Connect with us

E-Financial

Africa Leads in Creating Resilient Women Entrepreneurs – Mastercard Index

Published

on

mastercard logo23.jpg

Following the release of the Mastercard Index of Women’s Entrepreneurship (MIWE) on Tuesday, it was revealed that 34.8 percent of businesses in Uganda are owned by women, making it one of the top performing African countries highlighted in the index.

The MIWE is a weighted index that helps to better understand and identify factors and conditions that are most conducive to closing the gender gap among business owners in any given economy.

The three factors include Women’s Advancement Outcomes, Access to Knowledge and Financial Services, and Supporting Entrepreneurial Factors.

The Mastercard Index of Women Entrepreneurs tracks female entrepreneurs’ ability to capitalise on opportunities granted through various supporting conditions within their local environments and is the weighted sum of three components: 1) Women’s Advancement Outcomes (degree of bias against women as workforce participants, political and business leaders, as well as the financial strength and entrepreneurial inclination of women), 2) Knowledge Assets and Financial Assets (degree of access women have to basic financial services, advanced knowledge assets, and support for small and medium enterprises), and 3) Supporting Entrepreneurial Conditions (overall perceptions on the ease on conducting business locally, quality of local governance, women’s perception of safety levels and cultural perception of women’s household financial influence).

For the 2016 Index, Mastercard examined 54 different economies around the globe, including Botswana, Ethiopia, South Africa and Uganda.

Uganda scored particularly well in terms of advancement outcomes: the women entrepreneurial activity rate was 100 percent, with its labour force participation rate at 93.9 percent, making the country top in these areas worldwide.

Uganda also excelled in sharing knowledge assets with women and providing financial access, with 90.5 percent borrowing or saving to open a business – higher than the 52.4 percent average of other low to lower middle income countries – and a 95.8 percent gross women tertiary education enrolment rate.

When compared to other African markets surveyed Botswana leads the charge with the highest rate of women’s advancement outcomes, at 62.6 percent, and was also rated highest (66.6 percent) for providing supportive entrepreneurial conditions. South Africa earned the top spot for women’s access to financial instruments and knowledge assets in Africa, with 86.7 percent of the populace’s women entrepreneurs having access to knowledge assets and capital.

The Index results revealed that female entrepreneurs in developing countries are driven by resilience, determination and the desire to provide for their families.

The findings reinforce that women entrepreneurs are the backbone of economic growth and powerful engines of development and financial inclusion, especially in Africa.

Women in these emerging markets tend to tap into local business opportunities that do not rely on knowledge or innovation alone – effectively allowing them to avoid financial, regulatory or technical constraints.

“The result of this survey collaborates an economic reality in Africa that women continue to overcome formidable challenges to remain a cornerstone of trade and productivity on the continent,” said Daniel Monehin, Division President for Sub-Saharan Africa and head of Financial Inclusion for International Markets at Mastercard.

“To further boost entrepreneurship among women in Africa, Mastercard has collaborated with a number of partners in the public and private sectors in our markets across Africa to drive greater levels of female entrepreneurship and inclusion in the economy. These include Mercy Corps, Youth for Technology Foundation, UN Women and Junior Achievement South Africa.”

According to the Index, some of the main challenges that currently prevent women from venturing into business include lack of financial funding or venture capital, regulatory restrictions and institutional inefficiencies, lack of self-belief and entrepreneurial drive, fear of failure, socio-cultural restrictions, and lack of training and education.

These constraints are acting as barriers preventing women from starting businesses in the majority of the 54 countries surveyed. For instance, the survey found that even in Australia – ranked seventh overall – the rate of women borrowing or saving to start their own business was only 35.5 percent, below the average of 38.5 percent of other high income economies.

In France, another high income economy, that rate was 36 percent while in Ireland it was 30.3 percent.

Although New Zealand topped the Index and was followed by predominantly developed markets based on their robust small and mid-sized business communities, high quality of governance and ease of doing business.

Women entrepreneurs in Africa and other developing markets have proven to be equally vibrant, resourceful and innovative in finding opportunities to improve their own lives as well as create a better future for their children.

An interesting outcome of the Index is that cultural perceptions of women entrepreneurs in Africa are predominantly positive – at 68.8 percent in Uganda, this is well above the average of 41.3 percent.

“We cannot underestimate the contribution women entrepreneurs make in Africa, more must be done to support them to ensure they are able to sustain and grow their businesses. These resilient business owners are a vital part of a thriving ecosystem, and Africa is showing the rest of the world that they are serious about supporting women in business as it develops a more financial inclusive continent,” concludes Monehin.

Women Business Owners As A % Of All Business Owners – Top 10 Markets

Uganda – 34.8 percent; Botswana – 34.6 percent; New Zealand – 33.3 percent; Russia – 32.6 percent; Austria – 32.4 percent; Bangladesh – 31.6 percent; Vietnam – 31.4 percent; China – 30.9 percent; Spain – 30.8 percent; United States – 30.7 percent.

Mastercard Index of Women Entrepreneurs – Top 10 markets with the strongest supporting conditions and opportunities for women to thrive as entrepreneurs are, New Zealand – 74.4; Canada – 72.4; United States – 69.9; Sweden – 69.6; Singapore – 69.5; Belgium – 69.0; Australia – 68.5; Philippines – 68.4; United Kingdom – 67.9; Thailand – 67.5.

 

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

E-Financial

Court Asks FG to Take over Bank Accounts without BVN

Published

on

Bank account owners who are yet to have a Bank Verification Number (BVN) run the risk of forfeiting their money to the federal government within the next two weeks unless they can justify their ownership of such accounts.

A Federal High Court in Abuja has granted a temporary forfeiture order on such accounts.

It also restrained commercial banks from operating such accounts for the meantime and directed them to disclose the owners of the accounts and the status of the funds in them.

Justice Nnamdi Dimgba handed down the order on October 17 while ruling on an ex-parte motion filed by the Federal Government and the Attorney General of the Federation (AGF).

The ex-parte motion – FHC/ABJ/CS/911/2017- was filed on September 28 this year and argued by the plaintiffs’ lawyer, A. D. Tyoden.

It was brought pursuant to the Central Bank of Nigeria’s Know Your Customers Guidelines and Section 3 of the Money Laundering (Prohibition) Act of 2011 as amended.

The enrolled orders from the ruling reads: “That the 1st – 19th defendant banks shall disclose: (a) the names of the accounts as operated; (b) account number(s); (c) outstanding balances (d) domiciliary accounts and (e) the branch/location where the accounts are domiciled of all accounts without BVN.

“That the 1st – 19th defendant banks to disclose any investments made with funds from these accounts without BVN in any products including fixed/term deposits and their liquidation and interest incurred, bank acceptances, commercial Papers and any other relevant information related to the transaction made on the accounts.

“That an order is hereby made freezing the said accounts by stopping all outward payments, operations or transactions (including any bill of exchange) in respect of the accounts pending the hearing and determination of the substantive application.

“That an order is hereby made directing the 1st to 19th defendant banks to disclose any investments made with funds from these accounts without BVN in any products including fixed/term deposits and their liquidation and interest incurred, bank acceptances, commercial papers and any other relevant information related to the transaction made on the accounts.

“That an interim order is hereby made directing the Central Bank of Nigeria and the Nigeria Interbank Settlement Systems to validate the information contained in the affidavit of compliance/disclosure filed by the respective 19 banks within seven days from the date of service on the Central Bank and NIBSS.

“That an interim order is hereby made appointing a Bank Examiner from the Central Bank of Nigeria to examine the books of any bank that fails to comply with the order of the honourable court to file affidavit of disclosure.

“That an interim order is hereby made granting leave to the applicants or any officer authorised by them to advertise the accounts without BVN disclosed by the bank in a widely circulated national newspaper as notice to any person or body corporate or financial institution who may have any interest in any of the said accounts to claim ownership of same within 14 days of the publication of the order and show cause why the proceeds in the account should not be permanently forfeited to the Federal Government of Nigeria.”

Further hearing in the case was fixed for November 16.

At the last count, the Central Bank (CBN) had issued 30,511,506 BVNs.

The Nigeria Inter-Bank Settlement System (NIBSS) says a total of 45.85 million bank accounts remain unlinked although when compared with the active accounts the number stood at 15.72 million unlinked to BVN as at February 2017.

Even before the court order the CBN had issued a memo warning the banks and NIBSS, Deposit Money Banks (DMBs) and Other Financial Institutions (OFIs) to ensure proper capturing of the BVN data and validate same before linkage with customers’ accounts; ensure all operated accounts are linked with the signatories’ BVN; and ensure customer’s names on the BVN database are the same in all of his/her accounts, across the banking industry.

Continue Reading

E-Financial

UBA Introduces Video Live Chat with Co-Browsing Technology

Published

on

In recent times, customer behaviour and expectations are ever-evolving and with this challenge, comes the need to meet their needs as well as ensure, new offerings are at the forefront of technological evolution.

 

On the back of this development, UBA a leading innovative player in Financial Services is finding new ways to communicate and engage with their customers.

 

With the growing mobile consciousness, customer demand for online services is on the rise and it is imperative to meet this demand with digital self-service platforms.

 

However, to meet this demand, the role of human interaction in the process cannot be underestimated.

 

It fits into our creed to continue to foster our unlimited dedication and access to the customers.

 

In this regard, the United Bank of Africa, in its unrelenting effort to raise the bar, likewise the levels of ease and convenience in customer experience through innovation, has introduced Video live chat with Co-browsing technology.

 

Firstly it enables Customer Experience Experts to help customers in real-time, enabling a support experience centred on visual engagement.

 

Why is this important? 65% of the world are visual learners. Not only can enquiries and issues be resolved more efficiently and swiftly, but co-browsing can complement other channels, improving the overall customer experience

 

UBA is differentiating with Customer Experience and use of Video Live Chat and Co-browsing to improve customer acquisition, service and to improve x-sell & retention by enabling more meaningful contact with customers.

 

Video Co-browsing enables customers to virtually have a one-on-one interface with the bank through co-browsing application via video live chat, text chat, and through real time document exchange. This makes it easier for bank staff to assist customers through a number of difficulties; from filling intricate bank forms and even helping them resolve much more complex transactions. Sometimes, the platform simply facilitates directing the customers to the exact information they need.

 

It provides a secure file-sharing, compliant, real-time communication solutions that enables the bank hold co-browsing sessions to expedite troubleshooting as well as ordinary enquiries.

 

This without a doubt moves light years ahead of the old customer service where interaction is purely through phone calls; this method which has proven to be frustrating especially when it involves fixing a problem urgently.

 

It also comes resourcefully as a quick and easy fix for those who do not have enough time for a physical visit to the bank to take care of their transactions.

 

Other benefits include:

o       All session actions are accountable

o       Secure collaboration

o       Navigate the web together

o       Control access

o       Collaborate online, effectively

 

With this latest innovation, UBA can engage visually and digitally with customers while maintaining human interaction at any given time, in a bid to continue to virtualize customer experience.

 

It offers faster solutions in response to customer enquiries on a more personalised basis anywhere, anytime and from any device.

 

UBA as always, is committed to ensuring greater efficiency and better customer satisfaction. To experience the Video Love chat and Co-browsing technology, visit ubagroup.com .

 

 

Continue Reading

E-Financial

BVN: CBN Orders Banks to Keep Database of Fraudulent Customers

Published

on

Godwin Emefiele, Governor of the Central Bank of Nigeria

The Central Bank of Nigeria (CBN) yesterday directed banks to establish a database of their customers identified through their Bank Verification Numbers (BVNs) to be involved in a confirmed fraudulent activity in the banking industry.

The directive was contained in the Regulatory Framework for Bank Verification Number (BVN) Operation and Watch-list for Nigerian Financial System released by the CBN. The implementation of the framework is with immediate effect.

’Dipo Fatokun, CBN Director, Banking & Payments System, who signed the framework, said bank customers are to by this framework, abide by  the regulatory framework for BVN operations and the watch-list for the Nigerian Banking Industry and also report all suspicious or unauthorized activities on their accounts.

Data from the CBN showed that Nigeria experienced a total of 3,500 cyber-attacks with 70 percent success rate and loss of $450 million within the last one year mainly through cross-channel fraud, data theft, email spooling, phishing, shoulder surfing and underground websites.

Although e-fraud rate in terms of value dropped by 63 percent, after the BVN introduction and improved collaboration among banks via the fraud desks, the total fraud volume rose significantly by 683 percent.

The new regulation is expected to assist the CBN to a great deal, in curbing the menace of fraudsters

According to Fatokun, the new framework is in the exercise of the powers conferred on the CBN, by Sections 2 (d) and 47 (2), of the CBN Act, 2007, to promote the development of efficient and effective payments systems for the settlement of transactions.

He said the framework provides standards for the BVN operations and watch-list for the Nigerian Banking Industry. The watch-list comprises a database of bank customers’ identified by their BVNs, who have been involved in a confirmed fraudulent activity in the banking industry in Nigeria.

Fatokun said the regulatory framework shall guide activities of the participants in the provision of the BVN operations in Nigeria and that the CBN, Nigeria Inter-Bank Settlement System (NIBSS), Deposit Money Banks (DMBs), Other Financial Institutions (OFIs) and Bank Customers are participants in its implementation.

He said the CBN, in collaboration with the Bankers Committee, proactively embarked upon the deployment of a centralized BVN System and launched the BVN in February 2014. This, he said, was part of the overall strategy of ensuring the effectiveness of the Know Your Customer (KYC) principles, and the promotion of a safe, reliable and efficient payments system.

The BVN gives a unique identity across the banking industry to each customer of Nigerian banks.

“This framework also defines the establishment and operations of a Watch-list for the Nigerian Banking Industry, to address the increasing incidences, of frauds, with a view to engendering public confidence in the banking industry.

“This framework, without prejudice to existing laws, is a guide for the operations of the watch-List in the Financial System.”

The Watch-list is a database of bank customers identified by their BVNs, who have been involved in confirmed fraudulent activities.

The framework is expected to clearly define the roles and responsibilities of stakeholders; clearly, define the operations of the BVN in Nigeria; define access, usage and management of the BVN information, requirements and conditions and provide a database of watch-listed individuals.

It is also expected to outline the process and operations of the watch-List and deter fraud incidences in the Nigerian Banking Industry.

In implementing this framework, the CBN is expected to approve the Regulatory Framework and Standard Operating Guidelines as well as approve eligible users for access to the BVN information.

The Nigeria Interbank-Settlement System (NIBSS) is to collaborate with other stakeholders to develop and review the Standard Operating Guidelines of the BVN while the banks are to ensure proper capturing of the BVN data and validate same before the linkage with customers’ accounts.

Continue Reading

Trending

Copyright © 2017 Communication Week Media Limited.