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eTranzact Demos New Mobile Banking Architecture

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eTranzact International PLC, which has partnerships with over 50 commercial banks and 350 microfinance institutions across Africa, said it believed that the future of banking in Nigeria is mobile.

The Company builds and facilitates mobile banking transactions through its mobile switching platform and has more than 12 years’ experience processing financial transactions in Africa.

At its recent mobile banking Masterclass in London, England titled “The Future of Mobile Banking Masterclass”, eTranzact announced changes in mobile banking architecture.

Speaking at the Masterclass, Mr. Valentine Obi, CEO of eTranzact reiterated that, “Mobile is the new online and eTranzact wants to be the bridge to drive the mobile evolution in Africa”.

“With Gartner Inc, the World’s leading information technology research and advisory company, predicting that the global mobile transaction market will be worth $721 billion and more than 450 million users by 2017,” Obi said “we saw a need to reimagine Mobile banking around the consumer’s lifestyle”.

“Understanding that Innovation done in isolation of customers’ needs and progress in consumer behaviour would lead to products that would easily be disrupted is key for us, as the world becomes smaller and global companies like Facebook, Whatsapp begin to take a closer look at the marketplace.

He said that the newly demoed Mobile banking architecture with new interfaces and touch points that will accelerate adoption and integration into consumers’ lifestyle.

New features were unveiled around onboarding, personalization, communication; introducing “person to person messaging as well as other.

Adopting a 360 degrees feedback process, eTranzact said they were able to get insights from the banks and in the next couple of weeks will be rolling out different improvements to our partner mobile banking applications.

The major goal of the Masterclass was to provide a platform to discuss new innovations in mobile banking targeted at making mobile banking more about the customer and launching new innovations to make the customer onboarding process easier.

Topics discussed ranged from how to improve the mobile banking experience for customers and innovations in providing support for customers, to unveiling eTranzact’s improvements in the onboarding process and mobile architecture of the mobile banking application.

With over 15million smartphones currently in circulation in Nigeria and with efforts by the OEMs to increase this number by making smartphones even more affordable, mobile banking adoption in Nigeria has also increased, leading to the need to scale up technology resources as well as think up new ways to make the process easy for customers, and eTranzact has been heavily focused on building the infrastructural backbone of what is required to take mobile banking to new heights.

Participants at the Mobile Banking Masterclass spoke extensively about some trends they had identified among their customers as well as possible ways they could improve the process.

Speaking about what the banks and their customers should begin to see immediately after the Masterclass, Obi said, “To us, every product we build is ultimately about the customer whether at the corporate or individual level, and we want to ensure that we are meeting their needs both locally and globally, pushing ourselves every day. We understand the part we play in the growth of mobile banking and payments as a whole and through constructive feedback from our partners and innovation; we want to continue to play this role now and in the future.

At eTranzact, we believe in using the power of technology to build bridges across continents and we will continue to invest in research and build up our capacity to achieve these goals”.

Also speaking about the milestones achieved by the company, Mr Adeyemi Adeyemo, Group Head, Business Development said;

“We are excited about the steps we have taken to improve the overall experience of our partner banks and for their customers. We have a key role to play in driving innovation and we are ready to embrace it.

We come with major improvements in the mobile banking applications for all our partner banks and hope we can begin to roll out the changes as soon as possible. The changes not only cover the user interfaces of the different banks, but also try to merge the user’s lifestyle and improve the signup process for the application.  We are also working with all our partner banks to help them enjoy the full capability of the USSD platform for mobile banking”.

As mobile banking becomes more segmented, the next step is to achieve greater personalization, and we want to make the user’s habits and needs focal points of the newly redesigned apps.

With our new onboarding process, we want to eliminate visits to bank branches so consumers can begin using mobile banking applications, while still maintaining the security of the platform”.

eTranzact’s effort in mobile began in 2003 long before mobile banking was introduced in Nigeria.

The team always believed that mobile would be at the forefront of payment innovation, and had a dedicated team working on research and development.

This led to pioneering research that kick-started the mobile banking sector in Nigeria.

The event, which lasted for five days, had in attendance various heads of e-banking and mobile banking from Nigeria’s top banks.  Members of eTranzact’s top management including its CEO, Mr Valentine Obi; ED, Business development, Mr Sullivan Akala; ED, Strategy and Corporate development, Mr Ike Eze; Group Head, Business development, Mr Adeyemi Adeyemo and other top management staff were in attendance.

eTranzact is Africa’s leading provider of mobile banking and payment services.

It boasts as the first fully operational multi-application and multi-channel electronic transaction switching and payment processing company that is publicly quoted on the Nigeria Stock Exchange.

 


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E-Financial

FG Makes u-Turn on Bank Account Re-Registration

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Federal government on Friday apologised for asking all account holders in financial institutions in the country to re-register their personal details.

FG makes u-Turn on Bank Account Re-Registration

Recall that the federal government had on Thursday ‎ordered that all persons holding accounts across financial institutions and insurance firms should complete and submit self-certification forms to their respective financial institutions.

The notice issued by the government to that effect read, ‎“This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc.) are required to obtain, complete, and submit Self – Certification Forms to their respective Financial Institutions.

“Persons holding accounts in different financial institutions are required to complete and submit the form to each one of the institutions. The forms are required by the relevant financial institutions to carry out due diligence procedures, in line with the Income Tax Regulations 2019.‎”

The directive raised eyebrows, as account holders already possessed Bank Verification Numbers.

Following widespread condemnation that trailed the directive, the Federal Government backtracked on Friday, saying the fresh guidelin‎e was not for all Nigerians.

The government attributed the development to misinformation.

The clarification issued by the government on Friday read, ‎“We apologise for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the notice does not apply to everybody. ‎FIRS will clarify Nigerians on the objectives of the directive.”

Also on Friday, FIRS, in a statement posted on Twitter, explained that the guidelines were only for non-residents, as well as people paying tax in more than one country.

Parts of the FIRS statement read, “The Self Certification Form is basically to be administered on Reportable Persons, holding accounts in Financial institutions, that are regarded as “Reportable Financial Institutions” under the CRS.

“Reportable persons are often non-residents and other persons, who have residence for tax purposes in more than one jurisdiction or country.”

“The information that indicates an account holder is a resident for tax purposes in more than one jurisdiction, is expected to be available to Financial Institutions during account opening processes, for the KYC and AML purpose.”


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Stanbic IBTC Bank Disowns Lagos ATM Fraudster

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Stanbic IBTC Bank PLC has disowned Tope Olajide, 22-year-old fraudster arraigned for theft of customers deposits.

Stanbic IBTC Bank Disowns Lagos ATM Fraudster

The Bank said this in a statement on Wednesday.

The statement said: “The attention of the management of Stanbic IBTC Bank PLC has been drawn to news currently circulating in the media, about the alleged arraignment of staff of the Bank on charges bordering on the theft of customers deposits.

“The Bank would like to clarify that the defendant, a 22-year-old Tope Olajide, IS NOT, and was at no point in time an employee of Stanbic IBTC Bank PLC.

“The alleged culprit was apprehended around 7:30 am, on Thursday, 27 August 2020, by security operatives after he was exposed by CCTV footage using ATM cards he had allegedly stolen and converted, to make withdrawals from the accounts tied to the stolen ATMs.

“The CCTV footage also showed the alleged culprit pretending to assist customers at ATMs whilst also attempting to fraudulently dispossess the customers of their ATMs.

“He was subsequently arraigned before an Ikeja Magistrate Court on Monday, 14 September, for stealing the debit cards of two customers and using them to unlawfully withdraw the sum of N427,000.

“The Bank would also like to implore members of the public to be security conscious when conducting transactions at ATMs. Customers are advised to report any suspicious actions around them to security operatives who are usually stationed around the Bank’s ATMs, when carrying out transactions at any of our ATM locations.

“As an organisation, we hold dear the values of integrity, and we will continue to prioritise the safety of our customers effectively.”


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Buhari Okays Establishment of CBN-Led Infraco

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President Muhammadu  Buhari has approved the establishment of an   Infrastructure Company (Infraco) to be driven by the Central Bank of Nigeria (CBN) in partnership with the African Finance Corporation (AFC) and the Nigerian Sovereign Investment Authority (NSIA).

Buhari Okays Establishment of CBN-Led Infraco

Mr. Godwin Emefiele, CBN governor

This is coming  on the heels of the foreign reserves’ slump to $36 billion following a cocktail of monetary policy interventions by the apex bank to cushion the scathing effects of the COVID-19 pandemic on the economy.

Mr Godwin Emefiele, CBN governor, made these disclosures in Abuja at the annual conference of the Chartered Institute of Bankers of Nigeria (CIBN) with the theme: Facilitating a Sustainable Future: The role of Banking and Finance.

According to him, Infraco would enable the use of private and public capital to support infrastructure investment that will have a multiplier effect on growth across critical sectors.

“This entity would also be able to raise funds from the capital markets and mobilise long term finance to address some of our infrastructure needs, while providing reasonable returns to investors. “We believe this well-structured fund can act as a catalyst for growth in the medium and the long run. The support of the banking community will be important in achieving this objective.

“A well-built infrastructure system, comprising hard infrastructure such as roads and ports, and soft infrastructure such as broadband penetration, can have a multiplier effect on growth by enabling the expansion of business activities in the country”, he explained.

On foreign reserves, Emefiele attributed its crash to the decline in foreign exchange earnings and subsequent adjustments in the value of the naira to the dollar.


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