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Visa Inks Partnership with Pesapal  for Connected Payments in Africa

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Visa, global leader in digital payments and Pesapal have  announced a strategic partnership to drive connected digital payments to consumers and businesses in Africa.

Visa Inks Partnership with Pesapal  for Connected Payments in Africa

Pesapal will become a Visa Principal Member driving small business acquiring and issuing.

Pesapal has created Africa’s only payments ecosystem that offers Ecommerce, Point of Sale and Consumer applications on one platform.

Pesapal recruits and supports businesses to be able to digitize payment collection securely while integrating to business internal systems such as POS, ERP, Accounting and Billing systems.

By integrating businesses, Pesapal is then able to drive consumer payments to the merchants on the same platform.

Since its inception, Pesapal has been driving a connected payment experience for merchants and consumers. Previously, digital payments were only available to large businesses. Pesapal has changed this with Sabi – a mobile point of sale solution that enables small businesses to accept card payments securely.

The Visa strategic partnership will enable more small businesses to accept Visa payments across different form factors: Visa QR, MPos, Mini POS and POS.

By leveraging Visa’s superior capabilities, African businesses will enjoy a world-class connected payments experience.

For consumers, this partnership means that all users of Pesapal Mobile will be able to use universal Visa QR capabilities and then Visa Token Service to make contactless payments.

“We are excited to partner with Visa and to become a Visa Principal Member. Small businesses form a big part of our economy and with Visa’s support, we will be able to support more businesses and offer more to consumers.” Said Mark Mwongela, founder and CEO at Pesapal.

“Over the last 9 years, we have benefited greatly from Visa’s expertise and platforms for payments processing and fraud management.”

This partnership reinforces Visa’s commitment to expanding payments acceptance across Africa to drive the much-desired financial inclusion in our Communities. We are very excited to work with Pesapal and leverage our combined assets to broaden our offering to a larger number of merchants and consumers especially as governments and communities are increasingly focused on cashless and remote payments.,” said Corine Mbiaketcha, vice president and general manager for Visa in East Africa.

 

 


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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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E-Financial

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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