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UBA is Ready for Biometric Registration-Adedeji

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Mr. Adeyinka Adedeji, divisional head, e-Banking, United Bank for Africa (UBA) said that the Pan-Africa Bank is ready for the swift commencement of the CBN’s proposed biometric registration of bank customers nationwide. 
Adedeji who spoke to Nigeria CommunicationsWeek a Summit on Functional Social Networking for Nigerian Journalists sponsored by UBA in Lagos, disclosed that UBA is one of the banks chosen for the pilot exercise of the registration.

He said, although UBA’s transaction channels are biometric compliance, however, it has to work at the pace of the industry based on the directives from the apex bank.

The divisional head, e-Banking (UBA) said, “UBA is one of the banks chosen to pilot the biometric registration.

The Central Bank of Nigeria (CBN) has to standardize it before any bank can start. You can’t just start your own, because the process has to be uniform. CBN has to pilot from two branches of each bank.

“All our infrastructures like the Automatic Tellers Machines (ATMs) are biometric adaptable, however we have to flow with the industry”.

Highlighting the benefits of the process, he said that, studies overtime has shown that individuals find it difficult to remember their personal identification numbers (PINs), thus, with the finger prints as the means of identity, transactions authentications become easier.

Through that there will be enhanced security in financial transactions in the country.

In the case of customers with multiple bank accounts, they can synchronize them together. “Your balances of credit worthiness from one bank can reflect in the other account,” Adedeji added.

He also said that UBA is working assiduously to ensure that its ATM channels are closer to the customers. “We have over 700 branches; but in the land space of Nigeria, we see it as small. So, we are constructing ATM galleries to ensure 24/7 banking.

“We are now on the web. Our internet banking is a superb. Even when you move to the mobile it makes us get closer to the customers. In fact, that the closest you can get to them.

“We are the first to develop banking mobile app in Nigeria called the U-Mobile. We are also playing in the mobile money space.

“Today, if we give you a card, you may wish to have mobile banking applications there, we offer that too. In fact, mobile banking is our major bet in the industry. We are not offering the service in Nigeria alone,” he said.

The divisional head also said that the e-banking work simultaneously across the 19 countries where UBA does businesses.      


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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

FG Sacked IST Members over Fraud- Ahmed

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Mrs Zainab Ahmed, minister of Finance Budget and National Planning, has said the Federal Government sacked some past members of the Investments and Securities Tribunal (IST) as they indulged in corruption.

FG Sacked IST Members over Fraud- Ahmed

Inaugurating the new members, the minister charged the new members to eschew corruption and be forthright.

Bar. Azi Amos Isaac was appointed as Chairman for a five year term and Bar. Nosa Smart Osemwengie, was re-appointed as member for a second term of four years.

“The problem with the tribunal has been infighting amongst members, lack of industrial harmony and series of complaints bordering on maladministration.

“This has been the bane of the tribunal and a source of embarrassment not only for the Ministry of Finance but for the government in general,” Ahmed said.

The new chairman, Azi, assured the finance minister that, “the teething issue of restiveness has been addressed since he assumed duty,” adding that, “The place is calm and the staff have become very supportive.”

Azi said since 2003, the tribunal has “given judgment in the value of assets worth over N844 billion and that from 2017 to date, they have given decisions in monetary value totalling over N28bn.

“It has not failed in its adjudicatory responsibility.

“It has carried out its assignment with candour and integrity and intends to improve on what has been on ground.”

 


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E-Financial

CBN Bans Customer-to-Customer Forex Transfer

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Central Bank of Nigeria (CBN) has banned transfer of foreign exchange (forex) from one customer to another.

CBN Bans Customer-to-Customer Forex Transfer

According to the apex bank, forex cash lodgements into domiciliary accounts can only be done by the account owners henceforth.

An internal memo available in the media space explains that the new guidelines are necessary to review the utilisation of inflows into customers domiciliary accounts.

The circular states: “Forex inflows cannot be credited to customers until the legitimacy of funds is established.

“They can have unfettered access by telegraphic transfers up to a limit of $40,000 monthly for payment of medical bills, school fees, subscription to professional bodies subject to existing CBN guidelines.

“Transfers from one customer to another is prohibited. Transfer within related companies is allowed subject to a limit of $50,000 per month.”

It recommended that proceeds from non-oil exports should be sold to banks, used for repayment of dollar term loans, and self-utilisation for trade transactions for LC, bills and Form A.

Also oil export proceeds from E&P companies are to be used to pay contractors and service providers employed by the oil companies in addition to the recommended uses for non-oil FX proceeds.

Offshore forex inflows from other Nigerian banks and internal account to forex transfers sourced from offshore inflows are to be used for trade transactions subject to eligibility for E-Form M.

“Upon confirmation of the legitimacy of the inflows, customers can have unfettered access, subject to a maximum of $50,000,” the document read.

“Utilisation for trade transactions subject to processing of eligible trade transactions using E-Form M. Payment for services must be backed with demand note from offshore beneficiary and other regulatory documents.

“Related party transfers are allowed to the maximum of the inflow received. The transfer request should be backed by a signed instruction from the account holder.” Payment of government fees and levies are also allowed to the maritime, oil and gas, aviation. government parastatals and export processing zones.

 


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E-Financial

Stanbic IBTC, Standard Bank, Listed Among Top African Corporate Brands

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Stanbic IBTC Holdings PLC and its parent company, Standard Bank, have emerged amongst the top winners of the 2020 Tech Times’ Africa LinkedIn Corporate Brand Awards.

The Stanbic IBTC Group emerged the second position in the category, with total votes of 3,515, out of 24 firms nominated for the award. Standard Bank placed the fourth 2,494 votes.

Nominations for this award opened to the public on July 1, 2020 and closed on July 14.

Shortlisted nominees were announced on August 24 while voting commenced immediately and voting ended on September 8, 2020.

The Corporate Brand Awards was instituted by Tech Times’ Africa, an online platform for leading technology, innovation, and startup stories.

Expressing his delight on the awards, Dr Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC, said that both Stanbic IBTC Holdings PLC and Standard Bank had been deliberate and consistent in making a remarkable impact in Africa’s financial sector.

“Our sincere appreciation goes to the organisers of the Africa Corporate Brands Awards and to every member of the public who voted. This is a reflection of the high level of trust and confidence that the public has reposed on us,” he added.

Dr Sogunle further said that Stanbic IBTC Holdings PLC would remain relentless in portraying the organisation as one of the most influential corporate brands in Africa.

He stated: “Stanbic IBTC Holdings PLC and Standard Bank have relentlessly contributed to driving the growth and development of the African financial ecosystem. These awards affirm our efforts, and we are encouraged to raise the bar continually.”

The Africa Corporate Brand Award is designed to identify and recognise outstanding companies. It also projects their achievements and impacts on African society and the world at large.


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