Wednesday, June 4, 2014
For Nicki, Peter shared the pic of her on the right and wrote;
"Married or not married... Culture or no Culture. If u got it flaunt it... Welcome to the world of Showbiz.#deuces...welcome to the world of entertainment"
"
Showing posts with label banking. Show all posts
Showing posts with label banking. Show all posts
Wednesday, 4 June 2014
Peter Okoye comes to Tiwa Savage's defense
For Nicki, Peter shared the pic of her on the right and wrote;
"Married or not married... Culture or no Culture. If u got it flaunt it... Welcome to the world of Showbiz.#deuces...welcome to the world of entertainment"
Wednesday, 21 May 2014
Bank Customers React To Perforation Of Trapped ATM Cards
Mixed reactions have continued to trail the latest policy of
the Central Bank of Nigeria (CBN) which directs banks to destroy all
trapped ATM cards, as many bank customers said the policy is a step
backward for the cash-lite policy.
Speaking with LEADERSHIP variously, many bank customers condemned the policy, urging the CBN and banks to ensure that all ATMs are functional and well maintained before making such policy which according to them is not only time consuming but would be an additional burden on the customer.
Although the practice of destroying trapped ATM cards by perforation has been ongoing in most banks for months, the CBN last week in its approved “Guidelines for Card Issuance and Usage in Nigeria,” directed that any trapped card in the ATM be rendered unusable (by perforation) by the acquirer and returned to the issuer on the next working day.
According to one customer, “apart from the fact that I will have to pay for the new card, it is time wasting because that means I have to wait for weeks before I get another card. For me I don’t think it makes sense and the message they are sending is that we should start carrying cash around again.”
Another customer who identified himself as Ayo stated that the “policy is against the drive of the apex bank to promote the cashless policy as confiscating trapped cards will only discourage people from using cards and applicable means i.e. POS, ATM, online shopping.
“What happens to folks that are still learning how to use the cards? People like that easily get their cards trapped trying to learn and they should be considered. Even me, on two occasions I left my card unintentionally after getting the cash and had to go retrieve it days after. We understand that CBN is trying to help the banks make money as several streams of their income have been heavily regulated and some totally blocked but this policy is a killer of our cashless vision.”
For one student, Chisom, “they just want to take undue advantage to cheat on the customers. If a card is trapped the owner might not be at fault at all. Many times the service will suddenly go off and before the card owner knows what is happening the card would be swallowed up by the machine. Does this mean that the customers must be penalised for failure of the bank?”
Narrating his ordeal, a trader, Sefiu Adebayo said “last Easter on Good Friday, I withdrew N20, 000, the ATM dispensed the cash brought out the card a bit, I tried to retrieve it but couldn’t. That’s how the ATM swallowed my card in my presence. Thank God for my wife that borrowed me money that I used for the Easter celebration. I went first working the bank on the first working day which was Tuesday and they asked me to apply for another. It took them one month to give me and they were charging each time I used the banking hall to withdraw small amount.”
Reacting to the policy, another bank customer who declined to mention his name noted that “some bank policies are made based on experience. It is possible that whoever came up with it experienced a fraud issue involving releasing trapped cards to non-owners. I would not crucify anyone just yet. We all know policies cannot make everyone happy. It favours a few. So I will advise you use your bank ATM to make withdrawals and/or make a forecast of your cash need and withdraw from the bank ahead of a weekend so you don’t get broke. Alternatively, a lot of shops/vendors now have POS machines so save your liquid cash and pay with a POS.”
The policy was also commended by another customer who described it as a good development. According to the customer, “you certainly would not appreciate it except you have once been a victim of ATM card fraud. Once your card is no longer in your possession, anyone can transact with it by just using your serial number and the three digit code at the back of the card for online transaction, anyone including bank employees. Once the card is trapped and has to go from hand to hand, it is already compromised and it could be used in future long after it’s been returned to you.”
Director, banking and payment system department of the CBN, Mr. Dipo Fatokun had at the weekend described the policy as a global practice, pointing out that the policy does not only apply to other banks’ ATMs alone, saying that cards trapped in issuing banks’ ATMs would also be perforated.
According to Fatokun, the central bank introduced the policy in order to protect bank customers, adding that the apex bank is collaborating with banks to lessen the burden of the policy on cardholders. “We are working with the banks to ensure that when these cards are trapped, not because the customer did something wrongly, and a new card is to be issued to the customer, we are discussing on how it would be done such that the burden would not fall wholly on the cardholders.
“We have also discussed with the banks to ensure that cards that are trapped can be communicated electronically between the acquirer on which the card was trapped and the issuer of the card. Furthermore, he noted that for cards trapped in issuing banks’ ATMs, if the machine is located within the premises and the cardholder goes into the banking hall to report the situation, the bank may decide to retrieve the card immediately and return same to the customer without perforating it.
However, for trapped issuing banks’ ATMs located off-site, he said the financial institution may decide to invoke the provision of that guideline to issue the customer another card and perforate that one that was trapped.
Speaking with LEADERSHIP variously, many bank customers condemned the policy, urging the CBN and banks to ensure that all ATMs are functional and well maintained before making such policy which according to them is not only time consuming but would be an additional burden on the customer.
Although the practice of destroying trapped ATM cards by perforation has been ongoing in most banks for months, the CBN last week in its approved “Guidelines for Card Issuance and Usage in Nigeria,” directed that any trapped card in the ATM be rendered unusable (by perforation) by the acquirer and returned to the issuer on the next working day.
According to one customer, “apart from the fact that I will have to pay for the new card, it is time wasting because that means I have to wait for weeks before I get another card. For me I don’t think it makes sense and the message they are sending is that we should start carrying cash around again.”
Another customer who identified himself as Ayo stated that the “policy is against the drive of the apex bank to promote the cashless policy as confiscating trapped cards will only discourage people from using cards and applicable means i.e. POS, ATM, online shopping.
“What happens to folks that are still learning how to use the cards? People like that easily get their cards trapped trying to learn and they should be considered. Even me, on two occasions I left my card unintentionally after getting the cash and had to go retrieve it days after. We understand that CBN is trying to help the banks make money as several streams of their income have been heavily regulated and some totally blocked but this policy is a killer of our cashless vision.”
For one student, Chisom, “they just want to take undue advantage to cheat on the customers. If a card is trapped the owner might not be at fault at all. Many times the service will suddenly go off and before the card owner knows what is happening the card would be swallowed up by the machine. Does this mean that the customers must be penalised for failure of the bank?”
Narrating his ordeal, a trader, Sefiu Adebayo said “last Easter on Good Friday, I withdrew N20, 000, the ATM dispensed the cash brought out the card a bit, I tried to retrieve it but couldn’t. That’s how the ATM swallowed my card in my presence. Thank God for my wife that borrowed me money that I used for the Easter celebration. I went first working the bank on the first working day which was Tuesday and they asked me to apply for another. It took them one month to give me and they were charging each time I used the banking hall to withdraw small amount.”
Reacting to the policy, another bank customer who declined to mention his name noted that “some bank policies are made based on experience. It is possible that whoever came up with it experienced a fraud issue involving releasing trapped cards to non-owners. I would not crucify anyone just yet. We all know policies cannot make everyone happy. It favours a few. So I will advise you use your bank ATM to make withdrawals and/or make a forecast of your cash need and withdraw from the bank ahead of a weekend so you don’t get broke. Alternatively, a lot of shops/vendors now have POS machines so save your liquid cash and pay with a POS.”
The policy was also commended by another customer who described it as a good development. According to the customer, “you certainly would not appreciate it except you have once been a victim of ATM card fraud. Once your card is no longer in your possession, anyone can transact with it by just using your serial number and the three digit code at the back of the card for online transaction, anyone including bank employees. Once the card is trapped and has to go from hand to hand, it is already compromised and it could be used in future long after it’s been returned to you.”
Director, banking and payment system department of the CBN, Mr. Dipo Fatokun had at the weekend described the policy as a global practice, pointing out that the policy does not only apply to other banks’ ATMs alone, saying that cards trapped in issuing banks’ ATMs would also be perforated.
According to Fatokun, the central bank introduced the policy in order to protect bank customers, adding that the apex bank is collaborating with banks to lessen the burden of the policy on cardholders. “We are working with the banks to ensure that when these cards are trapped, not because the customer did something wrongly, and a new card is to be issued to the customer, we are discussing on how it would be done such that the burden would not fall wholly on the cardholders.
“We have also discussed with the banks to ensure that cards that are trapped can be communicated electronically between the acquirer on which the card was trapped and the issuer of the card. Furthermore, he noted that for cards trapped in issuing banks’ ATMs, if the machine is located within the premises and the cardholder goes into the banking hall to report the situation, the bank may decide to retrieve the card immediately and return same to the customer without perforating it.
However, for trapped issuing banks’ ATMs located off-site, he said the financial institution may decide to invoke the provision of that guideline to issue the customer another card and perforate that one that was trapped.
Tuesday, 1 April 2014
SSS accuses CBN Governor, Sanusi Lamido, of financing terrorism
.And now the SSS is accusing suspended CBN governor Sansui Lamido Sanusi of
financing terrorism in Nigeria.
Premium Times reports
A new twist has been added to the ongoing travails of the suspended
Governor of the Central Bank of Nigeria, CBN, Lamido Sanusi, as the
Department of State Security Service, SSS, has accused him of financing
terrorism.
The SSS stated this at the Federal High Court, Lagos, while defending its
decision to seize Mr. Sanusi’s international passport.
Mr. Sanusi’s passport was seized on February 20, as he arrived the Lagos
international airport, hours afte... more »
Friday, 21 March 2014
First Bank, Others , Kick-off Consumers’ Loan Offer
First Bank, Others , Kick-off Consumers’ Loan Offer
— March 19, 2014
FirstBank, Nigeria’s best banking brand, Intel Nigeria and
Slot Limited, a leading retailer in mobile devices, have thrown their
weight behind an initiative that offers the public the opportunity to
purchase personal computers and tablets now and pay later. The scheme
which is open to employees of private and public organisations,
entrepreneurs, and cooperative associations and unions, provides a wide
range of Lenovo, Asus and Samsung products which are paid for over a
period of one year.
Speaking on the initiative, country manager, Intel, Olubunmi Ekundayo said, “The scheme is part of the goal of Intel to make technology more accessible to everyone.”
We have harmonized plans with all the partners to make customers acquisition of PCs and tablets simpler and easier. We believe that this will go a long way in helping to bridge the digital divide.”
FirstBank, in a statement, said that it is committed to creatively meet customers’ needs, and that this collaboration with Intel and Slot is one of its many initiatives to improve quality of lives and meet the personal and business demands of its customers.
Adim Isiakpona, marketing and PR manager, Intel, gave more insights into the scheme as he explained that individuals and corporate entities can purchase quality Intel-powered PC’s by walking into any Slot Outlet near them, pick up a Proforma invoice for the device bundle and visit the nearest First Bank branch for onward processing.
Isiakpona further explained that as an added bonus, customers will be entitled to a free Etisalat Internet dongle plus 200MB data card and genuine Microsoft Office on laptops and 200MB data card on the device purchased. All devices will also have access to Intel Explore and Learn Marketplace with free Educational and learning content for all customers to enjoy.
You will recall that as part of efforts to increase customers acquisition, Intel had started a PC acquisition scheme called ‘Create your tomorrow’ in 2012, and has partnered with other financial institutions in the past to make acquisition simplier. The consumer loan scheme with FirstBank and Slot will ease the process of owning Intel powered PCs and Tablets, while relying on a stress-free monthly installmental payment process.
Speaking on the initiative, country manager, Intel, Olubunmi Ekundayo said, “The scheme is part of the goal of Intel to make technology more accessible to everyone.”
We have harmonized plans with all the partners to make customers acquisition of PCs and tablets simpler and easier. We believe that this will go a long way in helping to bridge the digital divide.”
FirstBank, in a statement, said that it is committed to creatively meet customers’ needs, and that this collaboration with Intel and Slot is one of its many initiatives to improve quality of lives and meet the personal and business demands of its customers.
Adim Isiakpona, marketing and PR manager, Intel, gave more insights into the scheme as he explained that individuals and corporate entities can purchase quality Intel-powered PC’s by walking into any Slot Outlet near them, pick up a Proforma invoice for the device bundle and visit the nearest First Bank branch for onward processing.
Isiakpona further explained that as an added bonus, customers will be entitled to a free Etisalat Internet dongle plus 200MB data card and genuine Microsoft Office on laptops and 200MB data card on the device purchased. All devices will also have access to Intel Explore and Learn Marketplace with free Educational and learning content for all customers to enjoy.
You will recall that as part of efforts to increase customers acquisition, Intel had started a PC acquisition scheme called ‘Create your tomorrow’ in 2012, and has partnered with other financial institutions in the past to make acquisition simplier. The consumer loan scheme with FirstBank and Slot will ease the process of owning Intel powered PCs and Tablets, while relying on a stress-free monthly installmental payment process.
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Union Bank Unveils Growth Strategies
Union Bank Unveils Growth Strategies
— March 19, 2014
Union Bank Nigeria Plc has unveiled a five-year strategic
plan that would see the bank becoming a highly respected provider of
quality banking services.
Group managing director of the bank, Emeka Emuwa, disclosed this in Lagos yesterday.
Specifically, Emuwa said the bank’s strategic ambition would focus on six areas, which he listed to include quality of customer experience, quality of client base, quality of talent, quality of banking platform, quality of professional standards and quality of earnings.
He recalled: “Last year, we had two important tasks ahead of us. First, to immediately improve the bank’s operations by dealing with existing operational and services and second to develop a roadmap to firmly establish Union Bank as significant player within the Nigerian banking industry.
“However, after months of hard work during, which we considered our strength as a bank, our challenges and also the landscape within which we operate, we have emerged with a strategy that will guide the bank for the next three to five years. This strategy has been approved by the board of Union Bank.”
The Union Bank boss said the lender remains focused on building on the progress it made in 2013. “One of such was the launch of the Bank of the Future branch in Lagos as well as rolling out over 300 Automated Teller Machines (ATMs),” he said.
, adding” the bank may not open new branches but roll out future branch model of the bank that would offer convenient banking activities while additionally 300 ATMs will be installed this year in 338 branches of the bank nationwide.”
On the rumours about Union Bank seeking to raise fresh capital, Emuwa said the bank has sufficient capital to fund its restructuring and expansion and will not be seeking further capital in the near to medium term
Group managing director of the bank, Emeka Emuwa, disclosed this in Lagos yesterday.
Specifically, Emuwa said the bank’s strategic ambition would focus on six areas, which he listed to include quality of customer experience, quality of client base, quality of talent, quality of banking platform, quality of professional standards and quality of earnings.
He recalled: “Last year, we had two important tasks ahead of us. First, to immediately improve the bank’s operations by dealing with existing operational and services and second to develop a roadmap to firmly establish Union Bank as significant player within the Nigerian banking industry.
“However, after months of hard work during, which we considered our strength as a bank, our challenges and also the landscape within which we operate, we have emerged with a strategy that will guide the bank for the next three to five years. This strategy has been approved by the board of Union Bank.”
The Union Bank boss said the lender remains focused on building on the progress it made in 2013. “One of such was the launch of the Bank of the Future branch in Lagos as well as rolling out over 300 Automated Teller Machines (ATMs),” he said.
, adding” the bank may not open new branches but roll out future branch model of the bank that would offer convenient banking activities while additionally 300 ATMs will be installed this year in 338 branches of the bank nationwide.”
On the rumours about Union Bank seeking to raise fresh capital, Emuwa said the bank has sufficient capital to fund its restructuring and expansion and will not be seeking further capital in the near to medium term
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Monday, 27 January 2014
New Anti Fraud technology uses colour,symbols,numbers
Researchers have unveiled a new, safer system using colours and symbols as well as numbers.
They say it could cut ATM fraud dramatically.
The keypad of the future? The colours and symbols move around each time the pad is used, and are displayed on its screen
Called Tri-Pin, the idea came to inventor Glynn Reynolds after a friend was a victim of ATM fraud.
‘Tri-pin is a very simple, but effective idea with a higher level of security than traditional PINs,’ he said.
The system would avoid many current practices used by fraudster to steal PIN numbers, such as ‘shoulder surfing’ to see which keys are being pressed.
Because different keys would be pressed every time a withdrawl was made, it would be impossible to find a PIN without seeing the screen and keypad clearly.
‘It looks like much like any other 10 digit keypad, but instead of each button having just a number, they also have a colour and a symbol/shape,’ the firm says.
A user chooses a PIN with a combination of numbers, colours and shapes/symbols:,for example – 3, square, pink, flag.
The new system could end the practise of ‘shoulder surfing’ ATM fraud, its inventors claim
Each time that the user has to input their pin, the colours and symbols randomly change position on the keypad, so you’re never pressing the same sequence of keys.
It could also be used to unlock smartphones, tablets and even doors, the firm says.
‘The great thing about TRI-PIN is that it’s a software solution, so if it was available on Apple/Android, all you need to do is update current devices rather than upgrade or change them,’ said Reynolds.
The first company to use TRI-PIN is Lunabee on there oneSafe app on iPhone, iPad and Mac.
The system could be used on existing ATM machines by updating their software
Sources: http;//mramebo.blogspot.com
They say it could cut ATM fraud dramatically.
HOW IT WORKS
A user chooses a PIN with a combination of numbers, colours and shapes/symbols: for example – 3, square, pink, flag.
Each time that the user has to input their pin, the colours and symbols randomly change position on the keypad, so you’re never pressing the same sequence of keys.
Each time that the user has to input their pin, the colours and symbols randomly change position on the keypad, so you’re never pressing the same sequence of keys.
‘Tri-pin is a very simple, but effective idea with a higher level of security than traditional PINs,’ he said.
The system would avoid many current practices used by fraudster to steal PIN numbers, such as ‘shoulder surfing’ to see which keys are being pressed.
Because different keys would be pressed every time a withdrawl was made, it would be impossible to find a PIN without seeing the screen and keypad clearly.
‘It looks like much like any other 10 digit keypad, but instead of each button having just a number, they also have a colour and a symbol/shape,’ the firm says.
A user chooses a PIN with a combination of numbers, colours and shapes/symbols:,for example – 3, square, pink, flag.
Each time that the user has to input their pin, the colours and symbols randomly change position on the keypad, so you’re never pressing the same sequence of keys.
It could also be used to unlock smartphones, tablets and even doors, the firm says.
‘The great thing about TRI-PIN is that it’s a software solution, so if it was available on Apple/Android, all you need to do is update current devices rather than upgrade or change them,’ said Reynolds.
The first company to use TRI-PIN is Lunabee on there oneSafe app on iPhone, iPad and Mac.
Sources: http;//mramebo.blogspot.com
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