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Skye Bank, Entrepreneurs Parley @ SME Seminar in Onitsha

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Over 200 customers and business partners in the Micro, Small and Medium Enterprise (MSME) sector attended the South East edition of Skye Bank’s SME seminar held yesterday at De Lumen Hotel, GRA, Onitsha, Anambra State.

Themed ‘’Nurturing Businesses for Growth’’, the bank described the seminar as part of its contributions towards developing the Micro, Small and Medium Enterprise (MSME) sector of the Nigerian economy.

While delivering his remark, Dr. Charles Udogu, the bank’s regional director, South East I,  said MSME was an important growth driver in any economy, warning key economic players in the nation’s polity not to neglect the sector.

Dr. Udogu said, “Having identified the gap in the SME sector, Skye Bank organized this seminar to bridge this gap through the Bank’s business seminar series.”

Speaking in the same vein, Mrs. Ayo Olojede, head, Small Business Group, Skye bank disclosed that the Bank was coming up with solutions that would help to minimize the cost of doing businesses for small business owners.

Olojede however warned that, “If you want to access a loan, there are some simple but fundamental requirements the bank will expect – like a business plan,  cash flow projections and basic business skills to determine the viability of the business and ways of partnering with customers to deliver value.’’

Commenting on the seminar, she said it was organized to enlighten the bank’s customers on areas of managing their cash flow and other areas of business operations among other issues.

In his keynote speech, Mr. George Umobi, managing director, Dilimson Holdings Limited, charged participants to confront challenges faced in the course of growing their businesses and charged them to seize the opportunity Skye bank presented to them and make the best of it.

The seminar was commended by the participants whose questions on different issues concerning Skye Bank Plc and the banking industry were promptly addressed by the bank’s representatives.

The next edition of the Skye Bank Plc SME Seminar takes place in the South-Western part of the country in May.

 


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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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