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Customers’ Response To Verification Excites Banks

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Some banks in the Federal
Capital Territory (FCT) have said that they were impressed by customers’ response to Bank Verification Number (BVN) as directed by the Central Bank of Nigeria (CBN).
A check in some of the banks by The Tide source showed that customers were seen doing the verification.
Some of the banks visited were First Bank of Nigeria, Zenith, Guaranty Trust, Access, United Bank for Africa and Diamond Bank.
At one of the First Bank branches at Central Business District, an official, who preferred anonymity, told reporters that customers had been responding to the BVN.
He said that the BVN was a good idea by the CBN to harmonise activities in the sector, adding that the method was also customer-friendly.
“The method of registration has been programmed in such a way that if a customer registers in a particular bank, it covers for other accounts.
“This is because after the registration, a unique code is given to the customers which can be used for all the customer’s accounts in other banks.
“A customer who has several bank accounts is saved the stress of going to all the banks to perform the registration,’’ he said.
At GTB in Area 3, reporters observed an encouraging exercise, although one of the workers complained that most customers were yet to come forward for verification.
However, at the Zenith Bank, a worker who pleaded anonymity, said the turnout of customers for the BVN was not so encouraging.
“The turnout is not very high. I think that most customers are not aware of the BVN; more sensitisation needs to be done about the registration.
“We want to believe that this will reduce the incidence of fraud in the banking sector because the biometrics of customers have been taken and most customers are yet to understand this,’’ he said.
A customer, Miss Philomena Nwachukwu at the Access Bank, said she was yet to do the verification.
According to her, she has not had course to go into the banking hall because she mostly uses ATM to make withdrawals.
Another customer at the bank, Mr. Jacob Chile, said he was approached by a worker to do the verification but did not understand what it was all about.
The BVN is part of CBN’s cashless policy to capture customers’ data and check fraud in the banking system.
CBN recommended that customers of Nigerian banks registered for a BVN, a code that would represent a customer’s identity and could enhance security for a variety of financial transactions.
They are created through the use of biometric data capture machines that relied on data such as fingerprint and facial recognition technology.
The deadline for the registration is June 30, 2015. After the deadline, customers who were not captured might not be able to do any financial transaction in the country.

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NSE Begins Week On Negative Note, Loses N19.49bn

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The Nigerian stock market began the week on a negative note as banking and consumer goods stocks, among others, triggered a N19.49bn loss.
At the end of trading on the floor of the Nigerian  Exchange Limited , the NGX All-Share Index dropped by 0.09 per cent to end at 43,270.94 basis points, while the market capitalisation declined to N22.58tn.
Market activities were mixed as the total volume of shares traded decreased by 30.19 per cent while the value traded rose by 34.05 per cent.
A total of 213.13 million shares valued at N2.36bn were exchanged in 4,105 deals, compared to 305.32 million shares worth N3.58bn in 4,450 deals last Friday.
FCMB Group Plc topped the traded stocks in terms of volume, accounting for 27.43 per cent of the total volume of trades while Airtel Africa Plc emerged as the most traded stock by value, representing 28.81 per cent of the total value of trades on the exchange.
14 firms gained compared to 21 losers.
AIICO Insurance Plc was the biggest gainer for the day, topping the gainers’ chart with a price appreciation of 8.57 per cent to N0.76 per share.
It was followed by LivingTrust Mortgage Bank Plc with a rise of 7.95 per cent, ending the day at N0.95 per share.
Analysing by sectors, three of the five major indices closed lower, led by NGX Oil & Gas (-0.56 per cent), NGX Consumer Goods (-0.23 per cent) and NGX Banking (0.18 per cent).
But the insurance (0.82 per cent) and industrial goods (0.002 per cent) indices gained at the end of trading.

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… Introduces TIES To Boost  Business Loan

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The Central Bank of Nigeria (CBN) has introduced the Tertiary Institutions Entrepreneurship Scheme (TIES), which provides undergraduates and graduates with a platform to access loans.
The TIES’ underlying aim is to provide access to capital for Nigerian undergraduates and graduates with innovative entrepreneurial and technological ideas from polytechnics and universities.
TIES intends to shift undergraduates and graduates away from white-collar job pursuits and towards a culture of entrepreneurship development for economic development and job creation.
In a national biennial entrepreneurship competition, the Developmental Component would be distributed in the form of awards to Nigerian polytechnics and universities.
The competition aims to increase undergraduates’ awareness and visibility of high-impact entrepreneurial/technological concepts, foster entrepreneurial talent hunts in Nigerian polytechnics and universities, and encourage commercially viable and transformative technologies.
Interested Nigerian polytechnics and universities shall apply to participate in the national biennial entrepreneurship competition on a dedicated online portal.
Outlining brief details of the project, potential impact and evidence of originality of project, CBN said it is an innovation for students entrepreneurs.

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CITN Applauds FG, Tax Authorities On Fiscal Policy Decisions

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The Chartered Institute of Taxation of Nigeria (CITN) has lauded the Federal Government and tax authorities on the giant strides made on fiscal policy decisions and tax administration measures initiated this year in the area of Finance Act 2021 and the introduction of TaxPromax solution.
President of the institute, Adesina Adedayo, who gave the commendation at the institute’s yearly award ceremony at the weekend in Lagos, assured the government and tax authorities of aligning with the measures and promised to provide professional thoughts and insights on ways through which they could achieve an efficient and effective Nigerian tax system.
Adedayo emphasised the need to address the database, adding that without knowing who the tax-payers are, there is no way they can take money from unknown tax-payers.
Database is the aspect we have been emphasising on as an institute and in doing this, there are so many of pockets of data we have. All the data must be harmonised to have a simple unique tax-payers identification number,” he said.

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