Across social media platforms, commercial banks in Nigeria have intensified their digital marketing efforts, as they encourage their customers to stay safe by adopting internet banking. This is in view of the Coronavirus pandemic and ongoing efforts to contain the disease.
But while switching to online banking is apparently the right thing to do at this point in time, many customers are not quite happy with the e-banking services they are getting. These customers are finding it difficult to transact business with the online banking platforms available to them.
This, therefore, raises questions about the preparedness of most banks in Nigeria to provide good digital banking services.
The complaints: After the Presidential Order that declared lockdowns in Lagos, Abuja, and Ogun State, Polaris Bank Limited tweeted at its more than one hundred thousand followers. The tweet informed customers that the bank would be limiting its banking hall operations in view of the lockdowns. The customers were also encouraged to make good use of Polaris Bank’s virtual banking channels.
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Many of those who reacted to the tweet were full of complaints. One customer actually claimed that Polaris Bank’s virtual banking platforms are migraine-inducing. In other words, the bank’s mobile app and USSD code were supposedly not working properly, the customer claimed.
Your virtual channels are giving me migraines as we speak. Cant use Mobile app or ussd. Please
— Scent9jA (@Scent9jA) March 30, 2020
While some customers complained about their inability to use Polaris Bank’s app no matter how much they tried, others complained about their transfers not getting through to the recipients, despite being debited.
But your mobile app isn't functioning for transfer
— unusual_Tomi (@oluwatomisin0) March 29, 2020
@polarisbank, I do the transfer of 20k to another bank (GTB) through Polaris mobile, I was debited but the beneficiary yet to received the money since 2:00 am today. Please assist for immediate resolution
— adelabu afeez (@adelabu_02707) March 29, 2020
But Polaris Bank is not the only one at the receiving end of customers’ outrage. Union Bank customers also expressed their displeasure with the bank’s internet banking service.
Earlier today, the bank reassured its customers that all their essential banking needs will be met during this lockdown period. All that they need to do is to make use of Union Bank’s electronic channels. Unfortunately, Union Bank’s tweet was not quite as reassuring to some customers as it was intended. One person even said that they regret ever using the bank.
I regret ever banking with you
— Walk in for the fashion (@MUthmaan) March 31, 2020
Pls I was debited for money I didn't receive. What do I do?
— Adedeji Folake (@AdedejiFolake1) March 31, 2020
Similarly, customers have described Fidelity Bank’s online banking service as horrible and “messed up”. This has left customers wondering how they can survive lockdown.
Your digital services are f#*kd up. Money trapped. DM not replied to. Are your e-services on lockdown????
— Mr. Wali (MCIPS) (@madu_agwu) March 31, 2020
Internet banking is horrible… fix it
— Clinton Emovon (@CEmovon) March 31, 2020
Why is the internet banking not working.i can’t even check my balance online and I can’t use other bank ATM even the pos.was wrong???
— onuohandubuisianthony (@benyouben) March 31, 2020
As expected, the banks have apologised to the customers for all the inconveniences. They have also continued to assure customers to keep using virtual banking channels while the lockdown lasts.
CBN grants Mortgage Refinancing Companies approval to refinance Non-member banks
The CBN has expanded access to mortgage financing by removing restrictions on refinancing mortgages earlier imposed.
The Central Bank of Nigeria (CBN), has granted approval to Mortgage Refinancing Companies (MRC), to re-finance non-member banks.
This is contained in a circular referenced FPR/DIR/GEN/CIR/07/056 and signed by Ibrahim Tukur, the Director of Financial Policy and Regulation Department, CBN.
The circular improved on the earlier provisions contained in section 184.108.40.206 which states that “A mortgage refinance company (MRC) shall not, without the prior approval of the CBN, extend total outstanding credit to any single borrower, which is equal to or more than twenty times the value of the borrower’s shares with the MRC or 25 percent of its shareholders’ funds unimpaired by losses.”
What this means
Based on the provisions contained in the latest circular, MRCs are now free and legally permitted to refinance the qualifying mortgages of banks and all other non-members ( that do not hold equity), subject to meeting all other relevant requirements specified in the framework.
In a nutshell, the restriction on non-member mortgage lenders from refinancing their mortgages with MRCs has been removed.
Why this matters
Prior to the provisions contained in the latest circular, CBN had expressed fears that provisions of section 220.127.116.11 negatively impacts the mortgages sub-sector, as it constrains the MRCS from refinancing the mortgages of non-shareholder banks. Therefore, the new order will help to remove the restrictions already highlighted.
In lieu of this, the latest circular stated that the provision of section 7.3.1 5 is hereby revised to “the MRC shall not, without prior approval of the CBN, extend total outstanding credit to any single borrower, which is equal to or more than 25 percent of its shareholders’ funds unimpaired by losses,” the circular reads.
Nascon Allied Industries Plc: Increase in sale of goods boosts revenues
Nascon Allied Industries Plc recorded a boost from an increase in the sale of goods revenue-generating unit
Nascon Allied Industries Plc recorded a boost from an increase in the sale of goods revenue-generating units, as total revenues increased slightly. The company reported revenues of N21.87 billion in 2020 (9months) – 4.01% increase compared to N21.03 billion in the corresponding period of 2019.
What you should know
Key highlights from 2020 (9months) results
- Revenues increased by 4.01% from N21.03 billion to N21.87 billion YoY.
- Revenues from sale of edible, refined, bulk grade salt; seasoning and vegetable oil, increased to N21.87 billion, +22.53% YoY.
- Other income increased to N12.81 million, +27.43% YoY.
- No revenue was recorded for freight income on the deliveries of salt and seasoning income-generating unit.
- Gross profit increased to N8.96 billion, +74.56% YoY.
- Operating profit increased to N3.64 billion +18.60% YoY.
- Pre-tax profits increased to N3.47 billion, +16.63% YoY.
- Post-tax profits increased to N2.29 billion, +13.27% YoY.
- Earnings Per Share increased to 115 kobo, +12.75% YoY
- Total assets increased to N44.36 billion, +45.79% YoY.
- Total liabilities increased to N32.04 billion, +67.21% YoY.
- Total equity increased to N12.32 billion, +9.35% YoY.
Nascon Allied Industries Plc recorded a boost from increase in sale of goods revenue-generating unit, but no revenue was recorded for its freight income on the deliveries of salt and seasoning revenue generating-unit.
Though companies have generally recorded decreased revenues in the last three quarters, mostly due to COVID-19; Nascon Allied Industries Plc was able to increase its total revenues and pre-tax profits in the period under consideration.
Instagram disables its “Recent” feature
Instagram recently announced it had removed the “recent” tab from hashtag pages on a temporary basis
Instagram disclosed that it would remove the “Recent” tab from its hashtag pages for people in the United States of America.
The social networking and video sharing service stated this on its official Twitter handle. It said it is “doing this to reduce the real-time spread of potentially harmful content that could pop up around the election.”
Starting today, for people in the U.S. we will temporarily remove the “Recent” tab from hashtag pages. We’re doing this to reduce the real-time spread of potentially harmful content that could pop up around the election.
— Instagram Comms (@InstagramComms) October 29, 2020
What you should know
Nairametrics had reported on Instagram’s apology for its algorithm malfunction that led to the flagging of #EndSARS posts as fake.
Instagram has also taken the following measures to ensure a successful November election.
- The registration of 4.4 million votes this year through its flagship platform – Instagram and Messenger.
- Serving as a means of information and tool to people in the US on the electoral process
- The ban of any content that can thwart the success of the election.
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Mark Zuckerberg, the CEO of Facebook, said he was perturbed about the high risks for civil unrest in the US due to the upcoming presidential election.
“I’m worried that with our nation so divided and election results potentially taking days or weeks to be finalized, there is a risk of civil unrest across the country.”
Furthermore, he disclosed on a call while discussing Facebook’s Q3 earnings, that “given this, companies like ours need to go well beyond what we’ve done before.”
Why this matters
The aim of the short-term decision is to decrease the spread of misinformation in the forthcoming US election.