E-Financial
Withdrawal Charges to Apply from Tuesday Next Week
Central Bank of Nigeria (CBN) said it will start applying charges on withdrawals and deposits above N500,000 for individuals and N2 million for corporate bodies from October 2.
Mr Tunde Lemo, deputy governor, Operations, said this in Abuja on Friday while briefing newsmen at the end of the Special Forum on Financing the Power Sector Reforms for Economic Development.
He said that the action would ensure effective implementation of the cashless policy.
The CBN had given a three-month moratorium for the full implementation of charges to customers who withdraw or deposit money higher that what was stipulated in the Cashless policy document.
“We will start applying the charges from the second of October which is Wednesday because the three months moratorium would have expired.
“We are glad to announced that having worked with stakeholders, we’ve been able to ramp up facilities in Abuja and five other locations and then we are set to build up the critical mass requirement in the cashless in those areas.’’
Lemo said that from October 2, any customer that deposited above N500, 000 per day would be charged two per cent payment on it while withdrawal would attract three per cent charge.
“For corporate, the threshold is N2 million, if you deposit or withdraw any money above the threshold per day, if it is deposit, it will attract three per cent charges and if it is withdrawal it attracts five per cent.
“Those are the charges that are already applicable in Lagos area that we are now bringing to this location.’’
He said that customers needed not to pass through the onerous task of depositing and withdrawal over the counter but advised the use of electronic fund transfer.
He said that electronic payment in Lagos accounted for 70 per cent to 80 per cent of high value transactions on daily basis.
Lemo said that the NIBSS Instant Payment (NIP) driven by Nigerian Inter Bank Settlement System (NIBSS), together accounted for three times the volume of cheques used in transactions.
On Connectivity of Point of Sales (POS) and efficiency of Automated Teller Machines (ATM), he said that the apex bank was working with the Telecoms to expand the bandwidth for service delivery.
“Now, we are also working with other service providers to provide the roaming facility.
“What will happen is that if you have a POS that is linked with MTN, if MTN is not working, it can then roam to hit other service provider and then settlement will be done at the end of the day.
“We are going to see a lot better connectivity in the next couple of weeks in those areas.’’
He said that POS availability had been increased in Abuja and five other locations by five folds between January and September with the available statistics.
Lemo said that before the introduction of the cashless policy in Nigeria, only two per cent of retail transactions were done electronically, but noted that in one year, it had gone up to 20 per cent.
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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