Business
CBN Supports Agency To Ensure Financial Inclusion
The Central Bank of Nigeria (CBN), says it will support the Cooperative Financing Agency of Nigeria (CFAN) to ensure financial inclusion in the country.
The Head of Financial Inclusion Secretariat, Mrs Temitope Akinfadeyi, said this at the 2017 United Nations International Day of Cooperatives in Abuja on Saturday.
Akinfadeyi stated that one of the initiatives that can enable members of cooperatives to benefit from formal financial services is the National Cooperative Development Fund (NCDF).
She said the fund would provide the needed guarantee for members to borrow from banks, adding that CBN would then provide the needed technical support to CFAN to achieve the objective.
According to her, the theme, ‘Inclusion: Cooperatives ensure no one is left behind’, provides a very strong platform for reaching out to the financially excluded in the society.
“It is also an invaluable opportunity for members of cooperative societies to educate people and their communities on the importance of managing their financial lives.
“It will also enable members to imbibe savings culture, utilise appropriate financial products and services; and enhance members’ ease of access to finance and capital,’’ she said.
Earlier, the Minister of Agriculture and Rural Development, Chief Audu Ogbeh, had reiterated the Federal Government’s commitment to supporting the implementation of the cooperative development policy.
Ogbeh, represented by the Federal Director of Cooperatives, Mr Akintoye Akintola, said the government would ensure activation of the NCDF and passage of necessary bills that would strengthen the sector’s operations.
He said: “This is underscored by the constitution of the National Steering Committee of the NCDF with the hope of launching the fund this year.
“This fund is expected to solve your guarantee and collateral issues. These and other reforms are in process to reposition the cooperative movement to deliver on its mandate.
“My ministry will continue to evolve and support useful programmes that will benefit the cooperative sector.’’
The minister also stated that the President Muhammadu Buhari administration recognises the relevance of the cooperative model to national economic development.
He said government would study the various challenges of CFAN with a view to creating an improved environment for cooperative societies to thrive.
Meanwhile, Akintola, had in his opening remarks, reiterated the importance of cooperatives to nation-building.
Akintola, who also was represented by the Deputy Director of Cooperatives, Alh Idris Sani, said cooperatives had been identified as a more stable and sustainable business model unlike the capitalism model.
He said, “they provide employment opportunities, stability, resilience; and constitute an important channel for bridging market and human values among others.’’
The Chief Registrar of Cooperatives, Hajiya Hassana Mohammed, urged CFAN to workout appropriate strategies that would ensure financial inclusion.
“We must adopt strategies to strengthen the movement through capacity building, entrenchment of cooperative best practice and law to position cooperatives to deliver on its mandate to members,’’ Mohammed said.
Also, President, Abuja Cooperative Federation, Mr Emeka Mbagha, said the theme of the event was chosen to further emphasise the contribution of cooperative societies to the United Nations Sustainable Development Goal.
Mbagha urged the government to take more interest in cooperative matters to help the body take its rightful place in the society.
“The cooperative movement in Nigeria is well harnessed and well positioned to promote inclusiveness which advances equitable opportunities for economic participants”.
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
