Business
CBN To Introduce Digital Currency Before Year Ends
The Central Bank of Nigeria (CBN) has announced plan to launch its digital currency before end of this year.
The apex bank has also intensified efforts through awareness fair for easy access to its various intervention funds.
The decision on digital currency was a major outcome of Thursday’s Bankers’ Committee Meeting, where it also assured of adequate foreign exchange supply to meet all legitimate transactions through Deposit Money Banks.
The Director of Information Technology of the apex bank, Mrs. Rakiya Mohammed, along with several banks’ Managing Directors disclosed this via a zoom press briefing after the Bankers’ Committee meeting.
According to her, “officials of CBN have been exploring the digital currency technology for over two years. There are two types of currency, the notes and coins. The CBN digital currency will be a third type of currency. It will supplement the cash. Rather than carry cash about, you have the money in your phone.”
She also explained that the most recent Enhancing Financial Innovation and Access (EFInA) report indicated that the nation was at about 60 per cent in financial inclusion and that with a target of 80 per cent at the end of the year, steps needed to be taken to raise the percentage of the nation’s financial inclusion.
She argued that the proposed CBN digital currency would enhance the inclusion drive and reduce the cost of cash management, while enabling innovations in the nation’s financial market.
Mohammed stated: “The digital currency would be accessible to all Nigerians. Just like everybody has access to cash, everybody will have access to the central bank’s digital currency. Let me state categorically that cryptocurrency such as Bitcoin and the rest of them are not under the control of the central bank; they are purely private decisions that individuals make.”
In her remarks, Managing Director of Fidelity Bank, Mrs. Nneka Onyeali-Ikpe, said that CBN assured the bankers’ committee of its readiness to provide sufficient foreign exchange for all those who had genuine need through the banks.
Meanwhile, the CBN flagged off a two-day fair aimed at easing applicants’ access to credit in the intervention funds of the Federal Government floated by the apex bank.
The fair themed: “Promoting financial stability and economic development”, holding in Lagos and Abeokuta, was a designed platform to interact with significant stakeholders to explain some of the bank’s policies, interventions, initiatives and elicit responses from them and to assess the questions and issues raised to refine the bank’s policies or interventions on problems.
Speaking at the fair, CBN Governor, Godwin Emefiele, represented by Assistant Director, Corporate Communications Department, CBN, Osita Nwanisobi, said: “What we want to do with the CBN fair is to create a platform to interact with our significant stakeholders to explain some of our policies, our interventions, our initiatives and elicit responses from them.
“Take questions back as those questions and issues that they will raise, one will help us to refine policies or interventions on problems.
“For us, it is a means of monitoring our policies and a means of evaluating our progress and a means of looking at whether what we are doing is actually impactful to the Nigerian public.
“CBN is getting into some of these interventions because of the failure of the markets”.
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