Banking
CBN Warns Against Misinterpretation of Policy Guidelines
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has made some clarifications regarding the Monetary, Credit, Foreign Trade, And Exchange Policy Guidelines For Fiscal Years 2024 – 2025 document earlier published on Tuesday, September 17, 2024.
It disclosed this in a statement published on its website on Friday.
The apex bank revoked the document, saying that the move was to minimise risks of any further misrepresentation or misinterpretation, resulting in confusion among stakeholders.
“The attention of the Central Bank of Nigeria (CBN) has been drawn to certain instances of misinterpretation or misrepresentation of its biennial publication on Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines published on September 17, 2024. In response, the CBN has temporarily withdrawn the document to minimise the risk of any further misrepresentation.
“As is stated explicitly in the document to guide stakeholders, the CBN reiterates that the publication is a compilation of previously issued policies and guidelines issued by the Bank up to a cut-off date, typically December 31 of the relevant year.”
It noted that the current document is intended to achieve certain objectives, including being a single reference source for the ease and convenience of stakeholders, a valid compilation of policies, directives, and guidelines for adjudication in conflict situations involving stakeholders, and additional clarification of policies and guidelines.
“As a compendium of previously issued policies and guidelines, the provisions are applicable only to the extent that there have been no updates or revisions to the guidelines and policies contained therein. This is stated explicitly in the document to guide stakeholders.
“In line with prior editions, the most recent publication (January 2024) contains policies and guidelines issued by the Bank up to 31st December 2023, some of which will remain relevant during the period 2024 – 2025. However, several others may cease to apply owing to revisions or updates that become applicable in the aftermath of its publication.
“This is clearly stated in the document as follows: The Guidelines may be adjusted by the CBN without prior notice, to address new developments in the domestic and global economies in the period. However, such amendments shall be communicated to the relevant institutions/ stakeholders in supplementary circulars (Page 8, Paragraph 1).
“The publication further provides the public with avenues for obtaining clarifications on the whole or any part of the document on pages 147 and 148.
“In the light of these clarifications, we ask stakeholders to note the following:
“Some recent media publications referencing aspects of the Guidelines refer to policy positions of the Bank issued prior to 31st December 2023, which have changed in the light of revisions and updates in 2024. One example is the Cyber Security Levy, which was suspended in May 2024, superseding the circular reported in the Guidelines.
“Certain technical aspects of the Guidelines have been widely misreported and misrepresented. For example, reports have mistakenly sought to link the fuel subsidy removal to external reserves. Such reports essentially missed the analytical basis for the original statement, which was intended to observe a potential risk that was to be mitigated by the policy. More recently, policies of the Bank around the Naira exchange rate and those of the fiscal authorities have positively altered the outlook of the subject in question.
“In summary, the Guidelines must primarily be viewed as a record of policies, circulars and directives issued by the Bank up to the end of 2023. They are not new directives and should not be reported as such.
“The Bank will continue to provide clear monetary policy direction and advice for the overall good of the Economy. We urge all stakeholders to seek clarification of information about the Bank before publishing.”.
The release of the document spurred some reports, excluding Business Post, which interpreted that the lender will sustain its Ways and Means Advances to the federal government at a 5 per cent limit for the fiscal years 2024-2025.
This is contrary to a bill passed by the National Assembly which raised the maximum borrowing percentage in the Act from five per cent to ten per cent.
By Aduragbemi Omiyale
The digital banking arm of Wema Bank Plc, ALAT, is scheduled for an upgrade this month, a statement from the lender has revealed.
Tagged ALAT: The Evolution, Wema Bank said it is adding more features to the platform to once again redefine the future of banking and set the standard on the next chapter in the industry.
With ALAT: The Evolution, the company is pushing the envelope even further, saying it represents a thoughtful evolution of everything users already love about ALAT; redesigned to feel more intuitive, more responsive, and more personal.
From faster interactions, to a smarter understanding of user behavior, to the introduction of SAW (Smart ALAT by Wema, an AI assistant on the ALAT App), the upgraded ALAT will show how far digital banking has come, and how much further it can go when innovation is intentional.
When ALAT by Wema first launched in 2017, it made history as Africa’s first fully digital bank, changing how millions of people viewed and experienced banking.
With the upgraded version of ALAT, Wema Bank is again reaffirming its position as the most innovative bank in the banking industry.
By Adedapo Adesanya
Access Bank Congo has appointed Mr Adeboye Ayewamide as its new chief executive, following regulatory approval from the Central Bank of the Congo.
Mr Ayewamide succeeds Mr Arinze Osuachala, who led the bank for eight years.
In a press release, Access Bank said Mr Osuachala’s tenure marked a shift for the institution, transforming it from a small franchise into a profitable and well-capitalised bank. During this period, the bank recorded steady balance sheet growth, strengthened its revenue base, and maintained capital levels above regulatory requirements.
Mr Ayewamide brings over 18 years of banking experience across commercial banking, operations, risk management, customer experience, and technology transformation. He has held several leadership roles within the Access Bank Group, with a track record focused on execution and institutional growth.
He is an alumnus of Harvard Business School, Wharton, IMD, and Lagos Business School, and holds a Chartered MBA from Bangor University as well as an MBA in Finance from Obafemi Awolowo University (OAU), Ile-Ife, Osun State.
Under the outgoing leadership, Access Bank Congo expanded its network from 2 to 22 locations nationwide and upgraded its core systems to improve operations and service delivery.
The Chairman of the Board, Mr Aubin N’semy Mabanza, stated, “We are pleased to welcome Mr Adeboye Ayewamide as the new Managing Director of Access Bank DRC SA. His leadership experience, strategic depth and human-centric approach ideally position him to lead the Bank into its next phase of growth.
The Board also expresses its sincere appreciation to Mr Osuachala for his exemplary leadership and the remarkable progress made during his tenure, which has significantly strengthened the Bank’s financial strength and strategic relevance.
Mr Ayewamide expresses enthusiasm, stating, “It is an honour to lead Access Bank RDC SA at this crucial time. I look forward to working closely with our stakeholders to build on the strong foundation already in place, accelerate innovation, deepen financial inclusion, and deliver sustainable value to our customers and communities.”
“Leading Access Bank DRC SA has been a privilege. I am proud of the transformation we have accomplished together and grateful for the commitment of our teams, the support of our regulators and the trust of our customers. I am confident that the Bank will continue to prosper under Mr Ayewamide’s leadership,” Mr Osuachala reflected.
Access Bank RDC SA is entering a new stage of strategic execution and expansion with this leadership change as it aims to become the most reputable African bank in the world.
By Adedapo Adesanya
Sterling Bank has partnered with global cross-border payments infrastructure company, Thunes, to enable easier international money transfers for Nigerians living abroad.
In a statement, Thunes said this alliance ultimately ushers in a new standard for cross-border payments, empowering Nigerians abroad with a quicker and simpler method of sending funds home.
Remittances have become a regular with an estimated 17 million Nigerians living and working abroad allowing billions trickling from diaspora into Nigeria with available data showing that the Nigerian diaspora remitted over $20 billion in 2024, an increase of 9 per cent on 2023.
Thunes and Sterling Bank believe that demand for fast, transparent and dependable financial connections to home has never been greater.
“This collaboration reflects the shared commitment of Thunes and Sterling Bank to financial inclusion, and community empowerment, helping people improve financial oversight while spending more effectively. It also supports Thunes’ mission to onboard the next billion end users in emerging markets into the global economy,” they said in a statement.
By leveraging Thunes’ Direct Global Network, Sterling Bank is rolling out this enhanced capability across multiple European markets, giving customers abroad a more consistent way to support their families and manage finances. Via the partnership, new and existing Sterling Bank account holders can now enjoy seamless, instant payments across borders.
“Together, we’re enabling a new level of convenience, speed, and confidence for customers managing finances across borders,” said Mr Daniel Parreira, Senior Vice President of Sales – Africa at Thunes, adding that, “ This alliance demonstrates our ongoing dedication to making global money movement instant, transparent, and accessible for all.”
On his part, Mr Ayodeji Saba, Head, Switch & Remittances at Sterling Bank, said “With Thunes’ trusted technology, we’re giving our customers a faster, more reliable, and more affordable way to fund their Sterling Bank accounts from their foreign bank accounts. It’s a major step forward in improving the experience for our diaspora community.”
The move is coming three years after Thune’s deal with Access Bank in 2023 to facilitate cross-border payments across its African subsidiaries.
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