E-Financial
Union Bank to Expand Agency Banking Network
Union Bank of Nigeria Plc has said it will continue to expand its agency banking network to complement its operations and to also increase financial inclusion in Nigeria
The bank also said it recently concluded a corporate social responsibility project to support individuals contributing towards reducing economic hardship and fallout of COVID-19 pandemic across Nigeria, by giving out a total of N15 million.
Speaking with journalists during a virtual media parley over the weekend, Mrs. Ogochukwu Ekezie-Ekaidem, head of Corporate Communications and Marketing at Union Bank, said the bank plans to increase its agency banking nationwide.
She said: “Agency banking is a critical piece of how we are growing our network and channels and we are focused on it. Our agency banking footprint continues to grow at this time and we are very much focused on growing that network to reach more customers across the country.”
Furthermore, speaking on the ‘Rise Challenge,’ concluded recently, she said: “We launched the rise challenge about five weeks ago which was popular and successful across online channels we received nearly 1,200 entries of people who were doing great things within their communities.
“Every week we selected 10 of those stories and rewarded them with N250,000 and we had 40 winners over four week which is a total of N10 million.”
She added: “In the face of this pandemic people are still resilient and putting their best foot forward and trying to rise above the challenge and we are very proud of them.”
Meanwhile she said the bank would continue to focus on reaching more of its customers through its electronic channels as well as through the agency banking network which according to her is critical to its operations.
Also speaking on its continuous support for the educations sector, she said: “We had identified the education sector early on as an area that needed intervention because there were issues before the pandemic and now that we have the pandemic it is a different level of challenges.
“Globally, education is going through an evolution given the pandemic and everyone form first world to third world is grappling with what education will look like going forward.”
“Here in Nigeria, we have some fundamental issues before we can talk about what the future will be.
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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