**Bar Them from Banking System, Forex, Capital Markets
By Dipo Olowookere
The management of Access Bank Plc has given all its delinquent debtors two weeks to pay up their due obligations, emphasising that failure to adhere to this directive would come with severe consequences.
In a publication today on Punch Newspapers, the lender said this warning also goes to debtors of the defunct Diamond Bank Plc.
Business Post reports that in March 2019, Access Bank and Diamond Bank officially merged together to become an enlarged banking entity.
In the notice seen by Business Post, the financial institution warned that if after the two weeks grace period the “incorrigible debtors” fail to comply with this directive, it would be forced to publish their “names in newspapers.”
The bank said “all debtors will be sanctioned by the CBN and banned from participating in the Nigerian Foreign Exchange and Securities Exchange Markets, and registered on the Credit Risk Management Systems (CRMS) Bureau as bad debtors making them, their directors and related entities illegible for any credit in the Nigerian Financial Markets.”
Access Bank said it was determined to take further actions “against such delinquent individuals and companies as we may consider necessary and shall relentlessly pursue full recovery of all our debts.”
Below is the full statement signed by the management of Access Bank Plc.
Please be informed that Access Bank Plc is set to publish the list of all its delinquent debtors, associated persons, directors and entities. This is in line with the directive from the Central Bank of Nigeria (CBN).
All Access Bank Plc (including former Diamond Bank Plc) debtors are directed to pay up their due obligations in order to avoid punitive actions being taken against them. Please note that we shall publish out debtors’ names in newspapers in two weeks.
Similarly, in the event that these obligations are not fulfilled, we shall take such further actions against such delinquent individuals and companies as we may consider necessary and shall relentlessly pursue full recovery of all our debts.
Furthermore, all debtors will be sanctioned by the CBN and banned from participating in the Nigerian Foreign Exchange and Securities Exchange Markets, and registered on the Credit Risk Management Systems (CRMS) Bureau as bad debtors making them, their directors and related entities illegible for any credit in the Nigerian Financial Markets.
For incorrigible debtors, who continue to pose a risk to our system, we will use all means available and collaborate with our colleagues in the industry to ensure that they are excommunicated from the banking system.
Consequently, we hereby advise all out delinquent debtors to take this publication seriously and ensure that all debts are settled promptly.
First Bank Partners NIBSS to Promote Digital Payment Convenience
By Sodeinde Temidayo David
Nigeria’s top first-generation financial institution, First Bank of Nigeria Limited, has announced its partnership with the Nigeria Inter-Bank Settlement System (NIBSS) on its recently launched Nigeria Quick Response (NQR) Payment Solution, in a bid to improve customer digital payment experience.
This was revealed by the Chief Executive Officer (CEO) of First Bank, Mr Adesola Adeduntan, who noted that the NQR is an innovative payment option implemented for all financial service providers.
“We are delighted with the adoption of the Nigeria Quick Response (NQR) payment solution, an initiative by Nigeria Interbank Settlement System plc (NIBSS) which has been instrumental to easing and promoting payment convenience with the use of mobile phones,” the CEO expressed.
As stated by Mr Adeduntan, the NQR is designed to promote quick and fast transactions by scanning the code on one’s mobile device.
He noted that the NQR is set to promote the vision of the bank, embracing technology to deliver quality and satisfactory services.
“At First Bank, we recognise the indelible role technology plays in promoting businesses across diverse frontiers and we remain committed to reinventing our technology infrastructure to meet global standards whilst being committed to staying true to our mantra in always putting You, our customers First,” he stated.
This new initiative reduces costs for merchants and banks in delivering instant value for a person to business (P2B) and person to person (P2P) transactions by simply scanning to pay.
Unlike other QR schemes, the NQR is implemented with reduced charges that are cheaper for merchants.
The initiative is accessible on the bank’s payment infrastructure as the NQR code can be used to make payments through one’s FirstMobile App and it is also available for the merchant in facilitating their business activities.
The touchpoint and use cases of the NQR payment solution include convenience stores, supermarkets, shopping malls, pharmacies, ride-hailing or taxi payments, bus fares, tolling booths payments, vending machines, e-commerce sites, online businesses amongst many others.
To access the service, customers are expected to launch the FirstMobile App and select QR payment. Afterwards, NIBSS can be chosen as a payment provider, then the seller’s NQR barcode can be scanned.
The amount is inputted for the transaction would be followed by a request for personal identification number (PIN) validation to generate an instant confirmation of the transaction successfully.
On the other hand, merchants are to visit any First Bank branch closest to them for service enrollment.
Appzone Relaunches BankOne
By Modupe Gbadeyanka
The digital core banking solution for Africa’s fintechs and Neobanks, BankOne, has been relaunched by Appzone and re-engineered with the functionality expected to drive the exponential growth of fully digital offerings.
This follows Appzone’s Series A raise in April 2021, the largest locally-led raise in Nigeria which repositioned the organization to roll out new innovative offerings that help financial institutions function in a fully digital and automated way.
Having previously built out functionality to automate and run traditional Banking operations, Appzone is now deploying BankOne as a platform for technology-driven financial institutions intending to adopt a 360-degree digital approach that does not involve physical branches or human interaction.
With operations in Nigeria, Ghana, Gambia, and Kenya, BankOne currently hosts over 10 million customer accounts with balances totalling $105 million while managing over $650 Million in annual loan disbursements, and $2.9 billion in total transaction value.
Asides from managing customer records, loans, deposits, and accounting, BankOne provides an omnichannel self-service platform, USSD interfaces, Payment ecosystem integration, agent banking capabilities, and card management services.
These functionalities are available to Fintechs like digital lenders and neobanks, as well as traditional banks like MFIs, mortgage banks, consumer lenders and commercial banks.
Currently, challenger and traditional banks in Africa are limited to using foreign technology solutions tailored for Western markets, and many of these solutions are hindered by prohibitive pricing, poor market fit and a lack of local tech support.
BankOne’s major differentiation lies in its fit-for-purpose functionality and integrations with the local ecosystem of third-party services. These characteristics in addition to ease of customization and availability of local support ensure that the platform seamlessly plugs into the needs of African Banks and Fintechs.
Speaking on the relaunch, the CEO of Appzone Core, Mr Mudiaga Umukoro, said: “For over a decade, BankOne has played an active role in driving the digitization of Nigeria’s financial services industry.
“The platform has now been repositioned to serve the continent’s growing number of Fintechs and neobanks.
“BankOne’s major advantages are market fit and affordability which allow financial institutions deliver highly relevant products at a fraction of cost while leveraging our numerous integrations with mainstream payment systems to achieve instant interoperability with other industry players at no extra cost.”
Originally launched in 2011, BankOne is delivered and run by Appzone Core, a subsidiary of the Appzone Group.
The platform played a significant role in the first digitization phase of Nigeria’s financial sector and came to further prominence and adoption as digital challengers and neo-banks began to emerge.
As Africa rapidly accelerates towards a fully digital banking future, BankOne is being positioned to provide affordable and purpose-built digital infrastructure to enable this transition.
Wigwe, Emefiele Get Juris Law Award
By Modupe Gbadeyanka
For their outstanding contributions to corporate governance and rule of law in Nigeria’s banking industry, Juris Law has honoured the duo of Mr Herbert Wigwe and Mr Godwin Emefiele.
Mr Wigwe is the Chairman of Body of Bank CEOs and Group Managing Director of Access Bank Plc, while Mr Emefiele is the Governor of the Central Bank of Nigeria (CBN).
They got the award at the 2021 Judges Workshop on Banks and Other Financial Institutions Act (BOFIA) 2020 held on Tuesday, October 12 in Abuja.
Mr Wigwe and Mr Emefiele have partnered in the creation of several positive socio-economic initiatives such as the Creative Industries and Financing Initiative; a loan scheme developed to provide access to long-term and low-interest financing for entrepreneurs in Nigeria.
In addition, they were key parties in the formation of the Coalition Against COVID-19 (CACOVID) – a vehicle created to spearhead corporate Nigeria’s support for the federal government’s fight against the deadly virus.
The successful coalition funded the establishment of response centres, acquisition of medical equipment, supplies and food palliatives for vulnerable Nigerians.
Speaking on the recognition, the Access Bank chief stated that he was honoured to receive the Juris Law award, adding that “through innovative banking initiatives and our underlying sustainability drive, Access Bank will continue to create shared value for all our stakeholders, striking a balance between competitive advantage and corporate social responsibility.”
The 2021 Judges Workshop on Banks and Other Financial Institutions Act (BOFIA) 2020 focused on reforms and the statutory requirements imposed by CBN on all banks and other financial institutions in Nigeria to adopt policies on anti-money laundering and combating the financing of terrorism and cyber security in Nigeria.
Present at the occasion were the Attorney General of the Federation (AGF) and Minister of Justice (AGF), Mr Abubakar Malami (SAN); the Appeal Court President, Justice Monica Dongban-Mensen; the Chief Judge of the Federal High Court, Justice John Tsoho; the former Chief Justice of Nigeria and former Chairman, Board of Governors, National Judicial Institute, Justice Mahmud Mohammed and other high ranking judicial officers and the legal community.
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