E-Financial
UBA Boss says Innovative Financial Services Critical for African Aviation Industry
The provision of innovative financial services that will ensure collections at optimal cost for the aviation industry is critical to the sustainability of the African aviation industry.
Mr Apollos Ikpobe, deputy managing director- Domestic Bank, United Bank for Africa (UBA) Plc, said this during the International Air Transport Association ( IATA) Africa Aviation Day 2013 partly sponsored by UBA in Lagos, Nigeria.
Though African airlines have benefited from strong economic growth in the region; the industry is still lagging in the air travel market, due mainly to poor funding, infrastructural challenges, increased overhead costs and low frequency of flights between African countries, he said.
Apollos explained that UBA is however supporting the sector through funding of state-of-the-art technology for the aircraft and provision of payment solutions in the 19 African countries where the bank has presence.
He listed some of UBA’s innovative solutions to support airline efficiency to include UBA partnership with IATA in Nigeria as its Billing and Settlement Bank and the bank’s activation of the IATA Currency Clearing Services (ICCS), which allows airline Treasurers to centrally control and repatriate their world-wide sales receipts.
“These e-banking solutions are very robust as it offers different payment options to ease ticket sales and collection; from online payment solutions, to Point of Sales (POS) and collection portals at branches among others” he said.
The well-attended conference with the theme “Safety, Infrastructure and Capacity Building – Routes to Unlocking Africa’s Potentials” held at Eko Hotel and Towers in Lagos, Nigeria brought together top personalities in the global aviation Industry.
The annual conference is among other activities organized to bring attention to the challenges faced by the aviation industry in Africa.
Discussions dwelt extensively on the challenges in Airport infrastructure development in Nigeria, and the financing of aviation infrastructure. Other sponsors at the 2 day conference include Nigerian Civil Aviation Authority (NCAA), Nahco Aviance, ArikAir, Leadway Assurance , Skyway Aviation Handling Company Limited (SAHCOL) and Mutual Benefits.
UBA has supported the aviation industry in Africa since 2007, when the bank was appointed by (IATA) to handle the $1bn Billings Settlement Plan (BSP) project in the country. BSP is a system designed to facilitate and simplify the selling, reporting and remittance of IATA accredited passenger sales agents, as well as improve financial control and cash flow for BSP airlines. BSP operates in 160 countries and territories and more than 80% of worldwide airline revenues are ticketed via IATA travel agencies in the BSP system.
United Bank for Africa Plc is one of Africa’s leading financial institutions, offering banking services to more than 7.2 million customers across over 700 branches in 19 African countries. With presence in New York, London and Paris, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross border payments and trade finance.
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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