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RTGS Replacement: Perago Africa, CMA, Montran Meet CBN Requirements

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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.
Inter-Bank Transfers
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.
Multiple Currencies
The system shall support settlement of transactions in Naira and key international currencies including the planned WAMZ monetary unit.

 


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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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