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FG Considers TSA Funds to Part-fund Budget

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  • FG Considers TSA Funds to Part-fund Budget

The Federal Government is currently planning a framework that will allow it to deploy some of the funds in the Treasury Single Account for the implementation of projects contained in the national budget.

The Accountant General of the Federation, Alhaji Ahmed Idris, disclosed this on the sidelines of a retreat on the TSA.

Since the policy became fully operational in September 2015, about N5.2tn has accrued to the account.

The retreat was attended by stakeholders in the private and public sectors of the economy.

Idris said while the implementation of the policy had been successful, there was a need to harness its immense potential in budgeting and debt management.

For instance, he said that while the policy had helped to reduce the amount of borrowed funds by the government, there was a need to have a mechanism that would allow the balances in the TSA to be used in a profitable manner for budget execution.

Idris said, “We have been able to run the TSA successfully and we have consolidated all resources of government agencies coming together into a single window to see how much government has in liquid. We have been able to track government revenue by seeing the inflow and that has helped us to harness the benefits of the TSA.

“The TSA is one of the critical aspect of our reforms. Beyond mere cash management, there is a need to look particularly in this time of recession to see how best we can deploy the large balances that we have been keeping with the CBN for the betterment of the economy

“We must sit and this retreat is just the beginning of this discussion, it is not an end to it. All the stakeholders will continue to talk and we will be advising the government appropriately. It is not something that we will do tomorrow; we have to sit on how we deploy them profitably into very efficient and very viable instruments. So all that need to be worked out.”

The Managing Director, SystemSpecs, Mr. John Obaro, said while the implementation of the TSA was turbulent at the beginning, it’s success had added value to the country and the economy.

He said, “Now that things have reasonably settled down, we can now begin to speak to real issues such as improved operational processes, and the utilisation of the massive data that is now readily available to government.

“This can be used for economic planning and a lot of other things can be derived from what is currently available.”

He said through the receive and payment platform provided by the company for the TSA policy, Remita, Nigerians would soon be enjoying better services though their mobile phones in making payments for government services.

Obaro stated, “We want to enhance our system to address a number of the challenges. For instance, we are aware that many people have had to go to the bank to make one payment or the other, but what we want to do is to move this to a mobile phone.

“In the coming weeks, people will be able to transact directly from their mobile phones to do all their TSA transactions. This is a way of ensuring that they are in better control without having to visit bank branches or even using debit and credit cards.

“This will go a long way in addressing some of the challenges that have already been identified.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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Banking Sector

Safaricom, Access Holdings Forge Partnership to Revolutionize Remittance Corridor in Africa

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Safaricom, the leading telecommunications company in Kenya, has entered into a strategic partnership with Access Holdings, spearheaded by Aigboje Aig-Imoukhuede.

The collaboration aims to revolutionize the remittance corridor between East and West Africa, marking a significant step towards enhancing financial inclusion and empowering millions of individuals across the continent.

The partnership comes on the heels of Access Holdings’ recent acquisition of the National Bank of Kenya Limited, signaling the company’s ambitious expansion into the East African market.

Leveraging Safaricom’s extensive network and expertise in mobile money through M-Pesa, which currently dominates the mobile money market in Kenya, the alliance seeks to create seamless and efficient channels for remittance transactions.

Aigboje Aig-Imoukhuede, the driving force behind Access Holdings, expressed enthusiasm about the collaboration, highlighting its potential to transcend traditional boundaries and foster greater economic connectivity between East and West Africa.

He highlighted the fusion of collective expertise and resources between the two entities, underlining their shared commitment to driving financial inclusion and empowerment across the continent.

The partnership holds promise for addressing the challenges faced by millions of Africans in accessing affordable and reliable remittance services.

By connecting more than 60 million customers and 5 million businesses across eight countries, the collaboration aims to facilitate over $1 billion in daily transaction value, significantly boosting the flow of remittances within and outside Africa.

With the first phase of the collaboration focusing on key markets such as Nigeria, Kenya, Ghana, and Tanzania, stakeholders anticipate a transformative impact on the remittance landscape, paving the way for greater intracontinental trade and economic integration in line with the objectives of initiatives like the African Continental Free Trade Area (AfCFTA).

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Banking Sector

EFCC Urged to Repatriate Recoveries to NDIC for Depositors’ Relief

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The Nigeria Deposit Insurance Corporation (NDIC) has made a fervent plea to the Economic and Financial Crimes Commission (EFCC) to expedite the repatriation of recovered funds to its coffers to facilitate the timely reimbursement of depositors affected by bank failures.

During a recent meeting between the Managing Director of NDIC, Bello Hassan, and the Executive Chairman of the EFCC, Ola Olukoyede, at the NDIC headquarters in Abuja, Hassan stressed the importance of enhanced collaboration between the two agencies in recovering depositors’ funds lost due to bank failures.

Hassan emphasized that the return of recoveries made by the EFCC on behalf of the NDIC would significantly contribute to the prompt reimbursement of affected depositors.

He commended the EFCC for its unwavering efforts in combating corruption and financial crimes, highlighting its crucial role as a key member of the Taskforce on Implementation of the Failed Banks Act chaired by the NDIC.

The NDIC boss also highlighted the existing partnership between the two organizations, which led to the establishment of the NDIC Help Desk at the EFCC in 2022.

He disclosed that several high-profile cases referred to the EFCC were currently under investigation.

In response, Olukoyede reiterated the EFCC’s commitment to collaborating closely with the NDIC to combat financial crimes and safeguard the integrity of the Nigerian banking sector.

He pledged to intensify efforts to repatriate recovered funds promptly, acknowledging the interconnectedness between criminal activities and bank failures.

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