Ict/Telecom
Osinbajo, Sanwo-Olu Laud Airtel On Smartcash PSB Launch
The Vice President, Prof. Yemi Osinbajo, has commended Airtel on the launch of its SmartCash Payment Service Bank (PSB) targeted at closing the financial inclusion gap in the rural areas.
Osinbajo made the commendation during the launch of Airtel SmartCash PSB at Victoria Island, Lagos recently.
The Vice President, who was represented by the Special Adviser to President Muhammadu Buhari on Social Investments,Maryam Uwais, said the launch of the SmartCash PSB, a subsidiary of Airtel Africa, could not have come at a better time.
He said Nigeria’s fintech industry had continued to visibly demonstrate progress, innovation and creativity of outstanding minds, rapidly becoming a model for other nations.
“I am delighted to join the telco in the celebration of a collective aim to take advantage of the fast evolving developments in financial technology space towards catalysing empowerment and economic growth”, he said.
Osinbajo continued that the innovation would ensure that no Nigerian was left behind, particularly those in underserved areas.
“I am here to applaud a commendable leap, which is aimed at exploring vast opportunities and possibilities in the digital age for the benefit of the majority of our fellow citizens.
“The Federal Government of Nigeria has also remained committed to ensuring that all citizens have access to the financial services and credit facilities, across every nook and crannies of the country,” he said.
Similarly, Governor Babajide Sanwo-Olu of Lagos State, who also commended the telco, said the SmartCash PSB would further deepen efforts in financial inclusion.
Sanwo-Olu , who was also represented by the the State’s Commissioner for Finance, Mr Rabiu Olowo, said the PSB license, which was approved by the Central Bank of Nigeria (CBN), was targeted solely for those in remote areas, the underbanked and many Nigerians who reside in Lagos.
“I am sure that we would not be surprised that countless Nigerians do not have a bank account because they believe that banks are too far or for the rich and educated.
“Some others believe that the little they make is not sufficient enough to save in the bank. I, therefore, commend the CBN for coming up with this initiative that is providing a platform that caters to the financial needs of the underserved and underbanked population in Nigeria,” he said.
Noting that the structure that had been put in place by Airtel was one that was simple, cost effective and would absolutely be impactful in bridging financial divide, the gtovernor said he had no doubt that Airtel would live up to the expectations of regulators and ordinary Nigerians who would see the innovation as a life changing one.
The Managing Director of Airtel Africa, Mr Segun Ogunsanya, said the innovation of the Airtel SmartCash was their contribution to reduce the financial gap in the country.
“The aim of the innovation is also to bring millions of people in the rural and urban area into the financial community by transforming their lives.
“The SmartCash is cost effective and your money is safe with us, there would be no issue of hackers.
“The launch of the innovation is a confirmation of our commitment to touching lives,” he said.
Ogunsanya said the telco also planned to bring out 55 per cent of underbanked people into the financial system.
He said the telco would work with the CBN to ensure that no Nigerian was left out of the financial system.
Also, the Managing Director of Airtel SmartCash PSB, Mr Muyiwa Ebitanmi, said that their goal was to deepen financial inclusion by removing barriers and improving accessibility in the rural areas in Nigeria.
“Today is indeed a special day that will mark the transformation of financial services,” he said.
The Managing Director, Shell Nigeria Exploration and Company Limited (SNEPCo), Elohor Aiboni, said Bonga, Nigeria’s first deep-water asset, has recorded major milestones, due to effective leadership, cutting-edge technology, continuous improvement and collaboration with stakeholders.
She noted that since coming on stream in November 2005, Bonga has maintained a track record of production that saw it achieve one-billion-barrel export on February 13, last year.
In her presentation, titled “The Bonga Journey to a Billion Barrels”, at the ongoing 2024 Offshore Technology Conference in Houston, Texas, United States, Aiboni, said: “SNEPCo is grateful for the contributions of all the parties to the Bonga story and we can all be proud of the milestones.
“Bonga has been consistent. In 2014, nine years after coming onstream, it achieved half a billion barrels of crude and doubled it in 2023. We have worked relentlessly to ensure excellent asset management, project and wells delivery and deployment of technology and innovations in our operations”.
According to her, these factors, “coupled with the supportive partnership of the Nigerian National Petroleum Company Limited and our co-venturers – TotalEnergies, EP Nigeria Limited; Nigerian Agip Exploration; and Esso Exploration and Production Nigeria Limited, make Bonga stand out as a world-class investment case”.
She continued that, “SNEPCo also enjoyed the support of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Content Development and Monitoring Board (NCDMB) in the success of Bonga operations”.
Aiboni also listed the challenges of keeping the Bonga Floating Production, Storage and Offloading vessel full as the asset ages and dealing with unexpected developments with subsea wells and equipment.
She said: “SNEPCo responded with a campaign of operational excellence, which among other initiatives, led to the creation of a programme known as the Bonga Business Improvement Plan that continually reviews and identifies improvement initiatives and drives sustainability in operations and upskilling of staff.
“The Bonga success story has been led by Nigerians who have been managing directors of SNEPCo since it was established in 1993, in a deliberate policy by Shell to develop indigenous manpower for deep-water operations in Nigeria.
“Today, some 97percent of the SNEPCo workforce is Nigerian and overall, Bonga has helped to create a new generation of Nigerian deep-water professionals.
“Our vision at SNEPCo remains to be the best deep-water business, powering growth and achieving net zero emissions in line with Shell’s Powering Progress strategy”.
Banks’ borrowings from the Central Bank of Nigeria (CBN) fell month-on-month, (MoM) by 44 percent to N12.16 trillion in April from N21.7 trillion in March.
Analysis of latest data from the CBN shows that the 44percent drop represents the first MoM decline in banks borrowing from since January when it increased by 268.7 percent to N3.6 trillion from N976.29 billion in December 2023.
However, further analysis showed that banks’ deposits in the CBN SDF grew MoM by 118.4 percent to N428.97 billion in April from N196.37 billion in March 2024.
Banks make use of the SLF to access liquidity to run their day-to-day business operations while the Standing Deposit Facility window (SDF) on the other hand, is an overnight deposit facility that allows banks to lodge excess liquidity (money) with the CBN and earn interest.
The decline in banks’ borrowing from SLF may reflect an increase in banking system liquidity and also the decision of the apex bank last year to remove the limit on the remunerable daily placements by banks at the SDF.
According to the CBN Governor, Mr. Olayemi Cardoso, the CBN removed the cap on the remunerable SDF to increase activity in the SDF window and manage liquidity.
A Financial technology expert, Olatunji Akinrinola, has highlighted the exponential growth of the FinTech industry, which according to him, was driven by technological advancements.
Akinrinola made this assertion in a press release recently, where he stressed that the role of technology in driving this exponential growth in the FinTech sector was very outstanding.
According to him, Technology has revolutionised the way financial services are delivered, making them more accessible, efficient, and inclusive.
“Through innovations such as mobile banking, digital payments, and blockchain technology, FinTech companies have been able to reach a larger population and provided them with access to financial services”, he stated.
Akinrinola emphasised the role of technology in enabling financial inclusion, adding: “Technology has democratised access to financial services, particularly in regions with limited banking infrastructure.
“Mobile money platforms and digital wallets have empowered individuals to conduct financial transactions conveniently and securely, without the need for traditional banking services”.
He also underscored the role of Artificial Intelligence (AI) and data analytics in driving innovation within the FinTech industry, noting: “AI-powered algorithms and predictive analytics have revolutionised risk assessment, fraud detection, and customer personalisation in financial services.
“These technologies enable FinTech companies to provide tailored solutions and mitigate risks more effectively, ultimately enhancing the overall customer experience”.
Akinrinola stressed the importance of regulatory frameworks in fostering the growth of the FinTech industry.
“While technology has accelerated the growth of FinTech, it is essential to establish robust regulatory frameworks to ensure consumer protection and maintain market stability. Regulators play a crucial role in balancing innovation with risk management, thereby creating a conducive environment for the sustainable growth of the FinTech sector”, he stated.
Akinrinola underscored the role of technology in driving the exponential growth of the FinTech industry, saying, “Technology has been a game-changer for the FinTech sector, enabling innovation, expanding access to financial services, and driving economic growth.
“As technology continues to evolve, the FinTech industry will undoubtedly play a significant role in shaping the future of financial services ecosystem”.
Corlins Walter
