Connect with us

Business

CBN Lists Challenges To Electronic Payment System

Published

on

Abuja-Kaduna Light Rail during inspection by the Chairman, Subsidy Reinvestment and Empowerment Programme (Sure-p), Retired Gen. Martin Lurther-Agwai, in Abuja recently.     Photo: NAN

Abuja-Kaduna Light Rail during inspection by the Chairman, Subsidy Reinvestment and Empowerment Programme (Sure-p), Retired Gen. Martin Lurther-Agwai, in Abuja recently. Photo: NAN

The Central Bank of Nigeria (CBN) has named weak risk management framework and security issues among the major challenges affecting electronic payment system in the country.
The CBN Governor, Mr Godwin Emefiele, made the disclosure as a keynote presenter at the 8th Annual Conference of the Chartered Institute of Bankers of Nigeria in Abuja yesterday.
The theme of the conference was “Positioning Nigeria’s Payments System for Global Competitiveness’’.
“While CBN efforts have gone into transformation of the payments system in line with global trends, we should not lose sight of the associated risks and challenges.
“These challenges include, but not limited to weak risk management framework, security issues, resistance of target customers to patronise and embrace new products,’’ Emefiele said.
He said another challenge was the “lack of unique identifier for customers across institutions and high operation cost’’.
According to him, other challenges are interoperability and interconnectivity of networks, low level of card usage on Point of Sales, non-transparent pricing, among others.
Emefiele, who was represented by Dr Sarah Alade, CBN deputy governor, Economic Policies, urged the institute to deliberate on the issues and come out with good suggestions to improve the payment system in the country.
“By this, we will be able to strengthen consumers’ confidence in the safety, security and reliability of our payments system bearing in mind that when this trust is undermined, then public confidence in financial services is eroded and the economy loses,’’ he said
Commenting on the payment system in the country, he said that it had witnessed remarkable achievements in the recent past.
Emefiele said that in the whole sales payment sector, a new real time gross settlement (RTGS) system in December 2013 replaced the old that was used for over seven years.
RTGS is an inter-bank payments infrastructure that facilitates the real time settlement of electronic funds transfer on gross and irrevocable basis.
Emefiele noted that the new RTGS was integrated with “strapless security settlement system’’ to manage and settle government and other money market securities processed as electronic records in a central securities depository system.
He added that in the retail payments sector, a series of initiatives had been implemented toward building confidence and positioning of the payment system for global competitiveness.
The governor said the initiative included the migration from magnetic stripe to Europay, Mastercard and Visa (EMV).
He said that CBN had introduced chips on the cards and mandated all banks to migrate.
“I want to place it on record that this singular effort of the bank led to a drastic reduction in card related frauds by over 98 per cent which were hitherto prevalent in the industry.
“This has also instilled confidence in the payment system as Nigeria issued bank cards are now used in other parts of the world,’’ he said
He said that an efficient payment system would go a long way to strengthen the growth and development of the nation’s economy.

Continue Reading

Maritime

Shippers’ Council Registers 160 Port Operators

Published

on

The Nigerian Shippers Council (NSC) says it has registered 160 Port stakeholders into its Regulated Port Service Provider and Users platform since the initiative began in 2023.
Executive Secretary, NSC, Mr Pius Akutah, made the disclosure on the sideline of a sensitisation programme by the commission for port operators in Lagos, with the theme, “Regulated Port Service Provider and Users”.
Represented by the Director, Consumer Affairs, Chief Cajetan Agu, Akutah emphasised the significance of the programme for stakeholders.
He said the sensitisation programme was the second edition after its commencement during the last quarter of 2023.
The Secretary said the 160 registered port operators consist of agencies, terminal operators, shipping companies, individual port users as well as service providers.
“We invited the ports stakeholders for enlightening them on the processes for online registration of Regulated Port Service Provider and Users.
“We have demonstrated to them how to register and how to make payment and we were able to present before them the various categories of the registration.
“The rate of payment is also in the registration. The payment of each group depends on the operation. A shipper pays N30,000, terminal operators and shipping companies pay N300,000, truckers also pay N30,000, while some pay N50,000 and N100,000.
“The Council was able to intimate them on the benefits, because port users benefit more as we help to interface on reducing port charges from time to time”,  Akutah said.
He said  that there was a need to continue to work with port operators to stop delays and eliminate high costs to make the port efficient.
Also speaking, the Deputy Director, Stakeholders, Service, NSC, Mr Celestine Akujobi, said “the sensitisation exercise was important for the council to enable us bring all the port stakeholders together”.
According to him, this is to avoid challenges during the implementation of the council’s responsibilities.
“By the time we introduce sanctions on defaulters, no operators will complain that he or she is not aware of the registration.
“I’m happy with the turnout of this sensitisation. This shows that the operators are well informed of the statutory friction of the council as the port regulator.
“The final implementation will commence as soon as we discover that all the operators have keyed into the portal.
“We are engaging other ports across the country and we’re hopeful that before the last quater of 2024, the council will implement sanctions on defaulting operators”, Akujobi said.
Earlier, Vice Chairman, National Association of Government Approved Freight Forwards (NAGAFF), Dr Ifeanyi Emoh, said  port challenges were enormous, adding that they originated from some of the government agencies.

Emoh urged the council to look into regulating other government agencies, so that there could be a window through which they can collect port charges collectively instead of indiscriminately.

By: Chinedu Wosu

Continue Reading

Business

Chivita, Hollandia Reward Outstanding Trade Partners At Annual Conference

Published

on

Chivita| Hollandia (CHI Limited) leading fruit juice and value-added dairy manufacturer in Nigeria has rewarded its long standing distributors at the recently held 2024 Distributor Conference. The event with the theme, “Break Boundaries Exceed Expectations” served as a platform to recognise and reward the exceptional contribution of the distributors and wholesalers who play a critical role in Chivita|Hollandia (CHI Limited) success and business goals for the year.
The Distributor Conference was held in two sessions. While the morning session featured keynote addresses, industry insights and brand immersion experience, the evening session was a cultural display of elegance and funfair that culminated in the award presentation and recognition of the contribution the trade partners made to the company in the 2023 year under review.
A key highlight of the event was the award ceremony which acknowledged outstanding trade partners in various regions across the country. The awards recognized commitment, dedication, and outstanding performance in areas of sales growth, brand promotion, and market expansion.
Eelco Weber, Managing Director, Chivita|Hollandia (CHI Limited), stated that the company’s success story is incomplete without the strong partnerships it has built with trade partners. “Today, we celebrate not only the achievements, but the collaborative spirit that has made our growth possible” he said.
Bola Arotiowa, Chief Commercial Officer, Chivita|Hollandia (CHI Limited), in his statement revealed that, the event which was first of its kind will continue to be an annual meeting to enable the company work more closely with its distributors, share insights and action points, help the trade partners familiarize themselves with the company’s goals and objectives for each year, and serve as a driver for mutual success.
“Our distributors are the backbone of Chivita|Hollandia (CHI Limited). Their relentless efforts in distributing our products, promoting our brands, and expanding our reach across the nation is truly commendable. As the bridge between us and our valued consumers, it is very important to reward their hard work and dedication for being an essential part of the Chivita|Hollandia (CHI Limited) family. Together, we will continue to deliver great products to our conusmers which in turn will deliver value to them”, Mr. Arotiowa added.
Speaking at the conference, HajiyaBilikisuSaida, Chief Executive Officer of Smabirm Nigeria Limited, who won the Outstanding Distributor of the Year in North 1 region, and got a reward of two million Naira worth of Chivita|Hollandia (CHI Limited) products expressed delight at the company’s recognition, and stated that the awards served as a way to inspire distributors to do more and put in more effort, which in turn would help both the distributors and the company to grow.
Other outstanding performance distributors of the year rewarded with a two million Naira worth of Chivita|Hollandia (CHI Limited) stock include, Sunny Chuks Limited for East 1 region, MRS FA & Sons Limited for East 2 region, Hussakas Ventures for North 2 region, Rookee 1388 Ventures for Lagos 1 region, Pik N Pil Ventures for Lagos 2 region, FaithJoe Event Management Limited for West 1 region, and Progress Family Nigeria Enterprise for West 2 region.
The annual Distributors Conference aims to strengthen the bond between Chivita|Hollandia (CHI Limited) and its trade partners. This collaborative approach fosters mutual growth and ensures the continued success of the brands in the Nigerian market.
Continue Reading

Business

AXA Mansard Backs Female-Owned MSMEs With N1.4m Grant

Published

on

A global leader in insurance and asset management, AXA Mansard, has supported three female-owned MSMEs with business grants totaling 1.4 million to boost their operations.
This, the company said, is part of its commitment to women and the Medium, Small, and Medium-scale Enterprise (MSME) sector in the country.
The three businesses were successful at the International Women’s Day Pitch Competition, organised in partnership with SME 100 Africa in Lagos.
According to the Head of Marketing, AXA Mansard, Olusesan Ogunyooye, the competition, which is aimed at supporting female entrepreneurs in Nigeria, “is another way AXA is demonstrating its commitment to the causes of women and stimulating the MSME sector in Nigeria”.
The business pitch competition received numerous entries from women across different sectors, but after a rigorous selection process, shortlisted participants were selected to participate in the competition.
Ogunyooye said “the programme provided a unique opportunity for women from various works and socio-economic classes to showcase their innovative ideas and solutions in sectors such as food, tech, fashion, and fragrance, creating an atmosphere filled with excitement, enthusiasm, and a strong sense of community”.
He stressed the importance of investing in women, saying it is not just the right thing to do, but also aligns with AXA’s purpose of acting for human progress.
He explained that AXA believes the future of women should not be at risk, hence investing in their economic empowerment is a crucial part

Continue Reading

Trending