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The Central Bank of (CBN) on Thursday issued regulatory guidelines for the operation of Indirect Participants in the Payments System, with effect from Nov. 11.

The apex bank made this known in a circular issued by CBN’s Director, Payments System Management Department, Mr Sam Okojere, to banks.

The Indirect Participants are payments service providers who are non-clearing financial institutions but settle their payments obligations through clearing banks.

According to the guideline, to qualify as an indirect participant, an institution shall: have a satisfactory risk-based rating from the CBN and secure a letter of recommendation from its direct participating bank, signed by the Chief Risk Officer and an Executive Director of the direct participating bank.

The bank also directed that an indirect participant expected to settle all its payments obligations through only one direct participating bank per payment scheme at any given time.

“The relationship between a direct participating bank and an indirect participant shall be governed by a Settlement Agreement.

“Where the account of an indirect participant with a direct participating bank is not adequately funded, the direct participating bank may decline further settlement services to the indirect participant and inform the payment processor accordingly.

“Except as otherwise agreed, a direct participating bank or an indirect participant shall give at least thirty 30 days’ notice to the other party before terminating the Settlement
Agreement for any other reason apart from the circumstances in 3.4.

“The terminating party shall notify the Payments Service Provider (PSP) of its intention to terminate.

“A direct participating bank and an indirect participating bank shall enter into a bilateral agreement to guide the relationship.

“Where an indirect participant connects directly to a PSP for transaction processing, the indirect participant, direct participating bank, and the PSP shall enter into a tripartite agreement”, the bank directed.

It also directed that indirect participants must process their e-reference instruments through the direct participating bank or directly, through the Nigeria Inter-Bank Settlement System (NIBSS).

“In the latter option, NIBSS shall indicate the source, (bank, indirect participant)
of the e-reference requests.

“The receiving bank shall not discriminate between e-references originating from banks and indirect participants.

“An indirect participant shall comply with the applicable provisions of the Nigeria Bankers’ Clearing System Rules (NBCS)”.

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Abass Sulaiman Adegoke, well known as Adegoke is a student of Federal Polytechnic Ede studying Civil Engineering, He is a media enthusiast, loves traveling, and has a special interest in personal development.

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Business

Osun State Woos Investors

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Osun State Woos Investors 44076c9f adegboyega oyetola 696x522

Osun State Woos Investors

Osun State Woos Investors 44076c9f adegboyega oyetola 696x522 300x225

The Governor of Osun State, Mr. Adegboyega Oyetola, Thursday said his administration is committed to putting the state on the path of economic growth and prosperity.
This, he said informed the state’s economic and investment summit, with the theme: “Pathway to Economic Growth,” which holds between 19th and 21st of November, 2019.
Oyetola, said this during an interactive session with journalists in Lagos. According to him, his administration is focused on exposing Osun to the entire community of investors.
He urged potential investors in and out of the country to use the opportunity of the investment summit to understand the opportunities in the state.
“Unless you have the opportunity of knowing what goes on, you won’t know what is happening.
“Osun State has a lot of potential and it is a place to be in the area of agriculture. If you remember, in the past, our state was the leading producer of cocoa, which used to be the major revenue earner for even the Western Region and even .
“So, we have quite a lot of opportunities for agriculture and we are blessed with abundant mineral resources,” he explained.
According Oyetola, there have been lots of illegal mining activities going on in the state. But, he pointed out that his administration was working out regulations to ensure that their activities are formalised and to enable government derived the expected revenue.
“What we are trying to do now is to regulate it and ensure that we provide the enabling environment to invest in mining. “In the state, there is also the ICT hub. Perhaps we have the largest number of tertiary institutions in Nigeria.
“The culture and tourism. We have quite a lot of other tourist attraction sites – the Olubirin waterfall and quite a lot of other sites available for investors,” he added.
He, pointed out that, “my attitude to business generally is that government has no business in business,” stressing the need for public-private partnership (PPP).
“So, we would create the enabling environment for people to come and invest. We have a very secured environment and our state is adjudged to be the most peaceful state in Nigeria.
“In addition to that, we have beefed up our security arrangement. We have just acquired additional 20 vehicles in collaboration with the South-west states, that would be launched any moment from now.
“In terms of the people, they are very hospitable and the Ease of Doing Business is high in the state. We are ready to sign-off certificate of occupancy within 90 days, from the time of processing to the completion date,” he added.
According to him, the hiccups that used to be witnessed in the past in terms of business and land registration, have all been removed.
“So, when you look at the totality of what we have, we have created a good environment for businesses to thrive. We are conscious of the fact that in line with our state development plan, which is based on four pillars, namely – economic development, infrastructure development, human capital development and security and sustainable environment.
“All our programmes have been designed to address all these areas. But in doing so, we have a lot of opportunities for investment,” he added.

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Business

Why Nigerians must ‘patronize made-in-Nigeria’ products – Buhari

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Why Nigerians must ‘patronize made-in-Nigeria’ products – Buhari Why Nigerians must ‘patronize made-in-Nigeria’ products – Buhari 20191008 173707

President Muhammadu Buhari has called on Nigerians and the private sector to patronise Made-in- products.

Buhari said patronizing made-in-Nigeria products was the only way the country can sustain its drive towards achieving industrialisation.

The President, who was represented by the Minister of State for Industry, Trade and Investment, Ambassador Maryam Katagum, said this yesterday at the opening ceremony of this year’s Lagos International Trade Fair in Lagos.

He stated that promoting locally made products was the only leeway out of the country’s present economic doldrums.

Buhari said: “I want to reiterate my call to Nigerians to patronise Made-in-Nigeria products and services.

“We must accept our new reality of promoting locally made products as it is evident that this is where our new Nigeria would be realised and that is why I have constantly emphasised that we must be a nation where we grow what we eat and consume what we produce.”

He added that his administration’s economic agenda was to pursue vigorously the diversification of the country’s economy from mono-product to non – oil sector.

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