Money Market Reporting Training: Day -4
WAIFEM, ACBF outstanding in capacity building for W/African countries-Says Echebiri
.Calls for strict security in financial system
.Reveals new investment window in agent banking
By Udeme Clement (Reporting from Abuja)
“The West African Institute for Financial and Economic Management , WAIFEM, under the watch of Akpan Ekpo, a Professor of Economic, has recorded outstanding performance in capacity building for countries within the West African sub -region. When you look at activities of WAIFEM over the years, you will see clearly that the Institute is always in the forefront of building capacity within the sub-region. Today, even countries outside the region are benefiting from its training programmes.”
“Last year, WAIFEM in collaboration with African Capacity Building Foundation, ACBF, and Center for Financial Journalism, CFJ, orgnised similar programme for financial analysts on ‘Budget reporting and analysis’, and it was a huge success. So, I commend WAIFEM and ACBF for capacity building in the sub-region.”
These were the words of the Chief Executive Officer, CEO of CFJ, Mr. Ray Echebiri, while addressing participants drawn from the Gambia, Ghana, Nigeria, Liberia, Sierra Leone, financial institutions, ministry of education, the media and other countries within the sub-region, to the ‘Strategic workshop on money market reporting for financial analysts’, in Abuja.
Mr. Echebiri who presented a lecture on, ‘Trends in the money market’, analysed, “I observed three trends in the money market. These include the usual trend, controversial and the crazy trends. The usual trend is the conventional money market that is regulated, well structured, well defined in terms of operator-customer relationship and it is dynamic. For example, the usual trend is often regulated by the monetary authorities. It is structured in such a way that the operators know exactly where they belong. The current as well as emerging payment systems under the usual trend include cash transactions, cards, debit cards, credit cards, e-money and mobile money”.
He explained further, “Under the controversial trend, we have the digital currencies. This trend is not regulated, not issued by monetary authorities; it is complicated and very risky. As such, it takes time to study and understand it. Also, the currency here is not regulated or registered by any government agency”.
Echebiri pointed out, “The crazy trend is the pyramid scheme. This trend is unregulated and it is illegal. It is dubious and highly risky. If you lose money in this unregulated system, the monetary authorities will not come to your rescue because the platform is illegal.”
He added, “In the money market, there are trends impacting the future of payments. These include growing impact of generation-Z, custom’s experience, acceptance of mobile payments, restructured rewards, expanded payment network and Fintech collaboration”.
“Under customer’s experience, analysis of date provides foundation for an improved customer experience in all industries, especially banking and payments. On the acceptance of mobile payments, the younger consumers are demanding exceptional digital payments. For restructured rewards, consumers want simplicity in earning rewards and simple ways to redeem the rewards. On expanded payments network, the collaboration between financial institutions and non-financial organisations hold the key to the payments ecosystem, as well as improvement payments experience”.
He revealed, “Today, ‘Agent Banking’ is an important area of business that people can invest, in order to earn a living, especially in rural areas. Entities eligible for agent banking are unlimited liability companies, cooperative societies, public entities, partnerships and sole proprietorship”.
He advised, “On the whole, there is need for increased security in the financial system, especially with the emerging technology and payments system”.