Connect with us

Uncategorized

Oceanic Bank Partners Grameen Bank on Training

Published

on

Kindly share this post

As part of strategies to strengthen its depth and skill in micro finance banking and poverty alleviation, Oceanic Bank International Plc is partnering with Grameen Bank of Bangladesh on the training of its staff.

Dr. (Mrs.).Cecilia Ibru, managing director, Oceanic Bank, disclosed this in Lagos at the International Conference on Micro Finance, said the bank intends to tap from the rich experience of Grameen Bank in micro finance banking and poverty alleviation to drive its vision of building a stronger Nigeria.

Dr. Ibru said that the experience of Grameen Bank has shown that it is possible to fight and reduce poverty given the right skills, funds and mindset.

Delivering a paper titled, ‘Financial sector deepening through microfinance’, she argued that the Nigerian economy can not be buoyant if the micro finance banks or institutions operate in a manner that low income earners and the poor find it difficult to access credits from them.

Looking at the operating terrain of micro finance banks in Nigeria, Dr. Ibru said, there are many challenges, despite efforts put together. The level of poverty remains high and prosperity cannot be addressed by sidelining the issue of those below the poverty line. "I think there should be a welfare status and securities for these people," she said.

She added that Oceanic Bank has come up with different products which include Oceanic micro savings accounts; Oceanic micro asset leasing and oceanic group financing that can meet the demand of low income people.

The Oceanic Bank boss however called for concerted efforts towards the eradication of poverty, stressing that no government or a single person can win the fight alone.

She stated that the desire to uplift the wellbeing of Nigerians living in poverty informed the willingness of the bank to partner Grameen Bank especially in the area of training to boost Oceanic Bank’s staff skills and depth in microfinance.

Mrs. Ibru also called for the creation of a social stock market where only the shares of social businesses will be traded adding that an investor will come to this stock-exchange with a clear intention of finding a social business, which has a mission of his liking. "Anyone who wants to make money will go to the existing stock-market," she said.

Prof. Mohammad Yunus, founder of Grameen Bank, said the Bangladesh microfinance bank is ready to help train Nigerian institutions on how well to employ micro credits to fight poverty.

He said Grameen Bank is ready to partner Oceanic Bank in the training of its staff in micro finance banking in order to enable the bank develop expertise and strength in micro finance. The Bangladesh bank he said is ready to send some of its staff to train Oceanic bank staff on microfinance.

Prof Yunus said he established Grameen Bank in 1974 as a micro-credit institution for the purposes of helping the poor. Today the bank has about 2,500 branches, and staff strength of 27,000.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Comments

Uncategorized

NCC Threatens Illegal Users of GSM Boosters with Arrest, Prosecution

Published

on

Kindly share this post

Nigerian Communication Commission (NCC) has warned telecom consumers to desist from using illegal GSM boosters.

NCC Threatens Illegal Users of GSM Boosters with Arrest, Prosecution

The commission also said that anyone caught using a GSM booster without obtaining approval of a duly licensed network operator will face arrest and prosecution.

GSM boosters are devices that transmit and receive telecommunications signals and can therefore interfere with other radio frequency equipment.

Ikechukwu Adinde, director, public affairs, NCC, said in a notice published on NCC website, that only licensed network operators are allowed to use GSM boosters.

The booster, also known as amplifier or repeater is made up of three main elements – exterior antenna, amplifier, and interior antenna.

They form a wireless system to boost cellular reception

“Members of the public should note that, willful interference with any wireless telegraphy is an offence under Section 16 of the Telegraphy Act, 2004,”it said

The agency said it will not condone any flagrant breach of this law.

It has also enforced measures to prosecute offenders.

Accordingly, monitoring mechanisms have been put in place and anyone caught using a GSM booster without obtaining approval of a duly licensed network operator will face arrest and prosecution.

“Any member of the public with useful information regarding the illegal use of GSM Boosters should contact the Commission on 09-4617000/7351 or send an email to [email protected],” the notice said.

“Individuals desirous of using GSM Boosters should note that they can only do so in conjunction with licensed network operators,” it added.

 

 


Kindly share this post
Continue Reading

Uncategorized

Tizeti Selects Nokia to Provide LTE Fixed Wireless Access Solution for High-Speed internet Services in Nigeria

Published

on

Kindly share this post

Tizeti announced that it selected Nokia’s Fastmile Long Term Evolution (LTE) technology to enable usprovide superior internet services to over 1 Million subscribers in Port Harcourt, Edo and Ogun in Nigeria.

Tizeti Selects Nokia to Provide LTE Fixed Wireless Access Solution for High-Speed internet Services in Nigeria

Tizeti will deploy Nokia’s AirScale Base Station TDD-LTE and FastmileFixed Wireless Access (FWA) gatewaysto deliver premium internet and Virtual Private Network (VPN) services to Residential, Small and Medium Enterprises (SMEs).

The solution will also enable Tizeti’sto deliver a more robust, high-speedinternet service to subscribers and the flexibility to seamlessly evolve to 5G Fixed Wireless Access when needed.

Nokia’s FWA solution enables Tizeti to fast-track broadband access and provide a best-in-class broadband experience to its subscribers.

Nokia’sAirScale Base Stations ensure high-quality connectivity and coverage and enablesTizeti to evolve the network in line with customer demand.

Nokia’sFastmilegateways connect wirelessly to the existing network to createa fastbroadband connection and enhanced Wi-Fi experience in the home.

The Nokia Network Services Platform will help Tizeti to simplify operations and quickly respond to changing market demands.

Kendall Ananyi, Tizeti, said:“We are committed to providing the best-in-class network experience to our subscribers. We are confident that Nokia’s proven technology and expertise will help us differentiate our services based on quality. This a crucial project for us as it introduces LTE in our networks and allows us to bring new and innovative services to our subscribers.”

Eniola Balogun, Nokia, said:“We are thrilled to work with Tizeti on the initiative to upgrade their network to bring the latest products and services to its subscribers. Nokia Fastmile will help Tizeti to cost-effectively enhance the customer experience.

The project will also enable them to delight their subscribers by providing more reliable data services.

On the other hand, Tizeti will benefit by adding new revenue streams.”

 

 


Kindly share this post
Continue Reading

Telecom

Risk Assets Push Higher on Vaccine Hopes; Eyes on the Fed

Published

on

Kindly share this post

By Hussein Sayed, Chief Market Strategist at FXTM,

After two consecutive weeks of back-to-back declines, global stocks kicked off Monday with solid gains amid a surge in M&A activity and positive signs towards vaccine developments. Currency markets were little changed ahead of a busy week of monetary policy announcements, while Oil and Gold ticked slightly higher.

The two big deals announced over the weekend were Softbank’s plan to sell chipmaker ARM to Nvidia for more than $40 billion and Gilead Sciences to acquire Immunomedics for a price tag of $21 billion. Meanwhile, on the vaccine front, AstraZeneca resumed its phase-3 trial on Covid-19 after being suspended last week following a neurological illness developed in one participant, and Pfizer announced that its vaccine could be distributed before year-end if found safe and effective.

 

Central Banks will take centre stage this week with the Federal Reserve, Bank of England and Bank of Japan all due to announce policy decisions. Out of the three meetings, the Fed is likely to be the most watched following its historic shift towards average inflation targeting. The big question remains how will the FOMC put this policy into action?

 

From what we know now, the Fed is set up to keep interest rates near zero for a long time, possibly for several years. Given the new framework, any spike in inflation won’t translate into immediate rate hikes as the Fed wants to compensate for the lost years when they have failed to hit the target. The dot plot will be the key guide for investors and traders alike. If inflation projections remain at 2% or below for the foreseeable future, this will solidify market expectations for a low rate environment for many years to come. That said, Jay Powell would still have to explain in more detail how the new framework will be translated into policy action.

 

In June’s economic projections, the Fed anticipated unemployment would be at 9.3% by year-end, but, in August, unemployment was well below that forecast at 8.4%. Many other economic data surprised to the upside during the June – August period in a clear sign that most economists were overly pessimistic towards the strength of the recovery. However, there is still a considerable amount of uncertainty given the latest surge in Covid-19 cases worldwide and the US, especially as we get closer into the winter season. A second wave will undoubtedly put the recovery at risk in the final quarter of the year and it will be interesting to see the Fed’s view on that issue.

 

As for the market selloff over the past two weeks, the Fed isn’t likely to show any signs of concern. In fact, policymakers should be satisfied with the pullback as the risk of a bubble in several assets has been growing due to the Fed’s extremely accommodative policies. Unless we see another 10 -15% drop, do not expect the Fed to intervene.


Kindly share this post
Continue Reading
Advertisement

Social

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement

Trending