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e-Payment: N/A Plans New Law to Protect System

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Suddenly conscious of the dangers of practicing electronic payment (e-payment) system without legislation, the National Assembly has begun moves to put in place relevant laws to protect the implementation of the system, Nigeria CommunicationsWeek can now reveal.
e-Payment is becoming a commonly used payment method in a wide variety of transactions and may be used in such transactions as banking, utility bill payment, tax payment, and consumer purchases as well as government transactions.
The e-payment concept was meant to check fraudulent practices among banks, government agencies and the business/real sector of the economy but the problems associated with the programme are now worrisome. For instance, there are no policies in place to guide transactions.
Nigeria CommunicationsWeek gathered that electronic payments are generally subject to the same contract laws as more traditional payment methods and that clearly leaves the system in hands of lethal gang of manipulators.
Also, at present Central Bank of Nigeria (CBN), switching companies and commercial banks are the institutions responsible for the needed perfection in the e-payment system while the Nigeria Communications Commission (NCC) is just a fringe player.
Luckily, the Anti money Laundering and Cyber Crime Coalition, formed by a body of members of the two chambers of the National Assembly has taken the first major step at ensuring that e-payment is available, accountable, accessible, scalable, and comprehensive.
Bassey Etim, member, House of Representatives and coordinator of the coalition, said the body came together with the objective of creating awareness about the dangers of Money Laundering, Cyber crimes and other ICT- related crimes as well as work towards formulating appropriate legal framework to effectively combat the menace.
It was formed in 2008 in consideration of the rising incidences of money laundering cases and the spate of cyber-related crimes and the attendant negative effects on the national economy.
Support has also come from the executive arm of government with, Mr. Ibrahim Dankwambo, accountant general of the federation urging the National Assembly to expedite action on the important piece of legislation.
Nigeria CommunicationsWeek gathered that e-payment legislation will address some of the common problems of the system including late return or no response in respect of applied funds, use of different IT platforms by different banks resulting in  lack of interconnectivity, non uniformity of account numbers as different banks use different digits and none naira based transactions.
The law will also address other obstacles including lack of awareness of the benefits inherent in it, low appreciation of ICT, low level of education, uneven spread of available ICT infrastructure and epileptic power supply among others.
The place of the Nigerian Electronic Funds Transfer (NEFT) and Nigeria Inter Bank Settlement System (NIBSS) will also be clearly defined under the law to put paid to claims and counter charges between the two.
Elsewhere, Dr. Chris Uwaje, president, Institute of Software Practitioners of Nigeria (Ispon) proposed “ National Software Development ACT to establish the National Software Commission, National Software Product Procurement Accreditation Board (NSPPAB) and relevant agencies” to help Nigeria bridge the digital divide and become an economic giant.
He also called for “Electronic Commerce and Digital Transaction and Digital Signature Act to regulate electronic commerce and digital transactions. Digital Copyrights and Cyber-Regulation Act to protect digital copyrights and regulate cyber activities and Software Standards Act to regulate Software standards, performance and security.”


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria

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Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.

Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria

Participants at the event

Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,

This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.

While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.

Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.

It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.

Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.

Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.

 

 

 

 

 

 

 

 

 


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As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply

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While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.

As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply

Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.

It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.

“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.

The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.

Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.


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President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman

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President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.

Jim Ovia

Jim Ovia

Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.

The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.

“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”

The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.

The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.

“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.

Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”


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