E-Financial
Zenith Bank, Visafone Join Hands for EaZyMoney
Zenith Bank and Visafone Communications Limited yesterday launched a product called EaZyMoney, to consolidate their leading roles in the evolving cashless society project currently being pursued by the Central Bank of Nigeria (CBN).
Mr. Peter Amangbo, executive director, Zenith Bank, said the launch represented a remarkable step in the bank’s drive to play a leading role in the emerging cashless society being driven by the CBN.
Amangbo added that the mobile money services through EaZyMoney have the potential to serve as the easiest route to the financial inclusion of the unbanked segment of the economy.
“We are proud to be working in strategic partnership with Visafone on this mobile money initiative and we feel that the combination of innovation and customer focus for which Zenith Bank is so rightly recognised, combined with the financial strength and trust with which the bank is held will be a unique and successful partnership,” Amangbo noted.
He said the partnership with Visafone is in line with the bank’s promise of working in the best interest of customers of both organisations in providing them with innovative financial services and a platform that delivers convenience, safety and accessibility to customers.
On his part Mr. K. V. Srinivasa, chief operations officer (COO), Visafone Communications Limited said “the launch represents a remarkable opportunity for our company to provide a secured and dependable platform to drive the cashless society project.”
On security of the network, he assured EaZyMoney customers that “our platform is deployed on UTK (User Identity Module Tool Kit for CDMA networks) which is by far one of the most advanced and secured global smart card technology that our network is introducing for the use of the mobile phone as a banking tool both for the banked and the unbanked.”
Srinivasa said: “Zenith Bank’s EaZyMoney is set to revolutionise mobile money transactions and will guarantee convenient and secure ways to carry out financial transactions. There is great optimism that customers and potential customers should brace up for a remarkably new experience with EaZymoney.”
On what Visafone customers will gain, The COO assured Visafone customers who want to participate in the scheme to get a free Zenith Bank mobile money account with a free SIM card containing the mobile money application in Visafone manishops and also available on smartphones and Java-enabled mobile phones
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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