Business
CBN bans Opay, Palmpay, Moniepoint, Kuda from opening new accounts
CBN bans Opay, Palmpay, Moniepoint, Kuda from opening new accounts
Some bank customers have expressed panic as the Central Bank of Nigeria bans mobile money operators including fintech firms from onboarding new customers.
However, the Bank Customers Association of Nigeria backed the CBN directive.
The new directive will affect fintech companies such as OPay, Palmpay, Kuda Bank, and Moniepoint, from opening new accounts until further notice.
Reliable sources from three major fintechs who requested not to be mentioned as they were not permitted to speak, confirmed the development to The PUNCH on Monday.
The CBN’s move was linked to an ongoing audit of the Know-Your-Customer process of the fintechs, which have been under scrutiny in recent months over concerns around money laundering and terrorism financing.
It was gathered that the CBN had summoned some of the heads of fintechs to Abuja to discuss issues around KYC last week.
The CBN has not yet publicly commented on the directive to the fintech firms. The PUNCH’s attempts to reach the apex bank for comment were unsuccessful.
Several calls made to the telephone line of the CBN spokesperson, Hakama Ali Sidi, were not responded to as of the time of filing this report.
Also, the directive coincided with the court order that the Economic and Financial Crimes Commission (EFCC) obtained to freeze at least 1,146 bank accounts owned by various individuals and companies allegedly involved in illegal foreign exchange transactions.
The 85-page court order (document), which listed the bank account details suspected to be involved in illicit activities, was obtained by The PUNCH on Monday.
Justice Emeka Nwite, in a ruling on the ex-parte motion, moved by counsel for the anti-graft agency, Ekele Iheanacho, also granted the commission’s application to conclude the investigation within 90 days.
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Part of the court document read, “That the applicant’s (EFCC) application is hereby granted as prayed.
“That an order of this honorable court is hereby made freezing the bank accounts stated in the schedule below, which accounts are owned by various individuals who are currently being investigated in a case involving the offenses of unauthorised dealing in foreign exchange, money laundering, and terrorism financing, to the extent that the investigation will be for a period of 90 (ninety) days.”
The EFCC, in the motion marked FHC/ABJ/CS/543/2024 dated and filed April 24 by Iheanacho, was heard by the judge the same day in the interest of national interest. “The motion was brought pursuant to Section 44(2) and (K) of the 1999 Constitution; Section 34 of the EFCC Establishment Act 2004; Section 7(8) of the Money Laundering Prevention and Prohibition Act, 2022; and under the inherent jurisdiction of the court.”
The President of the Bank Customers Association of Nigeria, Uju Ogubunka, backed the CBN’s move to suspend new account opening on the affected platforms.
He told The PUNCH that the strict regulations that govern deposit money banks must apply to fintechs, and microfinance banks in order to ensure the integrity of the financial institutions.
He said, “Anything that can disrupt the system should not be permitted. If the platforms are being used for things that are against the regulations, I think the CBN decision is OK. I don’t see anything wrong with that. It behoves on the companies now to get their KYC right.
“Let them do what they are supposed to do. KYC applies to banks and other financial institutions that deposit money. It should also apply to them so that the regulators can understand what is going on and hold them accountable.”
On the other hand, Emmanuel Odunsi on X (formerly Twitter) welcomed the move, citing the need for better KYC processes to prevent scams and fraudulent activities.
“Their KYC isn’t that great. Lots of scammers are using their apps to defraud people.
“Most of the accounts were created by mining phone numbers, with subscribers’ permission. Almost every phone number has been linked to an account,” Odunsi said.
CBN bans Opay, Palmpay, Moniepoint, Kuda from opening new accounts
Auto
Toyota By CFAO showcases latest Land Cruiser Prado, others at P’Harcourt Open Day
Toyota By CFAO showcases latest Land Cruiser Prado, others at P’Harcourt Open Day
Toyota By CFAO, the authorized distributor of Toyota vehicles in Nigeria, has commenced a three-day special display of the latest new Toyota models from the company at an Open Day organised in Port Harcourt, Rivers State, for residents of the city and its surrounding areas.
The Toyota By CFAO Open Day holds from Tuesday, November 26 to Thursday, November 28, 2024, according to a statement by the company.
The event running from 9am to 5pm each day is taking place at the auto company’s showroom located at 184B, Trans-Amadi Industrial Layout, Port Harcourt.
It discloses that the exciting event will feature the highly anticipated 2024 Toyota Land Cruiser Prado, one of Toyota’s flagship models, alongside a range of other exceptional vehicles tailored for the Nigerian market.
This, it notes, is an exclusive opportunity for attendees to explore the latest in automotive excellence, discover new vehicle options, and benefit from Toyota By CFAO’s End of Year Bonanza.
General Manager of CFAO Mobility Port Harcourt, Julius Fasetire, encourages all residents to “come witness history in motion as we proudly unveil the All-New 2024 Toyota Land Cruiser Prado.
“Be among the first to explore this remarkable masterpiece and discover our full range of Toyota vehicles. Don’t miss out on the chance to experience automotive excellence and enjoy a free diagnostic check for your Toyota vehicle!”
The 2024 Toyota Land Cruiser Prado has already generated excitement across the country, following its recent unveilings in Lagos and Abuja.
The product is quickly becoming one of the most sought-after sports utility vehicles in Nigeria, appealing to both corporate and individual buyers.
With over 11.3 million units sold globally in more than 170 countries, the Land Cruiser Prado is renowned for its rugged off-road capabilities and comfort for everyday driving.
The firm says this year’s model comes in two distinctive editions – the Limited Edition (First Edition) and the Adventure Edition – both equipped with a 2.4L turbocharged gasoline engine and an 8-speed automatic transmission, ensuring superior performance both on and off the road.
Toyota By CFAO also says it ensures that genuine parts and a comprehensive 3-year/100,000 kilometre warranty are available for all customers.
In addition to the Land Cruiser Prado, the event will showcase a variety of other popular Toyota models including the Belta, Rumion, RAV4, Camry, and Hiace.
The Open Day, it stresses, promises to be a must-attend event for anyone interested in exploring the world of Toyota vehicles, from luxury to practicality, and experiencing firsthand the future of automotive technology.
The company says more details about the rich offering of Toyota in the Nigeria market can be obtained from https://www.toyotabycfao.ng/.
Business
Nigeria’s foreign reserves in marginal increase, now $40.88bn
Nigeria’s foreign reserves in marginal increase, now $40.88bn
Nigeria’s foreign reserves rose to $40.88 billion as of November 21, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said.
Cardoso disclosed this on Tuesday at a press conference after the Monetary Policy Committee’s 298th meeting in Abuja.
He said the external reserves grew from $40.06 billion at the end of October to $40.88 billion in November.
The amount represents an increase of $82 million or 2.05 per cent in 21 days.
“The external reserves rose marginally to 40.88 billion as of 21 November 2024, from 40.06 billion at the end of October 2024, available to finance 17 months of imports,” he said.
However, from the apex bank’s website, the increase in Nigeria’s foreign reserves showed $40.27 billion on November 22.
Cardoso also said, “The process of getting us where we are in terms of reserves has been a long one”.
“It is a clear indication that the policies we have put in place are certainly yielding fruits,” he added.
“However, and it’s very important to make a distinction here and to reiterate the fact that reserves are there for a multiplicity of different purposes, not least of which is to create buffers in the event of unanticipated shocks.
“So they are not there to simply whittle away. They are there to be used to more or less defend yourself where that becomes necessary
“And when we talk about shocks that are not anticipated, I think we can see how the global economies are.”
Cardoso also said the bank would continue to intensify efforts to stabilise the currency and prices.
The CBN governor said, “The currency has been stable compared to what it was in June”.
But he said for the value of the country’s currency to be stable, there must be increased exports and diversification of the economy.
Cardoso said diaspora remittance had increased due to policies put in place.
He commended those in the diaspora for helping the country accomplish over $600 million in remittances.
Business
Naira rises to N1,755/$ in parallel market
Naira rises to N1,755/$ in parallel market
The Naira yesterday appreciated to N1,755 per dollar in the parallel market from N1,770 per dollar on Monday.
Similarly, the Naira appreciated to N1,659.44 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,659.44 per dollar from N1,675.62 per dollar on Monday, indicating N16.18 appreciation for the naira. The volume of dollars traded (turnover) increased by 219.5 percent to $425.98 million from $108.79 million traded on Monday.
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Consequently, the margin between the parallel market and NAFEM rate narrowed to N95.56 per dollar from N117.38 per dollar on Monday.
Naira rises to N1,755/$ in parallel market
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