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PFS Decorated @ IBSQ Awards

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Aspire West Africa in collaboration with the Entrepreneurship and Leadership Initiative for Development at its annual international business conference in Ghana has conferred International Business Star Quality [IBSQ] Award on Precise Financial Systems [PFS] as best software company in Africa.

The annual honours in various categories, recognizes organisations that have excelled in their services and continued to push the limits of quality with fresh innovations.

Aspire West Africa, a US-based sub-regional magazine, said in a statement that PFS earned the award for working in a dynamic economic sector where access to trusted and quality software products and solutions are extremely challenging for business.

“PFS have kept faith with Nigerians without diminishing its standards in service delivery and brand quality”. Its commitment in the design of electronic payment software services have moved it to innovate around service quality.

“This has enabled it to stand out in its sector and used as a reference point in Africa”, the award organizers said.

While commenting on the IBSQ award, Theophilius Enyali, executive secretary of Aspire West Africa, said the award takes a comprehensive look at the hard work that business leaders put into their companies, adding that Aspire recognised the efforts of exceptional employees, and so “provides motivation for continuous progress. We desire that this award will spur PFS to greater height in quality service delivery”.

PFS’ innovative software solutions are running thousands of computers, serving numerous clients in Nigeria and 27 other countries in Africa.

The company’s cutting edge environmentally-friendly software technologies include an integrated account reconciliation solution, cheque and e-payment processing, security and remittance solution as well as send-to-end outward and inward cheque clearing solutions.

Recently, PFS worked with the Nigeria InterBank Settlement Systems (NIBSS) to shorten the settlement cycle of a cheque to one day. PFS has implemented the cheque truncation lifecycle for the Central Bank of Nigeria [CBN].

This project ensured that all cheques presented for settlement are resolved within stipulated date across the country.

With the activation of the cheque truncation regime through PFS’ iTELLER platform in Nigeria, important challenge the system has addressed is the ability of the CBN to meet the deadline for cheque truncation nationwide.

Aside, the platform has also assisted the CBN to reduce cost, time and the stress level involved in its cheque clearing operations. The system “removes all logistics costs” associated with clearing.

Enyali said the IBSQ award recipients are nominated and ratified by an international award board comprising leading business experts, employing a rigorous and transparent selection process.

The board received input from influential business and media executives before ratifying the nominations.

He added that recipients are selected based on their commitment and contributions to excellence, innovation and technology leadership within their various sectors of operation.

“Brand quality and business results are also considered”, he said.

Over the years, PFS has worked with many agencies and partners to deliver financial software services to its clients.

These partners include Microsoft Corporation, Ernst Reiner Gmbh & Co. KG, Germany, Arit of Africa, and International Marketing Partners. PFS is also a member of the Presidential Initiative for development of the software industry in Nigeria and a member of the CBN working group on Automated Clearing House and Cheque Truncation.

Others are cheque MICRisation and personalisation solution, banking and finance solution, bonds and financial derivatives trading and monitoring solution, bureau de change solution; cooperative societies solution, stock brokering solution; billing and revenue collection solution. Card issuance and monitoring systems, self-service cheque, cash and card deposit with withdrawal solution, pension remittance monitoring solution, project appraisal and monitoring solution.

Through these ingenious solutions, PFS has successfully positioned itself as a foremost force in the financial software development space of the nation.

 


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E-Business

.NG Domain Registrations Cross 215,000 as NiRA Pushes for Increased Adoption

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The .ng domain name, Nigeria’s Internet country code top-level domain (ccTLD), has continued to garner popularity in usage for websites and email addresses.

Mr. Adesola Akinsanya, the president of the Nigeria Internet Registration Association (NiRA), dropped the hint in his message to stakeholders who gathered [physically and virtually] at the association’s 16th Annual General Meeting (AGM), in Lagos, recently.

Giving account of the Executive Board of Directors (EBoD’s) stewardship in the past one year, Mr. Akinsanya said that as of February 2024, NiRA registrars have registered 215,441 .ng domain names.

He said that .ng as Nigeria’s Internet country code top-level domain (ccTLD) has become increasingly popular for use in websites and email addresses.

The number of .ng domain names reached 212,890 as disclosed in the NiRA Audited Account for the year ending December 31st 2023, which also shows an increase by 29,098 when compared to 183,792 recorded as at December 2022.

Mr. Akinsanya also applauded President Bola Tinubu’s administration on the Renewed Hope agenda aimed at leveraging the digital economy to better the worth of the citizens.

He also commended Dr. Bosun Tijani, the Minister of Communications and Digital Economy who has shown understanding of the need to intensify the adoption of Nigeria country code top-level domain (ccTLD), .ng within and outside the government circle, adding that NiRA as a multi-stakeholder-led organization has enjoyed support from the Kashifu Inuwa led National Information Technology Development Agency (NITDA), especially in the crusade for both public and private organisations to switch over to .ng.

“The need for both the government and private institutions to switch-over to .ng brand is no longer negotiable in view of the significant role it plays in the country’s digital economy agenda”.

He said that NiRA supports the Minister in his efforts to ‘promote transparency in governance, protecting the Nigerian cyberspace, and promotion of the Digital Nigeria agenda’.

NiRA has been pushing for the government to accelerate the adoption of the second-level domain (. gov. ng, .edu.ng, .mil.ng) under the country code Top Level Domain (ccTLD.ng).

Speaking further, the NiRA chief said that a total of twenty-two new registrars were accredited last year, “showing the collective efforts of NiRA Accredited Registrars and their Resellers, which we duly acknowledge and appreciate.

“Our commitment to nurturing a robust partnership with our accredited registrars remains unwavering. The establishment of the Registrar’s Relationship Manager position exemplified this dedication, as it provides a specialized resource to address registrars’ needs and to cultivate stronger bonds among stakeholders.

“Together, we are poised to further elevate the .ng domain and advance our collective objective”, the NiRA President said.

Earlier in her goodwill message, Mrs. Ibukun Odusote, chairperson, Board of Trustees of NiRA, said: “Having gone through the documents associated with this meeting, I am filled with a profound sense of gratitude and appreciation for each one of you.

“Your dedication, commitment, and contributions to our organization have been instrumental in our continued success and growth.

“It is a time for us to come together as a community, to share ideas, insights, and experiences, and to reaffirm our shared vision and mission.

“As Chairperson of the Board of Trustees, I am inspired by the passion and enthusiasm that each of you brings to this body. Your unwavering support and commitment to our cause have been the driving force behind our accomplishments, and I am confident that together, we will overcome any obstacles that may lie ahead”.

 


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NDPC Empowers Institute to Certify Data Protection Professionals

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Nigeria Data Protection Commission (NDPC) has said the certification of data protection professionals in the country will significantly reduce capital flight and create more than 500,000 jobs in the sector.

NDPC Empowers Institute to Certify Data Protection Professionals

L-r: Dr. Vincent Olatunji, executive commissioner, NDPC and Dr. Oyedokun Oyewole, president of the Institute of Information Management,

Dr. Vincent Olatunji, executive commissioner, NDPC, stated this at the presentation of the certificate of licence to the Institute of Information Management (IMF) in Abuja.

He said the certification of data protection professionals would not only enhance the protection of personal data, but also boost the country’s economic growth and development.

The projection comes as the commission intensifies efforts to promote data protection and privacy in Nigeria’s rapidly growing digital economy.

According to Dr. Olatunji, the move aims to enhance the capacity of organisations to protect personal data and promote compliance with Nigeria’s data protection regulations.

Establishing a local institution to train and certify Nigerians would significantly enhance local content in the sector, the NDPC boss hinted.

The commission, he assured his audience, was already exploring the possibility of implementing the licencing framework across Africa—a move that could potentially harmonise data protection standards and expertise across the continent.

Dr. Oyedokun Oyewole, president of the Institute of Information Management, said the licence would effectively address the existing gap in the data protection ecosystem, providing a much-needed solution.

Recalling that the certification process began in 2021, Dr. Oyewole reaffirmed the institute’s dedication to excellence, pledging to provide top-notch education in data protection and set a benchmark for the country’s education system in this field.

The IIM’s certification programmes will cover essential topics such as data protection principles, risk management, and compliance with the Nigeria Data Protection Regulation (NDPR).

The initiative is expected to boost the confidence of organisations and individuals in the country’s data protection landscape.

 

 


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CrediCorp Partners FintechNGR to Drive Consumer Credit Initiative

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Nigerian Consumer Credit Corporation (CrediCorp), has partnered Fintech Association of Nigeria (FinTechNGR) to drive consumer credit scheme initiative through a robust payment platform that would be provided by members of FinTechNGR.

Speaking at a Social Meet in Lagos, organised by FinTechNGR, with the theme: “Augmenting the Future, AI, Credit and Transformation of Nigerian Finance,” the Chairman, CrediCorp Board of Directors, Aderemi Abdul-Bojela, said members of FinTechNGR would have specific roles to play in the partnership, in the areas of providing robust platform for money transfer, technology evaluation, among others.

“Today, CrediCorp is engaging with members of FinTechNGR in a social interactive gathering to discuss collaboration and support for the growth of Consumer Credit Corporation in Nigeria. We want to interact to understand how technology will drive the crediCorp initiative in Nigeria and also to understand the role that members of FinTechNGR will play in all of these initiatives around CrediCorp,” Abdul-Bojela said.

Describing the partnership as a welcome development that will enhance savings culture among Nigerians, the Chief Operating Officer (COO) of FinTechNGR, Dr. Babatunde Obrimah, said: “FinTechNGR is an enabler of technology advancement in Nigeria. We bring the players together to drive technology innovation.

“Our role in the FinTechNGR-CrediCorp partnership is to ensure that our members support the growth of consumer credit in Nigeria, by providing the relevant payment platforms for all financial transactions among the banks who are the lenders, the customers who are the burrowers and the CrediCorp who is the guarantor.”

Speaking about the benefits for Nigerians, Obrimah said the Consumer Credit Corporation in Nigeria would enhance the country’s credit culture and enable Nigerians to save and plan well with their savings. “The initiative will address inflation, help in liquidity flow, build trust in customers’ borrowing, boost credit culture and enhance the culture of savings among Nigerians,” Obrimah said.

Addressing the issue of risk and consumer trust, Abdul-Bojela said the CrediCorp has put measures in place to ensure that the banks that would be involved in lending, would be protected and guaranteed of the repayment of the loans within the CrediCorp ecosystem.

He said there would be an independent management that would ensure that the right technology is put in place to recover all monies.


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