Business
AfDB Partners MFBs On Support For MSMEs
The African Development Bank (AfDB) has said it will work with microfinance banks to expand support for Micro Small and Medium Enterprises (MSMEs) in order to deepen financial inclusion in Nigeria through increased uptake of financial technology tools.
President, AfDB, Mr. Akinwunmi Adesina, disclosed this in Abuja, while speaking at the seventh yearly symposium of the Nigerian Microfinance Platform (NMP).
Adesina, who was represented by the Director-General, AfDB, Nigeria Country Office, Lamin Barrow, said microfinance and MSMEs are key to the economy and job creation, which is at the core of the Bank and poverty reduction.
“But they need our support and so through our mediated support through Development Bank of Nigeria and others, we have supported about 20,000 MSMEs, but given the large number of MSMEs in Nigeria, this support is like scratching the surface.
“So, we need partners like yourselves and others to penetrate and even in larger numbers,” he said.
While commending the theme of the NMP Symposium, ‘Expanding the Frontiers of Financial Inclusion Through Innovation: The Microfintech Tools’, Adesina assured that AfDB will work with all stakeholders to expand financial inclusion in Nigeria, including through increased innovation and uptake of Fintech tools.
“It is the Bank’s belief that this symposium will help us develop a more holistic understanding of the financial needs of underserved households and small businesses and develop ways to enhance access to affordable products”.
He said the bank is seeing the development of powerful new technologies and there is, therefore, the need to seek ways to combine technologies in a way that moves the needle on financial inclusion.
“The bank, your bank, is keen to contribute to building a definitive ecosystem in Nigeria and we commend NMP for conveying this symposium.
“As an institution, the bank is open to dialogue and work with all stakeholders to expand financial inclusion in Nigeria, including through increased innovation and uptake of Fintech tools”, he said.
Also speaking at the symposium, Deputy Governor, Financial System Surveillance (FSS), Aisha Ahmad, challenged MFBs to recognise that microfintech, which is Fintech applications adapted to microfinance, is an important tool for surpassing the nation’s financial inclusion target and hence come up with ways to deploy them to provide a cost-efficient manner to microfinance clients.
“MicroFinTech sweeps that traditional cost structure away and can operate without huge overheads as the marginal cost of delivering software to a new user at near zero.
By leveraging technology – smartphones, peer authentication and even the e- Naira, the cost of delivering a microfinance service drops sharply. And as the cost drops, the cost-benefit ratio improves and profitability increases,” she said.
Similarly, the Managing Director/CEO, Nigeria Deposit Insurance Corporation, Mallam Hassan Bello, stressed the need for MFBs to come up with innovative products that will not only attract more people into the sector, but also restore truth and dignity to the people who are deficit in both the disruption of mobile technology operators, and to keep expanding and cut cost.
He added that the corporation on its part is currently reviewing its framework for financial and technical support to the MFBs sector to bring it up to the contemporary business dynamics and after it is done it will be more robust and accessible to eligible MFBs.
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