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Lagos Fintech Week to Bridge Fintech Talents Gap in Nigeria

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Despite the breakthrough and large success recorded by fintech in redefining financial service, the fintech ecosystem still falls short of talents to grow the market for sustainability.

Across the globe, fintech has shaped banking operations with seamless and simple innovative solutions. The disruption has helped to deepen the global financial inclusion and boost economic output.

In Nigeria, the fintech ecosystem has grown to become a leading network in Africa’s financial service industry through innovative solutions in lendtech, insurtech, wealth tech etc. The Nigeria fintech industry is regarded as a dominant force in Africa in this regard.

However, despite the huge potential of fintech, access to and retention of best-in-class talent is a growing concern within the industry.

According to a PwC report in 2017, 77% of the CEOs surveyed view skills shortages as business threats.

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Given the essential role of human capital in the coming decades, the global war for talent is beginning and will intensify.

Research has shown that the local educational systems are not providing the necessary skills to train students in today’s AI-driven industries, as companies and countries are being confronted with a significant talent shortages.

As fintech evolves in Nigeria, Africa and globally, and sets more sophisticated requirements for technology skills, many businesses lag behind due to the lack of talents and resources to bring their innovative ideas to life.

In part, the fintech talents gap is justified and even self-explanatory: the industry is relatively new and has to nurture new talents to meet its challenges.

The number of people that are proficient in finance and technologies is still dramatically low; needless to say, they are in high demand and command high salary.

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Skills such as blockchain, programming languages – Python, C++, C#, GoLang, SQL, JavaScript and Java ML, AI, and Deep Learning, cybersecurity including soft skills such as communication, creativity and high EQ are at short-fall in the industry.

To bridge this gap, the organiser of 2020 Lagos Fintech Week has incorporated Fintech Talents Summit  (FTS) into the annual week-long event to build a high capacity talent-based for the fintech ecosystem.

According to the chairman of the organising committee, Dr Yele Okeremi, the Fintech Talents Summit (FTS) is the premier space for multi-disciplinary stakeholders from the private sector, policy, academia/education, and innovation to come together “to discuss the trends and solutions for the future of work and education in financial technology space”.

Dr. Okeremi said, “FTS will attract strategists, key opinion leaders and relevant stakeholders to shape the future of talents in Fintech through education, innovation, and recruitment.”

He informed that FTS is co-located within Lagos Fintech Week. Lagos Fintech Week is organized by Fintech 1000+, the largest Fintech group in Africa comprising regulators, Bank CEOs, government, investors, insurers, Fintech firms and the media.

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He added that the summit will discuss topics such as Community-as-a-Service which will centre on connecting the right talent for current and future opportunities, Fintech Talents Acquisition Strategy among others.

According to him, the summit will attract top fintech leaders in the ecosystem such as Programme Manager, Google Developer Ecosystem, Aniedi Udo-Obong, and Chief Information Officer at Interswitch, Femi Ogungbamila, CEO, Innovectives and Emmanuel Agha among others.

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Ogbaga, Abuja Lawyer to Sue Telcos, DStv over Alleged Unfair Practices

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Ogba Ogbaga, an Abuja-based lawyer, has said that he has been instructed to institute legal proceedings against MTN Nigeria, Airtel Nigeria, Globacom, 9mobile and MultiChoice Nigeria, operators of DStv, over what he described as unfair consumer practices relating to expiring data bundles and television subscriptions.

Ogbaga, Abuja Lawyer to Sue Telcos, DStv over Alleged Unfair Practices

In a statement posted on Facebook, Ogbaga said his law firm, GIMBG Legals, received instructions from its client, KAA, also known as KaaTruths, to challenge the companies’ subscription policies in court.

According to him, the proposed suit will question whether telecom operators and DStv’s subscription models comply with provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018 and other applicable laws.

Ogbaga alleged that telecom providers operate internet data services that are unfair to consumers, claiming subscribers sometimes do not receive the services they paid for but still lose their subscriptions once the validity period expires.

He also criticised DStv’s subscription model, arguing that consumers lose paid viewing time due to factors such as power outages, adverse weather conditions and service interruptions, while subscriptions continue to count down regardless.

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“Our clients have complained that MTN data services are unduly one-sided,” Ogbaga said, adding that the legal action would also extend to other telecommunications providers and DStv.

He said the court action would seek judicial determination on whether the companies’ subscription practices comply with consumer protection laws.

The lawyer also invited interested legal practitioners to collaborate on the case, saying his firm would provide updates as the matter progresses.

In a separate Facebook post on Wednesday, Ogbaga said previous policy discussions, town hall meetings and debates at the National Assembly had failed to address the concerns raised by consumers.

He argued that telecom operators regularly carry out maintenance and network upgrades that temporarily disrupt services without extending customers’ subscription periods, while DStv subscribers also lose viewing time because of electricity outages and weather-related disruptions.

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NAICOM Issues New Licences to 43 Recapitalized Insurers

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The National Insurance Commission (NAICOM) has commenced the issuance of new licence certificates to insurance companies that successfully met the industry’s new minimum capital requirements, marking the formal beginning of a new regulatory era aimed at strengthening the financial capacity, governance and global competitiveness of Nigeria’s insurance sector.

At a ceremony held at the Commission’s headquarters in Abuja, the Commissioner for Insurance, Olusegun Ayo Omosehin, presented the new licence certificates to compliant operators, describing the exercise as a major milestone in the industry’s recapitalisation programme.

According to the Commission, a total of 43 insurance companies declared compliant with the new capital requirements are expected to receive the new licence certificates in phases.

Omosehin congratulated the successful companies, saying the issuance of the new licences signals the beginning of a stronger regulatory framework anchored on improved capitalisation, sound corporate governance, innovation and sustainable growth.

He urged operators to leverage their enhanced capital base to develop innovative insurance products, improve operational efficiency and deepen insurance penetration across the country.

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The Commissioner said the Commission expects the recapitalised companies to deliver stronger financial performance while maintaining high standards of professionalism and customer service.

He also announced that NAICOM’s next major regulatory initiative would be the implementation of the Risk-Based Capital (RBC) framework, under which insurers’ capital levels would be aligned with the risks inherent in their respective business portfolios.

According to him, the new framework will further strengthen the industry’s resilience by ensuring that insurers maintain capital commensurate with the risks they underwrite, thereby enhancing policyholder protection and boosting market confidence.

Omosehin reaffirmed the Commission’s commitment to removing regulatory impediments where necessary while maintaining effective oversight to safeguard policyholders and strengthen confidence in the insurance market.

The issuance of the new licence certificates marks the commencement of a phased transition to higher capital standards aimed at improving the financial capacity, solvency and claims-paying ability of insurance companies operating in Nigeria.

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Nigeria CommunicationsWeek Retracts Story on Pan African Towers Litigation

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Management of Nigeria CommunicationsWeek Media has withdrawn its publication titled “Adefolarin Ogunsanya and the Allegations of Shareholder Interference and Self-Dealing at Pan African Towers,” which was published on its platform.

Nigeria CommunicationsWeek Retracts Story on Pan African Towers Litigation

The decision to retract the story follows an editorial review to ensure that the platform maintains the highest standards of accuracy, fairness and responsible journalism in reporting matters that are the subject of ongoing judicial proceedings.

Nigeria CommunicationsWeek acknowledges that the issues raised in the publication remain before the courts and have not been finally determined.

Accordingly, the organisation has decided to remove the article from its platforms pending the conclusion of the legal processes or the availability of additional verified information.

The publication regrets any inconvenience or misunderstanding the report may have caused to readers or any individuals or organisations mentioned in the story.

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Nigeria CommunicationsWeek remains committed to the principles of balanced, factual and ethical journalism and will continue to uphold professional standards in its coverage of judicial and corporate governance matters.

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