Intercontinental Bank’s I-Cash products will be stress-free

Oluwaseun Ayantokun, Lagos

From left, Acting Group Chief Executive,
Intercontinental Bank Plc, Alhaji Sheriff Yusuf;
Senior Manager, Business Development,
E-Tranzact, Mrs. Folake Abayomi; and Divisional
Chief Executive, Corporate Banking,
Intercontinental Bank, Mr. Mike Gibbs at
the I-Cash Mobile launch in Lagos recently.

FOR those that might be having sleepless nights over the two new money transfer products from the stable of Intercontinental Bank, I-Cash International and I-Cash Mobile, launched in Lagos on Monday, the bank has given assurance that it will be hassle-free. Among other things, it has secured dedicated channels from MTN, Glo, Celtel and Starcomms so that customers will not be victims of traffic congestion which partly contributes to the poor quality of network service which is currently the bane of telecom service in the country.

Speaking at the launching event, Alhaji Sheriff Yussuf, Acting Group Chief Executive, Intercontinental Bank, described I-cash International as a “safe and convenient way of transferring money for our customers and non-customers using our branches in Nigeria and other countries.” The service enabled on the platform of e-Tranzact is currently available between Ghana and Nigeria with a maximum of $10,000 per transfer. “However, if any customer wants to transfer above that, he/she can but will have to fulfill certain documentation according to the CBN’s rule and regulation,” Alhaji Yussuf said.

He promised that the bank, which is at the advanced stage of opening offices in the UK , the USA, Asia, the Middle East and some other key financial centres in Africa , will extend the service to those places as soon as they come on stream. I-Cash Mobile is the domestic variant of the product meant to meet the needs of people in Nigeria who desire the fastest means of transferring funds to their loved ones, folks, friends and business partners, he explained. This product is operated through the use of mobile phones between the transferor and the beneficiary who can collect the money in any branch of Intercontinental Bank across Nigeria.

Importers, freight forwarders picket SIFAX

Dele Aderibigbe, Lagos

THE business class, consisting mostly of importers and the customs licensed agents on Monday disrupted business activities at the premises of one of the ports’ concessionaries, the SIFAX Nigeria Ltd, over what they described as unbearable and irrational tarrif and port services charges. The Nigerian Ports Authority (NPA) which sent a crack team of anti-riot policemen to break the protest, has however cautioned the picketers against similar behaviours in future, saying that the authorities only recognises “unions”, and not “associations” which the pickers represented.

The protesters, led by seasoned Customs agents and National President of the Council of Managing Directors of Customs Licensed Agents NGMDCLA, Mr. Lucky Amiwero, successfully blocked the main entrance of the company, and took control, until they were dispersed by police who arrived the spot in three vans. The protestes highlighted that the company had perfected the periodic introduction of irrational charges which they insisted contravened the terminal lease agreement between Nigerian Ports Authority and the terminal operators in the concession agreement.

Specifically, Amiwero explained that the government approved N5,015 for 20 feet containers N6268 (40 feet container); imported car 15CMB, (N2583); Bus5 CMB, (N2907); truck over25 CBM (N3971), vehicle tracked, (N5180) and trailer over 140 CBM (N4149).

“The only approved rate for delivery of the above stated cargoes are the one outlined above; any other charges is not accepted as is not part of the approve rate base on the terminal lease agreement. “Under the term of agreement it was specifically stated that the lease shall charge cargo dues and delivery charges for the operation, which were no greater than the rates”.

In a quick reaction however, the company’s top notcher, Dr. I. Ofulue stiffly denied the notion that the picketers embarked on protest as a result of high charges, saying it was merely as a result of disagreement between Mr. Amiwero and the company. Dr. Ofulue posited that though charges were imposed on storage of cargo, at the discretion of the terminal operators, the charge was to discourage importers from using their terminal as a dumping ground.

He stressed that the clearing agents had no right to picket their company or its subsidiary, the Port and Cargo Handling Service Limited because, the concessionaires has certain rights to fix certain charges at its discretion. ‘We have solved the problems that Mr. Amiwero brought to our attention. We are there fore suprised to see him today with members of his association. This action is totally uncalled for” Dr. Ofulue further said.