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Union Bank Unveils M36, Digital Investing Solution

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Union Bank of Nigeria Plc (UBN) has launched the M36 digital investment platform that would offer a wide range of investment opportunities to investors through a self-service app.

Union Bank Unveils M36, Digital Investing Solution

The M36 also offers loans, personal travel allowance, will and trust services and many more essential products under its life essentials menu.

It was also designed to deliver a wide range of investment options not readily available on self-service digital platforms like foreign currency transactions, commercial papers, local and foreign denominated bonds, treasury bills and other fixed income products.

Mr. Chuka Emerole, head, Treasury at the UBN, said: “The M36 eliminates the traditional barriers to investing and offers investors direct access to financial instruments that would usually require the service of an investment or relationship manager.

“We’ve designed M36 to ensure simplicity in the onboarding and investing process while also empowering the customer to make sound investment choices based on their financial objectives. We worked with key partners to deliver both the experience and products on M36 and are confident that we have launched a superior product in today’s marketplace.”

Emerole said with its 24-hour concierge service, the M36 users could access round the clock support from investment advisors as they actively manage their portfolios.

The bank said the M36 was a timely financial product meant to keep abreast with the rapidly evolving environment and changing consumer behavior that is fueled by technology and growing access to information.

The M36 is also part of the UBN’s strategic focus on delivering superior customer solutions by leveraging technology and innovation.

The bank partnered with several asset management companies to deliver the broad range of investment products on the M36 platform.

 

 

 


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E-Financial

CBN Says Old, New Naira Notes Remain Legal Tender

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Central Bank of Nigeria (CBN) has said that all denominations of Naira banknotes currently in circulation remain indefinitely valid as legal tender and cannot expire or be phased out.

CBN Says Old, New Naira Notes Remain Legal Tender

A statement on Friday by Mrs Sidi Ali Hakama, acting director, Corporate Communications, CBN, said all banknotes, including the old and new designs of N1,000, N500, and N200, were valid.

Hakama urged the public to disregard misinformation regarding the validity of the old notes.

“In line with the bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the N1,000, N500, and N200 denominations of the Naira indefinitely.

“For the avoidance of doubt, all versions of the Naira, including the old and new designs of N1000, N500, and 4200 denominations, as well as the commemorative and previous designs of the 100 denomination, remain valid and continue to be legal tender without any deadline.

“We, therefore, advise the public to disregard any claims that the old series of the aforementioned banknotes will cease to be legal tender on December 31, 2024.

“We urge Nigerians to continue accepting all Naira banknotes (both old and redesigned) for their daily transactions and to handle them with care to ensure their longevity,” she said.

The director encouraged the general public to embrace alternative modes of payment, such as e-channels, to reduce pressure on using physical cash.


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Oloworaran, PenCom DG Puts Pension Fund Assets @ N21.92trn by October

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The National Pension Commission (PenCom) revealed that Nigeria’s pension fund assets have surged to N21.92 trillion as of October 2024, reflecting a substantial increase of N1.113 trillion from the N20.79 trillion reported in July.

Omolola Oloworaran, PenCom Director General, who made this known, also revealed that the Commission recorded 10.53 million registered contributors as of the same month.

Oloworaran spoke at the 2024 PenCom Media Conference, themed “Tech-Driven Transformation: Shaping the Pension Landscape,” held in Abuja on Thursday.

She stated that the figures reflect the Commission’s unwavering commitment to fund safety, prudent management, and sustainable growth.

However, the DG noted that the economic realities of 2024 and preceding years, including high inflation, the devaluation of the naira, and the lingering effects of unorthodox monetary policies, have eroded the real value of pension funds and impacted contributors’ purchasing power.

To address these challenges, Oloworaran said PenCom has initiated a comprehensive review of its Investment Regulations, focusing on diversifying pension fund investments into inflation-protected instruments, alternative assets, and foreign currency-denominated investments.

“Our goal is to safeguard contributors’ savings and ensure resilience against future economic volatility,” she said.

She further added, “Expanding pension coverage remains a top priority for the Commission. Our revamped Micro Pension Plan leverages technology to incentivize informal sector participation, making it easier for everyday Nigerians to save for retirement. This initiative aligns with our vision of inclusive growth and financial security for all.”

The PenCom boss also highlighted efforts to address delays in retirement benefit payments to retirees of Federal Government treasury-funded MDAs.

“Recently, N44 billion was released under the 2024 budget appropriations to settle accrued pension rights for retirees from March to September 2023. Moving forward, we are working with the Federal Government to institutionalize a sustainable solution, ensuring retirees receive their benefits promptly and without undue stress.”

Oloworaran also highlighted the launch of the e-Application Portal for Pension Clearance Certificates (PCC) in October 2024. She noted that this initiative replaces the manual process, enabling companies to seamlessly apply for and receive PCCs online.

“This year, we have issued 38,528 PCCs, significantly enhancing ease of doing business and ensuring compliance.”

She also stated that the Pension Industry Shared Service Initiative is in advanced stages of implementation. This initiative will digitize pension contributions and remittances, ensuring seamless processing of Retirement Savings Account contributions and resolving discrepancies caused by incomplete remittance details.

“To further enhance contributors’ experiences, we have introduced a revised programmed withdrawal template, simplifying access to voluntary contributions and revising the threshold for en-bloc payments in line with the new minimum wage. These measures are designed to make retirement processes more efficient and user-centric,” she explained.


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House of Reps Moves to Shut Down Illegal Loan Apps Exploiting Nigerians

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House of Representatives has urged the closure of illegal loan platforms used by “one chance” operatives to extort money from unsuspecting victims.

This decision followed a motion of urgent public importance presented by Billy Osawaru during Wednesday’s plenary session.

Osawaru highlighted the activities of these operatives as “heinous,” explaining how their actions leave victims in dire conditions.

He noted that victims are often subjected to severe torture and forced to hand over personal information, which is then exploited.

“In many cases, the phone numbers and bank accounts of victims are used to borrow money from illegal and unauthorised loan apps, thereby incurring huge debts that the victims are forced to repay,” Osawaru said.

The lawmaker also expressed concern over the reluctance of banks to assist complainants without a Police report.

He called on the Nigeria Police, banks, and FinTech operators such as Opay and MoniePoint to prioritize cases of “one chance” operations and kidnappings reported to them.

The motion was adopted unanimously by the House without further debate.


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