The Nation Newspaper

Category: Money

  • Ecobank, Akwa Ibom partner on fund disbursement

    Ecobank, Akwa Ibom partner on fund disbursement

    Ecobank has partnered the Federal Government and Akwa Ibom State on the disbursement of Millennium Development Goals (MDGs)/Family Life Conditional Cash Transfer Scheme.

    Its Managing Director,  Jibril Aku made this known while delivering a goodwill message at the disbursement of a total sum of N375 million to 2,275 benefiting households in Uyo. He said the bank will consolidate on its existing partnership with the federal and state governments in all parts of the country.

    According to him, the scheme allows beneficiaries to have equal opportunity to financial services such as micro-savings and micro-loans.

    Represented by the Executive Director, Southsouth/Southeast, Mr. Kingsley Umadia, he further stated that ‘the partnership is clearly in line with the mission of the lender to provide customers with financial products and services that are convenient, reliable and accessible.

    He said the bank is running the programme on the Ecobank MobileMoney platform, noting that wallets have been created for the beneficiaries and disbursement of funds into their wallets monthly on instructions from the Office of the Senior Special Assistant to the President on MDGs will be effected.

    The state’s Deputy Governor, Valerie Ebe, said the participation of the state in the scheme was targeted at eradicating poverty.

    She restated the state government’s commitment and determination to improve maternal health and reduce child mortality rate in all the nooks and crannies of the state.

    Senior Special Assistant to the President on MDGs, Dr. Precious Gbeneol, said the scheme is a component of the social safety net of the Federal Government that is aimed at improving the lives of the extreme poor in the country.

  • Diaspora remittances up by five percent to $65b, says AfDB

    Diaspora remittances up by five percent to $65b, says AfDB

    Despite the financial crisis, remittances from the Diaspora and foreign direct investment (FDI) to Africa have continued, with relatively large volumes in recent years, The African Development Bank (AfDB) has said.

    According to the lender’s 2013 annual report released at the weekend, remittances reached $65 billion last year, an increase of five per cent compared to 2012. The bulk of the remittances were to North and West Africa, regions with the largest number of migrants abroad and which alone received some 80 per cent of the total funds from the Diaspora.

    AfDB said 40 per cent of the remittances are from Europe, 28 per cent from the United States, 13 from Africa itself and about nine per cent from the Middle East. It said the resilience of these remittances is starting to attract the interest of the public authorities and the private sector in Africa.

    It said net foreign direct investment (FDI) flows have increased by almost nine per cent, to reach $57 billion in 2013. This increase reflects Western investors’ quest for value amid general low interest rates. The bulk of FDI went to mining exploration and to building the capacity of the extractive industries.  Paradoxically, while the continent is short of investment capital, considerable financial resources continue to leave African countries illegally.

    President, AfDB Group, Donald Kaberuka, said in 2013, growth for most African countries continued to be robust and is expected to accelerate in the year. However, sustainability requires that the benefits are shared more equitably. “In 2013, the bank committed $6.7 billion to projects and programmes in member countries, an increase of some three per cent in real terms over the previous year in accordance with our strategy—the bulk of the investments were in infrastructure,” he said.

    Kaberuka said the lower overall lending at the bank window was more than compensated for by higher levels of financing from our concessional window, the African Development Fund (ADF).

    “Despite the unfavourable global economic environment, the bank has maintained a strong financial position. Our risk bearing capacity remains robust. The four major rating agencies once again reaffirmed their AAA rating of the bank’s senior debt, with a stable outlook. This confirms the bank’s capital adequacy, prudent financial and risk management, solid shareholder support, and preferred creditor status,” he said.

     

  • Banks’ assets to hit $168b

    Banks’ assets to hit $168b

    The banking sector is expected to grow to over $168 billion by 2015, a KPMG report on the subsector has said. The sector was worth $117 billion as at 2011, a Customer Service report by the global auditing firm said.

    The report said while Nigeria may be Africa’s most populous country, only about 20 per cent of the population is banked and two-thirds have never been banked at all.

    KPMG said the sector has recently experienced some regulatory changes, including a repeal of universal banking licences and the promulgation of more stringent regulations by the Central Bank of Nigeria (CBN), which was aimed at reducing soaring books of non-performing loans and stamp out severe breaches of corporate governance.

    “However, with the establishment of the Asset Management Company of Nigeria (AMCON) to purchase toxic assets of banks and recapitalise troubled banks, some stability has returned to the sector,” it said.

    This development made the leading rating agency Standard & Poor’s (S&P), to upgrade the sector in 2012 to a positive outlook due to the country’s improved asset quality, capitalisation and corporate governance.

    The report posted on the firm’s website said with Automated Teller Machines (ATMs) becoming almost ubiquitous in the cities, it was not surprising that it had become the fastest growing channel in recent years.

    “Almost eight in 10 customers surveyed use the ATM and nearly two thirds of these people visit an ATM on a weekly basis with cash withdrawal and balance enquiry amongst the most common transactions customers perform via the ATM,” it said.

    However, it said despite the proliferation of new channels in recent years, adoption of other alternate channels is still comparatively low.

    It also said there were very few respondents. It listed its report as follows: internet banking (seven per cent), Point of Sale (six per cent), telephone banking (five per cent) and mobile payments (two per cent).

    Of the respondents that had used internet banking, one-third were private sector employees and 15 per cent, students.

  • CIBN rolls out new code of conduct

    CIBN rolls out new code of conduct

    The Chartered Institute of  Bankers of Nigeria (CIBN) has issued a new code of conduct to banks to check rising infractions in the industry.

    The institute said it resolved 1350 petitions/cases of infractions in the last 13 years.  It said the new code are harmonised version of three codes, namely, the code of ethics and professionalism in the banking and finance industry, code of banking practice and the professional code of conduct.

    Presenting the code of conduct to the media in Lagos, the President/Chairman of Council, CIBN, Dr. Segun Aina, said the new code was part of efforts and mandate of the institute to further maintain and ensure compliance of banking institutions to ethics and professionalism as well as guarantee the safety and soundness of the industry.

    According to him, the code is expected to enhance the highest level of adherence to good banking practices and a strong commitment to high ethical standards in the banker-customer relationship.

    He noted that the provisions of the code are binding on the industry as operators and regulators made input to its development while approval was obtained from the bankers’committee.

    “The institute also requires its members, as a matter of necessity, to recognise the required responsibilities in the conduct of their businesses and to strictly adhere to the code.

    “The provisions in the code governs the behaviours of both individual and corporate bodies in the banking industry, It also applies to all strata/cadre of employees in the industry whether full time, part time, temporary, contract of in-sourced.

    The Registrar/Chief Executive of the institute, Uju Ogubunka, said  the review of existing codes became necessary to address emerging challenges in the industry.

    The CIBN noted that its ethics and professionalism division resolved 1350 cases between 2001 and 2013 as against 1,504 petitions received within the same period.

  • CBN moves to check money laundering ahead of 2015 elections

    CBN moves to check money laundering ahead of 2015 elections

    Ahead of the 2015 general elections, the Central Bank of Nigeria (CBN) is reviewing the money laundering policy to curb abuses.

    Findings showed that the CBN is reviewing the reporting line for compliance officers to ensure they report directly to bank Chief Executive Officers (CEOs) against the prevailing practice in most banks where they report to general managers or directors.

    This, a CBN source said, makes it difficult for money laundering breaches to be sent to the CEOs and the Nigeria Financial Intelligence Unit (NFIU).

    “What the CBN wants is that rather than the compliance officers reporting to directors, which is the case at present, will report directly to bank CEOs to ensure that money laundering breaches are tackled without delay. We want to monitor major fund transfers and movements, especially as the 2015 election approaches,” the source said.

    The source said the need to address the anomaly prompted the CBN to issue a circular at the weekend which mandates the banks to promote their compliance officers to positions where they can report directly to their CEOs.

    In the circular, the CBN said it was worried over poor qualification of compliance officers in some banks and discount houses.

    The circular signed by K. O. Balogun for director, Banking Supervision, said information available to the apex bank revealed that chief compliance officers of some banks and discount houses were below the grade of general manager.

    The CBN said equally worrisome was that most of them do not report directly to the Board of Directors.

    “This is a flagrant disregard of 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 (CCOs) 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 CCO 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 prior approval.

    Accordingly, the particulars of all current CCOs with evidence of the CBN approval of same and reporting line should be forwarded to the Director Banking Supervision within 1(one) week from the date of this letter.

    The CBN also observed with concern the lack-lustre attendance of CCOs of the monthly meetings of the Committee of Chief Compliance Officers of Banks in Nigeria (CCCOBIN), which it said has resulted in the inability of the forum to form the required quorum necessary to take vital decisions pursuant to its mandate.

  • Promoting grassroots banking

    Promoting grassroots banking

    The Central Bank of Nigeria (CBN) has instituted a three-tier Know-Your-Customer (KYC) initiative to take banking to the grassroots. COLLINS NWEZE examines the implication of the policy and the growth of the financial system.

    In most developing countries, a large  population of low income earners has little or no access to financial services. As a result of this, many of them depend either on their own or informal sources of finance to get their businesses done. Lending to the economy is affected because a large portion of the funds are outside the banking system.

    The CBN statistics show that about 64.1 per cent of adult Nigerians (56.3 million) do not have access to financial services. Various factors account for the high level of financial exclusion. These include irregular income, distance and low number of bank branches and cumbersome account opening requirements/procedures.

    The CBN said the lowering of the KYC policy is to allow the unbanked access to the financial system. According to him, the regulator is interested in bringing small savers into the financial sector in line with its financial inclusion policy.

    This is so because low income earners, poor and socially disadvantaged segments of the population, majority of who live in the rural areas, do not have access to financial services mainly because they also lacks means of identification which is a requirement in account opening.

    It, therefore, came as a relief to most grassroots customers when, in furtherance of its objective of enhancing financial inclusion and access to finance, the CBN developed the tiered Know Your Customer (KYC) requirements for compliance by banks and other financial institutions under its regulatory purview.

    The CBN had introduced three-tier KYC requirements for banks. The policy, categories bank customers into Low Value Accounts (Level One); Medium Value Accounts (Level two) and High Value Accounts (Level three).

    A circular to all banks and other financial institutions (OFIs) signed by CBN Director, Financial Policy and Regulation, Chris Chukwu, explained that the policy became exigent after the CBN recognised that access to basic banking facilities and other financial services is necessary in achieving the policy on financial inclusion. He advised banks to adopt the new KYC requirement adding that the proposed deposit limits is meant to reduce the risk of money laundering and financing of terrorism.

    He said the Low Value Accounts are subject to close monitoring by the financial institutions and less scrutiny by bank examiners.

    The CBN director said the accounts can be opened at branches of banks by prospective customer or through banking agents and no amount is required for its opening. However, such accounts prohibit international funds transfer.

    According to him, the Medium Value Accounts can be opened face to face at any branch of a bank by agents for enterprises or by the account holder but, the accounts are strictly savings within no amount required for its opening. Also, where cross-checking of client’s identity cards information is not completed at the point of account opening, withdrawal would be denied.

    Chukwu added that for the High Value Accounts, banks are required to obtain, verify and maintain copies of all required documents for opening them. Account is to be opened at the bank branches by physical presence of the prospective customer and the accounts could be both savings and current. However, for mobile banking products, the account attracts a maximum transaction limit of N100, 000 and daily limit of N1 million while such products are subject to the CBN Regulatory Framework for Mobile Payments Services in Nigeria.

    He said banks are required to have robust, effective and efficient anti-money laundering/combating the financial terrorism (AML/CFT) solutions with screening tools  that will monitor the various thresholds. “All accounts, no matter how low the transaction or the risks, must be subjected to continuous suspicious transactions monitoring by financial institutions which will determine when incremental KYC requirements need to be provided by the customers,” he said.

    KYC Vs money laundering

    Inter -Governmental Action Group against Money Laundering in West Africa (GIABA) has advised banks to strengthen their enforcement of Know-Your-Customer (KYC) policy of the CBN.

    GIABA Representative in Nigeria, Timothy Melaye, told The Nation that removing Nigeria from the list of countries identified as jurisdictions with significant deficiencies in their Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) regimes was good for the country.

    He said banks should do more in ensuring that they understand their customers’ businesses better by adopting the new KYC rule. He said Nigeria has taken the right steps, including the establishment of legal and regulatory framework that will assist it meet its anti-money laundering initiatives, the Financial Action Task Force (FATF).

    He said adopting an efficient KYC policy will ensure that Nigeria does not return to the list of non-compliant countries on money laundering going forward.

    “The FATF welcomes Nigeria’s significant progress in improving its AML/CFT regime and notes that Nigeria has established the legal and regulatory framework to meet its commitments in its Action Plan regarding the strategic deficiencies that the FATF had identified in February 2010. Nigeria is, therefore, no longer subject to FATF’s monitoring process under its on-going global AML/CFT compliance process. Nigeria will work with GIABA as it continues to address the full range of issues identified in its Mutual Evaluation Report,” he said.

     Other stakeholders speak

    A bank customer, Moses Adigun, said the new KYC rule has made it possible for him to own bank account. “I think the policy has made it easier for most people to have bank accounts. Before now, banks were asking for all sorts of documents for simple account opening. But all that has changed,” he said.

    Adigun said with this policy, more deposits would embrace banking, adding that this would boost lending to the productive sectors of the economy.

    Deputy Managing Director, Diamond Bank Plc, Mr. Uzoma Dozie, stressed the need to continue to drive policies that will enhance access to finance to support economic growth. “There is need to focus more on financial inclusion and also to provide the enabling environment for small businesses to thrive. What we found out is that a lot of business starts, but they falter after some years.

    “There is need for greater collaboration between the Central Bank and the Federal Government and agencies, such as the Federal Inland Revenue, the legal system, to reduce the burden of financial inclusion in the society because the more people we have included in the financial system, the better the effect of monetary policy transmission,” he said.

     How the KYC rule works

    The ‘tiered’ KYC requirements regime ensures application of flexible account opening requirement for low-value and medium value accounts. This means that account opening requirements will increase progressively with less restrictions on operations. However, the main objective of the proposed approach is to promote and deepen financial inclusion.

    CBN Acting Director, Financial Policy and Regulation, Nwaoha I.T., said the tiered KYC is about financial inclusion. He explained that the KYC requirements were made in such a way to reduce the incidence of identity fraud.

    According to him, “the requirements are such that if you don’t cascade it down and simplify it as the financial requirement becomes less, you will automatically rule out a large segment of Nigerians from the system. He explained further that the tiered KYC requirements were fashioned out to ensure that those who otherwise would not be qualified for an account relationship on account of the rigour associated with the detailed KYC requirements of the past are also given opportunity to open account and transact business to the extent of the amount of business that they do.

    Nwaoha explained that there was need for proper implementation of the policy to ensure its success as an improved KYC regime would not only promote financial inclusion, but increase the effectiveness of its requirements. It will also improve the quality of KYC information obtained by the financial institutions from their customers.

    “We have observed that the laudable policy would produce lasting result if it is properly implemented and monitored timely from its inception,” he said.

    The CBN director said the strategy ensures that CBN carries out certain commitments to demonstrate its seriousness to the project while the financial institutions comply with the various provisions of the guidelines while putting in place the required infrastructure.

    He said the financial institutions are expected to undertake a detailed evaluation of the policy to determine how best to implement it. Also, CBN and banks are expected to undertake mass public awareness campaign, particularly in the rural and sub-urban areas as such would promote wide acceptance of the policy.

    KYC for DNFBPs

    To ensure compliance by the Designated Non-Financial Businesses and Professions (DNFBPs) to the KYC policy, the CBN has extended the deadline for additional KYC for the subsector till this month. The apex bank had set December deadline for the plan, after initial postponement from April 30, last year.

    In a statement, the CBN Acting Director, Financial Policy and Regulation, A. O. Ikem advised DNFBPs that have not registered with Special Control Unit Against Money Laundering (SCUML) will have to do same before the deadline ends, failing which they would not be allowed to operate such accounts.  The CBN said the extension is meant to address some of the challenges encountered by SCUML as a result of the number of persons seeking to enjoy late compliance.

    The CBN had earlier issued a circular, mandating DNFBPs on the need to provide additional KYC requirements to their banks and Other Financial Institutions (OFIs). It said compliance is in line with international best practice against adverse developments resulting from money laundering and financing of terrorism globally.

    CBN Acting Director, Consumer & Financial Protection, Mrs Dutse Umma Aminu, said the overall strategy of the policy is to reduce adult exclusion rate from 46.3 per cent in 2010 to 20 per cent in 2020 as such feat would support the empowerment of many Nigerians and promotion of economic growth.

    She said the CBN strategy defined clear objectives and sets specific targets across five primary products and services on payments, credits, savings, pensions and insurance. He said the priority is on transforming the KYC regulation into simplified risk-based tiered framework that allows individuals who do not meet formal identification requirements to enter the banking system.

    She said the CBN is also pursuing the development and implementation of regulatory framework for agent banking to enable financial institutions deliver services through agents such as post offices in locations that will otherwise be unprofitable to open physical branches.

    Aminu said the CBN has also developed and is implementing a National Financial Literacy Framework to guide delivery programmes that will increase the awareness and understanding of financial products and services with the ultimate goal of increasing sustainable users.

    The banking watchdog, he added, is also implementing a comprehensive consumer protection framework to safeguard the interest of consumers of financial products and services and sustain confidence in the financial system.

  • CBN directs issuing banks to fix prepaid cards’ limits

    CBN directs issuing banks to fix prepaid cards’ limits

    The Central Bank of Nigeria (CBN) at the weekend authorised banks to determine the maximum withdrawal and spending limits for prepaid cards.

    Card issuance guidelines issued by the regulator, said limits specified for prepaid cards shall also apply to cards linked to mobile money wallets, where full knowledge of the customer in accordance  with KYC (Know Your Customer) has been performed on the mobile money customer.

    Also, prepaid cards will operate  within the minimum prescribed KYC requirements.

    The CBN also said loadable limits both in naira and foreign currency would be determined by the issuing bank, or financial institution. The banks are also to determine daily balances on the cards.

    “No prepaid card shall be issued beyond the limits of a stored value card to a person, or a corporate organisation. Where a customer desires to do transactions beyond the limits prescribed above, full KYC would be required.

    The apex bank asked banks to refer to the CBN KYC Manual and Money Laundering (Prohibition) Act.

    It said no stored value card shall be issued to a person without obtaining the minimum KYC, while the maximum amount that can be loaded on the stored value card shall not exceed N50,000 per day.

    It said the fee for loading salary payments unto a payment card shall be paid separately by the salary payer and not deducted from the balance value of the stored value card.

    “The maximum balance on the stored value card shall not exceed N250, 000 at any time. The limits specified for stored value cards shall also apply to cards linked to mobile money wallets, where at least KYC (Phone Number and Name) has been performed on the mobile money customer,” it said.

    According to the CBN, a card Issuer should implement system validation to detect potentially suspicious transactions and may refuse to authorise a transaction, or allow the cardholder to make a payment into the card account.

    This, it said, happens where the cardholder has exceeded an account limit, either aggregate or daily limit. Also, where transaction seems unusual, compared with the normal Card usage (such as unusual locations and spending patterns)

    This, can also happen where card issuer reasonably believes that the cardholder has used, obtained, or may use or obtain, a service or money illegally or fraudulently.

    The apex bank explained that a third party may have rights over money in the cardholder account. The transaction originates from a blacklisted merchant, in which case, the Issuer must provide proof of blacklisting to CBN, upon request,” it said.

    For card not present transactions, the minimum of second level authentication for internet based transactions is mandatory. “Issuers are expected to deploy robust fraud monitoring tools that have the capacity to monitor customer transaction trends, real-time operations and option of blocking suspicious transactions. Any trapped card in the ATM shall be rendered unusable (by perforation) by the Acquirer and returned to the Issuer on the next working day,” it said.

     

  • Sterling Bank rewards winners of maths competition with N3.65m

    Sterling Bank rewards winners of maths competition with N3.65m

    The Sterling Bank Mathematics competition came to a climax last weekend with the presentation of various cash awards totaling N3.65 million to the top 51 pupils.

    The keenly contested competition which initially produced ties for the first position, prompting a tie breaker test, saw seven pupils achieving the same score. The competition was sponsored by Sterling Bank Plc in collaboration with Caleb International Schools.

    At the award ceremony, three pupils,  Ogunsanwo Temilade Ayomikun, Ojo Opemiposi Esther and Ebiabkpo Abeokuta, who came first, second and third respectively went home with cash prizes of N500,000, N300,000 and N200,000 respectively. They also got various branded gift items from Sterling Bank Plc.

    Master Udo- Ozoagba Prosper (4th), Aromolaran Toluwase Daniel (5th), Awodola Winnie Eniola (6th)  and Onyejekwe Chima Henry who came seventh went home with the sum of N150,000, N125,000, N100,000 and N75,000 respectively while 44 others got consolation prizes of N50,000 each.

    Mr. Abubakar Suleiman, Sterling Bank’s Executive Director and Chief Finance Officer (CFO), who addressed the pupils and their parents/guardians commended them for putting up what he described as a superlative performance, adding that the keen competition among participants was evidence that all was not lost in the country’s education sector.

    Executive Director, Caleb International Schools, Dolapo Ogunbanwo commended Sterling Bank for the initiative adding that the Bank had demonstrated clearly that it was socially responsible and committed to the growth of education in the country.

    While congratulating the award winners, Ogunbanwo  lauded the parents for investing in the future of their children as manifested in their outstanding performance at the competition.

  • GTBank inaugurates SME Market Hub

    GTBank inaugurates SME Market Hub

    Guaranty Trust Bank has launched the SME Market Hub, an e-commerce portal that enables business owners buy, sell, list and connect to themselves.

    The product, which also serves as e-commerce and business directory panel, is part of the bank’s strategy to support Small and Medium Scale Enterprises (SMSE’s) and contribute to the growth and development of the economy.

    The bank’s Chief Executive Officer, Segun Agbaje, said the platform is open to all businesses operated by SME’s in the country and can be operated anywhere in the world.

    “Economic conditions remain challenging for SME operators and it is vital that this sector gets all the support it needs to drive growth and development,” he said.

    He said the speed, efficiency and convenience with which transactions can be completed are distinct advantages that e-commerce has over traditional means of doing business.

    “With the introduction of the SME MarketHub, the bank has provided SME’s an e-commerce platform that allows operators create and maintain an online presence and expand their business frontiers to new markets and millions of buyers that are online”, he added.

    Explaining the need of the platform, the bank’s Group Head, Corporate Communications, Mrs Lola Odedina, said the platform will be sustained as e-commerce for business, adding that the platform has attracted over 5,200 operators.

  • Skye Bank unveils product to enhance e-payment

    Skye Bank unveils product to enhance e-payment

    Skye Bank Plc has unveiled innovative technology to provide  secured and more convenient direct banking solution to its customers in line with the cash-less policy of the Central Bank of Nigeria (CBN).

    Known as SkyePLus, it was unveiled on the sideline of the lender’s Annul General Meeting (AGM)  in Lagos.

    Speaking on the occasion, its Chairman, Mr. Olatunde Ayeni, said the bank has remained leaders in the area of deploying the right technology to engender seamless and flexible banking transactions for its customers across the country.

    He said: “We deploy technology as best as we can as available, because we believe that banking today and tomorrow will continue to be dependent on technology. It is our belief that we need to deploy technology to be able to grow our economy as part of member of information and communication technology-driven global economy.

    He said the bank has been consistent in its vision to deploy the new platforms for engendering much more convenience in the banking activities for its customers. Ayeni said the process leading to the launch of SkeyPlus has been on for the past 18 months. “We will continue to make our customers enjoy the best and innovative technology means and applications that make them enjoy banking services in a more convenient and efficient way,” he said.

    Its Chief Executive Officer designate, Mr. Timothy Oguntayo, said the deployment of the new platforms was informed by the need to ensure flexibility and more convenient banking solutions for the bank’s customers using the shor message service (SMS) platform,  Internet and mobile applications. Listing the features and services of SkyePlus, Oguntayo said, “The new banking platform allows customers to check their balance and manage their account; set up standing order instructions and Direct Debits; transfer money, pay bills o people instantly; request for a new checkbook, Automated Teller machine card or bank draft; stop lost or stolen cheque and hotlist debit cards; as well as switching on text alerts to keep track of their accounts on the move.

    “He further explained that in terms of security, the bank has deployed top security measured called ‘SkyeSecure’ to enhance the security of the platform. He said: “We are fully aware of the fears which most banking customers have today, especially with the growing rate of cyber crimes and all forms of online frauds. This is why we have partnered with a global security firm to deploy SkyeSecure on our banking platform.

    “Oguntayo also maintained that, as a way of conforming to the international standard stipulated by the Central Bank of Nigeria, Skye Bank has started the process of compliance with the PCIDSS.”We’re PCI-DSS-compliant and I can tell you that we are at the appropriate stage where we should be now  and we are working with the CBN and our consultants on this and very son, we are concluding this,” he added.