The Nation Newspaper

Category: Money

  • Standard Chartered urges auditors on value creation

    Standard Chartered urges auditors on value creation

    Standard Chartered Bank has called on auditors to take steps that will add value to their organisations. The lender said such a role would enable them improve  their business in new ways.

    Its Executive Director, Finance and Chief Financial Officer, Nigeria & West Africa, Mrs Yemi Owolabi, said internal auditors have started to rethink their fundamental value propositions by shifting from an internal audit model focused only on controls assurance, to a risk-centric model.

    Speaking at the 27th quarterly general meeting of the Committee of Chief Internal Auditor of Banks in Nigeria (CCIABN) in Lagos, she said risk and control assurance are based on the effectiveness of risk management processes as developed by management.

    She said it is imperative that in a changing regulatory and business environment, internal audit as a function needs to find new ways of deploying its risk and controls based skills. These in turn will create value and assist in achieving strategic business objectives.

    According to her, for the internal audit function to be viable and effective, auditors need to partner with the core business of financial institutions.

    Chairman, CCIABN and Chief Internal Auditor of Zenith Bank Plc, Joseph Esenwa, enjoined his colleagues to take up the challenge to exceed the expectations of stakeholders and the industry at large.

  • ‘Nigeria’s high GDP growth rate sustainable’

    ‘Nigeria’s high GDP growth rate sustainable’

    Despite the prevailing insecurity, Nigeria’s high economic growth will be sustained between two and three years, an economist has said.

    Head of Research at Standard Chartered Bank, Razia Khan, said despite the rebasing of the Gross Domestic Product (GDP) growth does not appear to have slowed significantly.

    The Nigerian Bureau of Statistics data suggests that the economy grew by 5.09 per cent, 6.66 per cent and 7.41 per cent in 2011, 2012 and 2013, respectively, on a rebased basis.

    Khan said the authorities expect 6.75 per cent real GDP growth in 2014, and there is a chance that growth will be even stronger than this. “Agriculture is expected to contribute 22 per cent growth to the GDP in 2013; improved power supply should boost manufacturing to seven per cent of GDP), and activity in the trade sector should remain robust. Construction will remain strong, while the share of oil refining in GDP is set to grow,” she said.

    Khan said Nigeria has passed a conservative budget for 2014, but anticipated off-budget spending ahead of the election should help to lift consumption.

    “Longer-term, with a larger GDP base, Nigeria’s GDP growth rate may slow. Initially, however, we expect that the exercise of capturing a wider range of activities in different sectors will offset any large base effects. Sample frames are still being extended ahead of a 2016 rebasing, and will be enhanced by new census data and a new ‘Harmonised Nigeria Living Standards Survey’,” she said.

    Khan however said more meaningful structural reform will be needed to sustain healthy growth rates. “The question for Nigeria post-rebasing is not so much whether it will still have high growth rates as demographics will determine this to some extent; but whether it can truly move beyond being an ‘allocation’ – or rentier – economy, to becoming more of a ‘production’ economy,” she hinted.

    She explained that while the foreign exchange rate has been relatively stable to date, helped by the early June reweighting of the Morgan Stanley Capital International (MSCI) frontier equities index (which increased Nigeria’s weight to 19 per cent), achieving continued forex stability amid easier liquidity and falling foreign exchange reserves will be a challenge.

    “We forecast inflation back in double digits by year-end, suggesting that further policy tightening may be needed,” she said.

    Khan said prior to GDP rebasing, Nigeria had weak revenue mobilisation ratios. Post-rebasing, they are weaker still, with federation oil revenue accounting for nine per cent of GDP, and non-oil revenue for four per cent of GDP, according to our calculations. This, she said, leaves Nigeria with among the weakest revenue mobilisation ratios of Sub-Saharan Africa peers.

    Having identified new economic activity, the authorities are likely to intensify efforts to raise tax revenue from these sectors. Post-rebasing, Nigeria’s debt-to-GDP falls to only 11 per cent, from an already low 19 per cent. “While some commentators have suggested that Nigeria may be able to increase its borrowing as a consequence, we think that debt service capacity will drive any new borrowing decisions. A continued effort towards boosting transparency is important for Nigeria to maintain investor confidence,” she said.

  • Visa unveils World Cup activation programme

    Visa, global payments firm, and FIFA’s Financial Services partner for the ongoing FIFA World Cup in Brazil, has unveiled its global activation programme during the tournament holding in Brazil.

    In a statement, the firm said plan will enhance the sporting experience for millions of fans, clients and partners in 104 countries worldwide.

    Visa’s interactive social engagement programs, and a seamless in-stadium payment technology experience, enables fans at the tournament, or anywhere in the world, to be part of the FIFA World Cup celebration.

    Chief Executive Officer, Visa Inc, Charlie Scharf, said: “Our goal is to make it easy, engaging and relevant for everyone, everywhere, to connect to the FIFA World Cup and be part of the collective experience. From immersive fan engagement programmes to innovative partnerships that help advance the next generation of payment technologies in Brazil, Visa is connecting more people than ever before with this momentous global event.”

    He said recognising that the FIFA World Cup is an event that stirs national passions and unites people through their shared love of football, Visa created a series of commercials that underscore the notion that everyone, “everywhere” wants to be part of the tournament.

    He explained that as the world turns its attention to the FIFA World Cup, Visa will use more than 60 videos along with interactive tools to engage with viewers, while also customising content and programs based on individual interests and affinities. New capabilities offered by social media partners, including Facebook and Twitter, will enable Visa to more dynamically target and connect with fans, as tournament events and corresponding conversations unfold.

    “In Brazil, Visa is working with financial partner organisations and service providers to implement and manage the entire payment infrastructure throughout all 12 FIFA World Cup venues and the international broadcast center. This includes 3,000 contactless-enabled point-of-sale terminals and 75 ATMs, in addition to the 1.4 million contactless payment terminals in Brazil — the largest network of contactless terminals in the world,” he said.

    More than 500 banks, merchants and acquirers from 95 countries are leveraging Visa’s pass-through sponsorship rights by creating unique FIFA World Cup programs for their clients. Programs focus on driving usage, acquisition and loyalty, and feature Visa credit, debit, corporate, prepaid, payWave and Visa Signature products.

  • Access Bank, group raise N100m for UNICEF

    Access Bank, group raise N100m for UNICEF

    Access Bank Group and Fifth Chukker have raised N100million to support United Nations International Children Emergency Fund (UNICEF) through the Access Bank Charity Shield polo matches in Nigeria

    The sponsorship provides a platform for supporting orphaned and vulnerable children in Nigeria through its yearly donation in association with Fifth Chukker & UNICEF.

    Three years ago this platform was extended to the United Kingdom (UK) and this year, for  the third year running, Access Bank UK, Access Private Bank, Unicef and Fifth Chukker hosted the ‘Access Bank Day’ at  Ham Polo Club.

    Access Bank Plc Group Managing Director, Herbert Wigwe, said the aim of the event at Ham Polo Club was to raise further awareness of the issues and support required.

    “Our support for the Fifth Chukker UNICEF initiative comes from the fact that we are conscious of our role as a change agent in Nigeria that can help institute socio- economic development through responsible business practice and environmental considerations. We are part of the community and as such should support its well-being.”

    The Access Bank UK’s Chief Executive Officer and Managing Director Jamie Simmonds said: “We believe we have succeeded in the current financial climate where others have failed through our passion for customers built on relationship and not a transactional approach.

    “We offer services that include wealth and asset management, business banking, trade finance and personal banking.  This achievement owes a great deal to the strong partnership that we have with our parent company, as evidenced by our joint support of the Access Bank Day at Ham Polo Club.

    “Building long term and mutually beneficial relationships with our customers has been key to our development and is an approach we will continue with the aim of creating the most profitable African bank in the UK, and greatly expanding our contribution to Group performance.”

  • Hurdles before Agent Banking

    Hurdles before Agent Banking

    It has been three years since the Central Bank of Nigeria (CBN) introduced agent banking to boost savings. But the scheme has been bogged down by poor network, the erratic biometric-enabled Point of Sale (PoS) and tedious account opening process, writes COLLINS NWEZE.

    Since 2012 when it launched the National Financial Inclusion Strategy, the Central Bank of Nigeria (CBN) has been clear about its vision of ensuring that banking is no longer the exclusive preserve of the rich, literate and powerful.

    The apex bank also wants to ensure that illiterates keep their money in banks, while distance, cumbersome account opening requirements, lack of awareness of financial products and services should no longer be hindrances to them.

    To achieve this, the CBN introduced the Agent Banking Model which liberalised the financial system in favour of the poor.

    The CBN’s target is to, via agent banking, reduce the number of adult Nigerians excluded from the formal financial services from 46.3 per cent in 2012 to 20 per cent in 2020, with specific targets for payments, savings, credit and insurance. This, it explained, can only be achieved with the support of the banks.

     

    Operational channels

    Managing Director, Enhancing Financial Innovation & Access (EFInA), a financial sector development organisation, Ms. Modupe Ladipo, said that promoting financial inclusion in Nigeria and sustaining the country’s development hinge on ensuring that at least 80 per cent of all adults have access to affordable financial services as well as the right environment within which to flourish economically.

    She said agent banking model would ensure increased activity in the delivery of banking services outside the traditional brick and mortar bank branches. This, she explained, can be done through additional financial access points such as existing retail stores, petrol stations, post offices or via PoS devices and mobile phones.

    But Maduka Okonkwo, a Lagos resident, expressed fears over grassroots banking in the country. He said there are several cases where smaller banks closed shops, and the people lost their money. He said operators of the agent banking project needed to assure depositors that their funds are safe.

    Fatai Amoo, Group Head, e-Business, Sterling Bank Plc, said the bank’s agent banking operation takes security of funds seriously, adding that the bank is determined to have the highest level of agent outlets in the country provided such locations have sizeable number of commercial activities and do not pose any risk to depositors.

    “We can only set up in locations that have some semblance of commercial activities. The agent must have a running business, integrity, and be a respected person. The environment also needs to be secured. We need someone who is able to read and write,” he said during a meeting with agents at the bank’s headquarters in Lagos. Amoo said agents have better opportunity of accessing credit from the bank.

     

    Available services

    Some of the services expected to be rendered by the agents are transactional, and include: deposits, withdrawal, cash transfer, account opening, cheques request, bills payment and balance inquiry.

    But Yusuf Obe, an agent, said though banks promised that the biometric-enabled PoS will help in the payment of utility bills, that service is not available. She also complained of tedious account opening process and inability of the machines to check customers’ account balances. Obe said fixing botched transactions is frustrating and takes months to resolve and that has been very bad for the business.

    Other agents also expressed fears encountered in the business such agent fraud, unauthorised fees, loss of customer assets and records, data entry errors, and system failures. Amoo said the bank is working on installing a technology that enables the customer to hear their balances in local languages. “We have all these facilities but they have to be installed in phases so as not to confuse the customers. We also have dedicated team going round, ensuring that nothing goes wrong. We will be in every location that is potentially viable,” he assured.

    He said for security reasons, the bank ensures that the agents do not handle more cash than they should ordinarily do. “The agents are economic agents that do transactions and the kind of limit we will allow each of them to do, is also a function of the amount of cash the person can handle,” he disclosed.

    He said such agents can also take deposits, but cannot accept deposits above the set limit to ensure they are not exposed to more cash that brings extra security risks around the agent. He said how much an agent earns is a function of volume and value of transactions done. “The agents must be able to go to the bank as quickly as possible to withdraw funds or deposit cash. The more accessible such agent is to the bank, the better,” he said.

    Heritage Bank is also one of the banks offering agent banking services in the country. The bank had in March launched its agent banking scheme with the opening of what it calls the ‘Corner Shop’ bank in the Gbagada Plank Market, Lagos.

    Ifie Sekibo, managing director, Heritage Bank Limited, said the customers now have the opportunity to enjoy financial services without visiting any physical branch location. He said banking services is for everybody. “With the small bank we have opened in the market, we are offering banking services to everybody in this market, irrespective of your educational background and what you do. From this small bank, you can enjoy a lot of banking services, which is available in the bank branches. You can send money to people, receive money from others, buy recharge card. You even send money to people abroad. You can do all these at this corner shop bank,” he said.

    Subairu Akano, a trader, said banking is not complete without the customers being able to access credit from the bank. He said there is also need for the bank to assure them of security of funds and efficient services. “We do not want to hear bad story. We want mutually beneficial banking services,” he said.

     

    Stakeholders speak

    Managing Director, Nigeria Deposit Insurance Corporation (NDIC) Umaru Ibrahim said though Nigeria has not reached an advanced stage in its implementation of agent banking project, it is making progress.

    He said agent banking would go a long way in reaching out to the largely unbanked population, creating banking representations where banks ordinarily do not have enough resources to establish branches. Ibrahim explained that agent banks is a complimentary policy that is worthy of emulation as it provides simple banking services to a variety of people on behalf of various banks.

    He dispelled fears that banks with national banking licence would become lax in branch expansion with the introduction of the agent banks, saying “the banks will now be able to decide which will be more cost effective for them in reaching out to their customers, either opening up branches or using agent banks.”

    Bismarck Rewane of Financial Derivatives Company (FDC) Limited said banks’ commitment to financial inclusion will help reduce the level of poverty and underdevelopment in the country advising that funds and credit must flow with ease to those who need them.

    He said viability of agent banking will be determined by Gross Domestic Product (GDP) growth, per capita income, poverty and literacy level, mobile phone and internet penetration, electricity and level of insecurity among other factors.

    Paul Eluhaiwe, Director, CBN’s Development Finance Unit, said agent banking requires the engagement of pre-qualified individuals in different locations that are predominantly financially-excluded to serve as agents to the bank under the CBN approved model.

    Eluhaiwe said CBN’s Consumer Protection Unit has been established to ensure that customers have an adequate level of protection. This, he said, would build consumers’ confidence in the industry as previously unresolved issues are now handled appropriately. He said there are different layers of inspectors ensuring that customers deal with only banks’ approved agents.

    He recalled that in 2009, the CBN had commenced measures to open up banking channels to non-bank agents. An amendment to the Banks and Other Financial Institutions (BOFIA) Act allowed banks to start using agents to deliver financial services. However, it was in 2012 that the financial industry, along with other stakeholders decided to make financial inclusion a top priority and launched a National Financial Inclusion Strategy.

  • CBN rebuffs banks over Compliance Officers’ status

    CBN rebuffs banks over Compliance Officers’ status

    Banks are lobbying the Central Bank of Nigeria (CBN) to rescind its directive on the status of their compliance officers (COS).

    They want the COS to be of the assistant general manager (AGM) level and not a general manager (GM) as ordered by CBN.

    But the CBN, according to its Deputy Governor, Financial System Stability (FSS), Mr Adebayo Adelabu, has rebuffed their overtures.

    Adelabu, who spoke at this year’s Committee of Chief Compliance Officers of Banks in Nigeria (CCCOBIN) conference in Lagos, said though the need for compliance has imposed additional costs on banks, the right thing has to be done to protect the financial institution from local and international fraudsters.

    “For now, we have not granted that request. We are looking at it, but if we are going to come down on it, the public will know,” he said.

    He advised banks to always comply with regulations as risks of non-compliance are costly: “If they think compliance is costly, let them try non-compliance,” he said.

    Adelabu said while fraud and corruption were global in coverage, their incidence has become predominant in third world countries, including Nigeria as a result of perverse incentives.

    To overcome the challenge, he said, financial institutions were required to keep close check on transactions involving high risk customers such as Politically Exposed Persons (PEPs) and Financially Exposed Persons (FEPs).

    He said it is because of these negative and adverse consequences of these crimes, among others, that regulatory bodies, domestic and international, have set up standards and regulations to curb the menace.

    He said Nigeria has adequate legal and regulatory measures that should address breaches to the Know Your Customer (KYC), Customer Due Diligence (CDD) and Enhanced Customer Due Diligence (EDD) provisions. “It is the application of these KYC provisions that are meant to reveal illegitimate sources of funds and trigger investigation by relevant stakeholders that matters. Like in many developing countries, compliance has been a major regulatory challenge in Nigeria,” he said.

    He said the 2013 Global Fraud Report showed Africa has the largest fraud cases. Among other regions surveyed, Sub-Saharan Africa scored 77 per cent as the zone with the most prevalent fraud problems. For physical assets thefts, it scored 47;  corruption, 30 per cent; regulatory or compliance breaches, 22 per cent; internal financial frauds, 27 per cent and misappropriation of organisational funds, 17 per cent. It also showed that 2.4 per cent of the regions revenues are lost to fraud.

    The CBN last week said it was worried over poor qualification of Compliance Officers in some banks and discount houses. It revealed that Chief Compliance Officers of some banks and discount houses are below the grade of General Manager without prior approval of the CBN.

    The CBN said that equally worrisome, is the fact that most of them do not report directly to the Board of Directors. “This is a flagrant disregard to extant laws and regulations on the subject. The CBN circular ref BSD/2/2002 dated August 8, 2002 and FPR/DIR/GEN/001/022 dated July 18, 2013 directed that banks and discount houses should designate Chief Compliance Officers, not below the grade of a General Manager to, among other things, apply the provisions of the relevant Acts and circulars on money laundering at various levels of their institutions,” it said.

    It said Section 9(1) of the Money Laundering (Prohibition)Act, 2011(as amended) also requires them to designate, at management level, Chief Compliance Officers in their Head Offices and branches, who have the relevant competence, authority and independence to implement their institutions AML/CFT Compliance Programme.

    It said Section 7(2) of Central Bank of Nigeria (AML/CFT in Banks and Other Financial Institutions in Nigeria) Regulations, 2013 stipulates that the Chief Compliance Officer shall be appointed at management level and shall report directly to the Board on all matters under the Regulations. The CBN therefore directed that no Chief Compliance Officer in their institutions is below the grade of General Manager without the CBN’s prior approval.

     

  • NDIC seeks improved mobile banking services

    NDIC seeks improved mobile banking services

    The Nigeria Deposit Insurance Corporation (NDIC) has called on stakeholders in the mobile money business to seek ways of extending the service to a larger proportion of the population.

    NDIC’s chief, Umaru Ibrahim who made this known during a roundtable discussion on mobile money services held in Lagos, said that there are over 100 million mobile phone lines in the country.

    He said: “According to Enhancing Financial Innovation and Access (EFiNA) survey, the rural population is 71 per cent, while 76.2 per cent of the population remains unbanked. Mobile phone ownership is 55.6 per cent in the rural areas.”

    He explained that effective rendering of mobile banking financial services can be a key mechanism in achieving the objective of National Financial Inclusion Strategy (NFIS) based on the huge success recorded by Kenya, Uganda and South Africa in enhancing financial inclusion through mobile financial services.

    Ibrahim said mobile banking subscribers will soon get deposit insurance coverage, with each subscriber guaranteed up to N200,000, or N500,000 as applicable to Microfinance Banks/Primary Mortgage Banks and Deposit Money Banks(DMBs) respectively, in the event of bank failure.

    He explained that if a bank fails, the insured mobile account can be transferred to another sound bank, to further engender public confidence in the system and promote financial stability.  According to him, the framework for extending deposit insurance to individual customers of mobile payment services is being finalised.

    He explained that mobile payment is operated under financial regulation and performed from, or through a mobile device.

    “It is a convenient, secure and affordable way to send money to friends and family, using mobile phones and/or other electronic devices like internet facilities,” he disclosed.

    Ibrahim stressed that with mobile money, all economic agents can transfer funds to any recipient in the country and outside the country, as well as pay for their goods and services, using their mobile phones and other electronic devices.

    “Mobile phones, in particular, are an attractive way to promote financial inclusion given their extensive use by the population and global reach. Mobile phones can serve as a virtual bank card, point of sale terminal (PoS), Automated Teller Machine (ATMs) or internet banking terminal. The confluence of banking technologies with mobile telephony leads to wider penetration and holds new promise of financial inclusion for the minority of the unbanked,” he emphasised.

    He said the Central Bank of Nigeria (CBN) issued a regulatory framework for the operation of mobile payments services in Nigeria in 2009, adding that the apex bank has also granted licences to 21 mobile money operators.

  • IOSCO intensifies efforts to strengthen capital markets

    The International Organization of Securities Commissions (IOSCO) has set up a work agenda to strengthen and foster the roles of capital markets as trusted sources of capital with a view to encouraging greater use of capital markets as financing channels for transactions.

    The board of IOSCO, which met in Madrid, discussed progress on a number of key initiatives to support the G20-FSB efforts to restore stability in the global financial system and build economic growth.

    The board, which included Nigeria’s Securities and Exchange Commission (SEC), also looked into methodologies for identifying non-bank global systemically important financial institutions or activities in the areas of asset management and market intermediaries.

    IOSCO also discussed the role capital markets and securities regulators can play in supporting long-term finance, including infrastructure investment and small and medium enterprises (SME )financing.

    The meeting also considered the implementation of IOSCO Principles on Financial Benchmarks, the IOSCO Principles for Oil Price Reporting Agencies and the IOSCO Principles for the Regulation and Supervision of Commodity Derivatives Markets.

    Chairman, International Organization of Securities Commissions (IOSCO), Greg Medcraft said capital markets are emerging as a key source of the finance needed across the globe to drive economic growth.

    “Through a work agenda focused on fostering markets as a trusted source of capital, IOSCO is playing an important role in supporting that growth,” Medcraft noted.

    The IOSCO board also discussed audit quality and important initiatives to build confidence in global securities markets and to reduce the reliance of asset managers and market intermediaries on credit ratings as well as promote effective credible deterrence as a key element in improving investor protection and confidence in markets.

    Members discussed the results of the IOSCO research department´s latest market survey on market trends, which emphasizes the growing leverage in securities markets, the impact of cross-border capital flows on emerging markets, financial risk disclosure, collateral management, and potential counterparty risk in central clearing houses.

    Board members also examined policy measures aimed at building capacity in emerging markets and supporting the creation of strong regulatory frameworks for sustaining growth in both emerging and developed markets.

     

     

    The meeting also discussed possible capacity building projects and agreed to a proposal for a one-off fee from permanent Board members next year to start off the program.

    IOSCO also agreed to move forward on an IOSCO Global Certificate Programme for securities regulators.

    The meeting was preceded by a round table attended by the board and four external experts on corporate governance from the financial industry and academia. Participants discussed the need for regulators to work towards restoring the social legitimacy of financial institutions, as a key step to safer financial markets and renewed trust in the financial system. The discussion highlighted the benefits to IOSCO and its members of co-operation and engagement with its members and industry.

    In another related development, the Comisión Nacional de Valores of Argentina became the 103rd signatory of the Multilateral Memorandum of Understanding on cooperation and exchange of information, during a signing ceremony in Madrid.

    IOSCO is the leading international policy forum for securities regulators and is recognised as the global standard setter for securities regulation.  The organization’s membership regulates more than 95 per cent of the world’s securities markets in 115 jurisdictions and its membership continues to expand.

    Nigeria is a member of the board of IOSCO, the governing and standard-setting organ of IOSCO. IOSCO board consists of 32 securities regulators including securities regulatory authorities of Argentina, Australia, Belgium, Brazil, Chile, China, France, Germany, Hong Kong, India, Italy, Japan, Korea, Malaysia, Mexico, Morocco, the Netherlands, Ontario, Pakistan, Portugal, Quebec, Romania, Singapore, South Africa, Spain, Switzerland, Trinidad and Tobago, United Kingdom and the United States.

  • Enterprise Bank’s Walk-for-Life goes nationwide

    Enterprise Bank’s Walk-for-Life goes nationwide

    In continuation of its Corporate Social Responsibility (CSR) initiative, Enterprise Bank Limited would on Saturday June 21, hold the 2nd edition of its Walk-For-Life campaign.

    In a statement, the bank said the programme would help in promoting healthy living for people in its host communities.

    It said the event is planned in such a way that it holds simultaneously across the ten regions of the bank nationwide, except in Ekiti State, where the Independent National Electoral Commission (INEC) is conducting a general election.

    The bank, said the Walk-For-Life exercise, which will kick off at exactly 7 a.m. will underscore and promote the importance of good health and physical fitness among staff, customers of the bank and the host communities where the bank has outlets all over the country.

    Explaining the modalities for the Lagos version which will be flagged off by Mallam Ahmed Kuru, the bank’s Managing Director/CEO, the statement said that the Walk-For-Life campaign will involve participants walking through a distance of over eight kilometres on the Lagos, Ikoyi and Victoria Islands’ axis.

  • UBA launches ‘U-Direct Corporate’ solution for companies

    UBA launches ‘U-Direct Corporate’ solution for companies

    United Bank for Africa (UBA) Plc has launched a web based banking platform, U-Direct Corporate.

    It’s a cash management and transaction services platform designed to help small and large firms maximise their payments, collections and liquidity position.

    The bank explained that the product, operational in UBA Nigeria and across the 18 African subsidiaries of the group, offers an integrated, single sign-on product suite, through which the bank provides to corporate clients cash management and transaction banking services.

    It said the new web-based U-Direct Corporate, designed for SMEs, large companies, institutions and governments, requires only one password to access all its eight modules on the platform.

    The modules include payments, collections, multi-bank multi-regional balance viewing, liquidity management, cash forecasting, e-Trade, e-Treasury and value chain management.

    U-Direct Corporate also offers a mobile app, the first of its kind for corporate customers in the industry and enables access to the platform for payments and approvals on mobile phones. The mobile app is available for Android, IoS, and Blackberry smart phones.

    The bank’s Product Manager for U-Direct Corporate, Emeka Uzoigwe said : “The mobile application offered by U-Direct Corporate is ideal for Executives who are always on the go. They can track and monitor transactions and balances, initiate or decline approvals even while on the move on business or personal calls. No important business has to wait until they get back to the office,” explained.

    He said U-Direct Corporate will also enable companies speed up receivables processing, resulting in reduced financial exposure, lower borrowing costs and maximised cash flow.

    The bank’s Divisional Head, e-Banking, Yinka  Adedeji said:  “What U-Direct Corporate has done is to aggregate all the financial transactions of our corporate customers into a single platform enabling them to carry out all these transactions from the comfort of their offices or anywhere thereby boosting efficiencies, accountability and transparency.