CBN Floats Fraud Prevention C’ttee For Cash-less Policy

culled from: http://leadership.ng

The Central Bank of Nigeria (CBN) has established an Automated Teller Machine (ATM) Fraud Prevention Committee to address risks associated with the use of alternative e-payment channels.
 
The members of the committee include banks, the Economic and Financial Crimes Commission (EFCC), National Identity Management Commission (NIMC) and InterSwith and ValuCard. They meet monthly to make e-payment more secure for bank customers.

Tanzania: Etisalat for Best Mobile Innovation Global Awards

culled from:http://allafrica.com

Global Systems for Mobile Communications (GSMA) has shortlisted Etisalat Group for the 2012 Best Mobile Health Innovation Awards at the Mobile World Congress in Barcelona, Spain at the end of the month.

The Etisalat's Group Senior Vice President Commercial and Zantel's Chief Commercial Officer Ahmed Mokhles said mobile health (mhealth) has the potential to transform and better health services in all its operations in the Middle East, Asia and Africa including Tanzania. "By providing decision support tools to

Cash-less banking will be of utmost benefit

By COLLINS NWEZE

As the power house of the fledgling cash-less banking, the Nigeria Inter-bank Settlement System (NIBSS) is defining what electronic banking should be. Its Acting Managing Director/CEO, Niyi Ajao, in this interview with COLLINS NWEZE, speaks on the Cash-less Lagos pilot project and related issues.

 CBN has introduced Cash-less banking to reduce the cost of banking operations and create efficiency in the system. How prepared are you for this?


NIBSS is well prepared. If you look at it critically, it was like a revolution that started about five years ago. There have been a lot of initiatives in the market by NIBSS and other service providers to broker payments and make payments more efficient. This comes through internet payments and all that. It has been going on for a long time. If you talk about our preparedness, I will say over the years, we have been growing capacity. So, we have the drive from the Central Bank and the banks to go Cash-less. We also have a financial adviser. Already, we have NIBSS Electronic Funds Transfer (NEFT), introduced since 2004. Today, it’s being used by all the banks to make inter-bank payments.

Cashless Lagos: High Customs Duty Frustrates Banks

By Festus Akanbi

The imposition of a 20 per cent duty by the Nigerian Customs Service on imported Point of Sales (PoS) terminals ordered by the various money deposit banks has been blamed for the delay in the take off of the pilot scheme of the cashless policy of the Central Bank of Nigeria (CBN) in Lagos.

Under the scheme, code-named Cashless Lagos, which was supposed to have commenced on January 1, banks are expected to deploy 40,000 PoS terminals in the state preparatory to the full blown commencement of the cashless policy nationwide in April.
However, a random survey conducted by THISDAY in Lagos last week showed that it was business as usual as the ATM cardholders awaited the deployment of PoS terminals by banks.

MOBILE MONEY: HOW READY IS NIGERIA?

• Sanusi Lamido, CBN Governor
The granting of licences to 11 mobile money operators last year by the Central Bank of Nigeria (CBN); the offer of operational platform by telecom companies and the eventual commencement of business by the operators all but point to the impending payment system revolution and the consequent evolution of e-commerce in Nigeria.

These spring directly from the objective of the Mobile Money Service (MMS) as spelt out by the Central Bank of Nigeria(CBN) . According to the apex bank, MMS is to promote savings as well as enable people carry out financial transactions, including sending and receiving monies from phone. It also enables subscriber to buy airtime both for self and others, pay bills, pay for goods and services in shops and on the internet.

Nigeria: Interswitch Wants Financial Inclusion for the Unbanked

BY NAHIMAH AJIKANLE NURUDEEN

Lagos — Electronic payment solution provider Interswitch has called for the integration of the over 79 percent of the unbanked Nigerians into the financial community for the new Central Bank of Nigeria (CBN) cash less policy to succeed.

The Chief Executive Officer of Interswitch, Mr. Michelle Elegbe said this during a forum organised in Lagos to explain the company's activities around the cashless programme in Nigeria with electronic payment solutions.

Cashless: You don’t need six months to adopt e-payment – Elegbe

By Babajide Komolafe & Providence Obuh

MitchelL Elegbe is the Managing Director/Chief     Executive of Interswitch, the first and biggest       electronic payment switching company in Nigeria. Prior to the cashless policy introduced by the Central Bank of Nigeria (CBN), the company in conjunction with its owner banks    introduced ‘Operation Cashless’.
The initiative was driven by the introduction of the Nigerian Debit card scheme, which allows banks to issue cards that can be used on any ATM or PoS on the network of the company.  Though it did not compel massive transition from cash to electronic payment channels in the
country, the initiative popularized and facilitated the use of debit cards and electronic payment. In this interview, he spoke on the cashless policy of the CBN.  According to him, the policy is good but there are so many things to be done to ensure successful implementation.