Connect with us

E-Financial

Winners Emerge in VISA/Cc-Hub Financial Literacy Apps Challenge

Published

on

Kindly share this post

“Money TALKS”, a financial platform where users can get audio tutorials in multiple languages on specific financial issues that Nigerians face was declared the finest app by judges at financial literacy bootcamp organised by VISA in conjunction with Co-Creation Hub Nigeria yesterday.

The app developed by young talented developers led by Francis Osifo came first among six apps demonstrated at the one Bootcamp and developed under 48 hours.

At the boothcamp three top teams garnered cash prizes totaling N2,960,000, with the first team going home with N1.2 million.

The Bootcamp had six teams building prototypes of web/mobile apps and games to teach money management skills and support the advancement of financial literacy among Nigerians.

Holly Jones, business development manager, VISA (Nigeria) told Nigeria CommunicationsWeek that the Company was motivated into organizing the competition enlighten the public on financial savings and e-transactions.

She said that the challenge was part of corporate social responsibility of the world famous payment solution provider.

Jones said: “We are here to contribute our quota towards deepening financial literacy in the country. We are not just here to issue cards out via the banks, rather the development of the eco-system means a lot to us. We want the knowledge to be built especially at the grassroot level. 

“When we approached CC-Hub we wanted it to be a very broad app that can cover segments of people in the society; as children should be educated likewise the adult”.

Commenting on the apps developed at the boothcamp she described them as amazing and very impressive. “It was very impressive that they could develop such apps in 48 hours. They have the knowledge and technical know-how,” she added.

The VISA business development manager, added although winners have emerged however, the Company will not relent until the apps are fully developed and deployed into the market soonest.

Oh his part, Femi Longe, director of Programmes, Cc-Hub, said that, the basic criteria for selecting the apps were based on their ability to solve societal needs, flexibility, adaptability and accessibility.

“The judges looked at what could the apps solve in the society. Although they were developed in 48 hours, but how impacting could they be on the society? Could we say in the nearest future that Nigerian are financially literate due to the deployment of the app. These were parts of the criteria,” he noted.

Longe added that is it heartwarming that Nigerians could provide apps geared towards solving local challenges and meet global standards.

The six apps and games developed at the camp are, “Money Life- a stimulation game that involves user’s budgeting, earning, saving spending accumulated funds around real life scenarios.

“Money TALKS is also a platform where users can get audio tutorials in multiple languages on specific financial issues that Nigerians face.

“NairaSaver- a money saving and management tips app for Nigeria where people share & vote on money saving tips.

Others are, “Financial IQ, which is also financial management and financial products from different service providers”.

They are apps on localisation and digitalisation of “Junior Achievement Nigeria’s Business and Community board games for school children and MarketTrader, also a financial literacy game targeted at the literate children of illiterate and semi – literate children artisans, traders and other micro-entrepreneurs.

Cc-Hub Nigeria is a social enterprise committed to bringing together stakeholders from different walks of life to work collaboratively on solutions to social challenges facing Nigerian society.


Kindly share this post
Continue Reading
Comments

E-Financial

FG Makes u-Turn on Bank Account Re-Registration

Published

on

Kindly share this post

Federal government on Friday apologised for asking all account holders in financial institutions in the country to re-register their personal details.

FG makes u-Turn on Bank Account Re-Registration

Recall that the federal government had on Thursday ‎ordered that all persons holding accounts across financial institutions and insurance firms should complete and submit self-certification forms to their respective financial institutions.

The notice issued by the government to that effect read, ‎“This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc.) are required to obtain, complete, and submit Self – Certification Forms to their respective Financial Institutions.

“Persons holding accounts in different financial institutions are required to complete and submit the form to each one of the institutions. The forms are required by the relevant financial institutions to carry out due diligence procedures, in line with the Income Tax Regulations 2019.‎”

The directive raised eyebrows, as account holders already possessed Bank Verification Numbers.

Following widespread condemnation that trailed the directive, the Federal Government backtracked on Friday, saying the fresh guidelin‎e was not for all Nigerians.

The government attributed the development to misinformation.

The clarification issued by the government on Friday read, ‎“We apologise for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the notice does not apply to everybody. ‎FIRS will clarify Nigerians on the objectives of the directive.”

Also on Friday, FIRS, in a statement posted on Twitter, explained that the guidelines were only for non-residents, as well as people paying tax in more than one country.

Parts of the FIRS statement read, “The Self Certification Form is basically to be administered on Reportable Persons, holding accounts in Financial institutions, that are regarded as “Reportable Financial Institutions” under the CRS.

“Reportable persons are often non-residents and other persons, who have residence for tax purposes in more than one jurisdiction or country.”

“The information that indicates an account holder is a resident for tax purposes in more than one jurisdiction, is expected to be available to Financial Institutions during account opening processes, for the KYC and AML purpose.”


Kindly share this post
Continue Reading

E-Financial

Stanbic IBTC Bank Disowns Lagos ATM Fraudster

Published

on

Kindly share this post

Stanbic IBTC Bank PLC has disowned Tope Olajide, 22-year-old fraudster arraigned for theft of customers deposits.

Stanbic IBTC Bank Disowns Lagos ATM Fraudster

The Bank said this in a statement on Wednesday.

The statement said: “The attention of the management of Stanbic IBTC Bank PLC has been drawn to news currently circulating in the media, about the alleged arraignment of staff of the Bank on charges bordering on the theft of customers deposits.

“The Bank would like to clarify that the defendant, a 22-year-old Tope Olajide, IS NOT, and was at no point in time an employee of Stanbic IBTC Bank PLC.

“The alleged culprit was apprehended around 7:30 am, on Thursday, 27 August 2020, by security operatives after he was exposed by CCTV footage using ATM cards he had allegedly stolen and converted, to make withdrawals from the accounts tied to the stolen ATMs.

“The CCTV footage also showed the alleged culprit pretending to assist customers at ATMs whilst also attempting to fraudulently dispossess the customers of their ATMs.

“He was subsequently arraigned before an Ikeja Magistrate Court on Monday, 14 September, for stealing the debit cards of two customers and using them to unlawfully withdraw the sum of N427,000.

“The Bank would also like to implore members of the public to be security conscious when conducting transactions at ATMs. Customers are advised to report any suspicious actions around them to security operatives who are usually stationed around the Bank’s ATMs, when carrying out transactions at any of our ATM locations.

“As an organisation, we hold dear the values of integrity, and we will continue to prioritise the safety of our customers effectively.”


Kindly share this post
Continue Reading

E-Financial

Buhari Okays Establishment of CBN-Led Infraco

Published

on

Kindly share this post

President Muhammadu  Buhari has approved the establishment of an   Infrastructure Company (Infraco) to be driven by the Central Bank of Nigeria (CBN) in partnership with the African Finance Corporation (AFC) and the Nigerian Sovereign Investment Authority (NSIA).

Buhari Okays Establishment of CBN-Led Infraco

Mr. Godwin Emefiele, CBN governor

This is coming  on the heels of the foreign reserves’ slump to $36 billion following a cocktail of monetary policy interventions by the apex bank to cushion the scathing effects of the COVID-19 pandemic on the economy.

Mr Godwin Emefiele, CBN governor, made these disclosures in Abuja at the annual conference of the Chartered Institute of Bankers of Nigeria (CIBN) with the theme: Facilitating a Sustainable Future: The role of Banking and Finance.

According to him, Infraco would enable the use of private and public capital to support infrastructure investment that will have a multiplier effect on growth across critical sectors.

“This entity would also be able to raise funds from the capital markets and mobilise long term finance to address some of our infrastructure needs, while providing reasonable returns to investors. “We believe this well-structured fund can act as a catalyst for growth in the medium and the long run. The support of the banking community will be important in achieving this objective.

“A well-built infrastructure system, comprising hard infrastructure such as roads and ports, and soft infrastructure such as broadband penetration, can have a multiplier effect on growth by enabling the expansion of business activities in the country”, he explained.

On foreign reserves, Emefiele attributed its crash to the decline in foreign exchange earnings and subsequent adjustments in the value of the naira to the dollar.


Kindly share this post
Continue Reading

Trending