Business
Nigerians In Diaspora Worry As Economic Crisis Affects Funds Transfer – Report
Published
1 year agoon
By
EditorNigeria Diaspora remittances declined
Nigerians in Diaspora cannot currently transfer a lot of funds home because of a harsh global economic condition, a report from Western Union has revealed.
The report titled, ‘Global Money Transfer Index: Uncovering consumer expectations of the remittance industry (The Africa Series)’ stated that this is as most remittance receivers in the country revealed that they will need to get more money from senders due to a cost-of-living crisis.
The report revealed that remittance inflows into the country were estimated to be $21bn, making it the largest receiving market in Africa, and the ninth largest in the world. It noted that two in three consumers (63 per cent) of the Nigerians who took part in its survey stated that they collect funds at least once a month, with 70 per cent also transferring money abroad at the same rate.
Remittance is expected to increase in 2023 because of increases in the price of things, but this increase is across the board affecting both senders and receivers.
READ ALSO: JUST IN: CBN Raises Interest Rate To 18%
Western Union said, “These figures seem set to grow in 2023 as a large majority of receivers (85 per cent) say they need to get more money from senders amid the cost of living crisis. This rises to 88 per cent of those aged 35 to 44, but drops to 73 per cent of consumers aged 55-plus.
“Senders too generally agree they must transfer bigger sums in the 12 months ahead (82 per cent). However, they face a problem: three-quarters (75 per cent) of them — increasing to 84 per cent of senders aged from 18 to 24 — say global economic conditions mean they cannot transfer as much currently as they did in the past.”
The Regional Vice President, Africa at Western Union, Mohamed Touhami El Ouazzani, opined, “Economic headwinds have impacted all consumers globally, and remittances play an integral role in ensuring people and their communities can keep moving forward, leveraging opportunities.
“Now more than ever, it is incumbent on us as money transfer providers to be agile, supporting consumers as their requirements evolve in order to manage their daily financial needs.”
READ ALSO: Decline In Women Rights Threaten Global Economic Growth – World Bank
In its index report, Western Union noted that Nigerian consumers’ behaviour was influenced by currency fluctuations which include increasing, reducing, or delaying forwarding funds depending on the value of the naira.
It further revealed that the adoption of digital money transfer services in the country was strong. The firm noted that its Nigerian consumers were calling for greater innovation from money transfer providers to support their remittance needs.
Ouazzani added, “Nigeria’s Government and Central Bank’s efforts in developing the necessary infrastructure has boosted connectivity and inclusivity.
“As a result, consumers have become attuned to the opportunities and flexibility innovations can bring. We expect this to continue, underscored by a strong emphasis on speed, convenience, and reliability.”
Business
CAC Opens Centre For Registration Of PoS Operators
Published
2 days agoon
May 9, 2024By
EditorThe Corporate Affairs Commission has inaugurated a centre for bulk registration of Point of Sale operators in its database.
The CAC Registrar-General, Hussaini Magaji, said this while inaugurating the centre stationed at its Federal Capital Territory Office in Abuja on Wednesday.
According to Magaji, the importance of registering the PoS operators in the commission’s database cannot be over emphasised.
He said the centre was well equipped with all the necessary facilities to operate 24 hours a day and ensure the commission’s achievement of its purpose.
READ ALSO: ICYMI: FG To Delist Naira From P2P Platforms
“What we did was accommodate the request from the Fintechs.
“We have allowed them to integrate with the Corporate Affairs Commission; they have developed their structure, and we gave them access.
“Once they supply the necessary details for registration on their platform, the certificate is generally generated and transmitted directly to their platform without them having to contact anyone.
“We have done this to ensure that everyone gets it easy without hitches, but if they choose to apply manually, we have a secretariat open for them to do so,” he stated.
READ ALSO: ICYMI: FG Gives Deadline To PoS Operators To Register With CAC
Recall that the Federal Government through the CAC on Tuesday issued a two-month registration deadline to Point of Sales companies, to register their agents, merchants, and individuals with the commission in line with legal requirements and the directives of the Central Bank of Nigeria.
Meanwhile, at the event, the registrar-general reiterated that the centre would be opened to all operators in the fintech industry who voluntarily submitted their agents and merchants for regularisation with the CAC.
Magaji said that the registration was in line with President Bola Tinubu’s desire to ensure financial inclusion for the youth and strengthen the fight against fraud, finance and other crimes in the country.
He further expressed his resolve to ensure compliance with the provisions of Section 863 (1) of the Companies and Allied Matters, CAMA 2020, and the CBN guidelines for Agent Banking, 2013.
READ ALSO: ICYMI: Five Things To Know About The New Cybersecurity Levy To Be Paid By Nigerians
On security, the CAC boss said that if a crime were committed using the PoS, the government would easily trace the perpetrators to the CAC data platform if such machines were registered.
“If an incident happens and they report it to CAC, if we do not have the operator’s details, we cannot respond, and that is the essence of this registration.
“The registration ensures that every detail of the person is provided, including NIN, passport photograph and all other useful documents.
“And it is an opportunity for more people to be captured into the formal sector,” he said.
The News Agency of Nigeria reports that the Special Adviser to the President on ICT Development and Innovation, Tokoni Peter attended the event.
The event was attended by Dr Salihu Dasuki, the Special Adviser to the President on ICT Policy Office, the PoS operators, and other stakeholders.
(NAN)
Business
FULL LIST: CBN Publishes List Of Licensed Deposit Money Banks
Published
3 days agoon
May 8, 2024By
EditorThe Central Bank of Nigeria has released a comprehensive list of licensed Deposit Money Banks operating within the country.
The list, which was made public on the CBN’s official website on Tuesday, provides insights into the banking landscape in Nigeria.
Banks with international authorisation include Access Bank Limited, Fidelity Bank Plc, First City Monument Bank Limited, First Bank Nigeria Limited, Guaranty Trust Bank Limited, United Bank of Africa Plc, and Zenith Bank Plc.
READ ALSO: BDC Operators Arrested As Naira Sells 1,416/$
Commercial banks with national authorisation include Citibank Nigeria Limited, Ecobank Nigeria Limited, Heritage Bank Plc, Globus Bank Limited, Keystone Bank Limited, Polaris Bank Limited, Stanbic IBTC Bank Limited, Standard Chartered Bank Limited, Sterling Bank Limited, Titan Trust Bank Limited, Union Bank of Nigeria Plc, Unity Bank Plc, Wema Bank Plc, Premium Trust Bank Limited and Optimus Bank Limited.
Commercial banks with regional licenses are Providus Bank Limited, Parallex Bank Limited, Suntrust Bank Nigeria Limited, and Signature Bank Limited.
Players in the non-interest banking sector with national authorisation include Jaiz Bank Plc, Taj Bank Limited, Lotus Bank Limited, and Alternative Bank Limited.
READ ALSO: [ICYMI]FULL LIST: 16 Banking Transactions Exempted From CBN’s New
In the merchant banking category, the apex banks listed, are Coronation Merchant Bank Limited, FBN Merchant Bank Limited, FSDH Merchant Bank Limited, Greenwich Merchant Bank Limited, Nova Merchant Bank Limited, and Rand Merchant Bank Limited.
The financial holding companies listed were Access Holdings Plc, FBN Holdings Plc, FCMB Group Plc, FSDH Holding Company Limited, Guaranty Trust Holding Company Plc, Stanbic IBTC Holdings Plc, and Sterling Financial Holdings Limited.
The Mauritius Commercial Bank Representative Office (Nigeria) Limited was listed as the sole representative office.
Business
[ICYMI]FULL LIST: 16 Banking Transactions Exempted From CBN’s New
Published
4 days agoon
May 7, 2024By
EditorThe Central Bank of Nigeria on Monday directed all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions within the country.
The apex bank stated this in a circular signed by the Director, Payments System Management Department, Chibuzo Efobi; and the Director, Financial Policy and Regulation Department, Haruna Mustafa; a copy of which was obtained by The PUNCH.
The circular, which was directed to all commercial, merchant, non-interest, and payment service banks, among others; noted that the implementation of the levy would start two weeks from Monday, May 6, 2024.
READ ALSO: Five Things To Know About The New Cybersecurity Levy To Be Paid By Nigerians
“The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy,’” the circular partly read.
In this piece, The PUNCH highlights all the 16 banking transactions that are exempted from the CBN’s new cybersecurity levy:
Loan disbursements and repayments
Salary payments
Intra-account transfers within the same bank or between different banks for the same customer
Intra-bank transfers between customers of the same bank
Other Financial Institutions instructions to their correspondent banks
Interbank placements,
Banks’ transfers to CBN and vice-versa
Inter-branch transfers within a bank
Cheque clearing and settlements
Letters of Credits
READ ALSO: FG To Delist Naira From P2P Platforms
Banks’ recapitalisation-related funding – only bulk funds movement from collection accounts
Savings and deposits, including transactions involving long-term investments such as Treasury Bills, Bonds, and Commercial Papers.
Government Social Welfare Programmes transactions e.g. Pension payments
Non-profit and charitable transactions, including donations to registered non-profit organisations or charities
Educational institutions’ transactions, including tuition payments and other transactions involving schools, universities, or other educational institutions
Transactions involving bank’s internal accounts such as suspense accounts, clearing accounts, profit and loss accounts, inter-branch accounts, reserve accounts, nostro and vostro accounts, and escrow accounts.
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