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Western Union Commits to a New Financial Platform for NGOs

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The Western Union Company, a leader in global payment services, has announced its commitment to creating a financial platform specifically designed to meet the payment needs of non-profit, non-governmental organizations (NGOs) and the people they serve.

The platform, Western Union® NGO Global Pay, will be created to help NGOs overcome the ‘last mile’ and bridge the gap between funds that need to be disbursed and the people who need them in the field.

Hikmet Ersek, President and CEO of Western Union, spoke on the opening day of the Clinton Global Initiative Annual Meeting in New York to announce the company’s new Commitment to Action.

 “I am very excited by our new commitment,” said Mr. Ersek. “Many NGOs face persistent challenges delivering money to those who need it most. Western Union® NGO Global Pay will help them overcome these challenges and get funds into the field safely and securely. It will be an end-to-end financial platform that will combine Western Union’s innovative payment products with our unparalleled global reach, meaning NGOs will be able to reach millions of people with vital funds faster and more effectively than ever before.”

Western Union® NGO Global Pay will for the first time combine the dedicated business-to-business payment products offered by Western Union Business Solutions with the global infrastructure of the Western Union Agent network. Specifically, it will leverage the company’s 510,000 physical locations to help connect NGOs to the people they serve in over 200 countries and territories around the world.

Mr. Ersek continued, “Western Union is dedicated to serving the underserved – which often includes NGOs – and we will continue to work hard to increase their access to better, more inclusive financial products.”

Western Union will work with NGO partners, including the International Children’s Fund and Peace International, to design financial products that will promote efficiency and transparency via: New capabilities for moving funds via Western Union’s global network of 510,000 Agent locations, helping to solve the last mile challenge and enabling a more rapid response in times of crisis;

it also aims at a wider array of pay-out options (including cash, bank accounts, mobile phones, and prepaid cards) for nonprofits to send funds to their field staff and beneficiaries; tools to help NGOs monitor and report on fund disbursement, enabling greater end-to-end transparency and accountability as well as currency risk management solutions that can help shield NGOs from exchange rate fluctuations;

it includes a portfolio of products that will enable NGOs to receive and manage incoming funds in multiple currencies efficiently, including integrated invoicing and tracking tools and new donation fulfillment capabilities that offer individual donors the opportunity to give online or in person via Western Union’s global Agent network; and financial education for NGOs on topics from mobile money to currency exchange, helping them better manage scarce and vital funds.

Western Union® NGO Global Pay will launch with select NGO partners in November 2012 with further expansion planned for 2013. The product, which represents Western Union’s new two-year Clinton Global Initiative Commitment to Action, will be fully in force by the end of 2014. It also builds on key insights from Western Union’s successful CGI commitment, the Our World, Our Family® program, a $50 million commitment to foster greater economic opportunity for more than five million people worldwide.


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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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