E-Financial
AfDB Board Approves the Bank’s Knowledge Management Strategy for 2015-2020
Board of Directors of the African Development Bank (AfDB), in its meeting on June 24, 2015 in Abidjan, approved the institution’s Knowledge Management Strategy (KMS) for 2015-2020.
The vision of this Knowledge Management Strategy is for the AfDB to become the premier knowledge institution in Africa in the areas of its mandate. This is a long-term goal and an aspiration, where the journey is as important as the destination.
Today, knowledge and innovation have emerged as crucial features of development strategies in many parts of the world.
With its ability to combine knowledge with funding, the Bank is uniquely positioned to lead the development of innovative solutions for the complex challenges facing the Africa. To play this role, the Bank increasingly complements its financing with knowledge products and services, including analytical, advisory and policy work.
The strategic objective of the KMS is to raise its development effectiveness through providing and exchanging innovative knowledge solutions for Africa’s transformation with African countries. Effectiveness, quality and impact will require focus on critical knowledge areas.
The priorities are aligned with those of the Bank’s Ten Year Strategy (TYS) for 2013-2022: infrastructure development, private sector development, regional economic integration, skills and technology, governance and accountability as well as the areas of special emphasis – gender, fragile states, and agriculture and food security.
The KMS has two pillars reflecting the role of knowledge in enhancing the effectiveness of Bank operations to address Africa’s pressing development needs; and strengthening the quality of the institution’s policy dialogue, advisory services, and involvement in the development debate.
The implementation of the KMS will build on the Bank’s established knowledge assets, such as its flagship publications, policy dialogues, capacity-building programs and knowledge management and learning ICT platform.
The KMS will strengthen existing strategic partnerships and establish new ones. It will be important for the Bank to choose its knowledge management activities strategically, based on demand, consensus among key actors, and targeted interventions, with measurable outcomes.
The KMS will aim to address areas for strengthening identified in the evaluation of Bank’s Economic and Sector work, the recent Knowledge Management Audit, and evaluations of knowledge work in other International Financial Institutions.
These include the need to balance the Bank’s lending and knowledge work (raise the share of knowledge products on infrastructure, for instance); pay more attention to quality of knowledge products; incentivize the generation of the knowledge products and services as well as avoidance of supply-driven approaches and working in silos.
Ultimately, the key to successful knowledge management resides in the culture of the Bank and the mind-set of its staff.
Attention will be paid to turning the Bank into a continuously learning and innovating institution that is able to learn from its own projects and initiatives as well as from those of its development partners and counterparts.
The KMS is not prescriptive; rather, each Department and unit of the Bank will adapt the framework to their own needs.
The results of the Bank’s knowledge activities will be measured to monitor and evaluate progress and to address any emerging challenges.
The KMS 2015-2020 mid-term review will take place in 2018. Responsibilities for implementation will be shared among the knowledge-generating departments of the Bank. The Chief Economist’s Office will continue to provide overall coordination.
E-Financial
PalmPay Reaffirms Commitment to Ensuring a Safe Financial Ecosystem @ Anti-Fraud Walk
As part of the commemoration of 2024 International Fraud Awareness Week, PalmPay over the weekend organized anti-fraud walk in Ikeja area of Lagos aimed at educating Nigerians on the need to secure their personal transactions information against fraudsters.
Mr. Chika Nwosu, managing director, PalmPay speaking at the event expressed PalmPay’s commitment to ensuring a safe financial ecosystem as events like this are central to that mission.
“This global initiative underscores a pressing issue that touches individuals, businesses, and economies alike—fraud. This week serves not only as a reminder of the pervasive risks posed by fraud but also as a call to action to combat it through education, awareness, and collaboration.
“Fraud is more than just a crime, it is a systemic threat that undermines trust, compromises security, and disrupts progress. Its effects are far-reaching, impacting personal livelihoods and the integrity of businesses.
“As digital payment platforms rapidly expand across Nigeria, fraudsters have unfortunately seized the opportunity to exploit vulnerabilities in the system. Mobile, web, and POS channels are now prime targets for criminal activities. Recent statistics from the Financial Institutions Training Centre (FITC) reveal that over 11,500 fraud cases were reported in Q2 2024—a stark reminder of the growing sophistication and persistence of these threats. These figures are more than numbers; they represent real people whose trust has been broken and whose finances have been compromised.
“Fraud prevention is a collective effort. Individuals, businesses, and governments must work together to build a robust defense against this menace.
“On the people side, we need to educate people on the need to safe guard their PIN because when you compromise your PIN if fraud happens from that end it will not be our fault. It is better we educate people to be aware so that they don’t compromise their PIN or password.
“At PalmPay, we recognize that combating fraud begins with awareness. That is why we have taken a proactive approach to ensure that our users and the broader community are equipped with the knowledge and tools they need to stay protected.
“Our campaign this week focuses on empowering individuals to safeguard their digital identities, spot fraudulent schemes, and take swift action when they encounter suspicious activities,” he stated.
He highlighted some of the key lessons for fraud prevention to include:
- Stay Informed: Regularly update yourself on emerging fraud tactics and the steps to counter them.
- Protect Your Information: Safeguard personal and financial details, using strong passwords and secure platforms.
- Verify and Report: Always verify requests for sensitive information and report suspicious activities promptly.
- Educate Others: Share what you’ve learned with family, friends, and colleagues, creating a ripple effect of awareness.
At PalmPay, we are deeply committed to leading the fight against fraud. This commitment extends beyond our platforms and services. It is reflected in our efforts to collaborate with industry stakeholders, engage with communities, and invest in cutting-edge security technologies.
E-Financial
Greenwich Merchant Bank Chairman Honoured with NBCC Leadership Award
Kayode Falowo, Chairman of Greenwich Merchant Bank Limited, has been bestowed with the Sir Henry Fajemirokun Prize for Outstanding Leadership in recognition for actively promoting Nigerian-British bilateral trade.
The Award which seeks to celebrate and acknowledge business magnates and industry leaders who are instrumental in driving bilateral trade forward was presented at the Nigerian-British Chamber of Commerce (NBCC) 2024 Presidential Dinner & Award Ceremony, held in Lagos on the 20th of November, 2024.,
As part of his leadership roles, Falowo is the immediate past President and Chairman of the Council of the Nigerian-British Chamber of Commerce.
A seasoned Investment Banker who is very passionate about the development of the Capital Market in Nigeria, he was also a Council member of the Nigerian Stock Exchange and once served as the Chairman of the Capital Market Committee on Products and Business Development.
Falowo currently sits on the Board of the National Association of Securities Dealers (NASD) Plc, where he is also the Chairman of the Rules Committee.
Meanwhile, the Chairman of Greenwich Merchant Bank also received another award for his contribution to the success story of the Anglican Diocese of Lagos West in the past 25 years.
Speaking on the commitments to supporting businesses between the countries, the NBCC President, Ray Atelly commended the recipients of the various categories of Awards for actively promoting Nigerian-British trade relations.
“Tonight, we celebrate the achievements of individuals, private-sector giants, and corporations who have not only excelled in their respective fields but have also actively promoted Nigerian-British trade relations.
“They have elevated standards, driven innovation, and demonstrated the profound impact of collaborative success. Our awardees tonight embody the spirit of progress.
“Their successes affirm the power of dedication, resilience, and the far-reaching impact of a shared vision,” Atelly said.
Dr. Jumoke Oduwole, Minister of Industry, Trade and Investment, and other stakeholders who commended the Award recipients also underscored the importance of advancing bilateral trade relations between Nigeria and UK.
Oduwole said the Federal Government was committed through reforms, trade facilitation, investment promotion and industrial policy to drive economic diversification and inclusive growth.
She said that the government aligned with the NBCC initiative to ensure that Nigerian businesses were well positioned to compete globally while benefitting from Britain’s trade investment and expertise.
The Miniter noted that the trade relationship between both countries was valued at 7.5 billion pounds with Nigeria exporting approximately 2.5 billion annually.
E-Financial
EFCC Says Nigerian Banks are Notorious Conduits of Financial Crimes
Economic and Financial Crimes Commission (EFCC) has warned banks against making themselves available as instruments of fraud.
Ola Olukoyede, charman, EFCC, issued the warning on Friday when the management team of Moniepoint, led by Tosin Eniolorunda, its founder and Group CEO, paid a courtesy visit to the commission’s headquarters in Abuja.
Speaking through Michael Nzekwe, his chief of staff, the EFCC boss noted that Nigerian banks over the years have become notorious as conduits of financial crimes and advised them to turn a new leaf for the sake of the growth of the country.
“There’s hardly any financial crime that would not go through the financial institutions. Money laundering is a major issue and you find out also that the perpetrators go through the banks. Nigeria will be the greatest beneficiary when we do the right thing,” he said.
Addressing the Moniepoint delegation, Olukoyede said, “Try as much as possible on your own to avoid any form of connivance and don’t be a channel for money
“Don’t be a tool. Don’t make your system porous. You are a major stakeholder when it comes to the fight against corruption. We are open and would assist, however we can. No one is above the law”.
Olukoyede observed that there was a high level of poor internal control by fintechs at the level of the unbanked, the under-served and the middle class population spectrum.
“There’s quite a whole lot of fraud that goes around that particular level, so the issue of KYC (Know Your Customer) is very important, especially because of the issue of how fintechs open tier-one accounts, sometimes without attention to KYC.
“And people take advantage of this and are quick to commit fraud through this negligence. So, that’s one area you have to also look at to see how you can improve on your KYC.
“Increasing your level of collaboration with the EFCC would mean to see yourselves as stakeholders in the fight against corruption.
“We would like you to be able to respond to us when we make inquiries and when we make requests.
On EFCC’s readiness to collaborate with Moniepoint, Olukoyede stated that, “On our part, we are open to whatever it is that you want us to do. We value it that you are here today to seek a stronger tie and collaboration.
“When we have stakeholders come in and want to be part of what we are doing, majorly stakeholders like you, it gives us joy because we know that no one man can fight corruption alone.
“The collaboration you seek tells us that you want to strengthen your system; you want to be able to create more internal controls. You want to be able to put in place things that will mitigate those weaknesses that will lead to fraud within your system, that’s what we do. Our core mandate is enforcement and investigation of economic and financial crimes. So, we’re glad and wish to collaborate with you”
Earlier in his remarks, Eniolorunda noted that the expansion in the operations and services of the fintech and microfinance company have come with challenges which have made the need for a strategic collaboration with the EFCC compelling.
“Moniepoint has over the years grown to become one of Nigeria’s largest payment service providers and the bank for mostly mid-class businesses and the under-served.
“Today, Moniepoint processes roughly 70% of Nigeria’s payments on Point-of-Sale (PoS) and transfers. We are present also in the UK and we are going through some potential set-up also in Kenya, which is at an advanced stage with its Central Bank. And also in Tanzania.
“Of course, with all this growth comes also challenges. One of the biggest challenges is the nature of our country, where if people find the opportunity to make fast money, they will make fast money. And we have realised that as Moniepoint is helping people make ends meet, these sorts of people are also trying to use Moniepoint channels to achieve their criminal objectives.
“So, we are actively fighting, improving all the necessary KYC accounts, money laundering and fund protection systems, but we know that we can’t do this alone. There are experts in a government organisation like the EFCC that we believe we need to have a strategic relationship with to be able to fight these people together.
“There are intels that you see that we don’t see. There are many things that come across your desk, every day that we don’t see. There are also things that we see that we think that if we should show to you, we will all be able to come together and fight these bad guys. We have, over the years improved on many things; discover a lot of potential fraud, collaborated with law enforcement agencies.
“With our whole management team, we will be able to find a strategic partnership with the EFCC that would take us to the next level.
“So we need to quickly build stronger alliances to prevent any form of risks that will blossom into national security issue,” he said.
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