E-Financial
N3.6bn Grant: O-mobile Signs Agreement with Digital Economic Partners
Technology innovation company, O-mobile Limited, has signed a partnership agreement with several companies that will enlist small, medium and enterprises in its digital economy development programme.
Among the companies that entered into the agreement were Think Thank Health Limited, Global Entrepreneurship Network Limited, Tritech Business Solution Limited, Women in Agriculture Cooperative Federation Limited and Doctorak International Limited. Others are World of Marketing International, Union West Africa Limited, Risk Global Consultants Limited and Cornergate Technologies Ltd.
It will be recalled that O-mobile only recently announced that it had secured N3.6b digital economy development grant from So.Sui.Ben Foundation, a Swiss-based non-governmental organization that promotes economic growth in Africa. The grant was facilitated by Africunia Limited (trading as Africunia Bank), an innovative banking technology firm headquartered in United Kingdom.
Speaking at the signing ceremony, Chief Executive Officer, O-Mobile Multimedia Limited, Mr. Benjamin Aduli, said the driving force behind the agreement was to promote and deepen knowledge of the practice of digital-based services among Africans and thereby reduce poverty.
Aduli explained that the companies that were chosen, especially agro-based cooperatives, boast of well organized membership in the country with clearly identified progrmmes and needs.
He stated that current efforts at promoting SMEs growth in Nigeria were too narrow and could not help driving down massive unemployment ravaging the country and also create wealth to improve the standards of living. He said with the digital economy development programme it had fashioned out, access to finance would improve and more jobs created.
“What we want to do is to create a development revolution by making access easy to finance for SMEs in Nigeria using existing identity platforms and ensuring that services and products offered by participants are subscribed to by members,” Aduli said.
He also revealed that the company was working with Chams Plc, to offer proper identification of every participant in the scheme to ensure investment security.
He stated that although crypto-currency would be offered to participants, there is no danger of loss of initial investment in the currency as all crypto currencies had been insured by international insurance firms.
Chief Executive Officer, Tritech Business Solutions Limited, Mr. Okeowo Ademola, said the company believed in the vision of O-Mobile and given the promise to provide finance to grow SMEs in Nigeria, it would be mobilizing over 100,000 members to join the programme. He noted that it was only such move that would help eliminate the huge unemployment problems ravaging the country.
Titan Trust Bank has selected Oracle FSS for its core and digital banking technology, it is understood.
The start-up bank recently obtained its license by the Central Bank of Nigeria (CBN).
It’s understood that Temenos and Infosys also competed for the deal.
The shortlist came down to the two most widely installed international core systems in Nigeria, Infosys’ Finacle and Oracle FSS’s Flexcube.
The Nigerian banking sector has seen a great deal of upheaval over the years, with many mergers, start-ups and closures. Flexcube is a well respected name since the late 1990s (the pioneer was Access Bank, now one of the country’s top five banks) and has been a commonly selected platform since then.
The new bank is believed to be one of five to have gained regulatory approval of late (Globus Bank is another).
Local media sources say the new licences stem from the Central Bank’s desire to attract new investments into the sector and better serve the country’s 50 million+ unbanked and under-banked citizens.
Titan Bank is said to be headed by a former executive director of Heritage Bank (which is a Finacle user).
Oracle FSS did not respond to request for comment.
International Monetary Fund (IMF), has appointed Tony Elumelu, Nigerian billionaire and group chairman of Heirs Holdings, owners of United Bank of Africa, to its advisory council on entrepreneurship and growth, convened by Kristalina Georgieva, the fund managing director.
The announcement was disclosed in a statement on Friday.
According to the statement, the IMF advisory council comprises global business leaders, policymakers, and academics dedicated to identifying and addressing regulatory barriers to entrepreneurship.
The IMF said Elumelu will be instrumental in ensuring that Africa’s entrepreneurship is central in policy making.
“Elumelu, Africa’s leading advocate of entrepreneurship and whose Foundation has funded, mentored, and trained over 25,000 African entrepreneurs since 2015, champions entrepreneurship as the engine for the economic transformation of Africa,” the statement reads.
“A self-made entrepreneur, Elumelu’s embracing of entrepreneurship is fundamental to his concept of Africapitalism, his belief that Africa’s private sector can and must play a leading role in the continent’s development, making long-term investments that deliver social and economic value.
“Elumelu will be instrumental in ensuring that Africa’s entrepreneurial potential is central to global economic policy making.”
Speaking at the inaugural meeting of the advisory council on March 26, Georgieva said the appointees would share their experiences on how macroeconomic and financial policies “can provide a supportive environment for innovation, entrepreneurship, and productivity — key ingredients for a thriving private sector and strong economic growth”.
Africa’s Micro, Small, and Medium Enterprises, fintech industry, scaling remittances, and cross-border payments will be the driving forces behind the continent’s digital ballooning payments system, which is estimated to reach $1.5 trillion by 2030.
This is according to a MasterCard-commissioned study by Genesis Analytics, which states that the digital payments economy is growing faster on the continent.
This comes as the World Bank says Sub-Saharan Africa has shown significant growth in financial inclusion over the past decade, much of it driven by mobile money account adoption.
Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at MasterCard, comments: “Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead.
“MasterCard remains deeply committed to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments. By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future.”
The payment technology company went on to say as a longstanding technology partner to Africa, its continues to strengthen its commitment to the continent’s digital growth through strategic investments, public-private partnerships, and innovation initiatives that drive financial health and economic growth.
In addition, it says trends in Africa signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region.
“For over five decades, MasterCard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development.
“With Africa projected to host nine of the world’s 20 fastest-growing economies, we are focused on leveraging our expertise and a technology to support the continent’s continued digital transformation.
“Our investments today will help build a more resilient economy for the future,” says Mark Elliott, division president, Africa, MasterCard
By fostering collaboration with key stakeholders, MasterCard says it aims to enhance digital connectivity, expand economic opportunities, and enable millions of people and businesses to thrive in the digital economy.
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