BUSINESS
PAPSS, BUNA Sign MoU to build Payments Between Africa, Arab Region
The Pan-African Payment and Settlement System (PAPSS) in collaboration with the African Continental Free Trade Area (AfCFTA) Secretariat, has signed a Memorandum of Understanding (MoU) with BUNA.
PAPSS is operated by the African Export-Import Bank (Afreximbank)This is contained in a statement signed by Mr Papa Thiongane, the Manager, Marketing and Communications, PAPSS, in Abuja on Wednesday.
PAPSS is a centralised Financial Market Infrastructure that enables the efficient flow of money securely across African borders, minimising risk and contributing to financial integration across the regions.
According to Thiongane, BUNA is the cross-border and multi-currency payment system owned by the Arab Monetary Fund (AMF).
He said it was aimed at enabling financial institutions and central banks in the Arab region and beyond to send and receive payments in local currencies and key international currencies.The marketing manager said that interoperability among payment systems as the foundation for enhancing cross-border payments, required technical process and business system compatibility so that end users could seamlessly transact with each other across systems. “This collaboration lays the foundation for the interoperability between PAPSS and BUNA payment systems. “Their participants will be able to make fast, secure and affordable transactions in their local currencies between the African continent and the Arab region.’’
Thiongane said that PAPSS was aggressively expanding its footprints across Africa, with eight central banks, six switches and about 25 of the largest commercial banks on the continent. He said that PAPSS had also signed very significant strategic relationships with other key institutions.
“By joining PAPSS, banks enable their customers to trade within Africa. Each bank joining PAPSS has access to tens of thousands of end-users already connected across the platform’s growing community of financial institutions. “Central banks joining the PAPSS infrastructure extends the collective reach of the payment system to millions more, with the resultant positive impact on intra-African Trade.
He said that the collaboration between PAPSS and Buna would further these benefits to the Buna network and vice versa.“Together we will create the foundational support for the innovation of trade and payment solutions which will significantly enhance the economy of both regions.’’
He said that PAPSS also planned to collaborate with other regional and continental cross border payments systems to extend its range beyond the African borders to support the growth of trade and investments with the African continent. The statement quoted Prof Benedict Oramah, President and Chairman, Board of Directors of Afreximbank and Chairperson of PAPSS Management Board, as saying “the MoU with BUNA is another important step that PAPSS has taken after its commercial launch’’.
Oramah said that the Arab World and Africa had a long history of trade relations, adding that the PAPSS-BUNA partnership would further facilitate the growth of trade between the two regions. He said that the integration would provide banks across Africa and the Arab World with a seamless and one-stop centre to help their clients transfer value to their counterparts in either region.
“As chairperson of the Arab-Africa Trade Bridges (AATB), I am very proud of this outcome and thank the Arab Monetary Fund, Badea and the Islamic Trade Finance Company (ITFC) for their strong partnership.”Dr Abdulrahman Al Hamidy, the Director -General Chairman of the Board of the Arab Monetary Fund, was quoted as saying “we highlight the important role of Afreximbank and the AMF in leading strategic initiatives.
“That can strengthen the economic ties between the Arab region and the African continent and support the global efforts to promote financial inclusion and improve access to appropriate financial services. “Buna’s success to establish interoperability with regional market infrastructure like PAPSS is another key milestone in Buna’s continuous efforts to expand its regional and global network and increase the value it brings to its participants.”
The CEO of PAPSS, Mr Mike Ogbalu was quoted as saying, “PAPSS being Africa’s premier continent-wide payment rail specifically designed to transform trade on the continent is focused on the impact and not on short-term commercial benefits. Ogbalu said that PAPSS had been able to strike a balance between these objectives and ensure that commercial value was not destroyed for its stakeholders. “Sustaining this impact focus in its collaboration with Buna will have a dramatic impact on trade between Africa and the Arab world, and this is very exciting.’’ (NAN)
The Securities and Exchange Commission (SEC) says it is organising a compliance summit for Chief Executive Officers (CEOs) and Compliance Officers to address Financial Action Task Force (FATF) and related issues.
The Director-General of SEC, Dr Emomotimi Agama, said this in a statement made available on Saturday in Lagos.
He said that the summit, with the theme, “Navigating regulatory challenges: Aligning with changes in FATF in the era of VASPS,” would be in Lagos on Oct.
21 and Oct. 22.According to him, SEC aims to equip capital market operators with the necessary tools and knowledge to thrive in a complex regulatory environment.
Agama said that the Nigerian Capital Market Institute (NCMI), a subsidiary of SEC, would hold the summit.
He noted that the summit would ultimately foster a culture of compliance and integrity in the operations of the participants.
“The aim is to equip capital market operators with essential insights and strategies to effectively navigate the evolving regulatory landscape.
“Attendees are to gain knowledge of understanding regulatory changes, clarity on the latest updates to FATF standards and how these impact Virtual Asset Service Providers (VASPs).
“They will also learn best practices for aligning their compliance programmes with new regulations, ensuring they meet international standards that enhance compliance frameworks in their organisations,” he said.
According to him, key objectives of the summit are regulatory compliance, understanding and implementing Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations.
Others, he added, would include risk management, which encompasses identify, assess and mitigate risks associated with virtual assets and operational efficiency which would lead to enhanced internal controls, governance and compliance frameworks.
The director-general mentioned that the benefits of the summit include regulatory clarity, risk reduction, enhanced governance, competitive advantage and networking opportunities.
The welcome address at the summit is expected to be presented by Ms Frana Chukwuogor, Executive Commissioner, Legal and Enforcement, SEC Nigeria.
The opening remarks and overview of the summit will be delivered by Dr Agama while Ms Hafsat Bakari, Director, Nigeria Fraud Intelligence Unit(NFIU) will present a goodwill message.
Among the speakers expected at the event are, Mr Obinna Iwuno, Chairman, Stakeholders in BlockChain Association of Nigeria (SiBAN) and Certified Cryptocurrency Compliance Specialist and Investigator, Mr Ade Bajomo.
Also, Mr Zacch Adedeji, Executive Chairman, Federal Inland Revenue Service (FIRS), President, Fintech Association in Nigeria, Mr Peter Shodipo, and the President, Committee of Chief Compliance Officers of Capital Market Operators in Nigeria (CCCOCIN) among others.(NAN)
To end the week, the stock market rebounded from previous losses, gaining N74 billion.
Investor interest in MTN Nigeria, FBN Holdings, Guaranty Trust Holding Company (GTCO) and other equities lifted the market.
Notably, the market capitalisation opened at N56.014 trillion, adding N74 billion or 0.
13 per cent to close at N56.088 trillion.The All-Share Index also advanced by 0.
13 per cent, or 129.44 points, closing at 97,606.63, compared to 97,477.19 recorded on Thursday.As a result, the Year-To-Date (YTD) return increased by 30.54 per cent.
The market breadth closed positive, with 31 gainers and 19 losers on the floor of the Exchange.
On the gainers’ chart, Consolidated Hallmark Plc and Sterling Nigeria led by 9.
45 per cent each to close at N1.39 and N4.98 per share respectively.Mecure followed by 9.19 per cent to close at N10.10, Regency Alliance Insurance gained 9.09 per cent to close at 72k, while Fidson Healthcare Plc increased by 8.24 per cent to close at N15.10 per share.
Conversely, Deap Capital Management and Trust led the losers’ chart by 9.93 per cent to close at N1.36, NEM Insurance trailed by 9.71 per cent to close at N7.90 per share.
Daar Communications also lost 9.52 per cent to close at 57k, Tantalizers shed 9.09 per cent to close at 60k, while Dangote Sugar declined by 3.31 per cent to close at N31 per share.
Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 20.33 per cent.
A total of 304.43 million shares valued at N5.60 billion were exchanged in 6,950 deals, compared with 277.75 million shares valued at N4.65 billon in 7,091 deals traded in the previous session.
Meanwhile, Access Corporation led the activity chart in volume and value with 68.26 million shares valued at N1.34 billon.(NAN)
The Ministry of Petroleum Resources has inaugurated a Technical Working Group to enhance gas reticulation practices in Nigeria’s building industry.
The ministry’s Permanent Secretary, Amb. Nicholas Ella inaugurated the Technical Working Group (TWG) between the National Gas Expansion Programme (NGEP) and the Council of Registered Builders of Nigeria (CORBON) on Wednesday.
Reports= says that reticulation refers to the process of creating a network of pipes or tubes to distribute gas or other utilities to buildings or industrial sites.
The permanent secretary restated the importance of creating energy smart cities, saying that modern urban development relies on efficient gas and utility distribution systems,
“Most modern cities in developed countries have evolved to energy smart cities where energy, specifically gas and other utilities are piped to districts and estates.
“However, one of the key tools in creating energy smart city is the National Building
Code which, in essence, sets the guidelines on Building Pre-design, designs, construction and post-construction stages,” he said.
The permanent secretary reiterated the benefits of reticulated gas systems for households and businesses alike, adding that it ensured metered supply akin to water and electricity,
According to him, it eliminates the need for cumbersome refills, and also enhances safety by burying pipes and incorporating advanced safety equipments.
“The TWG is tasked with designing a comprehensive policy to implement best practices for gas reticulation using LPG, PNG, and Bio-Gas across Nigeria’s building sector.
“Key responsibilities include reviewing the current National Building Code, examining global gas distribution systems, and proposing quality standards for materials used in gas installations,” he said.
The permanent secretary emphasised the need for rigorous safety protocols and guidelines to ensure the efficient and safe use of gas in construction.
He urged the group to prioritise environmental sustainability in its recommendations, adding that the group is expected to submit its report by Nov. 15.
Earlier, Mr Samson Opaliwah, the Chairman of CORBON. expressed the council’s commitment to collaborate with the group to ensure safe uptake of gas for use in houses and housing estates in Nigeria.
“I assure you of the williness of CORBON to leverage the expertise and resources at her disposal to ensure that steps are put in place for gas infrastructure in buildings and estates.
“The gas infrastructure will be safe, sustainable and world-class.
” Our collective efforts will yield clear, standardised guidelines for safe and effective gas systems in buildings, matched with a skilled workforce to meet growing demands in Nigeria,” he said. (NAN)
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