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Stakeholders Laud SymbolsM Application

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Information and Communications Technology and Financial services stakeholders have lauded the launch of Symbols Microfinance application by Progenics Corp Limited.

Dr. Emmanuel Ekuwem, president, Association of Telecommunications Companies of Nigeria (Atcon) said at the official launch of the application in Lagos that SymbolsM is a clear demonstration of capability of local software developers to develop applications that are of international standard. He urged Microfinance banks to patronize SymbolsM as the Progenics is well equipped to support the application effectively, which it has demonstrated in its other applications in stock broking and investments.

He noted that the much talked about vision 2020 will not be realized with local content development especially in ICT which SymbolsM has proven.

Mr. Ayo Olushola, managing director, MoneyCom Microfinance bank, outlined qualities expected of any software for Microfinance banks, these include cost effectiveness, scalability, available support, adaptability, flexibility and continuity of the company providing the solution.

All these, he said SymbolsM has met as his bank is a proof to attest to the success of the application. He noted that most organizations in the country has lost huge amount of money looking for support of their solution outside the shores of Nigeria.

Senator, Nkechi Nwogu, chairman Senate committee on Banking, Insurance and other financial services said Nigeria’s Microfinance market worth $6 billion and expected to rise to $9 billion, while global Microfinance market worth $17 billion.

She decried absence of legal backing to Microfinance policy which requires state and local governments to set aside 1% of their annual budget for development of Microfinance banks within their locality.

Earlier in a speech, Mr. Tony Udoh said the challenge for Microfinance institutes is to find core banking software that have been tested because they cannot afford to invent new technology modules.

"In order to have consolidated data that is timely, speedily and regularly available, Microfinance banks require well-developed technology software that will enable them analyze their loan portfolio and disseminate information efficiently and consolidate their loans. Once micro loan details are stored in an electronic format, the costs can be combined into a larger loan that can be bought by a larger bank or securitized to capital markets, thereby providing a much-needed supply of capital to Microfinance banks," he explained.

He said these features and a lot more are offering from Symbols Banking Application. Adding that SymbolsM is a comprehensive and integrated microfinance application that is aligned to all facets of banking operations to produce unparalleled customer service delivery without the attendant operational bottlenecks.


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CAC Flags Three Companies, Warns Nigerians

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Corporate Affairs Commission (CAC) has warned Nigerians against transacting with three fake Nigerian firms, citing fraudulent incorporation documents and registration numbers not issued by the commission.

CAC Flags Three Companies, Warns Nigerians

According to the CAC, these companies are using fake certificates of incorporation with two different RC numbers each, none of which exist in the commission’s official records.

The affected companies are SPEF Cooperative Society Ltd with RC Numbers 1265884 and 512862, UPIL Staff Cooperative Society Ltd with RC Numbers 1265837 and 553220, and PREM Staff Cooperative Society Ltd with RC Numbers 1265844 and 545901.

The CAC warns that any Nigerian conducting business with these entities does so at their own risk.

“Anyone that transacts any business with the above-mentioned companies does so at their own risk,” the commission warned.

The commission further advised potential partners and investors to verify registration details directly through its official portal before signing contracts or making payments.

Similarly, the CAC, in a bid to enhance its services, introduced an AI-powered business registration platform on July 3, designed to streamline incorporations.

This new system offers instant name reservations, automated business-name suggestions, and same-day registration using a National Identification Number (NIN).

Additionally, the commission plans to review its service fees starting August 1, aiming to make its services more efficient and cost-effective.

 

 

 

 

 

 


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AfDB to Introduce Systems Reforms to Prioritize Investing in Africa’s Youth

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The African Development Bank, in partnership with the International Labour Organization, has launched a transformative system to mainstream youth employment, skills development, and entrepreneurship across its investments.

The approach, called the Youth, Jobs and Skills Marker System, is aligned with the Bank’s latest Ten-Year Strategy, which places Africa’s young people at the center of development efforts to maximize the impact of every dollar invested, turning demographics into a dividend.

The Marker System ensures that Bank projects spanning diverse sectors, such as agriculture, transport, energy, water, and education, systematically incorporate components that enhance youth employability, foster entrepreneurship, and build market-relevant skills.

“The Youth, Jobs and Skills Marker System is about ensuring Africa’s young people have a real say and active role in building sustainable economies and creating jobs – not as passive recipients of youth programs,” said Dr. Beth Dunford, the Bank’s Vice President for Agriculture, Human and Social Development. “This transformation of Bank practices and systems is a step toward making sure our investments have a positive impact on Africa’s young women and men.”

The integrated system has three focus areas:

Youth: Supporting youth-led micro, small, and medium-sized enterprises through targeted investments and operational integration.

Skills: Expanding access to practical, market-driven training and apprenticeships to enhance career prospects.

 Jobs: Ensuring Bank-funded projects create sustainable job opportunities, particularly by developing youth skills for employability and the promotion of youth-led businesses in priority value chains.

Each year, around 10 to 12 million young Africans enter the labor market, which offers only three million formal jobs annually. The Bank will prioritize youth entrepreneurship and mobilize private sector partnerships to strengthen industry-oriented skills training as well as job creation over the coming decade.

“[This initiative] is very important because it allows us to significantly contribute to the United Nations Sustainable Development Goal #8 that includes decent work for all,” said Peter van Rooij, Director of Multilateral Partnerships and Development Cooperation at the International Labour Organization. “It also allows the International Labour Organization to influence the Bank’s work, to support their lending that is more geared toward more job creation and better jobs in a sustainable way.”

The Youth, Jobs and Skills Marker System is modeled on the success of the Bank’s Gender Marker System and its online dashboard, which categorize Bank projects based on their contribution to gender equality and women’s empowerment.

Similarly, the new system will feature an online platform enabling Bank staff and consultants to access real-time data for preparing country strategy papers, mid-term reviews, annual reports, project supervision, and reporting on youth-related skills, businesses and jobs outcomes.

The Bank has just launched a pilot version of the Youth, Jobs and Skills Marker System in readiness for the full implementation in 2026. This system will enhance data tracking, improve estimates of youth skills attainment and employment, strengthen labor market information systems, and support policymakers in making evidence-based decisions that drive meaningful change.

The International Labour Organization provided technical support for the system’s development with financial support from the Bank’s Youth Entrepreneurship and Innovation Multi-Donor Trust Fund. The Youth, Jobs and Skills Marker System is the first deliberate action of its kind developed by a development finance institution worldwide.


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SEC Probes Ponzi Scheme Linked to FF Tiffany

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The Securities and Exchange Commission has revealed plans to commence investigation into the activities of an entity operating under FF Tiffany, allegedly running a fraudulent investment scheme that has defrauded citizens.

A statement by the SEC on Tuesday in Abuja said preliminary information revealed that the scheme, which promised investors unusually high and unrealistic returns, had resulted in the loss of several billions of naira.

The SEC said it viewed the activity as a threat to investor confidence and the overall integrity of the financial system.

The commission assured the public that it was working closely with law enforcement agencies and other relevant bodies to bring everyone involved in the unlawful operation to justice.

According to SEC, those found culpable will be prosecuted in accordance with the Investment and Securities Act and regulatory provisions.

SEC reiterated its earlier warnings to the general public to desist from engaging in Ponzi or unregistered investment schemes that promised guaranteed or exaggerated returns.

“These schemes are not registered with the SEC and do not offer investor protection under the law.

“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC said.

The commission encouraged investors to conduct due diligence and verify the registration status of any investment firm or product by visiting the SEC website or contacting the commission directly through official channels.

SEC said it remained committed to its mandate of protecting investors, ensuring fair practices, and maintaining confidence in Nigeria’s capital market.

 


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