GRBusiness
Ivorian Government signs agreement with Visa to Digitize Payments
The Ivorian government, represented by the Minister of Finance and Economy, Tuesday signed a Memorandum of Understanding (MOU) with Visa, to digitize government services and ensure financial services are accessible to more Africans.
The Minister of Finance and Economy, Adama Koné, and Visa’s Regional President for Central and Eastern Europe, Middle East and Africa (CEMEA), Andrew Torre, signed the MOU, at a ceremony held in Abidjan, in conjunction with the U.S. Department of Commerce President’s Advisory Council on Doing Business in Africa (PAC-DBIA) fact-finding mission.
Speaking at the signing ceremony, Andrew Torre said: “This MOU signing represents an important milestone in our ongoing cooperation with the Ivorian government. It is a major step forward in our effort to bring more Ivorians into the formal financial system with all the associated benefits.
“Our shared vision for enhancing the quality of services and employing the latest payment technologies makes this partnership a great opportunity for Ivorians, the financial services industry, merchants and the government alike. The use of electronic payments will bring greater payment security and convenience to Ivorian families, while lowering costs and bringing increased transparency to the financial system.”
Visa is the first global payments provider to open an office in the region. The company has been working closely with local governments, financial institutions and merchants across UEMOA, CEMAC & the entire Western & Central Africa area to bring the benefits of innovative electronic payments to the region, including its security, mobile and consulting capabilities.
Minister of Finance and Economy of Cote D’Ivoire, Mr. Adama Koné, said: “We consider this MOU a breakthrough in our greater plans for the development of Cote D’Ivoire by 2020. It reflects the government’s resolve to address the challenges and improve the lives of Ivorians by collaborating with companies like Visa. It is a testament that we are seeking international standards when it comes to the services offered to our citizens.”
The Ivorian government will work with Visa to review current financial services programs in the country and create informed action plans to aid adoption of electronic payments.
With this agreement, Visa is making six commitments.
– To roll out Visa Mobile push payments for the more than 1.1 million cocoa, coffee and cashew nuts farmers whose work amounts to 20% of Cote D’Ivoire’s GDP. For the first time these farmers will be able to make and accept digital payment on their mobile device and transfer funds directly from bank account to bank account.
And by being connected to a bank via an app, they will be able to apply for the credit and loans they need to help grow their businesses
– To enable around 35,000 transit vehicles to accept mobile payments, helping the transport sector flow more efficiently by minimizing queues and ensuring the payment of all journeys
– To work with Cote d’Ivoire’s government to assess and develop government prepaid solutions for student scholarships and government employees’ salaries and travel expenses
– To partner with Cote D’Ivoire’s more than 200 post offices to digitize aid and support for the elderly and less privileged, as well as helping people pay digitally for their utilities and government services bills as part of the “House of Citizen” program of the Cote d’Ivoire Post Office
– To work with the government to assess the potential for a pilot financial education program for government employees and departments, and evaluate the introduction of financial education into the national curriculum in schools; and
– To evaluate enabling cardholder authentication via mobile app or sms, using a National ID database with a Unique National Identification number for each of the 23.7 million Ivorians to provide them with faster access to services, and connect them to the formal financial system.
“These investments are real and meaningful, and they will have far greater reach and impact than only in Cote D’Ivoire, as they will serve as a model for the rest of the UEMOA region. We believe that access to a world class, global and secure payments network is essential for sustained economic growth. It supports retail sector growth, encourages travel and tourism, and enables us to invest in new technologies to support consumer inclusion. We are excited about the partnership and eager to get moving,“ Torre added.
Finance
AISA Has Refunded The Fees Paid By Yahaya Bello To EFCC
The Economic and Financial Crimes Commission (EFCC) says the American International School Abuja (AISA) has refunded the fees paid by the immediate past governor of Kogi state, Yahaya Bello, for his children attending the school.
In response to a letter addressed to the Lagos zonal commander of the EFCC, the school said $845,852 was paid in tuition “since the 7th of September 2021 to date”.
AISA said the sum to be refunded is $760,910 because it had deducted educational services already rendered.
“Please forward to us an official written request, with the authentic banking details of the EFCC, for the refund of the above-mentioned funds as previously indicated as part of your investigation into the alleged money laundering activities by the Bello family.
Since the 7th September 2021 to date, $845,852.84 (Eight Hundred and Forty-Five Thousand, Eight Hundred and Fifty Two US Dollars and eighty four cents) in tuition and other fees has been deposited into our Bank account.
We have calculated the net amount to be transferred and refunded to the State, after deducting the educational services rendered as $760,910.84. (Seven Hundred and Sixty Thousand, Nine Hundred and Ten US Dollars and Eighty Four cents).
No further additional fees are expected in respect of tuition as the students’ fees have now been settled until they graduate from ASIA.”
In a chat with The Cable, the spokesperson of the EFCC, Dele Oyewale, confirmed that the school has refunded the money.
‘’The money has been paid into public account,” Dele Oyewale was quoted as saying
Finance
Godwin Emefiele Disobeyed Direction Of Law With Intent To Harm The Public, He Printed ₦684.5M Using ₦18.9B Says EFCC in fresh charge
The Economic and Financial Crimes Commission has filed a fresh charge at the High Court of the Federal Capital Territory against the embattled former governor of the Central Bank of Nigeria, Godwin Emefiele.
EFCC in the charge accused Emefiele of approving the printing of N684,590,000 at the rate of N18.96 billion.
EFCC also alleged that Emefiele broke the law with intent to harm the public during his implementation of the naira swap policy of the administration of former President Muhammadu Buhari.
The anti-graft agency also accused Emefiele of unlawfully approving the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation.
EFCC’s top prosecutor, Rotimi Oyedepo, SAN revealed that Emefiele will be arraigned on a new four-count charge before Justice Hamza Muazu
Counts one to four of the charge, read,
“STATEMENT OF OFFENCE: Public Servant disobeying direction of law with intent to cause injury to the public contrary to and punishable under Section 123 of the Penal Code Law, Cap. 89 Laws of the Federation, 1990.
“PARTICULARS OF THE OFFENCE: That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of N375,520,000.00 pieces of colour swapped N1, 000, at the total cost of N11,052, 068,062 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.”
This and three other charges were stated against him. They read;
“COUNT 2: “That you, GODWIN IFEANYI EMEFIELE, between the 19th of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the Central Bank of Nigeria Act, 2007, by approving the printing of 172,000,000 pieces of colour swapped N500 (Five Hundred Naira) Notes, at the total cost of N4, 471,066,040 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.
“COUNT 3: “That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of 137,070,000 pieces of colour swapped N200 (Two Hundred Naira) Note, at the total cost of N3, 441, 005, 280 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.”
“COUNT 4: “That you, GODWIN IFEANYI EMEFIELE, on or about the 7th day of October 2020, in Abuja, within the jurisdiction of this Honorable Court, knowingly disobeyed the direction of Section 80 of the Constitution of the Federal Republic of Nigeria, 1999 (As Amended), by approving the withdrawal of the total sum of N124, 860, 227, 865.16 from the Consolidated Revenue Fund of the Federation in a manner not prescribed by the National Assembly, which conduct of yours caused injury to the public and you thereby committed an offence.”
Transport
Federal Government To Launch Out 2700 CNG Buses, Tricycles Ahead Of First anniversary Of Tinubu’s Administration
The Presidency on Sunday said it was ready to launch about 2,700 CNG-powered buses and tricycles before May 29 when President Bola Tinubu turns one year in office.
“All is now ready for delivery of the first set of critical assets for deployment and launch of the CNG initiative ahead of the first anniversary of the Tinubu administration on May 29.”
It said the Federal Government is set to deliver 100 conversion workshops and 60 refuelling sites spread across 18 states before the end of 2024.
The Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, revealed this in a statement he signed Sunday titled ‘Presidential CNG initiative set for rollout.’
“From the end of May, Nigeria will take some baby steps to join such nations that already have large fleets of CNG vehicles.
“All is now ready for delivery of the first set of critical assets for deployment and launch of the CNG initiative ahead of the first anniversary of the Tinubu administration on May 29.
“About 2,500 of the tricycles will be ready before May 29, 2024…working towards delivering 200 units before the first anniversary of the Tinubu administration,” said the Presidency.
He also said that over 600 buses are targeted for production in the first phase which will be accomplished in 2024.
In October 2023, about five months after the removal of the petrol subsidy, President Tinubu launched the Presidential CNG Initiative to deliver cheaper, safer and more climate-friendly energy.
The CNG Initiative was designed to deliver compressed natural gas, especially for mass transit.
The Federal Government earmarked N100bn (part of the N500bn palliative budget) to purchase 5500 CNG vehicles (buses and tricycles), 100 Electric buses and over 20,000 CNG conversion kits, with plans to develop CNG refilling stations and electric charging stations nationwide.
The FG had said the initiative would ease the burden of the increased pump price on the masses.More information added that the creation of a new plant on the Lagos-Ibadan Expressway that will assemble the tricycles while Brilliant EV will assemble electric vehicles when it receives the Semi Knocked Down components.
The Presidency explained further, “The SKD parts manufactured by the Chinese company LUOJIA in partnership with its local partner to support the consortium of local suppliers of CNG tricycles are set for shipment to Nigeria and expected to arrive early in May.
It is expected that before 2027, There’ll be a considerable wave of these buses and tricycles in use.
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