E-Financial
Polaris Bank Boss Urges Employees to Embrace Technology
Mr. Tokunbo Abiru, chief executive officer, Polaris Bank Limited, has charged the bank’s newly hired employees on the need to be professional in the discharge of their responsibilities as a key ingredient for a successful banking career.
He also stressed the need for them to embrace digital technology.
According to a statement, Abiru, gave this charge while speaking at the graduation ceremony of Polaris Graduate Intensive Training (PGIT), in Lagos at the weekend.
Addressing the new staff who were enrolled through the bank trainee program called, Polaris Graduate Intensive Training (PGIT), the Polaris Bank CEO pointed out that upholding professionalism in their respective assignments was the sure route to contributing to national and macro-economic development through their banking career.
“You have been trained to be professionals and leaders, who will make the difference in whatever area of the bank you are deployed to. You are undergoing today’s graduation not because we sought to do you a favour, but because you emerged successful from amongst thousands of Nigerians that sat for the same examination,” he said.
Continuing, Abiru noted that “The bank places a high premium on staff training and manpower development as a way of building an informed and competent work force to enable the employees excel in their assigned tasks.”
The Polaris Bank boss advised the new management trainees to be nimble and innovative, saying, “Giving the knowledge and experience of the resource persons that you interacted with during this last few weeks, I’m assured that you have acquired positive learnings and memories that would create the foundation of the career that you are about to start.”
Abiru added that: “The future of work is changing because we live in a fast-paced era, the bank of the future is therefore, one that harmonises the strength of its traditional background and combines it with the customer-centric model of the new players; it is one that shifts its focus from trading and wholesale banking to retail banking as this has proven to reduce costs.”
Earlier, Mr. Taiwo Olupeka, Polaris Bank’s head of Human Capital Management, said 54 graduates were the first successful batch amongst the over 24,000 candidates who sat for the bank’s recruitment test.
Olupeka, described them as the ‘best of the best’ that emerged after a very rigorous exercise.
Speaking after she received her prize of excellence Miss Titilayo Fawunmi, as the overall best graduating student of the PGIT Stream from the CEO, said the experience was very educative.
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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