Connect with us

E-Financial

SEC says Nigeria’s Potential for Islamic Finance Jurisdiction Outstanding

Published

on

Kindly share this post

The Securities and Exchange Commission (SEC) has said Nigeria has the potential to join the leading global Islamic finance jurisdictions. Mr. Lamido Yuguda, Director General, SEC, said this when the Commission in collaboration with the Islamic Financial Services Board (IFSB), hosted the inaugural SECN-IFSB International Forum 2023, in Abuja.

The event brought together leaders and stakeholders fostering discussions, collaboration aimed at further deepening the NICM in Nigeria. Speaking at the first day of the SECN-IFSB International Forum on Non-Interest Capital Markets, Yuguda set the stage for insightful conversations and a deep dive into global and regional trends in non-interest capital markets.

He expressed the belief that “Nigeria has the potential to join the leading global Islamic finance jurisdictions when we deal with challenges such as inadequate awareness, regulatory harmonisation, and enactment of legislations that enhance legal certainty and clarity similar to what prevails within the conventional financial architecture.”

In similar fashion, Dr. Bello Lawal Danbatta, Secretary-General, IFSB, in his keynote address, commended SEC Nigeria and the government for their dedication to cultivating a resilient non- interest capital market.

“Nigeria’s Non-Interest Capital Market stands as a harmonious testament to financial innovation and progress, seamlessly weaving together the threads of ethical finance and conventional wisdom.

“The IFSB is honoured to be contributing our efforts, paired with the visionary leadership of the SEC and the Government at this stage that resonates with international regulators, market players, and policymakers – to cultivate a dynamic ecosystem where knowledge blossoms, preferences flourish, and inclusivity thrives,” he said.

In his remarks, Mr. Wale Edun, the Honourable Minister of Finance and Coordinating Minister for the Economy underscored the significance of non- interest capital markets in Nigeria’s economic landscape and the promotion of financial inclusion.

The minister highlighted the necessity for alternative financing mechanisms that prioritise equity participation over interest bearing financing models, emphasising that this approach is crucial for addressing the global debt crisis and fostering swift and inclusive growth.

A pivotal moment during the forum was the signing of a Memorandum of Understanding (MoU) between SECN and IFSB, solidifying closer collaboration, support, and the exchange of information, research, development, training, and education. The historic agreement outlines a framework for the enhancement of Shariah-compliant non-interest capital markets in the region.

The event also witnessed the launching of IFSB’s Annual Report, developed to provide a comprehensive overview of the international standard-setting organisation’s operations, accomplishments, and progress towards promoting the stability and growth of Islamic finance globally.

The forum’s discussions delved into crucial market developments and opportunities, with a particular focus on global and regional trends on non interest capital markets, sustainable green and ESG sukuk, and the role of non- interest capital market instruments in infrastructure financing.

Key recommendations include enhancing Non-Interest Capital Markets (NICM) in Nigeria through measures such as increasing awareness, establishing legal frameworks for infrastructure funding, enacting legislation for Islamic Capital Markets (ICM), providing capacity building for scholars, addressing regulatory bottlenecks, fostering collaboration among stakeholders, and leveraging technology for financial inclusion.

The discussions underscore the significance of uniform standards, public awareness, and targeted strategies to deepen the takaful sector. Moreover, there were recommendations for regular coordination meetings, the establishment of a think-tank, collaboration with academia, capacity building for conventional institutions, and exploration of innovative financing models for infrastructural projects.

The sessions showcased a notable line up of participants, including representatives from institutions such as the Central Bank, AMF-UMOA, NAICOM, Nigeria Deposit Insurance Corporation, Debt Management Office, National Pension Commission, Investment and Securities Tribunal (IST), and Financial Regulation and Advisory Council of Experts (FRACE).

Leadership figures from capital market trade groups, operators, industry players, and members of the press also actively contributed to the discussions. As drivers of sustainable and innovative Islamic finance practice, the IFSB and SECN conducted the 5th Innovation Forum which saw the convergence of industry players and other stakeholders discussing the latest developments in innovation in Islamic finance.

Sessions explored digital innovation, fintech’s role in harnessing shariah-compliant non-interest finance for financial inclusion, and regulatory issues.


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Financial

NDIC, EFCC Begin Investigation of Directors, Staff of Heritage Bank

Published

on

Kindly share this post

Nigeria Deposit Insurance Corporation (NDIC) has said it will, in conjunction with law enforcement agencies, commence investigation of directors, managers and staff of the defunct Heritage Bank following its liquidation over a month ago.

NDIC, EFCC Begin Investigation of Directors, Staff of Heritage Bank

Mr Bello Hassan, managing director of NDIC, stated this at the 2024 capacity building workshop for law enforcement agencies on ‘Inter-Agency Collaboration in the Fight Against Financial Malpractices in Banks and Other Financial Institutions in Nigeria’ in Lagos yesterday.

Stating that, those behind the collar of the bank will be brought to book, Hassan, who was represented by Mr Bello Hassan, NDIC’s director, Corporate Communications,  noted that, through its collaboration with law enforcement agencies, 14 prosecution cases are ongoing at various courts, 18 ongoing investigation with FMIU, 8 with EFCC and 9:concluded investigations with Federal Ministry of Justice for advice and prosecution.

“The Central Bank of Nigeria recently revoked the banking licence of Heritage Bank PLC which may require you to be called upon to investigate some of the Directors, Managers and officers of this failed insured Institution with a view to bring to book those found culpable in the collapse of this institution.

“The Corporation as a key participant in the financial safety-net, has over the years taken the fight against insider abuses and financial malpractices in banks very seriously. As you all know, a safe and sound banking environment is an essential ingredient of financial system stability which of course is the bedrock for economic development of every nation.

“We are not unaware of the challenges of investigating and prosecuting financial malpractices and bank fraud cases but wish to urge you not to relent in your efforts and be rest assured of our unflinching support at all times,” he pointed out.

Hassan noted that, the theme of the workshop ‘Effective Collaboration as a strategy in the fight against insider abuses and financial malpractices in Banks and Other Financial Institutions in Nigeria’ was to re-echo its resolve to unite with law enforcement agencies in the “fight occasioned by the menace of insider abuses and financial malpractices which is a major cause of bank failure, and if not tackled is  capable of eroding public confidence in our banking system.

“Consequently, and in line with Article 12 of the Core Principles of Effective Deposit Insurance which provides for every Deposit Insurer to put in place the necessary mechanism of bringing to book parties found culpable in the failure of their bank or financial Institution.

“It is for this reason that the NDIC has been consistent since 2012 in organising this workshop to sharpen the skills of law Enforcement operatives and Officers from Regulatory Agencies that are involved in the investigation and prosecution of bank Directors, Managers and staff of banks involved in malpractices and insider abuses that might have led to the collapse of their banks or financial Institutions.

 

“Change is the only constant thing in life. Most changes in human endeavours come through developments in sciences, technology or innovation. As the banking system is rapidly evolving with new innovations, it is clear that a new phase of financial technology driven economy is currently reshaping the global financial services space.

“With this development, the criminally minded users of the banking system including the notorious ‘’cyber criminals’’ are busy perfecting their misplaced skills and that is why workshops like this are necessary to enable law enforcement officers to understand, accept and adapt to the dynamic operating environment.”

 

 

 

 


Kindly share this post
Continue Reading

E-Financial

PalmPay Makes Payment Easier with Zero Bank Transfer Fees on All Transactions on the Fintech App

Published

on

Kindly share this post

In its continued drive to financial inclusion across Nigeria, leading fintech company PalmPay, continues to give its users unlimited free transfers to all banks. This feature which was introduced earlier in the year has been allowing users to make transfers to all banks within the country without incurring any bank fees.

Chika Nwosu, PalmPay’s Managing Director, stated: “We are committed to ensuring smooth and easy transactions with our free transfer feature. This shows our dedication to providing accessible and affordable financial services to our over 30 million users and every Nigerian. We believe everyone should have access to affordable financial services.”

PalmPay is dedicated to driving economic empowerment in Nigeria by offering top-tier products such as money transfers, bill payments, credit services, and savings through its app and mobile money agents. Users can send and receive money seamlessly, pay bills effortlessly, shop with ease, and earn discounts and cashback while performing these transactions.

By eliminating transfer fees to all banks on its app, PalmPay has empowered its millions of customers to enjoy endless fund transfers to family and friends, pay their bills seamlessly, and manage their finances more effectively.

PalmPay is a leading Africa-focused fintech platform committed to driving economic empowerment in Africa. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay brings top-tier products into the pockets of everyday Nigerians. With this, we are able to drive financial inclusion.

PalmPay offers money transfers, bill payments, credit services, and savings on its app and via its mobile money agents. Since launching in Nigeria in 2019 under a Mobile Money Operator license, the platform has grown to over 30 million app users as part of its cashless payment ecosystem.


Kindly share this post
Continue Reading

E-Financial

eTranzact Powers Military Pensions Board’s New Digital Verification System

Published

on

Kindly share this post

eTranzact, innovative financial technology solutions company, has announced its role as the technology solution provider for the Military Pensions Board’s new digital verification system for military pensioners, officially launched on July 1, 2024.

eTranzact Powers Military Pensions Board’s New Digital Verification System

In a press statement, the company said that the initiative marks a significant milestone in leveraging technology to streamline pension verification processes and enhance the welfare of military retirees across Nigeria.

It also stated that, with Federal Government approval, the Military Pensions Board is transitioning from traditional physical verification methods to an advanced electronic system developed and deployed by eTranzact.

“This transition aims to minimise travel risks, reduce transportation costs, and accommodate the advanced age of many pensioners.”

According to the statement, Air Vice Marshal Paul Irumheson, chairman of the Pension Board, said the necessity of this transition to electronic verification is crucial for the safety and convenience of military pensioners.

“This innovative solution will ensure that retirees can verify their status from anywhere in the world, significantly reducing the burden of travel and associated risks.

“The successful pilot exercise conducted between February 15 and March 1, 2024, demonstrated the efficiency and reliability of the new system. In addition to developing the verification system, eTranzact has managed salary payments for other government agencies.

“The implementation of this electronic verification system is a critical step towards ensuring foolproof and seamless payment processes within the Military Pensions Board.

“The Minister of State for Defence, Dr Bello Matawalle, and the Chief of Defence Staff, General Christopher Musa, have endorsed the electronic verification exercise, recognising its potential to revolutionise the military pensions system.”

The statement further explained that the “key benefits of the digital verification system include enhanced security by reducing the risk of identity fraud and impersonation, convenience by allowing pensioners to complete verification from their homes, cost efficiency by eliminating the need for travel, and accessibility by accommodating pensioners residing both within and outside Nigeria.

On his part, Niyi Toluwalope, chief executive officer of eTranzact, expressed enthusiasm concerning the partnership for digitalized pension processes.

“We are honoured to collaborate with the Military Pensions Board on this transformative project. At eTranzact, we are committed to harnessing the power of technology to solve critical challenges and improve the quality of life for Nigerians. This digital verification system affirms our dedication to innovation and excellence,” the statement reaffirmed.


Kindly share this post
Continue Reading

Trending