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UBA, LCCI to Create Value for SMEs at 2019 Lagos Int’l Trade Fair

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United Bank for Africa (UBA) Plc and the Lagos Chamber of Commerce and Industry(LCCI), have assured small medium enterprises (SMEs) that the 2019 Lagos International Trade Fair will bring far reaching benefits that will help transform their businesses and take it to the next level.

 

Mr. Jude Anele, UBA’s Head Group Consumer Retail Business, who gave this assurance on Tuesday at a press conference to officially herald the 2019 Lagos international Trade Fair as well as unveil sponsors of the trade fair, said that Africa’s global bank has put in place various service offerings to guarantee that this year’s fair provides a veritable platform targeted at catalysing businesses to new highs.

 

He explained that the 33rd edition of Lagos International Trade Fair scheduled to commence on November 1st, 2019 is expected to provide an avenue for networking, trade and investment bound to boost business activities in Africa’s largest economy and by extension, Africa.

 

While ensuring that SMEs maximise their presence at the fair, Anele explained that UBA would provide  uninterrupted banking services during the two-week event, and also provide advisory services to the small and medium entrepreneurs, which the bank realises is fundamental to achieving their business goals.

 

He said, “Worthy of mention is that merchants and entrepreneurs from other African countries and abroad would be able to conduct their transactions seamlessly without currency exchange hassles, using the extensive reach of UBA as a pan African bank with presence in key commercial capitals in the world,”

 

“We have realised that critical to the success of SMEs in Africa is not necessarily access to finance, but their understanding of business and accounting mechanisms, process and procedures critical to their growth and existence especially on e-commerce, tax management, and bookkeeping and access to funding, and these are issues which we are trying to address,” he said.

 

Speaking on the ease of payment during the event, especially with African companies from outside Nigeria, Anele disclosed that UBA has successfully put in place solutions that would see ease of payment within Africa.  “UBA will be deploying state-of-art Point of Terminals(POS) configured towards ensuring merchants receive immediate values in currencies of their choice,” Anele assured.

 

The Bank further said that in line with its unflinching support to the growth of small and medium enterprises (SMEs), it has reached an agreement with the organisers of the fair to give 20% discount to its small and medium business customers who register to showcase their products and services at the fair.

 

A key activity at this year’s fair is the Africa Special Day, to be organised by UBA to promote Intra-African Trade. “At UBA, we believe that Africans must grow trade and investment amongst themselves. In pursuits of that goal, Africa Special Day will seek for the promotion of trade and investment among African countries.”

 

Also speaking, Mr. Gabriel Idahosa, chairman, Trade Promotion Board, promised that the 33rd edition of West Africa’s flagship fair would bring utmost value to entrepreneurs and businesses in Nigeria and beyond as he acknowledged the massive support being provided by corporate organisations such as UBA

 

“At UBA, we have chosen a suitable partner with extensive reach on the continent with capacity to engineer a seamless financial transaction expected of international trade fair of this magnitude,” he said.

 

Speaking further on the partnership with UBA, he said: “The LCCI and UBA has partnered to give exciting services to visitors and exhibitors at the fair. UBA is a foremost Pan African financial institution operating in 20 African countries, the United Kingdom and the USA and France, thus offering unique services to the delight of visitors and exhibitors during the fair.”

 

According to Idahosa, 40,000 square metres of exhibition spaces are available with over 2,000 exhibitors from 16 African countries and  200 foreign exhibitors expected in Lagos.

 

 

 

 


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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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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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