Connect with us

E-Financial

eTranzact’s PocketMoni Nominated for AfricaCom, Lead Africa Awards

Published

on

Kindly share this post

PocketMoni, eTranzact International Plc’s flagship has beaten off stiff competition to be nominated in the best mobile money service category of the AfricaCom awards and Lead Africa Awards 2014.

eTranzact is Africa’s leading provider of mobile banking and payments services. Its effort in mobile began in 2003 long before mobile money was finally introduced in Nigeria.

According to Mr Ayo Oladimeji, Head of PocketMoni at eTranzact, “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 and eventually birthed “PocketMoni”, the mobile money service”.

He added that the company’s partnership with the two biggest international remittance organisations enables users to receive international payments on their mobile devices.

“Also, a version of the product called “PocketMoni Global” has been developed to work in over 50 countries and allows airtime recharge, money and bank transfers in those countries.

“Key to adoption of the product has been the number of platforms available for users to carry out transactions. Users can use the USSD/IVR, and Smartphone Apps across all app platforms. Users also get prepaid and debit cards that allows them carry out transactions on ATMs and online,” he added.

A statement from the organizers of the AfricaCom awards read, “We are delighted to announce that eTranzact have fought off stiff competition to be shortlisted in the Best Mobile Money Solution Category with their PocketMoni Mobile Money Service at the Africa Com Awards.”

The AfricaCom Awards which celebrates breakthroughs and influential players shaping the digital technology, media, telecommunications and ICT industry, will be holding on the 12th of November 2014 in Cape Town, South Africa.

“eTranzact’s PocketMoni is a mobile payment solution designed to allow users conduct financial transactions anytime, anywhere, from their phone.

“With PocketMoni, your phone is now your bank and your mobile phone number becomes your account. Informa ,organizers of the AfricaCom Awards 2014,look forward to welcoming eTranzact to the awards ceremony and celebrating the achievements of the African Mobile Money Industry and greater the African Telecoms community,” the Organizers said.

Oladimeji also defined the nomination as “… a big honour for us to be nominated in such a prestigious category at the AfricaCom Awards 2014. eTranzact has been in operations since 2003, and early enough our CEO, Mr Valentine Obi who many describe as the Father of Mobile Payments in Nigeria, understood the importance of leveraging technology to make payments easy.

“This led to many of the innovative offerings that eTranzact has come up with over the years.At various times, we had gone to the Central Bank with several electronic payment initiatives, but the state of technology at that time slowed down the kick off of those initiatives, but with improved technology and the attentiveness of the Federal Government and CBN, today the cashless policy is becoming a reality. We believe this is only the beginning and look forward to achieving more greatness with our mobile money service”.

The Lead Africa Awards ceremony will be held in October in Lagos, while the AfricaCom awards ceremony will be held at a strictly by invitation event in Cape Town on November 12th, 2014.


Kindly share this post

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.

E-Financial

Expert Says Targeted e-Finance Solutions is Crucial to Firm’s Competitiveness

Published

on

Kindly share this post

The importance of managing an organisation’s finances digitally for efficiency has been highlighted at a retreat organised by Federal Polytechnic, Ilaro, Ogun State for workers of in Bursary and Audit Unit.

At the same time, the experts at the programme which held in Ibadan, recently, emphasised the need for tailored financial solutions that align with organisation’s goals and objectives to enhance output.

Speaking on “Digital Transformation in Financial Management,” a Professor of Accounting and Financial Development at Lead City University, Ibadan, Godwin Oyedokun, justified the shift from manual to digital solutions, noting that the financial terrain  was largely impacted by the evolving digital landscape currently transforming industries globally.

He noted that technologies like Artificial Intelligence (AI), block chain, cloud competing, and data analytics are fast revolutionising how financial data are collected, processed and report, stressing the need for upgrade.

He submitted that the dynamism in the modern business environment can no longer cope with the imperfections of manual processing, especially as demand for accuracy, efficiency and agility increase.

The financial expert convinced further that digitising financial management was more than just a trend, but a critical evolution for businesses to stay competitive.

“Arriving at efficiency however required targeted financial solutions, embracing right technologies and adherence to regulatory standards.

“Digital upgrade in finance goes beyond adopting new technologies, but fundamentally rethinking how financial functions operate, aiming to provide value to both customers and internal stakeholders.

“It drives competitive advantage by optimising operations and enabling businesses to adapt quickly to market changes.  In academia, it is crucial at ensuring efficiency and operational efficiency of educational institutions,” he argued.

He further called for periodic upskilling of financial and administrative workers to keep them engaged with trends, in addition to investing heavily in cybersecurity for robust security protocols.

 


Kindly share this post
Continue Reading

E-Financial

Dyna.Ai to Revolutionize Nigeria’s Financial Industry with Innovative AI Solutions

Published

on

Kindly share this post

Dyna.Ai, a leading AI-as-a-Service company, is strengthening its presence in Africa through strategic partnerships with local banks and fintechs.

At the recently concluded Nigeria Fintech Week 2024, the company showcased its innovative AI products, designed to revolutionize the financial industry by enabling smarter decision-making and supporting the digitization of financial institutions.

According to a report by Mckinsey & Company, the African financial services market is experiencing rapid growth, with a projected value of $230 billion by 2025. Excluding South Africa, the remaining markets are expected to reach $150 billion in revenue by the same year. This presents a significant opportunity for fintech companies, especially in markets like Nigeria, which has emerged as one of the biggest fintech hubs in Africa.

“The Nigerian Fintech Week was a great platform to showcase our innovative AI solutions and connect with industry leaders,” said Yasmine Ezz, General Manager for the Middle East and Africa. “We recognize the immense potential for AI to transform the Nigerian financial sector, especially given the anticipated growth of the market.”

Dyna.Ai is collaborating with leading Nigerian banks and mobile money operators (MMOs) on a diverse range of products, including conversational AI solutions like VoiceGPT, decision engines, and scoring products, among others. These solutions are designed to improve customer satisfaction, boost employee productivity, and enhance operational efficiency, enabling financial institutions to leverage data for smarter decision-making.

“Adopting an AI-first strategy is essential for the future of large enterprises;by leveraging the advanced conversational AI behind the phone and chatbots offered by Dyna.Ai. Our clients can significantly enhance their communication and engagement with users,” stated Yasmine Ezz.

With a dedicated local team and strong partnerships with major industry players, Dyna.Ai is well-positioned to address the unique challenges and opportunities in the Nigerian market. The company looks forward to expanding its footprint and deepening partnerships within the local market in the coming months and years, further accelerating the adoption of AI technologies across the sector.


Kindly share this post
Continue Reading

E-Financial

Nigerian Bank Customers Face Potential Service Disruptions as Core Systems Undergo Upgrades

Published

on

Kindly share this post

Nigerian bank customers may need to prepare for increased service interruptions as banks across the country fast-track the migration of their core banking systems to more secure and cost-effective software.

Many financial institutions have already initiated this process, but it’s expected to intensify in the coming weeks, potentially leading to frequent transaction delays and unexpected outages.

President of the Bank Customers Association of Nigeria (BCAN) and former Registrar of the Chartered Institute of Bankers of Nigeria (CIBN), Dr. Uju Ogubunka, expressed frustration over the limited communication from banks regarding these disruptions.

In an interview with THISDAY, he pointed out that banks should have better informed customers about the potential impact of these upgrades.

Ogubunka said, “The ultimate aim is to improve the system and services to customers, but whether all these upgrades should happen simultaneously is debatable, as it’s causing major disruptions. Additionally, many banks failed to give enough notice to their customers, leaving them unprepared.”

Dr. Ogubunka emphasized the need for more effective communication, particularly for those customers less familiar with digital banking.

“Not every customer is technology-compliant. Banks need to take time to explain these changes and even provide some training to help customers adjust. The lack of preparation is making things worse,” he added.

A banking industry insider, speaking anonymously, confirmed that further disruptions are likely as more banks prepare to migrate.

The insider explained that the shift is motivated by rising operational costs and heightened security concerns.

“The banks pay in dollars for every account held, along with the cost of additional services. With the naira’s decline, these expenses have become unsustainable. That is why banks are looking for cheaper alternatives, whether local or foreign,” the source revealed.

Sterling Bank was one of the first to experience service issues after moving from T24 to SEABaaS, a locally developed platform, in September.

Customers experienced days of limited access to services during this migration.

Similarly, GTBank recently announced its switch from Jordanian/UK-based ICS Financial Services software to Finacle, an Indian platform.

In another case, Zenith Bank suffered a major outage on October 1 while shifting from UK-based Phoenix by Finastra to Oracle’s Flexcube.

Access Bank, which had initially planned its own migration, has since postponed the transition and promised to announce a new date for the update.

Security concerns have also been a driving factor behind these migrations. The insider mentioned that cyberattacks targeting banks are on the rise, pushing institutions to adopt more robust security measures through system upgrades.

“There has been a rise in cyberattacks targeting financial institutions. Banks need systems that are not only cost-effective but also secure. This migration trend is largely about safeguarding against those threats,” the source said.

However, the simultaneous system upgrades by several banks remain a concern for many, as it compounds the impact on customer access and transaction flow.

Dr. Ogubunka and other industry experts have called for a more strategic, customer-oriented approach to avoid further strain.

“Yes, the goal is to improve service quality, but banks should not rush the process and neglect the needs of their customers. Without adequate preparation and communication, we will continue to see more disruptions, and the frustrations will only deepen,” Ogubunka said.

The BCAN president urged banks to focus on educating customers and ensuring smoother transitions to prevent further inconveniences.


Kindly share this post
Continue Reading

Trending