Author: Funmilola Gboteku

Financial

By Funmilola Gboteku
Lagos, June 28, 2024 (NAN) The Central Bank of Nigeria (CBN) says it will continue to implement more policies to tackle cybersecurity challenges, foster innovation to ensure stability and integrity of the financial system.

The Deputy Governor, Financial Systems Stability at CBN, Mr Philip Ikeazor, said this during a two-day Financial Institutions Training Centre (FITC) Fintech Conference held in Lagos.

The  theme of the event was: “Building Trust in the Digital Age: Balancing Performance with Compliance.”

According to him, issues such as cybersecurity threats, data breaches, and digital fraud are persistent concerns that could erode consumer confidence in the system.

Ikeazor said  the apex bank, in addition to existing measures is working on new regulations to further enhance performance and compliance.

He said the new regulations would focus on two key areas; corporate governance and licensing requirements.

“The new regulation is crucial to mitigate the risks of the digital era,” he said.

He  explained that the new regulation was  aimed at improving the level of compliance and corporate governance practice by fintechs in the country.

Ikeazor said the digital banking platforms have made financial services more accessible to millions of Nigerians, fostering greater financial inclusion and convenience.

He, however, said that digitalisation also brought challenges that could  erode trust if not properly managed.

“Every organisation should conduct its business processes in compliance with the law and the various regulations. Financial institutions need to take the compliance function as extremely important.

“Corporate governance is also very critical. Organisations need to have the right structure and be effective transparent and accountable in the administration of their affairs,” he said.

Also, the Chief Convener and  Chief Executive Officer of FITC, Mrs Chizor Malize, said the emergence of fintech has revolutionised financial services, shifting consumer behaviour toward digital consumption and away from traditional brick-and-mortar establishments globally.

Malize said that the rise of companies such as PayPal and Square, alongside innovations like blockchain technology and mobile payment systems had demonstrated the immense  potential of fintech to disrupt traditional banking models and enhance consumer convenience.

She noted that Africa stood at the forefront of this fintech revolution with companies like Interswitch, Flutterwave, Moniepoint, and others leading the charge.

Malize added that  Nigerian banks such as Providus Bank, GTBank, and Stanbic IBTC and others were embracing fintech innovations to meet evolving consumer demands.

“These initiatives showcase Africa’s potential to drive financial inclusion and economic growth through digital innovation.

“With the widespread mobile technology adoption and a growing demand for financial services, these platforms have transformed digital payments, financial inclusion, and banking services, contributing significantly to Africa’s fintech revolution.

“As we strive for peak performance and efficiency, we must uphold the highest standards of compliance and integrity,” she said.

Malize added that strong regulation and compliance were  essential for ensuring financial system stability, which was  the focus of this conference.

The News Agency of Nigeria (NAN) reports that the FITC is a not-for-profit professional organisation, which has the CBN, the Nigeria Deposit Insurance Corporation, and all licensed banks in Nigeria as members.(NAN)(www.nannews.ng)
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Edited by Chinyere Joel-Nwokeoma

Calendar
By Funmilola Gboteku
Lagos, June 20, 2024 (NAN) Mr Oluyemi Oloyede, the Managing Director, UAC Foods Ltd. has urged the Federal Government to develop a national climate smart food production calendar to boost sustainability.
Oloyede said this at the 10th Regional Food Science and Technology Summit/NIFST Day 2024 celebration on Thursday in Lagos.
The theme of the event was:  “Attaining Sufficient, Safe and Healthy Food for Nigerians Through Food Science and Technology.”
He noted that the country could no longer afford to plant only when it was rainy season.
Oloyede stressed the need for development of effective systems for climate resilient crops varieties and animals due to global warming and climate change.
He said it was necessary to build data from weather forecasting, early warning signs of flooding to effectively and efficiently manage the impacts of climate change on food and livestock production.
“Nigeria has 34 million hectares of arable land where we produce some staple foods in large quantities and it must amplify and prioritise it to meet national requirements and export.
“We are a large producer of cassava, yam, cocoyam, beans, melon seeds and we are among the largest producers of groundnuts,maize, rice and plantain.
“Instead of trying to compete in wheat or sugar or milk, at least for a start, we should first scale where we have competitive advantages.
“We need to increase acreage, support mechanisation, release improved seeds that will increase yields, subsidise scaled production and use some of these as  substitutes where we do not have competitive advantage, “he said.
He also stressed the need to boost nutrition in children and young adults, noting that 32 per cent of children under five in Nigeria were malnourished.
Oloyede noted that nowadays, most Nigerian households considered price, taste, sufficiency over and above nutrition, adding that this was responsible for the quality of food that were available in our markets and shelves.
Citing an example, he said an average consumer wanted protein such as cow milk but because of the challenges of accessibility, the consumer had to step down from skimmed milk or full cream,  to non-dairy creamer.
Oloyede explained that consumers now sacrificed nutrition ( protein levels as high as 30 per cent) for affordability (protein levels as low as two per cent)
“We must view the current global, national and sub-national challenges as opportunities to develop plans to guarantee food security at all levels and this is everyone’s responsibility, including government and donor agencies.
“As a country,  we cannot produce all foods, no country in the world does, hence we need to decide on what is to be produced and exported.
“We must operate an open market that allows us to export and import.
“Nigerians need to stop seeing imports as evil, especially when we are battling with food inflation and other countries are able to produce these foods cheaper,” he said.
The News Agency of Nigeria (NAN) reports that NIFT also held an award ceremony and inter-school debate competition for secondary school students.(NAN) (www.nannews.ng)
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Edited by Chioma Ugboma/Chinyere Joel-Nwokeoma

We need friendly policies to promote sustainable agricultural practices – NIFST

Policy

By Funmilola Gboteku

Lagos, June 20, 2024 (NAN) The Nigerian Institute of Food Science and Technology (NIFST), Lagos State Chapter, has urged the Federal Government to initiate more friendly policies to promote sustainable agricultural practices by farmers.

Mr Olugbenga Aina, the Lagos State Chapter Chairman, NIFST, said this during the 10th Regional Food Science and Technology Summit/NIFST Day celebration on Thursday in Lagos.

The theme of the event was, “Attaining Sufficient, Safe and Healthy Food for Nigerians Through Food Science and Technology.”

According to him, farmers are responsible for producing the food that feeds the population.

Aina said that ensuring that farmers had the resources and support they needed to produce an adequate supply of food was essential for national food security.

He noted that supporting farmers could help stabilise rural economies, create jobs and contribute to overall economic growth.

He explained that many farmers lived in rural areas where economic opportunities may be limited, adding that by supporting farmers, governments could help promote rural development.

“Presently the government needs to deal with the insecurity that is affecting farmers and keeping them from farming.

“We need food, especially now when there is inflation, insecurity and food hunger in the land.

“This is one of the reasons why we are gathered here today to discuss this issues; food safety and security are two intertwined topics that are crucial to the development of any country,” he said.

On cholera, the chairman said promoting good hygiene practices among communities was key to preventing further transmission of the disease.

Aina said the government had done a lot in creating awareness on the need for citizens to maintain good hygiene.

He, however, said that eating food bought from the road could make people subsceptible to cholera.

Aina advised that people should not consume food bought from the road without knowing how it was prepared.

He said the environment or the kind of water used to prepare food was vital.

The chairman said other causes of cholera included eating of uncooked and contaminated foods.

He also advised that people should always wash their hands at all times before eating.

On empowerment, he said that NIFST, through it partnerships with businesses, industries and government agencies had been able to provide job opportunities for over 100 youths between last year and 2024.

In his address, the National President of NIFST, Prof. Abu Oneh, said that academic institutions and research organisations must continue to lead in scientific research, development and innovations needed to address the current and future challenges of food security.

He also said private sector partners, including food producers, processors and retailers must play the crucial role of bringing innovation to the market and ensure its widespread adoption.

Also, Mrs Taiwo Ubany, the Chairperson, Local Organising Committee, said it was necessary for Nigeria to be able attain production of safe and healthy foods.

She noted that there were so many technologies that were available or could be employed to ensure food safety and security in Nigeria.

According to her, Nigeria is a food basket, adding that we have the people and the soil, all we need to do is harness the resources along with technology in order to cater for the needs of Nigerians.

She said food sufficiency was key, and that food was available but not getting to the people because of so many issues.

Mrs Veronica Alaba, NIFST Adviser, said that the government needed to find a lasting solution to the issue of terrorism which was hindering farmers from planting crops.

According to her, the attacks have made so many farmers to stop cultivating crops, which in turn has led to food inflation. (NAN) (www.nannews.ng)

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Edited by AbdulFatai Beki/Salif Atojoko

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Partnership
By Funmilola Gboteku
Lagos, June 11, 2024 (NAN) Airtel Africa, a telecoms and mobile money services company, has partnered the Network International, an enabler of digital commerce across the Middle East and Africa, as its payment processor.
Airtel Africa said this in a statement signed by Mr Ian Ferrao, the Group Chief Executive Officer, Airtel Money, on Tuesday in Lagos.
Ferrao said the collaboration was set to drive Airtel’s continued provision of cutting-edge mobile services across the continent and beyond.
He noted that Airtel Africa would be well equipped to navigate the dynamic landscape of digital finance, drive innovation and deliver unparalleled value to its users and stakeholders with the partnership.
According to him, Network International’s expertise spans across 50 countries including 40 in Africa, serving over 200 financial institutions, and facilitating over 1.6 billion transactions.
“Its in-depth knowledge of the African market makes it an ideal partner for Airtel Africa.
“Network International will roll out its services in key Airtel Africa markets, covering card issuance products and providing technical support.
“This includes a comprehensive range of services such as transaction processing, card hosting and management, online fraud prevention, internal reconciliation,settlement and online access for Airtel users, “Ferrao said.
He explained that the solution would offer Airtel Africa’s users the convenience and ease of accessing a wide range of both conventional mobile services and new digital payment services all through a smooth and elevated customer experience.
“We are thrilled to partner with Network International to enhance our payment processing capabilities.
“This collaboration will enable us to deliver a superior customer experience and drive digital financial inclusion across Africa,” he said.
According to Ferrao, Network International’s proven track record and deep understanding of the African market will allow Airtel to innovate and scale services more effectively.
He added that together, both companies would empower users with seamless and secure payment solutions, fostering economic growth and inclusion in communities.
Dr Reda Helal, the Group Managing Director Processing, Africa and Co-Head Group Processing at Network International, described the partnership as a major milestone.
“Our collaboration with Airtel marks a major milestone for our outsourced payments services in Africa.
“It demonstrates our ability to successfully serve Mobile Network Operators via our fully-fledged processing solutions and our continued dedication and commitment to the African region.
“We are excited to support Airtel’s growth strategy and its business development plans for the entire continent,” Helal said. (NAN) (www.nannews.ng)
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Edited by Chinyere Joel-Nwokeoma

Banking
By Funmilola Gboteku
Lagos, June 6, 2024 (NAN) Moniepoint MFB, an African financial institution, says it has relaunched its personal banking referral programme to enrich its customers.
Mr Babatunde Olofin, the Managing Director of Moniepoint MFB, said this in a statement on Thursday in Lagos.
Olofin said the referral programme was designed to reward users every time their friends or family performed  a transaction on Moniepoint after signing up with referral link.
He said that through this, millions of people would earn well over N100,000 from referrals alone.
According to him, Moniepoint’s technology has powered over three million businesses across Nigeria.
Olofin said that with its reliable infrastructure in the hands of personal users, it now enabled seamless payments for many across the country.
The managing director said the referral programme would provide extra income for many of its users.
“The customer-centric referral programme supports the bank’s focus on driving financial inclusion while helping to accelerate its vision of creating a society where everyone experiences financial happiness.
“We know how important seamless financial transactions are and we have seen first-hand the power of peer to peer recommendations and how word-of-mouth referrals can grow a customer base and increase revenue.
“With our strong customer obsession and the strings of commendations, we want to provide our customers with rewards even as they continue to share these positive experiences with the Moniepoint brand,” Olofin said.
He noted that each current and new personal account holder had been provided with a unique referral code which was identical to their account username and was visible in the referral section on the personal banking app.
Olofin said the link could be shared with anyone, who, upon signing up and transacting with the Moniepoint Personal Banking app, would contribute to rewards for the referrer.
He added that for every outward interbank transaction conducted by referred customers in the next 12 months, participants would receive a commission.
He explained that the transparent and straightforward incentive structure ensured that participants reap tangible benefits for actively promoting the Moniepoint Personal Banking app. (NAN)(www.nannews.ng)
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Edited by Chioma Ugboma/Chinyere Joel-Nwokeoma