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Union Bank Launches Tech, Innovation Hub, Others Too
Nigeria’s 105-year old financial institution, Union Bank, has launched SpaceNXT, a technological and innovation hub, in Nigeria’s seat of commerce, Lagos.
Also, American global tech payments giant Visa, during the week, built an innovation studio in Kenya as it seeks to help Africans develop digital solutions.
Let’s us get into details.
The world is more advanced in terms of technology but equally more unsafe. Are you surprised?
76 percent of organisations suffered downtime and data loss in 2021, according to Acronis Cyber Protection Week Global Report 2022.
The report, published during the week by Ripples Nigeria, cited system crashes, human error and cyberattacks as major causes of data loss by organisations in the year under review.
Acronis, which is a global leader in cyber protection, noted that organisations needed to combat the growing threat by deploying integrated cyber protection solutions.
Banks are stepping out to drive social change in the country. What is new in this light?
Nigeria’s 105-year old financial institution, Union Bank, launched SpaceNXT, a technological and innovation hub, in Nigeria’s seat of commerce, Lagos.
The bank revealed this on Friday in a press release forwarded to Ripples Nigeria.
According to the bank, the development was “to promote innovation and encourage collaboration within the tech ecosystem in Nigeria.”
Fintech is still king. And, Africa is benefiting from the investment stream. What do we mean?
Nigerian fintech startup, ImaliPay, during the week, secured a $3 million seed in debt and equity round.
The round, according to details of the deal, will fund the startup’s plan as it seeks to offer financial services to underserved gig workers across Africa.
ImaliPay, as an organisation, leverages artificial intelligence (AI) and big data to offer tailored financial products that promote the inclusion of gig economy platforms and workers across Africa.
Like ImaliPay, like Sycamore. If startups are to throw parties after every raiser, everyday will be a fiesta. What is the gist?
Sycamore, a Nigerian peer-to-peer loan firm, also raised investment, though undisclosed at the time of press.
The round was led by White Hibiscus Capital (WHC), a US-based venture capital firm, and saw the participation of other private investors.
While also empathizing with the people of Russia, the company whose headquarters is in Santa Clara, California, sent a message of support to its thousands of employees domiciled in Russia.
How else do one emphasise that fintech is king? Explains why we are having more founders in the space than any other sub-sector. How much is $11M in Naira?
During the week, ZirooPay, a Lagos-based agency banking startup, raised an $11.4 million Series A round led by local VC, Zrosk Investment Administration.
The investment, according to the startup, will help it expand its product features as well as accelerate its team’s growth.
The agency banking startup is an app-based platform deploying fintech solutions to facilitate payments.
Egypt is not left out. The sentiment is the same. And, the trend can only continue.
An Egypt-based health-tech startup, O7Therapy, closed a USD2.1M seed round during the week.
The round, which was led by Hikma Ventures, saw the participation of other angel investors including C-Ventures, and Lotus Ventures.
The health-tech startup is a refined, scientific, and research-based online platform, established to support mental wellness by developing trusted protocols for data encryption and storage.
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
