Regulatory technology or regtech is starting to play a crucial role in ensuring digital transformation projects are not only successful, but fully compliant too.

Andrea Tucker, Head of Research & Development and Strategic Projects at e4, notes that while regtech, defined as the management of regulatory processes within the financial industry through technology, is relatively new it looks set to make a significant impact on how financial institutions tackle digital transformation.

“At its simplest, regtech makes the process of complying with regulations like FICA, POPIA, and the like completely seamless. A practical example of the power of regtech in action is e4’s role in enabling a fully digital credit card application process for a major South African bank within just four months,” says Tucker.

Regtech is proving to be critical in mainstream banking as these organisations accelerate their digital transformation journeys thanks to the convergence of renewed consumer demand for paperless services and the Covid-19 pandemic making the virtual switch a clear necessity. “Regulations, consumer trends, and technology are constantly evolving which makes for a truly dynamic environment for the banking and financial services industries. It’s also an environment which requires continuous attention to change and how new regulations, particularly those concerning digital interactions with end consumers, affect organisations and their compliance requirements,” adds Tucker.

She says regtech ensures that the onboarding process can be entirely virtual while still meeting organisational rules and standards together with wider legal requirements. “Another important benefit of regtech is that it makes it possible for interactions with organisations to become far more cost effective, more streamlined, and less onerous for the end consumer.”

In addition to streamlining any consumer facing process that also needs to be reported on, Tucker says regtech can give organisations an edge in several other ways too. “Not only are shifting demographics moving towards frictionless exchanges, both small and large financial services organisations can benefit from implementing regtech as it frees skilled staff from tedious manual paperwork to work on more fulfilling tasks.”

For organisations who haven’t yet considered regtech as part of their wider digital transformation journey, Tucker recommends starting off by getting a good handle on existing business rules and processes. “A full understanding of all internal procedures is the foundation on which wider compliance and meaningful digital transformation is built.”

 In a recent one-on-one interview with the FSBBC’s Entrepreneurs Learning Lab, newly- appointed CEO of the Free State Development Corporation (FDC), Thabo Lebelo, outlined a number of coalface interventions designed to spur economic growth in the province and bring about real progress in economic activity at the SMME level.

Speaking to Lucky Motsamai CEO of the FSBBC, Mr Lebelo said that his vision included a new approach to collaborative efforts and value chain transformation that would transcend the old way of doing things by the FDC; an approach that did not necessarily always work in the past. These interventions include a new mind-set he is inculcating among FDC team members, along with a renewed focus on why the FDC exists.

“One of the sole reasons the FDC exists is to facilitate the development of SMMEs and provide assistance with set-up, investment and export promotion, as well as financing,” said Mr Lebelo, while acknowledging that the FDC faced issues with limited resources in terms of financing facilities for SMMEs.

“The FDC was well-funded and well-supported in the past, and while we now have limited resources to lend, our current strength lies in the power we can bring to bear to enable dialogue between SMMEs, entrepreneurs, local businesses and larger enterprises and provide them with rights to access these markets.”

Mr Lebelo said that the FDC had other resources in could also bring to bear to facilitate growth and opportunities for SMMEs, like property assets and unused commercial space, that could be used by emerging businesses in an effort to assist them in developing their business in a multi-pronged approach to pursuing all avenues of assistance.”

Mr Lebelo’s key message to his staff at the FDC was to target a number of key business activities, like identifying the top ten goods consumed in the province and see how the FDC could create real and meaningful impact by identifying and facilitating opportunities within those manufacturing chains for local, black businesses. This approach would see the FDC plugging companies it was supporting directly into the supply chain to see immediate, real and measurable economic growth.

Mr Lebelo said that he believed the old BBBEE approach did not work, where black-empowerment initiatives at shareholder level rarely saw pull-through at the ‘coalface’ where, he believes, the real economic activity takes place.

‘We need to relook doing things in a new collaborative way where, going forward we prioritise participation by black people at asset level. This is where most business activity takes place and where ‘coalface intervention’ will be most successful. These collaborative efforts rely upon drawing on the FDC’s strengths as facilitators, in collaboration with the financial resources and expertise the private sector can contribute.”

“I tell my staff all the time: As long as we are alleviating the entrepreneurial challenges of poverty, inequality and joblessness, we will have done well as the FDC,” he said.

Mr Lebelo also alluded to developments at the Free State SEZ (Special Economic Zone) that had experienced some governance issues it had to overcome and that were being resolved. This SEZ, Mr Lebelo said, would in the future be a great economic enabler for entrepreneurs and SMMEs.

Watch the full interview on Facebook here:

The Board, Management and entire staff of the Nigerian Communications Commission (NCC) express grief and commiserate with the Chairman, Board of Commissioners of NCC, Prof. Adeolu Akande over the passage of his daughter, Miss Feranmi Fasunle.

Miss Fasunle, aged 19, was a promising 200-Level student of Political Science at the Adekunle Ajasin University, Akungba Akoko, Ondo State, who dreamt of reading Law as a second degree.

She died in the early hours of Thursday, May 13, 2021 at the Federal Medical Centre, Owo, Ondo State, following spirited efforts to save her. The Commission, therefore, expresses the heartfelt condolences of its Board, Management and entire staff over the sad development.

While we, at the Commission, identify with the entire family at this grieving period, we are, however, consoled by the fact that the young lady died pursuing an intellectual vision that would have added great value to humanity.

It is our solemn and collective prayer that God grant her eternal peace and give the entire family of our Chairman the grace and fortitude to bear the irreparable loss.

The attention of the Office of the Vice President has been drawn to a website:supportosinbajo.ng that is calling on Nigerians to join a volunteer group mobilizing support for Prof. Yemi Osinbajo, SAN, ahead of the 2023 presidential election.

Details of this website and the solicitation of the group are currently trending on WhatsApp with a suggestion that Prof. Osinbajo has “quietly” declared interest in the 2023 election.

The Office of the Vice President is not in any way connected to this website or the group behind it and considers such an enterprise an unnecessary distraction. Prof. Osinbajo has not declared any interest whatsoever in the 2023 election, but he is rather focused on working in his capacity as Vice President in the current administration to address all the compelling issues in the country and concerns of Nigerians, including finding effective and lasting solutions to the security challenges.

Therefore, we ask that people desist from such unhelpful permutations while we all deal together with the challenges confronting us as Nigerians, and resolve them for the benefit of our people, peace and prosperity in the land.

Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President

The consumer industry is in a state of constant disruption. Along with advances in technology, more informed and sceptical consumers are holding business to higher standards. According to Reynhardt Uys, Chief Experience Officer, Immersion Group, a global team of experience design expert, an organisation’s success in delivering a customer-centric experience across every business channel is no longer a differentiator, but a determinant of survival.

Uys says forward-looking organisations understand that profound change is inevitable, and that this presents enormous opportunity for growth for fully integrated omnichannel businesses that embrace UX, UI, CX, systems thinking, design thinking and experience design. “While the omnichannel concept has its roots in marketing, the idea of operating with experience centricity from the inside-out and the outside-in has become vital to every aspect of modern business. When applied to an entire organisation, omnichannel offers seamless, cross-channel customer experiences with integrated front-and-back-end systems, together with dynamic, demand-driven supply chains that can quickly pivot to meet changing needs.”

“An omnichannel business model is all about integration. It considers what is most important to today’s consumers, from product quality and safety to sustainability, as well as fully enabled technology that each contribute to a memorable in-store and online experience,” notes Uys.

While advances in digital technology have undoubtedly changed the business landscape, Uys says the omnichannel approach is largely driven by consumers who are demanding the ability to experience, browse, shop, and buy from their favourite brands on their own terms. “Adapting to evolving consumer demands requires organisations to become customer obsessed. To do this, businesses need to implement a holistic experience strategy with actionable insights informed by customer data.”

“Across the globe and here at home, what many major organisations are grappling with is how to build, nurture and retain the trust of their customers. Of course, availability and the price and quality of a product or service will always matter. Increasingly though, what a brand represents and how it is communicated and how it lives by those things also matter,” says Uys.

Organisations that want to be relevant and trusted by their customers in five, ten and even 20 years should focus their efforts on building an omnichannel model. Uys adds that integration across the entire organisation must be a fundamental guiding principle. “When a business finally identifies its experience north star, real value is unlocked which opens up space for the kind of fresh thinking and new innovation that captures the attention of consumers and keeps them coming back for more.” 

…As Danbatta receives recognition award

Traditional rulers and concerned community leaders have commended the Executive Vice Chairman and Chief Executive Officer of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta for his role in boosting security and supporting other initiatives aimed at developing Danbatta Local Government Area, Kano State and its environs, as well as his efforts toward national development.

The traditional rulers and the community leaders spoke at an event organised by Danbatta (Community) Charity Foundation (DCF) in conjunction with four other organisations including Zauren Tuntuba, a non-for-profit organisation; Danbatta Academic Forum (DAF); Danbatta Reporters and Duniya Ba Hutu, in Danbatta community, Kano at the weekend.

The event was the graduation ceremony of 10 female students from Muslim Community College of Health Sciences and Technology, Funtua and another 20 empowered females in vocational training focused on tailoring and fashion, all of whom were sponsored by Prof. Danbatta.

The event, which featured the provision of sewing machines and other fashion tools to the two sets of graduands, also saw Prof. Danbatta being conferred with a special recognition award for his immense contribution to the security of Danbatta community, among other community development initiatives.

Speaking for traditional rulers, the Sarkin Bai of Bichi Emirate and District Head of Danbatta, Alhaji Isiyaku Wada Waziri, stated that, “one of the most important things anybody can give to Nigerians presently is security because without security, no business will prosper and people will not live in peace,” adding that “That is why, among all the efforts that Prof Danbatta has made to support the community, his support in the areas of security is valued the highest.”

He emphasised that the local community had witnessed improvement in its security efforts following personal security support received from Prof. Danbatta. “Danbatta has been at the forefront of supporting the community in the area of security by sponsoring vigilante groups and financing all aspects of security planning in the local government area and these efforts have continually yielded positive results.” Waziri said.

He further urged Prof. Danbatta not to relent in his philanthropic gesture of helping the community and acknowledged the critical role which the Danbatta-led NCC is playing in leveraging the use of Information and Communication Technology (ICT), through the Emergency Communication Centres (ECCs) which NCC is implementing across the country, in enhancing security of lives and property in the country.

In the same vein, one of the leaders of the community and Chairman of DCF, Alhaji Nasiru Danguda, spoke glowingly by reeling out various initiatives by Prof. Danbatta towards contributing to the overall development of the community.

Responding, the EVC thanked the Foundation, its partners as well as the community leaders for recognizing his modest contributions to the development of the Danbatta and neighbouring community, saying “this gesture can only encourage us to do more for our community.”

The National Information Technology Development Agency (NITDA) under Section 6 (f) of the NITDA Act 2007 wishes to provide this advisory to Nigerians to address Nigerian concerns on changes to Whatsapp Terms of Service and Privacy Policy which took effect on 15th May, 2021. Millions of Nigerians use Whatsapp platform for business, social, educational, and other purposes. The platform is the social media platform of choice for many Nigerians.

To understand the issues and give an opportunity to explain its views, NITDA in collaboration with the African Network of Data Protection Authorities engaged Facebook Incorporated, the owners of Whatsapp platform, specifically, its global Policy officials on 9th April, 2021. After the engagement, NITDA, as Nigeria’s data privacy regulator, wishes to advise Nigerians on how Facebook’s business decision affects their privacy rights.

What Has Changed?
Facebook acquired Whatsapp in February 2014. Facebook currently has over 2.5 billion users globally, while Whatsapp has over 2 billion users. Whatsapp shared a reviewed Privacy Policy on 4th January 2021, informing its users outside the European Union that it would now share their information with Facebook and its sister companies.

Datasets collected by Whatsapp
Whatsapp collects the following information on users:
•account information;
•messages (including undelivered messages, media forwarding);
•connections;
•status information;
•transactions and payments data;
•usage and log information;
•device and connection information;
•location information;
•cookies etc.
Other information collected by Whatsapp include:
•battery level;
•signal strength;
•app version;
•browser information;
•mobile network;
•connection information (including phone number, mobile operator or ISP), language and time zone;
•Internet Protocol address;
•device operations information;
•social media identifiers.

The new policy best renders the platform’s information sharing practices with Facebook and its companies-

“As part of the Facebook Companies, WhatsApp receives information from, and shares information with, the other Facebook Companies. We may use the information we receive from them, and they may use the information we share with them, to help operate, provide, improve, understand, customize, support, and market our Services and their offerings, including the Facebook Company Products…”

Whatsapp shares the above listed information and the following with the Facebook company:
•account registration information;
•details on how users interact with others;
•mobile device information;
•Internet Protocol address;
•Location data etc.
The Facebook Team confirmed that private messages shared on WhatsApp consumer version are encrypted and not seen by the company. But the metadata (data about the usage of the service) which is also personal information is shared with other members of the Facebook Group.

Whatsapp users are at liberty to decide on giving consent to the processing of their data based on the new privacy policy. The Nigeria Data Protection Regulation (NDPR) recognizes consent (a clear, unambiguous expression of privacy terms communicated by the controller and accepted by the Data Subject) as one of the lawful basis for data processing. Acceptance of the new privacy policy and terms of use implies that user data would now be shared with Facebook and other third parties. Users will now be subject to the terms and policies of Facebook and other receiving entities with or without being direct subscribers to such services.

Advise
As a result of the foregoing, NITDA advises as follows:
•Nigerians may wish to note that there are other available platforms with similar functionalities which they may wish to explore. Choice of platform should consider data sharing practices, privacy, ease of use among others; and
•Limit the sharing of sensitive personal information on private messaging and social media platforms as the initial promise of privacy and security is now being overridden on the bases of business exigency.

Nigeria’s engagement with Facebook continues. We have given them our opinion on areas to improve compliance with the NDPR. We have also raised concerns as to the marked difference between the privacy standard applicable in Europe, under the GDPR and the rest of the world.

Given the foregoing and other emerging issues around international technology companies, NITDA, with stakeholders, is exploring all options to ensure Nigerians do not become victims of digital colonialism. Our national security, dignity and individual privacy are cherished considerations we must not lose. Because of this, we shall work with the Federal Ministry of Communications and Digital Economy to organize a hackathon for Nigerians to pitch solutions that can provide services that will provide functional alternatives to existing global social platforms.

Mrs. Hadiza Umar MNIPR, M.ARPA, MCIPR
Head, Corporate Affairs and External Relations
Corporate Headquarters, Garki, Abuja

Israel wants to exist as a Jewish state and to live in peace. Israel also recognizes the right of Palestinians to have their own state and to live in peace. The problem, however, is that most Palestinians and many other Muslims and Arabs, do not recognize the right of the Jewish state of Israel to exist.

This has been true since 1947, when the United Nations voted to divide the land called Palestine into a Jewish state and an Arab state.

The Jews accepted the United Nations partition but no Arab or any other Muslim country accepted it.

When British rule ended on May 15, 1948, the armies of all the neighboring Arab states — Lebanon, Syria, Iraq, Transjordan, and Egypt — attacked the one-day old state of Israel in order to destroy it.

But, to the world’s surprise, the little Jewish state survived.

Then it happened again. In 1967, the dictator of Egypt, Gamal Abdel Nasser, announced his plan, in his words, “to destroy Israel.” He placed Egyptian troops on Israel’s border, and armies of surrounding Arab countries were also mobilized to attack. However, Israel preemptively attacked Egypt and Syria. Israel did not attack Jordan, and begged Jordan’s king not to join the war. But he did. And only because of that did Israel take control of Jordanian land, specifically the “West Bank” of the Jordan River.

Shortly after the war, the Arab states went to Khartoum, Sudan and announced their famous three “No’s: “No recognition, no peace, and no negotiations,”

What was Israel supposed to do?

Well, one thing Israel did, a little more than a decade later, in 1978, was to give the entire Sinai Peninsula — an area of land bigger than Israel itself, and with oil — back to Egypt because Egypt, under new leadership, signed a peace agreement with Israel.

So, Israel gave land for the promise of peace with Egypt, and it has always been willing to do the same thing with the Palestinians. All the Palestinians have ever had to do is recognize Israel as a Jewish state and promise to live in peace with it.

But when Israel has proposed trading land for peace — as it did in 2000 when it agreed to give the Palestinians a sovereign state in more than 95% of the West Bank and all of Gaza — the Palestinian leadership rejected the offer, and instead responded by sending waves of suicide terrorists into Israel.

Meanwhile, Palestinian radio, television, and school curricula remain filled with glorification of terrorists, demonization of Jews, and the daily repeated message that Israel should cease to exist.

So it’s not hard to explain the Middle-East dispute. One side wants the other dead. The motto of Hamas, the Palestinian rulers of Gaza, is: “We love death as much as the Jews love life.”

There are 22 Arab states in the world — stretching from the Atlantic Ocean to the Indian Ocean. There is one “Jewish State” in the world. And it is about the size of New Jersey. In fact, tiny El Salvador is larger than Israel.

Finally, think about these two questions: If, tomorrow, Israel laid down its arms and announced, “We will fight no more,” what would happen? And if the Arab countries around Israel laid down their arms and announced “We will fight no more,” what would happen?

In the first case there would be an immediate destruction of the state of Israel and the mass murder of its Jewish population. In the second case, there would be peace the next day.

As I said at the outset, it is a simple problem to describe: one side wants the other dead — and if it didn’t, there would be peace.

Please remember this: There has never been a state in the geographic area known as Palestine that was not Jewish. Israel is the third Jewish state to exist in that area. There was never an Arab state, never a Palestinian state, never a Muslim or any other state.

That’s the issue: why can’t the one Jewish state the size of El Salvador be allowed to exist?

That is the Middle-East problem.

I’m Dennis Prager.

Lifted from the voice patriots.

ISRAEL AGREE WHILE ARAB/PALESTINE DISAGREE