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CBN set to issue guidelines for fintech operators

The Central Bank of Nigeria has announced plans to draft guidelines that would enable the regulation and supervision of FinTechs in Nigeria.

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The CBN Building, Abuja - capital inflows

The Central Bank of Nigeria (CBN) has announced that plans are underway to draft guidelines that would enable the regulation and supervision of FinTechs in Nigeria.

Speaking at the Annual General Meeting (AGM) of Nigeria Electronic Fraud Forum (NeFF) held in Lagos, the Director, Banking and Payments System Department, CBN, Mr. Dipo Fatokun noted that the fintech would not take over the role of commercial banks in the country.

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Fatokun, who is also the Chairman of NeFF, noted that the aim of the Forum is to tighten the engagement of all stakeholders to increase knowledge and information sharing and deepen the payment system capacity for success in the fight against electronic fraud.

In his words:

“Because of the importance of these FinTechs, CBN is drafting guidelines that would enable their regulation and supervision to be put in place.”

Deputy Governor, Operations, CBN, Mr. Adebayo Adelabu, who was represented by the Director, Other Financial Institutions Department (OFID), Mrs. Tokunbo Martins noted that even though technology in the industry at its early stage, partnerships in the financial industry has improved.

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In his words:

“Collaboration is much better than before. All the industry players have now realised that unless we work together, unless there is a consented effort together, there is really no way we are going to overcome this menace.”

Moves by the CBN so far

In recent times the Nigerian Financial ecosystem has witnessed a steady adoption of the e-payment channels through the emergence of fintechs. 

The Central Bank of Nigeria (CBN), as well as all the other players in the financial sector, have been making efforts in ensuring that the financial sector moves in line with global trends in e-payment development with the view to ensuring efficiency in the system as well as customer satisfaction. 

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The apex bank in its bid to enhance information exchange and knowledge sharing on fraud issues amongst key stakeholders, with the objective of ensuring a collaborative and proactive approach to tackling/mitigating fraud and limiting occurrences and losses established the Nigeria Electronic Fraud Forum (NeFF).

Recall that the CBN recently released a new regulatory framework for the use of unstructured supplementary service data (USSD) aimed at enhancing the security of electronic payments in the country. The new framework came into effect on the 1st of June, 2018. Part of the new regulation includes a limit to the number of an amount to 100,000 for a customer per day transactions and also the introduction of a 2nd level authentication by customers for all transactions above N20,000.

The forum draws its membership from the major stakeholders in the fintech space and commercial banks in the country.

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Patricia

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via [email protected]

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Appointments

AfDB appoints Rabah Arezki as new vice president and chief economist 

Before Arezki joined the World Bank, he worked at the International Monetary Fund (IMF).

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The African Development Bank Group (AfDB) has announced the appointment of Dr Rabah Arezki as  Chief Economist and Vice President, Economic Governance and Knowledge Management, with effect from October 1, 2020. 

This was disclosed in a press statement on the bank’s website on July 13, 2020. 

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Dr Rabah Arezkiwho is an Algerian citizen, is currently the Chief Economist for Middle East and North Africa Region at the World Bank, a role he has held since 2017. 

At the World Bank, he led the development of the Bank’s “moonshot approach” for the Middle East and Africa which aims to achieve full internet and digital payment connectivity. He championed the agenda on fair competition, data and transparency to empower and unlock the potential of the region’s youth. 

Before Arezki joined the World Bank, he worked at the International Monetary Fund (IMF) from 2006 to 2017. He started his career at the IMF as an Economist and became the Chief of the Commodities and Environment Unit in the Research Department. He provided leadership on IMF’s rapid response to the historical collapse in oil prices that started in 2014. He advised authorities all around the world on risk mitigation policies. 

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Dr Arezki is a senior fellow at Harvard University’s John F. Kennedy School of Government, an external Research Associate at the Oxford University, UK, a research fellow at the CESifo, a global independent research network. Dr. Arezki is also a resource person for the African Economic Research Consortium and a Research Fellow at the Economic Research Forum. He has been a non-resident Fellow at the Brookings Institute, USA. 

He has published extensively both in top academic journals and policy-oriented outlets and is a co-editor and co-author of five books including Shifting Commodity Markets in a Globalized World. Many of his research papers have been cited extensively in academic circles and in prominent media outlets.  

In his statement after his appointment, Dr Arezki said, The African Development Bank is making excellent progress in accelerating Africa’s development. I am excited with the opportunity to work with President Adesina and the Bank’s leadership and teams to further provide top notch policy, knowledge and capacity building support for African countries.” 

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Dr Arezki holds a Masters in Economics and Statistics from Ecole Nationale de la Statistique et de l’Administration Economique (ENSAE) – France (2003), and a PhD in Economics from the European University Institute – Italy (2006). He is multilingual and fluent in French, English, and Arabic. 

In his own response, the President of the African Development Bank Group, Akinwumi Adesina, said, I am delighted that Dr. Rabah Arezki is joining the African Development Bank Group following an impactful career at the World Bank and the IMF. Rabah is an outstanding researcher and policy expert with extensive experience in research, policy and reforms.” 

“His leadership will be especially important as the Bank designs and deploys policy-based operations to address COVID-19, advances policy reforms, and supports African countries growth recovery efforts from the pandemic,” Adesina added. 

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Corporate Press Releases

NSE simplifies investing in the capital market with comic book

StockTown is dedicated to providing financial literacy education to Nigerians.

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The proliferation of dubious investment schemes that often result in loss of money by unsuspecting members of the public continues to make the role of financial literacy imperative. To play its part, Nigeria’s leading bourse, The Nigerian Stock Exchange (NSE or The Exchange) has issued the second edition of its comic, StockTown, dedicated to providing financial literacy education to Nigerians.

The comic, available in digital format on a dedicated website at www.nse-stocktown.com builds on The Exchange’s advocacy for safe and trusted investment schemes.

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READ ALSO: NSE aids financial literacy, rewards students with equity, edufund

The story picks up from the first edition, following the life of Mora Johnson as she seeks to liberate her family from their financial struggles by investing in the capital market. This second edition highlights some major lessons for potential and existing investors including the need for vigilance in avoiding Ponzi schemes and unregulated investments, whilst advising prospective investors to seek proper guidance before making investment decisions. Readers can look forward to a simplified explanation of the history of the capital market, its evolution over the years, and how anyone can start making investments today in the Frequently Asked Questions (FAQs) section of StockTown.

Commenting on the importance of this comic book, Head, Corporate Communications, NSE, Olumide Orojimi said, “Investor Education is a priority for us at The Exchange. We have identified the need to empower individuals across all levels to make good financial decisions and better their lives now and in the future. As the investment landscape continues to evolve to accommodate more retail participants, we are excited to leverage new and existing platforms to present investment products and processes in ways that are both appealing and easy to understand, particularly in this new normal. We hope that StockTown becomes a widely-read resource for potential and existing investors, the financially excluded, millennials and the larger public.”

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READ ALSO: Gold rises above $1,800 amid COVID-19 surge, weaker dollar

StockTown is just one of the many ways NSE demonstrates its strong commitment to promoting financial literacy in Nigeria. Even amidst the Coronavirus pandemic and the temporary closure of The Exchange’s facilities, NSE continues to host virtual financial literacy workshops with students and young upwardly mobile professionals. Furthermore, The Exchange has hosted several webinars on various products including Exchange Traded Funds (ETFs), Green Bonds, and Securities Lending to provide more information to the market on available securities and how to trade them.

It should also be recalled that NSE is a member of the Financial Literacy Technical Committee of the Securities and Exchange Commission (SEC); as well as the National Finance Inclusion Steering Committee led by the Central Bank of Nigeria with a mandate to reduce the level of financial exclusion in Nigeria to 20%.

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Hospitality & Travel

5th evacuation flight for Nigerians in the US scheduled for July 31; see details

The evacuees are to forward the details of tickets and contact addresses of their next of kin.

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5th evacuation flight for Nigerians in the US scheduled for July 31; see details

The Federal Government has approved the 5th Evacuation flight for Nigerians stranded in the United States of America, for July 31.

According to a tweet from the Minister for Foreign Affairs, Geoffrey Onyeama, the Ethiopian airline, flight number ET547 will leave George Bush international airport Houston, Texas on Friday 31, July 2020 by 16:00 hours and arrive Murtala Muhammed International Airport Lagos on Saturday 1st August 2020 by 20:00 hours.

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An official statement released by the Consulate General of the Federal Republic of Nigeria, Atlanta, Georgia in collaboration with other Nigerian missions in the United States of America, states that Nigerians registered with any of the three Nigerian missions in the USA, and interested in boarding the flight, can purchase their one-way tickets.

“The airfare is $1,500 for economy class and $3,000 for business class for adult/child fare, including all taxes, with the usual percentage reduction for infants under 2 years,” it read.

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In addition, the intending evacuees are also expected to forward the details of purchased tickets together with the contact address of their next of kin in Nigeria to the consulate.

READ MORE: FG states international passengers to arrive 5 hours before departure, discloses other protocols

In line with the protocols announced by the Presidential Task Force on COVID-19, all of the returnees are to present a negative COVID-19 test result (not older than 14 days), and undergo a temperature check before boarding the evacuation flight, and upon arriving Nigeria, are expected to proceed on a 14-day self-isolation.

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In the last couple of months, the federal government, through the ministry of foreign affairs has evacuated hundreds of stranded Nigerians from different countries including the United States of America, the United Kingdom, Egypt, Malaysia, and Thailand.

The returnees bear the cost of their flight tickets and are expected to self-isolate for two weeks, upon their return to Nigeria. Returnees, who receive a clean bill of health after the isolation, are given their passports and allowed to go home.

 

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