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UBA Gets Commendation for “All About U” Debit MasterCard

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United Bank for Africa (UBA) Plc; the pan-African financial services institution with operations in 19 African countries, has been commended for its leading role and support to the cashless banking initiative of the Central Bank of Nigeria (CBN) with its array of innovative e-banking products and services geared towards making banking transactions seamless for Nigerians.

Speaking at the launch of UBA “All About U” Debit MasterCard; the latest innovation in the electronic banking segment by UBA Plc in Lagos, Omokehinde Ojomuyide, vice president & Area Business head, MasterCard Worldwide, said the bank has continued to play a significant role in ensuring the success of the cashless banking initiative through its innovations.

Ojomuyide who expressed delight in with UBA on this laudable project described the “All About U” Debit as a veritable banking product that will make electronic banking attractive and convenient for customers of the bank.

“This is a commendable innovation and we are thrilled to partner with people and institutions that are at the forefront of technology, like UBA Plc,” she added.

 The UBA “All About U” Debit MasterCard, is a personalised debit card which allows Customers carry around their fond memories while using their Debit Cards.

Kennedy Uzoka, deputy managing director, UBA, while presenting the card at the launch ceremony, said the “All About U” Card was made for the bank customers to express themselves by branding their payment cards.

“The UBA “All about you’’ Debit MasterCard is another ground-breaking development in the industry.  What you see is that UBA has gone through a detailed certification process to make sure our products serve the purpose of our customers. We are giving you something to own. A card truly reflects your own personality. You do not need a bank logo, but your personal logo or identity,” Uzoka said.

He noted that the cards will also be available to over 7 million customers of UBA in all the 19 African countries and three global financial centers where the bank operates, adding that a platform has been created where customers can upload their cards even from the comfort of their homes.

According to him, the UBA “All About U” card is a very secure card, noting specifically that with the launch of the Security Operations Centre (SOC) & Forensic Lab that provides all round security monitoring for all electronic banking transactions, UBA customers have more security for using any of the bank’s e-banking products. 

 The same sentiments were also echoed by Dr. Yinka Adedeji, divisional head, e-Banking, UBA Plc. said that the bespoke look and feel that UBA brought to card issuance through the All about you card  will  significantly boost the cashless initiative in Nigeria.

“Using design software which seamlessly integrates with the bank’s card management system, the UBA “All About U” card perfectly blends in the UBA brand with the customer’s creative imagination, making the customer a ‘partner-in-design’ while creating a sense of loyalty and enhancing affinity” he stated.


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E-Financial

CBN Investigates 55 Companies over Forex Infractions

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Amidst sustained pressures on Nigeria’s official foreign exchange resources, the Central Bank of Nigeria (CBN), has opened investigations into foreign exchange transactions of 55 companies and individuals.

The apex bank linked them to foreign exchange deals outside the official Investors & Exporters (I&E) window.

CBN Investigates 55 Companies over Forex Infractions

Mr. Godwin Emefiele, CBN governor

The I&E window was created by the CBN as the legitimate platform for buying and selling of foreign currencies.

Some of the major corporate organisations in the list include Stallion Nigeria Limited, a conglomerate involved in several sectors of the Nigerian economy.

The list also includes Nigeria’s leading electronic payment company, Interswitch Nigeria Limited, as well as a leading global shipping line, CMA CGM Nigeria Shipping Limited.

Other big names in the list include Petro-Afrique Energy Services Limited, Steel Force Far East Limited, Auto Petroleum Company Limited, Cavendish Mechanicals Limited, Aquashield Oil & Marine Limited, Haitch & Elf Integrated Services Limited, Fenog Nigeria Limited, and Promasidor Nigeria Limited.


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FG Makes u-Turn on Bank Account Re-Registration

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Federal government on Friday apologised for asking all account holders in financial institutions in the country to re-register their personal details.

FG makes u-Turn on Bank Account Re-Registration

Recall that the federal government had on Thursday ‎ordered that all persons holding accounts across financial institutions and insurance firms should complete and submit self-certification forms to their respective financial institutions.

The notice issued by the government to that effect read, ‎“This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc.) are required to obtain, complete, and submit Self – Certification Forms to their respective Financial Institutions.

“Persons holding accounts in different financial institutions are required to complete and submit the form to each one of the institutions. The forms are required by the relevant financial institutions to carry out due diligence procedures, in line with the Income Tax Regulations 2019.‎”

The directive raised eyebrows, as account holders already possessed Bank Verification Numbers.

Following widespread condemnation that trailed the directive, the Federal Government backtracked on Friday, saying the fresh guidelin‎e was not for all Nigerians.

The government attributed the development to misinformation.

The clarification issued by the government on Friday read, ‎“We apologise for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the notice does not apply to everybody. ‎FIRS will clarify Nigerians on the objectives of the directive.”

Also on Friday, FIRS, in a statement posted on Twitter, explained that the guidelines were only for non-residents, as well as people paying tax in more than one country.

Parts of the FIRS statement read, “The Self Certification Form is basically to be administered on Reportable Persons, holding accounts in Financial institutions, that are regarded as “Reportable Financial Institutions” under the CRS.

“Reportable persons are often non-residents and other persons, who have residence for tax purposes in more than one jurisdiction or country.”

“The information that indicates an account holder is a resident for tax purposes in more than one jurisdiction, is expected to be available to Financial Institutions during account opening processes, for the KYC and AML purpose.”


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Stanbic IBTC Bank Disowns Lagos ATM Fraudster

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Stanbic IBTC Bank PLC has disowned Tope Olajide, 22-year-old fraudster arraigned for theft of customers deposits.

Stanbic IBTC Bank Disowns Lagos ATM Fraudster

The Bank said this in a statement on Wednesday.

The statement said: “The attention of the management of Stanbic IBTC Bank PLC has been drawn to news currently circulating in the media, about the alleged arraignment of staff of the Bank on charges bordering on the theft of customers deposits.

“The Bank would like to clarify that the defendant, a 22-year-old Tope Olajide, IS NOT, and was at no point in time an employee of Stanbic IBTC Bank PLC.

“The alleged culprit was apprehended around 7:30 am, on Thursday, 27 August 2020, by security operatives after he was exposed by CCTV footage using ATM cards he had allegedly stolen and converted, to make withdrawals from the accounts tied to the stolen ATMs.

“The CCTV footage also showed the alleged culprit pretending to assist customers at ATMs whilst also attempting to fraudulently dispossess the customers of their ATMs.

“He was subsequently arraigned before an Ikeja Magistrate Court on Monday, 14 September, for stealing the debit cards of two customers and using them to unlawfully withdraw the sum of N427,000.

“The Bank would also like to implore members of the public to be security conscious when conducting transactions at ATMs. Customers are advised to report any suspicious actions around them to security operatives who are usually stationed around the Bank’s ATMs, when carrying out transactions at any of our ATM locations.

“As an organisation, we hold dear the values of integrity, and we will continue to prioritise the safety of our customers effectively.”


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