Economy
We prefer e-payment transactions – bank customers
Some bank customers said they still prefer the use of Fintech companies like OPay, PalmPay and others for their electronic transactions in spite of fraud allegations against the companies.
Some of the customers who spoke with the News Men in Abuja on Tuesday, described the platforms as reliable, fast and cheaper.
Miss Peace Samuel, a tomato seller, said she opened an account with OPay during the cash crunch to facilitate her electronic transactions.
She said the online banking platforms had not failed her since she opened it, “many of my customers still do online transactions and I receive my alerts immediately.
“Although, anytime I give customers my account details for my Deposit Money Bank (DMB) to transfer money to me, I might not receive the alert immediately and sometimes, the money will not come at all.
“I do not know what people are saying about fraud but one thing I know is that I have never experienced such before,’’ Samuel said.
Another customer, Mr Elvis Abdu, said PalmPay was cheaper than other DMBs adding that their complaints resolution mechanism was also reliable.
“I had issues with PalmPay sometimes and immediately I called them, my money was sent back to my account almost immediately.
“This is unlike most banks where you have to take number to enter, fill form and at the end, the money won’t be returned immediately,’’ he said.
Another customer, Mr Chris Idu, said he opened an account with OPay during the cash crunch, but that he was careful in his dealings with them.
News Men reports that there are viral videos which showed how some youths were using the companies to defraud their customers.
News Men also reports that the Central Bank of Nigeria (CBN) had described as fake, the news making the rounds that it suspended accounts of OPay and PalmPay.
The CBN Acting Director of Corporate Communications, Isa AbdulMumin, had on Friday told NAN that the viral news “is simply fake’’.
The viral news credited to AbdulMumin, claimed CBN was about to suspend accounts of the Fintech companies because they were being used to perpetrate fraud.
By Sodiq Adelakun
Inflation in Nigeria continued to rise for the twelfth consecutive month in December, with the headline inflation rate reaching 28.92%, up from 28.20% in November.
The National Bureau of Statistics released its consumer price index report on Monday, revealing the ongoing impact of inflation on the country’s economy.
More details to come…
The Nasarawa State House of Assembly has announced the first reading of a bill aimed at regulating private schools and tertiary institutions in the state.
The bill, titled “A Bill for a Law to Regulate the Establishment and Operation of Private Nursery, Primary, Secondary Schools and Tertiary Institutions in Nasarawa State and Other Matters Connected Therewith,” was introduced during the House proceedings on Monday in Lafia.
In addition to this bill, the House also passed two executive bills that focus on promoting education and skills training in the state.
The bills, if passed into law, are expected to enhance the quality of education and boost skills training across Nasarawa State.
Three bills have successfully passed their first reading in Nasarawa State, Nigeria.
The first bill, titled “A Bill For a Law to Establish the Wing Commander Abdullahi Ibrahim Vocational and Technology Institute, Lafia, and other Matters Connected Therewith,” aims to establish a vocati onal and technology institute in Lafia, the state capital. This institute will provide valuable skills training and education to the youth of the region.
The second bill, named “A Bill for A Law to Amend College of Agriculture, Science and Technology, Lafia, Nasarawa State Law 2020, and Matters Connected Thereof,” seeks to amend the existing law governing the College of Agriculture, Science and Technology in Lafia.
The proposed amendments aim to enhance the college’s operations and ensure it remains at the forefront of agricultural and technological advancements.Lastly, the third bill, titled “the Bill for a Law to Regulate the Establishment and Operation of Private Nursery, Primary, Secondary Schools and Tertiary Institutions in Nasarawa State and Other Matters Connected Therewith,” focuses on regulating the establishment and operation of private educational institutions in the state.
This bill aims to ensure that these institutions meet certain standards of quality and provide a conducive learning environment for students.
“The Speaker of the House, Alhaji Ibrahim Abdullahi, announced that the second reading of the bill for the establishment of the Wing Commander Abdullahi Ibrahim Vocational and Technology Institute, Lafia, and other related matters will take place on October 2.
The second reading of the bill to amend the College of Agriculture, Science and Technology, Lafia, Nasarawa State Law 2020, and matters connected thereof, will be scheduled for October 3.
These bills demonstrate the commitment of the Nasarawa State House of Assembly to improving the educational sector and providing opportunities for skills development in the state.
“I will slate Oct. 3, for the second reading of A Bill for A Law to Amend College of Agriculture, Science and Technology, Lafia, Nasarawa State Law 2020, and Matters Connected Thereof.
“I will also slate Oct. 4 for the second reading of A Bill for a Law to Regulate the Establishment and Operation of Private Nursery, Primary, Secondary Schools and Tertiary Institutions in Nasarawa State and Other Matters Connected Therewith,” he said.
Earlier, Alhaji Mohammed Omadefu, the Majority Leader of the House, moved motions for the bills to scale first readings.
The Minority Leader of the House, Mr Luka Zhekaba, seconded the motion.
The House unanimously passed the bills into first readings.
The Director of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf has said the current inflationary pressures might ease by December this year.
Yusuf disclosed this on Sunday in his Half Year Review of 2023.
His review comes amid the effect of fuel subsidy removal and foreign exchange reforms by President Bola Ahmed Tinubu’s administration.
Consequently, the prices of goods and services sharply increased.
The National Bureau of Statistics said Nigeria’s inflation is 22.41 per cent. Nigerians have continued to lament the hike in the prices of goods and services.
Meanwhile, Yusuf said that the effect of fuel subsidy removal and forex reforms would be in the short term.
According to him, the challenges would gradually reduce before the year ends.
Meanwhile, Yusuf said the CBN should implement a sustainable intervention framework to moderate the volatility in the forex market.
“Inflationary pressure is expected to ease before the end of the year.
“It would pave the way for an equilibrium exchange rate which would be more tolerable and sustainable”, he stated.
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