Banking
Quickteller Paypoint Engages Agents, Promises Support
By Modupe Gbadeyanka
Quickteller Paypoint has said it is co-funding relief programmes to provide personal protection equipment and wares for Quickteller Paypoint Agents across the country.
At a virtual forum held recently, the Divisional CEO of Interswitch Financial Inclusion Services (IFIS), Ms Titilola Shogaolu, explained that this move is to ensure that the agents are in compliance with COVID-19 expert advisory, while rendering services to the public.
Ms Shogaolu further stated that the organisation was also adopting to new channels of communication with our agents to educate them.
She emphasised the relevance of social distancing at a time like this, as well as the importance of cash management, advising the agents to take advantage of the fact that some bank branches may be possibly closed, to diversify their services by having an excellent product mix and exploring the introduction of cash deposit machines.
During the forum organised for the agents under the auspices of Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Quickteller Paypoint assured of continued support during the ongoing global COVID-19 pandemic.
Expressing her profound gratitude to AMMBAN, Ms Shogaolu commended the association for putting the forum together at a time like this, when the COVID-19 pandemic has disrupted many businesses across the globe.
She reiterated that these are unprecedented times, as the entire world is faced by uncertainties caused by the disease outbreak and as such there is the need to sensitize agents on the possible impact of the pandemic on our services, and the necessary measures to deal with it.
The CEO highlighted the need for smart solutions that expediate digital transactions and processes, adding that, with the lock-down situation in the country, things will no longer be business as usual, hence, the need to constantly innovate and evolve, to meet the changing needs of the ecosystem.
“Quickteller Paypoint is co-funding relief programmes to provide personal protection equipment and wares for Quickteller Paypoint agents, to ensure that they are in compliance with COVID-19 expert advisory, while they render services to the public. We are also adopting to new channels of communication with our Agents to educate them,” she said.
The forum, with the theme The impact of COVID-19 on the Digital Financial Services (DFS) ecosystem in Nigeria, was an initiative of AMMBAN.
The group facilitated a discussion session between Mobile Money Service Providers, Bank Agents and the general public, on precautionary measures to take as essential service providers during the ongoing pandemic as well as trends that are likely to continue after it is defeated.
Speakers at the forum, including Professor Olayinka David West, Information System Specialist and Academic Director at Lagos Business School and Jay Alabra, Co-Founder PagaTech Limited, all unanimously opined that the COVID-19 pandemic has not only changed the world but has also transformed the way transactions are carried out.
In their votes of thanks, Victor Olojo, National President, AMMBAN; Yusuf Adeyemo, National Programme Director and Olawale Tiamiyu, applauded all three speakers for taking time out to join in on the forum to address these pertinent issues.
Interswitch Financial Inclusion Services is an interconnect point and infrastructure for integrating and delivering electronic payment services to the unbanked, under-banked and banked.
The organisation works with financial service providers, merchants, billers, and other organizations that aim to increase their efficiency and outreach, through its network of human service interfaces for secure financial transactions nationwide.
By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
By Aduragbemi Omiyale
A partnership aimed to enable seamless, real-time and secure transactions for cardholders across Africa and the rest of the world has been entered into by Payattitude and PAPSSCARD, the card scheme initiative of the Pan-African Payment & Settlement System (PAPSS).
The collaboration will allow Payattitude cards issued by banks and other deposit-taking institutions to be co-branded with PAPSSCARD, Discover, Diners and Pulse for acceptance across their networks in Nigeria, Africa and worldwide.
As an initiative of the African Export-Import Bank (Afreximbank) and a key financial infrastructure supporting the African Continental Free Trade Area (AfCFTA), the PAPSSCARD scheme will facilitate instant cross-border payments in local currencies.
“This partnership reflects our commitment to cross-enterprise alliances and enabling inclusive, efficient, and borderless payments across Africa and the world
“With Payattitude, Nigerian cardholders and financial institutions can now enjoy the benefits of a Nigerian card that can be used worldwide,” a director at Payattitude, Dr Agada Apochi, said.
The acting chief executive of PAPSSCARD, Mr John Bosco Sebabi, said the aim is “to connect African payment ecosystems, reduce the cost and inefficiencies of cross-border payments, and strengthen African sovereignty over payments infrastructure.
“Collaborating with Payattitude, a key innovator in Nigeria’s payment space, represents a significant step towards a more unified African payment landscape.”
The chief executive of PAPSS, Mr Mike Ogbalu, said, “By bringing together PAPSSCARD’s robust cross-border payment capabilities with Payattitude’s leadership in the Nigerian digital payments, we are taking tangible steps toward building a single African market where individuals and businesses can transact easily and securely, both within and beyond Africa.”
Payattitude is the first-in-kind Nigerian Payment Scheme to pioneer multibank App and USSD Code *569#.
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