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IT and Banking in Nigeria

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In the last ten years, banks in developed economies have been investing more and more in information technology (IT) as a means of reducing costs as well as improving operational efficiency.

In Nigeria, an investigation of the applications of IT in Nigerian banks was carried out in order to determine the expectations and success of IT implementation in the sector, the findings show that a lot of progress has been made.

Before now, it took time for transaction to be completed on the floors of Nigerian banks, customers were driven away from banking transactions just because of poor service and facilities.

With the burgeoning revolution in the IT and banks quest to globalize or die, much is happening.

The revolution in the IT industry can be seen in the following forms – creation of banks official websites (all of the 25 commercial banks have their own websites) for proper enlightenment of the public or customer as to the activities of the banks and introduction of a lot of electronic transactions, among others.

Banks websites can give any visitor or customer all the information about the operations of the banks such as account opening information, information about internet banking, viz: access to online real ltime balance of customer account, transfer of funds to thirds party and access to all transfer history on customer’s account. As a result of IT a bank can be accessed by a customer or business partners at any time whenever the need arises.

Another area where IT is evident is e-banking, despite the fact that electronic banking services is not wholly accepted by the customers due to absence of comprehensive regulatory framework, IT has transformed the operations of the Nigerian banks through the use of a e-transaction, which is internet banking.

e-banking is wholly IT-based. It enables the user to perform the following transactions – funds transfer: With the use of information technology applications, the user/customer can transfer any amount from one account to another of the same bank to another bank, customer can send money everywhere in Nigeria. Once you look to your account, you need to mention the payee’s account number, his bank and branch. The transfer will take place in a day or so.

Bill payment services: With the aid of IT a customer can facilitate payment of electricity and telephone bills, online registration scratch card of universities like ATBU portal service and insurance premium bills as each bank has tie-ups with various companies, service providers and insurance companies across the country.

Your bills, all you need to do is to complete a single one time registration from biller. A customer can also set up standing instructions to pay the bills automatically. Generally, the banks do not charge customers for online payment. Through the use of e-banking a customer can make inquiry about his statement of account and also can make inquiry about the bank’s financial position. IT also facilitates the following transactions between the bank and the customers, such transactions are – telephone banking, instant cash, i-salary, e-transact, v-pay card, v-card, m-card, portal solution. All the above are IT-based.


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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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Allison, BHM Partner to Host ‘Africa Breakfast Convos’ @UNGA79

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Africa stands at vital crossroads, balancing intricate geopolitical challenges while taking advantage of promising economic opportunities. With the Gulf Cooperation Council (GCC) announcing 73 Foreign Direct Investment (FDI) projects in Africa worth more than $53 billion in the last year alone, according to the World Economic Forum, and significant growth in technology, renewable energy, and healthcare sectors, across the continent, Africa is poised for remarkable progress.

In light of these developments, Allison, a globally renowned communications consultancy, and BHM, Africa’s leading public relations firm, are joining forces to co-host an exclusive breakfast event on the sidelines of the 79th United Nations General Assembly (UNGA79) in New York City.

The “Africa Breakfast Convos,” set for Friday 27 September 2024, at the World Trade Center, will convene business and public sector leaders from various African nations, representing key sectors such as telecommunications, finance, entertainment, government, technology, and trade.

With 70% of sub-Saharan Africa’s population under 30 and projections indicating that one-fifth of the global population will be African by 2030, the continent’s youthful demographics are drawing significant international attention.

This exclusive gathering aims to showcase Africa’s immense potential for economic growth and development while emphasising the continent’s role in achieving sustainable development goals.

The event will feature panel discussions, keynote speeches, and networking sessions exploring various aspects of the African narrative: big business, technology, pop culture, creative economy, soft power, and geopolitics. It will serve as a platform to highlight expertise and innovation on the continent.

Claudine Moore, Managing Director, Africa, at Allison, stated, “The ‘Africa Breakfast Convos’ represents a unique opportunity to bring together influential voices and decision-makers from across Africa and beyond.

“We’re excited to again facilitate meaningful dialogue during the United Nations General Assembly when Africa is a focus and we are collectively working towards collaboration driving sustainable growth and social impact across the continent.”

Femi Falodun, Executive Director, BHM, added, “This event underscores Africa’s position as a land of opportunity for investment and collaboration.

“By showcasing the continent’s dynamism and potential, we aim to foster partnerships that will contribute to shared prosperity and sustainable development.”

The “Africa Breakfast Convos” aligns with UNGA79’s theme while focusing on Africa’s potential as a driver of global progress.

“It emphasises the role of business in driving sustainable development, the importance of public-private partnerships, and the opportunities for collaboration with Africans in the diaspora.


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Privacy Protection is Now Right of Citizens —Olatunji, NDPC Boss

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Dr. Vincent Olatunji, national commissioner and chief executive officer, Nigeria Data Protection Commission (NDPC), has stated that it is now the right of citizens for their privacy to be protected.

Privacy Protection is Now Right of Citizens —Olatunji, NDPC Boss

Dr. Vincent Olatunji, national commissioner. NDPC

Olatunji said this when he received a group of international data protection experts from Somalia who were on a study tour to explore Nigeria’s data protection ecosystem and its unique models.

Nigeria and Somalia are meant to exchange ideas on the protection of data, with the East African nation eager to learn what their West African counterparts are doing to keep the privacy of their citizens safe.

“It is a digital age and the protection of the privacy of all citizens of the world is paramount,” he said during the meeting held in Abuja.

“It’s now the right of all citizens for their privacy to be protected. That’s why all countries across the globe are putting in place those measures to ensure that they have their enforceable data protection rights and also put in place data protection authority to ensure that they enforce the law of data security.

‘In Nigeria, we recognise the need to protect the privacy of our citizens as it is enshrined in the 1999 constitution.”

Speaking earlier, Jamal Mohammed, Somalia’s ambassador to Nigeria, advised the delegate from his country to go home with the message that Nigeria has everything the war-torn country needs to develop. He pleaded with the NDPC DG to help his country in the area of data privacy and security.

“I’ve been here for three years now. Everything Somalia needs is in Nigeria in terms of knowledge and in terms of experience. I’d like you to take this message to Somalia,” he said.

“Don’t go to any other places. So, you’ll get anything you need in Somalia. However, in my stay here, I faced two challenges.

“The number one challenge was to convince Nigerians about Somalia. They have a phobia about Somalia. The same thing with Somalians.

“I’ve tried to convince Somalians to come to Nigeria but now they’ve got an opportunity.”


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TD Africa Opens Cross-Border Licensing Opportunities To Microsoft Resellers

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In a bid to unlock new growth and profitability opportunities for businesses of all sizes, TD Africa has pulled wraps off its fully automated Microsoft Cloud Solution Provider (CSP) platform.

Through this innovative automated portal, Microsoft’s indirect resellers can now resell Microsoft licenses in 47 African countries and enjoy security, profitability, increased productivity, collaboration, and flexibility, courtesy, TD Africa.

Nigeria CommunicationsWeek reports that the automated CSP solution which streamlines the licensing process from customer onboarding to license provisioning, eliminates manual tasks and reduces turnaround times, thus, allowing businesses focus on delivering exceptional customer value while maximising their revenue potentials.

Read Also: TD Africa partners ZTE for quality and affordable smartphones

With competitive pricing and a comprehensive suite of Microsoft cloud products, businesses of all sizes now have access to a compelling solution to expand their reach and drive digital transformation.

The advantages of the platform which include: seamless license provisioning, competitive pricing, expanded reach, enhanced efficiency, and comprehensive product suite, make it an ideal choice for businesses seeking to capitalise on the growing demand for Microsoft cloud solutions on the continent.

Tobe Mbaneafo, Head of the Microsoft Business Unit at TD Africa, said that TD Africa is elated to introduce the A to Z automated CSP platform.

His words: “We are excited to introduce our Automated CSP platform as a game-changer for businesses looking to expand their operations across Africa.

“By providing a seamless and efficient solution for selling Microsoft licenses, we are empowering our partners to capture new opportunities and deliver exceptional value to their customers.

“This platform is a testament to our commitment to driving digital transformation and supporting the growth of businesses across the continent.”

Read Also: MTN Nigeria, Microsoft Partner on Cloud Data Hosting Solutions

To make the process stress-free, TD Africa has developed a user-friendly platform (csp.tdafrica.com) to among other things, enable businesses register and verify their account effortlessly, access a personalised dashboard for managing customer records, add tenants, select products, make payments, explore a comprehensive product catalogue with competitive pricing, make secure payments directly on the platform, and benefit from automated license provisioning after successful payment.

The tech distribution giant’s automated CSP platform is the future of cross-border business, offering unparalleled efficiency, scalability, and profitability.

Existing Microsoft partners can leverage this groundbreaking platform by registering at  https://csp.tdafrica.com/auth/signup.

 


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