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ALAT Facilitates Business Management Session for Young Startup Founders

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ALAT, Nigeria’s leading digital bank on Thursday, August 26, 2021, rallied Young startup founders and small business owners for its Talk Series which is geared towards helping small scale businesses grow.

L-R: Tomiwa Aladekomo, CEO of Big Cabal Media; Adaora Mbelu, Founder of Lumination Global Network; Femi Akinfolarin, Head of Corporate Strategy, Wema Bank and Funmilayo Falola, Head of Marketing Communications and Investor Relations, Wema Bank

The series themed “developing and sustaining the startups of the future,” was aimed at proffering solutions to problems faced by young startup founders and business owners in Nigeria.

The session, which is the second edition of the ALAT Talk Series held via teleconferencing application, Zoom, with Tomiwa Aladekomo, CEO of Big Cabal Media; Femi Akinfolarin, Head of Corporate Strategy, Wema Bank and Adaora Mbelu, Founder of Lumination Global Network, as speakers.

Funmilayo Falola, head, Marketing Communications and Investor Relations of Wema Bank, served as the moderator of the 97-minute session.

Tomiwa Aladekomo shared insights into the African technology ecosystem in Nigeria and some of the biggest challenges faced in the sector.

“In developing a viable business, a wide range of expertise comes into play. If you are building a startup, mastery of the skills and an understanding of the ecosystem in which you play is critical,” he said.

“Another important thing as a startup owner is to identify the problem you want to solve and provide a scalable platform for you to thrive.”

Femi Akinfolarin who heads the Corporate Strategy function at Wema Bank explained how technology can help small businesses improve customer experience.

He elaborated on the importance of business strategy and development in ensuring the growth and sustainability of a business.

He also highlighted how ALAT by Wema has continually supported young Nigerians through various initiatives aimed at improving their business management skills and ensuring startups have access to loans.

He referenced the importance of embracing technology for customer feedback. “Technology helps small businesses in various ways by serving to provide a channel for feedback, building a multichannel approach and helping with analytics so that business owners can understand what their customers want.“

“Your brand is not your logo, it is not your ad. Startups make that mistake when starting out. The brand is the fulfilled promise your customers get from your product,” Adora Mbelu emphasized.

She spoke about brand management and positioning as important elements that require deliberate and strategic efforts.

The Talk Series is one of the youth-focused initiatives developed by ALAT to support Nigerians across the country in strategy, branding, technology and other core aspects of business development.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Financial

CBN Launches New Website Today

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Central Bank of Nigeria (CBN) will today launch its newly redesigned website, www.cbn.gov.ng.

CBN Launches New Website Today

Mrs Hakama Sidi Ali, acting director, Corporate Communications, CBN, , made this known in a statement on Sunday in Lagos.

“We are pleased to announce the launch of our newly redesigned website (www.cbn.gov.ng), which will be operational on Monday, December 2, 2024.

“The redesigned website introduces a variety of new content, which encompasses a broader spectrum of information regarding the bank’s mandate.

“Additionally, the website is responsive to mobile devices, facilitating navigation across various web browsers and devices.

“The bank is grateful for the feedback provided by the public, which served as a valuable guide for our redesign endeavours,” she said.

Sidi Ali said the CBN was committed to developing and enhancing the website to facilitate communication.

“Please follow our different social media channels linked on the website’s home page for more updates,” she said.

 

 

 


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CBN to Penalize Banks for Failing to Address ATM Cash Shortages

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Central Bank of Nigeria (CBN) has warned that it will impose severe penalties on banks failing to address the ongoing cash scarcity at automated teller machines (ATMs).

Olayemi Cardoso, the CBN governor, issued the warning during the annual Bankers’ Dinner hosted by the Chartered Institute of Bankers of Nigeria (CIBN) on Friday.

The cash crunch has drawn public attention, with some Nigerians taking to X on November 13 to express frustrations over empty ATMs and reliance on point-of-sale (POS) operators. Two days later, the CBN directed banks to prioritise ATM cash disbursements and cautioned that penalties would be imposed on those enabling currency hawking.

“We also recognise the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians,” Cardoso said. “To address this, we are conducting spot checks across deposit money banks, and we will impose penalties on underperforming institutions.”

The CBN governor announced measures to empower customers, starting December 1, 2024. “Customers are encouraged to report any difficulties with withdrawing cash from bank branches or ATMs directly to the CBN through designated phone numbers and email addresses for their respective states.

Guidelines will be distributed widely to raise public awareness. We will also urge full regulatory compliance by all stakeholders, including mobile money operators and POS agents, to promote digital transaction channels and improve service delivery.”

Cardoso reiterated that financial institutions engaging in malpractices or sabotage would face severe consequences.

“The CBN will continue to maintain a robust cash offering to meet the country’s needs, particularly during high-demand periods such as the festive season and year-end.”

On foreign exchange (FX) matters, Cardoso highlighted Nigeria’s missed opportunity for N6.2 trillion in potential revenue due to a less flexible FX regime.

“These funds could have significantly contributed to critical investments in education, healthcare, and infrastructure development,” he said.

The governor added that the apex bank is committed to rebuilding Nigeria’s economic resilience through targeted reforms. These include prioritising domestic refining capacity, promoting non-oil exports, and advancing technological innovations in the financial sector.


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CBN Governor Urges Nigerians to Stay and Rebuild Amid Economic Reforms

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Mr. Olayemi Cardoso,  Governor of the Central Bank of Nigeria (CBN) has urged Nigerians to reconsider leaving the country, popularly referred to as “Japa.”

He assured that the CBN is working toward creating an economy where everyone and every business can thrive.

Cardoso made this appeal in his keynote address at the 59th annual Bankers Dinner organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.

“It is not a good idea to Japa at this stage,” he said, providing two key reasons for his stance. “One, those who may decide they are going to do that, they will sell and get rid of their assets. You’ll be doing it for cheap. Predators, who are outside looking for bargains, will come and take it and pocket it, put it in their pocket and wait for the turnaround and sell it away.”

Cardoso emphasized the importance of collective effort in rebuilding Nigeria. “Number two, you want to be part of the solution. You want to be part of the solution, and this is time that we need all hands on them. There are opportunities in the market today, which I must say, from my experience over the past year and also for the past six months, a lot of interest from the outside in what is going on in Nigeria.”

He pointed out that international investors see potential in the Nigerian market and urged citizens to take advantage of these opportunities. “In taking positions in certain assets, they see the opportunity, and we, who are here, should be part of the solution for the better things which will come.”

Acknowledging the hardship brought on by current economic reforms, Cardoso stressed that these measures are designed to address today’s challenges while securing a brighter future. “We are building an economy where every individual, every business, and every community can thrive,” he said.

He further highlighted the importance of collaboration in achieving this vision. “This vision will not be achieved by one institution alone. It requires all of us — banks, regulators, businesses, and citizens — to work together with steadfast resolve.”


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