GTB Partners Infosys Finacle On Digital Banking Transformation

Mohammed Shosanya

Nigeria’s Guaranty Trust Bank has partnered with Infosys Finacle to use the latter’s services for its multi-country digital banking transformation program.

Guaranty Trust Bank will select the Finacle Digital Banking Suite in order to improve its overall digital transformation program. The GTBank will also leverage Finacle’s suite of solutions and capabilities across markets such as retail, corporate banking, and wealth on account of the partnership,a statement said.

Besides,the will be given the possibility to optimize its development process across its home operations in the region of Nigeria, as well as in other 10 markets across Africa and Europe.

Infosys Finacle’s cloud-native and open API-driven platform is set to provide GTBank with the needed solutions to become a more transparent, open, and secure financial institution, while also being prepared to integrate with its ecosystem collaborators and to benefit from modern digital offerings.

According to the statement,Guaranty Trust Bank aims to meet the needs, preferences, and demands of its customers, while Finacle will prioritise the process of ensuring a significantly lower total cost of operations and services, due to the bank-wide digitalisation and automation procedures.

Besides,the financial institution will also focus on optimising its overall client experience, by delivering a secure, convenient, and efficient banking system.

UBA Simplifies Payment For Goods,Services With NQR

Mohammed Shosanya
United Bank for Africa (UBA) Plc, has launched innovative payment method, NQR, an indigenous QR-code-based payments and collections solution to enhance customers’ experience for merchants and buyers.

The NQR payment system will enable Micro, Small and Medium Enterprises (MSMEs) in Nigeria to receive instant payments from their customers by simply scanning the codes,the bank said in a statement.

It said:“The key element of the NQR is embedded in the UBA mobile banking app. Powered by the Nigeria Inter-Bank Settlement System (NIBSS), NQR code provides a consistent user experience and aim to accelerate the adoption of digital technology across the nation. It provides a fast, easy, secure, reliable, contactless, and account-based option to receive and pay for goods and services”

Head, Digital Banking, Olukayode Olubiyi, said: “Our customers are at the heart of our business, that’s why we keep going the extra mile to constantly innovate in a bid to satisfy them. As we very well know Micro, Small and Medium Enterprises (MSMEs) contribute significantly to the economy but remain heavily dependent on cash to run their businesses; however, consumers are demanding safer and more convenient ways to pay.

“That is why we have partnered with NIBSS to introduce the NQR (NIBSS QR), which is a safe, contactless payment platform for merchants and customers to receive and make QR code-based payments for goods and services.

“This payment method is a contactless solution, poised to give customers a unique experience as it is seamless, fast, easy, secure, reliable, and account-based option dedicated to receive and pay for goods and services at their convenience.”

He explained that the NQR is loaded with enormous benefits, including the fact that payments are instant, can be made without using a debit card, customers are only require to scan the code to pay; and each NQR payment can be integrated into the merchant’s cash register to make book balancing seamless which means manual book keeping is not needed.

“Also, when payments are made, there is the presence of Instant value and verification of all payments as merchants receive notification immediately after a transaction has been completed by a buyer, ”Olubiyi added.

Cardoso Assumes Duty As Acting CBN Boss

Mohammed Shosanya

Dr. Olayemi Michael Cardoso, Friday formally assumed duty, in an acting capacity, as the Governor of the Central Bank of Nigeria (CBN), pending his confirmation by the Senate.

His action follows the recent resignation of Mr. Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN), a statement signed by Isa AbdulMumin, Director, Corporate Communications of the apex bank,said.

Besides,the Deputy-Governors Designate have also assumed duty, in acting capacities, sequel to the formal resignation of Mr. Folashodun Shonubi, Mrs. Aishah Ahmad, Mr. Edward Lametek Adamu, and Dr. Kingsley Obiora as Deputy Governors of the CBN.

Dr. Cardoso and his colleagues subscribed to the relevant oaths of office at a brief ceremony held at the Bank’s Head Office in Abuja, on Friday, September 2023, and have since settled down to the task of administering monetary and financial sector policies of the Federal Government.

An Economic and Development Policy Advisor, Financial Sector Leader, former Chairman Citi Nigeria and Commissioner for Economic Planning and Budget in Lagos, Cardoso brings over three decades of managerial experience on board.

He is an alumnus of Aston University, Birmingham, United Kingdom, where he studied managerial and administrative studies. He also holds a Master’s degree in Public Administration from the Harvard Kennedy School, United States of America.

Dr. Cardoso and his colleagues were appointed to their respective positions at the Bank on September 15, 2023, subject to their confirmation by the Senate.

CBN Shifts September MPC Meeting, Launches Digital Portal For Microfinance Bank Licence Applications

Mohammed Shosanya

The Central Bank of Nigeria has postponed the Monetary Policy Committee’s 293rd meeting, which was billed to hold between September 25 and 26, 2023.

The bank’s Director of Corporate Communications, Dr Isa AbdulMumin,confirmed the shift in a statement on Thursday.

It read: “The Monetary Policy Committee of the Central Bank of Nigeria has deferred its 293rd meeting scheduled for Monday and Tuesday, September 25 and 26, 2023, respectively.

“A new date will be communicated in due course. We regret any inconvenience this change may cause our stakeholders and the general public.”

Meanwhile,the Central Bank of Nigeria (CBN),has unveiled a digital platform for the submission of Microfinance Bank (MFB) licence applications.

The apex bank disclosed this in a statement signed by Isa AbdulMumin, CBN’s Director of Corporate Communications.

“The Central Bank of Nigeria (CBN) is pleased to announce the unveiling of a new online platform for submission of microfinance bank (MFB) licence applications,” the statement said.

According to the statement, the new online platform is called the “CBN Licensing, Approval and Other Requests Portal (CBN LARP)” and it will eventually replace the current manual process wherein prospective applicants for MFB licence physically submit their applications to the CBN.

It said, the bank will extend the platform to other categories of licences.

The bank noted that the online application system offers numerous benefits, including a simplified process, time savings, enhanced communication, and robust security measures.

The CBN said the aim of the digitization is to improve accessibility, reduce paperwork, and expedite licence approvals, benefiting both applicants and the economy.

It added that,with effect from 25 September, MFB licence applicants are required to submit both hardcopy and online applications (via the CBN LARP) as part of a parallel run.

The statement said the cover letter submitting the hardcopy application must have a valid application reference number from the online submission for the application to be accepted.

According to the statement, the parallel run will end on 31 December and the manual submissions of hardcopy MFB licence applications will no longer be required and accepted.

“From September 25, 2023, prospective MFB applicants are urged to log on to to submit their respective MFB licence applications,” the CBN said.

It said help and detailed guidance are available within “CBN LARP” to assist users in navigating the new platform and that a user guide can also be downloaded from the platform.

“Applicants may contact the dedicated helpdesk via email at for further information. Meanwhile, please note that the Bank shall continue to accept manual applications for all other licence types until further notice,” the statement added.

Micheal Cardoso Is New CBN Governor

Mohammed Shosanya

President Bola Tinubu has approved the nomination of Dr. Olayemi Michael Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN).

He is to serve a term of five (5) years at the first instance, pending his confirmation by the Nigerian Senate.

Chief Ajuri Ngelale, Special Adviser to the President on Media & Publicity, made the disclosure on Friday in a terse statement.

According to him,the directive is in conformity with Section 8 (1) of the Central Bank of Nigeria Act, 2007, which vests in the President of the Federal Republic of Nigeria, the authority to appoint the Governor and Four (4) Deputy Governors for the Central Bank of Nigeria (CBN), subject to confirmation by the Senate of the Federal Republic of Nigeria.

Besides Cardoso, President Tinubu also approved the nomination of four new Deputy Governors of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending their confirmation by the Nigerian Senate, as listed below:

They include Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor and Dr. Bala M. Bello

“In line with President Bola Tinubu’s Renewed Hope agenda, the President expects the above listed nominees to successfully implement critical reforms at the Central Bank of Nigeria, which will enhance the confidence of Nigerians and international partners in the restructuring of the Nigerian economy toward sustainable growth and prosperity for all,” Tinubu noted.

Zenith Bank Names Dr Juliet Ehimuan As Non-Executive Director

Mohammed Shosanya

The Board of Directors of Zenith Bank Plc has named Dr Juliet Ehimuan as a Non-Executive Director of the bank effective August 29, 2023.

Her appointment,which was announced in a statement to the Nigerian Exchange (NGX) Limited on Tuesday,also got the nod of the Central Bank of Nigeria (CBN).

According to the statement,Dr Ehimuan is the Founder and CEO of Beyond Limits and the immediate past Director of Google West Africa.

She was named by Forbes as one of the top 20 power women in Africa, and by the London Business School as one of 30 people changing the world. She was also named as one of the Most Influential People of African Descent (MIPAD). She was also featured in the BBC Africa Power Women series, and on CNN Innovate Africa.

With over 25 years experience primarily in Technology, Oil & Gas, and New Media industries across Europe, Middle East and Africa; Juliet is a leading voice on Innovation, Transformation, and Leadership,the statement said.

In her 12-year tenure at Google, she played a pivotal role in expanding the company’s presence in Nigeria and the wider West Africa region. She championed initiatives to increase digital access, local content development, skills acquisition, entrepreneurial growth, innovation, and fostered strategic partnerships with leading private sector and government institutions.

The statement quoted that Dr Ehimuan has made significant contributions to the tech ecosystem in Nigeria and Africa at large. She served on committees that developed the national broadband plan and ICT incubation strategy in Nigeria, and has been involved in national strategic advisory groups focused on economic growth.

These engagements,the statement said, demonstrate her commitment to shaping the future of tech in Africa,adding that she has received numerous awards for outstanding contribution to the digital landscape in Africa.

She holds board positions across multiple industries including Finance, FMCG, Oil & Gas, Education and social enterprises.

Her education includes a doctoral degree in Business from Walden University in Minneapolis, an Executive MBA from the London Business School, a Postgraduate degree in Computer Science from the University of Cambridge; and a BSc in Computer Engineering (1st class honours) from the Obafemi Awolowo University, Ile-Ife.

She is a recipient of the London Business School Global Women’s Scholarship, and at Cambridge University was awarded Selwyn College Scholar and Malaysian Commonwealth Scholar. She is a Fellow of the Cambridge Commonwealth Society.

She was awarded IT Personality of the Year in 2012 by the Nigeria Computer Society, Digital Personality of the year 2016 by Marketing World; and received a 2015 Titans of Technology award from Technology Africa.

CBN Clears Air On $3.7bn Foreign Reserves

Mohammed Shosanya

The Central Bank of Nigeria has faulted the recent estimation of the country’s foreign reserves by JP Morgan,saying it was misleading.

JP Morgan had estimated that the CBN’s net FX reserves fell to $3.7 billion at the end of 2022, compared to $14 billion in 2021.

Director,Monetary Policy Department, CBN, Hassan Mahmud,said that fluctuations, liabilities, and encumbrances to the reserves were only natural and normal.

He said, “We also read the JP Morgan numbers in-house and we didn’t panic over that. That’s not the first time we are seeing people, institutions reeling out numbers; they must have their intentions to do that, whether to rouse market sentiments, whether to mislead the public.

“But the central bank has tried as much as possible to be transparent. What I will say about those numbers is that it is just funny in the sense that number one, reserves like any account balance, is a flow; there are changes that go within it at any particular time.

“Two, even if you have outstanding liabilities, you don’t mark the outstanding liabilities to market on a day and say this is your net balance”

He implored Nigerians to disregard the JP Morgan estimate.

Mahmud said: “It is a ridicule for us (CBN) to come to the public domain, whether the CBN governor or deputy governor to speak on issues by JP Morgan. I don’t even know who said it in JP Morgan.

“I don’t want us to get to that level where we will be ridiculing ourselves as a sovereign or country because of a private investor that has its own motives for giving those numbers. It could also be that those numbers were quoted out of context.”

According to him, the CBN owned about 80 percent of funds in reserves mainly to support the local currency in periods of volatility as well as to boost confidence of foreign investors.

“We have the numbers there. The central bank’s reserves are on our bank net. Yes, the figure you see today may not be exactly to the last decimal point but you have that picture that you are seeing there,” he said.

NESG, CBN Parley On Nigeria’s Monetary Stability

Mohammed Shosanya

The Nigerian Economic Summit Group(NESG) Board of Directors led by the Chairman, Mr Niyi Yusuf,has met the Acting Governor of the Central Bank of Nigeria (CBN), Mr Folashodun Shonubi,in Abuja.

The meeting was hinged on synergising towards ensuring Nigeria’s monetary and macroeconomic stability.

The leadership of the CBN was also invited to collaborate and participate in the forthcoming 29th Nigerian Economic Summit, scheduled to hold on the 23rd and 24th of October,this year.

Directors Of 183 Failed Banks Won’t Go Unpunished -NDIC

Mohammed Shosanya

The Nigeria Deposit Insurance Corporation, NDIC,has said that directors of closed 183 microfinance banks, MfBs and Primary Mortgage Banks, PMBs, will soon be investigated for their roles in the collapse of their institutions.

Managing Director/ Chief Executive, NDIC, Bello Hassan,gave the hint recently at a workshop organised by the Corporation for law enforcement agencies.

He spoke while addressing participants at the workshop, including members of the Inter-Agency Task Force on the Implementation of Failed Banks Act.

He said: “As you are all aware, the Central Bank of Nigeria recently revoked banking licences of 183 MFBs and PMBs which may require you to be’ called upon to investigate some of the directors and officers of these institutions with a view to bring to book those found culpable in the collapse of these institutions.”

Hassan explained that workshop is a demonstration of NDIC’s commitment to collaborating with other agencies against financial malpractices and insider abuses in banks.

He said,the collaboration has yielded and is still yielding results particularly in the area of investigation and prosecution.”

He said: “This workshop, like similar initiatives by the Corporation aims to compliment the efforts of the Inter-Agency Task Force on the Implementation of Failed Banks Act.

“The Corporation, whilst bearing in mind the positive impact of such collaboration will continue to strive at enhancing the synergy between all of us in the areas of law enforcement relating to investigation and prosecution of financial malpractices.

“I want to use this forum to appeal to the members of the Task Force not to relent on your oars but to execute the given mandate diligently thereby achieving the objectives of establishing the Task Force.

“Through your collaborative efforts, I am aware that twelve (12) prosecution cases are on-going at various courts, twenty-five (25) on-going investigations with FMIU, eleven (11) with EFCC and five (5) concluded investigations with the Federal Ministry of Justice for advice and prosecution. This is an indication that we are on the right course.”

Nigerian Banks Lose N9.5bn To Electronic Fraud In Five Years, Says CBN

Mohammed Shosanya

Accumulated electronic fraud within the financial sector in has led to a loss of N9.5 billion in 2023,according to the Central Bank of Nigeria,CBN

The Director of Payment Systems Management of CBN, Musa Jimoh,announced this at the Third Quarter general meeting of the Nigeria Electronic Fraud Forum, NeFF.

He said that between 2019 and 2023, losses to electronic fraud jumped from N3 billion to N9.5 billion in the space of Five years.

Jimoh, also the Chairman of NeFF, stated that if electronic fraud is not nipped in the bud, the menace will crash the country’s banking sector.

He emphasized the need for banks, financial institutions and other operators in the industry to secure their operations in the digital environment.

He added:“Today, we are here to continue that conversation to look at new strategies by which we can combat E-fraud. If we don’t combat cyber criminals, they will take us down and disrupt the entire system.

“For fraud trends over the last five years, in 2019, we’re looking at about N3 billion, and currently 2023, we are looking at about N9.5 billion. Fraud losses have increased dramatically over the last five years”.