ONE THING WE HAVE DONE RIGHT IN NOWNOW IS TO GATHER EXPERIENCED PROFESSIONALS FROM ACROSS THE WORLD – OYENIKE OWOMOYELA

ONE THING WE HAVE DONE RIGHT IN NOWNOW IS TO GATHER EXPERIENCED PROFESSIONALS FROM ACROSS THE WORLD – OYENIKE OWOMOYELA

 

 

 

In this interview with the top executive of NowNowDigital Systems  Limited, Oyenike Owomoyela who is the Head of Growth at NowNow, a financial technology (FinTech) firm based in Lagos. She talks about their strides in the fintech ecosystem such as the launch of their debit cards and virtual cards for their customers. She spoke of the impact the apex bank; the Central Bank of Nigeria (CBN) has made in the sector and how thy have made their API available for fintechs to use. Anthony Nwosu captured this in this exclusive interview. Oyenike is an expert in Financial Inclusion, Mass Retail & Youth Banking, digital sales products and loans, SME, process improvement and innovations to increase digital adoption by customers for seamless customer onboarding and retention via USSD, APS and Web.

 

Tell us the mission behind NowNow as a fintech firm?  

Our mission as a leading African B2B and B2C FinTech company is to deliver best in class financial services to SMEs, Agents and Consumers alike. We have a passion to deepen financial inclusion and provide job opportunities to the unemployed youths in Nigeria. We are a mobile bank that gives you control over how you spend your money. Be the Boss when you send money, receive money and pay bills for everyday essentials such as recharge card and data, insurance, electricity, shop online and instore-all in one place!

What informed the name NowNow?

We wanted to resonate first with one of the country’s local languages; Nigerian Pidgin English, what NowNow means in pidgin is to make haste or get something done instantly. The name also connotes that we are a fast-paced technology company that offers efficient services with speed! Our mission is to be a leading African B2B and B2C FinTech company whose mission is to deliver best in class financial services to SMEs, Agents and Consumers alike. We are building the world’s best technology that digitizes cash payments and provides financial empowerment for a better life for everyone.

Your slogan is “The New Way to Bank”, how has the journey been over these years?

We wanted to play on the double words ‘NowNow’ hence the slogan. Also, we realized there were a lot of negative sentiments with brick-and-mortar banks which included crowded banking halls, non-presence of bank branches at remote locations, slow response to customer complaints and resolution of issues. We wanted consumers to believe there is a new digital bank that will ensure they have control over their finances 24/7. Our customers resonate with the New way to bank and we have seen a steady increase in the adoption of our products and services.

Nigerian Fintech ecosystem can be said to be pretty busy, maybe one of the busiest in the continent, what are the unique things that set you apart from other players?

One thing we have done right in NowNow is to gather experienced professionals from across the world in the FinTech and Financial Services space hence we have a global view of what we need to do to achieve our goals as an organization. We are also focused on agile and adaptive technology and have a presence not only in the urban centers but rural communities also. We offer financial literacy tools as well as business solutions to all our consumers and merchants as a whole and have empowered a lot of youths and the unemployed through our agency banking model.

Opening an account in minutes is one of your selling points, how and what are you doing to ensure compliance with CBN regulation in the area of KYC?

Absolutely, this has been one of our major achievements; fast and seamless onboarding. What we have also done is to leverage API integrations with NIBSS and other 3rd party providers to ensure that we are opening quality wallets and profiling customers in line with the CBN 3-tiered KYC policy. Our Compliance team is also doing a lot at the backend to ensure transaction monitoring takes effect and processes related to KYC upgrades are done as at when due digitally. We also carry our EDD on transactions when the need arises.

How many downloads are we, looking at present from Nigerians?

We are aspirational when it comes to our consumer app, hence, we are on track to hit more than 1 million downloads by the end of the year. Yes, we know our competitors have well over that amount but what is paramount to us is not just the downloads but retaining those users to be loyal consumers for the long haul. Here we strongly believe in offering world calls financial services to people. We might not have millions of downloads yet but we are looking at offering seamless services to many people and these people will be with us on a long haul.

What is your market share in Nigeria, and do you have footprints in other African countries?

We think of ourselves as an embedded finance business, no longer a start-up. With that being said, it is part of our mission statement to have digital footprints all over Africa and really make a difference wherever we go. However, more information will be unveiled as we commence operations in more countries in the near future. We are looking seriously at the sub-Saharan fintech market. We have the expertise and the traction.

Some of the online banks do give debit cards, have you ever thought of that?

We recently had a soft launch phase of our Naira debit Mastercard in early August 2022 and we already have over 2000 active cards. We also have a virtual card which most of our consumers currently use for online transactions. So, we can say that we are abreast with the technology trends in the country. We do give out cards for those that love using cards but our strength also is in cardless transactions.

Do you think that the CBN is creating the enabling environments for fintech like yours to thrive?

In affirmative, the Apex bank created licenses that FinTechs can explore for financial services businesses all through. CBN believes that FinTechs are key actors in achieving National Financial Inclusion goals with Technology, Innovation, Speed and Scale. They also created a sandbox environment for product testing and innovation.

What are the challenges that you face in this business?

There are various challenges but I will mention the items that have the most impact: The rapid changes in macroeconomic landscape and terrain, upsurge and threats of competitors in various shapes and forms, shortages of skilled human capital, infrastructure not supporting scale i.e. internet penetration and switching infrastructure, insecurity and lastly, lower margins and ROE inhibiting access to capital (equity or debt).

What do we expect from NowNow this latter part of the year?

A few things! Firstly, our card campaign, which is aimed at our B2C customer segment – a project that we have been working on extensively for quite some time. We also have a new product launch to tackle the SME segment in Nigeria, which has one of the largest footprints of SMEs in Africa. We want to empower this segment by creating a digital platform that moves them from offline to online, provides access to market channels as well as financial capabilities, and ERP solutions. All these and many more are in the pipeline to really propell business owners to the next level of exposure and success. We will begin to roll out these products as we progress.

 

“One thing we have done right in NowNow is to gather experienced professionals from across the world in the FinTech and Financial Services space hence we have a global view of what we need to do to achieve our goals as an organization. We are also focused on agile and adaptive technology and have a presence not only in the urban centers but rural communities also.”

Ecobank Group Launches 2022 Edition of its Fintech Challenge with US$50,000 Prize Money up for Grabs

Ecobank Group Launches 2022 Edition of its Fintech Challenge with US$50,000 Prize Money up for Grabs

Fintech Challenge offers early stage and mature start-ups the potential to partner with Ecobank (www.Ecobank.com) across 33 African countries; Applications open until 16 September.

 

Pan-African banking group, Ecobank Group, has launched the fifth edition of the Ecobank Fintech Challenge and encourages African Fintech entrepreneurs to enter the competition.

Fintechs that are aligned with the Bank’s strategic objectives stand a chance to win an overall cash prize of US$50,000 for the top winner and the opportunity to partner and scale their solutions across Ecobank’s 33 African markets.

Fintech companies and developers originating from any of Africa’s 54 countries, as well as global Africa-centered Fintechs, are eligible to enter the Fintech Challenge by visiting: https://bit.ly/3KnrDz2. Applications can be made until the 16 September 2022.

Ecobank believes that the only way to transform financial services in Africa is for Pan-African banks like Ecobank to continually support and collaborate with innovative Fintechs

Ten finalists will be inducted into the Ecobank Fintech Fellowship after the finals and awards ceremony which will take place in October 2022.

In addition, all Fellows will qualify to explore the following opportunities with the Bank and its partners:

  • Multinational products roll out: an opportunity to pursue integration with Ecobank and potentially launch products in all or part of Ecobank’s pan-African 33-country ecosystem.
  • Service provider partnerships:  Ecobank may select some Fintechs as pan-African service partners within the Bank’s ecosystem.
  • Access to Ecobank’s Pan-African Banking Sandbox: Fellows will be given access to Ecobank’s APIs to test and improve their products for the pan-African market.
  • Priority Access to Ecobank’s Venture Capital partners for funding exploration.

Ade Ayeyemi, Chief Executive Officer, Ecobank Group, said “Ecobank believes that the only way to transform financial services in Africa is for Pan-African banks like Ecobank to continually support and collaborate with innovative Fintechs and start-ups. We invite and welcome Africa’s best Fintechs to work with us through the 2022 Challenge.”

Dr. Tomisin Fashina, Operations and Technology Executive, Ecobank Group said, “The uniqueness of the Challenge is that it welcomes both early stage and mature start-up Fintechs alike and seeks to align them with different kinds of partnership opportunities within Ecobank that match their differing levels of maturity.”

The Ecobank Fintech Challenge was designed in partnership with international advisory firm, Konfidants and is supported by partners across Africa and globally. So far 46 Fellows have been admitted into the Ecobank Fintech Fellowship programme since it was launched in 2017.

For more information about the competition, its benefits and how to apply, please visit https://bit.ly/3AMixIM

NCC to Sustain the Drive for Digital Economy Transformation – Danbatta

NCC to Sustain the Drive for Digital Economy Transformation – Danbatta

The Executive Vice  Chairman and Chief Executive Officer (EVC/CEO) of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta, has emphasised the commitment of the Commission to continually drive initiatives that accelerate deployment of digital infrastructure, in order to enhance economic transformation of Nigeria.

Danbatta reiterated the commitment of the Commission while speaking at the NCC Day, at the recently-concluded 43rd Kaduna International Trade Fair, organised by the Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KADCCIMA).

Speaking on the overarching theme of the event “Strategising Nigerian Economy for Global Competitiveness,” in the context of the regulatory activities of the Commission, the EVC, who was represented by a Senior Manager at the Commission, Attah Ogbadu, said the NCC has been at the heart of providing the digital impetus for transforming the businesses and sustaining socio-economic activities in Nigeria.

Danbatta stated that due to the COVID-19-induced economic downturn and continued volatility, many countries are exploring policies to stimulate growth and create new jobs. “Information Communications Technology (ICT) is one of the fastest-growing industries because it triggers the creation of millions of jobs and therefore an enabler of innovation and socio-economic development”, Danbatta stated.

The EVC also asserted that while COVID-19 pandemic came with its attendant challenges, the Commission has continued to work assiduously with various stakeholders to see how more businesses can embrace digital platforms for delivering their services to the consumers.

PROF. DANBATTA, THE NCC EVC

He explained that aside accelerating digital infrastructure, NCC is also paying attention to ensuring a level-playing ground for operators to promote investment and ghe delivery of innovative services to individual consumers, small and medium enterprises (SMEs), and big business owners by ensuring enhanced consumer quality of experience.

“So, as a regulator, we also ensure we constantly inform you, the consumers, on how to be protected to prevent cases of online fraud and otherwise ensure you do not fall victims to cybercrimes while using the internet, legitimately”, Danbatta stated to underscore NCC’s commitment to consumer protection.

Also speaking at the NCC Day forum, The President of KADCCIMA, Suleiman Aliyu, who was represented by an official of the Chamber, Farouk Sulaiman, commended NCC for its regular and impactful attendance and participation at the trade fair. He also placed on record NCC’s commitment to improving network coverage and consumer-centric initiatives, which are increasingly impacting job creation, the emergence of new services and industries, workforce transformation, and business innovation.

On the theme of the event, Aliyu said the theme was chosen to complement the efforts of the government in promoting economic growth. Aliyu asserted that the critical impact of the communications sector on the nation’s economic output is evident in its contribution to the Fross Domestic Product (GDP).

According to Aliyu, “the competitiveness of Nigeria would depend on our ability to leverage new technologies in light of the rapid growth of the number of active mobile subscriptions, internet subscribers, and broadband penetration, indices of telecom sector’s mark as one of the fastest-growing sectors in the country.”

Meanwhile, majority of telecom consumers, who attended the trade fair, also visited the NCC Day event and the NCC corner of the Exhibition Group of the KADCCIMA. There, officials of NCC’s Consumer Affairs Bureau educated the enthusiastic consumers on the various consumer-centric initiatives instituted by the Commission to inform, educate and protect consumers.

The telecom consumers also seized the opportunity of the platform provided by NCC at the Fair, to make complaints and to resolve their service-related challenges at the NCC Stand of the Exhibition, which also housed representatives of telecoms operators who responded to the concerns of the consumers.

HOW ZETA WEB NIGERIA IS CHANGING THE ICT ECOSYSTEM WITH INNOVATIVE SOLUTIONS

HOW ZETA WEB NIGERIA IS CHANGING THE ICT ECOSYSTEM WITH INNOVATIVE SOLUTIONS

Zeta Web Nigeria Limited, an indigenous information and communication technology (ICT) with emphasis in broadband and internet solution, call center solution and a host of other innovative ICT solution. ZetaWeb has been described as a company set-up to bridge the gap between Quality Solutions and Services as well as Business Success. the company has been described by industry watchers and stakeholders as one of the innovative indigenous ICT firms in the country offering world-class solutions.

Zeta-Web Nigeria Limited (ZNL) is an ICT company with significant expertise focused on value creation for all our customers through the provision of world class, full-service resource system with expanded technological capabilities – to meet our clients’ total communication requirements.

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Speaking to the media on one of the flagship solutions known as Z Force, Chris Obasi, Managing Director, Zeta–Web Nigeria Limited, concisely outlined the importance of Z-Force to the current workplace. “Our Z-Force service is unique in its design as it came out at a point when users are seeking internet services with both speed and data that they can use while working remotely, void of the frequent intermittencies and the high-cost associated with such requests, ¨ he stated.

With bouquet of solution in their kitty, ZetaWeb Limited as evolved to a complete ICT firm where the organization has made itself a one stop area for all ICT needs for corporate and individual clients. The ZetaWeb has a team of Web Experts that do undertake all online and offline services that ensure clients benefit from having an online presence. The ZETA-WEB CONTACT CENTER deploy sustainable and unmatched Contact Centre Solution at clients’ business facilities to provide them with the right technical support. While the ZETA BUSINESS SOLUTIONS is meant to Design, implement and operate high-end enterprise networks, data centre technologies and applications for various tier of customers.

The company’s INTERNET SERVICES are based on various technologies such as VSAT (Ka, Ku, C band) services, Wireless Technology, Fibre, FiberSat and Corporate Networks. While their ICT CONSULTING AND OUTSOURCING includes Business Automation, Service Level Agreements, Project Management, Mobile Application Development.  They also offer IT SECURITY solutions and these are E-Council Cyber crime Security Solutions & Training, SOC, End-point protection, DAM, Next-Gen Firewall, Data Loss Prevention, Network Access Control, Web Application Firewall, Mobile Device Management.

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The ZetaWeb SOFTWARE DESIGN AND IMPLEMENTATION is al about Bespoke Software & Digital Business Solutions – Document Management with workflow process solutions, Process Mining, Travel Management Solutions, Sales Automation Process Solutions.

Zeta-Web Nigeria Ltd (ZNL) is an ICT firm with vast experience in innovating, designing and deploying IT technology solutions in Nigeria and across Africa.  According to Muyiwa Esomojumi – Manager Marketing and Corporate Communications of Zeta-Web Ltd, she said “We are well positioned to significantly contribute to the realization of Nigeria’s vision of becoming a regional ICT hub.”

“On our platform clients are assured that slow browsing, intermittency, service degration are eliminated because all our internet services come with a redundant link that allows us to switch clients seamlessly. We lead the market from our customers’ perspective, by providing a balance between Reliable, Fast & Efficient Internet connections with Value-added services on a cost effective platform.”

ANTHONY NWOSU

With bouquet of solution in their kitty, ZetaWeb Limited as evolved to a complete ICT firm where the organization has made itself a one stop area for all ICT needs for corporate and individual clients. The ZetaWeb has a team of Web Experts that do undertake all online and offline services that ensure clients benefit from having an online presence. The ZETA-WEB CONTACT CENTER deploy sustainable and unmatched Contact Centre Solution at clients’ business facilities to provide them with the right technical support. While the ZETA BUSINESS SOLUTIONS is meant to Design, implement and operate high-end enterprise networks, data centre technologies and applications for various tier of customers.

NCC Committed to Tackling Telecom Infrastructure Deficit – Danbatta

NCC Committed to Tackling Telecom Infrastructure Deficit – Danbatta

The Nigerian Communications Commission (NCC) is irrevocably committed to the implementation of various regulatory initiatives and programmes, in collaboration with all stakeholders in the telecom ecosystem, towards bridging identified gaps and shortages in critical telecom infrastructure in the country. The overarching objective is to fulfil Commission’s mandate and support extant and emergent policies and strategies of the Federal Government focused on providing ubiquitous, accessible and affordable broadband services in Nigeria.

The Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of NCC, Prof. Umar Garba Danbatta, stated this during an in-house interview which took place at the Commission’s Head Office in Abuja recently. The EVC emphasized the centrality of infrastructure to telecom service provisioning by asserting that availability of broadband in sufficiency was non-negotiable and irreducible in the nation’s strategy towards delivering pervasive telecom services.

Danbatta also put the efforts of Government in context towards addressing infrastructure gaps, and commended both state and non-state actors for the vision, diligence and continued dedication to the implementation of the Nigerian National Broadband Plan (NNBP) 2020-2025, an initiative of the Federal Government, being driven by NCC and conceived to address infrastructure gaps in the telecom and ICT sector. The EVC said he was gratified that the new plan particularly took into consideration, the identified gaps and challenges in its precursor, the National Broadband Plan 2013-2018, which implementation the NCC was equally central to.

According to Danbatta, one of the identified gaps to robust connectivity was the fact that inadequate infrastructure remained a bane to achieving desired broadband penetration to boost access to services that will enhance economic growth and development. He emphasised that the Commission recognises the importance of infrastructure expansion and this explains its unequivocal commitment and desire to see the licensed Infrastructure Companies (InfraCos) work speedily and with precision to cascade fibre to the hinterland, in order to enhance robust telecom service provision. He said the InfraCo licensees, expectedly, also prioritize stipulated licensing conditions to ensure expected milestones set by the Commission are achieved.

The EVC stated that Commission’s target for licensing the infraCos was to ensure the deployment of fibre infrastructure needed for pervasive broadband penetration across the 774 local government areas (LGAs). This, he said, will ensure access to telecoms services in the hinterlands of the country, and by so doing address the challenges of access confronting the unserved and underserved areas of the country.

Danbatta also placed on record Commission’s desire for inclusiveness as seminal to erecting sustainable telecom architecture. This, according to him is critical in ensuring the achievement of Federal Government’s target on digital access and financial inclusion.

One visible area of beneficial financial service riding on telecom infrastructure is the provision of Unstructured Supplementary Service Data (USSD) for financial transactions across various financial institutions’ platforms. This feat, Danbatta asserted, has brought ease to financial transactions, even as he recalled that NCC is providing support for e-payment initiatives and policies of the Central Bank of Nigeria (CBN), including the e-Naira project, which is the digital currency issued and regulated by the apex bank.

“So, the Commission is committed to ensuring inclusiveness by ensuring the provision of affordable and pervasive accessibility to the Internet as emphasised by the International Telecommunication Union (ITU) and the United Nations (UN). We are aware that until commensurate infrastructure is deployed in the country, the country may not hit the required target necessary for the desired economic development,” the EVC added.

Additionally, Danbatta stated that the Commission has recorded remarkable progression with respect to contribution to Gross Domestic Product (GDP). This is besides facilitating investment, enhancing Quality of Service (QoS) to enhance consumer quality of experience and stakeholder satisfaction in line with the expectations of the Strategic Management Plan 2020-2024. He assured that Commission will heightened efforts in all areas of the Plan as streamlined in new Strategic Vision Implementation Plan (SVIP) 2021-2025, including facilitating strategic collaboration and partnering through which it has forged quantifiable strategic alliances with its ever-expanding array of stakeholders.

Concerning NCC’s pioneering strides in the deployment of Fifth Generation (5G) network in Sub-Saharan Africa, Danbatta explained that the rollout of 5G network in Nigeria will require more infrastructure for the service to reach all parts of the country. He called for concerted efforts and unwavering commitment of all stakeholders for the nation to achieve steady, timely and accurate deployment of 5G services because of its benefits to individuals, businesses and the growth of the country.

LAGOS SET TO HOST MENTAL HEALTH CONFERENCE

LAGOS SET TO HOST MENTAL HEALTH CONFERENCE

… Seeks Collaborative Multi-Sectoral Approach for Improved Mental Health Services

Lagos State Government, through the Ministry of Health, is set to hold a mental health conference geared towards drawing attention to the importance of a multi-sectoral approach to providing improved mental health interventions for citizens as well as charting a positive and realistic course towards mental, social health assets and infrastructures needed in the State.

The conference themed: “Responding to the Mental Health Needs of a 21st Century Megacity”, is scheduled to hold at Landmark Event Centre, Oniru, Victoria Island, Lagos on Tuesday, 18th January 2022.

Giving details about the Conference, State Commissioner for Health, Prof. Akin Abayomi said the Mental Health Conference is an offshoot of the Livable City Conference held in 2013, which led to the drafting and enactment of the Mental Health Law of 2019 and the proposed establishment of a State-owned tertiary psychiatric hospital, amongst others.

He said: “This conference is a sequel to a previously organised event in 2013 where the Governor of Lagos State, top Government functionaries from the Executive, Legislative and Judiciary, Private Sector Care Providers, Mental Health Professionals and Social Justice as well as Security Experts gathered to discuss, engage, and address the Mental and Social Needs of Lagos State”.

The Commissioner noted that the conference will be a forum and platform for key Government Ministries and Agencies, Healthcare Professionals, Private Sector, Civil Society Organisations and Non-Governmental Organisations to discuss prevailing issues in Mental Health, identify opportunities and areas for collaboration, as well as professional networking in the Mental Health sub-sector.

He added that the outlined objectives of the conference include highlighting the growing scourge of Mental Health issues in Lagos State and providing a forum for dialogue amongst academics, decision-makers, policy implementers and the society, with a view to developing new policies and redesigning an existing one.

Other conference objectives, according to him, are providing a platform for all stakeholders to identify opportunities for strengthening investments towards a sustainable and collaborative mental health strategy in the State; displaying the achievements and strategic interventions that have been employed in implementing the Lagos State Mental Health Policy, as well as proffering and harmonising multi-sectoral recommendations in tackling the mental and social health needs of Lagos as an urban State.

Abayomi explained that conference participants will be drawn from a cross-section of the society with the representation of top decision-makers from the public and private sectors who have the right influence and expertise to drive the purpose of the engagement.

While noting that the last Livable City Conference provided the mileage needed to create the environment for improvement in the legal framework and access to mental health service, the Commissioner said the State government, through the plenary engagements of the mental health conference, intends to motivate and stimulate improved investments in mental health from the private sector and donor agencies.
He added that government will through the conference demonstrate to the international community, Lagos’ unequivocal commitment to Mental Healthcare and create a potential for global collaborations as well as allow all stakeholders to develop a clearer understanding of the emerging issues towards developing short and long-term improvement approaches.

Abayomi said experts who would speak at the conference include the lead speakers Dr. Vincent Udenze, a United Kingdom-based Consultant Psychiatrist and CEO of Intersect Consortium in Nigeria and Prof. Akinyinka Omigbodun, a Professor of Obstetrics and Gynaecology, and Consultant Gynaecological Oncologist at the College of Medicine, University of Ibadan.

Others, he said include Prof Cheluchi Onyemelukwe, a leading health lawyer in Nigeria; Dr. Yewande Oshodi, a Consultant Psychiatrist and a Senior Lecturer at the Department of Psychiatry, LUTH; Dr. Jibril Abdulmalik, a Senior Lecturer and Consultant Psychiatrist with the Department of Psychiatry, College of Medicine, University of Ibadan and Prof. Abiodun Adewuya, a Professor of Public Mental Health and Chairman, Lagos Mental Health Advisory Committee.

The Commissioner harped on the need for improved mental health services in the country, stressing that in recent years the role of mental health in sustainable development has received greater recognition, especially with the global public health crisis.

Canadian fintech Periculum, officially launches in Nigeria, set to build credit assessment infrastructure for Africa

Canadian fintech Periculum, officially launches in Nigeria, set to build credit assessment infrastructure for Africa

The availability of domestic credit is a key requirement for consistent economic growth in developing countries. The vitality of financial services such as banking, savings, debt and equity financing, investment management, and point-of-sale lending is largely dependent on the maturity of its domestic credit industry. Nigeria’s domestic credit market pales in comparison to similar countries of the same size. For context, credit to the private sector in Nigeria is about 12 percent of GDP, lower than South Africa’s 129 percent and Malaysia’s 134 percent. High ratios of credit to the private sector in these countries have helped to ramp up real sector growth, create innovative innovation possibilities for technology-enabled businesses, accelerate financial development, ensure the efficient functioning of the economy and guarantee the prosperity of the private sector.

The Central Bank of Nigeria (CBN) and other development partners including the Bank of Industry (BoI), the Bank of Agriculture (BoA), among others have embarked on significant credit injections to support the critical sectors of the economy, but the paucity of credit assessment infrastructure ensures many potential borrowers are denied access to loans, and when they do, they can be charged as much as triple the base interest rate. This financial exclusion has significant outcomes for the real sector as lack of access to credit can be a disincentive to entrepreneurship, investment, and economic growth.

Canadian fintech startup and credit assessment company, Periculum, has launched in Nigeria to tackle the challenge of domestic credit to the underserved markets. Focused on improving financial inclusion in emerging markets through automated credit assessment tools that close the consumer credit gap and help financial institutions provide credit facilities to the financially excluded while making smarter decisions, Periculum officially launched its financial service product offerings at a media interaction today.

Speaking at the launch, Michael Temitope Collins, Periculum’s founder and Chief Executive Officer, said “Africa needs domestic credit to stimulate real economic growth. And this is not only bank-to-business credit; it can also be digital lending for short-term credit as well as “buy now, pay later” schemes. The absence of tech-enabled credit assessment infrastructure has limited the quality and quantity of lending and may be behind the risk premiums borrowers have to pay, and the harassment practiced by predatory lenders in countries like Nigeria. Periculum will change that. We are a top provider of data analytics and credit assessment services targeted explicitly to underserved markets. We help our customers to reduce their lengthy loan application processing times and loan default rates and offer loans to the underbanked and unbanked consumers as well as micro, small and medium-scale enterprises. With reliable, tech-enabled, credit assessment services, financial institutions can increase lending to those that need credit.”

The company has also announced the appointment of a Managing Director, Damilola Aluede, to accelerate its business in Nigeria.

Nigeria’s domestic credit market pales in comparison to similar countries of the same size

Founded in 2019, Periculum helps its banking and lending customers identify fraud risk, assess creditworthiness, and analyze existing data. Periculum offers real-time decision-making, analysis, and credit underwriting solutions to financial institutions including banks, non-banking financial companies, and fintech companies. By providing information on the financial worthiness of customers and automating the loan decision process, Periculum’s customers can gather and analyze borrower information and assign a credit score faster, with real outcomes on financial inclusion in Nigeria and other markets.

Canadian Fintech Periculum, Officially Launches In Nigeria, Set To Build Credit Assessment Infrastructure For Africa
https://www.Periculum.io/media/

Periculum offers data aggregation APIs and platform solutions that aggregate data from partners including open banking APIs and the credit bureaus, to provide complete financial and data profiles of prospective borrowers and third-party entities. Some of its clients include Fundii, Lendaba, Sycamore, Golden Ox Partners, Vola Africa and Venero.

On its product roadmap and current services, Collins added “We offer services that include Credit model development, SMS data aggregation and analysis, financial data analysis, and other data analytic solutions. We can help our customers with solutions such as fraud detection, insights for lenders based on customer segmentation and customer lifecycle value, insights to retailers and ATM operators, and several other benefits”.

The startup was accepted into Techstars in 2021 and is among the 2021 Techstars Montréal AI cohort, as well as the Founder Institutes’ Select Portfolio. In October 2021, Periculum raised a $620,000 pre-seed funding round to help it expand its team, improve product development and scale its operations in Nigeria and other markets. The company currently delivers services to customers in Canada and Nigeria and plans to expand to Ghana, Kenya, and Egypt before the end of 2022.

For many countries in Africa, there is still a financial divide. By tackling the credit assessment challenge, Periculum can build the financial infrastructure that helps in addressing the issue of access to financial services and improves development outcomes for millions of people, with better opportunities for businesses, financial institutions, and lenders.

MY TAKE ON NIGERIA – GENE NONSO MOJEKWU

MY TAKE ON NIGERIA – GENE NONSO MOJEKWU

I have received many requests to summarize my recent experience in Nigeria. In order to avoid an unnecessary expansion of this post, my experience can be summarized as being 98% good to great. The remaining 2% are flaws. Yes, Nigeria, like all other places, has flaws. However, our flaws don’t have flaws, making them easily addressable. This post is about the people of Nigeria (I may address other specific issues in subsequent posts).

There isn’t very much I would change about the people of Nigeria who are easily the most resilient, kindest, and happiest people on earth. Two of a few things I would tweak:

  1. EXCESSIVE REVERENCE: I know that our culture demands respect for our seniors (which is a great thing), but we have recently expanded it to include excessive reverence for the rich and powerful. Some of us cower too much in the presence of such people, thinking that prostrating and showering them with titles and praises will get us ahead. Breaking news: trashing your dignity (no matter how impoverished you are) gets you no where. The easiest way to get in the circle of such people is by displaying confidence, being conversant with a wide range of subject matters, and not seeking direct material favours. Just like a bank will more likely lend you money when you don’t need it, a rich person will more likely take your phone call, if they believe you don’t need them. They don’t like to be pestered with constant requests for material favours, and will most likely invite you to cookouts and other events, if you don’t appear too needy. Such events are where you could possibly be exposed to profitable ideas, not to mention the possibility of expanding your network and possibly getting life changing referrals. You simply can’t get rich by selling your dignity and expecting unfettered access to a rich person’s vault.

Excessive reverence is also one of the reasons we don’t adequately hold our elected officials accountable….a post for another day.

  1. “WE THANK GOD”: Is a phrase we overuse and abuse in addressing all manner of questions and comments. Comment: I am so proud of you; your business is doing so well (response: we thank God). Question: you look so fit; how do you do it? (response: we thank God), etc. Thanking God is a given, and is something we should do all the time, but that phrase alone usually isn’t sufficient enough answer. You will probably teach and/or encourage someone to do better by expanding that standard response a little bit. Slight modifications that can be impactful: “we thank God, but my business is successful because I wake up early every morning to work hard at it”; “we thank God, but I try to stay fit by exercising three days a week,” etc. It’s a wonderful thing when we all learn from each other.

If you are wondering why I’m awake at 4 a.m. Chicago time, blame it on jet lag 😃.

GENE NONSO MOJEKWU
A Nigerian based in the USA recounts his experience when he came back for Christmas holidays

LASDRI Trains 134 Driving School Instructors

LASDRI Trains 134 Driving School Instructors

In a bid to curb human error, fatalities and crashes on the roads, Lagos State Drivers’ Institute (LASDRI), has trained 134 Driving School instructors at the just concluded Year 2020 Train-The-Trainer workshop at Alausa, Ikeja.

In her address at the completion of the two-day workshop, which had its maiden edition in 2019, the General Manager, LASDRI, Mrs. Afusat Tiamiyu, stated that the event was organised to update the Driving School Instructors on Traffic Rules and Regulations.

She added that it was also meant to showcase the qualities of a responsible driver, refresh and update the skills of the Driving School instructors operating in Lagos and enhance capacity building in the training of first-line drivers.

The General Manager reiterated that training the driving school instructors is one of the core mandates of LASDRI and the institute will continually work tirelessly to develop various educative training topics that will eradicate carnage and improve safe driving on Lagos roads.

The LASDRI boss emphasised that it has become necessary to address the challenges of increased road traffic crashes and other traffic problems associated with lack of knowledge of the rules and regulations guiding use of the roads.

“The event is also aimed at strengthening the synergy between the State Government and Transport Stakeholders in the Management of Traffic so as to key into the T.H.E.M.E.S agenda of the administration of Governor Babajide Sanwo-Olu”, the General Manager said.

Mrs. Tiamiyu revealed the two-day training programme focused on the Importance of Good Tyres, Fire Safety Management and Vehicle Maintenance Culture, Driving Vehicle Dynamics and Energy Level Maintenance among others.

In his remarks, the National President of the Driving School Instructors Association of Nigeria, Mr. Jide Owatunmise commended Lagos State Government for organising such a training platform for their members to brainstorm, appreciating the government’s efforts on transportation and traffic management in the State.

He encouraged members to improve their road culture, develop their driving skills and spend more financial resources on capacity building, saying it would enhance the quality of services rendered to the motoring public.

One of the participants at the event, Mr. Bolaji Abayomi applauded the Lagos State Government for the laudable initiative, noting that the training will increase their wealth of experience and improve capacity to effectively discharge their duties to first-line drivers.

The event attracted officials of the traffic management agencies which included Lagos State Traffic Management Authority (LASTMA), Vehicle Inspection Service (VIS) and the Federal Road Safety Corps (FRSC).

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LASG Urges Residents to Observe Low-Key Eid-el-Kabir Celebrations

LASG Urges Residents to Observe Low-Key Eid-el-Kabir Celebrations

The Lagos State Government has appealed to Muslim faithful in the State to celebrate the forthcoming Eid-el-Kabir on a low-key in order to abide by the existing guidelines on the prevention of COVID-19 spread among residents.

The Honourable Commissioner for Home Affairs, Prince Anofiu Elegushi, who disclosed this in his office on Monday, admonished Muslims to maintain moderation even as they celebrate the Eid-el-Kabir, which comes up on Friday, July 31st, 2020, warning that the coronavirus pandemic is still very much in an aggressive stage, hence the need to be more cautious in order to consolidate the gains so far achieved by the State Government.

Prince Elegushi prayed that the celebration should be done within families as earlier observed during the Eid-el-Fitri celebrations three months ago, while the Eid-el-Kabir prayers should be observed at home as Mosques and Churches are still on lockdown in the State.

While reiterating the State government’s determination to flattening the curve of the ravaging pandemic, he noted that the religious rites of slaughtering of animals will be carried out through a live broadcast by the Grand Chief Imam of Lagos State, Sheikh Suleiman Abou-Nolla on Friday, July 31st, 2020 by 9:00 am on LTV while all other Imams in the State are to follow suit thereafter.

The Commissioner reassured all residents of the State that the siege will soon be over as government is leaving no stone unturned in containing the spread of the COVID-19, while anticipating the eventual reopening of businesses in the shortest time possible as will be advised by medical experts.

Elegushi, however, enjoined the general public to continue adherence to the culture of maintaining physical distance, wearing of facemasks, constant handwashing with soap and water as well as the regular use of hand sanitiser to further prevent the spread of the virus.

He wished all Muslim faithful a blissful celebration of the Eid-el-Kabir and enjoined them to remember Lagos State and Nigeria in their individual prayers to the Almighty Allah.

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