Business
RUFIN Engages Cellulant To Develop Rural Agent Banking For MFIs
The Rural Finance Institution Building programme (RUFIN) said it has engaged Cellulant, a technology providing company, to develop rural agent banking platform for Micro Finance Institutions under its programme.
Mr Bolaji Akinbode, Chief of Party, e-wallet, Cellulant, made this known in an interview with newsmen on Friday in Abuja.
Cellulant Company designed the popular Growth Enhancement Support (GES) scheme also known as the e-wallet for the Federal Ministry of Agriculture and Rural Development in 2011.
Through this scheme, the then Agricultural Transformation Agenda (ATA) of the Federal Government was able to reach 14 million farmers with farm inputs at subsidised rate within three years.
Akinbode said that the rural farmer’s do not keep their money in the bank but with cooperatives and other traditional forms of savings like bottles and pots.
He said agent banking is that system that will go after the money and the people where they are and encourage them to put their money in the financial system.
Akinbode said the strategy adopted by RUFIN is correct, saying that Cellulant had come to help scale it up for more people to benefit in the rural areas.
“We have been contracted by RUFIN to implement an agent banking platform for Micro Finance Banks (MFBs) and Non-Bank Micro Finance Institutions working with RUFIN.
“The organisations working with RUFIN right now do more of institutional and physical transaction but for you to really grow at the right paste; you need to operate beyond the physical location.
“This means one has to bring network marketing principles where you can have agents across the areas with very specific set of activities to be carried out.
“If you train them and it is implemented properly, you will discover MFI with about a thousand customers could be scaled to 10 thousand,” he said.
Akinbode said the pilot will commence in 12 weeks, saying it will be operational in all participating institutions before it would be ready for full roll out.
RUFIN is being implemented in 12 states across the six geo-political zones, with two from each zone.
The programme enjoys financial assistance from the International Fund for Agricultural Development (IFAD), a UN agency and the Government of Nigeria.
It is being implemented over a seven-year period and specifically targets marginalised groups such as women, young people and those with physical disabilities.
The objective of this programme is to strengthen micro finance institutions and establish linkages between them and formal financial institutions.
It lays the foundation for the long-term development of a sustainable rural financial system that would eventually operate throughout the country.
The Tide source also reports that by reaching out to the poor rural people, the programme ensures that they gain access to financial services and can invest in improving productivity in agriculture and small businesses.
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter