Banking
Cashless Policy: Stanbic IBTC Promises Seamless Transactions
By Modupe Gbadeyanka
Nigerians have been assured of seamless transactions by Stanbic IBTC Bank as the cashless policy of the Central Bank of Nigeria (CBN) aimed to reduce the amount of physical cash circulating in the economy and increase the adoption of electronic payments takes effect.
The apex bank stated that the policy encourages a reduction in the cost of banking services, drives financial inclusion, makes monetary policy effective in managing inflation, drives to modernise payment systems, and enables economic growth.
According to the central bank, cash-based transactions attract a cash handling charge for daily cash transactions above N500,000 for individuals and N3 million for corporate organisations.
As Nigerians adjust to this new normal, Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has announced its readiness for seamless financial transactions.
The lender has, therefore, urged the public to take advantage of its existing digital solutions and payment platforms that have been tailored to meet their needs, including the enhanced Point of Sale (POS), NQR, Stanbic Payment Gateway Service, Pay with Transfer, Pay with link and much more.
The Head of Partnerships at Stanbic IBTC Bank, Ms Omolara Osunsoko, said the digital evolution in the financial sector had seen increasing changes with a move towards technology-driven delivery channels.
According to her, this holds great promise as a means to enable financial inclusion and thus help improve citizens’ lives.
“The policy will be beneficial to consumers and merchants as we transit to a digital way of transacting that is convenient, secure and seamless. It will also help minimize financial risks and support business operations and reconciliation,” she noted.
Mr Osunsoko also reiterated Stanbic IBTC’s commitment to financial inclusion over the years through digital and electronic solutions that simplify cashless transactions while offering an excellent banking experience for its customers.
On his part, the Head of Digital and e-Commerce at Stanbic IBTC Bank, Mr Olutimi Ibrahim, noted the bank’s commitment in supporting the CBN’s cashless policy initiative and living up to its responsibilities of innovating alternative payment solutions.
“At Stanbic IBTC, we stand for innovative banking. This leads to creating digital solutions and optimising our platforms to perform instant transactions, eliminating the need to visit a branch.
“With the CBN’s directive on cashless policy, we are offering customers an array of electronic payment options for a seamless digital banking experience.
“We are also committed to easing our customers’ transition to a cashless society. We will continue collaborating closely with the CBN to ensure that Nigerians can access the financial services they require,” he said.
By Aduragbemi Omiyale
As part of activities to mark 2023 Global Financial Literacy Day, Wema Bank Plc this week organised a financial literacy programme for students across all states it operates.
The innovative financial institution said the financial literacy sessions for secondary school students aligned with its commitment to championing financial literacy for the next generation.
The Deputy Managing Director of Wema Bank, Mr Wole Akinleye, who led the financial literacy session at Yola Model School, Adamawa State, encouraged the students on the importance of developing financial literacy as a life skill.
Speaking on the significance of Financial Literacy Week, Mr Akinleye emphasized Wema Bank’s commitment to empowering young minds with the skills and knowledge necessary to make informed financial decisions.
“Our hope is that through these initiatives, we can empower more individuals to take control of their finances and achieve financial stability,” he noted.
It was gathered that students were trained on personal finance topics such as budgeting, emergency funds, saving for goal actualization, investment, and donating for positive societal impact, amongst others.
The idea, according to a statement from the lender, is to instil an early understanding of the significance of building a solid financial foundation and achieving financial stability and success from a young age.
The 2023 Global Financial Literacy Day was themed Plan your Money, Plant your Future.
Financial literacy is vital for the achievement of financial stability, and it is essential to ensure that everyone has the necessary tools to manage their finances effectively and achieve their financial goals.
Wema Bank Plc reaffirmed its commitment to providing educational resources and opportunities for children through the Royal Kiddies Account and a range of other savings products, supporting financial empowerment for the next generation.
By Adedapo Adesanya
Banking regulators have approved the merger between Access Bank Zambia Limited and African Banking Corporation Zambia Limited.
Access Bank Plc announced on October 25, 2021, that it had executed a binding agreement with Altas Maras Limited on a proposed merger between African Banking Corporation Limited (Atlas Mara Zambia) and the bank’s subsidiary in Zambia, Access Bank Zambia.
This was contained in a notice filed by the company by Mr Oyelola Oyeleye, the group’s company secretariat and Mr Sunday Ekwoche, its company secretary, on the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities on Friday.
“We are pleased to announce that Access Zambia has received final regulatory approval from the Central Bark of Zambia for the acquisition and merger of Atas Mara Zambia into its existing operations (the Transaction),” the statement read.
It was disclosed that The Central Bank of Nigeria (CBN) and the Common Market for Eastern and Southern Africa Competition Commission had earlier granted their “no objection” to the transaction in 2022.
Following this new development, Access Zambia said it would move towards integrating and merging Atlas Mara Zambia into its operations, which is expected to create one of the top five banks in Zambia.
The transaction is expected to be completed in the third quarter of this year.
By Adedapo Adesanya
The House of Representatives has asked the Central Bank of Nigeria (CBN) to direct commercial banks to urgently overhaul their online and electronic banking platforms.
At Thursday’s plenary, the green chamber said this would ease the electronic banking operations that the banks were implementing in line with the cashless/Naira redesign policy of the apex bank and reduce the pains of Nigerians.
The resolution came off a motion on notice moved by a lawmaker from Edo State, Mr Sergius Ose-Ogun, in the lower house.
“The House notes that Section 88 (1) and (2) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) empowers the National Assembly to conduct investigations into the activities of any authority executing or administering laws made by the National Assembly (like the Central Bank of Nigeria);
“Aware that the Central Bank of Nigeria is established under Section 1 of the Central Bank of Nigeria Act, Cap. C4, Laws of the Federation of Nigeria, 2004 to issue legal tender currencies in Nigeria;
“Also aware that Section 2 of the Central Bank of Nigeria Act saddles the Central Bank of Nigeria with the duty of promoting a sound financial system in Nigeria;
“Acknowledges that in the wake of the recent naira redesign and cash withdrawal limit policy of the Central Bank of Nigeria, there has been an increase in the use of online and electronic banking services to carry out monetary transactions across the country;
“Also acknowledges that the use of online or internet banking services by Nigerians in the past three months or thereabout has been characterized by varying degrees of hitches ranging from unsuccessful electronic bank transfers, point of sale (POS) service failure and a host of others;
“Disturbed that the ineffectiveness or difficulty in using internet banking services across the online banking platforms of most commercial banks in Nigeria has brought untold hardship, suffering and difficulties on Nigerians in the past three months.
“Worried that if nothing is done by the Central Bank of Nigeria and the commercial banks to address these difficulties or ineffectiveness, Nigerians will continue to suffer untold hardships and loss of monies to unsuccessful electronic bank transactions.
“Resolves to urge the Central Bank of Nigeria (CBN) to direct all commercial banks in the country to immediately overhaul their existing online/electronic banking platforms for efficiency and ease of conducting electronic banking operations,” the motion read.
The House Committee on Banking and Currency was mandated to monitor and ensure compliance with the resolution within four weeks.
