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CBN sets PSB capital base at N5bn

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images 2020 08 28T135931.487 CBN sets PSB capital base at N5bn

The Central Bank of Nigeria (CBN) set Payment Service Banks (PSB) Capital Base at N5bn.

The Central Bank of Nigeria (CBN) has said it would grant more licences for Payment Service Banks (PSB) but set a minimum capital base of N5billion, which could deter telecoms firms and some other potential new entrants to the digital financial services sector.

The central bank in a circular yesterday said that telecom firms, banking agents, retail chains and postal services could apply for licences to become payment banks. To do so they must set up a separate company for it with a minimum capital of N5 billion and run it as an independent entity from their existing operations. The bank has granted three licences so far to 9PSB, a unit of local telecom firm, 9mobile, and two others.

The apex bank said in its circular that it could ask payment banks to recapitalise for specific risks. Payment banks should operate mostly in rural areas and unbanked locations, accepting deposits from individuals and small businesses, the central bank said. They cannot grant loans, it said.

Speaking on the vision of 9PSB’s entrant into the Nigerian financial sector, the CEO of 9mobile, Mr. Alan Sinfield, stated that there’s a huge potential in the market and 9PSB is strategically positioned to expand its operations into financial services. He stated that “We are happy to be the first Payment Service Bank to provide all Nigerians with access to banking services and open up a digital world of possibilities to improve everyday lives. We know that this new development will further improve the country and the people going forward. In 2018, 9mobile partnered with Nigerian bank, UBA to roll out 9Pay, a mobile payments solution

while also pushing for a fintech license. We are delighted that we have now secured finale approval for a Payment Service Bank.”

In his own reaction, the CFO of 9mobile, Mr. Phillips Oki stated that “the financial inclusion that 9PSB will provide will be an enabler to achieving unparalleled benefit in everyday transactions. The *990# allows Nigerians to perform all financial transactions including utilities payment from the comfort of their phones and homes on any mobile network at no charge. With a large network of agents strategically located in both urban and rural communities, 9PSB is going to make sending and receiving money possible, easier, seamless and less stressful for all Nigerians.

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God bless the Minister of Humanitarian Affairs Sadiya – Prof. Aliyu Abdullahi Jibia’s Message

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20201026 051840 BlendCollage God bless the Minister of Humanitarian Affairs Sadiya - Prof. Aliyu Abdullahi Jibia's Message

Few Nigerian governors have distributed COVID-19 palliatives given by the federation to the poor under the leadership of Minister of Welfare Sadiya Faruk.

Prof. Aliyu Abdullahi Jibia of the P.R.P Party also Katsina State governorship candidate in the 2023 general election has prayed for the well-being of Nigerian Minister of Humanitarian Affairs Sadiya Faruk for her commitment to the distribution of food aid provided by the federal government average to reduce the cost of living during Covid-19 disease.

“It is unfortunate that in all Nigerian governors, Professor Babagana Umara Zulum of Borno State and only a few have contributed,” he said.

“If this is true, then there is no doubt that the enemies of this government are many, and the most notable among them are the national legislators who have made Abuja their city of Mecca and Jerusalem and scantly visiting their constituencies while it is a tragedy. “

Professor Jibia further added, “God bless Minister Sadiya Faruk for the unprovoked abuse. Also the national legislators, God willing. Those who deceived the people given the support, God punish them”.

The professor made the announcement on Sunday night on his Facebook page.

You can click the LINK below to access his page. https://www.facebook.com/Prof-Aliyu-Abdullahi-Jibia-110103220884160/

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Sports

Injured Coutinho to miss Juventus clash

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images 2020 10 25T175915.784 Injured Coutinho to miss Juventus clash

Philippe Coutinho has sustained a hamstring injury and will miss Barcelona’ s Champions League game at Juventus on Wednesday .
Tests on Sunday showed an injury to Coutinho ’ s left hamstring, Barca confirmed after the midfielder played 90 minutes of Saturday ’ s 3 -1 defeat by Real Madrid in La Liga.
“ Exactly how long that means he will be out of action depends on how the injury evolves ,” the club added .

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Education

NECO postpones exams indefinitely

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images 2020 10 25T175733.430 NECO postpones exams indefinitely

The National Examinations Council has postponed the ongoing nationwide Senior Secondary Certificate Examinations indefinitely due to the current security challenges , occasion by the # EndSARS protests .
This was contained a statement signed by the Head of Information and Public Relations Division NECO , Azeez Sani , and made available to newsmen in Minna on Sunday .
Sani said the # EndSARS protests disrupted the smooth conduct of the examinations in some parts of the country .
He said, “ The Governing Board of the National Examinations Council at its Special Meeting held on Thursday , 22 nd October, 2020 reviewed the on -going 2020 SSCE ( internal ) nationwide. The Council had in a press release , dated 21 st October 2020 , informed the general public of rescheduling some papers of the 2020 on -going SSCE .
“ Arising from that meeting, today ( Sunday ) the Governing Board resolved that the 2020 SSCE ( Internal ) be postponed indefinitely in view of the current security challenges , occasioned by the ENDSARS protests , which disrupted the smooth conduct of the examinations in some parts of the country .
“ In making this decision, the Board noted that due to these security challenges , some state governments imposed curfew and closed schools in order to safeguard lives and property ;
In the circumstances, it has become difficult for the council to move examination materials across the country and students in the affected locations were unable to sit for the papers already scheduled in the examination time table. ”
He said the governing board further resolved , that “ when normalcy returns , the Council will continue with the conduct of the examinations in all States .
“ While regretting any inconveniences this postponement may cause our esteemed stakeholders , the Council has however taken this decision in order to maintain the integrity and security of its examination procedures for seamless conduct of the Council ’s examination .”

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