By Modupe Gbadeyanka

The award for the Most Financially Inclusive Pension Company of the Year has been given to Stanbic IBTC Pension Managers.

The leading pension fund administrator in Nigeria got this accolade at the recently held International Financial Inclusion Conference (IFIC’24) organised by the Central Bank of Nigeria (CBN).

This recognition marks a significant milestone for Stanbic IBTC Pension Managers as it continues to advocate for financial education and empowerment; striving to create a secure future for individuals through effective pension management.

The award not only reflects the company’s efforts but also serves as motivation to pursue further advancements in financial inclusivity in Nigeria, contributing to the overall economic growth and stability of the nation.

According to the chief executive of the firm, Mr Olumide Oyetan, the management has mapped out several initiatives aimed at expanding access to pension services.

He listed these to include mobile applications that simplify the pension enrolment process, workshops that promote financial literacy and tailored pension products designed for informal sector workers and low-income earners.

He added that in collaboration with various community organisations and Non-Governmental Organisations (NGOs), Stanbic IBTC Pension Managers is also actively engaging underserved populations to raise awareness about the importance of retirement planning.

Mr Oyetan said this award from the central bank affirmed the impact of the company’s strategies for deepening financial inclusion in the country.

“IFIC’24 serves as a vital platform for financial sector stakeholders to collaborate and discuss strategies for enhancing financial inclusion, and we are proud to be recognised among key industry players.

“The conference highlighted the critical role of innovative solutions in achieving financial inclusion goals, aligning perfectly with Stanbic IBTC Pension Manager’s vision for accessible and equitable pension services.

“We believe that financial inclusion is not merely a goal; it is a fundamental right that empowers individuals, enhances economic stability, and fosters sustainable growth in communities.

“Our commitment to providing accessible and innovative pension solutions has always been at the forefront of our operations.

“This award is not just an acknowledgement of our efforts but a validation of our continuous endeavours to make pension services available to every Nigerian, irrespective of their socioeconomic status,” he stated.

The chief executive noted further, “By prioritising accessibility, we are breaking down barriers and ensuring that more individuals can secure their future through reliable pensions. This recognition motivates us to continue innovating and expanding our outreach.”

By Modupe Gbadeyanka

Any bank caught supplying minted Naira notes to currency hawkers will have to pay a fine of N150 million, the Central Bank of Nigeria (CBN) has warned.

In a circular issued over the weekend by the acting Director of Currency Operations Department of the central bank, Solaja Olayemi, it was stated that it was becoming embarrassing that new banknotes are hawked at social events when most Nigerians are unable to get cash from Automated Teller Machines (ATMs) of banks or over-the-counter.

The banking system has witnessed shortage of cash for a while, with most ATMs not dispensing cash to customers despite efforts by the regulator to address the situation.

In the notice, the CBN said the distribution of freshly minted Naira notes illegally to currency hawkers will attract a penalty of N150 million per branch involved.

The apex bank disclosed that to curb the illegal practice, it has ramped up enforcement measures, including spot checks at banking halls, ATMs, and mystery shopping at locations linked to currency hawking.

“Any erring deposit money banks or financial institutions that is culpable of facilitating, aiding or abetting, by direct actions or inactions, illicit flow of mint banknotes to currency hawkers and unscrupulous economic agents that commodify Naira banknotes, shall be penalised at first instance N150 million only, per erring branch and at later instances apply the full weight of relevant provisions of BOFIA 2020,” a part of the circular stated.

The notice stressed the importance of banks strengthening their internal controls, particularly in cash management at branches and during teller operations.

By Aduragbemi Omiyale

The Central Bank of Nigeria (CBN) has reaffirmed that the old and new Naira notes will continue to be used for financial transactions in the country beyond December 31, 2024.

There had been rumours that the old and redesigned N200, N500, and N1,000 banknotes would no longer be legal tender from Wednesday, January 1, 2025, because the central bank would phase out the notes in compliance with a Supreme Court judgement of November 29, 2023.

But the apex bank, in a statement signed by its acting Director of Corporate Communications, Mrs Hakama Ali, on Friday, clarified that the apex court’s judgement being cited did not authorise the bank to phase out the banknotes by the end of this year.

According to her, the court allowed the CBN to leave the old and new notes to be used concurrently until it decides to gradually phase out the former.

The central bank’s spokesperson urged members of the public to disregard claims suggesting the old series of these denominations would cease to be valid at the end of this year.

She urged them to continue to accept all Naira notes for daily transactions, encouraging banks to also adopt alternative payment methods such as electronic channels to reduce the pressure on physical cash usage.

“The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old N1000, N500, and N200 banknotes currently in circulation.

“In line with the bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the N1000, N500, and N200 denominations of the Naira indefinitely.

“For the avoidance of doubt, all versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadlines,” the statement noted.