PoS, oS, mobile transactions decline, <strong>as</strong> 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 c<strong>as</strong>h transfer, but while you are yet making the c<strong>as</strong>h transfer, they instantly deduct your money and other hidden charges including stamp duty charge. "So people keep <strong>as</strong>king, '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 <strong>as</strong> 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 <strong>as</strong> 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. Where<strong>as</strong>, 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 h<strong>as</strong> 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 l<strong>as</strong>t survey w<strong>as</strong> conducted 22 years ago, between 1998 and 1999, despite recommendations that the exercise be carried out every 10 years. He explained that the census h<strong>as</strong> four objectives aimed at providing comprehensive and detailed information about the structure of the Nigerian economy. He stated: "NBS h<strong>as</strong> 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 h<strong>as</strong> dampened business activities in the country is telling on payment channel patronage. This h<strong>as</strong> 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 f<strong>as</strong>ter growth through support to small, medium and large scale enterprises in order to incre<strong>as</strong>e 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 <strong>as</strong> 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 <strong>as</strong>sociated 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 c<strong>as</strong>e of residential are<strong>as</strong>), 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 h<strong>as</strong> 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 w<strong>as</strong> 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 <strong>as</strong>sert 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. •L<strong>as</strong>t 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 <strong>as</strong> 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 amb<strong>as</strong>sador of the UNN, having positively impacted the institution and members of the <strong>as</strong>sociation. In a brief chat with journalists at a ceremony where he w<strong>as</strong> 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 h<strong>as</strong> been more than 15 years. "I came in from the private sector. I told my people before I left Businessday Newspaper that I w<strong>as</strong> 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 w<strong>as</strong> 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 <strong>as</strong> the engine room for driving the Nigerian economy and establishment of Eko f<strong>as</strong>hion hub at Ikeja, making it a one-stop centre for f<strong>as</strong>hion designers to share facilities and resources.''
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