Banking Briefs
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STERLING Bank Plc has instituted a reward system for users of its Automated Teller Machines, ATMs. According to a statement by the bank, some of its customers who used its ATMs in some selected branches in Lagos and Port Harcourt have been rewarded with various incentives.
Shina Atilola, the bank’s group head, strategy and communications, said the bank would continue to create a favourable environment to interact directly with users of these channels. She said that “Sterling bank as a responsible financial institution is committed to projects that would enrich the lives of its customers and at the same time support the laudable initiatives and policies of the CBN, particularly the cashless policy.
“This initiative will encourage card users to actually transact with their cards while those yet to obtain theirs will have no reason not to obtain theirs,” he said adding that ATM activation would further deepen brand awareness and street visibility and also convert the bank’s share of awareness to actual affinity with customers.
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CBN on War Against Electronic Fraudsters
THE Central Bank of Nigeria alone cannot win the fight against electronic fraud in the financial system and the economy in general. According to the CBN, the stakeholders in the economy, especially banks and e-payment service providers among others, must join in the fight to reduce, to the barest minimum, the activities of electronic fraudsters in the country.
Dipo Fatokun, CBN director of banking and payments systems, is of the view that Nigeria as a country had done a lot in terms of electronic payment, pointing out that there had been a noticeable increase in the number of transactions that went through electronic channels. “The fraudsters are always following the money wherever it is. They are also following it electronically. Fraudsters are always deploying new strategies and that is why this forum will continue to meet, collaborate, cooperate and discuss. That does not mean there will not be an end to it. The truth is that it is reducing and will continue to reduce. For it to reduce further, we need to think ahead of the fraudsters,” he said.
In another development, the CBN has formally launched a unique money transfer service known as ‘Out Bound Money Transfer Services’ in partnership with the Western Union Money Transfer. According to the apex bank, the outbound service, which is first of its kind in the country, would provide Nigerians the opportunity of transferring funds up to $2,000 to their relatives and dependents abroad.
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Keystone Bank Targets Children
CATCH them young appears to be the thinking of the management of Keystone Bank Limited which has come up with a programme designed to offer financial literacy to children as well as teach them the benefits of developing a savings culture. Afeez Bakare, executive director, corporate banking and treasury, said the programme was specifically targeted at school children in order to raise their awareness on managing finances adding that it was in line with the Central Bank of Nigeria’s financial inclusion policy.
He said that the bank, in conjunction with other stakeholders and the Ministry of Education, was developing the financial literacy curriculum to be included in the Nigerian school system from 2015. According to him, the programme is designed to raise awareness about finances among children and youths in primary and post-primary schools, saying financial literacy constitutes an integral part of developing tomorrow’s leaders.
Bakare said: “Children can begin to build a culture of saving from an early age and the essence of the programme is to educate children and impart knowledge to them on the use of money within the financial system.” He stated that a couple of banks had embarked on a lot of financial inclusion programmes within the last couple of months, an indication of what the CBN expected from them.
Compiled by Chinwe Okafor
— Sep. 1, 2014 @ 01:00 GMT
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