 and N2 million respectively.
In addition, Tier 2 BDCs are expected to pay a non-refundable annual fee of N1 million.
The apex bank also stated that the prescribed minimum capital of BDCs and any subsequent capital injection shall be subject to its verification.
On operators’ permissible and non-permissible activities, the new guidelines propose that BDCs should 25 per cent of foreign exchange purchased for Business Travel Allowance or Personal Travel Allowance in cash while the remaining 75 per cent should be transferred electronically to the customer’s Nigerian domiciliary account or prepaid card.
However, the guidelines said that customers receiving $500 or less than $500 should be paid fully in cash.
The guidelines also stipulate that BDCs should retrieve resident customers’ Bank Verification Numbers, (BVN), or Tax Identification Numbers, TIN before carrying out foreign exchange transactions.
Other highlights of the guidelines include: “A BDC or its franchisee shall not engage in the following activities: Street-trading, maintaining any type of account for any member of the public, including accepting any asset for safekeeping/custody; Taking deposits from or granting loans to members of the public in any currency and in any form;
“Retail sale of foreign currencies to non-individuals, except for BTA International outward transfers; Engaging in off-shore business or maintaining the foreign correspondent relationship with any foreign establishment; Opening or maintaining any account with any bank or financial institution outside Nigeria;
“Acting as custodian of foreign currency on behalf of customers; International inward transfers, except for operators that serve as cash-out points for IMTOs;
“Borrowing sums which in aggregate exceed the equivalent of 30 per cent of its shareholders’ funds unimpaired by losses, in the BDC’s audited financial statements of the preceding year;
“ Engaging in forwards, futures, options, or other derivative/speculative transactions; obtaining foreign exchange from sources other than those listed in Section 4.0;
“ Granting of loans and advances in any currency; selling foreign exchange on credit to any customer; engaging in any trade-related import activities and serving as payment or collection agents on behalf of customers.”
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