Going by the critical requirements established by the Central Bank of Nigeria (CBN) for the Request for Proposal (RFP) for the deployment of a new Real-Time Gross Settlement (RTGS) solution for the payment systems infrastructure in Nigeria, only three vendors are eligible to bid for the project.
The request proposal published on the web site of the apex bank notes that: “A critical requirement is that any solution must have been implemented in at least five countries preferably in Africa.” Financialtechnologyafrica findings revealed that only three of the globally acclaimed four RTGS vendors meet this requirement.
The four companies that have implemented RTGS in more than six sites globally are United State-based Montran Corporations, United Kingdom-based Logica CMG, Sweden-based CMA Small System and South African-born and Swiss-headquartered Perago AG. However, further findings showed that Montran Corporation has nine sites in Africa.
The company has a global reach with offices in the US, Europe and over 100 installations in more than 40 countries including 34 interbank systems in 24 Central Banks, 9 of which are in Africa. Montran, whose payment systems are SWIFT Ready application solutions, has been a SWIFT partner for 23 years. Its African clients are Lesotho, Ghana, Mauritius, Tanzania and Angola while Logical CMG has no RTGS client in Africa.
However, Logica’s Central Accounting System (CAS) is the most popular RTGS system in the market today. The system is running in 16 countries worldwide, and under implementation in one country. This is a testament to the strength of the technology and the far-sighted genuine product design of the all new purpose built CAS. A wide user base also gives CAS the advantage when it comes to innovation. Some of Logica clients are Luxemburg, Ireland, Azbernijan, Hungary, Turkey, Latvia, Bosnia & Herzegonivia. Others are India, UAE, UK, France, Monaco, Andora, Saudi Arabia, Slovenia and Croatia.
Meanwhile CMA Small System has 20 sites in Africa. These are Algeria, Libya, Benin Republic, Burkina Faso, Ivory Coast, Guinea Bissau, Mali, Niger and Senegal. The rest are Togo, Cameroon, Central African Republic, Chad, Equatorial Guinea, Gabon, Congo, Madagascar, Mauritius and Morocco.
CMA RTS/X is a full-function multi-currency RTGS with ILF plug-in which includes advanced liquidity management facilities like queue management, gridlock resolution, credit lines and minimum reserve requirements. It supports a wide and set specific operations like cash withdrawals, cash deposits, FOREX operations in the likes of DvP models I, II and III, PvP process and settlement of Net transactions in very flexible way.
ILF plug-in allows powerful facilities to eliminate liquidity risks in RTGS system by providing necessary liquidity to participants on intraday basis. It also supports SWIFT FINCopy service.
Also, Perago Africa has seven known sites in Africa. These are South Africa, Namibia, Malawi, Zimbabwe, Uganda, Sudan, and Egypt. Based in Switzerland, Perago is the global leader in financial infrastructure transformation through its Central Bank expertise, suite of business applications, implementation capabilities and value-added services.
The company is a business and service partner of SWIFT as well as working with SWIFT in delivering business solutions. It is a part of the SIA-SSB Group in 2005 Products on show. Its RTGS is reputed to be the most advanced RTGS system based on a hybrid model for liquidity management that can meet the needs of emerging economies and developed countries.
Industry experts are of the opinions that implementing a world-class RTGS infrastructure will be critical for Nigeria as it seeks to increase its influence on financial markets within WAMZ, Africa region and beyond, since the RTGS system is the mechanism for settlement of all other payments, foreign exchange and securities settlement systems.
The system is proposed as a replacement for the current system implemented by a Korea firm that had since been liquidated. Analysts expected that the transition to the new system must not only be seamless but also be transparent to the users. According to CBN, the system must among other things support the following transfer types:
Debit Funds Transfer
This module shall be available for the exclusive use of the CBN or approved clearing infrastructure (such as CSCS or NACS). It shall be a credit pull module with which the CBN as a sending counterparty shall debit the account of the receiving counterparty. The module shall allow multiple transaction entry and approval for single or various counterparties.
Third Party Transfers
This module shall function as the inter-bank funds transfer. It shall be for the execution of transfer orders of participating institutions’ customers.
These are credit push transactions initiated by the sending counter-party, usually a financial institution with a settlement account in the central bank to debit its account while simultaneously crediting the settlement account of the receiving counterparty. The Inter-Bank funds transfer may be used to effect or support the financial settlement of financial instruments such as money market, capital market, and foreign exchange.
The system shall support settlement of transactions in Naira and key international currencies including the planned WAMZ monetary unit.
FG Launches Central Database for Stolen Asset Tracing
Federal government has launched a Central Database under the Asset Tracing, Recovery and Management Regulations (ARTM), 2019 and the Central Criminal Justice Information System (CCJIS) under the National Anti-Corruption Strategy (NACS) 2017 – 2011 to assist in the fight against corruption.
Mr Abubakar Malami, attorney-general of the federation (AGF) and minister of Justice, at the launch in Abuja, said the database will ensure uniformity of process, access and information feeding to deepen transparency and accountability in the management of recovered assets.
To ensure compliance, he said his office is developing legislation for the full implementation and operation of the CCJIS.
“We will work together to establish and re-enact transparency and accountability in governance and management of our resources which we have committed to do by way of strengthening International Cooperation of our membership of Open Government Partnership,” he said.
In his speech, Mr Femi Gbajabiamila, speaker of the House of Representatives, represented by Mrs Ugonna Ozurigbo, chairman, House Committee on Justice, said the regulation on Asset Tracing, Recovery and proper management of proceeds of crime was signed on October 24, 2019, and took effect from November 1, 2019, replaced the proceeds of Crime Regulation of 2012.
The new regulation titled Asset Tracing, Recovery and Management Regulations 2019 empowers the AGF to take charge of the custody and management of all final forfeited assets, approval and appointment of asset managers and operating and maintaining a database for the records of all recovered assets within and outside Nigeria.
He said, the AGF’s office, under the new regulation, is also required to coordinate inter-agency investigations into recovery matters within and outside Nigeria from all law enforcement agencies whose law empowers them to undertake recoveries and maintaining a depository for all forfeiture orders issued by the Nigeria courts and courts outside Nigeria.
Asset Tracing, Recovery and Management, according to the Speaker, is a core value of good governance and its effective management will serve as a deterrent to would-be fraudulent minded individuals who may find themselves in public offices.
According to him, states resources must not be allowed to be stolen but if that happened by fraudulent individuals, efforts must be taken to trace the proceed, recover same and manage for the interest of the generality of the people.
“When the proceeds of crime are traced and recovered but again looted by government officials, I dare to say such act amounts to the crime of tertiary capacity and must be avoided.
“Assets not accounted for are assets lost; loss of assets undervalues the economic potential of a country and will negatively impact on the net worth of a country. Accordingly, Asset Tracing Recovery and Management is a panacea to rekindling of the value system of a nation,” the Speaker noted.
Konga Bulk Debuts Monday
Konga, Nigeria’s foremost ethical and innovative composite e-Commerce brand is set to unveil a revolutionary new solution – Konga Bulk – which the company says will represent the new normal for forward-thinking businesses and consumers in the Nigerian corporate space.
Equally important, Konga Bulk, the latest innovation from the e-Commerce giant, is set to go live on Monday, September 21, 2020.
Through this initiative, Konga is rolling out a mega platform which has been touted a potential game-changer, offering manufacturers, distributors, resellers as well as Small and Medium Enterprises (SMEs) an opportunity to take advantage of Konga’s world class assets including its secure regional warehouses, smart offices, cutting-edge technology, advanced logistics capabilities through an internally-owned subsidiary, Kxpress and its Central Bank of Nigeria-licensed payment platform known as KongaPay.
This is in addition to leveraging Konga’s e-Commerce engine and extensive marketing expertise in bringing their products and services to the consciousness of millions of Nigerians nationwide.
In other words, Konga is taking a huge burden off the shoulders of manufacturers and other business owners in Nigeria through this ambitious project.
By allocating physical office and warehouse spaces to partner businesses and placing its many other cutting-edge assets at their disposal, Konga is ushering many into the new normal by bringing succour to corporate entities, many of whom have been encumbered by the COVID-19 pandemic.
Furthermore, Konga Bulk will play a very important role, bridging the gap to genuine products and services between manufacturers, distributors, resellers, bulk buyers and consumers.
Resellers and other bulk buyers can also take advantage of best prices available for genuine products exclusively through Konga Bulk.
Kalu Johnson, vice president, Strategic Business, said businesses who sign up on Konga Bulk have a lot to gain.
‘‘Konga Bulk is a very ambitious project which we have positioned as the new normal.
“It is a unique opportunity for manufacturers to take advantage of the huge assets and real estate, both physical and virtual, available at Konga.
‘‘We have invested significantly and strategically in various areas of our operations.
“Today, Konga owns arguably the largest single warehouse space in Lagos in addition to other similar massive infrastructure in other parts of the country such as Onitsha, Port Harcourt, Uyo, Abuja, Owerri and other locations.
‘‘As a manufacturer, distributor or business owner signed up on Konga Bulk, you no longer have to worry about owning your own office or warehouse space. Nor do you have to bother about the heavy investment in logistics, delivery, payment solution, technology, marketing or activations.
“You can rely on Konga’s world class competencies and assets in these areas.
‘‘Businesses must find a way to rebound from the difficulties occasioned by the COVID-19 pandemic.
“Konga Bulk, which is focused on ushering in the new normal, is one of the innovations we have come up with to provide a way out,’’ he concluded.
Konga Bulk goes live online at www.konga.com and offline in every Konga retail store nationwide on Monday, September 21, 2020.
Access Bank Reaffirms Support for An Innovative, Smart Lagos State
Mr. Herbert Wigwe, managing director and chief executive officer of Access Bank Plc, has said that Access Bank Plc will not relent in supporting innovative programmes aimed at transforming Lagos into a 21st century State driven by technology innovations.
Wigwe spoke yesterday during the finals of the Lagos State Smart Meter Hackathon design held at the Bank’s Corporate Headquarters in Lagos.
An initiative of the Lagos State Ministry of Energy and Mineral Resources, the Hackathon is aimed at providing affordable electricity meters to the populace by facilitating the design and production of meters that will accelerate efforts towards achieving improvement in energy distribution, monitoring and prevention of revenue leakage.
Wigwe who was represented by Mr Ade Bajomo, executive director, IT & Operations at Access Bank, said that supporting the Hackathon once more reinforces the Bank’s commitment to leveraging technology for the betterment of the society.
“Having Hackathon and innovative programmes like this, has always been part and parcel of our DNA in Access Bank. We are forever looking for new things to do to solve real problems in Africa and beyond; new things that would move the life of our people forward.
“We are always looking forward to doing things that would make more people financially independent, driving and enhancing the well-being of the entire society,” he said.
He noted that now the world is witnessing the Fourth Industrial Revolution, and there are Africans working with the rest of the world and using technology to solve the problems of the people.
Wigwe stressed that Access Bank does not exclude the rest of the world when it comes to using technology innovations to address the problems of the people.
“That is why this Hackathon is very important because it’s our people solving our problems and leveraging global solutions to finding our answers to our own problems.
“And that is why at the Africa Fintech Foundry (AFF), which Access Bank is promoting, we want to have more innovators and innovations that will help in transforming our society for the better,” he said.
The Access Bank boss stated that to see this Hackathon come to light shows the commitment of the Lagos State Government to not only the project, but to the actualization of a smart Lagos, where electricity is accessible and affordable.
He pledged Access Bank’s continued support to the Lagos State Government’s efforts at building a smart state.
Mr. Olalere Odusote, convener of the Lagos Smart Meter Hackathon and the State’s Commissioner for Energy and Mineral Resources, said that there were very many talented people who applied for the Hackathon, noting that there were 65 submissions in all, out of which its panel of experts reduced the number to the five finalists that participated at the finals of the Hackathon.
“We had the hardware yesterday and we were very impressed with what we saw. We are expecting no less from the software side. We are going to get engaged, look at what they have to offer and then integrate it into our future.
“We are trying to solve our own problems by ourselves. This is just the start; it is not a one-off project. At the end of the event, we will take the product to our prototype mode; we will take the product to a commercial development process,” he said.
The Commissioner said they were not just doing the Hackathon for the sake of it but are looking for solutions that will contribute to making Lagos a 21st Century economy.
He thanked Access Bank for its generosity, support and partnership with the State government. He also thanked other partners for joining in the journey of making Lagos a great state.
Five contenders each emerged from both categories of the competition, and the two winners are expected to share the prize money of seven million naira.
Finalists were shortlisted after a transparent, rigorous and competitive process.
The Hackathon attracted 274 registrations or entries, 127 of which bid in hardware category, while 147 competed in software group.
The five software finalists for the Hackathon on Thursday were Magnitronics, Vectorians, Zeena Platform, Chosen Soft Tech and Gideon.
It would be recall that during the launch of the programme on July 30th, 2020, the Lagos State Governor, Babajide Olusola Sanwo-Olu noted that the Smart Metre Hackathon Initiative marked a significant milestone in the implementation of the State Government’s plan towards improving access to electricity.
He said it aligned with the Sustainable Development Goal 7 of the United Nations, targeted at achieving universal access to affordable, reliable, sustainable, and modern energy for all by 2030.
The Lagos Smart Meter Hackathon 2020 was convened by the Lagos State Ministry of Energy & Mineral Resources, curated by Eko Innovation Centre, and sponsored by Access Bank Plc, Egbin Power, and Ikeja Electric Distribution Company.
Other sponsors include Mojec International, Eko Electric Distribution Company, MOMAS Electricity Meters Manufacturing Company, ElSewedy Electric, Royal Power & Energy, Venture Garden Group, InfraCredit, and Axxela Limited.
They were supported by the Lagos State Office of Innovation and Technology, Lagos State Employment Trust Fund (LSETF), the Nigerian Electricity Management Services Agency (NEMSA), Africa Fintech Foundry (AFF), Oracle, IBM, General Electric, Business Day and Accelerate TV.
The Grand Finale of the Hackathon holds on Friday, September 18, 2020 at Eko Innovation Centre, Ikoyi, Lagos.
NCC Threatens Illegal Users of GSM Boosters with Arrest, Prosecution
FG Launches Central Database for Stolen Asset Tracing
NCC Holds First Virtual Bi-Annual Meeting with Telcos
Ericsson Launches Integrated Packet Core Firewall to Boost 5G Core Security
Anambra Indicates Interest to Host NITDA’s South-East Zonal Office
Senate Alleges Multi-Billion Naira Fraud in NTA, Startimes Deal
IHS Holding Mulls Africa’s Biggest IPO worth $7Bn in US
New Regulatory Agency Coming for Nigeria Postal Sector
Pantami Excited as ICT’s Contribution to Nigeria’s GDP Increases to 17.83%
Chinese Phones with Built-in Malware Sold in Africa
- News3 days ago
Beware of COVID-19 Infected Poultry Smuggled into Nigeria- Customs
- E-Business3 days ago
Global Tech Giants Converge in Nigeria as TD Africa Births Tech Experience Centre
- News3 days ago
79% of Nigerian Parents do not Track their Children’s Location
- Broadcasting3 days ago
Lagos Traffic Radio Launches Live Report Motorcycles
- E-Financial3 days ago
Banker Dragged to Court over Alleged N25m Theft
- E-Business3 days ago
CWG Expands Offerings for HMOs with HealthExchange Platform
- E-Financial3 days ago
Paxful Aims To Offer Easy and Affordable Global Payment Solutions
- Telecom3 days ago
HMD Global Rolls out Android 10 Update for Nokia 2.1 Users in Nigeria