E-Financial
Sterling Bank Launches OneBank App
Sterling Bank Plc, Nigeria’s leading digital bank has launched a new, unique but simple banking application that can be used for all banking and payment transactions by its customers.
Mr. Olayinka Oni, chief digital officer of the bank, has said the new app is an affirmation of the bank’s position as the most innovative bank in Nigeria, adding that the app is also in line with the bank’s forward looking, customer-centric and excellence-oriented brand personality.
Oni said the application has almost everything customers might want to get about 10 different applications for, noting that with OneBank, everything the customer wants and needsis placed on his or her palm.
He noted that the application is an omnichannel solution that the bank had designed to serve its teeming customers better. According to him, the app offers easy banking and a wide range of convenient financial services.
Some of the unique features of the OneBank App include self registration/onboarding, instant account opening, domestic and foreign transfers, credit card requests, virtual card application and use and cash pick up – withdraw money from ATM in branch without card.
Others are airtime and immediate data top-up, bills payment for water, power, Pay TV, and membership subscription of professional associations, among others.
The new app is the single access point for all Sterling’s digital solutions.
The bank’s digital chief noted that the OneBank app ”allows customers to open savings and current accounts as well as apply for loans and open and maintain an investment asset.”
He said OneBank was designed to promote a new lifestyle never seen before in the Nigerian banking space.
The CDO added that the new app is an innovative approach to the business of finance that distinguishes between old ways of banking and convenience and seamless banking which Sterling Bank represents as an ever-evolving financial service provider.
Sterling Bank recently won the Innovative Bank of the Year Award at the fourth edition of the Electronic Payment Incentive Scheme (EPIS) Efficiency Awards organised by the Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement System (NIBBS).
The CBN EPIS Efficiency Awards is organised to celebrate financial institutions, merchants and other stakeholders at the forefront of driving electronic payment in Nigeria.
The awards are based on objective analysis of all E-payments data collated by the Nigeria Inter-Bank Settlement System (NIBSS) over a full calendar year.
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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