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Interswitch Partners Banks on e-Payment Education

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Electronic payment switching company, Interswitch is partnering with some commercial banks on its network to create awareness on how to curb the growing trend of fraud on e-payment system in the country.

The strategic alliance is meant to inundate the public with steps to be taken to protect the identities of their Personal Identification Number (Pin) which invariably represent their signatures and the need to keep them sacrosanct.

The campaign which will kick off in a few days time as revealed at the media parley in Lagos, will make use of radio jingles as well as print and billboard adverts to enlighten the public using a common language that will be effectively assimilated by all on various ways people can use the debit card apart from just using it to withdrawals at the ATM.

Verdant zeal will pilot the print and billboard adverts while the radio will be manage by bates case company .The message of the print advert will focus on education and enlightenment to the effect that PIN is as good as someone’s signature and that no one should reveal his PIN in his brain where it cannot be tampered with.

The print advert will also educate cardholders what to expect from scam messages and how to react to them bearing in mind that Interswitch and its member banks will never ask cardholders about their PIN which is confidential to them. The campaign will also come up with bumper stickers which will be widely circulated free of charge to motorists and other road users alike. The message in them will also reveal the nuances of card fraudsters.

Another aspect of the print advert is to educate the public about other channels debit card can be used and not limited to only ATM withdrawals. People will also be educated through the message on how to shop with the debit card.

The life angle to the print advert will further educate the card holders on how to buy a recharge card or visit the cinema for instance with the debit card even as it will also highlight the do’s and don’ts with the ATM card.

The Radio campaign will basically bring to life, most of the experiences people have talked about regarding card fraud.

Mitchell Eleigbe, managing director, Interswitch said that as fraudulent people have devised various ways of defrauding the people through the spread of fraudulent messages to people, banks came together on what should be done to stem the trend.

"This is in the area of corporate social Responsibility. Various websites have been created and more are still being created to deceive people. People have responded that they have been defrauded. What we are doing is to prevent a lot more people from being defrauded. What we want to do in Nigeria is to make sure that we are one step ahead of the fraudsters, Elegbe said.

He reiterated that the joint campaign is meant to achieve three major objectives which are to educate the cardholders on the importance of protecting their PINs, to create media awareness on card usage without generating unnecessary panic in the minds of cardholders and finally to enlighten cardholders of channels on which their cards can be used than just cash withdrawal at ATM.


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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.

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E-Business

Abdullahi, NITDA Boss Harps on Partnership to Drive Advance Digital Transformation Agenda

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Mallam Kashifu Abdullahi, director-general, National Information Technology Development Agency (NITDA), has reaffirmed the importance of collaboration in advancing Nigeria’s digital transformation agenda.

Abdullahi, NITDA Boss Harps on Partnership to Drive Advance Digital Transformation Agenda

L-R: Mallam Kashifu Abdullahi,  director-general, National Information Technology Development Agency, with Brig. Gen., Abdulrahman Idris, team lead of the Senior Executive Course 46 2024, National Institute for Policy and Strategic Studies, Kuru, Jos during a strategic tour visit to the agency headquarters in Abuja.

Abdullahi disclosed this during a strategic engagement with participants of the 2024 Senior Executive Course 46 from the National Institute for Policy and Strategic Studies (NIPSS), a delegation led by Brigadier General Abdulrahman Idris.

Abdullahi emphasised that no organisation can achieve its goals in isolation, stressing the need for collaborative efforts to harness ideas, experiences and insights for national development. He highlighted the potential of collaboration between NITDA and NIPSS to leverage technology and digital innovation for driving economic growth, creating job opportunities and attracting foreign direct investment (FDI).

“At NITDA, we have re-imagined our social contract with Nigerians, focusing on improving service delivery and fostering the swift growth of the ICT sector,” said Abdullahi. He emphasised the agency’s commitment to serving Nigerians and outlined the strategic direction outlined in NITDA’s Strategic Roadmap and Action Plan (SRAP 2024-2027) 2.0. The SRAP is structured around eight pillars aimed at fostering digital literacy, building a robust technology research ecosystem, strengthening policy implementation, promoting inclusive access to digital infrastructure, enhancing cybersecurity, nurturing innovation and entrepreneurship, forging partnerships and cultivating a vibrant organisational culture.

The brigadier-general provided insights into NIPSS’s role as Nigeria’s foremost policy think-tank, tasked with developing top-class technocrats to drive national development initiatives. He highlighted NIPSS’s contributions to policy formulation and implementation over the years, emphasising the institution’s mandate to address issues of national interest, particularly in the digital economy sector.

The collaboration between NITDA and NIPSS underscores the importance of synergistic efforts in harnessing technology and innovation for national development. By leveraging each other’s expertise and resources, both organisations aim to drive economic growth, foster job creation, and position Nigeria as a leading player in the global digital economy.

Through strategic partnerships and collaborative initiatives, NITDA and NIPSS are poised to chart a path towards sustainable development, leveraging digital innovation as a catalyst for socioeconomic transformation and inclusive growth.

 


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IvoryPay, Tether to Drive Crypto Transfers Across Africa

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Ivorypay, a blockchain-based payment and remittance firm, has teamed with Tether, the stablecoin pioneer, to improve crypto-based transactions across Africa.

Tether is the business that developed the stablecoin, USDT, and with this agreement, it will mint and issue USDT straight to IvoryPay.

According to the partners, this agreement would provide more dependable and economical digital transaction choices to businesses and consumers across Africa.

Ivorypay will leverage Tether’s widespread acceptance to provide a buffer against the typically unpredictable nature of crypto-currencies, increasing user confidence in using digital currencies for daily transactions as well as cross-border transfers.

“Partnering with Tether is a strategic move that aligns perfectly with our vision of simplifying and securing crypto transactions across Africa,” said Oluwatobi Ajayi, CEO, IvoryPay.

He added: “It gives us easy access to the liquidity we need to cater to more businesses and individuals across the continent and to do that cheaper and faster than anybody else, which we believe will significantly enhance user trust and increase adoption rates across our platforms.”

“This strategic partnership between Ivorypay and Tether represents a transformative step for digital transactions across Africa,” said Aly Madhavji, managing partner of Blockchain Founders Fund.

“By incorporating USDT into their payment systems, IvoryPay aims to increase financial inclusion and streamline cross-border remittances, establishing a new standard for stability and efficiency in the region’s financial services We are thrilled to assist Ivorypay as they endeavour to create new opportunities for businesses and consumers across Africa.”


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CAC Revokes NIPOST Subsidiaries’ Certificates

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The Corporate Affairs Commission (CAC) has revoked the certificates of incorporation of NIPOST Properties and Development Company and NIPOST Transport and Logistics Services Limited.

This revocation followed the discovery of an illegal transfer of N10 billion in restructuring funds released by the Federal Ministry of Finance to the agency’s subsidiaries.

The CAC, in a statement on Monday, said, “The General Public is hereby informed that the Commission, sequel to its powers contained in Section 41 (7) of the Companies and Allied Matters Act No. 3 of 2020, revoked the Certificates of incorporation of the below-mentioned companies because the same was improperly procured. These companies are:

“1. NIPOST Transport and Logistics Services Company Ltd RC 1673881 and 2. NIPOST Properties & Development Company Ltd RC 1673971.

“By virtue of these revocations, the Companies are deemed to be dissolved and their Assets and Liabilities transferred to the Nigeria Postal Services established under the Nigerian Postal Services Act Cap N127 LFN 2004.”

It was gathered that CAC records confirm that as of November 8, 2023, some top officials of BPE control significant shares in the subsidiaries.

Responding to these discoveries, the Senate passed a resolution on December 30, 2023, for a probe into the matter.

The resolution declared the NIPOST subsidiaries in question “irregular and illegal” and recommended their immediate winding-up and deregistration.

The Senate resolution goes beyond immediate action; it demanded a thorough investigation into the N10 billion voted by the Ministry of Finance for NIPOST’s restructuring and recapitalisation.

Should evidence of “injudicious utilisation” surface, the Senate said the committee responsible must recover the full amount.

In its resolution of December 30, 2023, the Red Chamber said it uncovered an alleged illegal transfer of Federal Government shares in two NIPOST subsidiaries to private individuals.

The discovered infractions sparked outrage, prompting the lawmakers to call for immediate action.

Some individuals in key positions within the Bureau of Public Enterprises (BPE) and NIPOST were listed as shareholders of the two NIPOST subsidiaries.

 


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