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.

Published

1 year ago

October 4, 2019

Chidinma Nwagbara

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, CBN, Mrs 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.

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.

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.

Chidinma Nwagbara

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: Russia applies to WHO for emergency use tag for its vaccine

Russia has submitted applications to the World Health Organization for approval of its COVID-19 vaccine, Sputnik V.

Published

17 mins ago

October 28, 2020

Chike Olisah

The Russian Direct Investment Fund (RDIF), which is one of the developers of the Sputnik V, has submitted applications to the World Health Organization (WHO) for an Emergency Use Listing and prequalification of the coronavirus vaccine.

The acceptance of the Covid-19 vaccine by the UN health agency could help allay concerns over its safety and quality.

This was disclosed by Russia’s sovereign wealth fund on Tuesday, October 27, 2020.

Russia was the first country to grant regulatory approval for a novel coronavirus vaccine and did so before large-scale trials were complete, stirring concerns among scientists and doctors about the safety and efficacy of the shot, especially from the western countries.

An Emergency Use Listing (EUL) is meant to make a vaccine available globally faster, while a WHO prequalification is a global quality tag that ensures vaccines are safe and effective.

The Chief Executive Officer of RDIF, Kirill Dmitriev, in a statement, pointed out that the procedures would allow Sputnik V to be included in the list of medical products that meet leading quality, safety and efficacy standards.

In July, Dmitriev had said that Russia aimed to produce 30 million doses in 2020, a goal that was this month dubbed impossible by Russia’s Industry Minister, Denis Manturov, who said a maximum of 2.3 million doses would be made.

The vaccine, developed by Moscow’s Gamaleya Research Institute and marketed by RDIF, is based on a platform of human adenoviral vectors.

What you should know

Nairametrics had earlier reported that President Vladimir Putin announced the approval of the Sputnik V, as the first Covid-19 vaccine to be registered in the world. The approval, which was announced even before the completion of the phase 3 trials, had elicited safety concerns from scientists.

ENDSARS

#EndSARS: Army denies shooting at Lekki protesters, says Lagos asked for military

The Nigerian Army has once again denied it fired gunshots at protesters who were gathered at the Lekki toll plaza.

Published

26 mins ago

October 28, 2020

William Ukpe

#EndSARS: Nigerian Army set to commence Exercise Crocodile Smile VI

The Nigerian Army has stated that the alleged massacre of protesters at Lekki Toll Plaza is untrue, unfounded, and aimed at causing anarchy in the country and that their presence was requested by the Lagos State Government to restore normalcy.

This was disclosed in a statement by the Acting Deputy Director, 81 Division Army Public Relations, Major Osoba Olaniyi, on Tuesday evening, as the world draws attention to the Lekki shootings last week.

In the statement, the Army said: “The attention of Headquarters 81 Division Nigerian Army has been drawn to a viral video on social media in which it was alleged that civilian protesters were massacred by soldiers at Lekki Toll Plaza.

“This allegation is untrue, unfounded and aimed at causing anarchy in the country. At no time did soldiers of the Nigerian Army open fire on any civilian.

The Army said that the 81st Division never got involved in the #EndSARS protests. However, Lagos State called the Army after a 24-hour curfew was imposed due to reports of Police stations being burnt.

“From the onset of the ENDSARS protest, there was no time personnel of 81 Division Nigerian Army Lagos were involved. However, the decision to call in the military was taken by the Lagos State Government (LASG) after a 24 hours curfew was imposed.

“This was as a result of the violence which led to several police stations being burnt, policemen killed, suspects in police custody released and weapons carted away.

“The situation was fast degenerating into anarchy. It was at this point that LASG requested for the military to intervene in order to restore normalcy. The intervention of the military followed all laid down procedures for Internal Security operations and all the soldiers involved acted within the confines of the Rules of Engagement (ROE) for Internal Security operations,” the statement read.

The Army insisted that they did not shoot any civilian and that there is glaring and convincing evidence to attest to this fact. They maintained that the allegations of shootings is the “hand work of mischief makers who will stop at nothing to tarnish the image of the Nigerian Army.”

What you should know

Nairametrics reported last week that several social media accounts had revealed that peaceful protesters were allegedly being shot at by the military at the Lekki toll holdout. The Nigerian Army, however, denied deploying soldiers to attack #EndSARS protesters who assembled there.

The Lagos State Government ordered an investigation into the Lekki Toll Plaza shooting that was allegedly done by some men of the Nigerian Army on Tuesday evening. Babajide Sanwo-Olu had also stated that Lagos State would not burn on his watch, as he tried to calm things down after hoodlums wreaked havoc post-Lekki shootings, and announced that the Judicial panel set up by the state would include the incident.

Nairametrics earlier reported that Lagos State Governor Babajide Sanwo-Olu had insisted that there were only two confirmed deaths during the shooting incident that happened a week ago at the Lekki Tollgate.

Coronavirus

COVID-19 Update in Nigeria

On the 27th of October 2020, 113 new confirmed cases and 3 deaths were recorded in Nigeria

Published

7 hours ago

October 28, 2020

Samuel Oyekanmi

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 62,224 confirmed cases.

On the 27th of October 2020, 113 new confirmed cases and 3 deaths were recorded in Nigeria, having carried out a total daily test of 2,326 samples across the country.

To date, 62,224 cases have been confirmed, 57,916 cases have been discharged and 1,135 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 614,480 tests have been carried out as of October 27th, 2020 compared to 612,154 tests a day earlier.

COVID-19 Case Updates- 27th October 2020,

Total Number of Cases – 62,224
Total Number Discharged – 57,916
Total Deaths – 1,1135
Total Tests Carried out – 614,480

According to the NCDC, the 113 new cases were reported from 12 states- Lagos (51), FCT (15), Plateau (11), Kaduna (8), Oyo (8), Rivers (8), Ogun (4), Edo (2), Imo (2), Kwara (2), Delta (1), Kano (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 20,935, followed by Abuja (6,008), Plateau (3,614), Oyo (3,433), Rivers (2,781), Edo (2,654), Kaduna (2,625), Ogun (2,014), Delta (1,813), Kano (1,743), Ondo (1,666), Enugu (1,314), Kwara (1,069), Ebonyi (1,049), Katsina (952), Osun (923), Abia (898), Gombe (883). Borno (745), and Bauchi (710).

Imo State has recorded 616 cases, Benue (486), Nasarawa (479), Bayelsa (403), Ekiti (332), Jigawa (325), Akwa Ibom (295), Anambra (277), Niger (274), Adamawa (257), Sokoto (165), Taraba (140), Kebbi (93), Cross River (87), Yobe (82), Zamfara (79), while Kogi state has recorded 5 cases only.

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.