- Fintechs Urged to Enhance Financial Inclusion
The Central Bank of Nigeria (CBN) has urged financial technology (fintech) companies to come up with more solutions that would bring more people into the banking system.
The Principal Manager, Banking and Payment System Department, CBN, Mr. Olubukola Akinwunmi, made this call at the KPMG Digital Summit in Lagos, which had in attendance all the major players in the banking, fintech and digital system.
Akinwunmi said: “The CBN’s vision on Fintech is somehow encapsulated in the Payment System Vision 2020 of the Bank. We have laid it out that we want to enable access to finance.
“There are about 66 million unserved and another 28 million Nigerians underserved. Those are the people we want to see fintech bring into the financial services space.”
He added: “If you look at what we have been doing in the last 10 years, our role has been to open up the financial services space for fintechs to come in after the FSS Vision 2020 that was released in 2007. We identified areas where fintechs can play and subsequent to that, in 2009 we had a mobile payments regulatory framework which actually invited non-banks to come in and play.”
“Our vision has always been to ensure that Nigerians especially the unserved at the moment are enabled by innovative service providers within the financial space not necessarily the banks.
“Of course, we know the importance of ensuring collaboration between these new players and the traditional players.”
Speaking at the event, the founder of a major fintech company, Flutterwave, Mr. Iyinoluwa Aboyeji said: “If we are really serious about financial deepening, we need to leverage regulatory to reduce the cost of serving underbanked customers.
“If you do that, more fintechs would be comfortable to serve customers and they can do more speedily.”
On his part, the Partner, Financial Services Technology KPMG, Mr. Boye Ademola while speaking on the need to enhance alternative financing said: “It is important to stress that if this market is going to experience exponential or significant growth and transformation from a financial services perspective, there are a few things the regulators need to look at one of it is alternative financing.
“Alternative financing is something that can affect not only in retail but because we are an SME-based economy, the sort of financing that is going to get the economy growing.”
FG Implores Parastatals to Promote the Country’s Digital Economy Initiative
FG Tells MDAs to Promote the Country’s Digital Economy
The Ministry of Communications and Digital Economy under the management of Dr. Isa Pantami, has implored all the federal government parastatals to promote and safeguard the country’s digital economy initiative.
Dr. Isa Pantami, while presenting the keynote address in a virtual forum organised by the Association of Telecoms Companies of Nigeria (ATCON), said based on the negative effects of COVID-19 pandemic, the demand for critical data infrastructure and broadband is now high.
The minister urged government parastatals to put in effort to uphold and promote government’s digital economy initiative designed to reduce the effect of the pandemic on the nation. He also disclosed that the interests of all Nigerians would also be protected by the government.
“Federal government will continue to develop its digital economy policy for a digital Nigeria. Both the Nigerian Communications Commission (NCC) and the National Information Technology Development Agency (NITDA) that are under the supervision of my ministry, now have special departments that promotes digital economy initiative and I urge them and all other parastatals under my supervision, to ensure that they promote the digital economy initiative of the federal government in order to maintain investor’s confidence and to protect the interest of Nigerians, especially telecoms consumers.
“Government on its part will ensure that the interests of telecoms companies and the interest of Nigerians are protected. Government is currently addressing the challenges in the cost of investments such as the issue of vandalisation of telecoms infrastructure, and President Muhammadu Buhari has officially directed all security institutes, through the Office of the National Security Adviser (ONSA), to protect telecoms investments in the country,” Pantami said.
The Executive Vice Chairman of NCC, Prof. Umar Garba Danbatta, when making his presentation said “The COVID-19 pandemic rapidly and sharply ravaged the globe, Nigeria is no exception. Governments therefore, faced unprecedented challenges from COVID-19 pandemic. The impact affects most sectors of the global economy, ranging from health, to education, to finance, to trade and investment.”
While explaining the Commission’s efforts at resolving consumer-related issues, Danbatta noted that less than 500,000 people activated Do-Not-Disturb (DND) code as at 2015 when the code was introduced by the Commission but presently, over 22,722,366 people line on the code.
He also made it known that the commission has resolved 98 per cent of service-related complaints received from telecoms consumers from January 2019 to April 2020.
according to Danbatta “the Commission has monthly engagements with operators as well as quarterly industry working group on Quality of Service and Short Codes, and is currently monitoring 2G Key Performance Indicators, while the KPIs for 4G are being prepared.”
Union Bank, Awarri Partner to Launch ‘Next Robotics Legend’ Initiative
Union Bank Partners Awarri to Train Kids on Robotics, Artificial Intelligence
Union Bank of Nigeria Plc and Awarri, a pan-African technology company, has announced the commencement of the ‘Next Robotics Legend’ initiative.
The training program organised through the banks’ education platform, Edu360, will train students between 11 and 16 years of age in Artificial Intelligence and Robotics.
Union Bank said the training is in line with its mission to boost education in Nigeria through its Edu360 platform, saying the Next Robotics Legend initiative would identify and nurture young innovators necessary to address some of the challenges confronting the nation and the world at large.
According to the bank, entry for the initiative will start on August 7th, 2020 and closed on August 21st, 2020. Parents and guardians of qualified students are, therefore, advised to register their children on Edu360 website as soon as possible.
It added that the top 25 entries will participate in the intensive 3-month training programme and each of the participants will receive a tablet with preloaded information; a MekaMon, a robot, which offers an unparalleled education experience in advanced robotics as well as access to seasoned tutors for the programme duration.
Participants are required to identify a need in their community, and apply the skills learnt to provide a solution to societal need at the end of the free training programme. Admission for a mentorship program with Awarri awaits the student with the best solution.
Ogochukwu Ekezie- Ekaidem, the Head, Corporate Communications and Marketing at Union Bank, when speaking on the Bank’s partnership with Awarri said, “Edu360 is excited to work with Awarri on this initiative because this links three areas that we are passionate about – Education, Innovation and Talent Development.
“Our focus on these three areas stems from the realisation that they are crucial in driving development and sustainable impact in Nigeria.”
Twitter Approaches TikTok for a Possible Merger Deal
TikTok, Twitter in Merger Talks
Following President Trump’s decision to end TikTok reign in the United States and protect the American people against an ‘unusual or extraordinary threat,’ Twitter has approached ByteDance, the Chinese company that owns TikTok to discuss possible merger or acquisition, according to a Wall Street Journal report on Saturday.
President Trump had signed an executive order on Thursday under the International Emergency Economic Powers Act, a law that allows the president to regulate international commerce in an unusual or extraordinary threat.
Part of the executive order read “The spread in the United States of mobile applications developed and owned by companies in the People’s Republic of China continues to threaten the national security, foreign policy, and economy of the United States. At this time, action must be taken to address the threat posed by one mobile application in particular, TikTok.”
Last week, Trump had given TikTok 45 days to sell off its US operations to an American company or face a complete exit from the world’s largest market. Also, American companies are warned to stop doing business with the Chinese video app and other Chinese owned social media companies like WeChat, saying it “threaten the national security, foreign policy, and economy of the United States.”
The threat has led to American companies approaching the Chinese short video app for complete acquisition of North American operations.
Microsoft had announced last week that it was in talks with the company to acquire its US, Canada, Australia and New Zealand operations. On Thursday, Financial Times reported that Microsoft has expanded discussions to TikTok entire operations.
However, on Saturday the Wall Street Journal reported that Twitter is in preliminary discussions for a merger with TikTok. A move that would likely allow Twitter to manage the company’s North American operations in line with Trump’s demand.
Trump had accused Chinese owned companies of working with the Chinese government to access American key data and expose the world’s largest economy to security threats. An accusation the companies have denied over and over again.
While it is uncertain how Twitter plans to raise the money for the acquisition or merger, it would be a herculean task given the company’s present financial position when compared with Microsoft.
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