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Finance in Motion Partners Oradian On Financial Inclusion Expansion Drives

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Finance in Motion, one of the world’s leading advisors in impact investing, has announced the purchase of an equity stake in Oradian, based in Zagreb, Croatia, developer of a cloud-based banking system that supports financial inclusion in economically challenged regions.

The stake marks Finance in Motion’s first investment in the burgeoning financial services technology sector known as fintech.

The company said it was attracted to Oradian’s pioneering cloud-based platform Instafin, an all-in-one solution for microfinance institutions and banks looking to avoid large initial costs and improve current performance.

Instafin, making use of the prevalence of stable cellular coverage in regions where cabling infrastructure and even electricity supply is questionable, is an ideal low cost, scalable and therefore low risk disruptive product based on the Software as a Service (SaaS) business model.

Giving evidence to its robustness, one of its first users, a microfinance institution in Nigeria, operates in a region plagued by armed conflict and still managed to more than double its client base to 200,000 in just two years.

Florian Meister, Finance in Motion managing director, said: “We firmly believe in the transformative potential of financial services technologies such as Instafin. This product has established its ability to promote financial inclusion, one of our primary goals, by allowing microfinance institutions and banks to serve more customers, even in regions many people would be afraid to visit, let alone do business there. This product also eliminates the high costs associated with traditional hosted solutions, outlays that often create a significant market barrier for many institutions.”

Also speaking, Antonio Separovic, Oradian’s managing director, said: “Oradian is more than a software company – we’re a partner that helps microfinance institutions and banks to build their own capacity for growth, transform their businesses, and meet the needs of the 2.5 billion people worldwide at the base of the economic Press release Page 2 of 2 pyramid. We are excited to partner with one of the world’s leading impact investors because it shares our vision for helping microfinance institutions and rural banks to catalyse economic growth and give people access to financial tools that improve their lives. We hope to learn from Finance in Motion’s extensive experience in responsible finance and their work with leading service providers and partners in low- and middle-income economies.”

Finance in Motion is one of the world’s leading advisors for impact investing, Finance in Motion focuses exclusively on forprofit funds promoting sustainable economic, social and environmental progress in emerging economies and developing countries.

With more than EUR 1.5 billion in assets under management, the company leverages development aid through public-private partnerships.

In line with the goals of its funds, Finance in Motion promotes long-term relationships and helps partners develop their business.

Backed by 14 local offices spread through the more than 20 countries it serves, Finance in Motion advises the following development finance vehicles: the European Fund for Southeast Europe (EFSE), which finances micro-, small and medium enterprises (MSME finance); the Green for Growth Fund (GGF), which targets reduction of energy use and CO2 emissions; the SANAD Fund for MSME in the Middle East and North Africa; and the eco.business Fund, whose goal is the preservation of biodiversity and the sustainable use of natural resources.

Oradian is also the global technology provider developing solutions that enable financial inclusion.

Its simple and intuitive cloud-based platform empowers financial institutions tackling the challenges to connect billions of potential clients at the base of the economic pyramid to financial services and improves performance, access data in real-time, reduce costs and scale services quickly and efficiently.

Using a Software-as-a-Service (SaaS) model, Oradian’s flagship product, Instafin, enables microfinance institutions and banks, co-operatives and credit unions to serve the most rural clients affordably and effectively.

The team of technologists, finance specialists and economic development experts share a deep understanding of the very real challenges facing financial service providers in developing and frontier markets.


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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E-Financial

FG to Receive $2.25Bn Fresh Loan From World Bank on June 13

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Federal government will receive fresh loan funding from the World Bank, with approval expected for loans totalling $2.25billion on June 13, 2024.

FG to Receive $2.25Bn Fresh Loan From World Bank on June 13

 

Recall that Wale Edun, minister of Finance, at the spring meetings of the International Monetary Fund and the World Bank last month, had announced that the nation had qualified for processing a loan, described as ‘virtually a grant’ of $2.25bn from the World Bank at one per cent interest rate.

He stated, “We have qualified for the processing just this week to the Board of Directors of the World Bank of a total package of $2.25bn of what you can call ‘the closest you can get to a free lunch’- virtually a grant. It’s for about 10- 20 years moratorium and about one per cent interest.”

The package, approved by the World Bank Board of Directors, offers a 40-year term with a 10-year moratorium and a nominal one-percent interest rate.

According to the latest information on the World Bank website, the funding will be received via two major development projects.

The first project is the Nigeria Reforms for Economic Stabilization to Enable Transformation Development Policy Financing, which is set to receive $1.5bn.

The second project, NG Accelerating Resource Mobilization Reforms Programme-for-Results, has proposed funding of $750m.

It was also indicated that the government might reintroduce the excises on telecom services and the EMT levy on electronic money transfers through the Nigerian Banking System, among other taxes.

 

 

 


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Cybersecurity Levy Meant for Financial Institutions, Telcos – Senate:

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Senator Shehu Umar Buba, chairman, Senate Committee on National Security and Intelligence, on Sunday, clarified that the recently imposed cybersecurity levy announced by the Central Bank of Nigeria (CBN) is not targeted at individuals operating bank accounts.

Cybersecurity Levy Meant for Financial Institutions, Telcos – Senate:

Rather, the senator, who sponsored the amendment bill in a statement in Abuja, explained that the levy is aimed explicitly at financial institutions and telecommunication companies.

He said the financial institutions and telecommunication firms are most vulnerable sectors to financial crimes and cyber fraud to enhance cybersecurity measures and national security in the country.

He noted that: “The relevant section of the Cybercrime Act is very clear about the businesses that are required to pay the levy, not the citizens.

“The Act is very explicit about who is responsible for the payment, not Nigerian citizens or individuals.

“The relevant section of the Cybercrime Act 2015 listed the businesses required to pay the levy: telecommunications companies, Internet Service Providers, banks, insurance companies, the Nigerian Stock Exchange and other financial Institutions.

“The organisations in the sectors have been listed in previous circulars by the Central Bank of Nigeria, especially in 2018. The new circular by the CBN further provided many exemptions.”

Buba also clearly explained the amount payable as a cybersecurity levy.

According to him, “It is either 0.005 or 0.5 per cent arithmetically. The figure in the principal act was 0.005 as a fraction, which was converted to the percentage that became 0.5 per cent in the amendment.

“Therefore, the statistics in fractions and percentages are the same.

“The legislator highlighted that the passage of the amendment bill was a collaborative effort of various stakeholders.

“The passage of the amendment bill was a collaborative effort involving the government, industry players, civil society and academia.

“They expressed their contributions and actively  participated in the public hearing before the endorsement by the two chambers of the National Assembly.

“After rigorous processes, President Bola Ahmed Tinubu signed the bill into law in February 2024.”

The senator acknowledged the concerns of Nigerians, civil groups and other stakeholders about the current economic situation.

He was reassured that implementing the cybersecurity law was not meant to punish citizens.

He emphasised that the levy was a collective effort to protect national security and the economy, with the financial burden primarily falling on the specified businesses.

The Cybercrime (Prohibition, Prevention, etc.) (Amendment) Act 2024, which President Tinubu signed into law in February, imposes a 0.5 per cent (0.005) levy equivalent to half the value of all electronic transactions by the businesses specified in the Second Schedule of the Act.

The levy will be remitted to the National Cybersecurity Fund, which the Office of the National Security Adviser (ONSA) shall administer.

The circular announcing the levy also exempted some transactions from the cybercrime levy.

They included loan disbursements and repayments, salary payments, intra-account transfers and other financial transactions.

 


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9PSB Inspires Startup’s Growth @ Tech Entrepreneurs Conference

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9 Payment Service Bank (9PSB), Nigeria’s digital payment service bank, focused on financial inclusion has encouraged the growth and development of more Information Technological startups by sponsoring the just concluded Kano TechPrenuer Conference. A Tech entrepreneur gathering held at Meena Event Centre, Lodge Road, Kano.

The flagship event, which was organized by IMH Global with the theme: Empowering Tomorrow: Innovating in the Digital Space, aimed at bringing together tech enthusiasts, entrepreneurs, and innovators to explore emerging trends, share insights, and enhance networking opportunities within the technology ecosystem, with a focus on fostering innovation and entrepreneurship.

Speaking during his presentation, Akeem Salam, Group Head Business Development and Strategy, 9 Payment Service Bank (9PSB), highlighted the huge contributions of technology and its innovations to different fields of human endeavors, how it has transformed the way operations and services are being rendered especially in finance and banking sector.

Today, banking services are all digitalized, which has paved way for the emergence of financial technology companies and payment service banks to operates seamlessly and drive financial services to the banked and the unbanked in every nook and cranny of the country; as well as facilitate financial inclusion for all Nigerians leveraging on mobile technology and communication.

‘’We have made tremendous efforts by contributing to closing the gap in financial inclusion by delivering our services to various market segments with our tailor- made products and services such as our virtual accounts, Bank9ja mobile App, USSD services, PoS services to merchants, ever dependable agency banking; driven by our Service Location Partners and bills payment as a service made easier once you have our platform available on your mobile devices. In addition, we collaborate with other industry players to ensure we deliver on our mandate.

“Remember, collaboration is indispensable as it opens opportunities in the industry by helping the journey to be a smooth ride. Therefore, we have been partnering financial service providers to ensure we leave no stone unturned. Our products and services are flexible and user-friendly, pricing and charges are of industry standard, Akeem added.”

‘’Asides from delivering seamless payment services, the Central Bank of Nigeria also mandate us to drive financial literacy, to ensure that basic financial education is extended to both young and adult Nigerians. This of course, we have been doing through our diverse services and programmes.

“We will continue to support the development, growth and innovations of startups and tech initiatives as this will impact the society greatly. Therefore, I enjoin you all to be focused and committed in your career and businesses,” he remarked.

Kano TechPrenuer Conference is an annual gathering of enthusiastic individuals in the tech industry. The event brought together IT consultants, web developers, social media marketers/managers, affiliate marketers to interact, upskill, collaborate, and chart the way forward. The event served as a nexus for innovation, providing a space for learning, networking, and exploring the latest trends and strategies in the tech entrepreneurial ecosystem within Kano State.

 


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