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THE NATION WEDNESDAY, JULY ll, 2!lU
MONEY
Banks move to settle PoS transactions directly with merchants
B
ANKSar.· working oul
modaliues thai will enable them settle Point of Sale CPoS) transaction:, internally w,U,· out coUaborahon WIth the Nlgena
Interbank SeN emen! System
(NIBSS), 1M Nil/111ft has learnt. This has ber:Oll'e necessary fol·
lowing dela)s in crediting PaS
rnerchMts' aaounls by bankS. Merchants gel credit by bank.5 the next transaction cay under the T ... t cleanng rule. '"You know W len you talk of money. time i.; vlry important. So. that OOe-day raiucbon tn the dearmg cycle mne5 • lot of difference an(l wIll imJ)M1 positively on our busiroe!II5." Bm1twdeObadan, a P05 ~I 5aId during the Citise.l'\e Merchant COI"gress Ileld In Lagos eillser..,e CEO Mrs lol ..
Ogunbambi.!aid there Is Increas-
ing n«d to !'up j)Ort the Central
Bank of NIgeria (CBN) cash·less banking infli.ltj1le, in which POS rnerrllants hat'e l.~. roles to pia}' She said Citi!;eS"Yt! will conbnually
Stories by Collin s Nweu
mtenICt with merchants to Identify
challenses in the use of POS and addressmg them. The major rom· plaints by merchants include poor network, delayed credit to merchants' accounts by banks, battery failure and poor infrastructure Head, e-- DIstributions, Citisel'Ye, JubrH Salaudeen advised mer· chants not to part with their goods until the machine prinu receipt wruch IS a guarantee that the batik will credit their accounts. He said CBN T +1 dearing rule means that merchants are credited the next working day. adding that the Ni· ge:ria Interbank Settlement System (NiOSS) is working on achieving II same-day settlement. He said the battery life of POS is 72 hours, or 1.200 t:ransactiOIU, advisinli. merchants to ensure tMt the machme is charged at least on~ every two days ..ading that II weak battery will lead 10 poor ~uality receipt printoUL He said the 1.25 per eml or N2,1lX) fee charged on
each transaction is nol high adding that the CBN is still looking at the pOSSibility of reviewing it downwards. He said in other parts of the world, merchants pay five percent fee, and still purdlase their POS, but in Nigeria, the fee is lower, and PoS given 10 them free of charge. Head, e--Business, Union Bank, Fatai Baruwa said the bank wiu continue to work on the cash·less POlicv to see how it CD\ get better. l-te siid the p-.:ogramme was meant to enlilthtEn the customers, understand lneir challenges and also fmd oul how both parties can strengthen the relationship. "First thing is education. We need to educale our customers and let them know more abou t the l'oS and we also need to encourage the card holders. Part of what tfie Federal Government i5 d':'l"S to encourage the initiative i:J that for fertili7.efs and other IIgrie inputs, they are paY-lOg through the phones." he
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N3b agric fund for farmers lHE lagos State govemmen.t has written to the Central Bank of Nigeria (ON) requesting fOf" NJ billion out of the N200 billion agricultural fund lor disl:Jwwment to farmers. CBN had earliet" held d.iscusSons with stare ~enunents. ~ othe!- stakeholders. on how 1:0 boost !hi: agoc sectoI" Director of Coopenbve Servtce5, lagos Muustry of AgriculhJ!e, Mrs Ayo Awokuleyin, yjd the government has written a letter to CBN on the need to ~ N3 billion out of the N200 billion agricultural fund to improve farnung in the state. Mrs Awolekun. auring a one-day senunar organised by Lagos State Cooperative Federation Limited, said CBN has promised to release the funds to galvanise farnUng in the state. TIle seminar was auned al educating ownen; of sillall scale busintsse:s on how to IKDS!I credit facility for growth. She saJd: -We are waiting for CBN ~~e the fund . Thereal~r, we would disburse the fund in two She 5aJd the first tranche of N t billion would go to farmers at the grassroots, while the second tranche of N7. billion will be devoted to middle and large scale farmers in the state. According 10 her, the government would use the fund to improve agriculture at dUlerent revels, as well as ensure food security In the state. -nte state govl!!JlUJlef\t does not want to do it alone.. lnat is why we are making moves to provide funds for farmers. We wouJd improve fish fllrmin~ vegetable farrnmg. among others. We would alsO im· prove technologj. We want to use agriculture as a way of creating jobs for graduates [n the state," she added. Chairman, Lasos Slate Co-operative Federation Umited, Bashorun Macfoy-Alabi, said the government is committed to the issue of alleviating poverty.
Fidelity supports underprivileged ADEUTY Bank PIc has reactivated two boreholes for students of the Special EdUOlltion Cen~ for the Blind, Afan Umuahia. Abia Slate. the bank said in a statement. ln4ugunting the project, Lady Grace Nkem Uche. representing Umuahia Central Constituency: in the State House of Assembly. ex· pressed delight at the spirit of charity ilmong tne Fidelity manage-ment and stall She said such Spirit is rare. especially amon,! people in the commer· dal sector who are mostly profit~riven In then operations. She praised the Board and Management of the bank for it job well done and called on other corporate m.--sanisations to emulate the bank. "I have never seen this before where staff will use their own funds to help a community in need. This is a first and it is a chaJlenge to aU of w m the sta~ that we GUl do more. I will defimtf!:ly take thiS baclt to the House and also convey this laudable act to the Governor later on," she
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Managing DirectOl" of the bank, ~lRald lheJiahi noted the passion the ban1r. Iliu for communities III whiCh II does business. 1he;lahl w.u; represented by Regional Manager, Imo &. Abia RegIon I::nyinnla UChenna He said the bank does not pretend to have solutions to all the problenu of mankind but can contribute in its own smaU ways In maKing life better In the society by affecting Its Immediate environs for goOd "We believe that though we alone are not able to solve the problem.!; of mankind, we can do something_ And we have been duing something." he soud • Ftoni lflt: C .. n..... 1 Man,s.. r, Ellh.d Alrw.y.-, N'lgi!'rla M:ulflc.. Phohlell; Group M:lnas1ns Director/CEO, iMS Ad"i!'rti.lnA l mi ...t Dan Etol .. kpe .nd Chl .. f Mu .... lin8 Orf\cu, Etih.d Airw" Y5. Uni ted Arab Emlnlt .. tU A EI Prt.. r 8 .. umS"rne durina .. cockt.il 10 muk Etihad'il m.fd .. n flIghls 10 LilSOli from Abu Dha bi, htld "I EkD 1101..1, UBo. nR Toet'da}
CBN promotes financial literacy "m Central B mk of Nigeria
'U
(CBN) has 'xr~ felldi·
ne!l' to f~ U ..."t' the number of NigeriMs thai ha"e no access to (.nanoa} sern('!5 Ircm 46 per cent to 20 per em_t l1y l ~ year 2020. The apex banL. dlSo" ios."CI this in II orcu· Iar tailed: "E.'T:JSu<e Draft of ,Finiltl· Cia' Literacv Frr aework In NI'
gena."
rt w;u ad~:!d Ii) .....nks. other h· OIlncial msli:utlOns and 5b1keholders ant' ,.btamed from the ajX'X bank s " ..hsile. Nigeria is one Jf the rountrie~ With lowl'St lit!.!r.to; y le"\eI , with the literate.;! populdtion ruts around 30 per cetol The <'t"\'~ It pmenl has at· fected parbc;pabr n 10 banking tn · dustry, as welJ as l'\e econom} CBI"l. IR liS 'e'.' fr'" of on·gcin,:: reform! Ald Is lommitted 10 redua financial htrra.:y and further impro\e the IndU3tl"
To achien- this objective, CBN has Berger in collaboration wiU, Ule Enhancing Financial Innovation designed a financialliteral1', frame-worK that aimed at eduCiltmg Ni· lind Access( EFINa), Lagos. Ni· gerlans to improve their under· geria. standmg of fuiancial products, de-"The strategy is aimed at reducvelop thcir skiLl5, and confidence ing the percentage of IIdult Nigerians excluded from f'ioannal servo to become more ilware of fmancial ri.o:b and opporturuties ices from 463 per rent as at 2010 to 20 per rent in 2012. This is with a Sub<:equently, the banking watch· dug has come out w_lthan expoview to enabling them to have ac· sure draft on finanoal inclUSIOn ress to finaneal services, engaging strategv m Nigena. It said the draft them In econOlNC activities and would'artlcu6lt~ a Stnltes;ie direcconlnDUte to the economic deve:!· opment of Nigeria " tion for the implementahon of fi· nanoal literacy programmes In The statement further said CBN Nigeria. is soliciting for inpul$ from the public to enable the bank finalize The draft reads: ''In contmuation of tht- de-.eloplT1ft1t role in the Ni· the document and further achieve success. It said m;ponses from the gerian ecanomy. the Central S.'nk of Nigena has ae-.'el~ an Expo- . stllkeholders would plllY maJor sure Draft on Fmanoal inclUSion roles In the efforts to reduct" the Strategy for Nigen... The draft was level of the unbanked population prepared bv a German-based Con· and further make the industry sultancy t-:irm. Messrs Roland more stronger and competitve
IFC mobilises $lb into private infrastructure in Africa H B Int·'m.lt-ona l Financ~ Corporali( n IFC) will in\ est and mnl)llse more than SI billion lOt" private mfrastructure in Afnca , u)' -rom 5200 mil lion fh e yellr<' ag<>, A. statement from the bank said the fund carnot clo~ the infTi!' s~ financt' ..'1IIp, estimated at S93 billion. It said private sector infTastructure mcludes roads. P.OJb. and po~ ~tatio-1S aaoss Africa. and the pace l.f irlV\'Stmenl is both
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driven by the huge demand from thecontinenfspeGpleilf1d its growm~ econonues iIf1d by: the benefical effects of contutued reform pro-grammes. A.a:ording to the IFC website, tn· fmstructure and service development is hampered by lack of knowhow to develop and guide infrastructure proyects 50 that African govenunt!nls GUl benefit from pn· vate-sector experttse. management and finance.. 1'hi5 is an even more
serious hurdle than shortage of fundmg. J:>evelopmg deals requires lime, effort, experlence, and the ability get the right balance be· !wren 'private and public interests. IFe IS also leading the wily in advisory services and has successfully advised Afriean governments. including local municipalitIes, on ways to engage the private sector m essential puolic services, and on how to restructure stateowned enterprises
GARP to organise risk management workshop THE Global Associatioo of Risk Professionals (GARP), Nigerian Chapter is planning to organise a workshop for risk management ,oCfi~rs of banks in Lagos The theme of the workshop IS' ~ &k tf Rist Govurt· alice 1/1 Effoclu]f! Ri5k AilllI/Jg~mf!1lt. In a stalement Signed by H Pierson Associate offiolll, Mr Rashhed AkinoLa, said the workshop would help in improving risk manageillent vis-a-vis enthroning gOod corporate governance in banks. The statement reads: "The ever increasing complexity in today's busi· nl'S5 environment ~UJJ't'S that the boara of an organlSabon sets the risk management framework from which management devel~s and implements initiatille5. Risk Management provides gUldana fOr dear aUocation of roles and responstblhties of the board and management levels. The speaker will diScuss U\ further delaUs the roles 01 riSk gov· ernance in elJective risk management. "Chief Credit Officer, UBA Group Nigeria, Mr Tunji Adesida is the guest speaker
ECOW AS seeks speedy microeconomic union TIlE EconomiC Community of West Alrican States (ECOWAS) memberstates have ca.JJed for spt'!dy unplemenlation of the romm15SlQn's macroeconorruc convergence,known as ECOMAC ThIS 15 expected to accel· erate Single m~tary uruon In the region. The ECOW ASCommission said series of workshops wen' held m lome. Lagos and Abidjan last year to examine and validate the ECOMAC data-
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lnfonnallon Office:r in the Conuniss.ion, Uwem Thompson, SiUd If1 a statement that the methods of data retrieval from each ECOWAS member-state were also discussed at the workshop . . "Membef" states, experts and other regional insbtu~ ha\'e caUed 00 the commission 10 act:l'.lerate the process for the operallonalisabon of th~ ECOWAS Macroeconomic Convergence," the stalcment 5ald It said further that the commission reiterated its commitment to the operation of the database to facilitate macroeconomic activities of the member states. The databilSe will focus on generalilles and country-spedfic guides which were developed to addreSs chal1~es U\ each of the member states. The genenl and country-specific guides will be p~ in the three ECOWAS official languages comprisUlg Enslish. French iI!ld Partu~. The ECOW AS membef states arl' Nigeria, Ben",-. Bu~ Faso" Cape Verde. COte d 'lvom!:, Gambia, Ghana, Gwnea. Gwnea·BlSSau, Uberia, Mali, Niger, Senegal,. Siena Leone and Togo