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KPMG Partners Central Bank of Singapore on FinTech

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  • KPMG Partners Central Bank of Singapore on FinTech

KPMG Nigeria in collaboration with the Monetary Authority of Singapore (MAS) will be sponsoring a Global FinTech Hackcelerator programme as part of the annual Singapore FinTech Festival which will take place from November 13-17.

Speaking at a press briefing in Lagos at the weekend, the Senior Manager Fintech Practice, KPMG, Ladi Asuni, said the festival was expected to bring over 30,000 people from the global financial community together for a week-long expose of financial technology.

He stated that the Global Financial technology Hackcelerator 2017 is powered by KPMG Digital Village.

He added that it was aimed at looking for the most innovative start-ups from all over the world, who can address challenges in the areas of customer engagement, lending, insurance, asset management, and financial inclusion.

Asuni explained that the programme aims to get 1,000 applications from FinTech start-ups across the globe, adding that the top 20 teams would be selected for a 12-week Hackcelerator programme in Singapore.

He stressed that each team would receive a stipend of $20,000 and they would be matched with industry champions to customise their prototypes into market-ready solutions for adoption.

“The top three teams would receive an additional cash prize of S$50,000 each. Financial Technology outfits across Nigeria have been asked to apply for the ‘Hackcelerator’ programme, and demonstrate how they can innovate to address the highlighted problem statements.

“The 20 shortlisted Fintechs will have the opportunity to work with KPMG as well as industry experts to further conceptualise and develop workable pro-types ready for the market.

“Last year 700 applied. For this year, we are expecting 1,000 applications. Out of the 1,000, the top 20 will be selected for the hackcelertor programme which will be beginning from August 28 to 16 November, where the three finalists will be selected. ”

Asuni added that one of the benefits of the programme is that it would empower start-ups to be able to respond to financial solution challenges which cut across Nigeria and other locations across the world.

In his remarks, the Partner and Head, Fintech at KPMG in Nigeria, Boye Ademola, said they have realise that there are several Financial Technology solutions with brilliant solutions in Nigeria.

He added that the country have individuals who can create Financial Technology solutions that solve deep industry issues with global applicability.

Ademola added: “We are therefore inviting Nigerian FinTechs to take advantage of the Global FinTech Hackcelerator to showcase their solutions and bring Nigeria to the forefront as a leading FinTech hub. Interested individuals or teams are required to submit their applications before the deadline of July 15.”

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Energy

How Nigeria’s National Power Grid Collapsed Ten Times Within 9 Months 

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The national power grid has again collapsed, leaving many Nigerians in total darkness.

Investors King can authoritatively report that this is the tenth time the power grid will be disrupted this year alone.

For this recent collapse, the grid, reportedly lost power generation around 1:39 pm on Tuesday.

Information revealed that power generation was 2,711 megawatts as of 1:00 pm, having previously peaked at 3,631 MW.

Earlier, power generation peaked at 3,934.77 MW around six o’clock in the morning.

However, between 2 pm and 3 pm, hourly generation dropped to 0.00 MW.

The Transmission Company of Nigeria confirmed that the national grid experienced a partial disturbance at about 1:52 pm on Tuesday, 5th November 2024.

TCN spokesperson Ndidi Mbah mentioned that the recent collapse was due to a series of line and generator trippings that caused instability in the grid and, consequently, the partial disturbance of the system.

Mbah pointed out that data from the National Control Centre revealed that a part of the grid was not affected by the bulk power disruption.

TCN however indicated that work work is in progress to restore power.

She explained that engineers are already working to quickly restore bulk power supply to the states affected by the “partial disturbance.”

Mbah noted that presently, bulk power supply has been restored to Abuja at 2:49 pm, maintaining that “we are gradually restoring it to other parts of the country.”

She apologized to Nigerians for whatever inconvenience the collapse might have caused.

Findings by Investors King revealed that the grid had collapsed at ten different times between March and November, this year.

Times the grid collapsed included February 4, March 28, April 15, July 16, two times in August 5, October 14, October 15, twice in October 19 and now today, November 5.

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Darkness Falls Again: TCN Explains Latest National Grid Collapse

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The Transmission Company of Nigeria (TCN) has provided an explanation for the latest National Grid collapse, which occurred on Tuesday, November 5.

Tuesday’s collapse, marking the 10th in 2024 alone, left Nigerians in total darkness.

Recall that the National Grid collapsed twice in October, sparking concerns among Nigerians.

Reacting to the latest collapse via a statement on Tuesday, the General Manager of TCN Public Affairs, Ndidi Mbah, disclosed that the collapse happened at 1:52 pm.

The GM revealed that the grid collapse was caused by line and generator trippings.

Mrs. Mbah said, “TCN states that the national grid experienced a partial disturbance at about 1:52 pm today, 5th November 2024.

“This followed a series of line and generator trippings that caused instability in the grid and, consequently, the partial disturbance of the system.

Data from the National Control Centre (NCC) revealed that a part of the grid was not affected by the bulk power disruption.

Mbah disclosed that operators are working to restore power in affected states, adding that power was restored in Abuja.

She explained, “TCN engineers are already working to quickly restore bulk power supply to the states affected by the partial disturbance. Presently, bulk power supply has been restored to Abuja at 2:49 pm, and we are gradually restoring power to other parts of the country.”

Apologizing to Nigerians, TCN said, “We sincerely apologize for any inconvenience this may cause our electricity customers.”

Investors King, in an earlier report, revealed that in an attempt to address the persistent collapse of the national grid, the Nigerian Electricity Regulatory Commission (NERC) announced that discussions were underway with Independent Operators to take over the management of the grid.

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Nigeria Partners with ECOWAS and Morocco to Launch $26B African Gas Pipeline

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The Nigerian government, in partnership with the Economic Community of West African States (ECOWAS), Morocco, and Mauritania, has announced plans to advance the $26 billion African Atlantic Gas Pipeline project to drive economic growth across Africa.

This development was revealed on Monday, November 5, by Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), at the ECOWAS Inter-Ministerial Meeting on the Nigeria-Morocco Gas Pipeline Project.

Speaking at the meeting, which was attended by ECOWAS Ministers of Hydrocarbons and Energy as well as representatives from Morocco and Mauritania, Kyari stated that, once completed, the project will connect 13 African countries.

Represented by Olalekan Ogunleye, NNPC’s Executive Vice President for Gas Power & New Energy, Kyari said this will be Africa’s largest pipeline project.

Ogunleye confirmed that progress has been made with the front-end engineering design completed, the phase two study finalized, and work ongoing for environmental and social impact assessments as well as land acquisition and resettlement.

He emphasized NNPC’s readiness to execute the project: “Today, we come together to make significant progress in the African Atlantic gas pipeline project, which is a transformative initiative connecting at least 13 African nations in shared prosperity and development. These achievements underscore our capability to deliver this landmark project, supported by strong regional collaboration.”

Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas), described the project as a game-changer for the regional economy, stating, “We stand at a critical juncture where these agreements can reshape our energy landscape, strengthen our economies, and uplift our people.”

He also highlighted that the project will increase Africa’s presence in the global gas market, noting that “the agreements demonstrate a strong commitment to advancing hydrocarbon and energy trade across ECOWAS, enhancing access to natural gas in West Africa, and expanding Africa’s global footprint in the gas market.”

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