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AITEC Partners Uber for Banking & Mobile Money Conference

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The ninth annual edition of the AITEC Banking & Mobile Money Conference will bring together e-service providers, senior bankers and insurers, key policymakers, financiers, insurers, technology vendors and local and international investors to share information, contacts and ideas that will accelerate Nigeria’s financial services sector adoption of electronic payment and transaction platforms.

Bill Allela in an email to Nigeria CommunicationsWeek confirmed they are partnering with Uber as our Logistics Partner.

Uber will provide all speakers and delegates with two free rides per day for the duration of the Conference, in addition to giving new users N5,000 credit on their accounts to use whilst in Lagos.

The demonstration of the application of trusted systems across other industries by market leaders like Uber during the conference will help accelerate the adoption of payment solutions, promote the sharing of best practices and alleviate trust issues among mass market users.

According to McKinsey Consultants, the 2014 rebasing of Nigeria’s GDP revealed an economy more widely diversified and less reliant on natural resources for its wealth than previously realized, uncovering untapped opportunities for investors and financial market participants. Nigeria’s resources sector represents a relatively small share of GDP.

Furthermore, the value of oil production has dropped in recent years and the resources sector is now growing by 2.2 percent a year, compared with 7.1 percent for the non-petroleum economy and 6.4 percent for the economy overall.

This year the conference with the theme: “Financial empowerment through trusted payment solutions”, will highlight business strategies, systems and delivery channels to accelerate expansion and banking and insurance services into traditionally neglected sectors, including manufacturing, agriculture, energy, services and digital media and transportation.

Conference topics include: crowd-funding in a Nigerian context: Challenges and opportunities; the role of social networks in promoting financial inclusion; risk management of social networks at the BOP; leveraging cultural forces that could shape financial responsibility; packaging financial services to promote simplicity of use, trust and adoption and needs assessment: easy business models.

Other topics are, the role of customer care services e.g. alert systems in bridging the trust gap; identity management in a cashless society; case studies on financial inclusion models on trend-setting emerging economies e.g. the Brazilian economy; role of guarantee funds in promoting a credit-driven economy e.g. case study from Osun state, Nigeria and the role of regulation in promoting innovation.

The conference programme advisory board include Kuponiyi Ayatunde, Ecobank, Nigeria; Olanrewaju Olaakande, Olaakande Nigeria; Adriana de la Cruz, Duffo Openshopen; Sam Omoruyi, Philips Consulting; Piyush Srivastava, ISON BPO International; Anant Digraskar, Mara Ison Technologies Solutions and Babatunde Ogundana, Mobino Nigeria SA.

Others members are Kyari Bukar, Central Securities Clearing System; Tope Ogundipe, Paradigm Initiative Nigeria; Ogochukwu Nwachukwu, Hamilton Lloyd & Associates; Chinedu C. Duru, Hamilton Lloyd & Associates ; Kunle Oye-Igbemo, GS1 Nigeria; Bimbo Abioye, FinTrak Software; Simon Aderinlola, Beyond Branches; Chibuzo Ene, Nathan Claire; James Agada, Computer Warehouse Group; Chuma Ezerim, First Bank; Ike Nnamani, Medallion Communications and Tope Dare, ATM Community.

 


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E-Financial

Stanbic IBTC Supports Educational Institutions with School Loans

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Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has introduced a School Loan product for private primary, secondary and tertiary institutions, to enable them meet their short-term financial requirements.

After several months of physical and economic disruption due to the COVID-19 pandemic, schools are gearing up for proper resumption to contribute meaningfully towards national development continually. One of the apparent effects of the pandemic on the educational sector is the inadequacy of funds.

The Stanbic IBTC School loan is available to privately owned schools for the establishment, expansion or upgrade of primary and specialised facilities. It can also be used for short term working capital requirements.

Remy Osuagwu, Executive Director, Personal and Business Banking, Stanbic IBTC Bank PLC, said “The School loan product is designed to support institutions which have been in operation for at least five years. We understand the current financial situation of the country, especially the effect of the pandemic, which has disrupted plans and processes.”

“Stanbic IBTC will continue to provide solutions aimed at mitigating the effect of the pandemic on both individuals and organisations,” he added.

Remy further reiterated that the School loan product is not restricted to the pandemic period as institutions can always apply for it. The tenor of the loan ranges from 90 days to 48 months, and the minimum applicable loan is N1 million.

For further information, visit the Stanbic IBTC Bank website or any of the Bank’s branches nationwide. Terms and Conditions apply.


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SEC, EFCC Partner Against Ponzi Schemes

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The Securities and Exchange Commission, SEC, and the Economic and Financial Crimes Commission, EFCC, are committed to strengthening the partnership between the agencies with a view to tackling the menace of Ponzi schemes in the country.

This commitment was restated during a courtesy visit by Mohammed Danladi, the Kano Zonal Head of the Securities and Exchange Commission, to his EFCC counterpart, Sanusi Aliyu Mohammed on Tuesday.

The SEC Zonal Head described his visit to EFCC as an effort to solidify the already existing relationship between EFCC and SEC.

“This visit is nothing more than to solidify the existing relationship between EFCC and SEC which dates back to the inception of EFCC. We are here to renew that relationship, foster it and fight the common enemy together”, he said.

Mr. Danladi expressed concern about his Commission’s challenges dealing with operators of wonder banks which are on the rise especially in the northern part of the country.

According to him, “the operators of the illegal scheme are taking advantage of the financial illiteracy of the public to defraud them in the name of investment”.

He added that most of the Ponzi scheme operators avoid SEC registration because they know they would be monitored.

In his response, Sanusi Mohammed, the EFCC Zonal Head, suggested a joint operation between the two agencies to curtail the spread of Ponzi schemes and prevent the public from falling victims of the scam.

Mohammed further assured the SEC of the Commission’s continued support as the two agencies share common objectives to fight financial crimes. “As long as the mandate of EFCC and that of SEC remain, you cannot separate the SEC and EFCC. We will continue to work together institutionally, “he said.

“Where the SEC’s main concern is to make sure investors are protected from losing their investments, the EFCC’s concern is the protection of the general public from the activities of fraudsters, which are one and the same,” the Zonal Head added.


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Oreoluwa Adesakin, First Bank Staff Jailed for Stealing N49m

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Oreoluwa Adesakin, a staff of First Bank of Nigeria Limited, has been convicted for fraud and handed a total term of 98 years in prison by Justice Muniru Olagunju of the Oyo State High Court.

Oreoluwa Adesakin, First Bank Staff Jailed for Stealing N49m

Oreoluwa Adesakin

But she will spend just seven years in jail.

Adesakin was found to have committed financial fraud against First Bank to the tune of N49,320,652.32.

She also stole $368,203.00 belonging to the bank, which she converted to her personal use.

Adesakin, before she was busted by the bank and sacked, was its Money Transfer Operator, saddled with the responsibility of effecting payments through Western Union Money Transfer and MoneyGram platforms.

The convict was prosecuted by the Ibadan Zonal Office of the Economic and Financial Crimes Commission, (EFCC), on a 14-count charge, bordering on stealing, forgery and fraudulent accounting.

One of the counts read: “That you Oreoluwa Adesakin sometime between the months of May, 2013 and November, 2013, at Ibadan within the Ibadan Judicial Division, whilst being a staff of First Bank PLC stole the sum of N25,974,116.13 (Twenty Five Million, Nine Hundred and Seventy Four Thousand, One Hundred and Sixteen Naira, Thirteen Kobo) from First Bank PLC MoneyGram Payment Naira Account, property of First bank PLC.”

She pleaded not guilty to the charge.

Usman Murtala, prosecution counsel, presented every vital document and witnesses which nailed the convict.

Justice Olagunju noted that the EFCC presented incontrovertible evidence against the convict and did a diligent investigation and prosecution.

He thus pronounced Adesakin guilty of all the counts.

He sentenced her to seven years in prison without an option of fine on each of the 14 counts. The sentencing will run concurrently.

Apart from the jail term, the convict is also to restitute the First Bank, through the EFCC, all the money she stole.

The convict was arraigned April 4, 2014 by the EFCC following a conclusion of investigations against her which arose from a petition from her former employer, dated December 18, 2013.

The bank alleged in the petition that Adesakin fraudulently manipulated its Moneygram accounting and withdrew N49,320,652.32 and another $368,203.00 for herself, which the bank only uncovered while reviewing its internal account.

The EFCC was also able to establish that the convict used part of the proceeds of her crime to acquire landed properties in different parts of Oyo State.


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