IS
mE GtJARDIAI\I.1huOOa)l AUgust 18, 2011
Moneyline ~---
NIBSS introduces electronic central mandate
management system "J1-IE Nigeria Intu-Dank J. Settlelll elH System ric
(NIBSSl has launched a Centra Mandut' Management System CMMS») to address lhe chalenget 'Aced by banks and Utility Service Providers (ray tv, leasing. Insurance comp.lIlies. .I1110n8 others) In Ihe Settlemfwt of bills by subscribers. The move was In pursuance of the ( enmll Bank
I
of
Nigeria's
Initiative
low,lnJs deepening the acct'ptanct' and growth of public (onOdenct' III the adoption of Automated
, Diamond Bank grows deposits IAMONOBankPlcgrcw Its D deposits I!)' IJ per cem to N464.806 b!llton for the half·
Direct Debit i1S a means for Consumer Bills l>aymelll In Nigeria, CMMS bas bern eSlab. lished as a central electronic repository of Signed Dlrcct Debit mandiltes of bank cu stomers, who are a lso subscribers of utility service compilnleli olh C' r· wist' cillied Billers.. This ne'w systC'm enabln Billers to process bill payments ~rronlessly ilnd III a cos[·dfC'Ctive manner, while IHovidlng electronic palment conVC'nience for bank c unolllers. With CMMS, banks ar~ illso able to pro-
vide modern bill payment suppon for their respecliVC' corporate and Individual customer:<. The Central Mandate ManagemC'nt System is dC1lgned to aid llle SOl,"(65' ful rmplementalion of the Cenrral Hank o( Nigeria's Guidelines on Nigeria Direct DC'bll Scheme (GNDDS) rduC'nced
'INION BankofNlgcrian Pic U (UBN) says proper fill.OlncIng of the agI1rulrur.ll senor Is the key to unlock the nildon's economlc~ The bank s Group Managing Director, Mrs Funke Osibodu reiter-Hed this In the bank's latest quarterly publiClition released on Frklay In lagos_ Oslbodu said tbe Federal Government needed to adopt the UN's recommendation of
N I llle 14 deposit money banks hol vt acctptC'd the CMMS .u ;J11 Initiative that wou ld complrmenl the
(BN's eITort at Improvin,g the adoption of Direct DebIt payment system In Nigeria. A bank u.erutlve recently nOled that this Is a move In Ihe right direction by NIBSS towards propelling elKIronic payments t:SJl«lally automated direct debit In Nlgeri<l to the next level of acceptance' and dflclency desired to further make tlle Nigeria flnanclal system more cashless. The Managing DlrectorfCEO. Nigeria Inter· Bank Seulement System Pic (NI8SS), Mr. Paull..1wal Slated, ~ Ih e Centra l Mandate
Milnagement System would reduce Ihe high relectlon rates currently chuacterts· Ing the prrsent paper-basrd mandate syslem, which has dlscouragC'd billers and service providers In Nigeria from ext~ndlng po~ t. pay. mC'nt options to their sub. scribers .lnd consumers. .. We are determined to propagate the Ideals of Automated Dlrcct ~blt as a v~rllablC' option or p.1ly. men!s for servicC's in Nigeria and with tht' suppon \VI:' have received rrom the Ce:ntr.ll Bank of Nigeria and Deposit Money banks.
who are ilil linked 10 our payment platfonn. Nigerian nnanda! sector will movC' to Ihe nut I~I In e·paymenlS. This will ultimate'ly e:nilblC' the Nigeria nnandal system to contribute more to GOP growth: nle Ge:nerai Manager Operations o f Nigeria ImerBank Seulement System (NIBSS), Mr. Nlyl Ajao also remarked, ~the CMM5 Is another Innovation from NIBSS, the shared servlc~ Infrastructure company for the Nigeria nnandal Indus-
InvnUng 10 per cent of tlle nation's Gross Domrstlc Produce (COP) in agriculrure. She added that agrtculmral raw materi.lls would boost the non-oll expon Se('tor apan from providing food ror the people.. OslbOdu said the bank was ~tting the pace in spite of its rK~prtalisatlo n cholillenges, by dIsbursing 1'1].04 billion as at Maldl. to the sector. She noted that Ihe bank dis-
bursed over NIO billion to farmers in 2010. ~In funhe~llce of this, the bank has exC'CUled.1l11 gow.m · ment agricullure finandng schemes and creali~ly rashioned IU own way of helping farmers every- farming se:a· son.~ she said. Oslbodu said the bank had assisted the CBN to adliC've Its objectives of Comme rcial AJtriQlltural Credit Scheme Sfie added that thC' rationale
Ixhtnd the schemC' was to fan-track the development of Ihe agrtcultural sector or the e('onom)( Acco rding to her, the scheme provides crC'dlt radll[Ies to commercial .gricultural entC'rprtsu at a single digit Interest ratC'. QslbOOu atfdC'd that this had enhanced n;utonal food security by increasing food supply and effecting lower agricultural produ~ imd pr1c~
• She stressed that this was also aimed at redudng the COSt of agrirulrural produc· tion to enOible farme rs eJilplolt thC' potentials In the sector 10 Increase: their OU[· put and generate employment. Osibodu was confidl'Jlt that the drive wou ld increa~ the nation's foreign u.change earnings and provide Inpul for the Industrial sector on iI sust.1lnable baSis.
BOD/DlR/GENIC I~OI /025A
releasC'd anti published on
FC'bruary 18, 2010.
try.~
~;u(H I ) ended June 30, 2011. ~Ivlng
further
boost
to
conndenct'. Its deposit base was N412.011bilmVlest or
lion for the first half 0(2010. The perform.l nct', nnand,,1 i1nalysl5 silld, showed Ih~ growing connd~n~ investors flil\or in Diamo nd Bank, gl\orn Its efficient st'rvic~ deflvery cuJtur~,
nle resulu ~I~.ued recently OIlso showtd that lhe bank signlOcOllllly Increased lIS financing a ctl vlll~s in tbe nalion's economy ~ itS loans and advances grew from 1'1307,135 billion In 2010 to Nl"U79 billion in 2011 _ A runh~rana!ysls or the f1g~ ures Indicated that Diamond Bank enc.led the HI with an Clper.lting Income or N19.2Jl billion, up from N}4.891 billion in 1010. Uo\\'t'Ver, a delllxral.e poll. eyor Ihe miln.:tg ement of the bank to clean up lis hooks and prepare for more profitilblflty In the ~rsaheaiJ led to a provision of N10.9 billion for non-performing loans (NPls) in iii of~OIl . nils led to .. decrt;ue In the profit after tax 10 NI.20] billion com· pared with N4.585 billion In the corresponding period of 2010.
The bank had cut down lIS NM..s to 1'140.6 billion from N60.] billion a ye.ar ago, through the R le of N~I billion WOrTh of NPls to Asset Management Corporation (MKON). The bank also planned to $£11 additional 1'120 billion NPI.s In the third quaner of 2011 to AMCON, against which It expet:ts to recel~ 1'110 b illion.
~!!!~~~~!!~~~~E~S d!~£:!~~~t~~~~~,~ ~!~r;,~s?~ ~~~~~~~~~grn"g
",orncC'r of 51andard Bank, Bey Kruge r says the bol,lk's s net Interest Income from Its lending In Nlger1.11 ha.s Incrtased by .. , percent In the first half ollon when compared to the salllr peliod last )'UrKrugerspoke 111 an Interview with Ihe Mn lohannesburg against the barkdrop of the bank's presentlltion of Its
sUr; montJul'JldlngJunelO. lie said thr -48 per cent InCf1!il5C.' wason the back of the b.tnk's B7 prr ~I growth In Jrndlng during the prriod, which WOlS the: largest growth rorth~bankln theMrlca.. Kruger Silld the bank, whkh oprrates as Stanblc IBIC In Nigerla,WlththesutnSSfulroll out of lis rore business plat(ann, w.I5 bener posiooned to
Hesalalhattllebanklook~
(orwardtohavtngl80branches across Ihe country by the end of 2011 Jnd ruelling 200 by lOI2.
Kruger saki Standard Sank
did nOi buyanyofthe troublt'd banks in Nigeria beause of 5tratrgic reasons. ~enwelookedatwherewe
wert In our growth and deYelopment In NI~r1.11, we didn't
whe~ we can really add the valuuhatthosebanksneeded and they won't really conu1bu~much (owhat~Wilnt-
ed to build In Nigeria. VVe felt we nteded 10 get 10 a certain orgilhic levr:l to get up the scale of unduslilndlng how to extend credit 10 Nigerians "nd I think the grOwtll of 17 per ccnt we holve Sttn {ells us tNl org,1I1ially
live on Ih~ n_ core busl~ platfonn noting that if II w.u Invited 10 Iockal such b.lnks In future II would consider.. ~I think where we find ourSC'1'm now we are more matured, better esnblished in Nigeria.. Three wreks ago we went li\lC.' with our ne'oY rore Involvedlnthat.~hC'e.qJlainro. business. which is the fundaKruger said the bank had, mental pan or lhe: p1atfonn \\I!' ho\vevc=r. grown to become need to run .1Ind ron out.· that to grow our business In Nigeria. -wc. will rxpeo: thattocontinUC' for some tlmr, so when we look al the customer base of these banks and the positions thry nnd themselv~s In we thought It might be mOl"!: of a distraction for U5 to get