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CFI, Liquid Telecom Partner to Accelerate Digital & Financial Inclusion in Africa

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Cassava Fintech International (CFI) and the Liquid Telecom Group (LTG) have announced the launch of Sasai Wi-Fi Finder, a potential game-changer in driving digital and financial inclusion in Africa. The service, which will be offered across the continent, was announced today, and is set to be rolled at thousands of hotspots across Africa.

A 2019 report by the GSMA (the Global System for Mobile Communications) shows that affordability remains a significant barrier to Internet adoption in Africa, resulting in social, digital and financial exclusion. This partnership seeks to offer a low-cost solution for connectivity and to expand these services throughout the continent.

“We see this launch as a critical piece in the social digital inclusion agenda we are driving on the continent,” said Darlington Mandivenga, the Chief Executive Officer of the CFI Group. “Through Sasai Wi-Fi Finder, we plan to establish an expansive network of data access points across Africa and build ‘Africa’s Missing Network’ through partnering with broadband providers, Internet Service Providers and local community hubs,” Mandivenga said.

“We’re proud that our best-in-class broadband infrastructure network is the backbone of this service and is enabling more Africans to access the digital and financial benefits of the internet,” said Ahmad Mokhles, Group Chief Operating Officer of LTG.

“This partnership is providing consumers with affordable Wi-Fi access while local franchisees and partners are able to grow their businesses and the economies of their countries. This is a true example of the transformative power technology can have across the value chain,” said Mokhles.

The intuitive and easy to use Sasai Wi-Fi Finder will be an in-App feature on the Sasai super App that will allow users to identify hotspots at which they can access affordable data.

“We designed this service to be as easy-to-use as possible. A smartphone user will get free connectivity on-the-go through accessing the #SasaiWi-Fi Finder network to download the Sasai App and gain access to a wide range of in-app services,” said Tapera Mushoriwa, Chief Operating Officer of Sasai.

“When a new smartphone user has registered on the Sasai App, or when an existing Sasai App user opens the App, they receive automatic notification “pop-up” alerts showing available #SasaiWi-Fi Finder hotspots nearby. They also receive additional services, such as distinct indoor and outdoor Wi-Fi hotspot markers, directions to Wi-Fi hotspots, session usage, range and signal strength details – making it easier than ever before for African users to access the Internet,” Mushoriwa said.

The Sasai Wi-Fi Finder will allow greater connectivity in a variety of locations, including retail, health care, education, government and small business trade facilities. The App will also give millions of Africans access to social, entertainment and on-demand services offered on the Sasai super App, including Sasai Moments.

The partnership between CFI and LTG will see the roll-out of the Sasai Wi-Fi Finder in Zimbabwe, Kenya, Tanzania, Uganda, Rwanda, Democratic Republic of Congo and South Africa in phases over the coming months.

The Sasai Wi-Fi Finder is accessible and available by downloading the Sasai super App from the Google Play store or the Apple Appstore.


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FG Sacked IST Members over Fraud- Ahmed

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Mrs Zainab Ahmed, minister of Finance Budget and National Planning, has said the Federal Government sacked some past members of the Investments and Securities Tribunal (IST) as they indulged in corruption.

FG Sacked IST Members over Fraud- Ahmed

Inaugurating the new members, the minister charged the new members to eschew corruption and be forthright.

Bar. Azi Amos Isaac was appointed as Chairman for a five year term and Bar. Nosa Smart Osemwengie, was re-appointed as member for a second term of four years.

“The problem with the tribunal has been infighting amongst members, lack of industrial harmony and series of complaints bordering on maladministration.

“This has been the bane of the tribunal and a source of embarrassment not only for the Ministry of Finance but for the government in general,” Ahmed said.

The new chairman, Azi, assured the finance minister that, “the teething issue of restiveness has been addressed since he assumed duty,” adding that, “The place is calm and the staff have become very supportive.”

Azi said since 2003, the tribunal has “given judgment in the value of assets worth over N844 billion and that from 2017 to date, they have given decisions in monetary value totalling over N28bn.

“It has not failed in its adjudicatory responsibility.

“It has carried out its assignment with candour and integrity and intends to improve on what has been on ground.”

 


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CBN Bans Customer-to-Customer Forex Transfer

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Central Bank of Nigeria (CBN) has banned transfer of foreign exchange (forex) from one customer to another.

CBN Bans Customer-to-Customer Forex Transfer

According to the apex bank, forex cash lodgements into domiciliary accounts can only be done by the account owners henceforth.

An internal memo available in the media space explains that the new guidelines are necessary to review the utilisation of inflows into customers domiciliary accounts.

The circular states: “Forex inflows cannot be credited to customers until the legitimacy of funds is established.

“They can have unfettered access by telegraphic transfers up to a limit of $40,000 monthly for payment of medical bills, school fees, subscription to professional bodies subject to existing CBN guidelines.

“Transfers from one customer to another is prohibited. Transfer within related companies is allowed subject to a limit of $50,000 per month.”

It recommended that proceeds from non-oil exports should be sold to banks, used for repayment of dollar term loans, and self-utilisation for trade transactions for LC, bills and Form A.

Also oil export proceeds from E&P companies are to be used to pay contractors and service providers employed by the oil companies in addition to the recommended uses for non-oil FX proceeds.

Offshore forex inflows from other Nigerian banks and internal account to forex transfers sourced from offshore inflows are to be used for trade transactions subject to eligibility for E-Form M.

“Upon confirmation of the legitimacy of the inflows, customers can have unfettered access, subject to a maximum of $50,000,” the document read.

“Utilisation for trade transactions subject to processing of eligible trade transactions using E-Form M. Payment for services must be backed with demand note from offshore beneficiary and other regulatory documents.

“Related party transfers are allowed to the maximum of the inflow received. The transfer request should be backed by a signed instruction from the account holder.” Payment of government fees and levies are also allowed to the maritime, oil and gas, aviation. government parastatals and export processing zones.

 


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Stanbic IBTC, Standard Bank, Listed Among Top African Corporate Brands

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Stanbic IBTC Holdings PLC and its parent company, Standard Bank, have emerged amongst the top winners of the 2020 Tech Times’ Africa LinkedIn Corporate Brand Awards.

The Stanbic IBTC Group emerged the second position in the category, with total votes of 3,515, out of 24 firms nominated for the award. Standard Bank placed the fourth 2,494 votes.

Nominations for this award opened to the public on July 1, 2020 and closed on July 14.

Shortlisted nominees were announced on August 24 while voting commenced immediately and voting ended on September 8, 2020.

The Corporate Brand Awards was instituted by Tech Times’ Africa, an online platform for leading technology, innovation, and startup stories.

Expressing his delight on the awards, Dr Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC, said that both Stanbic IBTC Holdings PLC and Standard Bank had been deliberate and consistent in making a remarkable impact in Africa’s financial sector.

“Our sincere appreciation goes to the organisers of the Africa Corporate Brands Awards and to every member of the public who voted. This is a reflection of the high level of trust and confidence that the public has reposed on us,” he added.

Dr Sogunle further said that Stanbic IBTC Holdings PLC would remain relentless in portraying the organisation as one of the most influential corporate brands in Africa.

He stated: “Stanbic IBTC Holdings PLC and Standard Bank have relentlessly contributed to driving the growth and development of the African financial ecosystem. These awards affirm our efforts, and we are encouraged to raise the bar continually.”

The Africa Corporate Brand Award is designed to identify and recognise outstanding companies. It also projects their achievements and impacts on African society and the world at large.


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