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NIMC Says Cashless Initiative Requires Reliable Identity Management
The National Identity Management Commission (NIMC) has highlighted the need for a reliable identity database and its adoption in the financial services sector to reduce fraud and improve Gross Domestic Products (GDP) among others.
Chris Onyemenam, director-general NIMC said “there must be a reliable Identity Management system in place for lasting success of the Central Bank of Nigeria’s Cash-less Policy.”
“The National Identity Management System (NIMS) is central to the success of a cashless economy project” he said, adding that “a Universal Identification Infrastructure (UIDI) is unique, secure, accessible and reliable, recommended for identity authentication (Identification/Verification) and tying individuals to transactions (non-repudiation and with a history) as the current methods rely on two-factor identity authentication are still challenged with effectively managing identities.”
“A secure UIDI is a precondition for financial inclusion. The NIMS will tie captured biometrics and unique National Identification Numbers (NIN) of Nigerians to bank accounts, voter registers, immigration, and law enforcement agencies among others” he said.
According to him, existing databases have not met international standards (ISO/IEC, NIST, IEEE, ICAO, etc) and they have been non-centralized, unreliable and incomplete. Also, regular updating have not been possible and there have not been centralized and irrefutable way of tying individuals to transactions until now.
He said this recommended move, if followed, will unleash in the nation, the opportunity in consumer credit experienced all around the world, reduce fraud, fight terrorism, improve GDP, and create a robust and dependable identifier. NIMS project is an essential transformation tool for fostering socio-economic development, maintenance of law and order and security of lives and properties.
He applauded the development of the Mobile Payment Services Sector (MPSS) which has achieved remarkable feats which includes the licensing of Mobile Payment Service Providers (MPSP) e.g. Pagatech, Fortis Mobile, UBA/Afripay, GTBank, eTranzact.
He said there is potential for the MPSS to play a huge role in the development of the Nigerian economy. “The Mobile Payment Service Providers (MPSP) creates employment and economic opportunities, it will stimulate consumer demand, local production and grow GDP but the need for a reliable identity management sector to drive the initiative is core” he said.
The enhancement of the efficacy of monetary policy operations and economic stabilization measures, balanced and genuine currency transaction demands a speculative market behaviour that will in turn facilitate better currency management and help in reducing cost of currency management.
Onyemenam said the congruence of plans and deployment of the NIMS project is inevitable and a complementary CBN policy is essential.
“Annual debt finance is less than 65 per cent of total loss due to identity-related fraud in banks. There is need for a deployment Strategy focused on update-able database and secure identity authentication” he said adding that the live pilot of the project commenced February 23, 2012 in FCT.
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Prof. Aliyu, AI Practitioner to Keynote ABoICT 2024
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.
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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.
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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.
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