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FCMB Boosts E-Payment With Finacle 10

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FCMB

First City Monument Bank Limited has said that holders of its MasterCard, Visa and Verve payment cards are in for seamless service following the full implementation of its recently-introduced technology solution called Finacle 10.

According to a statement by the lender, intending holidaymakers will now have access to over 850 airport lounges around the world with their priority pass card available only to MasterCard cardholders since the cards are acceptable all over the world.

The bank said it had also invested in the acquisition of a robust infrastructure and security to meet its customers’ expectations, while maintaining stakeholders’ trust in the FCMB brand.

The technology, it said, had enhanced its cards’ high approval rate.

“Compared to generically issued cards, the FCMB’s MasterCard, Visa and Verve payment cards (Verve is for local transactions only) are configured in variants that suit different lifestyles, usable by all segments of the society and are quite easy to activate,” the statement added

“We have a robust product suite for businesses and individuals alongside our award-winning service culture; we are leveraging diverse capabilities by investing extensively in channels to reach more customers,” it noted.

The lender said its customers were currently embracing alternative payment channels at an impressive rate.

The Group Head, Cards and Electronic Banking, FCMB, Mr. John Iwuajoku, was quoted to have said, “We have set our eyes on providing robust products and facilities that meet the demands of today’s innovative environment and complex desires and experience of our teeming customers in order to provide them with flexible options for maximum benefit and excellent long lasting customer experience.”

He added, “This is very important to us. The comfort we are promising our customers with our cards includes increased transaction limit even in the face of other institutions shutting down their international transactions.

“Ours give access to much more than moderate transactions with subsisting exchange rates reflected on transactions executed with all the FCMB cards anywhere in the world.”

According to Iwuajoku, the advent of financial innovation such as smart card, credit card, electronic transfers in the payment system space and the launching of Internet banking have transformed the world into a global village linked by electronic impulses.

The statement said, “Even if an individual is not a customer of the bank, we have re-emphasised that all travellers and holidaymakers can as well cash-in on these opportunities.

“Our cards are issued instantly when an account is opened. The bank also has its pre-paid card in all card types, MasterCard, Visa and Verve (used within Nigeria only) for customers who do not wish to open current or savings accounts with the bank.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Finance

CBN Leaves Interest Rate Unchanged at 11.5 Percent

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Godwin Emefile

CBN Leaves Interest Rate Unchanged at 11.5 Percent

The Central Bank of Nigeria led Monetary Policy Committee (MPC) left the interest rate unchanged at 11.5 percent to aid economic recovery from recession.

The MPC lowered the interest rate by 100 basis points to 11.5 percent in the third quarter to boost capital inflow to the real sector of the economy and halt the continued plunge in economic productivity.

The members voted unanimously to leave the rate unchanged because of the poor macroeconomic factors caused by the COVID-19 pandemic, rising inflation and lockdown.

Asymmetric Corridor was also retained at +100/-700 basis points while Cash Reserve Ration (CRR) stood at 27.5 percent. The liquidity Ratio was left at 30 percent, according to the CBN Governor, Godwin Emefiele.

Emefiele disclosed this on Tuesday after two days of meeting. He added that the global economic outlook has started showing improvements.

The retention comes as no surprise to experts given the escalating inflation rate, weak economic productivity and the present economic recession.

Obadiah Mailafia, a former deputy governor, CBN said “I do not see them shifting ground on those key areas. It would be counter-intuitive to reduce the MPR in a time of rising inflation.

The government is facing what is increasingly looking like a fiscal crisis, as government revenues continue to fall while a sizeable portion of government funds are going into debt-servicing,” Mailafia stated, noting that “More than 400 federal agencies have been unable to pay salaries to public sector workers for several months a in a row. Nigeria’s economic challenges are compounded by the geopolitical challenges of banditry, violence and terrorism.”

“As expected, I did not see them shifting ground on those key areas. It would be counter-intuitive to reduce the MPR in a time of rising inflation.

“I, therefore, suspected they would want to leave things as they are in order to weather the current storm, in the hope that things will begin to improve by Q2.

“A stable and consistent monetary policy stance can help stabilize the economic outlook while helping actors to anchor long-term rational expectations,” the former CBN stressed.

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Banking Sector

Deposit Money Banks Pay N2.7 Billion as Customers Complaints Rise by 34%

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Deposit Money Banks Pay N2.7 Billion as Customers Complaints Rise by 34%

Nigeria’s Deposit Money Banks (DMBs) refunded banks’ customers N2.67 billion in the first half of 2020, according to the latest findings.

This represents a 63 percent decline when compared to the N7.2 billion refunded in the same period of 2019.

A breakdown shows “Bank received 2,051 complaints from consumers of financial services providers in the first half of 2020, compared with 1,528 complaints in the corresponding period of 2019. Of the total 1,167 or 56.9 percent were complaints on electronic/card, while 125 or 6.1 percent were on excess charges. Other complaints were, mainly, on frauds, dishonoured guarantees and unauthorised deductions/transfers, among others.

“A total of 1,519 complaints, including those outstanding from 2019, were resolved in the review period, compared with 1,548 in the corresponding period of 2019. Total claims in the review period in local currency and foreign currencies amounted to N4.58 billion and $151,647.82, compared with N8.70 billion and $315,475.54, respectively, in the corresponding period of 2019.

“Relief was brought to many of the affected customers as the sums of N2.67 billion and $144,176.68 were refunded in the first half of 2020, compared with the N7.20 billion and $315,229.02, refunded in the corresponding period of 2019.”

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Banking Sector

Ecobank Nigeria Received N50 billion 10-Year Bilateral Subordinated Loan

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ecobank

Ecobank Nigeria Received N50 billion 10-Year Bilateral Subordinated Loan

Ecobank Nigeria announced it has received N50 billion 10-year subordinated Loan.

Adenike Laoye, Group Head, Corporate Communications, Ecobank Nigeria, disclosed this in a statement released through the Nigerian Stock Exchange.

The statement read in part, “The bilateral funding provides stable medium-term liquidity to the balance sheet of Ecobank Nigeria and positively improved its balance sheet ratios, especially the capital adequacy ratio by circa 300 basis points.

The transaction proceeds would be deployed to support Micro, Small and Medium Scale Enterprises (“MSMEs”) and Small Corporates.

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