E-Financial
Standard Chartered Supports ACT 2020 Workshop
Standard Chartered Bank was the main sponsor at the 2020 Association of Corporate Treasurers (ACT) workshop titled “Treasury Excellence as Standard” which held in Eko Hotel & Suites, Lagos, on February 5th , 2020. The event attracted a cross section of delegates from Local Corporates, Multinationals and Multi-lateral organizations.
Caroline Stockmann, the Presenter and Chief Executive of ACT led discussions with treasurers on some of the pertinent issues impacting Treasurers and Chief Financial Officers globally today.
She also shared her insights into leadership, communication, strategic influence and the digital impact on treasurers
Lamin Manjang, Chief Executive Officer, Standard Chartered Bank Nigeria, in his speech spoke about SCB’s collaboration with ACT in various geographies on Treasury Thought leadership.
He shared extensively on the Bank’s digitization proposition agenda and various projects and solutions being developed by the Bank’s global innovation entity- SC Ventures. He noted that SC Ventures acts as a platform and a catalyst for promoting innovation; investing in disruptive financial technology and exploring alternative business models.
To date, SC ventures has developed over 40 proofs of concepts in the digital space, several of which are now being commercialised by collaborating with our clients either directly or in co-creation platforms with our technology partners to differentiate and grow their businesses.
Commenting on the event, Lamin said, ‘‘We are at the forefront of providing first in class solutions and services such as our automated award-winning Liquidity Management solutions which provides seamless flows, cost saves, yield enhancements and reporting for our valued corporate clients.
“For us, this sponsorship serves as one of the many ways we continue to reiterate to our clients and stakeholders within the sector that we are committed to their business growth and here for good’’
Omolara Adenusi, Head of Cash SCB Nigeria, in addition, emphasied the importance of the evolving role of Treasurers as key partners in strategic decision making in organizations and highlighted the importance of digitalization in driving the transformation agenda for Corporate Treasurers. She noted that the Bank offers liquidity management solutions which are specifically tailored to the needs of organisations.
SCBN won Best overall bank for cash management in Nigeria 2018 and 2019 by Global Finance
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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