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PFS’ Clirec Tops Bobsguide 2019 Global Payments Rankings

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Bobsguide in its 2019 Global Payment Rankings has voted Precise Financial Systems’ flagship accounts reconciliation solution, Clirec as the world’s best account management solution.

There are 40 categories and each category has three winners with a total of 120 winners. Clirec is the only brand representing the Africa continent in the Bobsguide 2019 Payments Rankings.

The Bobsguide 2019 Payments Rankings is voted for by each firm’s clients and end-users and it represents a diverse list of old and new innovative players.

“This year we have asked market participants to select who they believe to be the leaders in the payments and paytech industries and votes flooded in across the board. Payments have become a fast-moving vehicle, driven by regulation, market forces and technological advances. New players are emerging while incumbents look to reinvent themselves in this evolving ecosystem”, Bobsguide said on its website.

Bobsguide offers a combination of news, analysis, reports, whitepapers, webinars and a comprehensive product directory, listing over 7,000 fintech solutions in areas such as asset management, risk management, payments and transfers, treasury management, wholesale banking and trading.

To emerge overall winner in the “best account management solution” category, Clirec – a suite of fully integrated accounts reconciliation modules with multi-currency and multi-lingual capabilities – outperform the duo of Free Agent and Xero, which returned as second and third place winners respectively.

However, in the best credit card providers’ category, MasterCard came ahead of American Express and MBNA. The winners in the best mobile app category include NatWest, Revolute and Santander.

The winners in the best in-app money management are NatWest, Starlings and HSBC. PFS’ Clirec came top in the best account management solution with Free Agents and Xero coming behind.

Specifically, Free Agent is cloud-based accounting software targeted at small businesses and their accountants. The company was purchased by Royal Bank of Scotland.

Xero is a New Zealand domiciled public technology company, listed on the Australian Stock Exchange. Xero offers a cloud-based accounting software platform for small and medium-sized businesses.

Other categories are the best liquidity management solution, cross-border transaction solution, remittance solution; cash transfer solution, corporate treasury solution and POS solution.

The rest are best wholesale payments solution, ecommerce solution, digital innovation, and crypto payment solution, use of machine learning in payments, use of artificial intelligence in payments and use of DLT in payments among others.


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E-Financial

FG Sacked IST Members over Fraud- Ahmed

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Mrs Zainab Ahmed, minister of Finance Budget and National Planning, has said the Federal Government sacked some past members of the Investments and Securities Tribunal (IST) as they indulged in corruption.

FG Sacked IST Members over Fraud- Ahmed

Inaugurating the new members, the minister charged the new members to eschew corruption and be forthright.

Bar. Azi Amos Isaac was appointed as Chairman for a five year term and Bar. Nosa Smart Osemwengie, was re-appointed as member for a second term of four years.

“The problem with the tribunal has been infighting amongst members, lack of industrial harmony and series of complaints bordering on maladministration.

“This has been the bane of the tribunal and a source of embarrassment not only for the Ministry of Finance but for the government in general,” Ahmed said.

The new chairman, Azi, assured the finance minister that, “the teething issue of restiveness has been addressed since he assumed duty,” adding that, “The place is calm and the staff have become very supportive.”

Azi said since 2003, the tribunal has “given judgment in the value of assets worth over N844 billion and that from 2017 to date, they have given decisions in monetary value totalling over N28bn.

“It has not failed in its adjudicatory responsibility.

“It has carried out its assignment with candour and integrity and intends to improve on what has been on ground.”

 


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CBN Bans Customer-to-Customer Forex Transfer

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Central Bank of Nigeria (CBN) has banned transfer of foreign exchange (forex) from one customer to another.

CBN Bans Customer-to-Customer Forex Transfer

According to the apex bank, forex cash lodgements into domiciliary accounts can only be done by the account owners henceforth.

An internal memo available in the media space explains that the new guidelines are necessary to review the utilisation of inflows into customers domiciliary accounts.

The circular states: “Forex inflows cannot be credited to customers until the legitimacy of funds is established.

“They can have unfettered access by telegraphic transfers up to a limit of $40,000 monthly for payment of medical bills, school fees, subscription to professional bodies subject to existing CBN guidelines.

“Transfers from one customer to another is prohibited. Transfer within related companies is allowed subject to a limit of $50,000 per month.”

It recommended that proceeds from non-oil exports should be sold to banks, used for repayment of dollar term loans, and self-utilisation for trade transactions for LC, bills and Form A.

Also oil export proceeds from E&P companies are to be used to pay contractors and service providers employed by the oil companies in addition to the recommended uses for non-oil FX proceeds.

Offshore forex inflows from other Nigerian banks and internal account to forex transfers sourced from offshore inflows are to be used for trade transactions subject to eligibility for E-Form M.

“Upon confirmation of the legitimacy of the inflows, customers can have unfettered access, subject to a maximum of $50,000,” the document read.

“Utilisation for trade transactions subject to processing of eligible trade transactions using E-Form M. Payment for services must be backed with demand note from offshore beneficiary and other regulatory documents.

“Related party transfers are allowed to the maximum of the inflow received. The transfer request should be backed by a signed instruction from the account holder.” Payment of government fees and levies are also allowed to the maritime, oil and gas, aviation. government parastatals and export processing zones.

 


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Stanbic IBTC, Standard Bank, Listed Among Top African Corporate Brands

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Stanbic IBTC Holdings PLC and its parent company, Standard Bank, have emerged amongst the top winners of the 2020 Tech Times’ Africa LinkedIn Corporate Brand Awards.

The Stanbic IBTC Group emerged the second position in the category, with total votes of 3,515, out of 24 firms nominated for the award. Standard Bank placed the fourth 2,494 votes.

Nominations for this award opened to the public on July 1, 2020 and closed on July 14.

Shortlisted nominees were announced on August 24 while voting commenced immediately and voting ended on September 8, 2020.

The Corporate Brand Awards was instituted by Tech Times’ Africa, an online platform for leading technology, innovation, and startup stories.

Expressing his delight on the awards, Dr Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC, said that both Stanbic IBTC Holdings PLC and Standard Bank had been deliberate and consistent in making a remarkable impact in Africa’s financial sector.

“Our sincere appreciation goes to the organisers of the Africa Corporate Brands Awards and to every member of the public who voted. This is a reflection of the high level of trust and confidence that the public has reposed on us,” he added.

Dr Sogunle further said that Stanbic IBTC Holdings PLC would remain relentless in portraying the organisation as one of the most influential corporate brands in Africa.

He stated: “Stanbic IBTC Holdings PLC and Standard Bank have relentlessly contributed to driving the growth and development of the African financial ecosystem. These awards affirm our efforts, and we are encouraged to raise the bar continually.”

The Africa Corporate Brand Award is designed to identify and recognise outstanding companies. It also projects their achievements and impacts on African society and the world at large.


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