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DIGITAL BANKING: CBN, Inlaks, Others identify best practices to enhance capabilities

Published

6 years ago

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The Central Bank of Nigeria (CBN) and the industry stakeholders have highlighted how digital technology is reshaping the banking industry and provided in-depth insights about various market trends and advances both locally and globally.

The apex bank was speaking at a forum organised by Inlaks, a leading system integrator in Sub-Saharan Africa in partnership with Temenos, the global banking software company, and HID, an American manufacturer of secure identity solutions in Lagos.

Presenting a keynote address at the forum with the theme “Banking in the Digital Age”, Deputy Director, Other Financial Institutions Supervision (OFIS) Department, CBN, Adedeji Adesemoye identified fundamental approaches that banks can use to enhance their digital capabilities.

Adesemoye itemized financial inclusion and digitisation as a means that can foster innovation across products, business models and allow straight-through processing that can automate and digitize a number of repetitive, low-value, and low-risk processes.

He further stressed that the need for banks to have a vision of their future, technology, infrastructure and a well-defined corporate culture are major factors that determine whether a bank is successful in this age.

In a similar vein, Head of Sales – Microfinance & Saas (Africa), Temenos, Nehal Batavia shared that Temenos has been providing innovative solutions to financial institutions worldwide for 25 years. Batavia stated that over 3,000 financial institutions use Temenos software, and among those are 41 of the top 50 banks in the world. He further shared that over 500 million end-customers rely on Temenos software in over 150 countries of the world.

Batavia said at the event that Temenos also provides innovative software solutions to banks of all sizes, “all around the world, helping them to thrive in the digital banking age”. He added that Temenos has been involved in this by building, delivering and supporting financial institutions through the world’s best packaged, upgradeable and open banking software.

In a joint presentation made by the trio of Kingsley Oseghale, General Manager, Enterprise Business, Tope Dare, Executive Director, Sales & Strategy (Infrastructure Business Division) and Adeyemi Ademiluyi, Cyber security Manager, Ademiluyi stated that there was no way that the issue of cybersecurity could be left unattended to when discussing banking in the digital age.

Ademiluyi said, “There are opportunities in this digital era, but there are also real threats in digital banking and it is important that organisations stay safe. Every day, attacks are launched at digital companies and these attacks are becoming more sophisticated. The ‘cyber thieves’ are becoming more creative and innovative in their approach. Organisations spend thousands and millions of dollars trying to put in place security software and infrastructure to limit these threats.  We have been helping our clients to stay safe using multiple steps which will keep them ahead of cyber thieves.”

Executive Director, Sales and Strategy, Infrastructure Business Division, Tope Dare of Inlaks, stated that the company had partnered with credible companies, like Temenos and HID to provide a security infrastructure that can help digital banking platforms mitigate the problem of cyber theft.

Ondrej Valent, Senior Sales Manager Financial Services EMEA from HID Global, in his presentation on, “Overcoming the Data Sharing Challenge”, highlighted how HID is turning products into solutions by offering maximum strategic value of their customer’s investments. The company provides consultation through industry leading experts to enable end-to-end solutions, providing integration assistance on larger scale projects and also deployment assistance and training to give customers the tools to work with.

“HID is a leading provider of banking security solutions that helps organisations become compliant, increase their profitability, help them grow market share through innovation and takes care of the needs and safety of their customers,” he concluded.

Other speakers at the forum were Christos Panagopoulos – Principal Business Solutions Consultant, Fadi Yazbeck – Product Manager, IslamicSuite and Renato Samaniego – Principal Business Solutions Consultant, all from Temenos.

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Finance

AISA Has Refunded The Fees Paid By Yahaya Bello To EFCC

Published

4 days ago

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April 27, 2024

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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

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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

Published

1 week ago

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April 23, 2024

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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.”

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Finance

Immigration Office Place Ex Governor, Yahaya Bello On Watchlist While IG Of Police Withdraws All Police Officers Attached To Him

Published

2 weeks ago

on

April 19, 2024

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The Inspector General of Police, Olukayode Egbetokun, has withdrawn all police officers attached to the embattled former Governor of Kogi State, Yahaya Bello.

The order for the withdrawal was contained in a police wireless message. The document with reference number:

“CB:4001/DOPS/PMF/FHQ/ABJ/VOL.48/ 34 reads in part;“IG has ordered the withdrawal of all policemen attached to His Excellency and former Executive Governor of Kogi State, Alhaji Yahaya Bello. Acknowledge compliance and treat with utmost importance.

Please, above, for your information and strict compliance.”

Meanwhile, the Nigerian Immigration Service has placed the former governor on its watchlist.

This comes after the Economic and Financial Crimes Commission on Thursday, April 18, declared him wanted in connection to an alleged case of money laundering to the tune of N80.2bn.

From EFCC

In a circular signed by an Assistant Comptroller of Immigration, DS Umar, for the Comptroller-General, Kemi Nandap, the NIS detailed the former governor’s name, nationality, and passport number.

From National Immigration Office

And read;

“I am directed to inform you that the above-named person has been placed on the watch list.

Suffice to mention that the subject is being prosecuted before the Federal High Court Abuja for conspiracy, breach of trust, and money laundering vide letter Ref; CR; 3000/EFCC/LS/EGCS.1/ TE/Vide/1/279 dated April 18, 2024.

If seen at any entry or exit point, he should be arrested and referred to the Director of Investigation or contact 08036226329/07039617304 for further action.” the circular reads in part.

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