The Central Bank of Nigeria (CBN) has announced new guidelines that will subject banks using third party electronic payment solutions not been licensed by the central bank NGN10 million (US$60,000). The new guidelines on spell out the roles and responsibilities of all stakeholders in the end-to-end electronic payment of salaries, pensions, suppliers and taxes. “When
Ecobank Transnational Incorporated has announces the departure of Group CEO Mr Thierry Tanoh with effect from 12 March 2014. Effective the same date he will no longer be a Director of ETI. Mr Tanoh joined the Ecobank Group as CEO designate in July 2012 and commenced his executive role in October 2012 prior to being
Ecobank shareholders meeting at an Extraordinary General Meeting today passed the Governance Action Plan proposed by the Board of Directors in compliance with the recommendations of the Securities & Exchange Commission (SEC) of Nigeria and contained in a joint report by SEC and the international firm, KPMG. The implementation of the detailed 51 point plan
Teasy Mobile has appointed VeriFone Mobile Money, a joint venture between VeriFone and Mobilis Networks Limited, to widen mobile money services in Nigeria. Under the agreement, VeriFone will deploy its retail enablement solution integrating mobile wallet, banking and telecommunication provider networks with point-of-sales (POS) to drive mobile money. Teasy will partner with stakeholders in Nigeria
The number of mobile money subscribers of Nigerian commercial bank Stanbic IBTC will soon reach one million, says Gbenga Agboola, the bank’s mobile platform product manager. Agboola said the bank’s mobile money service is unique in that it does not require users to open an account, as the user’s phone number serves as the account
MasterCard has announced its expansion into seven new markets across Central and West Africa, increasing its acceptance footprint across the continent and securing a number of strategic agreements. The addition of Chad, Central African Republic, Guinea-Bissau, Liberia, Sierra Leone, Rwanda and The Gambia to the MasterCard network extends the company’s presence to 48 of the
With the approval of the Bank of Ghana, Fidelity Bank has contracted third party retail networks called Fidelity Smart Agents to provide services on its behalf. Fidelity Smart Agents are your local neighborhood convenience shops, pharmacies, supermarkets and utility payment vendors. Commenting on this revolutionary initiative, the Managing Director of Fidelity Bank, Mr. Edward Effah,
Equity Bank Group’s investments in IT, growth in the number of customers and branch upgrades to cater for the growing SME segment have boosted 2013 profit before tax by 11 percent to Kshs 19.15 billion up from Kshs 17.29 billion the previous year. Cost to income ratio reduced to 48.5% in 2013 and NPLs reduced
iKaaz, a Bangalore based mobile payments provider has entered the rapidly growing African market with the launch of its innovative tap and pay offering in Nigeria. Very soon Nigerian consumers will be making NFC payments at select merchant outlets thanks to iKaaz’s NFC powered mobile payments platform running on the cloud. “It is encouraging to
Holders of UBA payment cards like Visa, MasterCard and Verve are being given an opportunity to get significant discounts on their card payments as UBA enters into a partnership deal with Parolz.com, an online platform which offers exclusive discounts and benefits from top outlets in Nigeria. The offers range from Dinning to Lifestyle,Hospitality, Transportation and
