Connect with us

Finance

Banks Launch New Automated Cheque Clearing Application

Published

on

bank
  • Banks Launch New Automated Cheque Clearing Application

The Deposit Money Banks in the country, in collaboration with the Nigeria Inter-Bank Settlement System, have launched a new automated cheque clearing application called i-Teller.

The i-Teller, which is the new National Automated Clearing System, allows banks to clear cheques within hours.

The DMBs, in collaboration with NIBSSS and Precise Financial System, began the test-running of the new application (infrastructure) 11 weeks ago.

A total of N5tn worth of cheques from 10 million transactions has been processed through the new platform in the past 11 weeks.

The Managing Director, NIBSS, Mr. Ade Sonubi, who spoke at the ‘’Post Go-Live Session” held with the representatives of the DMBs on Tuesday, said NIBSS had been on the project for the past 18 months but it went live in the banks about 11 weeks ago.

He said the new application could allow banks to do a number of payment and non-payment transactions.

Sonubi said, “The platform we have now can allow cheques to be cleared within hours. This is what we called Special Clearing. This can happen such that as soon as a cheque is presented, it is treated in an isolated manner and value can be made. That is possible on this new system. It is not the norm but it is possible now. What you need to do is to inform the bank so that they take special care in quickly processing the cheque. The system also allows for multiple clearing sessions as well.

”Today, we have about four clearing sessions. The advantage of having multiple clearing sessions is that the net amount against each bank is smaller, so you are able to manage settlement risks. So, we can have as many as you want and that is the flexibility that we built into it. We can issue a cheque and it can be cleared within six hours, four hours or at whatever duration we agree.”

The Head, Domestic Payments and Collections, Union Bank Plc, Mr. Kolawole Aminu, described the platform as being user-friendly.

Asked why banks are adopting a new application when countries are planning to phase out cheques, Aminu said, “Phasing out cheques is a development across the globe. You will agree with me that the United Kingdom that tried to hurry up that process has had to even slow it down because of the obvious implications they experienced. In our system here in Nigeria, we are aware that the system will come to a time in the future where cheques will not be used as a mode of payment.

“But as at today, we are talking of transactions that are worth over N5tn that has been processed on this platform just within 11 weeks. We are talking of over 10 million in terms of the volume of cheques. That tells you how much we do with this mode of payment.”

The Managing Director, Precise Financial System, the ICT firm that collaborated with NIBSS on the project, Yele Okeremi, said the firm was proud to work with NIBSS on the project.

Okeremi said, “Like the MD of NIBSS said, what we have given is an infrastructure. It is a switch. It can switch anything. I look forward to when that infrastructure can be used for other transactions. When a country talks about independent, sovereignty, these are some of the things that matter. How much of your services are internal to you? Are you breathing through the nose of other countries and you claim you are independent? These are some of the things that make one happy and we can say that Nigeria’s problems are being gradually solved. There is a big road ahead.”

A representative of the Banking and Payment System unit of the CBN at the event, Mr. Ojerinde Ademola, said the CBN was happy with the move and would continue to support the industry to grow.

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.

Continue Reading
Comments

Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

Published

on

Heirs Life Assurance- Investors King

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.

Continue Reading

Banking Sector

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

Published

on

Access bank

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).

Continue Reading

Banking Sector

EFCC Urged to Repatriate Recoveries to NDIC for Depositors’ Relief

Published

on

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.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending