News
Experts Suggest Ways to Rejig Cashless
After seeing the cashless economy get off on a shaky start, experts have canvassed the need for more government interventions to discourage cash transactions in every business segments of the economy, Nigeria CommunicationsWeek can report.
When the Central Bank of Nigeria (CBN), came up with the novel ‘Cashless’ policy in 2011, it was aimed at changing the spending culture of Nigerians which is notoriously cash-transaction based with its attendant security challenges.
But six months into the project, most people are still dependant on cash for daily transactions.
Has the project failed six months into trial period? Or are there any measures of successes already credited to the policy?
Folake Ani-Mumuney, head, marketing and corporate communications at First Bank Nigeria Plc said there have been several benefits associated with the ‘Cashless’ policy, although there are still enough rooms for government intervention to make it a sustainable national programme.
Nigeria CommunicaionsWeek learnt that the bank has a good report on the ‘Cashless’ project. For instance, there has been a 200.16 per cent rise in eChannels transaction from December 2011 to May 2012.
“Before the introduction of the policy, we recorded a monthly average of about N3 Billion in eChannels transactions in 2011. But by end of May 2012 volume in eChannels transaction hit N10.6 Billion. That shows there are positives in the policy, although government still has a lot to do in terms to building a sustainable cashless policy,” said Ani-Mumuney.
She noted that the bank is committed to promoting cutting edge technology to serve the diverse needs of its’ teeming customers. “We are also in sync with the Cashless policy and presently, we are driving this policy in Lagos, and Nigeria at large, and this certainly makes our bank very fundamental to the nation’s goal of becoming one of the top 20 largest economies in the world by the year 2020.”
To achieve a frontline position in the cashless policy drive, the Bank took proactive measures by rolling out various e-transaction services and products even before the new CBN policy came on stream.
For instance, FirstBank’s online-real time banking services have been in place for almost a decade in addition to massive deployment of alternative delivery channels like POS, ATM and Internet banking, amongst other products.
“We were able to recognise on time that in the increasingly dynamic and sophisticated business environment, the future of banking will be driven by e-banking, hence we established a dedicated e-banking department many years ago,” said Ani-Mumuney.
Emezino Afiegbe, head, Card Business, concurred stating the bank’s card business segment is focused on delivery world class solutions, hence it’s dealings are measured according to global best practices standard.
Nigeria CommunicationsWeek learnt that the bank is already looking to the mobile telephony platform with a view to reaching the millions of ‘unbanked Nigerians.’ To achieve this, it has introduced the FirstMobile product which complements the existing FirstOnline.
“FirstMobile is aimed at reaching out to the millions of unbanked population who already have or intend to own a mobile phone. The majority of mobile phone users who may be classified uneducated are numeric literates. We are aware of success of such projects elsewhere and we think that with the large mobile phone subscription figures, mobile banking will be a huge success in Nigeria,” said Afiegbe.
Nigeria is Africa’s leading mobile phone market with nearly 100 million active subscribers. It also has the continent’s largest internet users with 45 million connections by December 2011.
CWG Plc has announced a significant milestone in its commitment to delivering value to shareholders. Following a thorough review of the company’s financial performance and outlook, the Board of Directors has approved a substantial increase of 400per cent in dividend payout to shareholders.
This decision reflects CWG’s confidence in its financial stability, growth trajectory, and ability to generate sustainable returns. By enhancing the dividend payout, CWG aims to reward shareholders for their continued trust and support while reaffirming its commitment to creating long-term value.
Mr. Philip Obioha, Chairman of the Board of Directors at CWG Plc, said, “The decision to approve a 400% increase in dividend payout underscores our confidence in CWG’s performance and outlook. We are dedicated to delivering value to our shareholders and believe that this significant dividend increase is a testament to our commitment to shareholder value creation.”
This increase in dividend payout aligns with CWG’s strategic objectives to prioritize shareholder interests and maintain strong financial discipline. The Board remains committed to prudent financial management and sustainable growth, ensuring that CWG continues to be a reliable investment for shareholders.
As CWG continues to execute its growth strategy and expand its presence in the market, the Board anticipates that the increased dividend payout will further strengthen investor confidence and support CWG’s vision for the future.
CommunicationsWeek Media Limited, a certified global ICT company with over two million online subscribers, is delighted and proud to announce Prof. Yakub Aliyu, as the keynote speaker at Africa’s Beacon of ICT Merit and Leadership Distinguished Lecture series 2024.
Aliyu, will be speaking on the theme: Artificial Intelligence (AI): The Good, The Complex and The Anticipated”, this leans heavily on the fact that AI changing our lives– we just need to know where to look today.
This year’s rebranded Africa’s Beacon of ICT Merit and Leadership Distinguished Lecture/Awards Series is slated for Saturday, May 25, 2024 at the Four Points by Sheraton, Lagos.
The event is the most prestigious annual event that brings together captains of industry in both technology and financial worlds.
According to Ken Nwogbo, CEO, Communication Week Media Ltd, organisers of the ABoICT Distinguished Lecture/Awards Series, “the choice of Prof. Yakub Aliyu is deliberate because of his exceptional career in Artificial Intelligence (AI)”.
He added that, AI is considered to have the potential to instigate a fourth industrial revolution,1 and is dramatically changing people’s patterns of interaction and economic activities.
“The traditional factors of production and physical capital and labour may no longer promote substantial economic growth. It is generally believed that AI will be one of the most important factors determining future economic growth,” he said.
A professor of microelectronics and a scholar-practitioner in artificial intelligence and deep machine learning for industrial applications and high-speed application processors. His research interests include Multimodal AI models for high-efficiency industrial robot applications and Human AI interactions.
He also has adjunct academic professorships at five African, USA, and UK universities. Holds a BS in Applied Physics Electronics from Karlsruhe and A Bello Universities in Germany and Nigeria, an MBA in International Business Management from the University of London, an MSEE (Master of Engineering, Electronics), and a Ph.D. in Electronics Engineering from the University of Wales.
Prof. Aliyu is the global quality director for Bourns Inc., Riverside, California, USA, an electronics system, and components manufacturer. I oversee quality functions in 21 factories worldwide.
He has also held quality and operational management leadership positions at National Semiconductors, Bell Labs-Lucent Technology, Texas Instrument, Global Foundries, and Roper Technologies USA.
Authored and coauthored over 30 Advanced Technology United States-issued patents in High-Speed Application Processors and Contributed to over 40 international impact Journals, chapters, and conferences; FASI, SMIEEE USA, MIEE UK, M. Inst pf Physics Chartered Phys and C Eng UK.
Past lecturers included Dr. Ernest Ndukwe, then executive vice chairman, Nigeria Communications Commission (NCC); Engr. Yomi Bolarinwa, former Director-General of National Broadcasting Commission (NBC); Dr. Jean Luc Fort, CEO at OR System France and a specialist in Counterparty Risk; and Professor Chris Nwagboso, Chairman, Knowledge Factory International, United Kingdom.
Others are: Uche Orji, managing director/chief executive officer, Nigeria Sovereign Investment Authority (NSIA); Biodu Omoniyi, Managing Director/CEO, VDT Communications; Ayotunde Coker, Managing Director, Rack Centre Limited; Peter Adedayo Arogundade, managing director and chief executive officer, Sidmach Technologies Nigeria Limited; Dr. Adewale Obadare, chief visionary officer, Digital Encode and John Obaro, CEO and founder of Systemspecs; Prof. Isa Pantanmi, minister of Communications and Digital Economy; Dr. Seyi Akindeind, co-founder, Digital Encode; Dr Krishnan Ranganath, Regional Director, Africa Data Centres.
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.
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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