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Signal Alliance, Cisco Urge Nigerian Banks to Adopt Digital Transformation

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Signal Alliance and Cisco met recently with representatives of Nigeria banks to demonstrate how their operations and security can be improved and more efficient without spending above their budget.

Speaking at the Signal Alliance-Cisco business engagement session, Adegbola Adesina, Signal Alliance Director of Service Delivery said, “more companies continue to embrace mobility, cloud, analytics, and increase in custom built application on low bandwidth, consuming applications to digitize their businesses. These have made IT teams to struggle in their bid to keep up with the ever-increasing complexity of the network, sophistication of security attacks and growing end user’s expectations”.

This according to Adesina has led many organizations to spend huge sums of money acquiring new devices all in the name of upgrade which may not be necessary.

The Signal Alliance Digital Transformation event was well attended by leading banks in Nigeria. The bankers were shown by experts how their organizations can make do with what they already have, cut down on their IT spend and grow their services in a more secure environment to gain competitive advantage through process digitization.

Three presentations were made by experts. Yinka Adeosun of Signal Alliance spoke on Digital Network Transformation, Tomi Amao of Cisco demonstrated the new Cisco Security Integrated Architecture, while Kaecy Udumukwu presentation was on Digital Business Transformation.

During the presentations, participants were made to know that Cisco had realized that traditional networks simply could not scale to meet the increasing demands of the digital business. For this reason, a new network was needed for the digital business. A new network for the digital era. A network designed from the ground up to be flexible, programmable and open; while leveraging on and protecting existing investment.

The Cisco Digital Ready Network helps IT to address these demands by moving networking from hardware-centric to software-driven, from manual to automated, and from reactive to adaptive.

Signal Alliance is a diversified technology company with over 20 years’ experience in the Nigerian technology and business landscape, starting out first as an IT networking company in 1996, before quickly evolving into IT systems integrator.

It is a leading Cisco partner in Nigeria who won the 2016 Cisco Global Partner Plus Winner Circle Award for Africa. Signal Alliance also invests and incubates technology startups.

 


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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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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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