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Phillips Consulting Inks Partnership with Polaris FT

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Phillips Consulting Limited, a business and management consulting company that draws its competitive strength from collaborations with global partnership, has announced recorded another strategic partnership with Polaris Financial Technology (FT) Limited. 

The leading African based business and management consulting practitioners defined the partnership as to include a co-marketing of Polaris FT products and services, with exclusive sales distribution across Africa.

Speaking to Nigeria CommunicationsWeek at Phillips Consulting Breakfast Forum and Web Jurist Award v12.0, Mr. Foluso Phillips, the chairman, described Polaris FT Limited, as a leader in financial solutions for the global financial services industry, adding that the partnership will enable Phillips Consulting to provide the African market with all of its renowned cutting edge services.

Phillips Consulting focuses on creating and managing change in organisations by helping them formulate and implement customer focused strategies, align their management systems to support service delivery, and develop the competence and capabilities of their people to deliver on their promises.

He said the partnership will offer a solid platform which interacts with the mission of Phillips Consulting to contribute visibly in bringing Africa into the forefront of the global economy by devising strategies, designing systems and developing people to significantly improve performance.

He added that through the measures to be adopted under the partnership, Phillips/Polaris will be forging strategic alliances in Africa, expanding the best of Africa into the rest of the world and taking the best of the world into Africa.

Phillips added that, “Phillips Consulting is proud to join forces with Polaris FT to offer a wide range of financial technology services to the African market that can be fully integrated into any existing solutions in use by any organization.

“The uniqueness of the range of services offered by Polaris stemmed from its ability to integrate with major financial platform already running in any organization”.

He maintained that the multifaceted partnership will allow them expand its addressable markets by providing customers with integrated solutions that increase the efficiency of their IT infrastructure.

On his part, Christopher Tomes, senior vice president, iGTB Africa of Polaris FT, told Nigeria CommunicationsWeek that they were excited to have entered into partnership with the reputable firm.

According to him, Phillips Consulting was sighted by Polaris as capable of leading their course in penetrating African market with their world best solutions.

He said that the Polaris FT has a deep understanding of the lifecycle of money and the role of technology as a value creator, hence the partnership for Africa.

Founded in 1993, Polaris Financial Technology Limited is a global leader in Financial Technology (FT) for Banking, Insurance and other Financial Services.

The organization offers superior technology solutions through its two specialized divisions that enable clients unprecedented operational efficiency – FT Services and FT Products.

The organization’s specialist capability, from solutioning through delivery, is apparent in its full spectrum offerings across Testing, Infrastructure Management, Business Efficiency, Business Transformation, Data & Analytics, Mobility & Channels, and Risk & Compliance.

 

 

 


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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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