E-Financial
Over 40 IT, Insurance Experts to Speak at e-Insurance Confab
Not less than 40 experts in Information Technology (IT) and Insurance Industries have indicated their interest to speak at the maiden e-Insurance conference being organised by Pinet Informatics.
Billed to hold on March 23, the speakers would be discussing issues affecting insurance growth in Nigeria, how to re-build customers’ confidence in insurance business and how technology could act as a catalyst in boosting insurance business in the 21st century, where technology innovation is the key driver.
Some of the technology companies that have indicated interest to share their wealth of experience at the eInsurance conference, include; MainOne, MTN, Airtel, Vodacom Business, VDT Communications, Google, among others.
According to the organisers, apart from technology companies, major insurance companies operating in Nigeria have also indicated interest to speak at the conference.
Mr Eddie Efekoha, chairman of Nigeria Insurance Association (NIA), shall be chairing a panel discussion in which Managing Directors of some leading insurance companies are slated as panelists.
Aside speakers, most IT and Insurance companies have also indicated their interest to participate at the conference and to sponsor the event, which promises to digitally transform insurance business in Nigeria.
Engineer Lanre Ajayi, chief executive officer of Pinet Informatics, organiser of the conference, who confirmed the participation and attendance of various companies from the IT and Insurance sectors, said new technologies that would best drive Insurance development in the country would be on display during the one day conference.
The ICT and Insurance experts will gather at the Lagos Sheraton Hotel for the e-Insurance Conference with the theme: “Driving Insurance Penetration with Information and Communication Technologies.” The conference is expected to bring together corporate organisations, ICT experts, insurance experts, academia, consumers of insurance products and regulators of both ICT and Insurance industries, to discuss how to use technology to deepen insurance penetration in Nigeria.
The conference, the first of its kind in the country, is been organised by Pinet Informatics Limited, Nigeria;s first Internet Service Provider, in collaboration with major stakeholders in Insurance and ICT industries.
According to Ajayi, the Insurance industry is a vital part of the Nigerian economy but the industry is not living up to its full potential saying, “there are less than 1.5 million insurance policy holders in Nigeria out of a population of 170 million, which translates to 0.9 per cent insurance penetration.” When compared to 23 per cent bank accounts penetration, 105 per cent of telephone penetration and 55 per cent of Internet penetration, then, there is a lot of room for improvement in the insurance industry and this could be achieved by deploying the right technology, Ajayi said.
“The Nigeria insurance industry can be turned around if the industry transit to a technology driven one, the same way the banking industry got transformed through the infusion of information and communication technology in its service delivery processes,” he said.
Ajayi who is the former President of Association of Telecommunication Companies of Nigeria (ATCON), said after the conference, there would be one week training workshop on e-Insurance for staff of insurance companies.
E-Financial
Banks Lose N10Bn to Cyber Fraud in 2023’
Stakeholders in the banking and financial ecosystem, yesterday, decried the surge in cyber fraud as Deposit Money Banks (DMBs) lost N10 billion in the second quarter of 2023, representing almost 300 per cent year-on-year compared to the previous year.
At a Mastercard forum convened to tackle fraud and cybersecurity threats in the financial sector, Kari Tukur, vice president, Customer Solutions Centre, East and West Africa at Mastercard, said despite the massive awareness and innovations aimed at combating cybersecurity, the amount lost last year by DBMs was “staggering”.
She said, “With Nigeria’s rapidly growing economic expansion, we are starting to see an increase in the adoption of digital financial services, and the financial landscape is also evolving at an astronomical speed.
“What was staggering for me was in spite of the huge investment around innovation, funding in the cyber space, DBMs lost almost N10bn in Q2 last year, and that was almost 300 per cent growth year-on-year when compared to the previous year.”
She noted that there was the need for collaboration among stakeholders “to combat this rising sophistication of cyber security threat.”
Tukur further stated that Mastercard was deeply committed to cyber security and fraud prevention within the payment industry, disclosing that the company invested $250m “to assist small businesses in addressing their cyber security needs.”
She disclosed that Mastercard payment portals incorporated multiple layers of security such as tokenisation technology, encryption and biometrical to stay ahead of cyber attackers.
She added that, “The sector continues to struggle with the aforementioned challenges, necessitating vigilance, proactive action and comprehensive security strategy, and Mastercard remains committed to providing safe, secure and seamless payment services and experiences for our partners and customers in Nigeria and beyond.”
Celestina Appeal, chairman, Committee of e-Business Industry Heads (CeBIH), stated that the total loss to the banking industry in the last couple of years totalled hundreds of billions of naira while Nigeria’s Consumer Awareness and Financial Enlightenment Initiative had projected a $6trn loss by 2030 to cybercrime within and outside Nigeria.
Represented by Mr Temitope Onibaniyi, secretary of the committee, she stated that the committee was ever-willing to collaborate with industry stakeholders to fight against the perpetrators who “constantly rob banks and other stakeholders in the payments industry of their hard-earned money.”
She said the need for collaboration could not be overemphasised as no individual organisation was immune to cyber security attacks.
E-Financial
Tinubu Rejigs SEC Board, Makes New Appointments
President Bola Tinubu has approved the appointment of some Nigerian professionals to the Board of the Securities and Exchange Commission (SEC).
This is contained in a statement issued by Ajuri Ngelale, special adviser to the President on Media and Publicity.
Tinubu appointed Mr. Mairiga Aliyu Katuka as the Chairman of the board of SEC, while Mr. Emomotimi Agama has been appointed as the Director-General of the board.
The president also appointed Frana Chukwuogor as Executive Commissioner (Legal and Enforcement) of the board.
Tinubu further appointed Mr. Bola Ajomale as the Executive Commissioner (Operations) of the board, while Mrs. Samiya Hassan Usman is the Executive Commissioner (Corporate Services) of the board.
Also appointed into the board are Mr. Lekan Belo as Non-Executive Commissioner and Mr. Kasimu Garba Kurfi as Non-Executive Commissioner.
According to Ngelale, the president anticipated that “all members of the Board of this critical commission will bring to bear their wealth of experience and competence in advancing the commission’s core mandate of developing and regulating a capital market that is dynamic, fair, transparent, and efficient, to bolster investor confidence and contribute immeasurably to the nation’s economic development.”
E-Financial
Ecobank Repays $500m Eurobond
Ecobank has announced the successful repayment of its $500 million five-year Eurobond issued in 2019. According to a statement filed on the Nigerian Exchange Limited (NGX), the Eurobond garnered considerable interest from a diverse range of global investors, including long-term development partners such as FMO and Proparco, who served as anchor investors.
Commenting on this achievement, Ecobank Group Financial Officer, Ayo Adepoju, said: “The bond was listed on the main market of the London Stock Exchange with a coupon rate of 9.5 per cent. The principal and interest repayment, totalling $524 million, was distributed to bondholders through the transaction agent on the bond maturity date of April 18, 2024.
“This inaugural bond we are retiring today was critical in introducing our firm to a wider array of global investors and contributed to the increased visibility of our brand in the capital markets.”
Against the backdrop of challenges posed by the global operating environment, including disruptions in the world supply chain and financial markets, Adepoju highlighted the Group’s resilience. He cited strong liquidity, a robust balance sheet, and a solid leadership team as key factors enabling Ecobank’s success.
He added that the successful repayment of the Eurobond underscores Ecobank’s commitment to financial stability and investor confidence, positioning the firm for continued growth and success in the global market.
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