E-Financial
SystemSpecs Unwraps Paylink, Empowers SMEs, Others With Easier Funds Collection
SystemSpecs has launched Paylink, a web-based solution that helps Micro, Small and Medium-scale Enterprises (MSMEs) as well as religious organisations, not-for-profit outfits, social media sellers, freelancers, individuals and many more to swiftly receive payments from everywhere, even abroad to encourage remote work and social distancing.
John Obaro, SystemSpecs’ managing director, in a statement at the weekend, said Paylink was developed to address the pain point of SMEs and individuals who require an easy-to-use, personalised and memorable means of collecting money without sharing their account details.
“This need remains just as crucial at a time when various organisations need to collect funds for various purposes while practising social distancing.
“With Paylink, users can customise their payment link with their logo, brand name and account number. They can also create specific links for distinct products and services, generate e-invoices for the settlement of the cost of specific goods and services and collect additional information they might require from payers.
“Paylink is a secure and simple means of collecting funds. It enables the merchant to extend their market reach, convert their social media profiles to a one-stop-shop for end-to-end consummation of business transactions, and track their inflows through comprehensive reports. Above all, it costs nothing to set up,” said Obaro.
David Okeme, divisional head, Payment Applications and Vertical Markets at SystemSpecs, affirmed the signup process for Paylink to be simple.
“It takes just a few seconds for merchants to set up their link. They simply sign up on the product’s website, www.paylink.ng, with a few individual and financial details,” he said.
Okeme said that users of the solution include religious organisations for offering, tithes, zakat and other collections; non-governmental organisations for donations and contributions; MSMEs for payments for good and services; individuals for personal needs; insurance companies for premium contributions; investment houses for savings; and estate management companies for collections.
Okeme added: “Associations can use Paylink by Remita for due payments and crowd funding, while cooperative bodies can use it for savings and schemes; religious institutions can use it for tithe and offering payments; e-commerce firms can use it for payments for goods and services; and schools for fees. Essentially, there is a Paylink for everyone.”
With Paylink customisable for each user, new adopters are encouraged to grab their unique username before someone else does.
SystemSpecs, the developer of Paylink by Remita, is a Nigerian company with interests in financial technology as well as design and development of human capital management solutions and services.
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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