Connect with us

E-Financial

Sterling Bank Unveils App that Turns Mobile Phones Into PoS

Published

on

Kindly share this post

Sterling Bank Plc has launched OnePay for Business, a mobile app that empowers merchants to use their mobile phones as Point-of- Sales systems.

Sterling Bank Unveils App that Turns Mobile Phones Into PoS

It allows merchants and their customers to receive and make cardless, contactless and cashless payment for goods and services in a near-cash form using QR Code, Bluetooth and PaywithSpecta.

Dipo Alabede, group head, Digital Banking at Sterling Bank, while introducing OnePay for Business in Lagos, said it meets the need for a hygienic payment method in a COVID-19 world.

“The contactless payment feature on the app is essential for merchants and customers because it keeps both safe as the world combats the coronavirus pandemic. It is also an effortless way to make payments.”

According to Alabede, OnePay for Business is easy to use and available for download on the Android Play Store and iOS Store.

It requires a smartphone with an internet connection to set up. After setting up, customers can log in to use payment options that include QR Code, nearby payment (Bluetooth) and PaywithSpecta.

A QR code is a unique barcode containing the merchant’s business name, QR merchant ID, and other information encoded into it.

Instead of manually entering data into their mobile phones, customers would scan a merchant’s QR code using the QR feature on their app to start the payment process.

Alabede explained that customers could make payment using the app’s QR feature if it is enabled as a part of their mobile banking offerings.

“To pay merchants, customers have to open their OneBank app or any other bank mobile app to select the QR service option, validate and complete the transaction.”

He identified being able to make payments anytime and anywhere, even without a wallet or sufficient cash at hand, as one of the benefits of using the Sterling QR Service.

He added that merchants could also accept payments anytime and anywhere by using the mobile app.

Urging merchants to download and use the app, the Executive Director, Commercial Banking at Sterling Bank, Tunde Adeola, noted that it would save them money and reduce their cost of operations.

He added that the bank looks forward to supporting all merchants that will download and use OnePay for Business.

Olayinka Oni, chief digital officer of the bank, described OnePay for Business as another means of enriching lives through immediate settlement value for merchants.

He assured merchants and customers that the bank will continue to enrich the product, ensuring that it delivers on its promise leveraging the Nigeria Inter-Bank Settlement System (NIBBS) ecosystem for its overall benefits.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

Published

on

Kindly share this post

“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.

 


Kindly share this post
Continue Reading

E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

Published

on

Kindly share this post

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.

 

 

 

 

 

 

 

 


Kindly share this post
Continue Reading

E-Financial

CBN Urges Banks to Expedite Action on Recapitalisation

Published

on

Kindly share this post

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.”

 

 

 

 


Kindly share this post
Continue Reading

Trending