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Business News

CBN to banks: Digitise services to support banking supervision, regulatory compliance 

The CBN has said that banks should digitize their services so as to support effective supervision of the financial system.

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Aishah Ahmad, Central Bank of Nigeria, Godwin Emefiele,, CBN emphasizes Fintech regulation, tasks Fintechs on inclusion, Here’s why women are financially excluded in Nigeria 

The Central Bank of Nigeria has said that banks should digitize their services so as to support effective supervision of the financial system, data access, and management. 

This was said by the Deputy Governor, Financial System Stability, CBNMrs Aisha Ahmad during the opening of the 2019 CBN/FITC Continuous Education Programme. 

Ahmad, represented by the Director, Banking Supervision Department, CBN, Mr Ahmad Abdullahi said that the world was experiencing a digital revolution and that the digitization would support risk identification, regulatory compliance and enhance sectoral performance.  

Also present at the event was the Acting Managing Director/ Chief Executive Officer of FITC, Dr Tunji Ajiboye who stated that financial institutions were recognizing the importance of technology and must respond to digital transformation.

[READ ALSO: ₦5trn AMCON Debt: FG sets up committee to recover debt]

According to Ajiboye, banks had to embrace technology if they wanted to remain competitive because financial technology firms and even telecommunication companies were beginning to offer some bank-related services. 

Telcos are giving banks a run for their money. Hence, banks need to be proactive in recognizing the impact of digitization on their services and overall operations. 

“It is important to understand and constantly discuss how technology is transforming the banking landscape,” Ajiboye said. 

What you should know: The CBN has been keen on the digitalization of services in recent times. Nairametrics had reported when the bank approved the establishment of Payment Service Bank Licenses to some telcos and fintechs in order to increase the pace of achieving the accessibility of digital contents. 

[READ ALSO: First Bank reiterates commitment to continue lead on digital banking]

This, CBN Governor, Godwin Emefiele also announced when he addressed creatives at the Creative Nigeria Summit while speaking to them on the efforts the bank was taking to ensure that entrepreneurs in the creative sector obtain their fair share of what is derived from their hard work. 

He said having access to mobile financial services would enable Nigerians to purchase music and movies via bank accounts linked to their mobile phones easily.  

 

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Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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Coronavirus

COVID-19 Update in Nigeria

On the 6th of March 2021, 195 new confirmed cases and 10 deaths were recorded in Nigeria

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Covid 19 update symptops

The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 158,237 confirmed cases.

On the 6th of March 2021, 195 new confirmed cases and 10 deaths were recorded in Nigeria.

To date, 158,237 cases have been confirmed, 137,645 cases have been discharged and 1,964 deaths have been recorded in 36 states and the Federal Capital Territory.

A total of 1.54 million tests have been carried out as of March 6th, 2021 compared to 1.49 million tests a day earlier.

COVID-19 Case Updates- 6th March 2021,

  • Total Number of Cases – 158,237
  • Total Number Discharged – 137,645
  • Total Deaths – 1,964
  • Total Tests Carried out – 1,544,008

According to the NCDC, the 195 new cases are reported from 17 states- Lagos (70), Kaduna (22), Abia (20), Edo (18), Kano (10), Akwa Ibom (9) Rivers (7), FCT (7) Borno (6) Bauchi (5), Osun (5), Oyo (5), Plateau (3), Ekiti (3), Niger (2), Ogun (2) and Zamfara (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 56,374, followed by Abuja (19,328), Plateau (8,939), Kaduna (8,623),  Oyo (6,761), Rivers (6,651), Edo (4,645), Ogun (4,419), Kano (3,830), Ondo (3,066), Kwara (2,953), Delta (2,582), Osun (2,449), Nasarawa (2,248), Enugu (2,078), Katsina (2,060), Gombe (2,010), Ebonyi (1,951), Anambra (1,811), Akwa Ibom (1,588), and Abia (1,568).

Imo State has recorded 1,551 cases, Borno (1,297), Bauchi (1,232), Benue (1,188), Adamawa (942), Niger (917), Taraba (863), Ekiti (825), Bayelsa (779), Sokoto (769), Jigawa (496), Kebbi (401), Cross River (334), Yobe (288), Zamfara (221), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

Governor Babajide Sanwo-Olu of Lagos State announced the closed down of the Eti-Osa Isolation Centre, with effect from Friday, 31st July 2020. He also mentioned that the Agidingbi Isolation Centre would also be closed and the patients relocated to a large capacity centre.

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Due to the increased number of covid-19 cases in Nigeria, the Nigerian government ordered the reopening of Isolation and treatment centres in the country on Thursday, 10th December 2020.

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On 26th January 2021, the Federal Government announced the extension of the guidelines of phase 3 of the eased lockdown by one month following the rising cases of the coronavirus disease in the country and the expiration of phase 3 of the eased lockdown.

On 28th February 2021, the federal government confirmed that the first tranche of Covid-19 vaccines will arrive in Nigeria on Tuesday, March 2nd, 2021.

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READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

 

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Manufacturing

CBN tasks multinationals on domestic production as P&G signs $35m deal to produce Oral-B locally

The CBN Governor has called on multinationals operating in the country to work towards the production of their goods in Nigeria.

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The Central Bank of Nigeria, as part of its agenda to strengthen the manufacturing sector, has tasked multinational manufacturing companies in the country to consider setting up their manufacturing lines in Nigeria.

Godwin Emefiele, the CBN Governor made this statement during the contract signing ceremony between Procter & Gamble (P&G) and Colori Cosmetics Nigeria in Lagos.

The contract which is a move towards stimulating localization of production was birth from CBN’s policy-driven efforts to encourage improved production of goods that can be produced locally.

The Governor of Nigeria’s apex bank who was the host at the contract signing ceremony encouraged other multinational firms to consider the opportunities that Nigeria offers and begin to set up their manufacturing lines in Nigeria, noting that this move will help in creating jobs and wealth for the growing population.

Emefiele who also spoke on the economic stabilization policies implemented by the CBN to set Nigeria on the path of recovery explained that the manufacturing sector will continue to be a key focus of the efforts by the monetary and fiscal authorities towards driving the recovery of the Nigerian economy.

Why this matters

  • The investment deal which is worth $35 million is set to present the well-diversified consumer goods giant with the opportunity to commence the domestic production of Oral-B toothpaste in Nigeria.
  • The contract between P&G and Colori Cosmetics Nigeria will facilitate the local production of Oral-B products by P&G in Nigeria, as part of the commitment by the CBN to strengthen the manufacturing sector.
  • This move is expected to make Nigeria a competitive producer of the product, and also cut the importation of toothpaste from the US, where P&G is based.

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