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TITL Unveils Mobile Phone Point of Sales Innovation

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Total Infotech & Telecoms Limited (TITL), has unveiled a Mobile Phone Point of Sales Service, to further boost financial inclusion in the country.

TITL Unveils Mobile Phone Point of Sales Innovation

A simplified alternative to POS machine, the innovation would enable financial transactions to be carried out in a most convenient and seamless way.

Olaniyi Adeosun, lead, TITL, explained that the innovation is such that allowed Nigerians to use mobile phones to offer Agency Banking services across the country, once registered on the platform.

He said, “Once merchants are registered on the system, they are given a starter pack to commence operations .They are thus licensed to carry out transactions like cash out, cash in, accept payments, pay bills and do funds transfer, amongst others, from the mobile phone. They also get commission on every transaction carried out.”

In addition to simplifying financial services, Adeosun enthused that the innovation is apt for this period given the global health challenges that has disrupted the economy.

“This is certainly one of the viable job creators in the country, given that every adult carries a mobile phone, and can easily sign up to the service to serve customers. The innovation will also add up to the existing growth in e-payments and POS transactions which will rub off positively on the economy”, he affirmed.

He noted that the innovation packs a special incentive for women in order to encourage them to be economically active.

“We observe that fewer women are empowered financially in this clime, in our efforts to help this situation, we have set out a 15 percent discount exclusively for women. Any woman that signs up on this service automatically gets her wallet credited back with a 15% discount to support her business.

“It should be noted that the product is currently in its BETA stage, which would require testing for customer usage and adoption.

For this testing phase, we have set out a bonanza of 15% for every person that signs up as merchants within the approved 1,000 registrations we would record.

“So for women that sign up within the 1000 bonanza, they gets a cumulative discount of 30% that will be credited to their wallet and after the bonanza, they will continue to enjoy the 15 percent discount specially packaged for women.”


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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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