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  • Advans Expands Nigeria’s Market with New Lagos Office, Introduces Products For MSMES And Individuals

    Advans Expands Nigeria’s Market with New Lagos Office, Introduces Products For MSMES And Individuals

     

    Advans La Fayette Microfinance Bank, a leading international microfinance institution with a national CBN license has expanded its Nigeria market with the unveiling of a new Lagos office – Ikorodu branch, increasing access to its range of quality and reliable financial products for MSMEs and individuals in the country.

     

    The Advans Group has banking services trusted by over a million clients in 9 African and Asian countries (Cambodia, Cameroon, Ghana, Congo (DRC), Ivory Coast, Myanmar, Tunisia, Pakistan, and Nigeria).

     

    In Nigeria, the bank started full operation in February 2013 and has built a strong client base and strong financial services experience, being able to answer to all the financial needs of micro, small and medium scale businesses.

     

    Speaking on the bank’s expansion drive at the event in Lagos, on Monday March 22, 2021, the Managing Director/CEO, Gaetan Debuchy said, “It is always a great pleasure to launch a new branch. Ikorodu branch is our 16th branch in Nigeria, and the 4th in Lagos. As we continue our network expansion in 2021, we plan to open 9 new branches! Our objectives are to be closer to businesses, serve more clients effectively, and have more positive impact on Nigerian businesses’’. ‘‘I invite all business owners in and around Ikorodu to join us and experience our quality service.”

     

    Debuchy went on to say that customers are at core of all their innovative solutions, such as: affordable individual and group loans for up to N75m with flexible collateral requirements, savings and term deposits with very high interest rates, secure debit cards, a reliable mobile app, insurance, mobile tellers, cheques, and Agency banking services (in collaboration with over 200,000 Opay/Paga partner-agents across Nigeria).

     

    Also at the event were the Advans Nigeria Board Chairman, Mr. Grégoire Danel Fedou, the Deputy CEO, Mr. Jean-Luc Nzoubou, as well as other members of the Bank’s Management Committee, and the Press.

    L-R: Osaji Martins, Area Manager Lagos, Advans La Fayette Microfinance Bank ; Gaetan Debuchy, Managing Ditector; Jeanluc Nzoubou, Deputy CEO; Abiodun Olayinka, Branch Manager, Ikorodu and Daniel-Fedou Gregoire, Board Chairman at the commissioning of the Ikorodu Branch on Monday March 22, 2021

    Mr. Nzoubou, quipped: ‘‘We have an ongoing savings promo called the Yakataa savings promo where anyone who opens a regular savings account between now and March 31st, 2021 will earn a double interest of up to 12%. There is also a VIP specialised service for High Networth Individuals across our major branches in Lagos, Kwara, Oyo and Ogun states. Our Client Relationship Officers are trained and trusted to provide you with relevant financial advisory to take your business to the next level. Our branches and Call Center are also open from Monday to Saturday every week to serve clients’’.

     

    “All loans come with no prior savings requirements, flexible collateral, affordable interest rates charged on a declining balance. We also offer moratorium & flexible repayment plans, full insurance cover on all loans, and a dedicated Client Officer, to monitor your business for growth in all stages of the loan cycle”. He added.

  • Minimum Wage: N’Assembly Raises Panel To Avert Strike

    Minimum Wage: N’Assembly Raises Panel To Avert Strike

     

    The Clerk to the National Assembly, Olatunde Ojo, has constituted a nine-member committee to fashion out modalities for the implementation of the national minimum wage and other demands of the parliamentary workers in order to avert the proposed strike by the workers.

     

    The National Assembly chapter of the Parliamentary Staff Association of Nigeria had last week issued a two-week strike notice to the management over their demands.

     

    They demanded among others the immediate implementation of the national minimum wage and payment of other allowances.

     

    The Special Adviser to the Clerk on Media and Labour Matters, Austen Adesoro, in a statement on Sunday, said Ojo, while inaugurating the panel, said the management would continue to make workers’ condition of service and welfare a matter of priority.

     

    Ojo explained that the nine-member panel, chaired by the Secretary, Human Resources and Staff Development, Felix Orunwese, was set up in order to attend to issues of welfare raised by the workers.

     

    The statement quoted the CNA to have said that the National Assembly management would do all within its powers to ensure that the workers get what was due to them on a proactive basis.

     

    He stressed the need for dialogue as a panacea for the situation instead of unnecessary agitations.

     

  • $1.5bn Port Harcourt Refinery Repair: Nigerians Should Hold Me Accountable For Every Dollar Spent –Sylva

    $1.5bn Port Harcourt Refinery Repair: Nigerians Should Hold Me Accountable For Every Dollar Spent –Sylva

     

    The minister of state for petroleum resources, Timipre Sylva, says Nigerians should hold him accountable “for every dollar, every cent” spent on the rehabilitation of the Port Harcourt refinery.

     

    He said President Muhammadu Buhari wants to leave behind a legacy of functional refineries for Nigerians.

     

    Nigeria has four refineries — two in Port Harcourt and one each in Kaduna and Warri — with a combined capacity of 445,000 barrels per day. All four refineries are non-functional, after being shut down in 2020.

     

    On Wednesday, the federal executive council (FEC) meeting approved $1.5 billion for the rehabilitation of the Port Harcourt refinery.

     

    The approval has since elicited critical reactions from various quarters, particularly from notable Nigerians like Atedo Peterside, Peter Obi, and Atiku Abubakar.

     

    Speaking on Sunday during a Channels Television programme, Sylva said the Buhari administration means well.

     

    “They (Nigerians) can hold me accountable and hold this government accountable for every dollar, every cent on this refinery and ensure that we deliver a refinery that works,” he said.

     

    “What President Muhammadu Buhari wants to leave as a legacy are refineries that are functional.

     

    “That is really where we are looking at because what is going to happen to those refineries will be decided by Nigerians and future administration.”

     

    ’18 MONTHS TO COMPLETE REHABILITATION’

     

    The minister noted that the rehabilitation will take 18 months and the first phase will get the refinery to 90 percent operational capacity.

     

    “We’re not lying to Nigerians. We’ve told you that this is going to be in three phases and the first phase is definitely going to be within the tenure of this administration,” he said.

     

    “You should hold us. It is 18 months and we are going to take the refinery to 90 percent of its main capacity and that is what you should hold us to.”

     

    THREE SOURCES TO FUND REHABILITATION

     

    Sylva gave a breakdown of how the government intends to source the $1.5 billion required to repair the refinery.

     

    “Let me tell you how this rehabilitation is going to be funded; it is not going to be all debts, we are not going to borrow all the monies that are going into the rehabilitation,” he said.

     

    “NNPC is going to spend about $200 million from its internally generated revenue sources, while the federal appropriation will put in about $800 million and it is already broken down into three parts.

     

    “The 2020 appropriation will give $350 million, 2021 appropriation will give another $350 million, and 2022 appropriation will give another $100 million, making it all $800 million from appropriation, and then the rest of it will now come from Afrexim Bank.”

     

    ‘LOT OF GAINS FOR NIGERIANS’

     

    Sylva said the rehabilitation of the refinery is “one way the government can generate revenue to invest in other sectors of the economy”.

     

    He said the refinery will benefit Nigerians and be commercially-viable “to produce profits for the government”.

     

    The minister added: “This rehabilitation will bring a lot of gains for Nigerians. First, we are gaining from savings in the foreign exchange end, savings from importation of premium motor spirit (PMS); and we will gain from the operations of the refineries itself.”

     

    Sylva noted that the Port Harcourt refinery, which has the capacity to produce 210,000 barrels per day, cannot satisfy Nigeria’s needs alone.

     

    “This refinery plus Dangote’s refinery, Kaduna refinery and Warri refinery will more than satisfy Nigeria’s requirements,” he added.

     

    “We are headed to a point where Nigeria will become a net exporter of refined petroleum products. So we will be able to satisfy Nigerians and also have excess in exporting these products.”

  • Dangote Fertiliser Plant To Commence Operations Next Week

    Dangote Fertiliser Plant To Commence Operations Next Week

     

    Chairman Dangote Group, Aliko Dangote, says the $2 billion granulated urea fertiliser plant located at Ibeju Lekki, Lagos, will begin operations next week.

     

    He announced this in Lagos on Saturday, during a tour of facilities by Babajide Sanwo-Olu, governor of Lagos, at the Lekki Free Trade Zone and Dangote petrochemical refinery facilities.

     

    The billionaire businessman also disclosed that the refinery plant will be completed later this year and production will commence first quarter 2022.

     

    The fertiliser plant has a name-plate annual capacity of three million tons of urea and ammonia — largest in the world.

     

    It is also being constructed in the Lekki Free Trade Zone area which houses other plants and factories including the 650,000 barrels per day Dangote Refinery and Lekki Port.

     

    This makes Dangote fertiliser company, the only urea exporting country in Sub-Saharan Africa, both the fertiliser and petrochemicals plants are capable of generating $2.5 billion annually.

     

    Godwin Emeiele, governor of the Central Bank of Nigeria, had assured that arrangements have been to enable the Dangote Refinery sell refined petroleum products in naira when it commences production which will save foreign exchange for the country.

     

    “I am saying that by this time next year, our cost of import of petroleum products for petrochemicals or fertiliser will be able to save that which will save Nigeria’s reserve,” Emefiele had said.

  • Electricity: Buhari Orders Installation of 6m Prepaid Meters By June

    Electricity: Buhari Orders Installation of 6m Prepaid Meters By June

    The minister of state for power, Goddy Jedy-Agba, says President Muhammadu Buhari has ordered that six million prepaid meters be installed across the country by June.

     

    Speaking on Friday after inspecting the meter testing facility of the Nigeria Electricity Management Services Agency (NEMSA) in Enugu, the minister stated that the agency is mandated to ensure that meters imported into the country meet the expected standard.

     

    Recent data released, in February, by the Nigerian Electricity Regulatory Commission (NERC) indicates that only 4,425,628 out of 11.8 million registered customers had been metered as of September 2020.

     

    ”I came to inspect what is going on and to know the position regarding the meter testing facilities we are going to have here in Enugu,” NAN quoted the minister to have said.

     

    ”I came also to see what has been done and the preparation toward commissioning of the office and I am satisfied with the plans so far.

     

    ”We import meters and our facilities here will be used to test the meters to ensure that they meet what Nigerians require. It is after the testing and satisfying our standards that the meter will be installed.

     

    ”This is an agency that is responsible for installation and the president has given them the mandate that 6,000,000 meters must be installed by the end of June.”

     

    The NERC had stated its plans to review the Meter Asset Provider (MAP) scheme as the deployment of prepaid meters to Nigerian homes suffers a setback.

     

    Despite the myriad of regulations put in place by different administrations over the years, most Nigerians have been on estimated billing, which is believed to be a means by the electricity distribution companies (DisCos) to allegedly rip off customers.

     

    Editor’s note: This story has been updated in view of new information that the president directed the installation of six million prepaid meters by June — not 36 million.

  • CBN Disburses N149.21bn COVID-19 Relief Loans To 316,869 Beneficiaries

    CBN Disburses N149.21bn COVID-19 Relief Loans To 316,869 Beneficiaries

     

    The Central Bank of Nigeria, CBN, has disbursed a total of N149.21 billion to 316,869 beneficiaries through the NIRSAL Microfinance Bank to alleviate the plight of households and businesses and drive economic growth during the COVID-19 pandemic.

     

    The disbursement was part of the N150 billion Targeted Credit Facility (TCF) for affected poor households and Small and Medium Enterprises.

     

    Governor of the CBN, Mr Godwin Emefiele, which stated this also noted that digital economy would help the Federal Government to drive growth in the next few years.

     

    He said that as the pace of technological adoption increased, government and the private sector must find ways to leverage the digital channels to improve access to finance and credit for all Nigerians.

     

    Emefiele spoke at the opening of the 30th CBN seminar for finance correspondents and business editors, themed, “Leveraging Digital Economy to Drive Growth, Job Creation and Sustainable Development in the Midst of a Global Pandemic,” which held simultaneously in Abuja and Lagos.

     

    Emefiele said the country needed robust digital platforms to boost the economic prosperity of the citizens.

     

    Represented by Deputy Governor, Corporate Services Directorate, CBN, Mr. Edward Adamu, Emefiele observed that one of the strongest advantages of technology was its ability to compress time and space and reduce the world to a global village by providing connectivity at the click of a button to anyone anywhere in the world. He said to further drive growth, Nigeria needed to build a solid digital economy, by focusing on the improvement of digital infrastructure, most importantly, Internet connectivity, digital literacy and skills, digital financial services, digital platforms, and digital entrepreneurship.

     

    The CBN governor said as the biggest economy in Africa with one of the largest youth populations in the world, Nigeria was well positioned to develop a strong digital economy. He stressed the need to focus on accelerating improvements across the five fundamental pillars of the digital economy: digital infrastructure, digital platforms, digital financial services, digital entrepreneurship, and digital skills.

     

    He said, “In our effort to drive change and development, the CBN has over the last decade and a half worked to build an effective and efficient payment system.

     

    “The Payment System Vision 2020 strategy document was published in 2007 and the main objective of the strategy was to promote and entrench electronic payments, as the major channel for payment and settlement by all economic agents, away from the current dominance of cash-based transactions.”

     

    Emefiele said the robust regulatory framework put in place by the bank opened up the payment system to innovation with several new players across Payment Service Banks, Payment Terminal Service Providers (PTSP’s), Payment Solution Service Providers (PSSP’s), Mobile Money Operators (MMO’s), Payment Terminal Application Developers (PTSA’s), and agent banking.

     

    He pointed out that a combination of these payment initiatives had helped to create employment opportunities and further the bank’s effort to build a more financially inclusive economy.

     

    “Today, an SME in Ibadan is able to leverage digital channels to sell their products and services to a wider market beyond their immediate environment,” he stated.

     

    He said the CBN regulatory sandbox was available for fintech companies to explore the use of blockchain technology in areas that would be beneficial to the Nigerian economy.

     

    Emefiele said, “Given the resounding success of this programme and its positive impact on output growth, we have decided to double this fund to about N300 billion, in order to accommodate many more beneficiaries and boost consumer expenditure, which should positively stimulate the economy.

     

    “In line with the growing need to go digital, the application process is done online and requires limited paperwork from prospective applicants.”

     

    He added, “The bank continues to improve our remittance infrastructure in order to provide Nigerians in the diaspora with cheaper, convenient and faster channels for remitting funds to beneficiaries in Nigeria.

     

    “In a bid to reduce the cost of remitting funds to Nigeria, the Central Bank of Nigeria on March 8, 2021 introduced a refund of N5 for every $1 of fund remitted into the country through IMTOs licensed by the CBN. We believe this measure would help to support improved foreign exchange inflows and enable Nigerians in the diaspora to use more formal channels relative to informal channels.”

     

    Emefiele explained that these measures were not new, as several countries had adopted similar processes to reduce the cost of remitting fund by their diaspora communities, and it led to surges in remittance inflows through formal channels.

     

    He said following the outbreak of COVID-19, the country was able to benefit from some of the measures put in place by the CBN to develop a robust interoperable payment system.

     

    He said the presence of these digital channels, along with various mobile and web-based channels, helped to support households and the business continuity and remained critical in mitigating the negative effect of the pandemic on GDP growth in 2020.

     

    Emefiele noted that as a result of the CBN interventions, the ICT sector grew by 14.7 per cent in 2020, relative to 10.16 per cent in 2019.

  • GTBank Releases 2020 Full Year Audited Results, Reports PBT of ₦238.1Billion

    GTBank Releases 2020 Full Year Audited Results, Reports PBT of ₦238.1Billion

     

    Guaranty Trust Bank plc has released its Audited Financial Results for the year ended December 31, 2020 to the Nigerian and London Stock Exchanges.

     

    A review of the result shows improved performance across all key financial metrics in the face of the unprecedented challenges brought on by the COVID-19 pandemic, reflecting the quality of past decisions and reaffirming its position as one of the best managed financial institutions in Africa.

     

    The Group reported Profit before tax of ₦238.1billion, representing a growth of 2.8% over ₦231.7billion recorded in the corresponding year ended December 2019. The Group’s Loan book (Net) grew by 10.7% from ₦1.502trillion recorded as at December 2019 to ₦1.663trillion in December 2020, while Customers’ deposits increased by 38.6% from ₦2.533trillion in December 2019 to ₦3.509trillion in December 2020.

     

    Guaranty Trust Bank’s Balance sheet remained well structured, diversified and resilient with Total assets and Shareholders’ Funds closing at ₦4.945trillion and ₦814.4billion respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 21.9%, while Asset quality was sustained as NPL ratio and Cost of Risk (COR) closed at 6.4% (Bank: 5.9%) and 1.2% (Bank: 1.0%) in December 2020 from 6.5% (Bank: 6.2%) and 0.3% (Bank: 0.2%) in December 2019 respectively.

     

    Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “2020 was arguably the most challenging year that the world has faced in decades. In such unprecedented times, we sought to live out the full extent of our values; safeguarding lives and livelihoods for our people, our customers and across the communities where we operate.

     

    We were on solid footing going into 2020; the strength, scale and liquidity of our balance sheet, coupled with the quality of our past decisions and the efficacy of our digital-first customer-centric strategy gave us the resilience and flexibility to navigate the economic shocks and market volatility that dominated the year.”

     

    He further stated that; “Amidst the many challenges that persist, we remain ardent believers in Africa’s growth potential. Our world is increasingly digital, and we see it opening new and exciting opportunities for empowering people and uplifting our communities. With our commitment to deepening customer relationships and intense focus on delivering innovative financial solutions, we enter 2021 well-positioned to lead this new world.”

     

    Guaranty Trust Bank plc continues to post the best metrics in the Nigerian Banking industry in terms of all Financial Ratios i.e. Post-Tax Return on Equity (ROAE) of 26.8%, Post-Tax Return on Assets (ROAA) of 4.6%, Full Impact Capital Adequacy Ratio (CAR) of 21.9% and Cost to Income ratio of 38.2%.

     

    Renowned for its forward-thinking approach to financial services and customer engagement, GTBank was recently ranked Africa’s Most Admired Finance Brand in the 10th-anniversary rankings of Brand Africa 100: Africa’s Best Brands, the pre-eminent survey and ranking of the Top 100 admired brands in Africa.

     

    The Bank was also awarded the Best Bank in Nigeria by Euromoney Magazine for a record-extending tenth time and the Euromoney Excellence in Leadership Africa Award for its swift reaction in responding to the Covid-19 crisis and for addressing the impact of the pandemic on its customers and communities.

  • Firm Unveils Roaddo App That Conveniently Connects Buyers, Sellers To The Nigerian Market

    Firm Unveils Roaddo App That Conveniently Connects Buyers, Sellers To The Nigerian Market

     

    – Creates one app for multiple on-demand services
    Roaddo, a digital ecosystem which connects buyers and sellers and also offers instant delivery of goods and services is proud to announce the go-live date of the Roaddo App slated for the 6th of April, 2021.

    The Roaddo App is conceived to ensure the convenience of the shopper and to unlock market access to the sellers and service providers.

     

    Commenting on the Roaddo App, the founder /visioner, Fred Adun revealed that aside the convenient shopping experience for buyers, the Roaddo App will also address widespread youth unemployment by giving Nigerians a platform where they can leverage their skills to sustainably earn a living.

     

    “In addition to unlocking market access, Roaddo had also leveraged technology to affordably make a variety of on-demand services; including cab rides, hourly help, beauty services and artisans readily available to Nigerians.

     

    “Our Mission is To Provide Local Service Providers, and Vendors with a Digital Tool to help create new businesses and help the existing business expand”, Adun revealed.

    L-R: Fred Adun, Founder/Visioner, Roaddo; Joyce Onyegbula, Marketing & Communications Manager Roaddo; Felicitas Obiefuna, Quality Assurance Lead, and Nosa Adun, Operations Manager, Roaddo at the media parley held in Lagos on Thursday 18th March 2021.

    With over 60 products and services available on the Roaddo App, the discerning shopper with an uncompromising eye for quality is assured of convenience, ease of access and prompt delivery to preferred locations, thereby elevating the shopping experience.

     

    Roaddo, a wholly Nigerian brand offers buyers a chance to shop from the comfort of their homes and have the items delivered within one hour.  With our network of partners and service providers, our commitment is to ease logistic challenges encountered by buyers as well as to offer prompt and efficient delivery of goods and services.

     

    “When life gets busier, get back some “me time” with the Roaddo; a multiple on-demand services app”, Adun enthused.

     

    Fred Adun is a certified Microsoft Professional, Senior Technical Consultant, and experienced software Engineer.

     

    He has broad knowledge and skills with Microsoft .Net development tools and other Microsoft products and technologies. With over 10 years experience of in software development and delivery, Fred has strong experience and expertise in technology solutions.

     

    With the current public health challenge, Roaddo app is a timely solution to ensure exposure to crowded spaces remain limited while goods and services remain readily accessible to buyers.

     

    Being a multi-service platform that offers over 60 On-Demand services and connects Customers with local service providers and vendors, Roaddo’s Vision is a Vibrant and Digitally Connected Network of SMEs and Customers across Nigeria and Africa, giving Customers and Providers a Digital marketplace for instant delivery of goods and services.

     

    Roaddo plans to solve three critical problems within the logistics industry in Nigeria and then extend beyond other Africa Countries

     


    L-R: The Roaddo team; Joyce Onyegbula, Marketing & Communications Manager; Chisom Ezeani, Marketing & Communications Associate; Fred Adun, Founder/Visioner, Roaddo; Felicitas Obiefuna, Quality Assurance Lead, and Nosa Adun, Operations Manager at the media parley held in Lagos on Thursday, 18th March 2021.

     

    The Solution

    Leveraging the Power of Technology, Roaddo platform has been designed to be an OnDemand multiservice platform with integrated solutions to facilitate the connections of local service providers, vendors and customers with instant delivery on all services.

     

    Roaddo uses the combination of Location Base Service (LBS) and geographic information system (GIS) to provide personalized services to its customers based on their current position. This also helps give predictive delivery time to customers.

    Roaddo comes with three connected apps. They are User app, Service Provider App and Vendor App.

     

    User App –

    This is for Customers who are interested in services that Roaddo and its partners have to offer.

     

    Key Features

    OnDemand Services

    Stores

    Taxi

    Parcel Delivery

    Track & Trace

    Live Chat

    Notification

    Wallet Payment & Transfer

    Service Request Management

    Provider App –

    This is for service providers who are interested in offering their services through Roaddo platform

    Key Features

    Service Management

    Photo Gallery Management

    Earning history & Dashboard

    Order Statistic & Metrics

    Availability Management

    Live Chat

    Notification

    Map & Navigator

    Wallet Remittance

     

    Vendor App –

    For Vendors who are interested in Selling their product through Roaddo Platform

    Key Features

    Inventory Management

    Order Processing Management

    Earning history and Dashboard

    Store Open hrs Management

    Delivery Options

    Order Statistic and Metrics

    Live Chat

    Notification

    Real Time Updates

    How It works

    A.

    •  Customer Request for a Service or a Product through the app.
    • The Service Provider receives a request and accept. This request can either be Taxi, Plumbing Service, Beauty Service etc.
    • The Service Provider travel to the Customer location to Deliver the Service requested
    • The Vendor receives an order request and accept. This request can be for example Food, Medicine, Grocery, Beauty Products etc
    • The Vendor Request for a Service Provider to pick up the Item for delivery to the customer location.

     

    B. Service Delivered.

     

  • FRSC Begins Free Safety Checks on Vehicles in Lagos

    FRSC Begins Free Safety Checks on Vehicles in Lagos

     

    The Federal Road Safety Corps, Lagos Sector Command has concluded arrangements to carry out free safety checks on vehicles within the state.

     

    The Sector Commander, Corps Commander Olusegun Ogungbemide said all commands within the state will commence the 4-days free exercise from March 18 to assist motorists in detecting faults in their vehicles.

     

    Ogungbemide said that the exercise was an initiative of the Corps and a checklist ticket will be issued at the end for follow-up and to encourage the drivers fix any defect discovered in the process.

     

    “The step is necessary to forestall incessant breakdown of vehicles on the road and ensure free flow of traffic especially with the various ongoing rehabilitation/repair in the State.

     

    “The exercise will start from Thursday 18th to Sunday 21st March, 2021 simultaneously on all FRSC formations across Lagos.

     

    “Please be informed that any detected fault does not attract sanction within this period, rather request for such fault to be rectified. This could be seen as Quarterly Corporate Social Responsibility of the Corps to the motoring public.

     

    You are implored to cooperate with the operatives please,” Ogungbemide said.

     

    The FRSC boss advised motorists to obey traffic rules and regulations while also always ensuring that their vehicles are roadworthy.

     

    He said that the command would not condone any act of traffic violations in the state.

     

    He further stated that the operation will be carried out by operatives including Special Marshals throughout the duration of the exercise.

  • Banks, Telcos Agree Customers To Pay N6.98k For USSD Services

    Banks, Telcos Agree Customers To Pay N6.98k For USSD Services

     

    Mobile Network Operators (MNOs) and Deposit Money Banks (DMBs) have reached an agreement to charge bank customers a flat rate of N6.98k per transaction for the use of the Unstructured Supplementary Service Data (USSD) offered banks by telecoms operators (Telcos).

     

    The agreement was reached at a meeting on Monday, following months of protracted disagreement concerning the appropriate USSD pricing model for financial transactions carried out by bank customers using the USSD code.

     

    Before Monday’s intervention, telecom operators had threatened to suspend USSD services to banks over the unpaid charges that had accumulated to N42 billion.

     

    The USSD is a critical channel for delivering financial services, particularly for the underserved and the financially excluded, offered by telecoms operators to banks.

     

    In order to resolve the lingering issues and ensure uninterrupted services to bank customers on the channel, the Minister of Communications and Digital Economy, Dr. Isa Pantami, on Monday, chaired a meeting of key stakeholders to resolve the issue.

     

    The various MNOs, Association of Licensed Telecoms Operators (ALTON), Association of Telecoms Companies of Nigeria (ATCON), the banks and the sector regulators, the CBN and the Nigerian Communications Commission (NCC), attended the meeting.

     

    In a communiqué released yesterday and jointly signed by the Acting Director, Corporate Communications at CBN, Mr. Osita Nwanisobi, and the Director, Public Affairs at NCC, Dr. Ikechukwu Adinde, the parties resolved that with effect from yesterday, USSD services for financial transactions conducted at DMBs and all CBN-licensed institutions will be charged at a flat rate of N6.98k per transaction.

     

    This replaces the current per session billing structure, ensuring a much cheaper average cost for customers.

     

    It said: “To promote transparency, the new USSD charges will be collected on behalf of MNOs directly from customers’ bank accounts. Banks shall not impose additional charges on customers for the use of the USSD channel. A settlement plan for outstanding payments incurred for USSD services previously rendered by the MNOs is being worked out by all parties in a bid to ensure that the matter is fully resolved. MNOs and DMBs shall agree on the operational modalities for the implementation of the new USSD pricing framework, including sharing of Application Programme Interface (API), to enable seamless, direct and transparent customer billing.”

     

    It was then resolved that the impending suspension of DMBs from the USSD channel be vacated.