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CBN, Banks Move to Boost Financial Inclusion

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As part of efforts to enhance financial inclusion in the country, the Central Bank of Nigeria (CBN) and banks, under the aegis of the Bankers’ Committee, have concluded plans to simplify the requirements for the Bank Verification Number (BVN) for certain types of transactions.

CBN, Banks Move to Boost Financial Inclusion

Godwin Emefiele, CBN Gov

Mr. Godwin Emefiele, CBN governor, disclosed this at the weekend, while briefing journalists at the end of a two-day annual Bankers’ Committee retreat at Ogere, Ogun State.

The retreat had the theme, “Delivering Inclusive Growth: Leveraging Digital Finance”.

A BVN is a biometric identification system implemented by the CBN to curb illegal banking transactions in Nigeria. It is a security measure aimed at reducing fraud in the banking system.

The new move would result in the creation of what the CBN Governor described as “BVN Lite,” which would require fewer information to enrol customers that hitherto were excluded because of certain stringent requirements.

However, under the BVN Lite, Emefiele pointed out that the amount of transactions to be carried out by such persons would be limited.

He said, “BVN as it is today, we have close to 40 million people enrolled on the platform. We think that because of the benefits of the BVN today to bank customers and, indeed, to the economy, there is need to move to what is called BVN 2.0.

“What it entails is to reclassify and segregate transactions that can be held by BVN. For instance, we have two classifications. The existence BVN requirement that we have in the system has almost about 18 lines of information that are required, and where your 10 prints and fingers are taken to ensure that all transactions that you take are within the banking system.

“We have decided to classify that as BVN classic and BVN premium. But we agreed that there should also be a system where people who are today financially excluded can now be financially included. Here, we are talking about creating another segment called BVN Lite.

“Here, minimal information about the person will be held. What is means is that if you are classified a BVN Lite, then there is a limit to the kind of transactions you can conduct in the banking sector, maybe in terms of deposit or loans.”

Emefiele stressed that the focus was to ensure that more persons, especially the rural dwellers, were financially included and able to conduct basic banking services.

“For our brethren in local communities, we think that by being allocated the BVN Lite, they would be automatically migrated into the banking system,” he stated. “Some of our brethren that are doing the Anchor Borrowers’ Programme or the Social Investment Programme, we believe we can use the BVN Lite as an arrangement, so that everybody can be financially included and can conduct banking transactions. What is important is that we can have a view of total number of people in the financially included,” he added.

He said members of the Bankers’ Committee also discussed the need for banks to continue to invest in tools that would prevent the financial system from cyber attacks.

“The committee also discussed the need to digitise the tax collection system. That is where the world is going to and we need to embrace it,” the CBN governor said.

Commenting on the move by the Bankers’ Committee to revamp the National Theatre at Lagos, Emefiele said the committee had gotten a presidential approval to give the facility a facelift. He disclosed that repair work at the National Theatre would commence next month, just as he assured workers that their jobs would not be affected.

Emefiele put the estimated amount to be spent on renovation of the National Theatre at N25 billion, saying the committee would thereafter intervene at the national theatres in Kano, Rivers and Enugu states.

According to him, “We are just trying to redevelop the National Theatre and build around it, these four hubs – IT, fashion, music and Nollywood – that would help create economic activities around the National Art Theatre, and then present it as an opportunity to create jobs for people, particularly our youths.

“We must create jobs for our youths. A larger number of our people are youths and if they are jobless, how can they live a life? These people have certain innate skills endowed by God. What we just trying to say is for them to unleash these skills.”


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E-Financial

Access Bank Unveils DiamondXtra Season 16, Dangles N200m, 3 SUVs

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The sixteenth season of DiamondXtra, a savings and reward account where customers of Access Bank are rewarded with several prizes, have been unveiled in Lagos.

Access Bank Unveils DiamondXtra Season 16, Dangles N200m, 3 SUVs

 L – R : Doris Okpara, Product Manager, DiamondXtra; Ngozi Igboanugo, Regional sales Manager Festac 1&2 & mainland Access Bank; Bolarinwa Animashaun, Regional Sales Director Lagos 2 Access Bank ; Emeka Ezikeugo, Diamondxtra N200,000 Onsite winner; and Adaeze Ume, Head Consumer liabilities, Access Bank during the launch of Diamondxtra Season 16 held at Alaba International Market Lagos yesterday.

The Season 16th of the special interest yielding hybrid account which allows deposit of both cash and third-party cheques has been upgraded as customers will win prizes to the value of N200 million and three SUVs, amongs other mouthwatering prizes.

Speaking at the unveiling in Alaba International Market, Lagos, Mr Bolarinwa Animashaun, regional sales director, Lagos, said the new season will bring more goodies to the customers as the bank has taken their interest at heart.

“In the last fifteen years, we have been able to ensure customer loyalty, reward committed customers over time and show that we are a bank that is ready to empower people and partner with people.

“If I take it into specific figures, we have rewarded 26,696 customers and we’ve given a total sum of N6.5 billion over the period.

This Season16is interesting, because, we have seen a lot of opportunities to expand into digital opportunities and this time around, we will be rewarding 15,786 customers, and 10,000 of them will be digitally rewarded.

“This is almost half of what we have done over the last 15 years. So that is what is making it special. We have takenit into the possibilities of how technology can expand our business and reward customers”.

The draws for the new season are going to be the same like the previous ones as it will be held in different regions.

“So, we start from the monthly draws, quarterly draws and the annual draws. What makes it extremely interesting this year is that we will be rewarding with up to N200 million in prizes and we have added some very interesting gifts. We will be given out three SUVs as part of the N200 million price for this year”, Animashaun added.

At the unveiling, Access Bank conducted onsite draws where 48 customers who have DiamondXtra accounts and were present at the unveiling won cash prizes ranging from N20,000 to N200,000.

Breakdown shows 40 customers won N20,000 each, five customers won N50,000, two customers won N100,000, while one customer went home with N200,000.

Among winners of the N20,000 prize was Mr Victor Edobor, who said he opened the DiamondXtra accounts 24-hours before the draws.

One of the two winners of the N100,000 prize, Mrs. Maureen Nneka Oforka, said she was surprised to have won at the well-attended event as that was her first time winning any prize.

She said, “I have never won any prize in my life. This is my first. I came here reluctantly and thank God, I am here and I am a winner of N100,000 which has already been paid into my account.

The grand prize winner of N200,000, Mr. Emeka Ezikeugo, a trader in Alaba, said. “I will forever be grateful to Access Bank for the prize as I was not expecting it. I thank the bank for showing leadership among its peers”.

To be part of the winning train and qualify for the DiamondXtra season 16 which is open to both new and existing customers, new customers are required to open a DiamondXtra savings account with just N5,000 by dialling *901*5# or walking into one of our branches to open the account.

However, the more multiples of N5,000 both new and old customers save, the higher their chances of winning at the monthly, quarterly and annual draws.

DiamondXtra is an interest yielding hybrid account which allows deposit of both cash and third party cheques. Hybrid means a combination of both savings and current account features. The DiamondXtra reward scheme has given away over N6.5 billion in cash and household items to over 15,000 loyal customers over the last 15years.  Please click HERE to learn more.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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Lafarge Africa Launches Girls-in-Tech Programme to Empower Women Innovators

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Recognising the underrepresentation of women in the technology sector, Lafarge Africa Plc, has launched the Girls in Tech Program, a pioneering initiative aimed at empowering young women in technology.

Meticulously crafted to bridge the gender gap in tech and empower 10 young females between the ages of 18-25 years from Lafarge Africa Host communities in Cross River State, the program is poised to make a significant impact in the region.

The Girls in Tech Program seeks to harness the unique talents of these young women and introduce them to the dynamic world of technology. By providing them with essential skills and opportunities, the initiative aspires to equip them to become self-reliant as well as problem solvers in society.

In collaboration with Aptech and Arena Multimedia,globally recognized leaders in technology incubation and opportunity, as well as The Bridge Leadership Foundation, the boot camp promises to be a transformative experience for the participating girls, who are eager to make their mark in the tech industry.

Speaking during the onboarding to flag-off in Calabar recently, the Plant Manager, Lafarge Africa Plc, Sotirios Valsamakis, who was represented by the Human Resources Business Partner, Lafarge Africa Plc; Barong Ita, revealed that the program was in line with the company’s commitment to diversity and inclusion.

She also added that the initiative is designed to ignite a spark of inspiration, hope, and possibilities in the heart of the selected girls across the host communities.

“As an organization, people are an integral part of our sustainability drive, and we are invested in building lasting progress by empowering members of our host communities. We also recognize the need for greater and greener diversity and inclusivity within the tech sector.”

Today’s event is not just about launching a program. It is about igniting a spark of inspiration, hope, and possibilities in the hearts of these young women. It is about challenging stereotypes.”

Also speaking at the event, the Cross Rivers State Commissioner for Science, Innovation & Technology, Justin Beshel represented by Edwin Adie, Technical Senior Advisor, Cross Rivers State Ministry of Science & Technology commended Lafarge Africa for the initiative adding that it is in line with the State government’s plan towards science, technology and innovation development.


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Hydrogen, CCHub Partner to Encourage Fintech Startup Success

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As the country faces economic challenges, the need for adaptive strategies in the fintech industry becomes paramount. In line with this, leading Fintech startup, Hydrogen Payment Services Limited (‘Hydrogen’), has teamed up with Co-creation Hub (‘CcHub’) to host an insightful event themed, ‘Adapting Fintech Business Models to Economic Climes’.

The event, set to take place on Thursday, April 18, 2024, from 12:00 WAT at the CcHub office in Sabo, Lagos, will delve deep into the intricacies of Nigeria’s economic challenges and how these influence the fintech ecosystem.

Participants will gain actionable insights on how to adapt fintech business models to volatile economic conditions by prioritising flexibility, agility, and customer-centricity.

This collaboration underscores the shared commitment of both entities to empower aspiring founders venturing into the Fintech space amidst economic uncertainties.

By leveraging their respective expertise and resources, Hydrogen and CcHub aim to equip emerging entrepreneurs with the knowledge, tools, and support needed to thrive in today’s dynamic economic conditions.

Emeka Awagu, Chief Technology Officer at Hydrogen, commented on the strategic partnership with CcHUB: “Our alliance with CcHUB amplifies our shared commitment to pioneering transformative solutions in Nigeria’s fintech sector.

“By leveraging Hydrogen’s technological expertise alongside CcHUB’s innovative approach, we are primed to set a new standard for fintech excellence and drive impactful change across the industry.”

The event will feature a distinguished panel of industry experts and thought leaders, including, Ina Alogwu, Group Director, Digital Transformation, ARM HoldCo; Emeka Awagu, Chief Technology Officer, Hydrogen, and Miracle Ezechi, Digital Marketing Manager, Hydrogen.

The panel discussion will be moderated to encourage an engaging and insightful conversation on the strategies and innovations required to thrive in Nigeria’s Fintech landscape amidst economic challenges.


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