African Development Fund offers $8m to improve banking system in West Africa

non-banking financial service providers.

“The project is expected to enhance financial sector efficiency within the participating countries, leading to increased access to finance and further regional integration efforts.

“Approval of funding from the bank’s concessional lending window was made on March 29,” it said.

According to the statement, the new bank identification system will link the banking accounts of individuals across different financial service providers.

It said over 53 financial service providers across the participating countries would be included in the project.

“This will allow them to verify their clients’ identities on an on-going basis (KnowYour-Customer or KYC), combat fraud, discourage loan defaulting and strengthen correspondent banking relationships.

“On the part of customers, KYC-compliant finance sectors will bolster trust and confidence and ultimately encourage access and usage of financial solutions,” the statement said.

WAMI Director-General, Dr

Olorunsola Olowofeso, said the Unique Bank Identification (UBI) and Digital Interoperability project was borne from the Bank Verification Number (BVN) success implemented by the Central Bank of Nigeria.

Olowofeso said:“The BVN, an 11-digit unique identity for each individual across the Nigerian Banking industry, is tied to all bank accounts.

“And has drastically reduced electronic banking fraud, nonperforming loans and eliminated ghost names from the civil service payroll.

“The Unique Bank

Identification will leverage existing national identification systems and help to strengthen financial integration in the West African Monetary Zone.”

AfDB Director for the Financial Sector Development Department, Ahmed Attout, welcomed the board approval, noting that it attested to the strong partnership between the Bank and WAMI.

“Irrefutable and secure identification is fundamental to building financial consumer access and trust and overall development of the financial sector,” he observed.

Ramadan: Ansar-Ud-Deen gives food items to widows

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Ansar-Ud-Deen Society of Nigeria, Kaduna branch yesterday gave food items to widows in the society for them and their families during the Ramadan fast ending with the Eid-el-Fitr.

The food items comprising rice, semovita, beans, spaghetti and vegetable oil among others were presented by the Ansarud-Deen Society Kaduna branch Vice Chairperson, Women’s Wing, Hajiya Mulikat Bakare, to the beneficiaries drawn from the five Divisions of the Branch.

Speaking after the presentation, which took place during the weekly general Assalat programme, Chairman of the Society, Alhaji Sabur Isola Adeyemi said, reaching out to widows, orphans and the less privileged in the Society and organising skill acquisition programme for the unemployed, are part of the annual welfare programmes of Ansar-Ud-Deen Society Kaduna branch.

“Like other Ansar-UdDeen Society Kaduna branch programmes, we presented food items to the widows among us to serve as succour for them during the Holy month of Ramadan. The widows like the vulnerable, need lots of help and this is our own little way as an

Islamic organisation to reach out to the vulnerable and the less privileged among us. Even if we can’t help all of them, we reached out to those we can enable them have an easier and enjoyable Ramadan.

“We urge the beneficiaries to accept the food items like that, and make the best use of it. May Allah accept our Ramadan fasts, ease our affairs and grant us all a place in Aljannah. We implore our members to continue to contribute more and to reach out more to the less privilege around them especially during the Ramadan season. May Allah reward all of us. Aamin.”

The beneficiaries thanked the Ansar-Ud-Deen Kaduna branch for the gesture, while praying that Allah will reward the Society and its members abundantly. They equally prayed Allah to accept the fast of the members and those who contributed to their well being.