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SimbaPay Connects World’s First Int’l Access to M-Pesa PayBill

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SimbaPay, a leading digital money transfer provider, on Monday, announced the launch of the first product in the world that allows Kenyans living abroad to make M-Pesa PayBill payments.

This is a new addition to the existing SimbaPay platform.

SimbaPay launched free, instant transfers to Nigeria in May 2015 and continues to disrupt the cross-border remittance industry with its focus on speed and convenience.

M-Pesa PayBill is an M-Pesa service that has previously only been available to Safaricom M-Pesa subscribers in Kenya and allows the subscribers to pay hunderds of vendors via M-Pesa.

By SimbaPay granting PayBill access to its customers, Kenyans abroad can now also pay hundreds of vendors and utility companies in Kenya directly via M-Pesa PayBill.

Nyasinga Onyancha, CEO for SimbaPay noted that “Our customers want to pay vendors in Kenya faster and without having to go through friends and family”.  “This new product allows them to do just that, especially for time sensitive payments such as those to hospitals, stock brokers and the like”.

SimbaPay customers will not require a Safaricom phone number or M-Pesa registration to pay vendors via PayBill as is currently the case for M-Pesa subscribers living in Kenya.

SimbaPay charges zero fees for its instant money transfers to M-Pesa PayBill numbers.

Kenyans living in the UK with a bank account, debit card or credit card will be able to use the SimbaPay app to make M-Pesa PayBill payments from any mobile phone, tablet or computer.

Transfers made using SimbaPay to M-Pesa PayBill numbers are credited instantly.

The service has already been rolled out to Kenyans living in the UK with other EU countries slated in the near future.

For ease of use, the majority of M-Pesa PayBill numbers and vendors have also been pre-loaded on to the SimbaPay platform which eliminates the need for customers having to remember a vendor’s PayBill number.

At the time of making an M-Pesa Paybill transfer using SimbaPay, customers will be required to select the vendor to be paid and then enter their account number with the vendor. For example if paying a hospital bill, the patient number will be required.

 


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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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