29092020 - Anger as labour leaders abort strike, mass protest

PoS, oS, mobile transactions decline, as exper
xperts
ts
blame banks
By Elizabeth Adegbesan
MONEY MARKET
THE volume and value of
transactions through Point
of Sale (PoS) terminals and Mobile
Interscheme transfers (Mobile
phones) declined in August.
Analysis of the current Electronic
Payment Channels data
from Nigeria Interbank Settlement
System (NIBSS) showed that the
volume of PoS transactions fell
month-on-month (MoM) by 3.2
million or six percent to 50.7 million
in August from 53.7 million
in July.
Similarly, the value of PoS transactions
dropped by N30.33 billion
or seven percent to N386.4
billion in August from N416.7 billion
in July.
The report also shows that in
August, the volume of mobile
transfers fell by 2.0 percent to
11.99 million from 12.22 million
in July while its value declined by
eight percent to N253.1 billion
from N275.12 billion in July.
Commenting on the development,
National Chairman, Centre
against Impunity in Nigeria, Shina
Loremikan said: "I think the inability
of the system to meet customers'
satisfaction is the cause of the
decline in PoS and Mobile transfers
transactions.
"If you transfer a sum to somebody
elsewhere, sometimes, it
takes three days or a week, there
are instances of 10 days before the
person will get the cash transfer,
but while you are yet making the
cash transfer, they instantly deduct
your money and other hidden
charges including stamp duty
charge.
"So people keep asking, 'how long
would we continue with paying
these hidden charges' that is a sign
of frustration in business transactions.
People decided to use other
means such as doing manual
money transfer where you fill a
form in a physical bank and not
by ATM, PoS or mobile phone so
CURRENCY BUYING SELLING
US DOLLAR
POUNDS
EURO
FRANC
YEN
CFA
WAUA
RENMINBI
RIYAL
RAND
109.90 -3.75
2,601.00 +33.00
12.66 -0.34
$41.92 0.00
40.14 -0.11
379 379.5 380
482.6168 483.2553 483.892
440.8907 441.4724 409.2623
408.1852 408.7237 415.1191
3.5924 3.5972 3.6019
0.6564 0.6664 0.6764
532.8352 533.5382 534.2411
55.4847 55.5584 55.632
101.0451 101.1784 101.3117
22.1136 22.1427 22.1719
CBN Exchange rate as at 28/09/2020
that whoever you are sending the
money to can quickly have it.
"It is rather unfortunate. Instead
of the banks to explain the unfolding
dilemma, they didn't. It is until
you constitute a nuisance that is
when they will find a means to address
it and most times they will
tell you branches cannot resolve
the issue but can only be resolved
at the headquarter. Sometimes
they will say it is not the fault of the
banks but Interswitch. Whereas,
when the bank customer came
NBS set t to conduct national business
sample census
By Yinka Kolawole
ECONOMY
THE National Bureau of Sta
tistics (NBS) said it has concluded
plans to conduct a national
business sample census (NBSC), in
collaboration with the World
Bank.
Statistician General of
the federation, Dr. Yemi
Kale, announced this in a
statement shared on his
Twitter handle, adding
that the exercise will be
conducted across the 36
states between October
12 and December 12,
2020.
Kale noted that the last
survey was conducted
22 years ago, between
1998 and 1999, despite
recommendations that
the exercise be carried
out every 10 years.
He explained that the
census has four objectives
aimed at providing
comprehensive and detailed
information about
the structure of the Nigerian
economy.
He stated: "NBS has
commenced the process
of implementing the
2020 National Business
Sample Census (NBSC) in
Nigeria," the statement
into the contract, he didn't know
Interswitch."
On his part, President, Association
of Mobile Money and Bank
Agents in Nigeria (AMMBAN)
Olojo Victor said: "The effect of
COVID-19 which has dampened
business activities in the country
is telling on payment channel patronage.
This has resulted in the
fall in mobile transfers and PoS
transactions."
However, Loremikan noted
that unless the regulatory bodies
read.
"The survey which is coming
after a similar one conducted
twenty-two years (1997/98) ago
is apt, especially now that the current
government is re-structuring
the economy for faster growth
through support to small, medium
and large scale enterprises
in order to increase their productivity."
Kale said that the main objectives
of NBSC include: "To compile frame,
develop instruments and concepts,
establish standards and
methodology for industrial and
business surveys in Nigeria; to
serve as benchmark for updates of
subsequent commercial and industrial
sector statistics; to develop a
Vanguard, TUESDAY, SEPTEMBER 29, 2020 — 19
national directory of commercial and
industrial business establishments with
all their associated social and economic
characteristics and; to provide
the country with comprehensive and
detailed information about the structure
of the Nigerian economy."
The statistician-general noted that
conditions that must be met by businesses
before their establishments are
considered.
He listed them to include: "Fixed
structure and location, a separate shop
with a different entrance and enclosed
from dwelling place (in the case of residential
areas), shops should have locks
and keys for a market setting, while
kiosks and shops under umbrella are
not to be listed during the census".
Lagos Assembly urges Sanwo-Olu to create MSMEs hubs
By Ebunoluwa Sessou
ECONOMY
LAGOS State House of As
sembly has called on the
Governor, Babajide Sanwo-Olu to
create Micro, Small, and Medium
Enterprises, MSMEs, hubs in the
three senatorial districts in the
state.
The call was part of the Motion
entitled; "Call on the State Government
to Establish Micro, Small
and Medium Enterprises MSMEs,
Commercial Hubs In All The Senatorial
Districts of Lagos State,"
raised by a member represent-
sanction banks for breach of contract
with customers, bank customers will
continue to opt for transactions in
physical banks.
"To ensure confidence building on
the part of the end users of the bank
services, the supervising institutions
have to assert their authorities on
banks and the customers should be
compensated for breach of contract.
If the banks breach their contract
with customers and they get sanctioned
by their supervisory authority,
they will sit upright", he said.
COURTESY VISIT: From left — Managing Director, Bank of Industry, Mr. Kayode Pitan;
Sec. Gen. AfCFTA, H. E. Wamkele Mene and Director-General, Nigeria Office of Trade
Negotiation, Victor Liman, during a courtesy meeting with the management of the
Bank in Lagos.
•Last conducted 22 years ago
ing Kosofe constituency 1, Mr.
Ganiyu Okanlawon during yesterday
plenary.
Moving the motion, Okanlawon
opined that, life will become bearable
if MSMEs grow, stating that the idea
of SMEs as conceived by China
brought about growth in the nation's
economy.
According to him, establishing
commercial hubs in places including
Epe, Ibeju Lekki among others would
grow the economy of the state. "We
have people who specialize in fish
farming, coconut among others and
we can support such businesses to
grow", he said.
CBN's Corporate
Communication
is like a battle
front —Okoroafor
…Says 'I'm fulfilled'
By Emma Ujah, Abuja
Bureau Chief
MONEY MARKET
MR Isaac Okoroafor, Direc
tor at the Central Bank
of Nigeria, CBN, is due to bow
out after over 15 years in the
Corporate Communications
function of the apex bank.
The Abuja Branch of the University
of Nigeria Nsukka
Alumni Association (UNAA)
gave him an award in recognition
of his being a worthy ambassador
of the UNN, having positively
impacted the institution
and members of the association.
In a brief chat with journalists
at a ceremony where he was honored
by the University of Nigeria,
Nsukka alumni, he share his
experience, and said, "I look at it
from the point of view of National
Service. National Service comes
above every other thing, after the
worshiping of God. National Service
takes precedence above every
other thing. It has been more
than 15 years.
"I came in from the private sector.
I told my people before I left
Businessday Newspaper that I
was going for national service.
"Our country needs to be
served. Whether we like it or not;
whether we are happy in it or
not; we must do whatever we can
for the people of Nigeria, especially
the ordinary people, who
do not have the opportunities
that some of us have. We must
continue to work for the betterment
of their lives.
"I am very happy , I am very
fulfilled that I am coming to the
end of my public service. But
national service continues. I will
continue to do that because until
all of us come out to serve this
country, this country will not
make progress.
"For me my sleeping pattern
will now change. For 15 years, I
have been waking up at 3. 00
am to look at what some of you
(media) write and to prepare for
it the next day. My phones don't
go off. Even when I am sleeping.
That is the spirit and I am happy
I will have some time to rest now.
"Running the corporate communication
is like being in the
battle front. Every day, you are
on duty. There is no weekend,
no vacation, no public holiday.
Even when I travel outside the
country, my phones will be ringing
and I had to operate from
there.
"It means a whole lot. It denies
you your private life, your community
life and all that. At a
time my town union granted me
leave and told me I should come
whenever I wished to come because
they understood what I was
going through.”
While commending Sanwo-
Olu, the House called on him to
call on the Commissioner for
Commerce and Industry to create
SME hubs in the different
senatorial districts in the state
and to provide the necessary
structure for their survival.
"This House notes the efforts
of the Federal Government in
the recognition of MSMEs as the
engine room for driving the Nigerian
economy and establishment
of Eko fashion hub at Ikeja,
making it a one-stop centre for
fashion designers to share facilities
and resources.''