Fintrak Software, Nigeria’s leading indigenous software development firm specializing in financial software, proudly announces the recognition of its Group Managing Director, Bimbo Abioye, at the prestigious “Top 50 Most Valuable Personalities in Nigeria’s Digital Economy” event. The ceremony, held at Providence Hotel in Ikeja GRA, Lagos State, celebrates Abioye’s outstanding contributions to the nation’s digital landscape.
Bimbo Abioye , GMD Fintrak Software
Despite his absence due to commitments in an Eastern African country, Mr. Bimbo Abioye was represented by Ladi Ipaye, who graciously accepted the award on his behalf. The accolade underscores Abioye’s remarkable achievements and relentless dedication to advancing Nigeria’s digital economy.
Reflecting on Abioye’s impact, Ladi Ipaye remarked, “Bimbo Abioye has spearheaded Fintrak’s transformation into a powerhouse within the fintech ecosystem, elevating the firm from a modest consultancy to an international leader in software development, particularly in the financial sector.”
Abioye’s visionary leadership challenged the dominance of foreign banking solutions in Nigeria, championing the superiority of locally developed software. By delivering tailor-made solutions aligned with regulatory standards and global best practices such as the International Financial Reporting Standard (IFRS), Abioye reshaped the industry’s landscape.
Moreover, Abioye’s influence extends beyond national borders, with Fintrak’s footprint expanding across Africa. By fostering capacity building initiatives, Abioye emerges as a Pan-Africanist, nurturing talent not only within Nigeria but also in neighboring countries like Benin.
In recognition of his expertise and contributions, Abioye was appointed President of the Institute of Software Practitioners of Nigeria (ISPON), entrusted with steering the organization towards addressing contemporary global challenges.
Bimbo Abioye’s indelible mark on Nigeria’s digital economy exemplifies his unwavering commitment to innovation, excellence, and empowerment. Fintrak Software celebrates his well-deserved accolade and looks forward to his continued leadership in shaping the future of the digital landscape.
Abioye’s influence extends beyond national borders, with Fintrak’s footprint expanding across Africa. By fostering capacity building initiatives, Abioye emerges as a Pan-Africanist, nurturing talent not only within Nigeria but also in neighboring countries like Benin.
ArcaPay, a pioneering indigenous financial technology (fintech) firm, took center stage at the prestigious Zenith Bank Tech Fair 2023, a gathering of the foremost tech players in Nigeria’s thriving tech ecosystem.
ArcaPay, recognized for its groundbreaking strides in Agency Banking, Switching Network, and payment gateway solutions, seized the opportunity to unveil its cutting-edge financial technology products on a global platform.
Nifemi Sofowora, Brand and Marketing Manager, conveyed the company’s mission at the event, stating, “We are here to showcase our products, foster relationships, and drive businesses. Our presence underscores our commitment to unveiling world-class solutions. We’re delighted to participate in this exhibition, showcasing our collaborative efforts with Zenith Bank.”
Highlighting the distinctive offerings at ArcaPay’s exhibition stand, Nifemi emphasized, “Our focus extends beyond financial solutions. We’re proud to present our unparalleled Agency Banking solutions, a one-of-a-kind innovation in Nigeria. This platform allows us to demonstrate the remarkable achievements we’ve accomplished with this groundbreaking product.”
In her remarks, Nifemi further elaborated, “ARCA is an advanced technology platform designed to propel Africa’s new digital payments revolution. Leveraging cutting-edge technologies, we ensure Nigerians experience seamless services.”
Arca empowers financial institutions and SMEs to effortlessly accept and process payments, with a particular emphasis on Africa’s dynamic payments landscape. The company’s products seamlessly integrate into the existing fragmented payments environment, connecting individuals, financial institutions, banks, and businesses to Africa’s digital economy.
The Zenith Bank Tech Fair 2023 aims to facilitate a deeper understanding and utilization of emerging technologies to enhance various aspects of human life. The event features Zecathon, providing startups and tech enthusiasts a platform to present innovative solutions. Exceptional ideas stand a chance to win grants and support from the bank. Additionally, the fair hosts a tech exhibition featuring leading IT firms in Nigeria, ranging from cybersecurity solution providers to FinTechs.
PalmPay, a leading Africa-focused fintech platform, has said that the future of money is now; therefore, the company has put in place adequate infrastructure, and the right measures to ensure that its millions of customers are guaranteed adequate security.
Speaking while making a presentation titled “Future of Money, Security, Customer Experience (CX)” at the Africa Tech Alliance (AfriTECH 3.0) held at The Providence Hotel, Ikeja GRA, last week, Mr. Chika Nwosu, the Managing Director of PalmPay, said that besides the operator putting the right things in place, the consumers also must the aware of how to protect themselves.
Nwosu who was represented at the Forum by Temitayo Oduwole, Head of IT and Payments at PalmPay, recounted the origin of money and its evolution to this moment and said that people are gradually moving away from paper money, where physical cash transactions are made, to what is today known as digital money where online and digital transactions now hold sway.
“All the services that we need are driven by technology, even the medium of exchange is also driven by technology. And the future of money right now is digital. If you look at the before and the now, right now because money has gone digital, we are experiencing a kind of transformation in the digital space. In terms of convenience, in terms of the ease of payment, that is what the future of money holds and that’s what we’re getting right now.
“I’m sure most people don’t even go around with cash again. Any transaction that you want to do, you can easily do that transaction on your phone, using your mobile wallet, using your card. So that is how money has transformed from being a cash-oriented medium to a digital medium right now,” he said.
Nwosu said PalmPay was prepared for this new regime of money and put a lot of robust infrastructure in place for risk management aimed at balancing the user experience with security in its app, adding that it has ensured that at any point in time, it puts measures in place that forestall a customer’s account being compromised.
“We have an AI in place, a logic that understands the pattern of your account, the pattern of your transaction. If it sees that somebody is doing something irrational or something out of the ordinary that you do on a normal day, because of the pattern that we’ve been able to build, we can block that transaction.
“And because we’re also going to have to look at technology-as-a-service, rather than having our infrastructure on prep, we’re having our infrastructure on the cloud. These are things that speak to infrastructure as a service, and technology-as-a-service, and are driving our reliability and sustainability today,” Nwosu said.
Nwosu admitted that though digital money is essential due to its speed, convenience, and accessibility, it also comes with its own threats and its own security challenges, especially in the face of nefarious activities around cybercrime.
“There are different channels by which people can access their money. However, in accessing this money, there is a potential challenge of having your funds being taken over by some people that you don’t want them to have access to it. There are lots of things happening around the future of money in terms of safety and in terms of security.
“We have online fraud. We have a local simulation. Identity theft is on the rise. We are being infused into devices, into servers. We have phishing in which e-mails are sent to deceive you to believe that the e-mails are coming from a genuine source. These are things that can affect or impact the digital money currency.
“The most important thing, again, is that at any point in time, as much as we are creating the environment to make sure that fraud is actually reduced in terms of cyber security, we are addressing all the things that need to be addressed so that from a digital money perspective, we are able to access the money without any fear. We can do a transaction without any fear.
“It’s also very important to understand that any time a fraud happens, a notification is very important. Next slide, please. Lack of security awareness is top of the reasons why consumers are scammed or defrauded. And what we try to do in PalmPay is to raise that awareness, to let our customers know that their personal information is only personal to them,” he said.
The Managing Director stated that lack of knowledge to protect personal information, patronizing fake sites and social media pages, and attempts or pivots on unofficial channels, are some of the things that could lead to customers being scammed or defrauded.
On PalmPay’s approach to enhancing customer security on its app, Nwosu said over the past four years it has been in the Nigerian market, it has been able to marry security with customer experience, which has remained the attraction to its brand.
“What we’ve done is binding. Your phone is bound such that even if you change your phone, you put in your credentials, and there’s an OTP that has been sent to revalidate and authorize the customer who is trying to do that transaction. One of the other things that we’ve also done to make sure that our customers are well protected is to have an inactive session set up.
“An inactive session has to do with if you’re not doing anything on your app, then it’s time out. It doesn’t give room for people to have access to that phone or your mobile app and try to do something. Because if you keep the mobile app up, anybody could actually have access to it, and they could do any transaction. Not to forget the fact that for every transaction that you do as well, it’s been enabled. We have a metric just to make sure that it is the right person that is accessing your account at any point in time,” Nwosu concluded.
In an exclusive media chat with Dare Owolabi, the Executive Vice Chairman of Arca Payments Company Limited, a prominent figure in Nigeria’s financial technology sector, discusses the company’s role in payment gateway, payment switches, and the newly introduced ARCA Agency Banking (ArcaMoney). The interview, conducted by Anthony Nwosu, delves into the Nigerian payment landscape and the company’s relationship with the regulatory body, the CBN, while also exploring strategies to enhance electronic payments in the country.
ARCA has been into the Fintech ecosystem, tell me the journey.
ARCA, established in 2016, is a Fintech company holding numerous regulatory licenses issued by the Central Bank of Nigeria, including a Switching License, Agency Banking License, Processing License, and more. Distinguishing itself as one of the few entities with this array of licenses, ARCA takes pride in having developed its switches in-house. The company’s proprietary switch technology has played a pivotal role in its journey, propelling it to significant achievements within the fintech ecosystem and solidifying its market presence.
ARCA’s core mission revolves around simplifying payment acceptance and processing for financial institutions and SMEs, with a primary focus on Africa’s dynamic payment landscape. Its suite of products and solutions seamlessly operates within the multifaceted payments environment, effectively bridging the gap between individuals, financial institutions, banks, and businesses, all contributing to the growth of Africa’s digital economy.
Industry watchers always cite Kenya as a leader in electronic payment in Africa, Do you think that Kenya is leading the way?
My perspective differs; the assertion about Kenya’s prominence often centers around the MPESA model, which has indeed seen remarkable success. However, Nigeria boasts an exceptional electronic payment system anchored by institutions like NIBBS and our interbank payment model. Our ability to execute instant transfers is particularly noteworthy, a feature not universally available. Notably, even in the United States, there are limitations on the amount you can transfer.
It’s worth noting that while I acquired a mobile money license in 2010, the reality is that mobile money adoption in Nigeria hasn’t achieved the same scale as Kenya. Nevertheless, Nigeria stands out as a leader in payment gateways and various fintech sectors. Our domestically developed payment gateway has found utility in several other African nations, affirming our substantial contributions to the advancement of payment systems across the continent. Indeed, we’ve made significant strides in shaping the African payment landscape.
Do you think that the regulator, CBN, is doing much to support indigenous fintechs like yours?
Yes, the regulator has been very supportive to the industry, the Central Bank of Nigeria has shown leadership and created an environment for us to thrive. The Nigerian fintech space has scaled from what it was in the early 2000s to now. They have been very supportive of some of the products and compliance. The CBN has also ensured that risk and other complications are taken care of and we just need to work and collaborate from the operational and legal point of view.
You can be described as a stakeholder in Nigeria, are you looking at expanding to other African countries?
Yes, we can not only play in Nigeria, we have the intention of exporting our expertise to other African countries. We are going into the East African region in a few months’ time, we are working on our license in Kenya, and we are looking at South Africa also. These are the few countries we are looking at. By the time our licenses are ready, we will deploy in those countries.
Tell us about the business-to-business (B2B) Solutions.
These are looking at PoS services, a lot of our PoS are across regions and we have unique features in our PoS called the Arca Pay, this addresses some of the challenges we have today in PoS space, we have our Agency Banking which we just launched and it is in pilot mode but the numbers that are coming out from the Agency Banking solution is very impressive and we are deepening that. We have other things such as issuing cards through the banks and most of our customers are very impressive be it virtual or physical cards.
Your Agency Banking solution that you launched is making waves in the ecosystem, what are the unique solutions that you have added there as a feature?
Our Agency Banking, named ArcaMoney, empowers authorized agents to facilitate financial transactions for customers, enhancing accessibility to banking services. In our quest to develop this innovative solution, we conducted a thorough analysis of existing agent banking models, including their relationships with merchants and aggregator frameworks. Through extensive research, we meticulously engineered a platform that ensures the seamless execution of transactions, providing customers with instant settlements and industry-leading uptime.
Moreover, we carefully considered commission structures that would satisfy our merchant partners, incorporating these features into our solution. Our Point of Sale (PoS) system has been meticulously designed to simplify banking and transactions for agents. By making our PoS system readily available and more cost-effective across various regions, we have streamlined processes, resulting in improved accessibility. We are also actively engaged in raising awareness about these developments within the industry.
Tell us about your Arca payment gateway ( ArcaPay) and disbursement?
Arca’s platform simplifies fast and secure fund transfers for businesses, with advanced technology for single and bulk transfers. While Arca TMS is a software that manages POS terminals, offers monitoring and analytics for ARCA Payments and its customers,and provides a report engine for acquirers and merchants to access transaction data from their terminals. Arca payment gateway ( ArcaPay) ArcaPay facilitates secure and speedy electronic payments for merchants by acting as an intermediary between them and their customers. We also created Arca Switch which is a cutting-edge payment infrastructure for modern demands. Our open-source switching system, built with cloud-native tech, facilitates seamless payments between both FI and NFI players.
What are the security parameters you have as a switching and payment gateway solution provider?
Security is not merely a token gesture within our platform; we take it seriously. Our commitment to security is exemplified by our robust compliance team dedicated to this sphere. We are proud to hold the Payment Card Industry Data Security Standard (PCI DSS) certification and maintain strict compliance—a pivotal benchmark in the payment sector. This commitment has been upheld for years, and it underscores our alignment with global best practices.
Furthermore, our track record speaks for itself; we have never encountered a fraud issue. This success can be attributed to the vigilance of our dedicated fraud monitoring and compliance teams, who consistently prioritize security as a paramount concern.
What are the measures that you have put in place to address downtime and support systems?
Well, in the area of downtime we have put into place a robust mechanism that deals with online real time here, but sometimes it comes from our internet network providers but we have backup that addresses these challenges. We have ensured that we have support system that addresses queries 24/7
What advice can you give to the regulator as an industry stakeholder in Nigeria?
My advice is simple, that we should continue to collaborate, work together and develop framework together. We should continue to showcase our capabilities across board, especially those that work with regulators from bank, microfinance point of view and other areas. This will help us have a holistic team that will help up align with the view of the regulator.
Are we looking at any new solution from ARCA ?
Our current focal point revolves around enhancing our Agency Banking offering. We have plans to introduce new features and functionalities that are currently absent in the system. This initiative is a key priority for us as we approach the end of this year.Looking ahead to the coming year, our focus will shift towards the development and presentation of our payment switch. We anticipate showcasing a range of innovative features within the payment switch that will contribute to an enriched user experience.
During this final quarter, we are actively engaged in conducting extensive awareness campaigns and sensitization efforts, particularly centered around our Agency Banking services.
“Furthermore, our track record speaks for itself; we have never encountered a fraud issue. This success can be attributed to the vigilance of our dedicated fraud monitoring and compliance teams, who consistently prioritize security as a paramount concern.”
Fintrak Software Limited, a financial technology (Fintech) firm headquartered in Lagos, has set a new benchmark in the African financial landscape with its groundbreaking introduction of AI powered “Fintrak Credit 360”. This cutting-edge credit management software, laced with the power of Artificial Intelligence and Machine Learning, is poised to revolutionized credit processes within banks and allied institutions across the continent.
In a recent international webinar engagement spanning multiple African countries, from Kenya to Tanzania, Gambia, and Uganda, Fintrak Software Limited showcased its innovative software to a gathering of prominent industry players and bankers. The event was not merely a demonstration; it was a revelation. The Fintrak Credit 360 software garnered unanimous acclaim for its seamless integration of Artificial Intelligence and Machine Learning in credit risk management.
Bimbo Abioye, the Group Managing Director of Fintrak Software, said the software’s transformative impact on the credit lifecycle. Unlike conventional banking solutions, Fintrak Credit Risk 360 comprehensively captures every stage of credit management, from origination and appraisal to customer approval, loan approval, and even rescheduling. The infusion of Artificial Intelligence (AI) ensures a flawless execution of these processes, eradicating the possibility of human error.
Abioye emphasized the software’s ability to automate credit transactions, including intricate processes like payday loans, end to end. Through strategic integration with credit bureaus and regulatory bodies like the Central Bank of Nigeria, Fintrak Credit Risk 360 emerges as a holistic solution for any bank, empowering them to manage various loan types effectively.
In the words of Omar Mboob, a seasoned banker from Gambia, Fintrak’s software has streamlined their operations, introducing meticulous underwriting and enhancing client oversight. The automation features have instilled confidence in auditors due to adherence to international financial reporting standards (IFRS), significantly boosting efficiency and productivity.
Bimbo Abioye, Group Managing Director, FINTRAK Software Limited
Kenneth Uzoegwu, a financial analyst, added that Fintrak’s Credit Risk software is impactful for its swift decision-making capabilities, facilitated by AI and machine learning components.
Christopher Sualeze, Head of Commercial Banking SBU, FinTrak Software, highlighted the software’s open architecture, making seamless integration with other credit software possible. He also emphasized its prowess in anomaly detection and behavioral analysis of customers, facilitated by a dynamic product rack.
Fintrak Credit Risk 360 incorporates a comprehensive array of core components essential for managing credit risk effectively. This robust system encompasses features such as loan origination and collateral management, corporate bulk loan breaking, credit reporting, disbursement execution, loan restructuring, and real-time loan monitoring. Furthermore, the system integrates an embedded document management system, utilizing cutting-edge artificial intelligence and machine learning technologies for efficient data analysis and decision-making processes. It also streamlines credit documentation processes, including Credit Approval Memos (CAM) and Credit Approval Forms (CAF). Additionally, the platform facilitates rigorous credit appraisal through in-depth financial analysis and risk rating methodologies.
The system further extends its functionality to accommodate various approval levels, from bank officers to credit committees and board committees. It provides mobile loan approval capabilities, ensuring flexibility and accessibility for stakeholders involved in the approval process. Through its digital lending capabilities, the platform transforms the lending experience, making it more efficient, transparent, and secure for both financial institutions and borrowers.
Arca Payments Company Limited, one of the foremost financial technology (fintech) firms in Nigeria located at Lekki recently launched an Agency Banking solution known as Arca Money to ensure that Nigerians enjoy seamless banking and bridging the gap of the “unbanked” in the country. This is launch has cemented ARCA’s position as a fintech firm of repute which is making significant strides in shaping the future of digital payments in the country.
Arca Payments Company Limited is known for its expertise in payment gateways, payment switches, and the innovative ARCA Agency Banking, is setting new standards in fintech innovation.Founded in 2016, ARCA has rapidly established itself as a key player in Nigeria’s fintech landscape. Holding a comprehensive set of regulatory licenses issued by the Central Bank of Nigeria, including the coveted Switching License, Agency Banking License, and Processing License, ARCA has distinguished itself as one of the few entities with such a wide array of licenses. The company’s commitment to in-house development is evident in its proprietary switch technology, which has played a pivotal role in its journey, contributing to remarkable achievements within the fintech ecosystem and consolidating its position in the market.
ARCA’s primary mission centers around simplifying payment acceptance and processing for both financial institutions and SMEs. With a primary focus on Africa’s dynamic payments landscape, ARCA’s suite of products and solutions seamlessly bridges the gap between individuals, financial institutions, banks, and businesses, contributing to the growth of Africa’s digital economy.
In a media chat, Dare Owolabi, Executive Vice Chairman of Arca Payments Company Limited said that ARCA’s collaboration with the Central Bank of Nigeria (CBN) has been pivotal to its success. Owolabi commended the CBN for its support in creating a conducive environment for fintech growth, emphasizing the regulator’s dedication to addressing risks and complexities. He stressed the importance of continued collaboration from both operational and legal perspectives.
Owolabi said “As a stakeholder in Nigeria, ARCA Network has ambitious expansion plans across Africa. The company is poised to enter the East African region in the coming months, with efforts underway to secure licenses in Kenya. South Africa is also on the horizon, reflecting ARCA’s commitment to exporting its fintech expertise across the continent.”
He added that “ARCA’s Business-to-Business (B2B) solutions have been instrumental in reshaping the fintech landscape. The company’s Point of Sale (PoS) services, particularly the innovative Arca Pay feature, address common challenges in the PoS space. ARCA’s recently launched Agency Banking solution, known as Arca Money, empowers authorized agents to facilitate seamless financial transactions for customers, improving accessibility to banking services. ”
“Our groundbreaking solution is backed by extensive research, ensuring flawless transaction execution, instant settlements, and impressive uptime. Commission structures designed to benefit merchants have been integrated into the solution. ARCA’s PoS system has been made more readily available and cost-effective across different regions, simplifying banking and transactions for agents”, Owolabi opined.
On their payment gateway, ArcaPay, simplifies secure fund transfers for businesses, offering advanced technology for both single and bulk transfers. Additionally, Arca TMS, a software managing POS terminals, provides monitoring and analytics for ARCA Payments and its customers, along with a robust report engine for acquirers and merchants to access transaction data from their terminals. Arca Switch, a cutting-edge payment infrastructure built with cloud-native technology, facilitates seamless payments between financial institutions and non-financial players.
Security is paramount at ARCA Network. The company proudly holds the Payment Card Industry Data Security Standard (PCI DSS) certification, emphasizing its commitment to security and compliance with global best practices. Impressively, ARCA has maintained an impeccable record with zero instances of fraud. This success is attributed to the vigilance of dedicated fraud monitoring and compliance teams, who consistently prioritize security.
To ensure robust support and address potential downtime issues, ARCA has implemented a comprehensive mechanism to manage online real-time operations. Backup systems are in place to mitigate disruptions arising from external factors, such as internet network providers. ARCA’s support system operates around the clock, ensuring that queries and concerns are promptly addressed.
ARCA Network’s future plans include enhancing its Agency Banking offering with new features and functionalities. As the year approaches its end, ARCA Network is actively engaged in extensive awareness campaigns and sensitization efforts, particularly focused on their Agency Banking services.
ANTHONY EMEKA NWOSU
ArcaPay, simplifies secure fund transfers for businesses, offering advanced technology for both single and bulk transfers. Additionally, Arca TMS, a software managing POS terminals, provides monitoring and analytics for ARCA Payments and its customers, along with a robust report engine for acquirers and merchants to access transaction data from their terminals. Arca Switch, a cutting-edge payment infrastructure built with cloud-native technology, facilitates seamless payments between financial institutions and non-financial players.
OPay, the leading financial technology company, is thrilled to announce its 5th-year anniversary in Nigeria. As we mark this significant milestone, we extend our heartfelt gratitude to our esteemed customers for their unwavering trust and support throughout the years.
Since our inception, OPay has remained dedicated to revolutionizing the financial landscape in Nigeria by providing seamless, reliable, and super-fast services. Our commitment to excellence and customer-centric approach has enabled us to grow alongside our customers, and we are excited about the endless possibilities that the future holds.
To reaffirm our commitment to delivering tailor-made solutions and to symbolize our evolution, we are proud to unveil our new logo.
The new logo features the iconic “O” symbolizing a loop that embodies our relentless dedication to offering bespoke and impeccable services. It also represents our determination to stay ahead of the curve in a rapidly evolving financial ecosystem. The incorporation of a square element within the “O” signifies the launch of the OPay debit card. With this new feature, over 40 million users can conveniently link their cards to their wallets, making payments even more accessible and convenient.
Our new logo not only reflects our business attributes but also epitomizes our unwavering commitment to excellence and fostering a unified global brand image.
In the coming weeks, we will be updating our logo across all platforms, including our website, app, social media channels, and billboards. We sincerely hope that you will love and embrace this change as we embark on the next exciting phase of our journey together. This new logo represents our ongoing mission of making financial services more inclusive through innovative technology.
As we celebrate 5 years in Nigeria, OPay remains resolute in providing the best-in-class services to our customers. We are committed to continuously upgrading our products and services to enhance your experience with OPay.
Thank you for being a part of our incredible journey, and we look forward to many more years of growth, innovation, and prosperity together.
If there’s one thing almost no one leaves home without, it’s their mobile phone. How many times have you forgotten your keys or worse still, your wallet, and been left stranded at the shops? Now you don’t need your purse or your wallet, or even a bank card to go to the store. All you need is your cell phone.
The world of payments has come a long way since cheque books. From manual credit card imprinters to early credit and debit card terminals, we now have contactless, safe and secure payments via a scanning process between the customer’s mobile device or smartphone and a QR code at the vendor’s point of sale.
Scan to Pay powered by Ukheshe is the largest QR ecosystem in South Africa and as such is tried and tested by millions of merchants and consumers. In fact, it is the QR payment platform of choice of more than 500 000 vendors, 14 banks and fintech companies and 94 payment service providers as well as six acquirers. A completely cashless, seamless transaction between you, the customer and the vendor happens by simply directing your phone screen at the displayed QR or Quick Response code, which acts in a similar way to a barcode, and technology does the rest!
With Scan to Pay, once a customer has loaded their payment details into the Scan to Pay app, all payments are securely protected using their bank card PIN or 3D Secure – depending on the chosen card. The QR code has all the necessary information for the transaction to take place and at the point of payment, your payment details are never shared with the merchant, making it even more secure.
The rapid adoption of digitised payment methods has led to a surge in the use of QR codes, amongst the many other options including tapping and inserting cards into card readers. Retailers, restaurants and other vendors can create their own codes and display the QR code at the point of sale. In addition, dynamic information can also be programmed into the code, for example, an entire restaurant menu can be accessed by scanning a QR code which links to a URL, and when the bill arrives, scan another QR code to pay.
Online e-commerce stores are also using QR codes to enable ease of payment at the online checkout. Resistance to online shopping in South Africa has generally come from uncertainties around the security of entering banking details onto third-party platforms, but QR codes alleviate this concern as payment happens directly between the QR code on the site and your device. We are also seeing the inclusion of QR codes into standard invoices for good and services, which speeds up and facilitates payment. They are also useful for deliveries and for taking payment after a home service has been provided as it does not require the person who carried out the work to have any kind of device.
So, QR codes are good for customers and businesses alike. They are accurate – the price is preprogrammed into the QR code – they are fast, secure and contactless. They deliver a superior check-out service to the customer and immediate payment to the vendor without the need for any point-of-sale device.
Scan to Pay QR payment is available in all major banking apps in South Africa, additionally the Scan to Pay app can be downloaded onto your mobile device. Wherever you see the Scan to Pay sign, know that Ukheshe is powering the technology which is transforming the payments landscape.
COURE Technologies CEO Uche Onwudiwe discusses the company’s journey from the USA to Nigeria in a 25-year retrospective interview with Anthony Nwosu. The conversation delves into the evolution of the Nigerian IT ecosystem, as well as COURE’s significant contributions in the areas of Value Added Services, Aggregators, , Fintech, and Public Sector. Onwudiwe also shares insights into the company’s expansion across various African nations.
Coure Tech has always been an IT firm for years, how has the journey been?
COURE Software & Systems Limited (“COURE”) is a Platform Services Provider with a focus on the provision of accurate, secure and relevant data to improve its clients’ business processes and operations. We started out in the US in 1998 at a time when the internet and modern technology, as we know it, was taking off. At that time, we were focused on networking and physical systems integration. Over the years, the shifts in technology and the need to be scalable beyond billing for individual man hours caused us to migrate our technology services first to web and application development, and then to what we currently provide today, which are platforms that leverage standardized and aggregated data to enable and enhance the operational efficiency of our clients. It has been an exciting 25-year journey of change and transformation! Our flagship solutions, ANQ and HUB, have been enabling the telecom, fintech, banking and various other sectors to increase their value and service provision to their customers. Our development teams consist of analysts, web designers, UI/UX experts, programmers, graphic artists and network engineers all of whom have many years of experience in the design, development and support of clean, functional and aesthetically appealing web portals and solutions.
Do you think that the Nigerian IT space is evolving in terms of digitization?
The IT space is constantly evolving with the advancement of digital technology such as cloud computing, AI, IoT, and blockchain etc. Nigeria has not been left out of this. The trend towards digital transformation, automation and artificial intelligence is accelerating, particularly in the wake of the COVID-19 pandemic. In the past, there were a lot of manual processes in business, and while automation was being implemented via IT, the pace was average. The pandemic accelerated digitization in Nigeria and across the world as businesses and people had to survive without close contact. Many businesses were forced to shut down, but for those who were better prepared, their adoption of digital technology and new ways of working became an advantage, and customers embraced online and digital service delivery. The IT industry continues to develop innovative solutions to make life easier for people and to help businesses harness the power of digital technology to improve operations, products, services, and reach new customers.
Can you consider yourself as a fintech firm?
COURE is a platform provider with key partners in the telco, financial, and technology space. Through our platforms, we are able to aggregate various types of data, analyze the data, and create services that provide value to these organizations and generate revenue for them. This makes us an enabler of fintech firms as opposed to being one ourselves.
Your Message Hub is one of a kind, do you think that SMEs can deploy it , if yes, how?
HUB is a ready-to-use platform designed for SMEs to create and manage their services, contents, and subscriptions. The platform allows for hosting, management, and delivery of VAS services to the Aggregators or Operators on behalf of the Service Provider. HUB was specifically built to address some of our local and African peculiarities. HUB is very easy to use for SME’s as there is no local installation required and for most of the services, the clients can login via our web interface to enable management and delivery of their services. In the event the client already has a local system that they want to integrate into HUB, we have some very easy to use API’s which they can integrate into their platforms and be up and running in a very short time. HUB enables them to integrate once and have access to all the Telcos and multiple aggregators based on their preference thus greatly simplifying the onboarding and management of the solution. HUB’s messaging capabilities such as Whatsapp and RCS technologies help SMEs build better relationships with their customers, improve the customer experience, reduce customer support calls, and enhance transaction security. They can also benefit greatly from using bulk SMS and USSD services as part of their marketing and communication strategies. These services offer a cost-effective and efficient way to engage with customers, provide information, and increase sales.
What are the challenges you face in Nigeria?
Given the insecurity challenges and the economic hardship in the country, we have witnessed the loss of talent across many sectors of the economy including the technology sector. This has made it paramount that we adopt an aggressive recruitment and talent retention strategy in a bid to forestall the negative impacts of this trend affecting our business.
Tell us more about your fraud prevention solutions?
Our fraud prevention solution adopts strategies, technologies, and processes to protect individuals, businesses, and organizations from fraudulent activities such as payment fraud, account takeover, and identity theft. Using intelligent algorithms, we check and flag fraudulent transactions before approval. Our algorithm takes into consideration numerous points of data and provides a risk level rating for the transaction, thus minimizing losses, optimizing efficiencies, and protecting customers from fraud. This service helps achieve a faster and more effective fraud detection process leading to reduced financial loss, increased customer retention, protection of brand and reputation, protection of customers’ details, identification of employee misconduct, fake account reduction and account take-over prevention.
Are they only for banks and fintechs?
Our solutions cater to a cross-section of organizations that provide services to end customers. This includes banks, fintechs, lenders, payment services companies, telco service providers, retailers and value-added service providers. Fraud can affect any organization that deals with sensitive data or valuable assets. Many businesses outside of the financial sector invest in fraud prevention solutions to protect themselves against financial losses, maintain customer trust, and avoid legal and financial penalties. The same applies to KYC, Routing and Communication. These are all services that are relevant for organizations that provide services to end consumers.
Do you have a presence in other ECOWAS countries?
Our routing service is present in most African countries including Nigeria, South Africa, Ghana, Kenya, Tanzania, Côte D’Ivoire, Benin, Senegal, Tunisia, Morocco, and Egypt. Our 2023 roll-out plan includes expansion to key regions within the continent with a focus on Ghana, Kenya and South Africa.
How do you do your Data Monetization?
COURE partners with data owners in the telco, banking and payment service sectors to aggregate and centralize data that can be analyzed to extract intelligent insights, and in an automated and real-time manner, provide those insights to service providers for decision-making. This offers data owners the opportunity to monetize their data which would otherwise sit idle. It also enables users to gain secure access to various data related services for enhancement of their business processes. This presents a mutually beneficial business relationship between COURE, a proven platform provider, data owners, and end customers. In providing these insights, COURE is careful to adhere to global data privacy laws and security standards, being an NDPR-certified organization.
How can the Public Sector leverage your solutions?
COURE’s services and solutions are relevant for public sector use. The HUB CPaaS offers an opportunity for such organizations to improve communication with citizens, enhance security, streamline billing, provide real-time transaction notifications, and gain valuable insights through data analytics. The service is currently used by a number of public sector entities including the CBN and the NPHCDA. Again, our Fraud solutions can help the public sector entities protect against fraud and cyber threats. This can be especially important when handling sensitive information, such as personal data or financial information.
What do we expect from you this 2023?
This year 2023, COURE will be commemorating its 25th year of existence. This is a remarkable milestone for us and represents a pivotal point in our journey. We will also be expanding our services to other countries on the continent as well as adding a 3rd platform to our suite, the OpenBank platform. The OpenBank platform offers Financial Data owners the opportunity to monetize their data by making it available to third-parties financial services in a secure, efficient and profitable manner via APIs, and in alignment with the CBN’s Open Banking Initiative. We have already partnered with some banks to pilot the solution and are excited about the ease and convenience that customers will enjoy when they use applications that leverage these APIs. Needless to say, we have great times ahead!
COURE Technologies CEO Uche Onwudiwe
“HUB was specifically built to address some of our local and African peculiarities. HUB is very easy to use for SME’s as there is no local installation required and for most of the services, the clients can login via our web interface to enable management and delivery of their services.”
As an IT firm for years, how has the journey been?
COURE Software & Systems Limited (“COURE”) is a Platform Services Provider with a focus on the provision of accurate, secure and relevant data to improve its clients’ business processes and operations. We started out in the US in 1998 at a time when the internet and modern technology, as we know it, was taking off. At that time, we were focused on networking and physical systems integration. Over the years, the shifts in technology and the need to be scalable beyond billing for individual man hours caused us to migrate our technology services first to web and application development, and then to what we currently provide today, which are platforms that leverage standardized and aggregated data to enable and enhance the operational efficiency of our clients.
It has been an exciting 25-year journey of change and transformation! Our flagship solutions, ANQ and HUB, have been enabling the telecom, fintech, banking and various other sectors to increase their value and service provision to their customers. Our development teams consist of analysts, web designers, UI/UX experts, programmers, graphic artists and network engineers all of whom have many years of experience in the design, development and support of clean, functional and aesthetically appealing web portals and solutions.
Do you think that the Nigerian IT space is evolving in terms of digitization?
The IT space is constantly evolving with the advancement of digital technology such as cloud computing, AI, IoT, and blockchain etc. Nigeria has not been left out of this. The trend towards digital transformation, automation and artificial intelligence is accelerating, particularly in the wake of the COVID-19 pandemic. In the past, there were a lot of manual processes in business, and while automation was being implemented via IT, the pace was average. The pandemic accelerated digitization in Nigeria and across the world as businesses and people had to survive without close contact. Many businesses were forced to shut down, but for those who were better prepared, their adoption of digital technology and new ways of working became an advantage, and customers embraced online and digital service delivery. The IT industry continues to develop innovative solutions to make life easier for people and to help businesses harness the power of digital technology to improve operations, products, services, and reach new customers.
Can you consider yourself as a fintech firm?
COURE is a platform provider with key partners in the telco, financial, and technology space. Through our platforms, we are able to aggregate various types of data, analyze the data, and create services that provide value to these organizations and generate revenue for them. This makes us an enabler of fintech firms as opposed to being one ourselves.
Tell us more about your ANQ and Hub Platform?
Our ANQ (All Number Query) is a lookup platform that provides quick and easy access to information which enables our clients to support their customers in areas such as Fraud prevention, Routing and KYC (know Your Customer) using various number and data sources. Our partnership with data owners and access to large volumes of diversified data along with our processing capacity and intelligent algorithms enables us to apply real-time analytics on data that is being searched against and provide information to businesses to aid their decision-making. ANQ also helps our data owners monetize their otherwise idle data. Our HUB Platform is what is called a CPaaS – Communication Platform as a Service. It was built to enable aggregators and VAS providers in the telecom industry to integrate with the Telcos then safely and accurately deliver messages between the applications through the Telcos and onward to the end customer and back. Message types include Bulk SMS, USSD, Whatsapp and RCS (Rich Communication Services). It also addresses a number of industry issues and concerns such as the management of sender ID’s and Short codes. Built with industry regulations in mind, HUB is the ideal platform for any Service Provider with great service ideas capable of meeting the needs of its subscribers.
Your Message Hub is one of a kind, do you think that SMEs can deploy it , if yes, how?
HUB is a ready-to-use platform designed for SMEs to create and manage their services, contents, and subscriptions. The platform allows for hosting, management, and delivery of VAS services to the Aggregators or Operators on behalf of the Service Provider. HUB was specifically built to address some of our local and African peculiarities. HUB is very easy to use for SME’s as there is no local installation required and for most of the services, the clients can login via our web interface to enable management and delivery of their services. In the event the client already has a local system that they want to integrate into HUB, we have some very easy to use API’s which they can integrate into their platforms and be up and running in a very short time. HUB enables them to integrate once and have access to all the Telcos and multiple aggregators based on their preference thus greatly simplifying the onboarding and management of the solution. HUB’s messaging capabilities such as Whatsapp and RCS technologies help SMEs build better relationships with their customers, improve the customer experience, reduce customer support calls, and enhance transaction security. They can also benefit greatly from using bulk SMS and USSD services as part of their marketing and communication strategies. These services offer a cost-effective and efficient way to engage with customers, provide information, and increase sales.
What are the challenges you face in Nigeria?
Given the insecurity challenges and the economic hardship in the country, we have witnessed the loss of talent across many sectors of the economy including the technology sector. This has made it paramount that we adopt an aggressive recruitment and talent retention strategy in a bid to forestall the negative impacts of this trend affecting our business.
Tell us more about your fraud prevention solutions?
Our fraud prevention solution adopts strategies, technologies, and processes to protect individuals, businesses, and organizations from fraudulent activities such as payment fraud, account takeover, and identity theft. Using intelligent algorithms, we check and flag fraudulent transactions before approval. Our algorithm takes into consideration numerous points of data and provides a risk level rating for the transaction, thus minimizing losses, optimizing efficiencies, and protecting customers from fraud. This service helps achieve a faster and more effective fraud detection process leading to reduced financial loss, increased customer retention, protection of brand and reputation, protection of customers’ details, identification of employee misconduct, fake account reduction and account take-over prevention.
Are they only for banks and fintechs?
Our solutions cater to a cross-section of organizations that provide services to end customers. This includes banks, fintechs, lenders, payment services companies, telco service providers, retailers and value-added service providers. Fraud can affect any organization that deals with sensitive data or valuable assets. Many businesses outside of the financial sector invest in fraud prevention solutions to protect themselves against financial losses, maintain customer trust, and avoid legal and financial penalties. The same applies to KYC, Routing and Communication. These are all services that are relevant for organizations that provide services to end consumers.
Do you have presence in other ECOWAS countries?
Our routing service is present in most African countries including Nigeria, South Africa, Ghana, Kenya, Tanzania, Cote D’Ivoire, Benin, Senegal, Tunisia, Morocco, and Egypt. Our 2023 roll-out plan includes expansion to key regions within the continent with a focus on Ghana, Kenya and South Africa.
How do you do your Data Monetization?
COURE partners with data owners in the telco, banking and payment service sectors to aggregate and centralize data that can be analyzed to extract intelligent insights, and in an automated and real-time manner, provide those insights to service providers for decision-making. This offers data owners the opportunity to monetize their data which would otherwise sit idle. It also enables users to gain secure access to various data related services for enhancement of their business processes. This presents a mutually beneficial business relationship between COURE, a proven platform provider, data owners, and end customers. In providing these insights, COURE is careful to adhere to global data privacy laws and security standards, being an NDPR-certified organization.
What do we expect from you this 2023?
This year 2023, COURE will be commemorating its 25th year of existence. This is a remarkable milestone for us and represents a pivotal point in our journey. We will also be expanding our services to other countries on the continent as well as adding a 3rd platform to our suite, the OpenBank platform. The OpenBank platform offers Financial Data owners the opportunity to monetize their data by making it available to third-parties financial services in a secure, efficient and profitable manner via APIs, and in alignment with the CBN’s Open Banking Initiative. We have already partnered with some banks to pilot the solution and are excited about the ease and convenience that customers will enjoy when they use applications that leverage these APIs. Needless to say, we have great times ahead!
“Given the insecurity challenges and the economic hardship in the country, we have witnessed the loss of talent across many sectors of the economy including the technology sector. This has made it paramount that we adopt an aggressive recruitment and talent retention strategy in a bid to forestall the negative impacts of this trend affecting our business.”
The Pan African Payment and Settlement System (PAPSS) and the African Securities Exchange Association (ASEA) have signed a Memorandum of Understanding (MoU) to enhance collaboration and cooperation in promoting cross-border payments of Capital Markets infrastructure in Africa. The MoU was signed on 14 April 2023 during the ASEA 2023 Building African Financial Markets Seminar held in Victoria Falls, Zimbabwe, which brought together Stock Exchanges and capital markets stakeholders from across Africa to discuss ways to deepen integration and connectivity of African capital markets.
For a long time, investors doing business in Africa have struggled with making and settling cross-border payments. Payments take a long time to complete, are expensive since the existing environment necessitates the use of correspondent banks outside of the continent, and are done in foreign currencies (USD or Euro). Because of this, African Export and Import Bank (Afreximbank) and the African Continental Free Trade Area (AfCFTA) Secretariat developed PAPSS, which enables instant cross-border payment in local currency.
Through the umbrella of ASEA, with 9 exchanges and a combined market capitalization of $1.5 trillion, PAPSS provides an opportunity as the payment system to further enhance the African Exchanges Linkage Project (AELP), a flagship project of ASEA to facilitate cross-border trading of securities in Africa. PAPSS has started a period of fast deployment of its system throughout all African nations, having already gone live in the countries comprising the West African Monetary Zone (WAMZ), namely Nigeria, Ghana, Liberia, Gambia, and Guinea. As a result, Zimbabwe, Zambia, and Djibouti have recently joined the network and will soon be operational. This partnership with ASEA will also facilitate the deployment of PAPSS across the ASEA member nations.
Through our collaboration, we aim to create a reliable and efficient payment system that will enable investors to easily trade across different stock exchanges on the continent
Commenting on the signing, the Chief Executive Officer of PAPSS, Mr. Mike Ogbalu III, said: “PAPSS supports a wide variety of use cases, including cross-border retail and trade transactions for individuals and corporations and cross-border investments with the African Stock Exchanges. Consequently, working with ASEA, which pioneered the AELP with cross-border securities trading as a central tenet, is a significant step towards the rollout of PAPSS throughout the continent.
“This partnership is a demonstration of our commitment to driving trade flows and economic growth in Africa. Through our collaboration, we aim to create a reliable and efficient payment system that will enable investors to easily trade across different stock exchanges on the continent. Our immediate task is to create a workforce between PAPSS and ASEA as soon as possible to identify ways to facilitate the transfer of funds across ASEA member African Stock Exchanges. To that end, I’d like to extend an invitation to the relevant capital markets stakeholders to join us in this ground-breaking venture for the African business and investment communities.”
The President of ASEA and Chief Executive Officer of Botswana Stock Exchange, Mr Thapelo Tsheole, said: “We are delighted to partner with PAPSS on this important initiative. Our capital markets integration initiative through the AELP will play a critical role in deepening Africa’s capital markets and promoting cross-border investment. PAPSS’s expertise in payment settlement will be instrumental in the cross-border transfer of funds among the participating exchanges.”
PAPSS is unwavering in its dedication to fostering the growth of a thriving payment ecosystem and encouraging the development of new solutions for the economic advancement of the African continent and its people.
