Tony Elumelu

First City Monument Bank (FCMB) Limited has announced the introduction of a tracking and reconciliation solution with electronic invoicing capabilities in the Nigerian banking industry. Known as ‘’FCMB E-invoicing, the solution, according to a statement, is a unique payment offering, designed to help SMEs keep track of their cashflow, especially as it affects payments, receivables, reconciliation and other financial transactions, through internet banking, cards and other channels. “In addition, this value added offering from FCMB combines basic inventory management and accounting (with electronic payment) services. This provides SME customers with tripartite advantages of; convenience of receiving payments regardless of the bank’s card used, the ease of generating and sending invoices to their customers and the means to be competitive in their business space,” the bank added. FCMB’s Retail Banking Divisional Head, Mr. Olu Akanmu, further explained that: “This offering is to demonstrate the bank’s value as a helpful financial institution and further amplify our commitment to enhance the operations and fast-track the growth of SMEs. “We understand that one of the best ways to grow SMEs is to offer products and services that are simple, convenient,secure and at the same time add significant value to their businesses. “We are excited to pioneer this initiative. It is another testimony of our unequalled commitment in offering exceptional offerings. We always want to go the extra mile to satisfy our customers and this is sustained by investing in initiatives that enhance customer experience and best practices as an inclusive lender.”” Akanmu further stated that FCMB supports its SME customers with collections and payments platforms that are convenient, easy to use and that help to manage their receivables and collections effectively with their customers, ensuring that our SME customers maximize the full potential of their business opportunities. Also speaking, the Group Head, SME Banking of the bank, Mr. George Ogbonnaya said with the introduction ofthe solution, the bank had taken its alternate channels to another height. He explained that apart from the flexible nature of the platform, it has other features such as instant invoice generation, the ability to bill clients instantly, track and monitor payments, reconcile receivables and allows businesses make payments conveniently to their suppliers. The Group Head disclosed that signing up to FCMB e-invoicing was at no extra cost to SMEs. Ogbonnaya added that FCMB E-invoicing solution provides various benefits to users including enabling customers keep tab on their daily sales and cash flow, reconcile daily receivables, including those by cash, card or credit sales, customers who need to electronically present invoices to their clients as well as to those who are comfortable to receive payments via alternate channels, among other transactions.

One of the global electronic payments company, Visa, in partnership with the United Bank of Africa Plc (UBA) have launched the ‘SmartMoney,’ a banking solution that comprise a prepaid card and a mobile app for the African market.

The partnership, according to a statement, brings together Visa’s trusted payments technology and SmartMoney’smobile app experience to establish a millennial centric product platform for consumers who want to be in control of their money.

Speaking about the launch, Deputy Managing Director/Chief Executive Officer UBA Africa, Mr. KennedyUzoka said: “Modern, young Africans are constantly seeking and devising new ways to be banked. It is with this realisation that the SmartMoney prepaid card was first developed and introduced into the market in partnership with Visa. The SmartMoney prepaid card allows young people to enjoy all the features of a bank account and the minimal costs associated with the prepaid card are a massive plus.”

Also, the Country Manager for Visa in West Africa, AdeAshaye, noted that with the conceptualisation and launch of the SmartMoney app, “once you download the app and link it to your card, you enter into a whole new world of controlling your money.”’
According to a statement, SmartMoney provides convenience to make purchases, perform online transactions and access to cash from ATMs. SmartMoneyapp users also have the ability to check card balances; track and budget spend, or send and receive funds between SmartMoney cardholders.

The SmartMoney Visa Prepaid card can be obtained and reloaded at UBA business offices. All that is required is a valid means of identification and a photo. TheSmartMoney app can be downloaded from Google Play or Apple iOS Store, and gives you even further control of your money.

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