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Ecobank Urges More Collaboration Among Fintech, Banks and Telcos

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Patrick Akinwuntan, Managing Director, Ecobank Nigeria, has called for a robust collaboration between Fintech, banks, and telecommunications companies to spur markets in health, agriculture, education, transportation, fashion and creative industry, commodities, and capital markets.

Akinwuntan, who stated this in his keynote address at the Nigeria Fintech Week observed that for Nigeria Fintechs to accelerate positive disruption for value, there is a strong need to develop talents, solve problem beyond payments, monetize data and challenge the status quo.

Specifically, he made a case for the establishment digital school of Fintech to groom talents, deepen skills for businesses and grow knowledge of the financial services industry.

He added that the industry is sitting on a trove of data as big data can be leveraged to create values for customers including adopting superior user experience, and Interface for affordable payment and improved credit access.

According to him “we must take the lead to introduce a continent-wide Bank Verification Number (BVN) and Global Standing Instruction (GSI) for Africa under the African Continental Free Trade Area (AfCTA) Agreement, champion blockchain for cross-border payments in agriculture, education, and the government i.e. leveraging technology for better productivity.” He also emphasized that we must look at ways to improve cybersecurity & defense.

Further, the Ecobank Managing Director stated that with a Pan African reach, award-winning capabilities, and a customer base of over 25 million, Ecobank is enabling and partnering with Fintech platforms across the continent.

He noted that Ecobank’s flagship pan African switch connects countries where it operates across Africa. This centralized switch allows easy integration, enabling instant transfers between 33 African countries, while offering real-time settlement across Africa in 18 local currencies.

In his opening remark President of the Nigeria Fintech Association, Dr Olusegun Aina stated that with the economic vulnerability following the COVID-19, Fintechs are undoubtedly the solution to the current disruptions.

He said we must as a country position digitally, as digital readiness will spur our recovery in 2021 and beyond.

According to Dr Aina, businesses and stakeholders in general must appreciation changes in the customers’ behavior, which is the main thing that determines a company’s success.

He reiterated that regulation and funding is the main challenge hindering Fintechs from occupying their space fully, as they are fully adapted to the need of customers in the present generation.

The Nigeria Fintech Week with the theme “Evolving Economic Disruptions; Fintech as a Solution” has participants from all over the world.

According to the Nigeria Fintech Association, with the evolving global economic disruption, the Nigeria Fintech Week (NFW) 2020 aims to discover, launch and bring to limelight the new Fintech solutions that can be leveraged in key important but neglected sectors such as health, agriculture, education, ecommerce, logistics amongst others.


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Verve Partners Ali Express On Seamless Cross-Border Shopping

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Verve International, Africa’s domestic payments card scheme and token brand, has announced that its cards are now accepted on AliExpress, one of the world’s largest online retail platforms.

This landmark partnership expands Verve’s global reach, offering seamless and secure payment solutions and providing millions of Verve cardholders and merchants worldwide with easy access to AliExpress’ extensive range of products, including fashion, electronics, home goods, beauty, and more.

The collaboration empowers Verve cardholders, both locally and internationally, to engage in cross-border transactions.

It also reinforces Verve’s unwavering commitment to delivering inclusive, innovative, and secure digital payment solutions that empower individuals and businesses alike, while bridging the gap in global digital commerce.

Speaking on the partnership, Vincent Ogbunude, Managing Director, Verve International, remarked: “We are excited to announce that Verve is now accepted on AliExpress, a globally recognised e-commerce leader.

This marks a significant milestone in our global expansion journey, reflecting our commitment to providing cardholders with access to more possibilities in today’s digital economy.

The addition of AliExpress to our growing network is just the beginning, there’s much more to come as we continue to innovate, expand, and deliver value to millions of Verve cardholders in Nigeria and beyond.”

Verve’s expanding global network is bolstered by partnerships with renowned brands such as Google, YouTube, Netflix, Amazon Prime, Facebook, Uber, Spotify, among others, enabling cardholders to conveniently pay for subscriptions in naira.

These alliances solidify Verve’s position as a trusted leader in the digital payments space, ensuring that consumers can access top-notch services across diverse industries.

With AliExpress joining this network and Verve integrated into its payment options, Verve cardholders can easily shop and pay for a wide range of products.

To shop on AliExpress using a Verve card, simply sign in, select the items to buy, and click ‘Buy now.’ When prompted, add a new card and enter the Verve card details. Save the information for future use, confirm the details, and complete the payment seamlessly.


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Stanbic IBTC Asset Management Unveils Anti-scam Measures to Protect Mutual Fund Holders

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Stanbic IBTC Asset Management has introduced strong measures to safeguard its customers from scams targeting mutual fund holders.

In response to this trend, the company has launched a strategic campaign to educate customers on protecting their investments and understanding the correct procedures for mutual fund subscriptions.

The Company, in a statement disclosed that recently, enquiries about the authenticity of messages for mutual fund subscription have surged. It stated: “Many of these messages contain differing and potentially incorrect account numbers, leading to confusion and concern among investors.

“In response to these concerns, Stanbic IBTC Asset Management launched a campaign to educate customers by providing accurate information and security tips to reduce the likelihood of clients falling prey to scam attacks.

“The campaign has established three main objectives: first, to educate customers about the mutual fund subscription process by providing precise and accurate information that empowers them to make informed decisions.

Second, it aims to ensure that customers verify the payment accounts for any Stanbic IBTC mutual fund investments, encouraging due diligence in confirming the legitimacy of financial communications”.

The statement further stated that the campaign seeks to raise awareness of scam attempts that may mislead customers into using incorrect account details, highlighting the tactics used by scammers to keep customers informed and vigilant.

Busola Jejelowo, the Chief Executive of Stanbic IBTC Asset Management, recently addressed the importance of a new initiative to safeguard customers in an increasingly complex financial landscape.

“At Stanbic IBTC, our top priority is our customers’ financial safety, and we are fully committed to ensuring that our clients have the security they need while managing their investments”.


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Amnesty International Condemns Police Actions During #EndBadGovernance Protests

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Amnesty International has accused Nigerian police of using excessive force against demonstrators during the #EndBadGovernance protests, which took place from August 1 to 10 across the country in response to Nigeria’s harsh economic conditions.

According to the human rights organization, the police crackdown resulted in the deaths of at least 24 people, including 20 young adults, two children, and an older person.

Amnesty’s report claims that the victims were shot by police at close range, often in the head or torso, indicating an intent to kill. Two survivors sustained severe injuries, while others suffered from the indiscriminate use of tear gas. The organization condemned the actions of security personnel, describing the violence as “unbelievable lawlessness” and accusing authorities of covering up the atrocities to downplay the death toll.

Eyewitnesses from Kano, Katsina, Jigawa, and other states told Amnesty that the protests began peacefully but escalated into chaos when police opened fire with live ammunition and tear gas. In Kano, 12 people were killed, while Jigawa and Niger states reported three fatalities each. Kaduna and Maiduguri also recorded multiple deaths.

In addition to the killings, over 1,200 protesters, including minors, were detained, and more than 146 were charged with treasonable offenses. Some detainees reported being subjected to torture. One protester, Khalid Aminu, described being beaten with sticks and iron cables while in the custody of the Department of State Services (DSS). Another detainee, Michael Adaramoye, was held for two months for participating in a protest in Abuja.

Despite mounting evidence, including eyewitness accounts, medical records, and video footage, Nigerian authorities have denied involvement in the violence, attributing the deaths to “unknown gunmen” or dismissing reports as “fake news.” Amnesty International has called on President Bola Tinubu to establish an independent and impartial investigation into the violations and to hold those responsible accountable.

The protests, triggered by widespread corruption and economic hardship, have reignited concerns about the Nigerian government’s disregard for human rights. Amnesty International stressed that law enforcement’s use of firearms against peaceful protesters violates international standards, urging authorities to end impunity and ensure justice for the victims.


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