Africa’s Global Bank, United Bank for Africa (UBA) Plc, is set to commence a Fraud Awareness Week – an initiative aimed at empowering customers with knowledge and tools to protect them against fraud and financial malpractices in the banking and financial sector.
As a bank renowned for its commitment to integrity and customer security, UBA will be organising this week-long event to galvanise collaborative efforts to safeguard the assets and accounts of its valued customers.
The Fraud Awareness Week, with the theme “Fighting Fraud Together,” will run from Monday October 16th to Friday October 20th, 2023, and the bank has lined up several activities including in-house sessions; Train the Trainers Webinars; Engagement with External Stakeholders; Seminars; and an Anti-Fraud Clinic bank-wide to inform and educate both staff and customers on the need to protect their accounts from illegal access.
The engagement with external stakeholders is scheduled for Thursday, October 19th, 2023. The guest speakers will include the Head, Cybercrime Investigation, Advance Free Fraud Economic & Financial Crime Commission (EFCC) Lagos State Command, Mr Abbah Sambo Usman; Managing Partner; Akin Adesomoju & Co, Barrister Akin Adesomoju.
Others are Chief Risk & Compliance Officer, AG, Head, Corporate Services Directorate, Nigerian Inter-Bank Settlement System, Mr. Temidayo Adekanye; Legal and Prosecution Lawyer; Barr. E.A. Jackson and A Professor of Practice in Forensic Accounting, Finance and Public Policy, Dr Rabiu Olowo. These professionals will share their thoughts on better collaboration for effective prevention/loss minimisation and conviction of fraud criminals.
UBA’s Chief Audit & Assurance Officer, Sanusi Mudasiru, explained that in the light of scamming activities inherent in today’s digital age, and since the banks’ priority is the safety and security of its customers’ accounts, it has become increasingly essential for the bank to educate its customers on how to be cautious about sharing sensitive information to guide against fraudulent and suspicious transactions.
“Our commitment to integrity remains unwavering. Lately, we have seen the need to work together with our customers to protect their assets. We need to continue to let them know for instance that UBA will never ask for your PIN, password, or OTP, and through the activities lined up for the week, we will share vital information to our customers on how to stay secure, stay alert, and help us fight and stop fraud together,” Mudasiru said.
He pointed out that the UBA Fraud Awareness Week is coming up during the “ember months” which are renowned for increasing fraud related activities. During the week, the bank will give out ‘tips’ and ‘red-flags’ that customers should be on the look-out for so that they do not fall prey to these fraudulent individuals.
“With UBA, you are in safe hands, and we encourage you to be wise and help us protect your money. We know that your phone is a major gateway to your account, and securing it is paramount, so we will teach you how to lock your phones and all social media apps with two-step verification, and highlight why you should not share your phone unlock code with anyone, and never trust anyone with your phone when you are not looking. All these and others will be shared during this event,” Mudasiru added.
The official emphasised the bank’s commitment to safeguarding the financial interests of its stakeholders, while maintaining the highest level of integrity and security.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees’ group wide and serving over 35 million customers globally.
Operating in 20 African countries and in the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.
CBN To Freeze Bank Accounts Without BVN, NIN Starting April 2024
The Central Bank of Nigeria (CBN) says it will freeze accounts without a Bank Verification Number (BVN) or National Identification Number (NIN) from April 2024.
This is according to a Friday circular by the apex bank which instructed banks to place a “Post no Debit” restriction – which prevents customers from making withdrawals, transfers, or any other debits “for all existing Tier-1 accounts/wallets without BVN or NIN”.
“Effective immediately, any unfunded account/wallet shall be placed on ‘Post No Debit or Credit’ until the new process is satisfied. Effective March 1, 2024, all funded accounts or wallets shall be placed on ‘Post No Debit or Credit’ and no further transactions permitted,” the circular by the CBN Director of Payments System Management Department Chibuzo Efobi, and the Director of Financial Policy and Regulation Department Haruna Mustapha read in part.
It also said all BVN or NIN attached to accounts/wallets must be electronically revalidated by January 31, 2024,
According to the bank, a BVN or NIN verification will be “conducted shortly”, adding that the move is part of its efforts to promote financial system stability and strengthening of the Know Your Customer (KYC) procedures in financial institutions.
The bank will also carry out a “comprehensive BVN and NIN audit shortly” and where breaches are identified, appropriate sanctions shall be applied.
“The process for account opening shall commence by electronically retrieving BVN or NIN-related information from the NIBSS’ BVN or NIMC’s NIN databases and for same to become the primary information for onboarding of new customers, and all existing customer accounts/wallets for individuals with validated BVN shall be profiled in the NIBSS’ ICAD immediately and within 24hrs of opening accounts/wallets,” the CBN added.
In cases where a potential customer does not have a BVN or NIN, the CBN advised the regulated financial institution to “commence the process of enrolling the individual onto the BVN database and be guided by the extant protocols issued by NIBSS”.
UBA Foundation Signals Beginning Of Yuletide Season, Lights Up Marina
United Bank for Africa (UBA) Plc has kicked off the beginning of the yuletide season in a grand ceremony marked with fireworks and melodious Christmas carols.
The ceremony attended by staff, customers and members of the general public was held at the well decorated UBA Foundation Garden in Marina, Lagos.
Through its corporate social responsibility arm UBA Foundation, the bank marked the start of a fun-filled festive season that will bring lots of cheer and touch the lives of its customers and the individuals around the communities where it operates.
The bank celebrated the UBA Foundation Garden Light Up Ceremony and Carol evening on Tuesday, where staff and customers alike joined in to spread hope and sing carols to usher in the Christmas and end of the year season.
At the ceremony, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, was joined by other management staff to officially light up the Head office and the UBA Foundation Garden, which according to him, signifies how the bank has been bringing light to the lives of the people and communities around it.
He said, “We are here to officially light up the season and as you know, UBA has been the light in the financial sector on the continent and beyond. Going by our performance and we will continue to ensure that we spread light and joy wherever we go. This is very symbolic for us all, and we want to take time to appreciate the staff and customers who have made us achieve great things this year. At UBA, we are all about spreading love and giving hope.”
The Light-Up ceremony featured Christmas carols renditions by UBA’s Customer Fulfilment Centre Choir, a fun-filled guided tour around the beautiful UBA Foundation Garden and lots to eat and drink for every-one present.
UBA’s Group Head Marketing and Corporate Communications, while talking on the essence of the annual event, said, “UBA is a bank that values its environment and as an organisation that is corporately responsible, we have taken it upon ourselves to beautify our environment and add colour, especially as the year comes to an end.”
Continuing, she said, “We want to let them know that all lives matter. I hope that as always, we will be able to make many smile and give a glimmer of hope during a special season like this.”
UBA Foundation, the CSR arm of the UBA Group, is committed to the socio-economic betterment of the communities in which the bank operates, focusing on development in the areas of Education, Environment, Economic Empowerment and Special Projects.
Old, New Naira Notes Remain Legal Tender Till Further Notice — Supreme Court
The Supreme Court on Wednesday ordered that the old N200, N500, N1000 notes should continue to co-exist with the new notes till further notice.
The apex court ruled that both old and new notes should continue to remain legal tender until the Federal Government put a process in place for its replacement or redesign after due consultation with relevant stakeholders.
The seven-man panel led by Justice Inyang Okoro gave the ruling following an application by the Federal Government seeking asking the court to grant an extension of time for old naira notes to remain in circulation as a legal tender.
The Federal Government also prayed the court to lift its March 3 order noting that the extension of time is necessary as it has not been able to print the volume of new notes that would enable a phase out of the old currency before the December 31 order.
In the fresh application by the Attorney-General of the Federation (AGF), Lateef Fagbemi, the Federal Government further explained that should the Supreme Court decline its request to extend the period of circulation of old notes, the country stands the risk of descending into another national, economic and financial crisis as witnessed in the first quarter of the year when the naira redesign policy was being implemented under the former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.
It asked the court to allow the old notes to be in use with the new notes until after it consults with stakeholders, pointing out that the economy may be in jeopardy once again because some Nigerians have started hoarding the old and new naira notes ahead of the December 31st timeline.
In a unanimous decision the seven man panel allowed Fagbemi’s application.
Mid-November, the Central Bank of Nigeria (CBN) had said the old N200, N500, and N1,000 notes would remain legal tender indefinitely.
- “My Heart Stopped Beating When I Lost You”, Actress Stella Damasus Remembers Late Husband
- How Abuga Abandoned Me And His Child After Promising To Marry Me” Baby Mama To Portable’s New Signee Cries Out
- “I Am Getting Better And I Feel Better” Jayboogie Gives Update On Health Post BBL surgery
- Pochettino Blasts Gallagher Over Red Card Against Brighton
- Why Man City Failed To Beat Tottenham – Guardiola Reacts To 3-3 Draw
JOIN US ON FACEBOOK
Headline2 years ago
Female Italian Fan Go Topless, Gives Free Show After Euro 2020 Win (Watch Video)
Entertainment2 years ago
BBNaija: Nigerians Drag Angel For Showing Off Her Private Part To Housemates (Watch Video)
Entertainment2 years ago
BBNaija: “Shameful For A Married Woman” – Boma, Tega Doing ‘Stuff’ Under Duvet Sparks Outrage (See Video)
Headline2 years ago
BREAKING: Lagos CP Orders Security Beef Up Following MC Oluomo’s Suspension
Entertainment2 years ago
Singer, Oxlade In Big Mess After His Sex Tape With A Strange Lady Surfaces Online (Watch Video)
Headline2 years ago
Olukoya’s Govt Marked A Phenomenal Moment In Old Ondo – Akeredolu
Entertainment3 years ago
BBNaija: Kiddwaya Sucks Erica’s Boobs, Licks Dorathy’s Neck In Truth Or Dare Game (Video)
Headline2 years ago
Just In: 2023: We Won’t Support Tinubu’s Ambition -Ambode Campaign Organisation