Banking Briefs
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THE Central Bank of Nigeria, CBN, has directed all authorized foreign exchange dealers to credit the accounts of beneficiaries of repatriated foreign exchange. The bank said the new directive would take effect from June 1,and failure to comply would attract severe penalties. It has also directed the dealers to ensure that all repatriated or unutilised foreign exchange must have the Retail Dutch Auction System number, date and bank’s name on the advice message.
The new directive was contained in a circular which was released on the CBN’s website. It read, “This is to inform all authorised dealers that from June 1, 2014, all payments for repatriated foreign exchange/unutilised Retail Dutch Auction System will now be paid in bulk and the dealers shall, in turn, credit the beneficiaries’ accounts within 24 hours, failing which appropriate sanction shall apply.
“A copy of the schedule showing details of the bulk payment shall be collected by the authorised dealers at the CBN office. Authorised dealers are to ensure that all repatriated/unutilised foreign exchange advice must have the RDAS number, date and the bank’s name on the SWIFT message, for easy identification and processing.” The CBN had, a few months ago, withdrawn the operating licences of more than 75 BDCs for contravening the forex guidelines.
Skye Bank/Emirates Holiday Package
SKYE Bank Plc and Emirates Holiday have introduced a new package known as the Skye Emirates Holiday package which offer is aimed at creating a unique travel experience for holidaymakers and others who travel often. A statement by the bank said that the package allows holders of Skye Bank’s Select Account to deposit only 20 percent of the total travel cost while the bank provides the 80 percent balance in form of loan.
Timothy Oguntayo, group managing director/chief executive officer-designate, described the product as one that has an overriding theme of luxury and class deliberately built around it. He said “Skye Bank is partnering with Emirates Holidays to treat its customers to exclusive summer and Christmas vacation experiences.” He added that the bank’s customers can now book their vacation in style through Skye Bank with only a 20 percent upfront deposit of the total holiday cost.
“Skye Bank will complete the 80 percent payment and enable its customers enjoy the best advance booking rates for all Emirates destinations across the world. In addition to this, our customers can enjoy two free lounge visits during the summer travel period from May to September,” Oguntayo said. According to him, the bank’s strategic partnership with Priority Pass International guarantees its Premier and Priority Banking customers access to over 600 airport VIP lounges in over 275 cities of the world irrespective of class of travel.
Nkolika Okoli, group head, retail banking, said the product was designed to bring value to customers by positively affecting their lifestyle and travel experience. Roger Vakayil, director of finance, Emirates Holiday, described the partnership with Skye Bank as one that will bring immeasurable benefits to the people.
GTBank Launches E–commerce Portal for SMEs
GUARANTY Trust Bank has launched an e-commerce portal known as SME Market Hub to empower local small and medium enterprises, SMEs, in a bid to empower them and improve their visibility in the e-commerce space. The GTB SME Market Hub,which is the first of its kind, is a free, secure e-commerce and business directory platform where businesses can list, promote and sell their products and services online.
On the SME MarketHub platform, customers receive free web page with e-commerce tools, unique SME Market Hub website address, personalised online storefront, shopping cart with no consignment fee, inventory payment gateway, as well as order and enquiry notifications. Lola Odedina, head, External Communication and Public Affairs, said “the platform is open to small to medium business owners from every sector of the economy that have registered business in Nigeria and operate GT Business Account, Corporate Current Account or GT Max Account.”
According to her, the e-commerce and business directory portal is part of GTBank’s strategy to empower and support Nigerian SMEs and also contribute to the growth and development of the Nigerian economy. She said the portal was designed to enable Nigerian entrepreneurs migrate their businesses online and take advantage of the vast international and local sales opportunities within the e-commerce space.
“SME owners will also have access to a wide variety of business tools that will enhance profitability as well as a community that will allow them forge relationships with other business owners,” she said.
Compiled by Chinwe Okafor
— Jun. 16, 2014 @ 01:00 GMT
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