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Business News

Open Banking Nigeria gets backing from eTranzact and Accounteer 

eTranzact International Plc and Accounteer disclosed they were partnering with Open Banking Nigeria.

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Open Banking Nigeria gets backing from eTranzact and Accounteer 

Open Banking Nigeria has found new partners in eTranzact International Plc and Accounteer after the two companies disclosed they were partnering with the initiative.

The Chief Executive Officer of eTranzact, Niyi Toluwalope, was elated about the prospects of working with other industry stakeholders, providing technical review for Application Programming Interface specifications (API), and contributing to efforts on advocacy for the overall benefit of the industry.

According to Punch sources, the purpose of the partnership between the three entities is solely to ensure rapid adoption of a non-partisan standard for stakeholders in Nigeria’s financial services ecosystem towards the delivery of improved and customer-focused services.

Open Banking Nigeria gets backing from eTranzact and Accounteer 

Meanwhile, Mr Toluwalope emphasized the commitment of eTranzact to the adoption of its APIs and gateways in line with the open banking API standard, stating that,

As a stakeholder within the Nigerian financial and payments ecosystem, we are aware of the opportunities for growth that come from innovation and financial inclusion. We are also aware of the challenges that fintechs face when integrating with banks using the APIs, and we are excited about the efforts of the Open Technology Foundation.”

[READ MORE: Digital technology and blockchain altering conventional banking models – Emefiele]

However, also speaking about the API standards, Chief Executive Officer, Accounteer, Merijn Campsteyn, reportedly stated that APIs had grown to become the most famous means by which software integration is done.

However, the beauty of the APIs is only appreciated when companies agree on common standards,” Merijn Campsteyn said.

About Open Banking Nigeria: According to its website, it is an initiative working with banks, seasoned industry professionals and fintechs to define an open and non-partisan set of Application Programming Interfaces (APIs) to design the API standards. Its objectives include:

  • analyzing the need of the industry for common API standards among banks and other financial institutions;
  • developing the common API standards;
  • providing a sandbox and other testing tools for certification;
  • promoting adoption of Open Banking standards with stakeholders across Nigeria; and
  • enable further innovation in the financial services industry.

What is API? Application Programming Interface is an approach where your website, application, or software program can interact directly to an ordering interface without having to visit another website first.

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Economy & Politics

CBN extends Covid-19 forbearance for intervention loans by another 12 months

CBN will continue to charge an interest rate of 5% for its intervention loans for another 1 year.

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New CBN guidelines ban MMOs, PSPs, Operators from receiving diaspora remittances

The Central Bank of Nigeria has announced an extension of its regulatory forbearance for the restructuring of its intervention facilities by another 12 months.

In a circular signed by Dr. Kevin Amugo, the Director of Financial Policy and Regulatory. the apex bank said it will continue to charge its borrowers an interest rate of 5% per annum as against the 9% originally offered. The CBN had on March 20th reduced the interest rates on its intervention loans from 9% to 5% as part of its response to the economic crunch brought on by Covid-19 induced lockdowns.

The CBN also offered to rollover moratorium granted on all principal payments on a case by case basis. All credit facilities had been granted a one-year moratorium starting from march 1, 2020 when the pandemic first gripped Nigeria.

See excerpt from Circular

“The Central Bank of Nigeria reduced the interest rates on the CBN intervention facilities from 9% to 5% per annum for one-year effective March 1, 2020, as part of measures to mitigate the negative impact of COVID-19 Pandemic on the Nigerian economy.”

Credit facilities, availed through participating banks and OFIs, were also granted a one-year moratorium on all principal payments with effect from March 1, 2020.

Following the expiration of the above timelines, the CBN hereby approves as follows:
1) The extension by another twelve (12) months to February 28, 2022 of the discounted interest rate for the CBN intervention facilities;

2) The roll-over of the moratorium on the above facilities shall be considered on a case by case basis.

What this means

Companies who secured intervention funds from the CBN or through any of its on-lending banks will continue to service the loans at an interest rate of 5% per annum instead of 9%.

  • They can also get another year of not needing to pay back the principal sum collection. However, they will need to apply.
  • Whilst this move helps the small businesses continue to manage their cash flow, it means the CBN will record a reduction in its income extended under such facility.
  • Regulatory forbearance is a widely adopted concept during an economic crunch and it is meant to help stimulate businesses. These pronouncements if implemented will only affect those who borrow from the CBN or BOI but those who do not will miss out.
  • Download the circular here.

 

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Energy

LNG boss tasks FG to begin the monetization of Nigeria’s gas

Mr Attah has urged the FG to take the gas sector more seriously as the future of Nigeria’s energy lies with it.

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The MD and CEO of Nigeria LNG Limited Mr. Tony Attah has tasked the Federal Government to begin the revamping and monetization of the Gas sector in Nigeria.

He made this statement while making his presentation at the 2nd virtual Nigerian Gas Association (NGA) Industry Multilogues, with the theme: “Powering Forward, Enabling Nigeria’s Industrialization via Gas.”

Mr. Tony Attah drew the attention of the audience to the hidden treasure in the Nigerian Gas industry which he believes is not getting enough attention from the government.

On the future of gas as an alternative energy source, Mr. Attah stated that the developed world is already keying into gas as an alternative to crude oil. Gas has proven to be a cleaner and more sustainable alternative.

He exclaimed that Nigeria is very rich in gas and yet poor in energy. Nigeria is the 9th country with the largest gas reserves in the world but makes very little use of it.

Mr. Attah went further to paint a clear picture of the promise of investing in gas using the success achieved by Qatar. Qatar is currently the largest LNG exporter in the world.

We just touched on a quick case study of Qatar. Someone mentioned Qatar already from a poor fishing country to a gas giant and it took just 10 years, which is why we, as Nigeria LNG, firmly believe in the conversation and the narrative about the declaration of the decade of gas.

“We believe it is possible. If you look at Qatar from 1995, when they really went into gas development, we were just two years behind Qatar. So, Qatar’s first LNG was in 1997.

Nigeria’s first LNG was in 1999, just two years behind. But then, within 10 years, because of the deliberateness of the government and focus on gas, they have gone to 77 million tonnes and we are at best, 22 million tonnes,” Attah said.

Mr. Attah stressed further the importance of the gas sector in Nigeria’s future. He recalled that the Nigerian Government declared 2021-2030 as the decade of gas. He pleaded with the government to take the sector more seriously as the future of Nigeria’s energy lies with it.

Gas is the future. That future is now, and just as the Minister of State has made us to realize, gas is food in fertilizer. Gas is transport as you saw in the Auto gas project that was declared.

Gas is life, as a matter of fact, for cooking, for heating, for existence. Gas is development in manufacturing, gas is power. Gas is everything. “We think it’s time for gas. It’s time for Nigeria to diversify and that is why we fully support the decade of gas,” he said.

What you should know

  • Early last year, the director of the Department of Petroleum Resources (DPR) Mr Sarki Auwalu confirmed that Nigeria’s proven gas reserve stood at 203.16 trillion cubic feet.
  • Nigeria has the 9th largest gas reserves in the world. It is also the 6th largest exporter of gas.
  • The Federal Government declared the year 2021–2030 as the “Year of the Gas“. It pledged to finally kick start the development and commercialization of Nigeria’s huge gas reserves.

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