E-Financial
PayMe: Nigeria’s Version of PayPal Debuts
The cashless initiative of the Central Bank of Nigeria (CBN) has received another boost with the introduction of payme.ng, an innovative, easy to use cashless payment service similar.
Payme, described as Nigeria’s version of PayPal, allows individuals to send and receive money instantly.
It is a product of collaboration between Cosmos Technologies Limited, a Nigerian Company with specialization in the area of into digital application solution, online business solutions, E-learning and Datamaic Solutions Limited a Nigerian Company specialized in cutting edge software development and technology consulting.
Payme is currently powered by QuickTeller, Nigeria’s leading online payment platform.
Fikayo Otun, the project director, said that to use Payme, “All a user needs to do is register their phone number and email on www.payme.ng and link any of their bank accounts to their registered Payme Account all for FREE.
“To receive a cashless payment, a registered Payme account holder simply provides their phone number to the person that needs to pay them. The payer then goes to www.payme.ng from any device as simple as a mobile phone with internet connection, enter the phone number of the recipient and uses their ATM card to effect the cashless payment which is received instantly, and this is at no additional cost to the Sender”.
He explained that Payme can also be described as a virtual personal POS (even though much more versatile & affordable) as it converts any Smartphone, tablet or PC to a cashless payment terminal.
“The transactions on payme.ng are safe as it requires the payer using their MasterCard or Verve ATM card to enter their PIN number and 3 number Security code as is required for normal POS Transactions.
“The receiver confirms the payment instantly and can transfer the payment to any of their registered bank account at anytime”.
Otun said the developers of the platform are optimistic about its viability, citing that Nigerians are increasingly imbibing the culture of carrying out transaction such as shopping, receiving and sending money online. “It is important therefore that the payment options been offered should afford greater usability requirements beyond just processing payments.
People are looking for solutions that will allow them make and receive payments how they want and whenever they want to in a quick, safe and affordable manner.
“Payme offers minimal amount of time to setup an account. It also ensures considerable few the steps for people making payments to complete the transaction.
“With several cost and time saving features, Payme is the answers to the payments needs of Nigerians as the exploration of online and cashless payments for both personal and business needs surges.
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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