₦airaland Forum

WHAT IS A CONTACTLESS PAYMENT?

A contactless payment, as the name suggests, is a transaction system that doesn’t require any physical contact between a buyer using a smartphone or credit card and the POS terminal. It is powered or enabled by NFC (near-field communication).

NFC is the technology that powers contactless payments through a type of radio frequency identification (called RFID).

NFC transactions take place over a specific radio frequency that enables the card or smartphone to communicate with the card machine when they’re close together (usually 10 centimetres or less). It is very secure.

It is a security token ( smartphones, ATM cards) enabled system where you carry out transactions just like you want to transfer files btw two phones using the Xender app which is done within a very close distance between devices.

Things like Apple Pay, Samsung Pay and Google Pay are other examples

CBN Places Transaction Limits on Contactless Payments...issues guidelines to banks and financial institutions

The Central Bank of Nigeria has ordered banks and other financial institutions in the country to regularly screen accounts of Politically Exposed Persons.

This was stated in its circular to banks and other financial institutions on Friday titled, ‘Guidance notes on Politically Exposed Persons’, which was signed by the Director, Financial Policy and Regulation Department, Chibuzor Efobi.
In the circular, it stated that “PEP accounts should be subject to periodic reviews as may be determined by the FI in line with risk assessment.
“Frequency of the periodic reviews should be determined by the risk of the customer and documented appropriately. FIs should also review their PEP database frequently.”

It added that “Regularly, transactions and account activities should be monitored and scrutinised for money laundering/terrorist financing/ proliferation financing risks.”

The CBN explained domestic PEPs to be those entrusted with prominent public positions in Nigeria, while those entrusted with prominent public positions in any other foreign jurisdiction were foreign PEPs.

It noted that given the corruption level in Nigeria, domestic PEPs were rated highly vulnerable to financial risks, therefore, by default, most domestic PEPs were considered high risk.

Foreign PEPs and PEPs with prominent functions in international organisations should be categorised based on the level of risk as assessed by financial institutions, it stated.

The CBN said customer due diligence should continue after establishing a relationship with the customer.
“The behaviour of the customer, transactions and accounts should be in line with the expected level of activity. Ongoing monitoring is crucial as a customer risk profile may change over time.”

The CBN stated that financial institutions, in the ordinary course of their businesses, established business relationships with PEPs, who may be vulnerable to corruption and portend reputational and financial crime risks to the FI.

PEPs, it stated, posed a high risk of money laundering, financing of terrorism and proliferation financing due to the possibility that individuals holding such positions may misuse their power and influence for personal gain or advantage to themselves, close family members and associates.

The CBN said, “Such individuals may also use their families or close associates to conceal illicit funds and assets.
“In addition, they may also seek to use their power and influence to gain representation and/or access to, or control of, legal entities for similar purposes.”

[b][/b]
The Central Bank of Nigeria and the Bill and Melinda Gates Foundation have synergized to drive financial inclusion in the country.
According to a statement from the apex bank on Sunday, the two groups had recently met in a strategic meeting seeking to strengthen collaboration on financial inclusion in Nigeria.
The CBN’s Acting Governor, Mr Folashodun Shonubi, during the meeting, emphasized the dedication of the apex bank to continually partner with BMGF and other development partners to explore innovative solutions for driving access to finance.
The acting CBN governor also noted that the move for financial inclusion in Nigeria is confronted with some challenges.
Part of the statement reads, “Mr Shonubi, who was accompanied by the Deputy Governor, Financial System Stability, Mrs Aishah Ahmad, disclosed that though much progress had been made in various aspects of financial inclusion, some challenges remained in attaining the desired level of financial inclusion in Nigeria. He, therefore, called for greater partnership between the Bank and the BMGF.”
In his response, the Co-chair of the Bill and Melinda Gates Foundation, Mr Bill Gates, stated that the foundation’s focus areas for continued engagement in Nigeria included health, agriculture and financial services.
He added, “Mr Gates expressed satisfaction that support from his organisation was catalysing developmental action in Nigeria. While nothing that there were still challenges and gaps, he expressed optimism that the country would witness better outcomes given the new economic and monetary policies currently in place in Nigeria.
“The BMGF has supported financial inclusion in Nigeria since 2012 and has been a strategic partner of the CBN in driving innovation to reach excluded segments of Nigeria’s population with financial products and services.
“The partnership has brought about strategic initiatives such as the Nigeria financial services maps, a gateway for geospatial mapping of access points, the development of the National Financial Inclusion Strategy in 2012 and a revision in 2018, research into financial exclusion, scoping of digital financial services in Nigeria, and many more activities that help accelerate access to financial services.”

[b][/b]
The Central Bank of Nigeria (CBN) has released its Customer Due Diligence Regulations 2023 or financial institutions under its regulatory purview as it takes a decisive stance against financial crimes.
The CBN’s latest move aims to bolster compliance with anti-money laundering (AML) and counter-terrorism financing (CFT) provisions while aligning with international best practices.
To enhance the accuracy and depth of customer identification, the CBN has made it mandatory for financial institutions to collect and verify customers’ social media handles as part of their Know Your Customer (KYC) requirements.
New Regulation
These new regulations, which complement existing provisions outlined in the CBN’s Anti-Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing of Weapons of Mass Destruction in Financial Institutions Regulations of 2022, are designed to fortify the fight against money laundering, terrorism financing, and proliferation financing.
Under the new regulations, financial institutions are required to establish internal processes and procedures for conducting customer due diligence measures for both potential and existing customers, including occasional customers.
They must identify customers, whether individuals or legal entities, and obtain specific information such as legal names, addresses, contact details, identification documents, account types, nature of banking relationships, and signatures. Furthermore, the regulations emphasize the need to identify politically exposed persons (PEPs).
To verify customer identities, financial institutions must rely on reliable and independent source documents, data, or information.
For individuals, this involves confirming their date of birth, residential address, contact details, and the validity of official documentation.
In the case of legal persons or legal arrangements, financial institutions are required to undertake searches on public registries or databases, review annual reports or relevant financial statements, and examine board resolutions.
The regulations also emphasize the importance of record-keeping and maintaining up-to-date customer information.
Financial institutions must retain records obtained through customer due diligence measures, account files, business correspondence, and analysis results for at least five years after the termination or cessation of a business relationship or an occasional transaction.
Regular reviews of existing customer records are required based on risk categories, with high-risk customers requiring annual reviews, medium-risk customers requiring reviews every 18 months, and low-risk customers requiring reviews every three years. Social Media Handles
Under the regulation ( Section IV), financial institutions operating under the regulatory purview of the CBN are now obligated to collect and verify customers’ social media handles as part of their KYC process.
This requirement applies to both individuals and legal entities.
The inclusion of social media handles in KYC requirements aims to enhance the accuracy and depth of customer identification.
By obtaining this additional information, financial institutions can gain valuable insights into customers’ online presence and activities, enabling better assessment of potential risks associated with money laundering, terrorism financing, and proliferation financing.
KEY POINTS
Financial Institutions will now have your socials as additional means of identification
Improved an enhanced means of relating and reaching out to you for effective service delivery while protecting your privacy
You should have a real and verifiable means of identification on social media such as your real name - no more proxy
You should be mindful and careful of your social media activities
Technology is making more advancements in everyday life

CBN Lifts Cash Deposit Restriction On Domiciliary Account…Allows Daily Withdrawal of $10k[/b]

The Central Bank of Nigeria (CBN) has said that cash deposits into domiciliary accounts will no longer be restricted.
This was conveyed in a press statement released yesterday following an Extraordinary Bankers’ Committee meeting held on Sunday 18th to discuss the implementation and implications of the policy changes for the banking public.
The apex bank provided further guidance to Deposit Money Banks (DMBs) in sequel to the ‘’Operational Changes to the Foreign Exchange Market’’ announced last week.
According to the CBN, the policy changes aim to promote transparency, liquidity, and price discovery in the FX market in order to improve FX supply, discourage speculation, enhance customer confidence and ensure overall stability in the FX market.

[b]KEY POINTS TO THE GUIDANCE INCLUDE:
All visible and invisible transactions (medicals, school fees, BTA/PTA, airline, and other remittances) are eligible for the Investors’ and Exporters’ (I & E) window.
DMBs shall ensure expeditious processing of all eligible invisible transactions on behalf of their customers using the applicable rate at the I & E window.
Ordinary domiciliary account holders shall have unfettered and unrestricted access to funds in their accounts.
Domiciliary account holders are permitted to utilize cash deposits not exceeding USD$ 10,000 per day or its equivalent via telegraphic transfer.
DMBs shall provide returns to the CBN including the purpose for such transactions.
Cash deposits into domiciliary accounts will not be restricted, subject to DMBs conducting proper KYC, due diligence, and adhering to the spirit and letter of extant AML/FT laws and other relevant rules and regulations.
The CBN will prioritize orderly settlement of any committed FX forward transactions as they fall due in order to further boost market confidence.
The Bank will normalize its CRR maintenance processes and ensure equity in its implementation across the banking industry.
The CBN assured the banking public that it remains committed to ensuring a stable and efficient FX market that meets the needs of all legitimate users.

WHAT DOES THIS MEAN IN ITS SIMPLEST FORM:
Unlimited amount can now be deposited into your DOM account
No limit to wired transfers into DOM account
You can now withdraw or transfer a maximum of $10k daily ( it was weekly before) from your DOM account
FX transfer from DOM account to another is now possible whether inter or intra bank ( only intra was allowed before)

WHAT TO KNOW ABOUT CBN OPERATIONAL CHANGES TO THE FOREIGN EXCHANGE MARKET

COLLAPSING ALL SEGMENTS IN THE FX MARKET INTO THE INVESTORS’ AND EXPORTERS’ (I&E) WINDOW:
[/b]All eligible FX transactions in the market shall only be done via the I&E window, all other windows cease to exist
It is a model in which willing buyer, willing seller system, where an entity with demand for FX seeks out another entity with FX to sell at a mutually agreed price through an authorised dealer I.e a unified fx rate

[b]ACCESSING BTA, PTA, MEDICAL AND SCHOOL FEES:
PTA, BTA, and other invincible transactions will continue to be accessed through the banks at the prevailing market rate.
There is no change in the application process
All applications shall be through the banks
All documentation requirements remain the same

WEIGHTED AVERAGE RATE, AND HOW IT IS CALCULATED TO 2 DECIMAL PLACES: This is a summation of volumes of FX traded multiplied by the various rates at which the deals are consummated, divided by the total volume of trade

ORDER-BASED TWO-WAY QUOTES: This is two-way quote trading in which all transactions traded backed

THE ORDER BOOK:
The Order Book is an electronic trading system where demand can be matched to supply on any given trading day
It is visible to the entire market to ensure transparency of Orders and seamless transactions

THE ‘’43 NON-ELIGIBLE ITEMS’’ ACCESS TO FX:
The status quo remains on the ‘’43 non-eligible items’’
They are not permitted to be funded from the I&E window

WHAT TO KNOW ABOUT CBN OPERATIONAL CHANGES TO THE FOREIGN EXCHANGE MARKET[/b]

[b]COLLAPSING ALL SEGMENTS IN THE FX MARKAET INTO THE INVESTORS’ AND EXPORTERS’ (I&E) WINDOW:
All eligible FX transactions in the market shall only be done via the I&E window, all other windows cease to exist
It is a model in which willing buyer, willing seller system, where entity with demand for FX seeks out another entity with FX to sell at a mutually agreed price through an authorised dealer I.e unified fx rate

ACCESSISNG BTA, PTA, MEDICAL AND SCHOOL FEES:
PTA, BTA , and other invincible transactions will continue to be accessed through the banks at the prevailing market rate.
There is no change in the application process
All applications shall be through the banks
All documentation requirements remain the same

WEIGHTED AVERAGE RATE, AND HOW IT IS CALCULATED TO 2 DECIMAL PLACES:
This is a summation of volumes of FX traded multiplied by the various rates at which the deals are consummated, divided by total volume of trade

ORDER-BASED TWO-WAY QUOTES: This is two-way quote trading in which all transactions traded backed

THE ORDER BOOK:
The Order Book is an electronic trading system where demand can be matched to supply on any given trading day
It is visible to the entire market to ensure transparency of Orders and seamless transactions

THE ‘’43 NON-ELIGIBLE ITEMS’’ ACCESS TO FX:
The status quo remains on the ‘’43 non-eligible items’’
They not permitted to be funded from the I&E window

In continuation of efforts to increase the availability of Foreign Exchange in order to ease the difficulties encountered by Nigerians in obtaining funds for Foreign Exchange transactions, the Central Bank of Nigeria (CBN) is providing direct additional funding to banks to meet the needs of Nigerians for Personal and Business Travel, Medical needs, and School fees, effective immediately. The CBN expects such retail transactions to be settled at a rate not exceeding 20 percent above the interbank market rate.
A.Travel Allowances : Having cleared the historic backlog of matured letters of credit at the inception of the current flexible exchange rate system, the CBN would immediately begin to provide foreign exchange to all commercial banks to meet the needs of both personal travel allowances (PTA) and business travel allowances (BTA) for onward sale to customers. All banks would receive amounts commensurate with their demand per week, which would be sold to customers who meet usual basic documentary requirements.
B. School and Medical Fees : Similarly, the CBN would meet the needs of parents, guardians and sponsors who are seeking to make payments of school and educational fees for their children and wards. Such payments must be made by commercial banks directly to the institution specified by the customer. The CBN would ensure that this process is as smooth as possible and that as many customers as possible get the foreign exchange they genuinely demand. This would also apply to customers seeking to make payments, or purchase foreign exchange, for medical bills and paid directly to hospitals. The supply of FX to retail end-users (PTA, BTA, School fees, medical bills, etc) would be sustained by the CBN.
C. Forward Sales Tenor : In order to further increase the availability of foreign exchange to all end-users, the CBN has decided to significantly reduce the tenor of its forward sales from the current maximum cycle of 180 days, to no more than 60 days from the date of transaction.
D.FX Sales at Major Airports : In order to further ease the burden of travellers and ensure that transactions are settled at much more competitive exchange rates, the CBN hereby directs all banks to open FX retail outlets at major airports as soon as logistics permit.

E. Increase Efficiency of FX Market : In order to maintain confidence in the FX market, the CBN will immediately take the following steps:
a. Begin implementing its articulated program to clear all the unfilled orders in the interbank FX market;
b. Given our plan to meet all unfilled orders, and while the provision of FX to the manufacturing sector would remain the CBN’s strong priority, we will no longer impose allocation/utilization rules on commercial banks;
c. Implement an effective intervention programme to support the inter-bank market to ensure adequate liquidity necessary to deliver an efficient FX market;
d. Advise FMDQ to activate its FX Order-Book systems as soon as possible and also accelerate the onboarding of FX clients on the FX Relationship Systems to ensure total transparency of the FX market.
Given the CBN’s objective to continuously and vigorously pursue a transparent, liquid, and efficient FX Market, the Bank reiterates it would neither tolerate unscrupulous actions nor hesitate to bring serious sanctions on offenders, be they banks or their staff. The Bank,, therefore encourages market participants to assist in ensuring that these new measures engender the preservation of our external reserves, stability of our financial system, and growth of our economy to the benefit of all Nigerians.

Isaac Okorafor
Ag. Director, Corporate Communications

...abolishes multiple exchange rate…
The CBN, yesterday, announced to the public that it has made some changes to the FOREX market in what looks like floating of the naira.
In a released statement titled, "CBN Makes Operational Changes to the Foreign Exchange Market’’, and signed by its Director of Financial Markets, Dr. Angela Sere-Ejembi; it says that: ‘’ The CBN wishes to inform all authorized dealers and the general public of the following immediate changes to the operations in the Nigerian Foreign Exchange ( FX) Market:
Abolishment of Segmentation: All segments are now collapsed into the Investors and Exporters (I&E) window” as applications for medicals, school fees, BTA/PTA, and SMEs would however continue to be processed through deposit money banks.
Re-introduction of the “Willing Buyer, Willing Seller” model at the I&E Window: Operations in this window shall be guided by the extant circular on the establishment of the window, dated April 21, 2017 and referenced FMD/DIR/CIR/08/007 - stating that all eligible transactions are permitted to access foreign exchange in this window
Cessation of RT200 Rebate Scheme and the Naira4Dollar Remittance Scheme, will take effect from June 30, 2023.
Proscription of trading limits on oversold FX positions with permission to hedge short positions with OTC futures - limits on overbought positions shall be zero
The operational rate for all government-related transactions shall be the weighted average rate of the preceding day’s executed transactions at the I&E window, calculated to two (2) decimal places.
Re-introduction of order-based two-way quotes, with bid-ask spread of #1, and All transactions shall be cleared by a Central Counter Party (CCP).
Reintroduction of Order Book to ensure transparency of orders and seamless execution of trades.
The operational hours of trades shall be from 9 am to 4 pm, Nigerian time.
Further guidance on these matters shall be communicated in due course. All market participants and the general public are kindly enjoined to abide by these rules.’’

...management assures acceptability and adoption
The Central Bank of Nigeria (CBN) yesterday, took its eNaira sensitization campaign to the University of Uyo, Akwa Ibom State, stressing on the importance the e-wallet policy offers to ease and secure financial transactions.
The CBN, through its Uyo Branch Controller, Mercy Itohan Ogbomonpaul, who was represented by Assistant Director, CBN, Isang Agbomi Enya, said the sensitisation programme was to educate the university community on the system and encourage them to embrace and key into it for ease, safe and efficient financial transactions.
Ugbomonpaul who was received by the Vice Chancellor, Prof. Nyaudoh Ndaeyo, noted that the the digital currency policy is yet to receive the much desired acceptability in terms of usage across the country.
She said: “We are here to partner with you on the eNaira. Globally, the economy is now going e-payment and not cash payment as it is known in our environment. The central bank in its wisdom, in line with best practices adopted the eNaira platform.
The eNaira is expected to help us to be in par with what other countries are doing. The unfolding trend now is that we use e-payment rather than the physical cash. The e-naira is an initiative of the Central Bank that would work in par with the physical cash.
It is the semblance of the naira that we could use in transaction rather than the physical cash because the naira as we know is very difficult and is costly to replace.
The eNaira would make our payment system more viable and bring in more people into the system. It is simple, it is easy and will allow the government to get its revenues in terms of payment very easily,” she added.
In his response, The Vice Chancellor said the institution was happy to be part of the initiative and would partner with CBN on the eNaira.

This is another MEGA agenda evidence

Dis old epa is a notorious and an unrepentant election malpractice enforcer.

He should remain there until after election

PDP is the biggest indigenous party in Edo.
POWER TO THE PEOPLE

You are a cheaply sponsored tool and a despicable liar from the pit of hell.

May her soul rest in peace

Oshiomhole has lost his political relevance. He cant craftily get it back again.... the good people of Edo state have rejected him and his disastrous apc

Oshiomhole and his tigers and lions are cancerous....Edo people will reject again like in 2020

Edo people are asking Oshiomhole why is he shamelessly campaigning for the rejected apc HoA candidates he does not need to carry out his functions as a senator?

He wants to hand over Edo to the lions and tiger again?

Edo people are ready to reject him again come March 18th by voting ALL EDO PDP HOA CANDIDATES

APC can not strive where is no room for falsehood and propaganda.
We however know how to deal with them in Edo, and we will continue to deflate their falsehood

The poster should stop using the bible for hateful and falsehood spread.
Edo people will not believe in your cacophonous canard. Oshiomhole and the APC have been rejected by the Edo people. They remain rejected
Come Saturday March 18th, we will all come out emasse and vote for ALL EDO PDP HOA CANDIDATES.
OsHIOMHOLE will fail in his planned impeachment of Gov Obaseki

With the few people seen here, it is obvious that Oshiomhole is fighting hard but in vain to reclaim his already battered credibility and his brutal rejection by the good people of Edo since 2020. The forthcoming EdoHoA election is not about Oshiomhole yet, he is however, orchestrating his devilish plans to impeach Gov Obaseki. The good people of Edo will resist him again by voting ALL PDP HOA CANDIDATES come March 18.

Dear poster, you must understand that Oshiomhole and the apc have been completely rejected in Edo since 2020. Obaseki has done well for the good people of Edo; and the goose chase by Oshiomhole, the feudal lord, to take over our dear state and put it back into the hands of lions and tigers, through his planned but futile impeachment, will not succeed. The good people of Edo State will go out this saturday to vote all pdp CANDIDATES into the EDHA. APC has no HoA candidates other than the dissident 14 of 2019. They has failed again.

The clandestine plans by Oshiomhole and the apc to grab power again in Edo will be resisted by the good people of Edo come this Saturday
We cannot go back to the days of lions and tigers in our dear state
Oshiomhole wants to impeach the Gov just for his selfish and greedy interest
We say #NoToOshiomhole
Vote EdoPDPHoACandidates

Oshiomhole and apc will not be allowed by the good people of Edo to take us to regime days of thuggery, hooliganism and brutalities
His clandestine plan to take over our peaceful state and put it in the hands of lions snd tigers will never come to pass.
His cheaply sponsored hate, blackmail and falsehood against the Governor will fail
Edo people will vote EdoPDPCandidates come 11th March

Can you just stop this cacophonous canard and false narrative?
APC was just an unmerited gainer in the Feb25 presidential and NASS elections in Edo state - apc has been rejected and completely dead in Edo since 2020.

You should hv told the public that apc has no candidates for the forthcoming HoA election because the good people of Edo are not ready to reward those dissidents group who betrayed the mandate given to them by their constituents just for a cheap loyalty to their feudal lord Oshiomhole since 2020 when they refused to be inaugurated.
We don't want thuggery, hooliganism, agberoism, brutaities again in Edo State - and these are the trademarks of apc regime in Edo.
Vote wisely
#VoteEdoPDPHoACandidates

Edo people must not because of anger and hatred give the state back to the caprice and whims of Oshiomhole and the APC.
We know and can remember where we are coming from.

#VoteEdoPDPHoACandidates come 03/11

Without any iota of doubt, the much hyped G5 paparazzi has ultimately got to a cul-del-sac. It has collapsed and died a natural death.

Firstly, it failed woefully to agree on a presidential candidate to support, and this has now portrayed the highest level of unseriousness and vaguely glorified ambition of a group, and reveals the division all along despite the falsely "claimed" unity amongst them.

Secondly, the leader seems to have lost the steam to have the group under his whimsical control at the 11th hour, as one of them has now openly declared his choice of presidential candidate.

Thirdly, it is obvious that the 4 of them were merely holding a brief for the leader in solidarity and not necessarily because they were "truly" or "validly" miffed or umbraged by the leadership tussle ( chairmsnship) of the PDP.

Fourthly and finally, just less than 5 days for the 2023 presidential campaign to end, the leader is now seemed to have entrenched himself in a web of indecisiveness as to whom to openly support and present to his supporters who many are now sharply divided, and have shown fierce rejection of the one he is secretly rumoured to be hobnobbing with.

Whatever happens come February 25th, it is very clear that the G5 could either have won the BATTLE or the WAR, but certainly not the two - and may eventually end up not winning any.

Goodluck Goody Osaretin
Pulical and Public Affairs Analyst
Benin City

Gov Obaseki has demonstrated the highest level of commitment to Education in Edo State through the meticulously planned and conscientiously executed policy, EdoBest, which is now an enviable model for both within and outside the country to emulate.

The feudal and bullion van lord of bourdilon will be shamed helplessly by edo people. edo is not lagos

obaseki is a done deal.....