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Reconciling Schedules Bane of Pension Industry – Obaro

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John Obaro, managing director, SystemSpecs at a Workshop on Remita Pension for Pension Fund Administrators and Pension Fund Custodians in Lagos spoke on Remita Pension, a world class electronic courier service that rides on e-Payment platforms to deliver funds to bank accounts and associated schedules to relevant bodies in pre-specified formats. Excerpts:

About the Workshop
Essentially, it is a forum to create awareness on the Pension Industry Solution, a solution that can assist employers to fulfill their regulatory obligations of remitting contributory pensions on monthly basis to their respective PFAs. So we are meeting with key players in the industry- the PFCs and the PFAs to show them the capabilities of the solution. The solution assists employers to upload their schedules and effect e-payment such that their diverse PFAs are able to receive electronic schedules on real time basis.
PFAs & PFCs Blaming Regulators for not making Money
I do not think it is an issue of blaming regulators as such. The process in place for employers to fulfill their regulatory obligations has hitherto been cumbersome and when it is difficult to fulfill a law, even when the will is there, you may still have operational challenges and that is the kind of thing going on in the pension industry. It is a cumbersome process for a typical employer to deal with 5-10 PFAs. Employees leave the organization, so every month they need to re-compute how much pension should be paid on each employee, what should go to each PFA, that can easily become a nightmare so you find many organizations now having to set up desks or units to follow up because of the operational challenge. That is part of issues leading to PFAs not getting as many contributors as they would love on their platforms. That is one of the reasons we came up with a solution like this to make life easier for the employer who can upload all his schedules at once. There is no reason to break them to any structure, it goes to different PFAs, irrespective of the PFCs managing them and the PFAs and PFCs are able to see only the things that relate to them. 
Reconciling Schedules
These are some of the symptoms of the current operational process. It is a fall out because the system itself wouldn’t work so you would always have things that create a kind of problem and that is where Remita comes in. It is no more simple for you to send a schedule that does not balance with the payment you want to make because it is the system after it accepts the schedules from the employer that re-computes the total contributory pension to be paid by that organization. The organization is debited for this sum and the various PFAs are credited in their accounts with the various PFCs. Immediately the payment is confirmed as successful, the PFAs and the PFCs immediately see schedules of those who have paid.
Relationship with Banks
Remita is an e-payment solution and what we have done is only to extend the features of the e-payment and translate it to business to make life operationally easier for organizations. As an e-payment solution, what it means is that we have relationship with the banks so for any employer using the platform, he would have filled an application form with the bank. It is actually the bank that will enable the organization on the Remita platform such that when transactions come from the Remita platform, the banks are able to recognize and respect that instruction. So the bank effects the debit and we move it on to the other banks and the bank then credits the beneficiary.
History of Remita Pension Solution
It was developed in 2005, the early days of the pension reform. That was when we started working on this solution and we’ve always had our eyes on the pension industry. The solution is about five years old, that is Remita but this is the first time when we have are focusing and bringing out the operational convenience for employers and PFAs. Remita is basically a payment engine. As a payment engine, we focus more on getting payments right, building relationships with all the banks so that they can respect instructions coming in from bank platforms and then of course our core area which has always been human manager payroll had moved our clients unto the platform, then we went into vendors and contractor payments and now we are focusing on the pension industry. Several organizations have been using it for pension payments. What we are discussing with the PFAs and PFCs is that we are now focusing on the pension aspect of Remita because the issue of funds not matching schedules has become a major crisis in the industry and since this is one of the core areas of strength of Remita, of course it is time for us to push it.

 


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Confronting the Google Monolith: Survival Strategies for Online Businesses

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By Reuben Kalu.

In the vast expanse of the digital realm, Google looms large, an omnipresent force shaping the way we navigate, search, and conduct business online.

From its humble beginnings as a search engine to its current status as a multifaceted tech behemoth, Google has entrenched itself deeply into the fabric of the internet.

Its influence is undeniable, its reach unparalleled, and its ubiquity seemingly inescapable. But can you truly run an online business without Google?

The answer, in today’s digital landscape, is a resounding no. You have no choice.

Google’s dominance extends across multiple facets of the online world, making it virtually impossible for businesses to thrive without engaging with its ecosystem.

From search engine optimization (SEO) to online advertising, email services to analytics, Google’s suite of products and services permeates every aspect of the online business landscape.

Attempting to operate without Google is akin to swimming against a relentless tide, fighting an uphill battle fraught with obstacles and limitations.

At the heart of Google’s influence lies its search engine, the gateway through which billions of internet users navigate the vast expanse of online content. .

Google’s search algorithms wield immense power, determining which websites rank prominently in search results and which languish in obscurity.

For businesses seeking to attract organic traffic and expand their online presence, optimizing for Google’s search algorithms is not merely advisable—it’s imperative.

But Google’s influence extends far beyond search. Consider Google Ads, the company’s advertising platform that enables businesses to reach targeted audiences through paid search, display, and video advertising.

With billions of searches conducted on Google each day, Google Ads provides unparalleled reach and visibility, allowing businesses to target potential customers with pinpoint accuracy.

Attempting to compete in the online advertising arena without leveraging Google Ads is akin to entering a battle unarmed—a futile endeavor destined for failure.

 

Moreover, Google’s suite of productivity tools, including Gmail, Google Drive, and Google Workspace, has become indispensable for businesses seeking to streamline their operations and enhance collaboration.

With seamless integration across devices and platforms, Google’s productivity tools offer unparalleled convenience and efficiency, empowering businesses to work smarter, not harder.

Attempting to eschew Google’s productivity suite in favor of alternative solutions is not only impractical but also unwise, depriving businesses of the tools they need to succeed in today’s fast-paced digital landscape.

Furthermore, Google Analytics stands as the gold standard for web analytics, providing businesses with invaluable insights into their online performance and audience behavior.

From tracking website traffic and user engagement to analyzing conversion metrics and customer demographics, Google Analytics offers a comprehensive toolkit for optimizing online marketing strategies and driving business growth.

Attempting to gauge online performance without leveraging Google Analytics is akin to flying blind, devoid of the critical data needed to make informed decisions and drive meaningful results.

But perhaps the most formidable aspect of Google’s influence lies in its role as a gatekeeper of information and access.

With billions of users relying on Google’s platforms and services each day, the company wields immense control over the flow of online traffic and the dissemination of information.

For businesses seeking to connect with customers and expand their reach, Google’s dominance presents both a tremendous opportunity and a formidable challenge.

Attempting to circumvent Google’s influence and establish an online presence independent of its ecosystem is a Herculean task, fraught with uncertainty and risk.

In essence, attempting to run an online business without engaging with Google is akin to swimming against a relentless tide, fighting an uphill battle fraught with obstacles and limitations.

While alternative platforms and solutions exist, none possess the ubiquity, reach, and influence of Google’s ecosystem.

To thrive in today’s digital landscape, businesses must embrace Google’s dominance and leverage its suite of products and services to their advantage. You have no choice.

In conclusion, Google’s pervasive influence permeates every aspect of the online business landscape, making it virtually impossible to escape its grasp.

From search engine optimization to online advertising, productivity tools to web analytics, Google’s ecosystem encompasses a vast array of products and services that have become indispensable for businesses seeking to succeed in the digital age.

While alternative solutions may exist, none possess the ubiquity, reach, and influence of Google’s ecosystem.

To thrive in today’s digital landscape, businesses must embrace Google’s dominance and leverage its suite of products and services to their advantage.

You have no choice.


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Hydrogen Hosts Catalyst Workshop, Highlights Resilient Business Models for Fintech Startups

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As part of its mission to empower African businesses with tools needed to thrive, garner admiration, and foster global acclaim, leading payment solution company, Hydrogen Payment Services Company Limited (Hydrogen), recently partnered with the Co Creation Hub (CcHub), to host the latest edition of the Catalyst workshop in Lagos.

The discourse addressed the potential risks and opportunities for startups and saw experts advise participants on the need to develop resilient business models that would scale across different economic climes.

Moderated by Miracle Ezechi, Digital Marketing Manager, Hydrogen, the panel session addressed dominant issues about the theme: ‘Adapting Fintech Business Models to Economic Climes: Flexibility, Agility and Customer-centricity’.

Mr. Emeka Awagu, Chief Technology Officer, Hydrogen, who spoke as a panellist, addressed the issue of customer-centricity, which according to him, is key to Fintech growth.

He advised startups to listen to customer demands and understand their needs in order to develop the right solutions that will lead to long term market viability.

“Innovation is key for startup growth. However, understanding customers’ needs and change in behaviour will help any startup to innovate better.

“Startups must be flexible and agile to develop solutions with high interoperability and processing speed, and they must be ready to learn from startups that have failed,” Awagu said.

With an estimated 61.07 percent of startups failing, the participants stressed the need for prudence.

“Statistically, a staggering number of startups fail, often due to financial mismanagement. Hence, founders must prioritise understanding and maintaining a healthy the Cost-to-Earnings ratio.

“It is not just a number, but a pivotal indicator of a company’s financial health as well as being a key attractiveness determinant for investors,” Awagu added.

On his part, Ina Alogwu, the Group Director, Digital Transformation, ARM HOLDCO, who also spoke as a panellist at the session, stressed the need for startups to develop sustainable products and solutions that will help them remain competitive in an environment that is faced with harsh economic realities.

“Many startup businesses fail within their first five years, however upcoming startups should not be discouraged, rather develop a culture that will encourage them to understand the reasons for failure and learn from mistakes.

“Startups should not be too rigid with their solutions and should be ready to accept changes that will drive innovation,” Alogwu stated.

Hydrogen will be deepening its economic impact series with a webinar planned for Thursday, April 25, even as businesses across Africa continue to face an array of challenges, ranging from inflation and currency fluctuations to rising operating costs.

Themed ‘Navigating Economic Challenges: Strategies for Sustainable Growth,’ the webinar will delve into key areas critical for businesses to not only survive but thrive in the face of economic adversity. Register using this link – https://bit.ly/Hydrogenwebinar.

Esteemed panellists for this event include Taofik Odukoya, CEO, Vanguard Pharmacy, and Okechukwu Odimgbe, Chief Financial Officer, Hydrogen. The session will be moderated by Nnenna Sam-Obioha, Ecosystem Orchestrator, Hydrogen.

 


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Dexude Secures Funding to Revolutionize Education in Nigeria, Beyond

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Dexude, a leading edtech platform with operations in Nigeria, has announced that it has been awarded the prestigious Business Finland TEMPO funding.

Dexude Secures Funding to Revolutionize Education in Nigeria, Beyond

Charles Emembolu, founder of Dexude,

This significant funding injection marks a pivotal moment in Dexude’s journey towards transforming education through its AI-powered, live-first, expert-led, and community-driven platform.

The Business Finland TEMPO funding is specifically designed to support startups and SMEs aiming for international growth by building their expertise and solutions into international success stories in innovative ways.

Dexude’s commitment to innovation, coupled with its vision to enable a billion learners worldwide, aligns perfectly with the objectives of the TEMPO funding.

Commenting on this milestone achievement, Charles Emembolu, founder of Dexude, remarked, “We are incredibly honored and excited to receive the Business Finland TEMPO funding. This funding is not only a validation of Dexude’s mission to reinvent education but also a testament to the hard work and dedication of our team. With this support, we are poised to accelerate our efforts in democratizing access to quality education and empowering learners across Nigeria and beyond.”

L-r; Kelvin Chikezie, co-founder of Dexude; Kashifu Inuwa Abdullahi, Director-General/CEO of the National Information Technology Development Agency (NITDA); and Charles Emembolu, founder of Dexude

Kelvin Chikezie, co-founder of Dexude, added, “Securing the Business Finland TEMPO funding is a significant milestone for Dexude. It underscores our commitment to leveraging technology and innovation to revolutionize the way people learn and grow. We are grateful to Business Finland for believing in our vision, and we are excited to embark on this next chapter of Dexude’s journey.”

Dexude is on a mission to redefine education by providing learners with access to influential experts and thought leaders, live interactions, and a vibrant community-driven learning experience.

Through its platform, Dexude aims to break down barriers to learning and empower individuals to pursue their passions and unlock their full potential.

 

 

 

 


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