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NDIC tackles rising fintech-induced risks in financial sector

NDIC tackles rising fintech-induced risks in financial sector

Business, Corporate Stories, Insurance, Technology
Nigeria Deposit Insurance Corporation (NDIC) has stated that it is effectively collaborating with relevant stakeholders to manage risks arising from the growing adoption of financial technology (fintech) in the financial sector. At the 2021 retreat organised by the NDIC in Lagos, last week, Chairman of the board, Ronke Sokefun, said while banks are rapidly employing fintech to innovatively deliver financial products and services, the nature and scope of banking risk are significantly increasing with the adoption of fintech. According to her, development in fintech continues to open up new opportunities for the banking system, which creates additional risks. Represented by a member of the board of directors, Adewale Adeleke, she pointed out that risks had increased significant...
The Fourth Industrial Revolution: Fintech in Nigeria

The Fourth Industrial Revolution: Fintech in Nigeria

Innovation, Technology, Technology & Innovation
“The changes are so profound that, from the perspective of human history, there has never been a time of greater promise or potential peril.” – Klaus Schwab, Founder and Executive Chairman of the World Economic Forum. We are currently witnessing the new dawn of a universal technology revolution which is known as the” Fourth industrial revolution”. The Fourth Industrial Revolution or Industry 4.0 is the reformation of the traditional and industrial manufacturing practices involved with the latest technology. It is mainly used in Internet of Things (IoT) deployments and large-scale machine to machine communication (M2M) to enhance communication, increase automation, as well as diagnosing and analysing smart machines without human monitoring or involvement. According to Kl...
CBN issues new licence and capital requirements for FinTechs

CBN issues new licence and capital requirements for FinTechs

Economy, Technology, Technology & Innovation
The Central Bank of Nigeria (CBN) has published new license requirements for Payment System operators in the country. This disclosure is contained in a document released by the apex bank on Monday, May 24, 2021 stating the eligibility criteria for each licence category in the country. The categories listed include the Payment Terminal Service Provider (PTSP), Payment Solutions Service Provider (PSSP), Payment Solution Services (PSS), Super Agent Licence, Mobile Money Operator (MMO), Switch and Processing Licence. The new licence requirements make provisions for capitalization of each service category, documentation, application and licence fee and the licence validity. What this means: Potential applicants into Nigeria’s lucrative financial services sector will ...
Wema seeks reinvention, to compete with technology

Wema seeks reinvention, to compete with technology

Corporate Stories, Technology
Wema Bank Plc says it is breathing fresh air into its processes to invent itself as a financial powerhouse and regain any lost ground as it markets 76 years of unbroken operation. Founded in 1945, Wema is among Nigeria’s oldest surviving banks but has had to battle poor perception to remain attractive to the younger generation. But the Chief Finance Officer (CFO), Tunde Mabawonku, said the financial institution has done a lot of retooling in the past few years to change the old regional conservative lens through which some individuals see the bank. Speaking at a media engagement in Lagos, at the weekend, the CFO said the bank has achieved critical milestones required to compete for the fast-changing market and reinvent itself as a leading Nigeria’s financial service provider....
BoI to tackle youth unemployment with tech hubs

BoI to tackle youth unemployment with tech hubs

Growth & Insight, Technology
Worried about the high level of youth unemployment currently estimated at 33.3 per cent, the Bank of Industry (BoI) has announced plans to establish tech hubs to address the challenge. The bank stated it would be sponsoring tech hubs in recognition of the talented youths in universities and the need to channel youths to more productive and impactful initiatives rather than social vices. The Managing Director, BOI, Olukayode Pitan, stated this at the BOI-Unilag Incubation and Co-working Hub opening and commissioning in the University of Lagos. The BoI boss stated that remains committed to providing funding to support credible and bankable ideas that emerge from the tech hubs to enable them to start operations and scale into viable businesses. He said embracing technology an...
Technology companies join forces in the fight against cyber fraud

Technology companies join forces in the fight against cyber fraud

Technology
Direct carrier billing (DCB) is the safest and most suitable payment technology for the new mobile economy; The two companies announced the launch of DCB Index to measure industry maturity in different regions. European technology companies Evina and Telecoming (Telecoming.com) have signed a global alliance to work hand in hand in promoting DCB as the safest and most appropriate payment method in the new mobile economy and, in particular, for the fight against fraud. The agreement deals a body blow to the mobile fraud that cost the African continent over USD 4 billion last year. DCB is the most suitable payment technology for millions of unbanked Africans who appreciate its unparalleled reach and convenience. The agreement between Evina and Telecoming; both with operations in 15 Afr...
PayPal, Flutterwave partner to enable merchants receive payments across Africa.

PayPal, Flutterwave partner to enable merchants receive payments across Africa.

Business, Innovation, Technology
PayPal has announced a partnership with Flutterwave users to allow its users anywhere in the world pay African merchants directly using their Flutterwave Store account. This announcement comes barely a week after Flutterwave completed its Series C funding with a funding of $170 million. Pushing the value of the company to over  $1 billion. Through this partnership, African businesses and individuals can now connect with more than 377 million PayPal users globally and overcome the challenges presented by the highly fragmented and complex payment and banking infrastructure on the continent.  Prior to this partnership, PayPal’s full range of services were only accessible to 12 African countries. However, this agreement brings PayPal closer to over 50 countries where F...
Metro fibre networks account for 25% of sector’s infrastructure

Metro fibre networks account for 25% of sector’s infrastructure

Technology
• Concentrated majorly in Lagos, Abuja, PH• Operators spend N24.3b on diesel yearly Metro fibre concentrations networks in Nigeria account for less than 25 per cent of the total fibre distances in the country, a report has revealed. The networks are concentrated in major cities such as Lagos, Abuja, Port Harcourt, and within Edo and Ogun states while other locations remain unserved or underserved. The report by the Nigerian Communications Commission (NCC) reveals that access of fibre networks within 5 kilometers of the population currently stands at an average of approximately 39 per cent reach with a high of 85 per cent in Lagos State and a low of 12 per cent in Jigawa State. With a focus on the need to improve infrastructure in the telecoms industry, NCC observed that in...
Biovac spearheads South Africa vaccine hopes

Biovac spearheads South Africa vaccine hopes

Technology
          In a complex of white labs in Cape Town’s Pinelands suburb, biomedical engineers and big pharma executives are locked in a flurry of negotiations to clinch a deal for the manufacture of a vaccine to fight the global pandemic. Founded in 2003, the Biovac Institute is southern Africa’s first vaccine facility, and one of the few on the continent with the state-of-the-art heavy machinery, specialised equipment and bio-technical expertise needed to manufacture a Covid-19 vaccine. Its Harvard Business School-educated CEO, Dr Morena Makhoana, who is also a graduate of the University of Cape Town’s medical school, says he is helping to build the institution as part of the government’s vision for a national renaissance in vaccine manufacturin...
NITDA to tighten nose on data protection through new Bill

NITDA to tighten nose on data protection through new Bill

Technology, Technology & Innovation
The National Info Technology Development Agency (NITDA), is to send a new Bill on Data Protection to the National Assembly, and if passed into law, would ensure stringent protection of personal data and regulation of the processing of personal information.   This comes as the Federal Government said it earned N12.650 million from the Data Protection Compliance Organisations (DPCO) Licensing and Audit report filing, while over 2,686 new jobs have been created. Director-General of NITDA, Kashifu Inuwa Abdullahi, who disclosed this at the presentation of the Nigeria Data Protection Regulation Performance Report 2019-2020, in Abuja, noted that on May 25, 2018, the General Data Protection Regulation (GDPR) of the European Union (EU) came into force. The GDPR impacted the sm...