News
FirstBank Joins Forces with Telcos on Mobile Money Service
First Bank of Nigeria Plc, Nigeria’s financial powerhouse has penned Memorandum of Understanding (MoU) with three telecommunication companies to provide seamless mobile money services as part of the drive to promote the cashless policy of the Central Bank of Nigeria (CBN), Nigeria CommunicationsWeek gathered.
The telcos; Etisalat Nigeria, Globacom Nigeria Limited and Airtel Nigeria Limited will ride on FirstBank’s robust banking infrastructure to provide seamless mobile money services to millions of Nigerians.
Mobile money is the use of mobile phones to remotely access bank accounts, primarily for account inquiry, mobile transfer, retail payments, micro insurance, savings remittances, mobile top-up, utility bill payments and government collections among others.
All the four companies promised to combine their strengths to provide secure, convenient and user-friendly mobile banking services to the unbanked through the use of mobile phones.
Bisi Onasanya, managing director/chief executive officer, FirstBank, said mobile banking is hinged on three planks which are defined in terms of financial inclusion for the unbanked and the underbanked, person to person transaction in terms of sending and receiving money as well as retail payment for the purchase of goods and services.
He added that: “With over 600 branches and thousands of business partner outlets in strategic proximity to the people, coupled with over 1,500 ATMs including cash deposit ATMs, cardless and biometric ATMs, over 5million active accounts and more than 1,200 Point of Sale terminals, FirstBank has always been at the forefront of innovative financial services solutions.
In addition to the mobile money services, Onasanya said FirstBank has in place a world-class IT infrastructure to drive its e-payment services across transaction touch points. These services, according to him, include: Internet banking services, FirstOnline, FirstBank Visa Gold Credit Card, Automated Teller Machines (ATMs), Point of Sale Terminals (POS) FirstBank MasterCard, FirstBank Classic Card, FirstBank Naira MasterCard and Cash Deposit ATMs amongst others.
Onasanya assured that FirstBank will continue to lead the innovation drive in mobile banking through progressive and robust upgrades that will enable mobile money customers perform actions such as salary lodgement, pension and other types of payments and disbursements. He affirmed that with a rich heritage, dependability and innovative dynamism, FirstBank is naturally the best partner for any telecom company to provide this novel initiative.
In their various responses, the three telecom companies expressed their pride to be part of this historic event with FirstBank; a partnership that underscores the central role by the partnering organizations in the futuristic cashlite economy.
News
Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria
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.
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.
News
As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply
While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.
Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.
It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.
“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.
The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.
Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.
News
President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman
President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.
Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.
The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.
“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”
The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.
The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.
“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.
Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”
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