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Cloud-based Toolset Enables 30% Growth of Financial Institutions in West Africa – Oradian

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Microfinance institutions, microfinance banks and Cooperative Societies in West Africa using Oradian’s cloud-based toolset have the potential to grow by more than 30% per year by becoming more efficient.

This was part of the conclusions of a Networking Dinner organized by Oradian at the FourPoints By Sheraton, Victoria Island, Lagos.

The event brought together leaders of financial institutions, regulatory groups, financial inclusion experts and fintech providers to form strategic partnerships that will boost financial inclusion in Nigeria and West Africa at large. The event connected the private sector, public sector and financial services regulator.

Attesting to the positive impact of Instafin utilization in rural microfinance institutions, the Head, LAPO Rural Development Initiative, Mrs. Florence Omofonmwam said that LAPO, through Oradian and its CBS Instafin, LAPO has been enabled to continuously open new branches, reach new clients and boost financial inclusion in Nigeria.

She stated: “Oradian has helped us eradicate the cumbersome process of monitoring packs and client data management is now simpler and less stressful. With digitization, my team has less administrative work to do and they can spend more time in the field out of the office, finding new clients”.

Addressing guests at the Networking Dinner that included other stakeholders from Oradian, media and ICT sector of Africa, Antonio Separovic affirmed that their CBS Instafin enables financial institutions to eliminate manual, pen and paper processes and move to digitized operations.

By reducing the time spent on administration through digitization, financial institutions have more time to focus on their core competency: delivering financial services to clients in their communities.

He added that as part of the process to minimize inefficiencies, Instafin reduces high operational costs through automatic reporting that replaces time-consuming month end reporting processes.

The CEO highlighted several other tools for such digital transformation such as Instafin Messaging, Automatic Updates, Maximum Data Security, Training and Implementation – including data migration from their previous CBS or from spreadsheets.

Co-founder and Programme Director for Africa, Oradian, Mr. Onyeka Adibeli added that financial institutions on the Instafin platform can offer time-based loans on a weekly, monthly or yearly basis. He added that the system is not customized but parameterized in a bid to ensure that every entity can configure their products to suit their clients.

“Providing loans is the main service for many microfinance institutions and microfinance banks in West Africa. Clients don’t just come to the institution because they want to save, they are saving because they need a loan. And in anticipation and understanding this demand, we create the tools that financial institutions need to service their clients in the most efficient way”, he detailed.

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E-Financial

Fidelity Bank MD Not On The Run – Bank

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Mr. Nnamdi Okonkwo

Fidelity Bank Plc has said that Mr. Nnamdi Okonkwo, its managing director/CEO, has not jumped bail, clarifying that he was on a sick leave.

 

The bank in a statement expressed shock at the online media report, stressing that it was a “responsible corporate citizen and staff members, including the MD/CEO, conduct their operations in line with the laws of the Federation”.

 

The statement read: “Our attention has been drawn to recent online media re¬ports that Fidelity Bank MD/CEO has jumped bail. The reports are completely untrue and the facts of the matter are hereby presented as follows;

 

“The MD/CEO has been away on medical leave, which was duly approved by the Board, since December 4, 2018.

 

“The Bank informed the CBN Governor of this development as the MD/CEO was unable to attend the annual Bankers Committee retreat held between December 8 & 9, 2018, on ac¬count of this. An Executive Director represented the bank.

 

“The Bank received a letter from the EFCC about 48 hours ago, requesting for the attention of the MD/CEO.

 

The Bank responded to the EFCC immediately that the MD/CEO was on medical vacation and gave an indicative date that he will report to the Commission.

 

“The Bank also attached the following documents to the response; the leave approval by the Board Chair¬man and the letter sent to the CBN Governor on the inability of the MD/CEO to attend the Bankers Committee retreat”.

The bank continued: “We are therefore shocked by the misleading reports in the online media and have provided the above clarifications to set the records straight.

 

“Fidelity Bank is a responsible corporate citizen and staff members, including the MD/CEO, conduct their operations in line with the laws of the Federation”, it concluded.

 

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CBN says TSA Transactions Value Hit N13.53trn in 2017

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The Central Bank of Nigeria (CBN) says the migration of the Federal Government Ministries, Departments and Agencies (MDAs) to the Treasury Single Account (TSA) has led to positive growth in the value and volume of transactions recorded in end to end payments in 2017.

The bank made the assertion in the 2017 Annual Activity Report released by its Banking and Payments System Department on its Website.

It also attributed the growth to the rise in the number of MDAs accounts migrated to the TSA.

The CBN said that the value of transactions recorded at the period reviewed stood at N13.53 trillion from the N10.65 trillion in 2016, representing an increase of 27.01 per cent.

The apex bank also said that volume of transaction grew with an increase of 3.84 per cent to record 39.7 million in 2017 as against the 38.24 million recorded in 2016.

According to the CBN, the payment instructions comprises recurrent, overhead and capital expenditure.

On the TSA implementation, the bank added that during the year, stakeholders’ engagements took place to improve the operations and address some of the challenges facing it.

“In order to engender healthy competition and ensure effective service delivery, the Federal Government’s TSA payment gateway model was modified to accommodate other service providers.

“The aggregator model was developed to bring in more players into the e-collection process, thereby providing a level playing ground for all the Payments Service Providers (PSPs), with NIBSS as the aggregator.

“The initiative was driven by the Federal Ministry of Finance (FMF) with the Office of the Accountant General of the Federation (OAGF) as the implementing agency, in collaboration with the Central Bank of Nigeria,” it said.

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Nigeria’s OneFi Secures First Ever Credit Rating for an African Fintech

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One Finance Limited (OneFi) announces that is has been assigned a “BB” rating with a Stable outlook, from Global Credit Rating Co. The company behind Paylater, Nigeria’s leading digital financial services platform that specialises in consumer lending, becomes Africa’s first fintech company to secure such a rating, as it looks to increase transparency around its credit and lending service.

Global Credit Rating Co. is Africa’s leading ratings agency, accounting for the majority of all ratings accorded on the African continent.

The report analysed key financial and operational factors including risk management, liquidity positioning, borrowings and capital under management. In arriving at this rating of “BB” with a Stable outlook, Global Credit Rating Co’s analysis found that OneFi is well capitalised vis-a-vis its current risk level, and also highlighted the fact that the company currently has a low liquidity risk.

Commenting on the news, Chijioke Dozie, OneFi CEO says, “The entire process of securing this rating from Global Credit Rating has been rigorous, testing, but ultimately, hugely beneficial for the company.

It has allowed us to scrutinise our finance and business models, as well as provide full transparency not only to our stakeholders, but to Paylater’s tens of thousands of customers across Nigeria.

“The work does not stop here. We are a young company, and the very first African fintech platform to be awarded with a credit score, and whilst we are pleased with our “BB” rating and Stable Outlook, which we believe fairly reflects our current standing, we are now focussed on expanding our product offering, improving our asset quality, driving up customer loan applications and looking at ways in which we can bring our innovative approach to finance management to additional markets”.

Paylater, launched in 2016 by Nigerian finance entrepreneurs Chijioke and Ngozi Dozie, provides hassle-free loans without need for human intervention or bias in decision making.

Loans are disbursed to applicants account within 5 minutes of approval. The credit-as-a-service company aims to be a one-stop-shop where all the financial needs of the Nigerian consumer can be met through one platform.

To-date, the Paylater app has been downloaded over 1 million times with over 1,575 loans approved daily. The average disbursement time is 12 seconds and the average loan borrowed is $80 with a 3 month loan tenor.

As part of its ongoing commitment to transparency, the lending platform has, since September, provided each Paylater loan applicant with a free credit bureau report, irrespective of decision, with 100% reporting of positive and negative data. To date, the company has shared over 60,000 reports with customers.

Chijioke Dozie concludes, “With the Central Bank of Nigeria [CBN] currently revising the Licensing Regime for finance providers and fintech platforms in Nigeria, and with more formality and  regulation surrounding the sector, this was the right time for OneFi to undertake the positive step of securing a credit rating score, as we work to build a legitimate, trusted lending brand. We are now held to the same levels of transparency and scrutiny as other leading financial institutions in Nigeria”.

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