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PMAN Selects Verve, Unveils Multipurpose Card for Entertainment Industry

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Having provided a multifunctional card for University of Ilorin (UNILORIN) in 2014, Verve International is poised to developing an array of identity solutions to address various indigenous challenges faced by industries in the country.

The claim is substantiated as it partners with PMAN and Heritage Bank to provide payment identity card.

Based on its innovation, the card is designed to globally authenticate each artiste’s involvement in the Nigerian music and entertainment industry.

It also offers members the opportunity to protect their works and intellectual property through the Global System One ﴾GSI﴿, to prevent unauthorized duplications (piracy) or usage.

Heritage Bank’s relationship with the PMAN led to the introduction of the PMAN Membership Biometric Identity Card (PMBIC).

Following the partnership, indigenous payment card brand, Verve has been named the official card provider.

The Membership Card is aimed at driving accessibility, security, trust, convenience and cost effectiveness and it enhances global recognition and authentication of artistes in the Nigerian entertainment industry, and is opened to the general public especially those in the music and entertainment industry.

Speaking about the development, Enyioma Anaba, marketing manager, Verve International stated: “This is an innovation that is undoubtedly apt for the Nigerian Entertainment Industry. Apart from the fact that it is a payment card, it also serves the same identification purpose as an international passport. We achieved a huge success at the University of Ilorin in 2014; this is another major one. We look forward to addressing identity challenges in different sectors in the country.”

The scheme additionally qualifies every user and four members of their family for a special annual renewable health insurance package; personal and accident insurance scheme worth N5, 000, 000; hassle-free access to embassies and high commissions in Nigeria for visa services and pension plan for aged and retired members to the tune of N100, 000 monthly and access to PMAN legal services for local and international contract reviews and personal matters.

 

 

 

 


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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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