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PocketMoni , EFInA Launch $350,000 MM Activation Project In North, South West

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eTranzact International PLC, Africa’s leading provider of mobile banking and payments services is proud to announce the investment of $350,000 into a mobile money activation project in collaboration with EFInA, a financial sector development organization.

The project which will be piloted  in Northern and South Western Nigeria is called “The PocketMoni 500” project.

The project which is in line with the Central Bank’s cashless policy has kicked off in Kano and Ogun States in Northern and South Western Nigeria respectively, and is aimed at driving the adoption of mobile money in those areas by educating and signing up local merchants and consumers.

eTranzact International PLC, which facilitates mobile banking services of 11 banks through its mobile switching platform, processes over N1 trillion every year and has more than 11 years’ experience processing financial transactions in Africa, got a Central Bank Mobile Money license for PocketMoni, its mobile money wallet in 2012.

EFInA (Enhancing Financial Innovation & Access) has provided a Technical Assistance Grant of $250,000 towards building a viable mobile payment ecosystem focused on the low-income population in Kano and Ogun State by incentivising and supporting eligible small businesses to serve as mobile payment merchants and agents.

EFInA is funded by the UK Government’s Department of International Development (DFID) and the Bill & Melinda Gates Foundation, and has been championing financial inclusion in Nigeria since it was established in late 2007.  As part of the terms of the grant, eTranzact will also put in $100,000 and will drive the execution of the project.

With low internet penetration a major challenge to the adoption of mobile money in Nigeria, the key value proposition of eTranzact’s PocketMoni is ubiquity, being able to send, receive money and make payments using USSD, SMS, GPRS/lnternet and the web.

Speaking about the project, Mr Valentine Obi, CEO of eTranzact said; “We are very happy to be announcing this project at this time. Since we began our mobile money service in Nigeria, it has been clear that significant effort had to be made by stake holders at all levels to educate and incentivize merchants and users, and in collaboration with our partners, we will continue to push until the cashless policy goal is achieved.

This collaboration with EFInA is the first of a series of strategic partnerships we have planned, we will be launching other similar projects in other parts of Nigeria and our team of mobile money evangelists will be spreading the gospel of mobile money from state to state”

As part of efforts on the project, members of the PocketMoni team have been making appearances on select radio stations in Kano and Ogun state, educating people and providing incentives to encourage the adoption and usage of  mobile money products.

The key message is for Nigerians to see mobile money as more than just an add-on service, but as an important component of the payments landscape in Nigeria.

The first phase of the PocketMoni 500 project will run for 6 months and reinforces eTranzact’s commitment to driving the growth of payments in Nigeria by investing in financial, educational and other resources necessary to reach the banked and unbanked.


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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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