Business
Micro-Finance Bankers Query Stamp
Participants at the Women in Management, Business and Public Service (Wimbiz) annual lecture in Lagos recently
The National Associa
tion of Micro-Finance Banks (NAMB) has told the Federal Government to explain the N50 stamp duty policy imposed on every transaction made on current accounts to justify its implementation.
The Treasurer of the NAMB, Mrs Frances Becky, made the call in an interview with newsmen on Tuesday, in Abuja.
“We are calling on the government to reveal that policy especially as it affects the very poor people whom they want to reduce their poverty level.
“ We cannot aim to reduce poverty and at the same time we are seen to be doing things that will make people poorer.
“The government should be able to distinguish the payment because to place everybody at the same level when we are not equal has an implication.
According to Becky, the stamp duty fee is hampering the activities of the micro-finance sub-sector because the banks are turn between who bears the cost of the fee.
“If a customer through a commercial bank pays in N10, 000, automatically a stamp duty charge of N50 is deducted and there is a VAT on that N50 which immediately hits your account. “That account is run by the bank as a business account and the money is in transit to some other customer’s account. “ The question will now be, ‘ who will bear the cost’, should it be transferred to the customer, if you transfer it to the customer, they will definitely raise an alarm’’, she stated.
She noted that if the charge was imposed on the customer, it would discourage most of them from banking because they would rather save their money at home than paying for every transaction in the bank.
Becky explained that the stamp duty charge was established by the office of the postmaster-general to help generate revenue for the government and enforced by the CBN.
She argued that the ideal thing would have been to give exemptions or considerations to MFBs, who she said, were rendering services to the poor people.
“The irony of the matter is that it now seems like we are charging this people whom we are encouraging to come to the bank for doing business in the bank.
“ It is making the poor people poorer and the rich people are not feeling the impact of the charge because the same charge for N1, 000 deposits is the same charge for N50 million.
“Everywhere in the world, the richer you are the more tax you pay, so why would we do it differently in Nigeria, this policy is misdirected, it is a policy summersault.
She further said it would be wise for the government who implemented policies to enlighten the public on the importance of such policies before it was enforced.
“ If the people are also informed about what the government aims to do with such funds, it would also help to justify the charges,’’ she said.
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