ValuCard changes identity, transforms to card-neutral service providering

WEDNESDAY, 04 APRIL 2012 12:17 DANIEL OBI

In readiness for the emerging cashless economy, ValuCard Nigeria Limited, a payment card Industry service provider owned by a consortium of 18 Nigerian banks has transformed from a domestic card scheme to a card-neutral and payment option service provider.

Under the transformation which changes the company’s name to Unified Payment Services Limited, the firm licensed by Central Bank of Nigeria (CBN) to operate as a payment terminal service provider will provide support for all forms of electronic payments.

“Today and in the very recent past electronic payment is no longer defined by plastics or payment cards but now encompasses different options such as mobile money, mobile banking”.

Nigeria: banks improve IT services to accommodate cashless policy

Segun Adekoye | 4 April 2012 | 0 Comments

Nigeria.

LAGOS: April marked the full commencement of the cashless policy introduced by the CBN in Lagos State.

The Central Bank of Nigeria (CBN) had last week made various adjustments in the commencement of its cashless policy nationwide.

The start date has been moved from June 1, 2012 to January 1, 2013, while the pilot phase of the program in Lagos State started April 1, 2012.

The CBN also confirmed that it had raised the cash deposit limit for individuals from N150,000 to N500,000 while that for corporate organizations was raised from N1million to N3million.

Sadly, most Automated Teller Machines (ATMs) were out of service while some customers could not withdraw money on third party basis or make use of (Point of Sale) POS terminals.

Some of the banks visited by Bikyamasr.com.com yesterday confirmed the commencement of the policy.

Nigeria’s first Innovation Dinner tackles financial sector

IT News Africa (www.itnewsafrica.com), Africa’s Technology News Leader, will be hosting itsInnovation Dinner for the first time in Nigeria.
Originating in South Africa in 2010, the bi-monthly event has become a must attend for senior ICT executives and professionals. In the past the event has been sponsored by global giants such as IBM, MTN Group, HP, Huawei, Nedbank, Motorola, Ericsson and BlackBerry (view photos of past eventshere).

To be hosted at The Wheatbaker Hotel in Nigeria’s affluent Lagos neighbourhood of Ikoyi on 25 April 2012, the event will bring together senior executives and professionals in a relaxed environment to form new business relationships and learn about the latest developments in the ICT sector.

The Innovation Dinner in Nigeria will focus on the financial sector and speakers will explore the possibilities of a cashless society coupled with the growth of mobile money in the West African country.

This invitation only event will be chaired by Honourable Engr Peter E. Igoh, Chairman of the Board of Commissioners, Nigerian Communications Commission (NCC).

Innovation Dinner Nigeria promises to be an evening filled with insight and attendees are guaranteed to leave with a wealth of information about innovative technologies that are changing the financial services landscape in Nigeria.

Innovation Dinner Nigeria is sponsored by SAP and Internet Solutions.
SAP is a leading applications developer for the financial sector.
SAP helps companies of all sizes and industries run better. From back office to boardroom, warehouse to storefront, desktop to mobile device, SAP empowers people and organizations to work together more efficiently and use business insight more effectively to stay ahead of the competition.

Internet Solutions (IS)is a leading player in the Connectivity and Communications market. They play a major role in the changing landscape under which connectivity has aided the growth of a more dynamic and innovative Financial sector.
Since inception in 1993, IS has been at the forefront of telecommunications innovation. As the first commercial ISP in South Africa, IS today has the most stable, resilient and redundant network available and the widest and most innovative scope of service offerings.

For further information please visit www.innovationdinner.co.za

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ValuCard changes identity, transforms to card-neutral service providering

In readiness for the emerging cashless economy, ValuCard Nigeria Limited, a payment card Industry service provider owned by a consortium of 18 Nigerian banks has transformed from a domestic card scheme to a card-neutral and payment option service provider.

Under the transformation which changes the company’s name to Unified Payment Services Limited, the firm licensed by Central Bank of Nigeria (CBN) to operate as a payment terminal service provider will provide support for all forms of electronic payments.

“Today and in the very recent past electronic payment is no longer defined by plastics or payment cards but now encompasses different options such as mobile money, mobile banking”.

Mobile money takes East Africa by storm

Posted by Microfinance Nigeria on Apr 3rd, 2012

MOMBASA, Kenya (MarketWatch) — Agnes Ngooro, a small trader in the bustling central market of Mombasa, spends her days sitting behind a wooden table selling trousers for a few dollars a piece, and while it may not look like it at first glance, she is an international businesswoman.

The clothes displayed on her table are manufactured in China and Thailand, and they arrive in East Africa in the region’s major cities including Nairobi, Kenya and Kampala, Uganda.

“If I want to buy something from Nairobi, I send money to the wholesaler. When he receives it he sends me the goods,” Ngooro said on a recent day while tending her goods.

This may seem like a perfectly normal 21st century retail operation. But not so long ago, it was very difficult, if not impossible, for Ngooro to pull off. Like millions of people in Kenya, she has no bank account and, until recently, no easy way to pay distant suppliers.

Lagos goes cashless on April fool day

By EMMANUEL UDOM

The Central Bank of Nigeria has ordered banks operating in the country to go cashless effective April 1, 2012, beginning from Lagos, the former capital of Nigeria.

In line with the directive of the CBN,cash withdrawals or deposits by individuals should not exceed N500,000, while that of corporate bodies is perked at N3,000,000.

The aim, according to recent posting at the site of the apex bank in Nigeria is aim at reducing, not eliminating the amount of physical cash (coins and notes) circulating in the economy.

REVIEWED HIGHLIGHTS OF CASHLESS

IKECHUKWU, ALICE KALU, JUSTUS ADEJUMO

•Cash in transit (CIT) and cash pick up services will no longer be provided by banks.

 ...Only companies licensed by the CBN will be allowed to provide CIT service
•All third party cheques above N150, 000 (now reviewed to N500,000,00) shall not be eligible for encashment across the counter. They will be paid into a current account and go through the clearing house for it to receive value.
•Any amount above N150, 000 (now reviewed to N500,000.00) and N1, 000,000 (now reviewed to N3 million) for individuals and Corporate organisations for both withdrawals and deposits shall attract a surcharge of 10% and 20% (now reviewed to 2% and 5% ) respectively. This charge will apply to all transactions in Lagos and accounts domiciled in Lagos State.
•The processing fee for withdrawals above the limit for individual customers has been reviewed downwards from 10% to 3%, while the processing fee for withdrawals above the limit for corporate bodies has also been reviewed downwards from 20% to 5%. The processing fee for lodgements above the limit for individual customers has been reviewed downwards from 10% to 2%, while the processing fee for lodgements above the limit for corporate bodies has also been reviewed downwards from 20% to 3%. However, establishments, that is, MDAs are exempted from the cash limits.
•These limits are cumulative daily limits, irrespective of the channel used by the individual or corporate organisation (E.g. Over the counter, ATM, 3RD party cheques encashed over the counter) as well as cash brought in by Cash In Transit companies.
•The charges shall be borne by the account holder. But during the pilot phase in Lagos, individuals/depositors paying money from Lagos into an account outside Lagos shall bear the charges.
•The commencement date for the pilot stage in Lagos State is Monday, April 2, 2012 and it runs till December 31, 2012. While the policy will begin throughout the states of the federation and the FCT from January 1, 2013.

‘Cash-less economy will grow govt revenue

MONDAY, 26 MARCH 2012 00:00 HOPE MOSES-ASHIKE

Experts in the financial sector have said that increased sales in a cashless economy will have a positive impact on Government’s revenue translating to increased value added tax (VAT). In addition, they also believe that cashless economy will enhance the efficiency of monetary policy.

They went on to say, e-payment in a cashless economy will ensure security and convenience for payer and payee as well as reduce the overall cost of banking and payments, thereby reducing bank charges, and bringing the benefit of banking services to more citizens. Niyi Ajao, acting managing director, Nigeria Interbank Settlement System (NIBSS), made this known while delivering a paper on The Cash-less Lagos Policy: Role of NIBSS a  a Bi-monthly discourse sponsored by Zenith Bank.

Nigeria: Ngozi for President

BY RICHARD DOWDEN, 2 APRIL 2012

Comment

COLUMN

Ngozi Okonjo-Iweala at the the World Economic Forum in Davos, Switzerland. (Photo Courtesy WEF/Flickr)

I made a mistake recently. When I read that President Obama had nominated Jim Yong Kim to be the next President of the World Bank, I assumed that was that. When does the hand over begin?

Now I read that this year, for the first time, it is not a done deal. The world's two multinational institutions, the World Bank (which is actually a fund) and the International Monetary Fund (which is actually a bank) have been headed since their foundation after World War Two by an American and a European. At the Bank, the President is not voted in democratically, votes are weighted according to the amount of money each country puts into the Bank. So America gets to cast 16.41 % of the votes.

Is that all? No. Here is the catch. The 185 board members have to agree a candidate by an 85% majority. If this wheeze had been cooked up by the Soviet Union or Communist Albania or Mao's China we would all be furrowing our brows and tut tutting about democracy and transparency. This is a shabby wheeze by western countries to keep a grip on the world economy. The Europeans get to nominate the head of the IMF on a similar principle.

CBN’s cash-less policy takes-off in Lagos today

By Ibrahim Apekhade Yusuf

 

THE Central Bank of Nigeria (CBN) has reiterated its commitment to the cash-less policy as the pilot scheme kicks off in Lagos today.

Giving this assurance yesterday in a telephone interview with The Nation, Mr. Mohammed Abdullahi, Head of Corporate Affairs of the apex bank said guidelines for the smooth take off of the policy in Lagos from April 1 have been given. He added: "So there is no going back on the cash-less Lagos project."

The CBN, he stressed, "has stipulated a ‘cash handling charge’ on daily cash withdrawals or cash deposits that exceed N500,000 for individuals and N3,000,000 for corporate bodies", adding: "The new policy on cash-based transactions (withdrawals and deposits) in banks, aims at reducing and not eliminating the amount of physical cash (coins and notes) circulating in the economy, and encouraging more electronic-based transactions payments for goods, services, transfers, etc."

The policy which is expected to be rolled out to other regions across the country from January 1st next year, does not prohibit withdrawals or deposits above the stipulated amounts, but such transactions will be subject to cash handling charge, the CBN spokesman noted.