Business
Fintech Growth: Experts Harp On Policies, Enabling Environment
Financial experts at the ongoing Future Banking Tech West Africa Conference have called for an enabling environment and policies for fintech to thrive.
The Tide reports that the Future Banking Technology conference was organised to address the full value chain of West Africa’s banking and financial sector to achieve more financial inclusion and sustainable growth.
The conference had the theme: “ Innovation in Regulation – Overcoming Gaps in Rural Banking Strategies”.
According to Steven Ambore, Head Digital Financial Services, Central Bank of Nigeria (CBN), fintech globally bridges financial inclusion gap.
He said that the CBN recognised the importance of digital financial services and had strategised to ensure fintech’s adoption by the banking industry.
“To make any progress, we need to focus on creating the enabling environment for fintech to thrive, and CBN has instituted strategies toward that.
“There is a roadmap for that: introduction of a tradition licensing, trying to understand what fintech does and its problems, holding round table with stakeholders and others,” he said.
Ambore said that women and the youth were the most financially excluded, adding that the CBN was working toward bridging the gap.
He called on the financial sector to make financial services more accessible and affordable as well as ensure it would meet specific needs.
The Principal Economics Officer, Ministry of Finance, Ghana, Mr Benjamin Tordah-Klu said that a proper regulatory framework would be needed for fintech to thrive.
According to him, a lot is being done in the fintech space, especially in the area of payment, urging their adoption.
The Head, Financial Literacy Office, Consumer Protection Department, CBN, Mr Damola Atanda said that apart from an enabling environment, financial literacy was of essence.
According to him, we have technology, but the problem is what we do with the technology. We have to make it impact on the people.
“Forty million excluded Nigerians in rural areas have been living their lives well without technology; introducing financial technology to them will be strange because they will be wondering its use.
“How to get them to understand banking solutions is where financial literacy comes in, and they should be made to understand the enormous responsibilities that come with it,” he said.
He advised that the CBN should work with the National Youth Service Corp to enlist corp members to educate people in rural areas on the benefits of digital services.
Atanda listed other activities of CBN for boosting financial inclusion to include development of a portal to standardise financial literacy and putting together a consumer protection framework.
Earlier, Dr Evans Woherem, Founder and Chairman, Digital Africa Global Consult Ltd. and Compumetrics Solutions, said that financial inclusion and fintech were apt.
According to him, financial inclusion is important because of the need to ensure that the generality of people, especially from ages 18, become users of financial institution.
“It is so unfortunate that these are financially excluded; there is the need to ensure that things are done to include them.
“Fintech is something that we also need to pay more attention to, as it is an exponential technology that will disrupt the banking system.
“”The banking system has come a long way – from the long queue banking to the realtime one, but this is not enough; we need to embrace fintech in the banking system,” he said.
He said there was the need for West Africans to catch up on technology adoption, adding that the conference provided an opportunity for experts to come up with decisions that would help the sector to move forward.
The Nigerian Communications Satellite Limited (NIGCOMSAT), the country’s satellite operator, has called for immediate promolgation of policy action that will enable the country to harness the potentials of Artificial Intelligence (AI).
NIGCOMSAT, also warned that Nigeria risks missing out on Africa’s projected $1.2trillion share of the global AI economy by 2030.
Managing Director of NIGCOMSAT, Nkechi Egerton-Idehen, disclosed this in a statement issued at the weekend following her participation in the Meeting of the National Council for Communications, Innovation, and Digital Economy.
“Artificial intelligence is reshaping industries, economies, and societies worldwide, with projections that it will contribute up to $15.7trillion to the global economy by 2030. Africa stands to gain $1.2trillion of this if the right policies and innovations are in place”, Idehen said, citing a PricewaterhouseCoopers report.
The NIGCOMSAT MD underscored the transformative potential of AI in agriculture, highlighting its applicability in Benue State, widely regarded as Nigeria’s “food basket.”
According to her, machine learning tools could revolutionize agricultural practices by improving pest detection and optimizing planting schedules using satellite imagery.
“AI offers us the chance to not only flourish economically but also to achieve food security. However, we must ask ourselves if we are prepared to manage this technology responsibly”, she added.
Idehen also noted that internet access remains a significant barrier to AI adoption in Nigeria.
“For AI tools to be effective, basic digital infrastructure is essential. Addressing this gap must be a priority.
“AI is happening. We have the opportunity to manage this technology revolution responsibly, both in Africa and globally, through innovation and governance”, she said.
In August 2024, the Federal Ministry of Communications, Innovation, and Digital Economy released a draft National Artificial Intelligence Strategy, aiming to position Nigeria as a global leader in AI.
Corlins Walter
The Chairman of Emohua Local Government Council, Chief David Omereji, has said the council has so far spent over N1 billion for the electrification of communities in the area.
Omereji said this while addressing staff of the council at the council headquarters recently.
He said the move was part of his administration’s resolve to ensure peace and development of the LGA.
According to him, the Council spent about N29 million on monthly basis for the maintenance of the Emohua Local Vigilante group known as OSPAC, with each member being paid a stipend of N100, 000 monthly.
He diaclosed that 11 out of the 14 wards are currently enjoying electricity, while efforts are on to light-up the remaining ones.
“I also want to use this opportunity to inform the political class for purposes of records and for the understanding of the people that the Council under my watch have done more than enough”, he said .
The Emolga boss explained that all that have been achieved were through the personal effort of the Council, without support from anybody as rumoured in some quarters.
Omereji further reaveled that a number of other projects, including roads, fencing of schools, hospitals, courts premises, and reconstruction of some abandoned buildings at the Council Headquarters are being undertaken by his administration.
He enjoined the people of the area to support his administration’s drive to bring purposeful development to the LGA.
The Emohua Council boss, who reiterated his hatred for noise making, stated that his works would speak for him, and solicited the support of staff of the council and the entire people of the area.
He noted the fact that some people may not be happy with his achievements, saying that he would remain focused, while advising critics of his government to do so constructively with facts and figures.
King Onunwor
The Movement for the Survival of the Ogoni People (MOSOP) has raised some ethical questions over a Financial and Technical Services Agreement (FTSA) between Sahara Energy and West African Gas Limited (WAGL), an affiliate of the Nigerian National Petroleum Company (NNPC).
MOSOP said the agreement was not done in good faith, not in the interest of the Nigerian people, and did not follow due process.
Foremost Ogoni born activist and MOSOP leader, Fegalo Nsuke, who made this known in Abuja, weekend, described the Sahara-WAGL deal as fraudulent, deceptive and an insult on the intelligence and integrity of the Nigerian nation.
Nsuke called on President Bola Ahmed Tinubu to cancel that FTSA between Sahara Energy and WAGL, noting that the agreement is fraught with irregularities and deceptive.
“What Sahara and the NNPC did in the FTSA between Sahara and WAGL is shameful and depicts high level corruption in public service of our country.
“WAGL is an affiliate of Sahara and the NNPC. How then can Sahara go into an agreement with its own affiliate? It’s as good as going into an agreement with itself. This is deceptive and fraudulent”, Nsuke said.
He continued that “Sahara Energy is certainly not a company the Ogoni people want on their soil and we are calling on Mr. President, Bola Ahmed Tinubu, to terminate any deal between the NNPC and Sahara Energy over OML 11, and to allow for an inclusive arrangement that considers a fair treatment of the Ogoni people in the distribution of revenues from natural resource extraction on Ogoni soil.
“The last Ogoni Congress has been unequivocal on the Ogoni demand for justice and has given a clear path to resolve the three decade old conflict between all critical parties.
“It will be good to explore this path to peace and development for Ogoni and for our country”.
Nsuke accused Sahara Energy and the NNPC of frustrating the progress made by MOSOP to achieve a permanent solution to the Ogoni problem.
He urged a presidential intervention with deep consideration for a fair treatment of the Ogoni people in order to permanently address the problem.
He noted that Sahara Energy should give up on the Ogoni area to allow for an engagement in the interest of the country and the people.
Recall that MOSOP and Sagara Energy have recently been engaged in a row in what MOSOP describes as an unholy relationship between Sahara Energy and the NNPC over OML 11.
MOSOP expressly rejected Sahara Energy and called for a fair treatment of the Ogoni people in natural resource extraction in Ogoni.
It noted that Ogoni people, led by MOSOP, paid the sacrifice to take the oil from Shell, hence “the position of MOSOP must be taken into consideration in decisions relating to resumption of oil production in Ogoni”.