• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, June 6, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

ADF approves $8m to improve banking system in West Africa

Banking

The Matters Press by The Matters Press
April 10, 2023
Reading Time: 2 mins read
0
Fraud in banking sector, mostly insider instigated

The Board of Directors of the African Development Fund (ADF) has approved eight million dollars to boost the banking system on the continent.

RELATED POSTS

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

FCT ground rent!: Check your name if you own property

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

A statement by African Development Bank (AfDB) said the fund was for establishing a digitally interoperable unique bank identification system.

It said the fund was also meant to establish a harmonised customer identification framework for the Gambia, Guinea, Liberia and Sierra Leone.

“Implementation of the project will commence in July 2023, led by the West African Monetary Institute (WAMI).

“It will work with central banks of the participating countries and in close collaboration with banking and non-banking financial service providers.

“The project is expected to enhance financial sector efficiency within the participating countries, leading to increased access to finance and further regional integration efforts.

“Approval of funding from the bank’s concessional lending window was made on March 29,” it said.

According to the statement, the new bank identification system will link the banking accounts of individuals across different financial service providers.

It said over 53 financial service providers across the participating countries would be included in the project.

“This will allow them to verify their clients’ identities on an on-going basis (Know-Your-Customer or KYC), combat fraud, discourage loan defaulting and strengthen correspondent banking relationships.

“On the part of customers, KYC-compliant finance sectors will bolster trust and confidence and ultimately encourage access and usage of financial solutions,” the statement said.

WAMI Director-General, Dr Olorunsola Olowofeso, said the Unique Bank Identification (UBI) and Digital Interoperability project was borne from the Bank Verification Number (BVN) success implemented by the Central Bank of Nigeria.

Olowofeso said:“The BVN, an 11-digit unique identity for each individual across the Nigerian Banking industry, is tied to all bank accounts.

“And has drastically reduced electronic banking fraud, non-performing loans and eliminated ghost names from the civil service payroll.

“The Unique Bank Identification will leverage existing national identification systems and help to strengthen financial integration in the West African Monetary Zone.”

AfDB Director for the Financial Sector Development Department, Ahmed Attout, welcomed the board approval, noting that it attested to the strong partnership between the Bank and WAMI.

“Irrefutable and secure identification is fundamental to building financial consumer access and trust and overall development of the financial sector,” he observed.

Tags: Banking
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Energy

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

June 4, 2025
Property owners besiege FCT office to pay ground rent
Economy/Technology

FCT ground rent!: Check your name if you own property

June 3, 2025
News

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

June 3, 2025
Economic implications of Niger coup to Nigeria, ECOWAS
Economy/Technology

IMPI urges media to consider national interest in reporting security challenges

June 3, 2025
Tinubu steering Nigeria away from Venezuela-like tragedy – IMPI
News

Malami’s opposition to Tinubu’s endorsement self-indicting – TDF

June 3, 2025
President Tinubu outlines new economic, monetary, foreign policies
Economy/Technology

CUPP goofs over President Tinubu’s 2027 endorsement by governors

June 2, 2025
Next Post

Micro pension plan beneficial to individuals, small micro firms - Expert

Investment in gas to boost diversification priority of NIPCO

Investment in gas to boost diversification priority of NIPCO

Recommended Stories

Nigeria gets AfDB’s $14m as member of ATI

ADF approves $16m for Youth Entrepreneurship Bank

July 23, 2023
How NNPC is solving lingering petrol scarcity

Strike: NUPENG mobilses members to shut down on Oct. 3

September 29, 2023
Stakeholders commend NNPC for good performance

NNPC remits $2.7bn to CBN

August 1, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF
  • FCT ground rent!: Check your name if you own property
  • Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us