Business Economy Finance News Society

IFIC’22: NIBSS to join industry stakeholders to discuss financial inclusion

The Nigeria Inter-Bank Settlement System (NIBSS) is set to join other industry stakeholders to examine the opportunities, identify concrete solutions, and interventions that would ensure the achievement of the nation’s financial inclusion objectives at the International Financial Inclusion Conference on the 24th and 25th of November 2022 in Abuja, Nigeria. Themed “Financial Inclusion for all: Scaling Innovative Digital Models”, the conference is the first to be held since the country launched its National Financial Inclusion Strategy (NFIS) in 2012.

NIBSS, in collaboration with other Financial Services Providers has made huge investments to provide affordable Digital Financial Services (DFS) to the unbanked and financially excluded members of the Nigerian population. In line with the National Financial Inclusion initiative, the timely delivery of financial services through Agency banking has also revolutionized the economy, as this has boosted job creation through Financial Entrepreneurship, Skills Acquisition, Digitalization of the Society and Increased GDP, as each state’s economic activity is increased with a multiplier effect”.

.Speaking on stakeholders’ contribution towards the National financial Inclusion objectives, the Managing Director/CEO of NIBSS, Mr. Premier Oiwoh, reiterated the role of technology in the provision of financial and payment innovation. “ we are aware that Digital financial inclusion enables access to financial services and advance the economic progress in underserved market segments, In ensuring that the financially excluded are efficiently and effectively catered for within the ecosystem, we have created a platform-based payment system to enable the players in the ecosystem innovate and thrive.” The industry over the years has leveraged cutting-edge technology to design and deliver financial products and services to drive financial inclusion, he added.

As the National Financial Inclusion Steering Committee and the industry prepares for the upcoming two-day International Financial Inclusion Conference (IFIC2022), scheduled to hold in Abuja, research has shown that Financial Inclusion stimulates the growth of the local economy while empowering the citizens. It provides access to basic financial services for the unbanked to be served in a manner that is sustainable and affordable, as it is aimed at enhancing growth and development.

Among other innovative payment solutions created for financial inclusion, the introduction of the NIBSS Instant Payment (NIP) platform transformed the way Nigerians choose to pay for goods and services at all levels. Leveraging on this, NIP has provided more opportunities for Financial Services Providers and other players within the ecosystem to innovate and provide more options to drive financial inclusion.

Also, through the initiative of the Central Bank of Nigeria, the Bank Verification Number (BVN) was developed to harmonize the financial services sector, improve banking operations and encourage financial inclusion. With strong collaboration across the ecosystem, NIBSS has over the years facilitated the growth and proliferation of BVN with the commencement of remote offline BVN Enrolment by Agents for a wider reach. This is in addition to the recently launched ‘iGree’ BVN Consent Management Platform, for expanded financial inclusion and consumer protection.

In addition to the successful deployment of Biometric Scanners at no cost to financial services providers, inclusive of DMBs, Super Agents, MMOs for the purpose of remote BVN enrolment, NIBSS has implemented 100% increase in monetary incentives paid to BVN enrolling Agents to incentivize them for every new BVN successfully enrolled in a bid to drive sustainable Financial Inclusion.

Through the use of cutting-edge technology innovation to drive micro-payments and a cashless economy across the Nation, below are other areas through which NIBSS has supported the Nation’s Financial Inclusion strategy:

• Introduction of the NXPay Platform, an affordable industry Local Money Transfer financial inclusion initiative, with token value redemption at agent locations.
• Development of New Quick Response (NQR) for affordable, contactless, digital payments.
• Launch of the NIBSS Easy Pay for instant transfers for non-bank Financial Service Providers (FSPs).
• Development of an Industry Centralized Dispute Service (IDRS) for dispute resolution across the industry.

Leave a Comment

Your email address will not be published.

You may also like

Business Economy Finance News

Stakeholders Converge at the Maiden International Financial Inclusion Conference, Lead Conversations on Financial Inclusion

post-image

 

 

 

Nigeria, on 24th and 25th November 2022 hosted the largest convening of the global Financial Inclusion ecosystem since the launch of its National Financial Inclusion Strategy in 2012. The 2022 International Financial Inclusion Conference organized by the Central Bank of Nigeria (CBN) and its partners within the financial inclusion governance committees themed: “Financial Inclusion for all: Scaling Innovative Digital Models” had in attendance over 5000 participants from at least 78 countries around the world.

Among the major dignitaries in attendance were His Excellency, President Muhammadu Buhari (GCFR), who was represented by the Honorable Minister of the Federal Capital Territory, Mallam Mohammad Musa Bello (CON); United Nations Secretary-General Special Advocate (UNSGSA) on Inclusive Finance, Queen Maxima of the Netherlands; Secretary to the Government of the Federation, Mr. Boss Mustapha; the Honorable Minister for Communication and Digital Economy, Professor Isa Pantami; the Honorable Minister of Women Affairs, Dame Pauline Tallen; the Honorable…

Read More
Agriculture Business Culture Economy

FG TO STREAMLINE EXISTING SORGHUM VARIETIES TO ENHANCE SELF-SUFFICIENCY, OTHERS

post-image

 

Federal Government has reiterated its commitment to streamline the existing sorghum varieties in the country to enhance Self-sufficiency, income generation, Food and Nutrition Security amongst others.

The Minister, Federal Ministry of Agriculture and Rural Development, Dr. Mohammad Mahmood Abubakar revealed this while receiving report of the Sorghum Technical Committee, in his office, in Abuja, recently.

He stated that the objective of streamlining the existing sorghum varieties was to find other ways of improving productivity, value addition and quality of sorghum produce, noting that the exercise was crucial as it would enhance farmer’s income, attract more youth to sorghum cultivation, meet national demand as well as contribute to the growth of the Gross Domestic Product.

In his words” This cannot be achieved without the collaborative efforts of all Stakeholders of which farmers, Seed producers, Input providers and international Institutes are part”.

He recalled that the technical committee arose from a sorghum stakeholders meeting on…

Read More
Business Economy

African startups are weathering the funding storm with acquisitions

post-image

A new report from Africa’s foremost digital economy consultancy, TechCabal (https://TechCabal.com) Insights has revealed that acquisitions have become more frequent in Africa’s tech ecosystem, showing signs of a maturing market. According to the report, 2021 saw 32 acquisition deals on the continent. At the end of Q3 2022, there were about 43 acquisition deals, signaling a consolidation trend.

 

 

After two years of continuous growth in VC investment, funding announcements have hit a plateau. Startups have resorted to cutting costs to extend their runway, and acquisition deals have become necessary for survival, particularly with startups operating in the same market. The number of acquisitions between startups operating in the same market increased from 31% in Q2 to 52% in Q3 2022.

 

The State of Tech in Africa Report compiled by TechCabal Insights, also found that the average seed ticket size remained stable at $2.5M in…

Read More
Business Economy Society Technology Technology Trends

Multimillion-dollar boost for small business as more African countries join MultiChoice Africa Accelerator Programme

post-image

Following the success of the MultiChoice (www.MultiChoice.com) Africa Accelerator (https://bit.ly/3OtthRz) Programme, which secured $16 million (USD) of funding for six emerging businesses last year, the programme has been expanded to eight more countries across Africa.

 

Many more small businesses in Africa’s technology sector now have the chance to benefit from the 2023 programme, which provides the skills and opportunities needed to attract transformative business funding.

“We’re really excited to be expanding the MultiChoice Africa Accelerator Programme to more African countries,” said Calvo Mawela, MultiChoice Group CEO, announcing the launch. “It’s part of our long-term commitment to growing and multiplying Africa’s technology potential, which is critical to our future growth.”

The MultiChoice Africa Accelerator Programme, which kicked off during Global Entrepreneurship Week,  is aimed at established start-ups and small enterprises in specific technology sectors – healthtech, agritech, fintech, edutech, the circular economy and the creative industries.

“There…

Read More
Announcements Business Culture Events Technology Tourism Trends

Spark Africa set to hold the largest tech gathering in Africa; the Africa Technology Expo.

post-image

 

Spark Africa, The African Technology Leader has announced the company’s readiness to host the African Technology Expo, a gathering of tech enthusiasts and stakeholders with the aim of promoting indigenous African talents and innovations.

This was disclosed by the Convener of the event and CEO of Spark Africa, Nnaemeka Clinton, during a Press briefing.

According to him;“Nigeria has over 30 Million People with viable ideas, about 10,000 startups and over 200 of these startups are fintech.

Most tech events in Africa and Nigeria specifically do not solve the issue of helping our unique talents with viable tech ideas translate their ideas to startups.
This isn’t about creating an avenue for motivation and encouraging networking amongst African talents alone, that is good, however, the “working the talk” is by transforming their ideas into startups.
The Africa Technology Expo, the largest tech gathering in Africa is different, this year’s debut edition is aimed at converting over…

Read More
Announcements Business Economy Technology Technology Trends Telecoms

ON THE UPCOMING AUCTION OF TWO (2) LOTS OF 3.5GHZ SPECTRUM

post-image

 

The Nigerian Communications Commission (the Commission), in line with Section 121 of the Nigerian Communications Act 2003 (the Act) has the responsibility to manage and administer Spectrum resources for the communications sector in an efficient and effective manner. This is for the socio-economic benefit of the country.

Accordingly, it is the Commission’s responsibility, as the industry regulator, to ensure that harmonized and standardized Spectrum resources are made available in a timely manner to ensure its optimal utilization. The impact of the Commission’s regulatory activities in this regard is evident in the contribution of ICT, and telecommunications in particular, to the Gross Domestic Product (GDP) of the country.

The Act allows available Spectrum resources to be licensed through different methods. Spectrum licensing via Auction is one of the most transparent methods of assigning Spectrum resources globally. It is important to note that the Commission in response to requests for more Spectrum lots…

Read More
Business Economy News Technology Technology Trends Telecoms

NCC-CSIRT Urges Adoption of Two-Factor Authentication as Somnia Ransomware Targets Telegram Accounts

post-image

 

In response to the discovery of a new attack that compromises victims’ VPN (Virtual Private Network) accounts to compromise messaging app, Telegram, the Nigerian Communications Commission’s Computer Security Incident Response Team (NCC-CSIRT) has advised users to adopt two-factor authentication to protect their Telegram accounts and to not download unknown Advanced IP Scanner Software.
Ukrainian cyber experts discovered the attack, which uses Vidar Malware (Vidar Stealer) to steal Telegram session data, which in the absence of configured two-factor authentication and a passcode, allows unauthorized access to the victim’s telegram account and corporate account or network.

The malware, which exploits unauthorized access to users’ Telegram accounts and corporate accounts to steal data, targets platforms across iOS, Android, Linux, Mac and Windows Operating Systems.

“The Ukrainian CERT alleged that a Somnia Ransomware was created to be used on Telegram that tricks users to download an installer that mimics ‘Advanced IP Scanner’ software, which contains Vidar…

Read More
Business Economy Energy

KOLMANI OIL AND GAS PROJECT HAS ATTRACTED OVER $3BN INVESTMENT IN FOSSIL ENERGY – PRESIDENT BUHARI

post-image

 

– Restates Net Zero Carbon Emission By 2060

President Muhammadu Buhari has declared that his administration attracted over $3bn investment in the Oil and Gas Sector at a time of near-zero appetite for investment in fossil energy.

Speaking Tuesday in Bauchi at the Flag-off Ceremony of the Kolmani Integrated Development Project, a fully integrated in-situ development project comprising upstream production, oil refining, power generation and fertilizer, President Buhari said:

“Considering the land locked location and the huge capital requirement, the economics of the project is a challenging proposition. Consequently, from the outset, I instructed NNPC Limited to utilize and leverage their vast asset portfolio across all corridors of its operations to de-risk the project to attract the much-needed investment.

“It is therefore to the credit of this administration that at a time when there is near zero appetite for investment in fossil energy, coupled with the location challenges, we are able to attract…

Read More