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CBN, Banks Introduce New Measure to Boost Financial Inclusion
•Repair work at National Theatre gulps N25bn, to commence January
Obinna Chima
As part of efforts to enhance financial inclusion in the country, the Central Bank of Nigeria (CBN) and banks, under the aegis of the Bankers’ Committee, have concluded plans to simplify the requirements for the Bank Verification Number (BVN) for certain types of transactions.
CBN Governor, Mr. Godwin Emefiele, disclosed this yesterday, while briefing journalists at the end of a two-day annual Bankers’ Committee retreat at Ogere, Ogun State.
The retreat had the theme, “Delivering Inclusive Growth: Leveraging Digital Finance”.
A BVN is a biometric identification system implemented by the CBN to curb illegal banking transactions in Nigeria. It is a security measure aimed at reducing fraud in the banking system.
The new move would result in the creation of what the CBN Governor described as “BVN Lite,” which would require fewer information to enrol customers that hitherto were excluded because of certain stringent requirements.
However, under the BVN Lite, Emefiele pointed out that the amount of transactions to be carried out by such persons would be limited.
He said, “BVN as it is today, we have close to 40 million people enrolled on the platform. We think that because of the benefits of the BVN today to bank customers and, indeed, to the economy, there is need to move to what is called BVN 2.0.
“What it entails is to reclassify and segregate transactions that can be held by BVN. For instance, we have two classifications. The existence BVN requirement that we have in the system has almost about 18 lines of information that are required, and where your 10 prints and fingers are taken to ensure that all transactions that you take are within the banking system.
“We have decided to classify that as BVN classic and BVN premium. But we agreed that there should also be a system where people who are today financially excluded can now be financially included. Here, we are talking about creating another segment called BVN Lite.
“Here, minimal information about the person will be held. What is means is that if you are classified a BVN Lite, then there is a limit to the kind of transactions you can conduct in the banking sector, maybe in terms of deposit or loans.”
Emefiele stressed that the focus was to ensure that more persons, especially the rural dwellers, were financially included and able to conduct basic banking services.
“For our brethren in local communities, we think that by being allocated the BVN Lite, they would be automatically migrated into the banking system,” he stated. “Some of our brethren that are doing the Anchor Borrowers’ Programme or the Social Investment Programme, we believe we can use the BVN Lite as an arrangement, so that everybody can be financially included and can conduct banking transactions. What is important is that we can have a view of total number of people in the financially included,” he added.
He said members of the Bankers’ Committee also discussed the need for banks to continue to invest in tools that would prevent the financial system from cyber attacks.
“The committee also discussed the need to digitise the tax collection system. That is where the world is going to and we need to embrace it,” the CBN governor said.
Commenting on the move by the Bankers’ Committee to revamp the National Theatre at Lagos, Emefiele said the committee had gotten a presidential approval to give the facility a facelift. He disclosed that repair work at the National Theatre would commence next month, just as he assured workers that their jobs would not be affected.
Emefiele put the estimated amount to be spent on renovation of the National Theatre at N25 billion, saying the committee would thereafter intervene at the national theatres in Kano, Rivers and Enugu states.
According to him, “We are just trying to redevelop the National Theatre and build around it, these four hubs – IT, fashion, music and Nollywood – that would help create economic activities around the National Art Theatre, and then present it as an opportunity to create jobs for people, particularly our youths.
“We must create jobs for our youths. A larger number of our people are youths and if they are jobless, how can they live a life? These people have certain innate skills endowed by God. What we just trying to say is for them to unleash these skills.”

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Business

Fuel Price Increase: All Filling Station Owners In Nigeria Should Take Note Of This

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Fuel Price Increase: All Filling Station Owners In Nigeria Should Take Note Of Thi

Filling station owners should take note of this on what should be done concerning the price of fuel.

 

There is no doubt that the covid-19 outbreak in Nigeria has drawn the progress of various sectors of the country back. Moreover, this might lead to a change in different sectors of the economy, as the vice president, Yemi Osinbajo had earlier said that the challenges posed by COVID-19 pandemic to the country has presented an unusual opportunity for Nigeria to reset critical sectors of it’s economy.

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In sync with this, all owners of filling station in Nigeria should consider making positive changes in the price of fuel. Considering that the incomes of citizens are draining down on a daily basis as many are left with nothing to do due to the covid-19 outbreak, owners of filling station in Nigeria Should think of how to make the price of fuel favourable.

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Filling Station Owners should never think of increasing the price of fuel, rather, they should consider decreasing the price of fuel within this hard time of Covid-19 pandemic. This will go a long way to help.

Nigerian citizens will appreciate if filling station owners will consider reducing the price of fuel.

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Business

COVID-19: Sanwo-Olu mulls full re-opening of Lagos economy

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GOVERNOR Babajide Sanwo-Olu of Lagos State, yesterday, expressed satisfaction with the level of compliance to safety guidelines against the spread of COVID-19 pandemic in the state, saying the state was considering full re-opening of critical sectors of its economy but was not in a hurry to do so.
The governor said in the coming days, the state government would be rolling out the Register-to-Open initiative as part of plans that would enable it assess the level of readiness of players in the identified sectors for supervised operations.
He said: “We are at a level where we are reviewing the other arms of the economy. In the coming days, we will be starting what we call Register-to-Open, which means all players in the restaurant business, event centres, entertainment, malls and cinemas will go through a form of re-registration and space management.
“There is a regulation that will be introduced to supervise this move. We will be coming to their facilities to assess their level of readiness for a future opening. I don’t know when that opening will happen in the weeks ahead, but we want these businesses to begin to tune themselves to the reality of COVID-19 with respect to how their work spaces need to look like.

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“For us, it is not to say they should re-open fully tomorrow (Monday) or any time; there has be a process guiding the re-opening. We will be mandating LASEPA and safety commission to begin the enumeration process and the agencies will be communicating with all relevant businesses and houses in the days ahead. I must, however, caution that this should not be misinterpreted as a licence for full opening; it is certainly not. The state’s economy is not ready for that now.”
The governor disclosed that all the 10 staff of Government House, who tested positive to the virus, had fully recovered and returned to their beats.
Also, the Commissioner for Information and Strategy, Gbenga Omotoso, disclosed that the state would commence the clinical trial treatment of COVID-19 this week using chloroquine as approved by National Agency for Food Drug, NAFDAC.
Omotoso said: “We are ready for the chloroquine clinical trial because we have just secured all the approvals. The documentation has also been completed. Those that will be used for the trials are ready too. By next week we should be ready for the trial.
“Also, Lagos got a supply of additional 20,000 testing kits, although we were expecting 40,000. It means that the testing will increase now.”

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