E-Financial
Winners Emerge in VISA/Cc-Hub Financial Literacy Apps Challenge
“Money TALKS”, a financial platform where users can get audio tutorials in multiple languages on specific financial issues that Nigerians face was declared the finest app by judges at financial literacy bootcamp organised by VISA in conjunction with Co-Creation Hub Nigeria yesterday.
The app developed by young talented developers led by Francis Osifo came first among six apps demonstrated at the one Bootcamp and developed under 48 hours.
At the boothcamp three top teams garnered cash prizes totaling N2,960,000, with the first team going home with N1.2 million.
The Bootcamp had six teams building prototypes of web/mobile apps and games to teach money management skills and support the advancement of financial literacy among Nigerians.
Holly Jones, business development manager, VISA (Nigeria) told Nigeria CommunicationsWeek that the Company was motivated into organizing the competition enlighten the public on financial savings and e-transactions.
She said that the challenge was part of corporate social responsibility of the world famous payment solution provider.
Jones said: “We are here to contribute our quota towards deepening financial literacy in the country. We are not just here to issue cards out via the banks, rather the development of the eco-system means a lot to us. We want the knowledge to be built especially at the grassroot level.
“When we approached CC-Hub we wanted it to be a very broad app that can cover segments of people in the society; as children should be educated likewise the adult”.
Commenting on the apps developed at the boothcamp she described them as amazing and very impressive. “It was very impressive that they could develop such apps in 48 hours. They have the knowledge and technical know-how,” she added.
The VISA business development manager, added although winners have emerged however, the Company will not relent until the apps are fully developed and deployed into the market soonest.
Oh his part, Femi Longe, director of Programmes, Cc-Hub, said that, the basic criteria for selecting the apps were based on their ability to solve societal needs, flexibility, adaptability and accessibility.
“The judges looked at what could the apps solve in the society. Although they were developed in 48 hours, but how impacting could they be on the society? Could we say in the nearest future that Nigerian are financially literate due to the deployment of the app. These were parts of the criteria,” he noted.
Longe added that is it heartwarming that Nigerians could provide apps geared towards solving local challenges and meet global standards.
The six apps and games developed at the camp are, “Money Life- a stimulation game that involves user’s budgeting, earning, saving spending accumulated funds around real life scenarios.
“Money TALKS is also a platform where users can get audio tutorials in multiple languages on specific financial issues that Nigerians face.
“NairaSaver- a money saving and management tips app for Nigeria where people share & vote on money saving tips.
Others are, “Financial IQ, which is also financial management and financial products from different service providers”.
They are apps on localisation and digitalisation of “Junior Achievement Nigeria’s Business and Community board games for school children and MarketTrader, also a financial literacy game targeted at the literate children of illiterate and semi – literate children artisans, traders and other micro-entrepreneurs.
Cc-Hub Nigeria is a social enterprise committed to bringing together stakeholders from different walks of life to work collaboratively on solutions to social challenges facing Nigerian society.
E-Financial
Nigerians Trust Bitcoin for Financial Security than Sanks – Report
Nigerians have more trust in Bitcoin-based systems than in traditional alternatives such as banks and government, a new report by Elastos, an open-source blockchain website, has stated.
According to its inaugural BIT Index (Bitcoin; Innovation & Trust), emerging markets are driving the adoption of Bitcoin, with Nigeria and the UAE leading the charge.
The report revealed that 66 per cent of Nigerian respondents and 35 per cent from Brazil had more confidence in Bitcoin-based systems than alternatives like banks or national governments, compared to just 16 per cent in Germany and 21 per cent in the UK.
The survey also revealed that 20 per cent of Nigerian consumers use Bitcoin to conduct transactions at least once a day, while 67 per cent would have more trust in Bitcoin to protect their life savings than traditional services like banks, local governments, and cash.
According to the platform, the research was compiled from online interviews conducted with 1,407 self-defined ‘tech savvy’ respondents in Brazil, Germany, Nigeria, South Korea, the UAE, the UK, and the US.
It stated that the interviews were completed by a third party, a registered market research company, between March 30 and April 4, 2024.
“When it comes to ensuring the integrity of online transactions, emerging market respondents also revealed their relative confidence in Bitcoin compared to alternatives,” it indicated.
According to the report, 66 per cent of Nigerian respondents and 35 per cent of Brazil have more confidence in Bitcoin-based systems than alternatives, such as banks or national governments, compared to figures of just 16 per cent (Germany) and 21 per cent (UK) who feel the same.
Meanwhile, Jonathan Hargreaves, Elastos’ global head, Business Development & ESG, described the BIT Index’s inaugural findings as indicative of the role the ‘global south’ was playing in the adoption of decentralised currencies such as Bitcoin.
“The BIT Index offers a fascinating and sobering insight into the industry. The fact that over two-thirds of Nigerian consumers and a third of their counterparts from the UAE and Brazil would feel more confident entrusting their life savings to Bitcoin rather than traditional financial instruments speaks volumes about the protagonism these regions are already playing.
“In many instances, the driving factor is the absence of viable, accessible alternatives to, for instance, conduct cross-border transactions or mitigate the impact of inflation,” he said.
According to Chainalysis, a cryptocurrency research firm, Nigeria’s crypto transaction volume grew year-over-year to $56.7bn in 2023.
It stated that the country’s crypto economy continued to grow despite market turmoil in the space.
On the contrary, the government has been taking strong measures to restrict and clamp down on cryptocurrency exchanges and platforms operating in the country.
E-Financial
CBN Licenses Unified Payments as Second Provider for PTSA Services for Nigeria
Central Bank of Nigeria (CBN) has awarded the country’s second Payment Terminal Service Aggregator (PTSA) license to Unified Payments, Nigeria’s premier financial technology company, following a rigorous and transparent process,
The move is targeted at enforcing existing requirement that all transactions from point-of-sale channels in Nigeria must go through a licensed Payment Terminal Service Aggregator (PTSA).
The CBN is enforcing the laws to clamp down on financial crimes and other market misconducts and it aligns with the CBN’s objectives to fully track all electronic transactions in Nigeria, given the propensity of using such transactions to fund insecurity, violent crimes, banditry, kidnapping as well as other vices.
According to one analyst, “By awarding a second PTSA license, the apex bank has proactively responded to industry operators who had expressed serious concerns about channelling all transactions through a single aggregator, the Nigeria Interbank Settlement System PLC (NIBBS), as has been the case for some years.
“With the new policy direction, payments service providers would henceforth route all transactions through either of the two licensed Companies.”
Other financial analysts and industry players have commended the Central Bank, affirming that “the move can be a massive step in the right direction. They also commended the open, transparent, and inclusive manner via which the selection process was managed, and the license awarded.
“The selection process, which lasted for months, began with an invitation for qualified organisations within the payment industry to submit an Expression of Interest document, alongside other requisite documentation and additional capital requirement of N1 billion.”
The new management of CBN decided not to give the license out without going through an open process – and for the first time in licensing a payment service provider – the apex bank went through a public bid process outlined in its publication of Friday, January 5, 2024, in different national newspapers. At the end of the process, Unified Payments emerged as the most preferred service provider.
Unified Payment Services Limited, also called Unified Payments or UP, is a shared service provider within Nigeria’s financial technology sector owned by a consortium of Nigerian banks. For over 26 years, the firm has provided payment technology to banks and other industry operators. The first and only non-bank entity that is a principal member and licensed acquirer of all of American Express, Mastercard, Visa, UnionPay and Payattitude. Unified Payments facilitates both local and international transactions.
Formerly known as ValuCard Nigeria Plc, Unified Payments led the way to introduce POS payments in Nigeria under its card scheme known as ValuCard which is the first payment card to be issued in Nigeria. The company later transformed into a scheme-neutral and option-neutral service provider enabling transactions under different schemes.
The company has continued to provide leading payment technologies and services, enabling different operators to leverage its capabilities and licenses, enabling prompt and seamless transactions.
Among the shareholders of Unified Payments are First Bank, Access Bank, United Bank for Africa (UBA), Guaranty Trust Bank Plc, Zenith Bank and Fidelity Bank. Other shareholders are Citibank Nigeria Limited, Ecobank of Nigeria Plc, First City Monument Bank Plc, Keystone Bank Ltd, Polaris Bank Ltd, Stanbic IBTC Bank Plc, Sterling Bank Plc and Wema Bank Plc.
E-Financial
CIBN says Recapitalization will Empower Banks to Lend more to Economy
Chartered Institute of Bankers of Nigeria, CIBN, has expressed support for the ongoing banking recapitalization exercise saying it will empower banks to lend more to the economy.
CIBN President, Dr. Ken Opara stated this yesterday while speaking at the annual lecture of the institute in Lagos, with the theme “Improving Availability of Credit in the Nigerian Real Economy: The Critical Importance of Liquidity.”
Okpara noted that the volume of credit to the real sector activities namely agriculture, manufacturing and services is low compared to their critical role in driving economic growth.
Consequently, he called for more credit to the real sector, saying, “I propose that we consider offering more credit to these key sectors and particularly the agriculture sector. It is for this reason that the Recapitalization exercise is a welcome development.
“The recently announced upward review of the Minimum Capital Requirements of Nigeria by the Central Bank of Nigeria would further empower banks to extend more credit to the economy’s productive sectors.”
To address these factors impeding credit to the real sector, Okpara suggested that, “The government needs to improve further the ease of doing business and infrastructural development, such as power, roads, rail networks, etc.
“Setting up industrial centres where these companies can co-habit and share common infrastructure. Harmonize and reduce the various taxes and levies, including locating them in a single hub.
“Banks need to be deliberate in de-risking these companies via Capacity building programmes, and Advisory services.
Specialised Financial Institutions can be created in addition to the Bank of Industry (BOI), especially credit guarantee agencies and risk-sharing institutions, to further facilitate the deepening of credit as practiced in countries such as China which significantly transformed its economy.
- News3 days ago
Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria
- Telecom3 days ago
Airtel Nigeria Leads Telecom Market Surge
- News3 days ago
President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman
- News3 days ago
As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply
- E-Financial3 days ago
CIBN says Recapitalization will Empower Banks to Lend more to Economy
- E-Business3 days ago
FG to Fnalise National Intellectual Property Policy Soon– NCC Boss
- E-Financial3 days ago
New Report Reveals 20% of Nigerians Use Bitcoin to Transact Daily
- E-Business3 days ago
NITDA, ICF Train 100 Schoolgirls in ICT Skills