Connect with us

E-Business

Our Agency Banking as a Service will Change the Face of Financial Inclusion – Pinto

Published

on

Kindly share this post

Jaime Pinto is Chief Commercial Officer for Africa at Software Group. He is experienced in Payments/Financial solutions, Digital and Mobile solutions, Banking and Telecom industries. His entrepreneurial mindset has brought him to dive deeper and gain expertise in Products, Services & Innovative Solutions Design, Development, Marketing, Sales & Deployment. He spoke to Chike Onwuegbuchi on how Software Group is contributing to deepening Financial Inclusion in Nigeria

How your Solutions Enhance Financial Inclusion for the Unbanked

Our company’s vision is to accelerate financial inclusion by delivering cutting-edge solutions. So, financial inclusion is part of our DNA and since the beginning, we have been working with micro-financial institutions that serve the rural areas where access to financial services is scarce, enabling fast and intuitive mobile customer onboarding and loan origination even in the most remote places.

One of our award-winning solutions, supporting financial inclusion, is Agency Banking which enables banks and other financial service providers to expand their footprint and offer in-person banking to customers without investing in physical branches.

Mobile wallet is another solution which enables banks or other FSPs to create a new channel for everyday banking and offer fast, secure and affordable digital payments, especially for people with no regular access to bank branches. It could be implemented in a context of a bank, national post office or a telco company with the potential to evolve into a supper app including a variety of third-party services such as insurance, travel tickets, digital loans, etc.

We also have a USSD platform that is part of the ecosystem for those without smartphones or data services.

How your Solutions can Check-mate Fraud

Our Agency Banking solution supports industry-leading security standards. All agent transactions are authorized either with OTP, Fingerprint Biometric, Card PIN, or customer-initiated methods. This reduces fraud and ensures financial institutions know who their customer is, even for customers with no formal IDs. In addition, advanced agent analytics dashboards and predictive models help the financial institution spot suspicious activity and fraudulent transactions early on by monitoring the agent network.

Uniqueness of your Solutions in the Ecosystem

Our Agency Banking solution has won multiple awards, has been recognized by industry analysts and has been successfully deployed in over 20 countries. It is the most advanced and robust agency banking platform with all the best practice capabilities needed to develop and maintain a high-performing agent network.

Similar to what is available in the market, our Agency Banking solution enables FSPs to scale their points of service without investing in costly branch and ATM networks. However, our solution is not only for cash in cash-out, and bill payment.

Agents can securely onboard customers, transact, cross-sell, and provide value-add services on behalf of the FSP.  As it’s built on DigiWave, our Digital Banking platform, our clients can go to market quickly with other digital channels, like Mobile Wallet. Further, we offer different deployment models depending on the client’s needs and budget.

Challenges and Opportunities in the Market

We have studied the Nigerian market, which is highly competitive and price sensitive. In addition, some of the challenges experienced are frequent system down times, heavy reliance on legacy systems, and the ever-changing regulatory environment that requires FSP to invest in solutions that drive financial inclusion.

We see these challenges as opportunities, and our solutions take this into account, which is why we offer different models that work for every player in the ecosystem.

For instance, we have an excellent Agency Banking as a managed service that will transform this market. Off-the-shelf and fully managed in the cloud, this platform is highly flexible and scalable and enables financial institutions to quickly onboard it. We are partners with our clients, and their success is also our success so we made sure we offer them a great platform to do business which can be deployed at optimal cost.

Some institutions do not want to take risks and will ask which other big bank is using your solution before they can accept to deploy.  My answer to them would be to go for something better than their competitors are using and choose proven technology which allows fast time to market and scalability.

Software Group’s key differentiator is the fact that our solutions are all built on the robust DigiWave Digital Banking Platform, which has a modular architecture and allows banks to innovate quickly and introduce new solutions, while still utilising their legacy system.

About Software Group

Software Group is a global technology company that helps financial service providers such as Banks, Insurance Companies, MFIs, governments, postal offices, central banks, etc successfully go through the process of digital transformation, extend their outreach and improve operational efficiency. Ultimately helping and strengthening financial inclusion in the continent.

Our solutions are built on a single platform to enable quick launch to market, easy scaling, and integration to all channels. They include Agency Banking, Mobile Wallet, Mobile and Internet Banking, Digital Insurance, Digital Onboarding and Loan Origination among others.

We operate from 9 regional offices across the world, with over 200 customers served to date.  Our Africa HQ is based in Kenya and we also have offices in Ghana and Nigeria.

We have clients in Nigeria that have taken up our Agency Banking solution, and we are proud that our solutions are very relevant in the financial inclusion initiative.

Very soon, we will be announcing a go-live with some big institutions to support financial inclusion in the Nigerian market that will target not just those serving the cities, but also those serving the rural areas. It is really about financial inclusion.


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Business

Wema Bank Launches Second FGN-ALAT Digital ‘Skillnovation’ Cohort

Published

on

Kindly share this post

Wema Bank has launched the second cohort for the FGN-ALAT Digital Skillnovation Programme in partnership with the Federal Government to train and equip two million young people and 1 million MSMEs across Nigeria with relevant digital skills.

Since the launch of the first cohort in 2023, over 300,000 youths and business owners have leveraged the platform as a launchpad for their business and career success.

This cohort featured 100% virtual learning sessions through which participants from the 36 states in Nigeria and the Federal Capital Territory (FCT) were provided with self-paced online learning experiences.

As cohort 2 begins in the second quarter of 2024, the FGN-ALAT digital programme is officially transitioning to physical training sessions and the curriculum will cover key digital skills including software engineering, product management, business analysis, cloud computing and product design, among others.

This phase of the programme will be executed via FGN-ALAT digital hubs, which will be set up in the different states across the six geopolitical zones in Nigeria to ensure that every Nigerian can access the programme’s full benefits regardless of their location.

These hubs will be equipped with training and incubation facilities ideal for digital-driven learning, giving participants the opportunity to acquire marketable and transferrable digital skills and gain a competitive edge in the global digital ecosystem.

The FGN-ALAT digital hubs will be set up in phases and trainings will commence accordingly, starting with Borno  and Anambra State.

Wema Bank’s Executive Director of Retail and Digital Business, Tunde Mabawonku, emphasised the pivotal role of the programme in bridging the gaps in Nigeria’s macroeconomic landscape towards national development.

“We are unwavering in our commitment to supporting MSMEs and with the FGN-ALAT Digital Skillnovation Programme, it’s all about the bigger picture—which is why we have partnered with the Federal Government to augment the scale of this programme’s impact.

“By tailoring this programme to suit the needs of both entrepreneurial minded and professionally inclined Nigerians, we are not just arming SMEs for more efficient business management and growth, we are also equipping Nigeria’s workforce for increased productivity and the ripple effect will not only create more viable employment opportunities for Nigerians towards reduced unemployment and underemployment rates, but further drive economic growth and national development, boosting Nigeria’s position on the global playing field.

“The digital evolution is moving sporadically and by empowering our youth and MSMEs with in-demand digital skills, we are ensuring that Nigeria is not left behind as the world evolves.

“Beyond the intellectual resources and other non-monetary opportunities, we are going a step further to provide financial support for these participants in form of millions of naira in equity capital, soft loans and grants, to enable them put their learnings to practice and build sustainable streams of income that could help them become employers in their own right.

“I encourage you to take the big step forward in achieving your business and career goals by joining the programme. All you have to do is visit the website to register. This programme is completely free and there’s more than enough room for you. Your success is Nigeria’s success and as your unique journey unravels, our promise remains certain,” he said.

Referring to the programme as an eye-opener for all, Mariam Isah, a beneficiary of Cohort 1, said, “It’s almost unbelievable all I’ve learnt in one month virtual training.

“I started this training simply looking for a way forward for my business but I have unlocked secrets that are life changing not just in my business but in all aspects of life. I am so grateful for this rare opportunity, and I can’t wait to be a part of the cohort 2.”


Kindly share this post
Continue Reading

E-Business

StarNews, Global Black Economic Forum Launch Business Competition In Partnership with MTN & USAID

Published

on

Kindly share this post

Africa’s leading video streaming platform, StarNews Mobile and the Global Black Economic Forum (GBEF), have announced a call for applications for the launch of their Business Competition in Lagos, Nigeria.

Held in partnership with MTN and United Nations Agency for International Development (USAID), the initiative will empower Nigeria’s most promising businesses that are classified as Small-Medium Enterprises (SMEs) with invaluable investment and partnership opportunities from the USA.

Held over 10 weeks between April 8th to June 14th, hosted exclusively on the StarNews Biz Channel on the StarNews platform, this competition offers a platform for emerging entrepreneurs to showcase their ventures and gain national visibility.

With subscribers voting for their favourite candidates, the top 20 contestants will seize the spotlight and make their mark on the business landscape.

The StarNews Business Competition in partnership with GBEF delivers a unique opportunity for thriving Nigerian SMEs to access mentoring, funding, partnerships and socio-economic development tools through the Global Black Economic Forum.

With the prospect of securing cash prizes through StarNews worth up to NGN5,000,000, getting access to StarNews’s network of investors and the opportunity to gain national visibility by having their business on the StarNews web platform.

The top three winners will also receive coaching from GBEF’s Academy for Advancing Excellence and become part of GBEF’s ecosystem of global leaders committed to social and economic justice across the Black Diaspora.

Previous speakers at GBEF convenings from the entertainment sector include Wyclef Jean (Haitian Musician & Activist), Debra Lee (Former CEO of Black Entertainment Television – BET) and Ceci Kurzman (Founder of Nexus Management Group). Applications will close on April 5th 2024.

Speaking on the competition’s launch, Guy Kamgaing, Founder and CEO at StarNews Mobile, says “The StarNews Business Competition is a passion project close to our hearts at StarNews Mobile.

It’s about discovering the most promising business entrepreneurs and creators in Nigeria, opening up global opportunities for them and providing them with the resources and tools to achieve their goals.

By partnering with MTN, USAID and GBEF, we want to be a platform of empowerment for these SMEs by helping them give back to the communities that are supporting them.”

According to the US Embassy and Consulate for Nigeria, over 80% of Nigerian startups are incorporated in the United States and more than 60% of venture capital funding in Nigerian startups accounted for by the US.

In 2023 alone, Nigerian startups raised a total of $398mn however, this signalled a 66% funding decline compared to 2022 due to the global economic downturn, reinforcing the massive need for a fresh injection of capital and business support for Nigeria’s emerging SMEs.

Alphonso David, President and CEO of the Global Black Economic Forum notes that, “Our partnership with StarNews Mobile is a critical resource as we continue to build the collective strength of entrepreneurship across the Diaspora.

“Building a sustainable ecosystem of Black entrepreneurs in the United States and across the African continent is essential to create a future that makes economic opportunity and economic freedom a reality for all.”

A sister company to ESSENCE, GBEF advances its work by convening global summits and conferences, bringing together world leaders, business leaders, entrepreneurs, celebrities and civic leaders to address the most challenging problems facing our communities.

GBEF’s Academy for Advancing Excellence facilitates workforce and leadership development strategy, addressing the talent pipeline & employee lifecycle, providing leadership development & coaching, and conducting institutional assessments & research.

GBEF also develops and implements economic and social justice policy recommendations with partners ranging from civil and human rights organisations to government entities and corporations that advocate for economic opportunity, social justice, and health equity through thought leadership, advocacy and litigation.

Launched in 2017, StarNews Mobile empowers African content creators with the unique opportunity to monetize their work through a subscription model, boasting over 4 million subscribers and a thriving community of more than 120 content creators.

With a strong presence across six countries including Cameroon, Nigeria, Côte D’Ivoire, Congo, Benin and Ghana, the platform has also established key partnerships with major telecom operators such as MTN and Orange.

To-date, StarNews Mobile has secured over $8mn in funding with its most recent raise – a $3mn pre-Series A funding round in October 2023 – led by Janngo Capital with participation from French football players Aurélien Tchouaméni, Jules Koundé and Mike Maignan.

 


Kindly share this post
Continue Reading

E-Business

Companies Invest More than $100,000 Yearly to Upskill their Cybersecurity Teams – Study Reveals

Published

on

Kindly share this post

Over 70% of businesses pay more than USD $100,000 for additional training annually to keep skills of their cybersecurity employees up to date, a recent global Kaspersky study has revealed.

However, the surveyed companies also highlighted that there was a lack of relevant courses covering new challenging spheres in the educational market and stated that training does not always bring them the expected result.

In its recent study ‘The portrait of the modern Information Security professional’, Kaspersky examined the topic of the global cybersecurity staff shortage, analysing the exact reasons businesses lack cybersecurity experts, and identifying the ways they evaluate and upskill their cybersecurity workforce¹.

According to the research, companies are investing significant amounts in upskilling their cybersecurity teams: 43% of organisations globally say they usually spend between $100,000 and $200,000 per year on information security courses, while 31% even invest over $200,000 for training programs. The remaining 26% state they usually pay less than $100,000 for educational initiatives².

However, cybersecurity practitioners also note that the educational market is struggling to keep up with the rapidly changing industry and fail to deliver the necessary training programs on time.

Survey results for the Middle East, Turkiye, Africa (META) region shows that the scarcity of courses covering new challenging spheres (48%) was the main problem for those searching for cybersecurity training.

50% of respondents from the META region also stated that trainees tend to forget what they learned because they had no opportunity to apply newly acquired knowledge, therefore the courses were useless to them.

The need for special training pre-requisites such as coding and advanced mathematics, which were not specified at the pre-registration stage were also problematic for 37% of practitioners from the META region.

“With a constantly evolving threat landscape, businesses should continually improve the skills of their cybersecurity personnel in order to be well prepared for sophisticated cyberattacks.

“Developing high-profile specialists within the company and building internal expertise can be an effective strategy for organisations that aim to retain existing employees and allow them to grow professionally, instead of constantly hunting for new candidates and checking their professional backgrounds and practical skills.

“For organisations served by Managed Service Providers it is also important to maintain a pretty high level of expertise internally and use the same language when discussing the scope of services and Service Level Agreement with them,” comments Veniamin Levtsov, VP, Center of Corporate Business Expertise at Kaspersky.


Kindly share this post
Continue Reading

Trending