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Sterling Bank Bags CBN Agric Scheme Award

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Sterling Bank Plc has been conferred the Best Performing Bank under the Commercial Agriculture Credit Scheme (CACS) of the Central Bank of Nigeria (CBN).

The award was presented to the bank at the CBN’s yearly Micro, Small and Medium Enterprises Finance conference in Abuja.

The conferment of the award was in recognition of the lender’s commitment to the growth of the agricultural sector, as it has disbursed sizeable funds to its customers under the scheme.

Speaking at the event,  Godwin Emefele, CBN governor, , commended the bank for its support to the sector, adding that with the support of financial institutions, activities in the agricultural sector will increase and in the process take its right of place in the nation’s economy.

Corroborating the remarks made by the CBN Governor, the Regional Business Executive of Sterling Bank, Japhet John, on behalf of the bank’s Managing Director, assured that the lender will continue to provide funding across the value chain to ensure sustainable growth for the sector.

“Agriculture is an important sector of the economy with high potential for employment generation, food security and poverty reduction. The sector played a key role in the economic growth of the country before the discovery of oil. At Sterling Bank, we intend to bring back these glorious days for the sector through adequate funding.

“The role of the financial institutions is to support the economy. Today, Agriculture still remains a main stay of the Nigeria Economy as it provides the majority of the populace with employment, income and food.

“Self-sufficiency in food production must be the top priority of any government, but this cannot happen unless there exists proper financing structures. At Sterling Bank, we provide finance and advisory services to individuals and companies that need funds to finance agriculture and agro allied businesses. We finance all actors along the value chain from production to processing as well as input, transportation and marketing among others,” he said.

He added that the bank had achieved about 3.5 per cent of the five per cent allocated to the sector, just as he assured that allocation to the sector will be increased before the end of the year.

“We are very much involved in the Growth Enhancement Scheme (GES) of the Federal Government as Sterling Bank is one of the few banks that supported the scheme when it commenced and have remained so till date”, he added

 


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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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