Connect with us

Business

e-Naira: CBN’s Guidelines For Newly Launched Digital Currency

Published

on

e-Naira: CBN's Guidelines For Newly Launched Digital Currency

Following the launch of the e-Naira by President Muhamadu Buhari, the application for the digital currency ‘e-Naira’ introduced by the CBN has become available for download, with more than 5000 downloads within hours of the launch.

This is like the apex bank released regulatory guidelines which stipulate that charges for transactions that originate from the e-Naira platform will be free in the first 90 days commencing from Oct. 25.

After this period, applicable charges as outlined in the Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions will become effective.

READ ALSO: CBN Says Transactions On eNaira Are Free

The e-Naira speed wallet app meant for individuals had, as of 4 pm, seen more than 5000 downloads while the eNaira speed merchant wallet had seen close to 1,000 downloads.

According to the regulatory and issuance guidelines, banks will automatically be onboarded by the CBN while merchants will be onboarded once they download the app and individuals will have to onboard by themselves.

The guideline revealed that there would be different wallets for different stakeholders.

“The eNaira stock wallet belongs solely to the CBN and it shall warehouse all minted eNaira” the guideline stated.

It said that financial institutions were expected to maintain one treasury e-Naira wallet to warehouse eNaira received from the CBN e-Naira stock wallet.

“Financial Institutions (FI) may create eNaira sub-treasury wallets for branches tied to it and fund them from its single eNaira treasury wallet with the CBN and FI may create eNaira branch sub-wallets for its branches.

The e-Naira branch sub wallet shall be funded from the treasury e-Naira wallet.

“e-Naira Merchant speed wallets shall be used solely for receiving and making eNaira payments for goods and services. eNaira speed wallets shall be available for end-users to transact on the e-Naira platform.”

To ensure the security of funds, the e-Naira is expected to have two-factor authentication and other measures.

Meanwhile, daily transaction limits for Tier 0, which is just a phone number without a verified National Identity Number, were set at N20,00 with a balance limit of N120,000.

Tier1 category, which has a verified number has a N50,000 transaction limit and N300,000 balance limit.

Tier2 and Tier3 categories have daily transaction limits of N200,000 and N1 million as well as a N500,000 and N5 million balance limits while merchants have no limit.

According to a circular signed by Mr. Chibuzo Efobi, the CBN director Financial Policy and Regulation Department, the e-Naira will compliment cash as a less costly, more efficient, generally acceptable safe, and trusted means of payment and store of value.

“Additionally, it will improve monetary policy effectiveness, enhance government’s capacity to deploy targeted social interventions, provide an alternative less costly channel for the collection of government revenue and boost remittances through formal channels.

“The guidelines seek to provide simplicity in the operation of the eNaira, encourage general acceptability and use, promote the low cost of transactions, drive financial inclusion while minimizing inherent risks of disintermediation or any negative impact on the financial system,” it reads in part.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Air Peace Announces Flights Into Anambra Airport

Published

on

Air Peace Announces Flights Into Anambra Airport

Air Peace has stated that it would commence scheduled flights operations into the Anambra International Cargo and Passenger Airport on Tuesday, December 7, 2021.

The airline’s decision to commence flight operations into the airport followed the recent approval of the airport by the Nigerian Civil Aviation Authority.

This development was disclosed by Air Peace’s spokesperson, Stanley Olisa, in a press statement issued on Saturday.

Olisa said, “This is great news for the people of Anambra State as we are launching four flights weekly into the new airport on Tuesday. For a start, we shall be operating on Tuesdays, Thursdays, Saturdays and Sundays, and as operations gather momentum, we shall increase frequencies to daily flights”.

The airline’s spokesman further said that passengers can start booking flights via their website or mobile app. He added that Air Peace plans to connect Anambra to other cities asides from Lagos and Abuja.

By the end of January 2022, we will have commenced the following connections: Anambra-Kano-Anambra, Anambra-Ibadan-Anambra and Anambra-Port Harcourt-Anambra. Air Peace is unwaveringly determined to interconnect Nigeria, providing connections which facilitate seamless economic exchanges and foster unity.

Continue Reading

Business

UBA Group Dominates the 2021 Banker Awards, Wins ‘African Bank of the Year’

Published

on

uba bank of the year

Africa’s global bank, United Bank for Africa (UBA) Plc yet again, reaffirms its leadership position across Africa, as the bank has been globally recognised as the African Bank of the year 2021 by the Banker Magazine, a leading global finance news publication published by the Financial Times of London.

UBA’s solid financial performance, its excellent service delivery to customers and its continuous role of facilitating rapid economic growth across the African continent were some of the reasons that led to the bank being named best bank in 12 of its African subsidiaries and in Nigeria. UBA Nigeria Plc, UBA Benin, UBA Burkina Faso, UBA Cameroon, UBA Chad, UBA Congo Brazzaville, UBA Cote D’Ivoire, UBA Gabon, UBA Guinea, UBA Liberia, UBA Senegal, UBA Sierra Leone and UBA Zambia all came out top as the best banks in their respective countries.

This will not be a first for UBA.  In 2020, six of its subsidiaries in Benin, Cote D’Ivoire, Chad, Liberia, Sierra Leone and Zambia were winners of the Best Bank award. This year, the UBA Group is breaking a record with its exceptional wins as African Bank of the Year and Bank of the year in 13 countries.  The total 14 awards makes it the first time ever in the history of the almost 100 years of The banker, that any banking group will be clinching as many as 14 wins in a single year.

At the Virtual award ceremony which was held on December 1st 2021, the Middle East and Africa Editor for The Banker, John Everington, explained at the event that a rigorous and highly analytical process is made annually to reach the decision for each Bank of the Year award and the institution’s reputation for independence, authority and integrity is thoroughly applied to each submission.

“While several African banks impressed the judges this year, there was no doubt as to the worthiest recipient of the Bank of the Year for Africa – UBA Group – a clear winner across a wide range of criteria. UBA has performed impressively across its footprint with a strong financial performance across most of its markets,” Everington said.

UBA’s Group Managing Director/Chief Executive Officer, Kennedy Uzoka, who expressed delight over the recognition from The Banker stated “Like I always say, at UBA, we must be doing something right. Winning 14 total awards in13 subsidiaries and the Bank of the Year on the African continent is a big achievement.’ 

Continuing, Uzoka said, “The recognitions come as a reassurance that we are on track in consolidating our leadership position in Africa, as we continue to create superior value for all our stakeholders. We have our millions of customers across the globe and our many thousands of staff to thank for this. They are the very reason why we keep winning’

Since1926, the Bank of the Year awards has been celebrating the best of global banking and is regarded as the industry standard for banking excellence. The 2021 edition highlights those institutions that have outshone their peers in terms of performance, strategic initiatives and response to the Covid-19 pandemic.

The Banker Magazine is a publication of the Financial Times – a leading global finance news publication which has been in existence since 1888. The Banker magazine is the definitive reference in international banking for high level decision makers.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five million customers, across over 1,000 business offices and customer touch points, in 20 African countries.

With presence in the United States of America, the United Kingdom and France, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services

Continue Reading

Business

FBNQuest Gets New Non-Executive Director

Published

on

FBNQuest Gets New Non-Executive Director

FBNQuest Capital Ltd., a subsidiary of FBN Holdings, has announced the appointment of Alhaji Abdullahi Ali Gombe, as an Independent Non-Executive Director.

The Chairman, FBNQuest, Mr. Oyewale Ariyibi, disclosed this in a statement made available on Wednesday in Lagos.

Ariyibi said the company had received all relevant regulatory approvals for the appointment.

READ ALSO: Court Strikes Out Case Against Soludo’s Election

He said that Gombe was joining the board of the company with over 28 years of professional experience.

Ariyibi said he had served several institutions in various professional capacities and had been involved in key transactions that added significant value to the organizations where he served.

He added that prior to joining the board of FBNQuest, Gombe served on various boards including Nigalex Nigeria Ltd., FBN Bureau De Change Ltd., and FBN Bank (DRC) Ltd.

“On behalf of the board, management, and staff of FBNQuest Capital, I am delighted to welcome Alhaji Gombe, MNI to the Company as he brings on board his wealth of experience cutting across various industries and institutions.

“We are certain that his experience will have an immediate and positive long-term impact on the business.

“FBNQuest remains committed to recognizing strong corporate governance as a key driver in ensuring sound business practices are entrenched in the core of its operating model for transparency and the inclusion of all stakeholders,” he added. 

Continue Reading

Trending