The Second Edition of the Zenith Tech Fair, themed “Future Forward 2.0”, will be held on Tuesday, November 22 and Wednesday, November 23, 2022, at the Eko Convention Centre, Eko Hotels & Suites, Victoria Island, Lagos, from 8.00 a.m. to 6.00 p.m. daily.
Conceived in the mould of global technological events such as the Consumer Electronics Show (CES) and EmTech Asia, the fair will showcase leading technology innovations that cut across different aspects of life, such as Artificial Intelligence, Computing, Machine Learning, Blockchain, Robotics, Big Data, FinTech, Augmented Reality, Data Analytics, 5G and Communication Technologies, among others. The event will also feature Hackathon sessions to identify innovative startups, panel discussions, masterclasses and exhibitions.
The two-day fair will feature a welcome address by Jim Ovia, CFR, Founder and Chairman of Zenith Bank and opening remarks by Ebenezer Onyeagwu, Group Managing Director of Zenith Bank Plc and Chairman, Body of Banks’ CEOs, Nigeria. The keynote address, “The Future of Banking: Digital Transformation Journey”, will be delivered by Brett King, a renowned futurist, bestselling author, award-winning speaker, Founder of Moven and Author of Bank 4.0. Other eminent IT practitioners who represent top global brands will make presentations. These include; Tarik Alatovic, Senior Partner, McKinsey; Juliet Ehimuan, West Africa Director, Google; Ola Williams, Country Manager, Microsoft Inc.; Andrew Uaboi, Vice President/Head, Visa West Africa; Mrs Rakiya Mohammed, Director of Information Technology, CBN; Chris Lu, Managing Director, Huawei Technologies Nigeria, and Dame (Dr.) Adaora Umeoji, OON, Deputy Managing Director of Zenith Bank Plc, amongst others.
The fair will feature three panel discussions. The first panel, which will examine “The future of payments: what next and how can we get there”, has Prof. Yinka David West of Lagos Business School as the host, with four discussants, including Agada Apochi, Managing Director, UPSL; Olu Akanmu, Managing Director, Opay; Premier Oiwoh, Managing Director, NIBBS; and Kari Tukur, V/P & Head of Products East/West Africa, MasterCard.
The second panel will explore the theme “What are the main challenges of digital transformation in the financial industry? How do we solve them?”. It will be hosted by Brett King and has four discussants, including Tosin Eniolorunda, Managing Director, TeamApt; Obi Emetarom, Managing Director, Appzone; Dr. Babatunde Obrimah, COO, FintechNGR; and Olugbenga Agboola, Founder/CEO, Flutterwave.
The third panel discussion is titled “Driving the global trade revolution with technology: current transformation trends”. The panel, which will be hosted by Samuel Eze, Founder/CEO, Ourpass, has five discussants, including Mike Ogbalu III, Managing Director, PAPSS; Akeem Lawal, Divisional CEO, Interswitch; Massimiliano Spalazzi, Country Manager, Jumia; and Dr. Ozoemena Nnaji, Director of Trade & Exchange, CBN.
The first edition of the Zenith Tech Fair was held on November 27, 2019, at the Landmark Events Centre, Victoria Island, Lagos. Tagged ‘Future Forward’, the fair featured a hackathon which produced ten winners, including Octave Analytics Limited, who won the grand prize of N10m; Neohaul Technologies, the first runner up who received N6m prize; and reQuid Technologies, the second runner up who won N5m. Other winners who took home N1m each includes Termii, Xcard Nigeria Limited, Payonhold, Escrow Inc, Alerzo, Nairapacket and Qview.ai.
To register and participate, visit www.zenithbank.com/techfair. After registering, you will receive a confirmation email. The fair will be live on Zoom for participation and streamed on the bank’s social media pages including YouTube.
Tinubu Aide Urges CBN Governor to Consider Political Impact of Economic Reforms
Tunde Rahman, a senior aide to Nigerian President Bola Tinubu, has said Central Bank of Nigeria (CBN) Governor Olayemi Cardoso must start factoring in the political effects of CBN’s decisions.
In his piece, titled “Navigating the Dilemma: Political Considerations in Economic Reforms,” sheds light on the complexities facing Cardoso as he seeks to stabilize Nigeria’s economy.
Rahman’s commentary shared through the Presidency’s official channels, acknowledged the challenges Cardoso confronts, particularly regarding the country’s currency devaluation and the contentious plan to relocate CBN staff from Abuja.
While Rahman refrained from direct criticism of Cardoso’s policies since his appointment by Tinubu, he underscored the necessity for the CBN governor to strike a delicate balance between economic imperatives and political sensitivities.
The upcoming meeting of the monetary policy committee presents a pivotal juncture for Cardoso, where discussions are expected to revolve around potential interest rate hikes to counter inflation and bolster the national currency.
Rahman’s insights underscore the high stakes involved in these decisions, especially given the public outcry over soaring living costs and inflation rates nearing three-decade highs.
Cardoso’s commitment to orthodox central banking, following a period marked by blurred monetary and fiscal policy lines, reflects his determination to navigate Nigeria’s economic landscape with prudence.
Nonetheless, Rahman’s op-ed serves as a reminder of the intricate interplay between economic reforms and political realities, urging Cardoso to exercise flexibility in policymaking, especially in matters with broader political implications.
As Nigeria grapples with economic challenges, the spotlight remains firmly fixed on Cardoso and the CBN’s response to the nation’s evolving financial landscape.
CBN’s New Foreign Currency Gateway Bank Raises Concerns Over Nigerian Banks’ Liquidity: Fitch Ratings
The Central Bank of Nigeria (CBN)’s announcement of a new Foreign Currency Gateway Bank has stirred concerns over the liquidity of Nigerian banks, according to recent commentary from credit rating agency Fitch Ratings.
The proposed bank, designed to centralize correspondent banking activities, has prompted Fitch to issue cautionary remarks regarding its potential impact on the banking sector’s foreign currency (FC) liquidity.
Governor of the CBN, Dr. Olayemi Cardoso, unveiled plans for the Foreign Currency Gateway Bank to streamline and centralize correspondent banking functions, currently dominated by two major banks.
The initiative is part of the CBN’s efforts to address Nigeria’s persistent forex crisis.
Fitch Ratings expressed apprehension, highlighting the potential negative effects on the banking sector’s FC liquidity.
The agency noted that the centralization of correspondent banking activities, coupled with recent measures by the CBN, might exacerbate liquidity challenges for Nigerian banks.
Furthermore, Fitch cautioned that the recent devaluation of the naira, coupled with the CBN’s circular prohibiting banks from holding net long foreign currency positions, could further strain FC liquidity.
The prohibition on net long FC positions may leave banks more vulnerable to naira depreciation, potentially affecting their capital positions.
The CBN’s move to harmonize different segments of the foreign currency market last June led to significant naira devaluation, with the local currency closing at 899/$ at the official market by the end of last year.
As of February 13, the naira experienced a second devaluation, reaching 1,516/$, marking a 40% devaluation.
While the shift away from a managed exchange rate regime aims to attract capital inflows and mitigate forex shortages, it poses short-term risks such as heightened inflation and potential strains on loan quality and capital adequacy within the banking sector, as highlighted by Fitch Ratings.
As discussions continue, stakeholders closely monitor the implications of the proposed Foreign Currency Gateway Bank on Nigeria’s financial landscape.
CBN Mandates Automated Transaction Monitoring to Combat Fraud in Nigeria
The Central Bank of Nigeria (CBN) has introduced new regulations mandating banks to implement automated transaction monitoring systems to combat the growing threat of fraud in the country’s financial sector.
Under the CBN’s latest ‘Consumer Protection Regulations’ draft, banks are required to adopt advanced measures to protect customers’ assets and prevent fraudulent activities.
These measures include multi-variant customer identification, multifactor authentication mechanisms for transactions, automated transaction monitoring, alert functions, and behavioral monitoring.
The move comes amid a significant rise in fraud cases across Nigeria, with the first half of 2023 witnessing 24,232 reported fraud cases totaling N12.33 billion.
The banking industry has seen 110 executives and junior staff members dismissed due to fraud-related offenses amounting to N82 billion over the past two years.
According to the CBN, sensitizing customers on fraud threats or scams and providing secure and simple user interfaces for digital financial services are crucial steps to minimize the risk of fraudulent activities.
The regulations emphasize the importance of continuous efforts to enhance cybersecurity and protect consumers in an increasingly digital financial landscape.
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