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Alawuba, UBA GMD, Others Call for More Financial Inclusion

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Oliver Alawuba, group managing director (GMD), United Bank for Africa (UBA) has made case for more financial exclusion in Africa, saying that a staggering 80 per cent of Africans remain outside the formal financial system, lacking access to essential financial services

Alawuba, UBA GMD, Others Call for More Financial Inclusion

Oliver Alawuba, group managing director (GMD), United Bank for Africa (UBA

At a reception, honoring Prof. Pius Deji Olanrewaju, 23rd President/Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN), Alawuba stressed the need for more to be done to address financial exclusion.

The event, organised by FIC Professionals Network Plc, brought together stakeholders to discuss ways to promote financial inclusion.

“More than 80% of Africans are outside the financial system. It’s good to see that the agency system is coming onboard, but we need to do more because there are millions of people who have not tested any financial services, “the UBA boss stated.

While highlighting the urgent need for innovative solutions to bridge the financial divide, Alawuba emphasised the importance of collective efforts from financial institutions, governments, and stakeholders to create a more inclusive financial ecosystem that benefits all.

But President Bola Tinubu has assured that his administration is committed to ensuring greater financial inclusion, recognising its potential to unlock economic opportunities, reduce poverty, and promote sustainable growth.

Tínubu’s commitment to expanding financial services to underserved populations, including low-income individuals, rural communities, and small businesses, was reinforced by the appointment of Dr Nurudeen Abubakar Zauro, a technical adviser on financial inclusion, who emphasised the importance of collective efforts from financial institutions, governments, and stakeholders.

“When we came on board, the first thing we did was that we partnered with FIC Professionals Network to stage a workshop in order to inspire stakeholders who we believe know better and have all the experience that is needed for us to do the right thing. It shows that the administration is indeed determined to do everything possible to provide access to financial services, especially in our journey to growing a $1 trillion economy.

“There’s a need for us to strengthen that partnership. So I am quite happy that the certification program of CIBN is a very important one, and now I can tell you that we are doing everything possible to see how we can personalise and, of course, continue to partner and collaborate with FIC, CIBN and all other stakeholders,” the president’s adviser stressed.

Meanwhile, FIC Professionals Network has been commended for its efforts in promoting financial inclusion, particularly through its agency banking initiatives.

Mr. Sola Bickersteth, organisation’s Group Director, Business Development, emphasised the importance of collaboration between public and private sector stakeholders to achieve financial inclusion.

He said: “We cannot congratulate you enough and chartered the Institute of Bankers for laying the path for the direction that we’re taking. We congratulate you, sir, because you are going to graduate the first set of agent bankers certified by CIBN in October of this year, and we believe that it can only get better from there.

“We’re also happy that the government has that vision very clearly stated. So FIC, as an organisation, works with both the public sector and the private operators. We are not a service provider but a collaboration organisation working closely with everybody on how we can, in a consistent manner, make this financial inclusion a reality in Nigeria. And so, in coming together, we believe that we can fill those gaps.”

Responding, the CIBN President expressed gratitude for the honor and applauded FIC for keying into his legacy agenda.

He, however, rallied support for the Network in its commitment to ensuring financial inclusion in the country.


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Kekere-Ekun, CJN Blames Reliance on Telecom Services for Online Banking Glitches

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Kudirat Kekere-Ekun, chief Justice of Nigeria and chairman of the Board of Governors, National Judicial Institute Justice has blamed telecommunications companies for the glitches experienced in the country’s banking sector.

Kekere-Ekun, CJN Blames Reliance on Telecom Services for Online Banking Glitches

Kudirat Kekere-Ekun, chief Justice of Nigeria

Kekere-Ekun said this in her keynote address at the 2024 National Workshop for Justice and Judges on Legal Issues in Telecommunications with the theme, ‘The Role of the Judiciary in Accelerating Digital Transformation in Nigeria.’

The blame on telcos comes in the wake of multiple glitches in online services. On August 14, 2024, customers reported that the Guaranty Trust Bank (GTBank) website was down, leading to speculation that it had been cloned and customer data intercepted.

The CJN said, “I will like to quickly bring our attention to two issues which I consider to be pivotal and which revolve around cyber security and the attendant challenges of exploring the digital space.

“The first is the increased risk of the personal data of consumers being misused or compromised by unscrupulous persons, thus necessitating the need for improved strategies and innovation for consumer protection in the telecommunications sector.

“Also, worth noting are deficiencies in the Banking Sector and which are attributable to reliance on digital services provided by the Telecommunications Sector. There is for instance the major challenge posed by electronically backed transactions which is commonplace in the Banking Sector.”

The CJN said these glitches have led to several issues including hacking of online banking platforms as well as banks being compromised.

“Concerns in this regard include the spate of customers whose online banking platforms have been hacked, as well as banks being compromised due to technological glitches not factored into their day-to-day operations. Consequently, these and several other challenges have resulted in a number of disputes which frequently require adjudication,” she said.

Kekere-Ekun said the deployment of technology in telecommunications plays a pivotal role in the advancement economic system of any country.

She, however, said there is a need to proffer solutions to legal issues arising from digital services provided by the telecommunications sector.

“It is also my expectation that the forum will equip Judicial Officers with the technical skills required for adjudicating disputes arising from the sector and keep them abreast with global standards and best practices,” she added.


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Ecobank Serves Customers Notice of Planned Service Disruption

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Ecobank Nigeria has alerted its customers to an upcoming brief service disruption due to scheduled system maintenance on its card services.

Ecobank Serves Customers Notice of Planned Service Disruption

The maintenance is set to occur from 11:00 p.m. on Thursday, November 7, 2024, until 1:00 a.m. on Friday, November 8, 2024.

In a notification to customers, the bank explained that during the maintenance window, cardholders might experience intermittent issues when using Ecobank cards on other banks’ channels.

However, the bank said all its specific channels, including ATMs and POS terminals, will remain operational.

Additionally, other digital platforms—such as the Ecobank Mobile App, USSD *326#, Ecobank Online, Omni Lite, and Omni Plus—will be fully accessible throughout the maintenance period.

The bank expressed apologies for any inconvenience, reaffirming its commitment to providing seamless banking experiences across Africa.

 

 

 

 

 

 

 


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Zenith Bank Commends Customers After Successfully Unveiling Upgraded Enhanced Tech infrastructure

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Zenith Bank Plc has announced that it now boasts the best technology infrastructure in the banking industry, positioning itself to provide an exceptional customer experience and superior service delivery moving forward. This upgrade follows a recent comprehensive technology enhancement.

The bank expressed its heartfelt gratitude to customers for their support and patience throughout the upgrade process, while also extending apologies for any inconveniences experienced during this time.

This announcement was made in a social media post on Wednesday, signed by Dame Dr. Adaora Umeoji, OON, the Group Managing Director/CEO.

In her message, the GMD/CEO emphasized the bank’s commitment to delivering an unparalleled service experience, stating, “We undertook this upgrade to ensure we can offer our customers the best possible service.”

Umeoji pledged that Zenith Bank will continue to innovate, ensuring that customer needs are met swiftly, safely, and conveniently.

The post read in part: “On behalf of the Board, Management, and Staff of Zenith Bank PLC, I would like to thank you for your patience and support during our IT infrastructure migration to a new and more robust operating system.

“We are truly grateful for the trust and confidence you have placed in us. The primary reason for undertaking this extensive endeavor was to better position Zenith Bank PLC for improved service delivery to all our valued customers and to create memorable banking experiences at all our touchpoints.

“While I regret the inconveniences and challenges you faced during and immediately after our migration, I am pleased to inform you that Zenith Bank PLC now has the best technology infrastructure in the industry. We are committed to ensuring you experience superior service delivery going forward.

“Rest assured, you remain our top priority, and Zenith Bank will continue to innovate and offer value-added products and services to meet all your banking needs quickly, safely, and conveniently.”


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