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5 Banks Set to Join MasterCard as Issuer and Acquirer. |
The stage is set for 5 additional banks in Nigeria to join the league of MasterCard International credit card scheme as issuer and acquirer. The banks namely; Oceanic Bank International, IBTC Chartered Bank, First Inland Bank, Bank PHB and Skyebank would any moment from now commence their implementation after securing their issuer and acquirer licence from MasterCard International. This will bring to 10 the total number of banks in Nigeria so far licensed by MasterCard International. It will be recalled that First Bank Nigeria Plc, Ecobank Nigeria Plc, UBA Plc, Intercontinental Bank Plc and Guaranty Trust Bank Plc have all started issuing and acquiring MasterCard International Transaction online from Nigeria . This has opened the Nigeria payment system into the global Gateway. Sources form Cards Technology Limited, the only licensed MasterCard International Member Service Provider and Third Party Processor confirmed that the implementation projects for the 5 new banks are set to commence any moment from now. |
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| UBA,GTBank, Intercontinental, FBN go live on Mastercard International. |
Four banks recently licensed as principal members of MasterCard International have completed their certification testing on the MasterCard International Network. The banks, namely UBA Plc, Intercontinental Bank Plc, Guaranty Trust Bank Plc and First Bank of Nigeria Plc, are all live on MasterCard International Issuer and Acquirer network.
These banks are all connected to the Cards Technology Switch for transaction processing on the MasterCard network.
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| CTL, Interswitch sign pact |
CTL and Interswitch Limited have agreed to partner so as to interconnect member banks and their end users. The two companies signed an interconnect Memorandum of Understanding (MoU) recently to extend value available on both networks.
By this synergy, the e-payment debit cards issued by Interswitch member banks can be used on all payment terminals (Automated Teller Machines and Point of Sale devices) deployed by banks connected to CTL and vice-versa. In addition, banks connected to Interswitch that issue MasterCard cards will be able to process transactions from both switches.
Mr. Ayo Arise, MD CTL, said the partnership would deliver value added services to the end-users. He said it would go a long way in achieving the present government's goal of connecting Nigeria to the global information highway as well as benchmark Nigerian banks as major players in international finance. He added that the pact would also multiply the benefits to be derived from the ongoing banking consolidation by the Central Bank of Nigeria.
Mr. Mitchell Elegbe, MD Interswitch, said the interconnection will give member banks and Nigerians the 'most robust, versatile and effective e-payment platform'. Banks see the pact as an excellent development, as it will contribute to the evolution of their e-payment strategy and the extension of available services to the customers. |
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| CBN okays first switching firm to ease cashless transactions. |
The Central Bank of Nigeria last week took another step aimed at moving the economy towards cashless transactions with the licensing of the first financial cards transaction switching company in the country. The license clears the way for the firm, Cards Technology Limited, to issue MasterCard products to be used by bank customers. The cards, the company said, will work more like electronic cheque books than the existing electronic wallets as they will allow users access to their account balances in not only their banks but in any participating bank.
According to CTL's Head of Business Development, Mr. Niran Oladunni, banks connected to the firm’s switching facility will have an advantage of multiple transactions settlement among customers.
CTL, appointed by MasterCard International a MasterCard Service provider in the West African sub-region with initial focus on Nigeria, has been operating since 2000. The company specializes in communications and electronic transaction switching with initial focus on the financial institutions and telecom operations. The license is the first CBN said it would issue for this segment of the financial market that is still in its developmental stage.
Notice of the approval to CTL was contained in a letter dated April 7, 2004 to the Chairman/Chief Executive of the company and signed by A. Muhammed on behalf of the Director of Banking Supervision, CBN. |
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