The value of transactions across the various mobile money (MM) schemes in the country recorded about 300 percent increase between January and July this year, underscoring a tipping point towards the cashless society, Nigeria CommunicationsWeek can now reveal.
As at the end of January, the monthly value of transactions across different networks stood at N300 million but reached N1.2billion as at end of July. This figure did not include transactions carried out within individual networks.
The volume of transaction within the same period also increased from 12,000 deals in January to 35,000 in July representing 199 percent increase.
This showed the increasing ability to replace cash with digital money transferred via mobile phone.
Nigeria CommunicationsWeek gathered that the ability of a mobile money user of a mobile scheme to send money directly to the wallet of a user on any other service provider was made possible by connectivity service being provided by National Central Switch (NCS).
Emmanuel Okoegwale, Principal Associate, MobileMoneyAfrica, said that financial inclusion has become the buzz word within the regulatory, policy, financial, innovators, and technology circles and in the formal financial services space but significant barriers still stand in the way of reaching the bottom of the pyramid in Africa.
He added that beginning of the year was herald with uncertainty due to the expected exit of the former Central Bank Governor.
“Many of the innovations from the mobile network operator and other stakeholders had been long planned but were kept in the cooler awaiting the change of baton of the chief regulator which was smooth and brought in a new era. As witnessed in the last few months, stakeholders like the mobile network operators are becoming more active in the emerging mobile financial services space in Nigeria.
“Collaboration in terms of agency network sharing and roll out had also grown over the months though usage at agent level cannot be quantified, however it is growing. We have seen MTN and Diamond Bank launched the Yello account, Glo is actively working with three licensed operators to deploy agency network,” he said.
He added that a recent agent accelerator study conducted by the Helix institute on agent network in Nigeria, highlighted all that was not well with the mobile money sector and that it is increasingly clear that mobile money is a distribution business and not a technology play as some providers thought.
“The report showed clearly the major challenge faced by operators in Nigeria which is the recruitment, development, management and sustainability of a viable agent network which is still a major challenge across board”.
Corroborating Okoegwale, Godwin Emefiele, governor, Central Bank of Nigeria (CBN), said at the launch of GloXchange in Lagos that the apex bank is determined to use telecommunications to deepen financial services in the country in order to reduce the 46 percent of the population that does not have access to financial services.
He noted that a functioning payment system will bring about economic growth.
CIBN Recertifies NDIC Academy as Bankers Training Provider
Council of the Chartered Institute of Bankers of Nigeria (CIBN) has recertified the Nigeria Deposit Insurance Corporation (NDIC) Academy as a training service provider for various professionals in the banking industry.
The council also renewed the academy’s accreditation for the next three years, effective from June 2020.
Mr. Saubana Ogunpola, head of the five-man CIBN Accreditation Team, said the recertification followed the exemplary performance of the NDIC Academy since it initial accreditation in 2016 and the satisfaction of the stringent conditions for the recertification.
The recertification, according to Mr. Saubana Ogunpola, Head of the five-man CIBN Accreditation Team, followed the exemplary performance of the NDIC Academy since its initial accreditation in 2016 and the satisfaction of the stringent conditions for the recertification.
He noted that there would be periodic monitoring to ensure that quality standards are being adhered to.
Mr Ogunpola commended the NDIC for its consistent efforts toward meeting the high standards for the benefit of the banking industry and the larger economy.
He described the NDIC’s readiness to subject itself to the rigors of the Institute’s accreditation process as a testimony of its Management’s commitment to capacity development for all stakeholders.
In his reaction, Mr. Umaru Ibrahim, managing director/chief executive, NDIC, described the recertification as another milestone in the NDIC efforts to consolidate the position of the Academy as a center of academic excellence in the nation’s banking industry and on deposit insurance in Africa.
Mr Ibrahim disclosed that the Academy had so far trained a total of 13,368 participants cutting across the NDIC’s workforce.
“It had also trained 135 participants from relevant stakeholders, including the EFCC, Security and Exchange Commission (SEC), Assets Management Company of Nigeria (AMCON), National Pension Commission (PENCOM) and the Nigeria Financial Intelligence Unit (NFIU).
“On the international front, 19 employees from sister deposit insurance agencies in other African countries had benefitted from the expertise of the Academy,” the managing director noted.
He stated that the NDIC Academy has been designated to host the African Centre for Studies on Deposit Insurance System (ACSDIS) recently established by the Africa Regional Committee (ARC) of the International Association of Deposit Insurance (IADI).
Mr. Ibrahim reiterated that with the recertification, the NDIC Academy is positioned to fulfill the NDIC’s goal of serving as a center of excellence for capacity building on Deposit Insurance Scheme (DIS) for countries in Sub-Saharan Africa.
He added that the NDIC prides itself on establishing the highest standards of professionalism and competency among its staff through the NDIC Academy and other human capital development initiatives, including the Chartered Banker/MBA program at Bangor University, Wales in partnership with the CIBN.
The NDIC boss emphasized that the Corporation places high premium on capacity building and continuous high level training of its staff to achieve the NDIC mandate of deposit guarantee, bank supervision, bank distress resolution and liquidation.
“The ultimate goal would be to enhance depositor protection and public confidence in the nation’s banking system,” he said.
Deloitte, Heritage Bank, PWC Urge Internal Auditors to Embrace IT to Tackle Fraud
Deloite, Heritage Bank Plc and PricewaterhouseCoopers’ (PWC’s) have urged internal auditors of banks to adopt the various digital technologies to prevent fraud and annul the adverse impact of Covid-19 on the financial ecosystem.
Speaking at the just concluded 47th Quarterly Meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), Ifie Sekibo, the MD/CEO of Heritage Bank, disclosed that for improved banking operations and safer financial system for stakeholders, internal auditors must be dynamic and quick to adopt various digital measures.
Yetunde Oladeji, Director Internal Audit Services at PricewaterhouseCoopers Limited (PWC), who spoke on the theme, “Elevating IA’s role to meet today’s emerging risks,” advised that the banking sector should be dynamic, prioritse digitization and flexibible workforce strategies as these would determine its ability to adapt to rapidly changing circumstances to survive and thrive.
ALAT By Wema Bank Upgrades Mobile Banking App
ALAT by Wema Bank, as an innovative financial institution, has introduced its upgraded mobile app – ALAT 4.0- to enable customers to remain connected to do much more. A unique app that provides seamless access to an array of exciting features serves as a platform where customers can personalise offerings to meet their frequent financial and lifestyle needs.
Being a customer-centric financial institution, the upgraded app serves as a one-stop platform that gives customers the option to create unique experiences for themselves; this includes dashboard personalization where customers can decide to hide and unhide their account balance as well as to display the most frequently used feature on their dashboard.
Mr Moruf Oseni, deputy managing director, speaking on the new upgrade expressed his delight, he said “we made a promise earlier this year to improve customer experience by introducing improved unique features to the app. Based on feedback from customers, a lot of effort was put together to ensure we deliver on our promise to ensure this upgrade affords customers a delightful and memorable service experience”.
As part of the new features is the card control option which enables customers to put a limit on their spending habit and the reintroduction of the virtual dollar card which gives customers the ability to make international payments irrespective of the currency.
ALAT has also expanded loan offerings to goal based loans, salary-based lending and device loan. Customers can also top up existing loan amounts, make part payment during the loan cycle at any time and liquidate the loan before the end of the loan cycle at any given time.
Oseni further added, “For us, it is imperative that customers have access to a flexible and seamless user experience on our platform. In introducing exciting features to the app, we ensured that major lifestyle and financial needs can be met through ALAT 4.0. As a bank, we will continue to create innovative solutions for our customers and solidify our lead in digital banking”
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