By Adenike Lawal

The Central Bank of Nigeria (CBN), has directed Deposit Money Banks (DMBs), to enhance cash disbursement processes at counters and Automated Teller Machines (ATMs), to address the ongoing cash shortage across the country.

This directive was detailed in a statement co-signed by Muhammed Olayemi, Acting Director of Currency Operations, and Aisha Isa-Olatinwo, Acting Director of Branch Operations.

The move follows widespread complaints from bank customers about the difficulty in accessing cash.

The CBN’s intervention is aimed at alleviating these challenges and ensuring smoother currency circulation nationwide.

The apex bank also urged affected customers to report issues with cash availability, whether at ATMs or bank branches, using designated complaint channels.

This initiative is intended to help the CBN identify and resolve bottlenecks hindering cash accessibility.

To facilitate investigations, customers are advised to provide detailed information, including their account name, the name of the bank involved, the amount they attempted to withdraw, and the time and date of the incident.

For swift resolution, complaints can be lodged through phone numbers specific to local CBN branches or via email addresses provided by the central bank.

The CBN reiterated its commitment to ensuring citizens have reliable access to cash and minimizing disruptions to economic activities caused by scarcity.

By Cynthia Abah

Pensioners with low earnings can now choose to withdraw their entire retirement savings in a lump sum or continue receiving monthly pension payments, pending the approval of the Minimum Pension Guarantee.

This change was announced in a memo from the National Pension Commission (PenCom), signed by A.M. Salem, Head of the Surveillance Department, and made public in Abuja on Monday.

The memo, dated November 27, 2024, aligns with a new provision (4.1(g)) in the revised regulation on the administration of retirement and terminal benefits, following the introduction of the new national minimum wage of N70,000.

Previously, retirees could only withdraw one-third of their total Retirement Savings Accounts (RSAs). However, the new regulation, prompted by the increase in the minimum wage, allows retirees whose RSA balance is insufficient to provide a pension of at least one-third of the N70,000 (i.e., N23,333.33) to withdraw the full balance in a lump sum.

The memo, addressed to pension fund administrators and custodians, referenced the National Minimum Wage Act signed by President Bola Tinubu on July 29, 2024.

It mandates that pension fund administrators apply the N70,000 minimum wage when processing retirement benefits.

Retirees whose monthly or quarterly pensions fall below N23,333.33 may opt to either withdraw their full RSA balance or continue receiving their current pension until the Minimum Pension Guarantee is established.

The memo also detailed the process for retirees requesting full access to their RSA balance. Pension fund administrators are instructed to submit the retiree’s request to PenCom, along with a consent form, signed application letter, and payment schedule.

The circular, which is effective immediately, emphasizes the importance of full compliance with the new guidelines.

By Adenike Lawal

Air Peace, West Africa’s largest airline, has announced a strategic partnership with Opay Payment Services, integrating its platform into the airline’s Internet Booking Engine (IBE).

This collaboration introduces multiple payment options, including Bank Card, Opay Wallet, Bank Transfer, and USSD, aimed at enhancing transaction security and convenience for customers booking flights.

Dr. Ejike Ndiulo, Head of Corporate Communications at Air Peace, highlighted the airline’s commitment to meeting evolving customer needs through innovative solutions.

He stated that the integration of Opay’s services aligns with the airline’s vision to offer secure and flexible payment methods within a user-friendly interface, enhancing the overall travel experience.

This initiative is the latest in a series of customer-focused innovations by Air Peace.

In October 2022, the airline partnered with Kalabash to launch the Pay-Small-Small scheme, allowing customers to pay for tickets in installments.

Additionally, the airline collaborated with AIICO Insurance to provide travel insurance, underscoring its dedication to passenger safety and convenience.

Founded in 2013, Air Peace has consistently positioned itself as a leader in service innovation within the aviation sector.

The airline continues to expand its domestic and international routes while leveraging technology to simplify travel for passengers.

With a commitment to connecting regions and delivering world-class service, Air Peace remains at the forefront of enhancing the travel experience for its customers across Africa and beyond.