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Cheque Transactions In Nigerian Banks Hit N1.32 Trillion In Three Months

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About N1.32 trillion values of transactions were carried through cheque truncation in the first three months of the year.

Cheque truncation is the conversion of a physical cheque into a substitute electronic form for transmission to the paying bank. Cheque truncation reduces or eliminates the physical movement of cheques and reduces the time and cost of processing the cheque clearance system.

E-payment facts sheet from the Nigeria Inter-Bank Settlement System Plc (NIBSS) showed that the N1.32 trillion values were processed from 2.48 million volumes of transactions.

The statistics also revealed that on a daily basis, within the three months, there were 27,512 volumes of cheques with a mean value of N531, 838. The total volume of corporate cheques processed was put at 1.4 million with a value of N0.85 Trillion, while the volume of individual cheques processed was 0.55 million with a N0.21 Trillion value.

Meanwhile, through the Bank Verification Number (BVN), Nigerian banks have been able to link 45.1 million unique account owners. There are, however, 65 million active bank customers.

The total number of bank accounts in the country was put at 108.3 million, out of which 70 million are active. The statistics put the total number of current accounts at 24.2 million; saving accounts 81.1 million. There are 7.4 million corporate accounts and 99.3 million individual accounts.

In terms of web payment, there was 9.63 million volume of transactions valued at N60.74 billion from January to March.

Meanwhile, the total number of mobile money customers in Nigeria as of March 2018 stood at 1.50 million with 5,304 enrolled agents. The volume of transaction within this period was put at 15.25 million valued at N329.12 billion. There are 21licensed mobile money operators in the country and they are integrated to NIBSS for interoperability.

Unfortunately, after about five years of operation in Nigeria, mobile money has only been able to attract just one per cent penetration.

Unlike in Ghana and Kenya where penetrations have reached 40 per cent and 60 per cent respectively, only about two million of Nigeria’s estimated 198 million populations.

The implication of this is that despite the innovation that comes with it, Nigerians are yet to tap from the huge benefit it carries.

Marketwatchers have argued that the model operated in Nigeria, which is bank-led, has not been able to impact the initiative in the country adequately. The Executive Vice Chairman, Nigerian Communications Commission (NCC), Prof. Umar Danbatta, at an interaction with journalists in Lagos, recently, lamented that mobile money is crawling at one per cent penetration in the country because it is bank-led.

According to him, another region, where the scheme is thriving has been because it was telco-led, “as such we need to re-direct our focus and ensure that appropriate model is adopted adequately.”

Danbatta said there should be effective cooperation among all the various stakeholders in the value chain that is the telecommunications operators, agents, CBN and the services providers too.

The NCC EVC revealed that discussions are on-going in the industry on how to get telcos to become super agents in the scheme of things.

“With the population, we have in the country, Nigeria should play big in the mobile money ecosystem in Africa. Only about one per cent that is about two million Nigerians is currently on the scheme. That is rather too poor. All hands must be on deck to revive that sub-sector of the economy.”

“If we are to improve on Nigeria’s digital landscape, we must revive the mobile ecosystem, which includes the mobile money scheme,” he stated.

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Lagos commuters stranded as fares spike by 50% amid petrol scarcity (Photos)

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Commuters in many parts of Lagos were on Monday left stranded at different bus stops, amid the lingering petrol scarcity.

Fares were hiked by 50 percent as motorists filled up dispensing stations for the scarce commodity.

Some filling stations were shuttered, while others still selling petrol were encircled by long queues.

Some motorists said they bought petrol at N700 and N800 per litre at filling stations. Roadside dealers now sell the product for N1000 and N1200 per litre.

The petrol scarcity triggered a 50 percent increase in fares across Lagos.

From Abule Egba roundabout to Agege, commuters were asked to pay N300, which previously cost N150 or N200. From Agege to Alausa in Ikeja is now N400, which cost N300 last week.

From Berger to Ikeja, commuters pay as high as N1000 in fares.

In most of the bus stops visited by newsmen on Monday morning, survival of the fittest was the prevailing philosophy as hordes of commuters were seen running after a few commercial buses.

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Shake-up in EFCC as Olukoyede appoints chief of staff, 14 directors

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Ola Olukoyede, chair of the Economic and Financial Crimes Commission (EFCC), has appointed Michael Nzekwe as his chief of staff.

As part of a restructuring drive, Olukoyede upgraded all the zonal commands of the EFCC to departments and appointed 14 new directors.

A statement by Dele Oyewale, EFCC spokesperson, said the security unit of the agency has been upgraded to a department with a chief security officer at the helm.

“To this effect, 14 new directors have been appointed to head each of the zonal commands,” Oyewale said.

“Additionally, to bolster and fortify the security architecture of the commission, the security unit of the EFCC has been upgraded to a department with a seasoned officer appointed as director, security and chief security officer.

“A new department has also been created in the executive chairman’s office and it is headed by former Makurdi zonal commander of the EFCC, Mr. Friday Ebelo who also doubles as director and coordinator, special duties at the corporate headquarters of the commission.”

Nzekwe was the commander of the Ilorin zonal command and a course one officer.

Nzekwe, a lawyer and an investigator, has served in various departments in the anti-graft agency — including legal and prosecution, operations (now department of investigations), internal affairs (now department of ethics and integrity), Servicom, and asset forfeiture.

The new chief of staff has attended trainings and courses at home and abroad, including the Advance Defence Intelligence Officers Course organised by Defence Intel Agency (DIA).

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Abuja American school has refunded $760k of Yahaya Bello’s children fees, says EFCC

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The Economic and Financial Crimes Commission (EFCC) says the American International School Abuja (AISA) has refunded the fees paid for the children of Yahaya Bello, immediate-past governor of Kogi state.

Bello allegedly paid $760,910 in advance as fees for five of his children from the coffers of the Kogi state government.

The children are in grade levels 2 to 8 at the school.

“The money has been paid into public account,” Dele Oyewale, EFCC spokesperson, told TheCable on Saturday morning.

The anti-graft agency had asked the school to refund the money.

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,” the school said in the letter.

“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.”

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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