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NITRA: Okere Advocates for Improved FinTech Innovations
As “money is going digital” around the world, with central banks from England to China publicly floating the notion of issuing their own national digital currencies, it has become imperative for Nigeria and other developing economies to innovate on technology that will even cater for needs of rural dwellers.
Conceptually, the idea of harnessing the upside of the digital revolution; mobile payments in particular, while preserving the existing legal and regulatory set up, practically, demonstrate the significant cost savings, a reduction of operational and fraud risks in the current payments systems, that blackchain, for instance, will bring in strengthening the ability to execute monetary policy.
“From a consumer’s perspective, the prospect of total digital money is still mind-boggling. It is more likely that societies would not go completely digital overnight. Instead, central banks could start issuing digital currency units alongside notes and coins as base money, and adjust the mix over time, according to uptake. Once critical usage levels are reached and network effects kick in, universal adoption could happen very quickly”, said Austin Okere, founder, CWG Plc and Entrepreneur in Residence, Columbia Business School, New York.
He made the remarks while speaking on “The Fintech Challenge and the New Face of Banking”, as chairman at the 3rd Quarterly Forum organized by the Nigeria Information Technology Reporters Association (NITRA).
NITRA, is an umbrella body for journalists reporting information and communications technology in Nigeria organized its third edition of her quarterly forum tagged “Digital Payment: Prospects and Challenges of a Financially Inclusive Nigeria.” recently in Lagos.
Okere Continued: “For me the biggest thing that has happen in ICT development here in Nigeria properly in Africa is the advent of broadband and Smart phones,
“The combination of broadband and smart phones makes it possible that we can do business modules that has never existed before, such as what you are discussing today, “Digital Payments,”
“If not that we have broadband and smart phones it will be impossible for this business module to exist or to book flights and buy things online.”
He added that money is going digital around the world; central banks from England to China have publicly floated the notion of issuing their own national digital currencies.
They like the idea of harnessing the upside of the digital revolution; mobile payments in particular, while preserving the existing legal and regulatory set up.
The founder of Computer Warehouse Group noted that the changes coming financial sector will be as large as the original invention of the internet, and this may not be overstated.
Who would have imagined a decade ago that e-commerce, championed by Amazon and Alibaba will be displacing high street retailers, or that ride hailing will be dominated by UBER, a technology platform.
He stated that a report carried out in 2015 by Goldman Sachs estimated that $4.7tn of financial services revenue is at risk of displacement from Fintech groups.
The key to this revolution lies in Cryptocurrencies such as bitcoin.
But it is their underlying technology that is proving to be of practical benefit to organizations, the famous blockchain.
He added that Regulators are now helping Fintechs because they believe that Fintech firms are small enough for any problems to be manageable, and on the other hand, might produce useful innovation.
He said that the future of Fintech is bright.
“Accenture recently released a report which found that investment in Fintech around the world has increased dramatically from $930 million in 2008 to more than $12 billion by early 2015.
“The lucrative global transfers markets are major target by Fintechs.
“International money transfers, which have long been a thorny issue for entrepreneurs, are getting easier as well.
“For smaller transactions, services like PayPal automatically convert currencies, so it’s easy for a customer to purchase goods from anywhere in the world.
“Additionally, a service called TransferWise is streamlining international money transfers, disrupting that sector by offering a 90 percent discount on traditional bank transfer fees
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.
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.
President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.
Jim Ovia
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.”
Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria
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