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RMAFC Begins Review of Revenue Allocation Formula, Says Chairman

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By Tony Obiechina, Abuja

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has

concluded arrangements to fully commence the review of the Nation’s

Revenue Allocation Formula (RAF).

The review is targeted at equitable distribution of the accrued

revenue into the Federation account to the three tiers of government

and this will be concluded before the end of 2021.

The Chairman Revenue Mobilisation Allocation and Fiscal Commission

(RMAFC) Engr.

Elias Mbam disclosed this recently in Abuja while

receiving members of the National Assembly service Commission led by

Engr. Ahmed Khadi Amshi on a courtesy visit to his office.

Mbam stated that RMAFC is one of the 14 executive bodies contained in

the 1999 constitution as amended and saddled with the statutory

function of reviewing from time to time the Revenue Allocation Formula

and principles in operation to ensure conformity with changing

realities alongside monitoring appropriate revenue accruals to the

Federation account by the revenue generating agencies.

RMAFC Chairman while further disclosing that the review of

remuneration for political and Judicial office holders will equally

take off as soon as the Federal government released fund for it,

further stated that the RAF review is at first concentrating on the

vertical formula which has to do with sharing of revenue between

Federal, State and Local governments. This will be followed by a

horizontal formula which also has to do with sharing among states and

among local governments.

In his speech, Engr. Ahmed Amshi thanked the RMAFC boss for hosting

him and his team while pledging the collaboration of the National

Assembly Commission in the area of manpower development considering

that, RMAFC has the same organizational structure as the National

Assembly.

Amshi appreciated RMAFC in its mandate of boosting the revenue

generation of the Nation and its equitable distribution to the three

tiers of government.

Engr. Mbam also added that while the review of remuneration for

judicial and Executive office holders in the Federation is subjected

to further legislation by National or State Assemblies as the case may

be for approval but not more than what RMAFC has recommended, RMAFC’S

determination for legislatures at Federal, State and Local government

is final.

BUSINESS

FirstBank Launches 24/7 Digital Centre at BUK

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First Bank of Nigeria on Thursday inaugurated its state-of-the-art Digital Experience Centre at the Bayero University Kano (BUK), offering round-the-clock automated banking services.

The centre provides services such as cash deposits, withdrawals, and payment transactions through advanced ATMs without human assistance.

Bank’s Group Head of Branch Operations and Services, Abimbola Ajayi, said the centre showcased the bank’s digital transformation and makes banking more convenient for customers.

She added that the centre’s location within the university was strategic, given the tech-savvy nature of the academic community.

Ajayi explained that the centre, the second in Northern Nigeria, aimed to showcase the bank’s digital transformation and enhance banking convenience for customers.

She added that the centre offered a platform for customers to independently perform transactions in a friendly environment.

 Ajayi said the centre’s efficiency was demonstrated during the inauguration when the Deputy Vice-Chancellor Prof. Amina Mustapha successfully carried out a transfer and the students’ union President created an ATM card.

She assured the customers of seamless transactions, with support staff available when needed, and promised improved connectivity, reflecting the bank’s commitment to reliable digital service delivery.

Speaking earlier, the Vice-Chancellor, Prof.  Haruna Musa, represented by Prof. Amina Mustapha, Deputy Vice -Chancellor, Research and Innovation, thanked First Bank for establishing a digital banking facility on campus.

She appreciated the bank’s management for the initiative, saying that it would benefit students who can now access banking services without leaving the campus.

Musa urged the members of staff and students to take care of the facility to ensure its sustainability.

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BUSINESS

Ecobank Upgrades Mobile App to Deepen Financial Inclusion

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Ecobank Nigeria has upgraded its mobile App to deliver a faster, smarter, and more secure banking experience for customers nationwide.

A statement by the bank’s media unit on Sunday said the upgrade underscores the bank’s commitment to leveraging technology to empower individuals and businesses with convenient access to financial services.

According to the bank, the newly mobile app features a modern design and improved functionalities, including advanced facial recognition, seamless bill payments, airtime top-ups, and QR code payments, all designed to make banking easier for customers on the go.

Managing Director, Ecobank Nigeria, Bolaji Lawal said the new app leverages digital innovation to bring real convenience, flexibility, and security to customers.

“The new mobile app represents another major step in our journey toward digital transformation.

“It enables individuals to manage their finances with ease and provides real-time access to essential banking services,” Lawal said.

He added that Ecobank’s goal was to make financial transactions more inclusive and accessible, particularly for customers in remote areas who may not have access to physical bank branches.

Also speaking, Kola Adeleke, Executive Director, Commercial and Consumer Banking, Ecobank Nigeria, said the app was designed to meet the diverse needs of today’s digital customers.

“The upgraded app comes with cardless onboarding, end-to-end card management for card requests, activation, PIN change, and blocking or unblocking accounts.

“It also offers end-to-end profile management, dormant account reactivation, and live monitoring of foreign exchange rates,” Adeleke said.

He explained that the enhanced features were developed to help customers perform a wide range of transactions without visiting a branch, reflecting Ecobank’s drive to make banking simpler and more efficient.

“This app is not just a digital tool; it represents how we want to engage with our customers.

“Our goal is to make banking faster, smarter, and simpler,” Adeleke added.

He noted that with growing mobile penetration across Africa, the app would help more Nigerians embrace digital banking and take full advantage of mobile-based financial services.

Ecobank, a member of the Ecobank Group, continues to position itself as one of the leading pan-African banks driving innovation and inclusion through digital banking.

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BUSINESS

Polaris Bank Reaffirms Commitment to Excellence as Customer Service Week Begins

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Polaris Bank has reaffirmed its commitment to delivering exceptional customer experiences as it joins the global celebration of the 2025 Customer Service Week, with the theme: “Mission: Possible”.

The annual global event, which runs from Oct. 6 to Oct. 10 is dedicated to recognising the vital role of customer service professionals and the value they bring to customers and businesses alike.

Speaking to customers and staff, in Lagos, the Managing Director/CEO of Polaris Bank, Kayode Lawal, emphasised that excellent service remains central to the bank’s culture and success.

Lawal said that while great customer service sometimes seems challenging, it is always worth the effort.

According to him, Polaris Bank’s approach to service is anchored on consistency, thoughtfulness and excellence, ensuring that customers experience genuine care and responsiveness in every interaction.

Lawal expressed appreciation to customers for their trust and feedback, describing them as the reason Polaris Bank continues to push boundaries and innovate.

He reaffirmed the bank’s commitment to standing by its customers towards delivering the kind of service they truly deserve daily.

Throughout the week, Polaris Bank will host a variety of engaging activities across its branches and digital platforms to appreciate customers and recognise service champions within the bank.

These will include staff recognition events, customer appreciation sessions and internal learning engagements aimed at deepening service excellence.

Customer Service Week is celebrated globally in the first week of October to honour the importance of service excellence and the professionals who make it possible.

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