As part of efforts in boosting financial inclusion, the Nigerian Postal Service (NIPOST) has launched its own e-debit card, agency banking platform and 27 new logistics vehicles for courier services.
The E-debit card is expected to be given free to every Nigerian at every NIPOST outlet.
Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim who spoke during the launch, note that the e-debit card is a multipurpose card for financial transaction, conditional cash transfer, payment of bills and more.
This development, according to him, is a commendable one and is in alignment with the government’s digital economy for achieving a digital Nigeria.
“Our target in this country by 2030 is to be completely digitalized”, he stressed.
He noted that the NIPOST banking platform will allow NIPOST to conduct financial transactions with most Universal Postal Union (UPU) member countries, adding that this is also in alignment with the proposal to come up with NIPOST Microfinance Bank.
Investors King gathered that the banking agency will function like the Point of Sales (POS) while the card will function without the internet and can be replaced easily if stolen or lost.
So far, there have been remarkable efforts by financial organizations and government agencies in achieving financial inclusion in Nigeria.
Financial Inclusion is a state where financial services are delivered by a range of providers, mostly the private sector, to reach everyone who could use them. Specifically, it means a financial system that serves as many people as possible in a country.
Financial institutions in Nigeria are increasingly using electronic channels to onboard clients and address customer queries and bring financial product offerings to prospective users.
However, this initiative does not come with its own hitches, especially in a developing country like Nigeria. In its report on ‘Financial Inclusion In Nigeria: Issues And Challenges’, the Central Bank of Nigeria (CBN) noted that critical challenges of low financial literacy, inadequate infrastructural facilities, as well as inadequate and inefficient technology-based facilities by financial institutions, has limited the achievement of significant expansion in financial inclusion level in Nigeria.
FirstBank UK Enhances Fixed-Income Workflow Through Bloomberg Integration
FirstBank UK, the UK subsidiary of First Bank Nigeria Limited, has announced its onboarding on Bloomberg’s Trade Order Management System (TOMS) to enhance its fixed-income workflow.
The integration with TOMS is expected to provide FirstBank UK with access to a comprehensive suite of data and analytics, communications, order, and execution management solutions, streamlining its fixed-income bonds business.
As a niche market-maker for its customers in Africa, FirstBank UK plays a vital role in providing market liquidity in cash bonds, particularly in Nigerian, Angolan, Egyptian, and Ghanaian Eurobonds, to manage risk and optimize its inventory.
Olukorede Adenowo, CEO-designate at FirstBank UK, expressed enthusiasm about the integration, stating, “Bloomberg TOMS provides FirstBank UK with a complete end-to-end trading workflow covering African bonds in most of our home markets. The solution enables us to focus on expanding our footprint in the African Fixed Income landscape and deliver a first-in-kind service to our customers in Africa.”
Bloomberg’s TOMS is renowned for enhancing operational efficiency across enterprises. Lisa Bravo, Global Head of Sell-Side OMS at Bloomberg, commented, “We are pleased to help FirstBank UK enhance operational efficiency across its enterprise with our award-winning sell-side order management solution TOMS.”
FirstBank UK had previously digitized its order management workflow by offering clients access to liquidity on its Eurobond Single-Dealer Platform.
The recent integration with Bloomberg TOMS aims to centralize order handling, aggregated custom analytics, and liquidity tools within a single interface, facilitating real-time access to liquidity for customers.
Robert Hagenaars, Head of Markets at FirstBank UK, highlighted the unique feature of real-time access to liquidity in their markets, providing a distinct advantage for their customers.
This move signifies FirstBank UK’s commitment to leveraging advanced technological solutions to fortify its position in the African Fixed Income market and deliver enhanced services to its clientele.
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