Dr. ‘Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, announced today groundbreaking initiatives aimed at bolstering digital connectivity across Nigeria, following approvals secured during the Federal Executive Council meeting.
Addressing the media, Dr. Tijani highlighted the pivotal approvals, emphasizing their potential to significantly benefit both the Nigerian populace and the burgeoning digital startup ecosystem.
BOSUN TIJANI, MINISTER OF COMMUNICATION AND DIGITAL ECONOMY
The first approval entails the launch of a Special Purpose Vehicle (SPV) dedicated to advancing the delivery of an additional 90,000 kilometers of fiber optic cable. This initiative seeks to complement existing connectivity infrastructure, fortifying the national backbone to ensure universal internet access throughout Nigeria.b
Dr. Tijani outlined the meticulous groundwork undertaken to establish the SPV, drawing inspiration from successful Public-Private Partnership models such as NIBSS and NLNG. In collaboration with government and private sector stakeholders, the SPV aims to expand Nigeria’s connectivity backbone to a minimum of 125,000 kilometers, positioning it as Africa’s third-longest terrestrial fiber optic backbone, trailing only Egypt and South Africa.
This expanded coverage is poised to leverage Nigeria’s eight submarine cables, driving increased data capacity utilization beyond the current 10%. Through partnerships like the Broadband Alliance, the enhanced connectivity will bridge existing gaps by linking over 200,000 educational, healthcare, and social institutions nationwide, fostering greater societal inclusion in the benefits of internet access.
The immediate benefits of these initiatives include:
1. Elevating internet penetration in Nigeria to over 70%
2. Potentially reducing the cost of internet access by over 60%
3. Enabling internet access for at least 50% of the 33 million Nigerians currently excluded
4. Stimulating up to 1.5% GDP growth per capita, propelling GDP from $472.6 billion (2022) to $502 billion over the next four years.
Dr. Tijani concluded his remarks by expressing optimism about the transformative impact of these initiatives, signifying a significant step towards #NigerianExcellence in digital connectivity.
LG Electronics continues to set new standards in consumer electronics with the unveiling of its latest lineup featuring sleek, minimalist designs tailored to enhance the modern lifestyle.
In a world where technology seamlessly integrates into daily routines, LG Electronics understands the importance of design that not only complements living spaces but also elevates them. With a commitment to innovation and aesthetics, LG’s new range of products embodies the perfect balance of form and function. From cutting-edge Televisions to state-of-the-art home appliances, LG’s minimalist design ethos shines through in every product. With clean lines, premium materials, and intuitive interfaces, consumers can enjoy both sophistication and simplicity in their everyday interactions.
“We believe that great design should enhance the user experience, not distract from it,” said Mr. Hari Elluru, Head, Corporate Marketing, LG Electronics, West African Operations. “Our latest lineup embodies our dedication to creating products that seamlessly integrate into modern lifestyles, providing both style and substance.”
At LG, we have the latest designs, very durable and innovative products for every household, and it’s for this reason that, to prevent the incidence of the paradox of choice, we curated some budget-friendly home appliances we believe will make living comfortable for you.
Smart TV
Why go to the cinema when you can create a cinematic experience in your home? When friends and family visit you, you can entertain them either by watching content together on an LG TV or by connecting your game with the LG TV so you can have an immersive experience. As far as picture and sound quality goes, LG TVs deliver only the best. So, immerse yourself and treat your guests to unforgettable TV experiences by investing in any of LG’s range of smart TVs. And what is more? Its ThinQ app feature is there to help maximize your TV experience in such a way you can’timagine. You get to choose your favorite voice assistant and control your TV with your voice with an all new home screen to provide more convenience and control. https://www.lg.com/africa/tvs
Portable Bluetooth Speaker & Soundbar
Whether you are the indoor type or outdoor type, there is that speaker that helps whatever vibe you are in. And regardless of what your taste is, you can get a premium audio experience no matter the size of the speaker. Take, for instance, our portable speakers that allow you to carry your fun with you with or without the absence of power or our soundbars that serve as the perfect companion to your LG TVs. The good thing about these speakers is that even with their sleek design, there’s no compromise on sound quality.
Enjoy sound the way it’s meant to be enjoyed where all your movies and music are brought to life with sound that’s clearer and more immersive; thereby, giving you a more realistic audio experience. And not only that, with this sound bar, there is dimensionality to your sound as well as a greater sense of space and depth which all culminates in you discovering hidden audio details with unparalleled clarity, hearing every emotion just as the creator of the sound intended for you to hear. You can check all our audio speakers at https://www.lg.com/africa/audio/lg-rp4
Refrigerator
Want a fridge that keeps your food items and drinks cool and fresh for a long period without drilling a hole in your pocket? Well, you don’t have to think too far. This fridge is the perfect addition to your household gadgets. One amazing feature of this LG Instaview fridge is that when you knock twice on the door, you can see the contents of the fridge without opening the door. This helps to save time while saving the air inside the fridge. Cool, isn’t it? See more on https://www.lg.com/africa/refrigerators
Who says you have to retire to the kitchen after a stressful day at work? And who says you need a massive cooking gadget just to create little wonders that delight your tummy? LG NeoChef microwave is the go-to appliance for quick and easy meals. Whether it is to heat the food, bake, fry, or even ferment your homemade yogurt, LG NeoChef has the bells and whistles you need for gastronomy.
There is air and there is cool refreshing air that’s void of impurities. The latter is the kind of air that comes from the LG ArtCool air conditioner. LG’s ArtCool AC not only fills your space with the right kind of air for your lungs and skin, its design allows it to harmonise perfectly with your wall, adding to the beauty and style of your interior in a way most air-conditioners were not designed to. In addition to that, it is more energy saving and thanks to its inverter compressor, it expels air farther and faster. And not only that, you can access your air-conditioner at any time and from anywhere with a Wi-Fi equipped device and LG’s exclusive home appliances control app – ThinQ.
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.
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.
Since its inception in 2009, AIT has extensively been deploying cutting-edge educational delivery technologies and systems to support teaching and learning in all its undergraduate and postgraduate programmes.
As one of the ECOWAS sub-region’s top education centres, AIT is home to thousands of Nigerians and other West African students.
The AIT has consistently ranked as the top private University in Ghana and one of leading educational institutions in West Africa. It has unswervingly come top at the UMB Ghana Tertiary Awards. In 2020 for instance, AIT won three most prestigious awards including: The Most Outstanding Institution in COVID-19 Times Award, The Best Technology University Award and the Best Educator of The Year. The university has kept the flag flying producing top-notch graduates gradually occupying strategic positions as leaders across diverse sectors of Africa and global economy.
Benefit from AIT’s decades of leadership as a Tertiary Institution
There are several potential benefits for Nigerian students attending AIT in Ghana. Some of these benefits include:
Quality Education:AIT is known for providing quality education in various fields of study. The institution offers programs that are aligned with industry standards and taught by experienced faculty members. Nigerian students can benefit from the academic excellence and practical training offered at AIT.
International Exposure: Studying at AIT provides Nigerian students with the opportunity to gain international exposure. Interacting with students from different countries and cultures can broaden their perspectives and enhance their global awareness. This exposure can be valuable for personal growth and can also boost career prospects in an increasingly interconnected world.
Regional Networking: Ghana is situated in West Africa, and attending AIT allows Nigerian students to network with their counterparts from neighboring countries in the region. Building connections with students and professionals from Ghana and other West African nations can open up future collaborative opportunities and contribute to a stronger regional network.
Cultural Exchange: Ghana has a rich cultural heritage, and studying at AIT provides Nigerian students with the chance to immerse themselves in a different cultural environment. They can learn about Ghanaian traditions, customs, and way of life, fostering cross-cultural understanding and appreciation. This exposure can enhance their cultural competence, which is increasingly valued in today’s globalized world.
Affordability: Compared to some educational institutions in Nigeria and other countries, AIT offers relatively affordable tuition fees and living expenses. This can make it a more accessible option for Nigerian students seeking quality education abroad without significant financial burden.
Enhanced Employability:AIT’s academic programs are designed to equip students with practical skills and knowledge relevant to their chosen fields. The institution has collaborations with industry partners, providing opportunities for internships, projects, and industry exposure. Nigerian students who graduate from AIT may have an advantage in the job market due to the institution’s reputation and industry connections.
Alumni Network:AIT has a growing network of alumni across various industries and sectors. Nigerian students who graduate from AIT can benefit from this network, gaining access to potential mentors, job opportunities, and professional support. Alumni networks often provide a strong support system, and being part of the AIT alumni community can be advantageous for career growth and lifelong learning.
It’s important for prospective Nigerian students to conduct thorough research and consider their individual goals and circumstances when evaluating the benefits of attending AIT or any other educational institution abroad. For over 20 years, AIT has been helping to build Africa’s knowledge and skill sets.
Studying at AIT provides Nigerian students with the opportunity to gain international exposure. Interacting with students from different countries and cultures can broaden their perspectives and enhance their global awareness. This exposure can be valuable for personal growth and can also boost career prospects in an increasingly interconnected world.
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.”
National Commissioner/CEO of the Nigeria Data Protection Bureau (NDPB), Dr. Vincent Olatunji, will be joining other regulators including the Nigerian Communications Commission (NCC), National Information Technology Development Agency (NITDA), and other industry leaders to stake out the sector’s opportunities and challenges at the Top 50 Digital Economy Enablers 2023.
The Nigeria’s Top 50 Digital Economy Enablers 2023 holds February 14, 2023 at the prestigious Providence by (Mantis) in Ikeja GRA, Lagos as a gathering of regulators and operators as the industry recognises its champions and discusses its future in a changing global economy.
Designed to examine the challenges that have emerged to drive Africa’s fastest growing digital economy and honour its iconic actors, Nigeria’s Top 50 Digital Economy Enablers including a mix of legacy and new players – “all dynamic and all embodiments of the struggles and triumphs of playing to win a peculiarly tough but rewarding environment,” said Chairman of the Top 50 2023 team, Dr. Shola Afolabi.
On the list for the institutional lights for 2023 are Open Access Data Centres (OADC); FinTrak Software Co. Ltd; Ezzential Global Services Ltd; Crystalfix Nigeria LTD (CNL); Cedarview Communications Limited (CCL); Zora Communication Limited; Information Connectivity Solution Limited (ICSL); Unitellas International Limited; Swift Telephone Network Ltd (STN); HD Technologies; Smart Web Nigeria Limited.
The list also has among others: Skymax Integrated Network Limited; ipNX Nigeria Limited; Infratel Limited; Switch Solutions Limited; Broadbased Communications Ltd; Medallion Data Centres Limited; UNICCON Group of Companies (The UNICCON Group); Internet Exchange Point of Nigeria (IXPN); Precise Financial Systems Ltd; Tezza Business Solutions; and Data Services Protection Limited (DSPL).
The Nigeria’s Top 50 Digital Economy Enablers 2023 is a rallying ground for private sector players to mutually advance the interest of the industry.
“The event is featuring a mix of old, rugged and new, innovative actors helping to remodeled an industry in transition,” added Dr. Sola Afolabi stressing that the event is “a platform for industry Recognition, Industry Stock-Taking & Industry Insights with a view to provide a guide as to what direction Nigeria’s entire spectrum of ICT ecosystem will take as the transition for a new government begins.”
Nigeria’s Top 50 Digital Economy Enablers has its lens on industry’s leaders within the rank of CEOs/Director Generals across corporate Nigeria and great team members of management helping to drive the agenda of their organisations’ at advancing Nigeria’s digital economy agenda.
Powered by the continent’s major tech-biz publication, published since 2007, IT Edge News.Africa (www.itedgenews.africa) and its Partners including TechEconomy; ITPulse; TechandBiz.com.ng ; and TechTV (NTA), the Top 50 holds as an industry-sponsored event. “This event is driven by collaboration of stakeholders within and outside the media to ensure a wide, and more inclusive selection of the sector’s leading lights as well as to offer a broader understanding of the challenges and the inspirations that drive it,” said Top 50 team lead, Olusegun Oruame.
In a constantly evolving digital world that is fast paced, many organizations today are going fully digital or virtual. These processes have been known to deepen corporate organizations productivity and business continuity, but there are snags such as exposure and cyber threat. Criminals today are constantly evolving and finding new ways to breach the virtual and digital security infrastructures of organizations and individuals. These breaches cost as much as bullions of dollars in damages and loses when it has to get to fintechs and , identity firms other financial institutions. Having seen this loophole in the ecosystem in the area of having skilled manpower to monitor, abate and proactive these cyber threat, Zora Communications, an indigenous information technology (IT) firm Located in Lekki Area of Lagos recently launched one of a kind facility that will offer public and private sector players the desired and required tools and manpower that will curb and reduce their virtual exposure to cyber threats. The facility known as NSOC center meaning Network & Security Operations Center.
The Network & Security Operations Center (NSOC). Zoracom’s Network and Security Operation Centre (NSOC) will provide unified command, control, communication, intelligence sharing and analysis capabilities to enable physical security of the key state assets which includes IT infrastructure, real-time monitoring of events happening across ICS/SCADA networks and provide dynamic decision support, incident reporting, workflow management and system monitoring capabilities. The Network and Security Operation Centre (NSOC) is equipped with state-of-the-art facility which serves as the cornerstone to consolidate our core services in Observability, Cybersecurity and Infrastructure management.
The NSOC center is coming at a time that youthful and tech adaptive population in the country is driving such a full digital adaption of their solution at a fast pace. With fast adaption of ePayment, eCommerce, online activities, there is need for many firms offering this solution to plug into the new Zora Communications NSOC center for full security that is hundred percent proactive with over 99.999% uptime.
The Nigerian IT space has grown rapidly and the dynamic industry that has seen significant growth in recent years. With a population of over 200 million people and a burgeoning middle class, Nigeria is a prime market for technology and digital innovation. The IT sector in Nigeria is diverse and includes a range of industries such as software development, ecommerce, cloud computing, mobile technology, and cybersecurity. In recent years, the sector has attracted significant investment from both local and international companies, and many startups have emerged as well. This are the things that inform the launch of NSOC center.
John Nwachukwu, the Chief Information/Executive Officer of ZORACOM Communication said “The life blood of any business is its network systems and as we all know, the digital landscape is constantly changing, and it is becoming increasingly difficult to protect against the various forms of cyberattacks that are targeting organization’s networks of all sizes. That is why Zoracom has invested in the latest technologies and strategies to ensure that we are always one step ahead of the hackers by setting up Our Network & Security Operations Center. Zoracom’s Network and Security Operation Centre (NSOC) will provide unified command, control, communication, intelligence sharing and analysis capabilities to enable physical security of the key state assets which includes IT infrastructure, real-time monitoring of events happening across ICS/SCADA networks and provide dynamic decision support, incident reporting, workflow management and system monitoring capabilities.”
“Our Network and Security Operation Centre (NSOC) is equipped with state-of-the-art facility which serves as the cornerstone to consolidate our core services in Observability, Cybersecurity and Infrastructure management… Zoracom as an organization, we invest a lot in training and development programs to build the skills of our employees/consultants, as well as offer competitive salaries and benefits packages to attract and retain top talent. We also work with educational institutions to promote cyber security programs and help develop the next generation of cyber security professionals. Furthermore, we also consider outsourcing some cyber security functions to specialized firms, additionally we leverage automation and artificial intelligence which helps alleviates some of the workload and improve efficiency, freeing up our cybersecurity professionals to focus on “, John concluded.
The Executive Governor of Borno State, Professor Babagana Umara Zulum, and the Honourable Minister of Aviation, Senator Hadi Sirika, have supported efforts to boost skills in the country by obtaining 12,000 copies of a recent book on Skills Rather than Just Degrees by the Honourable Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim (Pantami), who is also a Professor of Cybersecurity at the Federal University of Technology, Owerri, Imo State.
It should be recalled that the book was unveiled on Thursday, 24th of November, 2022 at the Transcorp Hilton Hotel, Abuja. Mr. Brad Smith, the President of Microsoft Corporation, wrote the Foreword to the book. Skills Rather than Just Degrees focused on the importance of skills and its potential impact in addressing the problems of unemployability, unemployment and underemployment. The book is a research and productive work implementing the paradigm shift advocated by Professor Pantami and is in alignment with the approach being adopted in leading educational and technological countries like the United States of America, Finland and India, amongst other countries.
The book was endorsed and unveiled by the Executive Secretary of the National Universities Commission (NUC), Professor Abubakar Adamu Rasheed. Professor Idris Muhammad Bugaje, Executive Secretary of the National Board for Technical Education (NBTE) was one of the personalities that endorsed the book. A number of Vice Chancellors also endorsed and reviewed the book, including Professor M.A. Abdulazeez, Vice Chancellor of the Abubakar Tafawa Balewa University, Professor Owunari Abraham Georgewill, Vice Chancellor of the University of Port-Harcourt and Prof. Sagir Adamu Abbas, Vice Chancellor of Bayero University Kano.
In a bid to boost skilling in Nigeria, Professor Babagana Zulum obtained 10,000 copies of the book for distribution in schools and other institutions in Borno State. Senator Hadi Sirika also obtained 2,000 copies for distribution in institutions across the country. Both high profile personalities were motivated to do this after reading the book and acknowledging the high quality of the content and its capacity to inspire Nigerians to embrace skills as a catalyst for national transformation. They also encouraged well-meaning Nigerians and institutions for follow their example. It is hoped that other stakeholders will try and circulate the book in their communities.
The Federal Ministry of Communications and Digital Economy, under Professor Pantami’s leadership, remains committed to implementing the National Digital Economy Policy and Strategy (NDEPS) in order to ensure that Nigeria’s digital economy remains a leading light and support the country to become the talent capital of the continent and also the world.
