E-Business
Angst Over $2m Spent by Banks on None Core Banking Software
Indigenous software stakeholders have decried a trend in the country’s financial sector software consumption where banks spend as much as $2million to implement foreign none core banking software.
Nigeria CommunicationsWeek investigations have revealed that a bank in the country spent $2million to implement foreign software that is not its core banking application for a module.
Dr.Yele Okeremi, president, Institute of Software Practitioners of Nigeria (ISPON) in his response, said that if you look at 20 banks implementing at $2Million that is $40million for just one module. “The question is if we put $20million on the table which is half of the amount are we saying we cannot get two to three Nigerian firms to create alternatives to this software.
“If we leave our financial system in the hands of foreigners it opens us up as a government to crisis. Meaning that our financial system can be shut-down from overseas, that is the easiest way to topple a government. If anybody wants to topple any government, just shut-down the payment systems, if money cannot move from one person to another then you see that Nigerians can be very angry and if you are leaving this in the hands of foreigners it means we do not have national security.
“What smart countries are doing is to ensure that anything that is critical to their national security is domesticated.
When you look at our economy, a lot of thing is going on in oil and gas. How much have we domesticated and that is why the wealth of the nation is not in the hands of Nigerians. It is even bad for them to even have access, now we are giving them free control. These are issues that threaten national security but we don’t understand it.
“I’m not against importing software but, it is not right to import anything on a long term basis if you can do it competitively by yourself. Even when you import software it should be with the view to developing capability to domesticate it.
He added that: “it is not going to be possible to say people should not sale foreign software except if they can prove the country doesn’t need foreign software, which is impossible to prove just as long as people can prove that Nigeria has a need for it and Nigeria doesn’t have a solution at the moment then there is room for people to sale foreign software and anybody as far as I’m concerned that derives value using software is a member of ISPON.
However, the issue about local software should not be seen as ISPON challenge rather it should be seen as national challenge if the national leadership is smart. The idea we are discussing here are even issues of national security and sovereignty.
However, let us analysis whether some of the things we have or even the ones that we are importing are things we are capable of creating for ourselves in a comparative competitive manner, if we can find comparative advantage, meaning why should we be paying millions of dollars?
Bimbo Abioye, group managing director, FinTrak Software, said: “As developers of application in Nigeria, the challenge that we have is absence of regulation, despite coming up with products that are even better and have been successfully deployed where foreign options have failed still for whatever reasons operators would opt for foreign software.
“Even for mere travelling abroad for training, it is as small as that. For technical training which allows them to go shopping and collect estacode both in the private and public sectors.
“Where under heavens foreign solutions are to be acquired, technical training must happen in Nigeria. Because our hearts bleed when we see what happens and at eNigeria 2017 I made one comment, that Nigeria ranks among the poorest nations on earth despite the abundant resources and one index that was given to us is that Nigeria is also ranking first among the most foolish nations on earth.
“Because it is difficult to expect that when you spend $1billion every year enriching foreign nations, providing employment overseas, why won’t your youths be unemployed and they are finding job in Kidnapping and other crimes and nobody is immune from that.
“Where ever foreign software will be bought for whatever reason there should be software import tax which should be punitive as high as 35 per cent. When I go to Ghana they tax my software 33 per cent. We can use this fund to develop the ecosystem and provide single digit loan for software companies in Nigeria.
E-Business
US Supreme Court Upholds Law Banning TikTok
The United States Supreme Court has upheld a law seeking to ban TikTok in the United States.
The court ruled that the law does not infringe upon free speech rights, citing the US government’s legitimate national security concerns about the Chinese ownership of the app.
Last week, the Supreme Court listened to the arguments from ByteDance, TikTok’s parent company, claiming the law violated free speech.
“There is no doubt that TikTok provides a unique platform for expression, engagement, and community to over 170 million Americans,” the justices stated.
With this decision, the ban set for Sunday remains in place, despite calls from lawmakers and officials across the political spectrum for a delay.
Last year, Congress passed a law requiring ByteDance to sell TikTok or shut it down in the US by January 19, reflecting widespread concerns in Washington that the app could be exploited by China for espionage or propaganda.
On Friday, White House officials informed the media that the ban would not be enforced, leaving the final decision to President-elect Donald Trump, who assumes office the next day.
In December 2024, TikTok asked the US Supreme Court to temporarily block a law that would force its Chinese owner to sell the popular video-sharing platform or shut it down by January 19.
The appeal came the same day TikTok, Shou Zi Chew, CEO, met with US President-elect Donald Trump.
E-Business
FG Says NINs will Facilitate Cash Transfers to 18.1m People
Federal government has plans to expand the national social register to 18.1 million names and to reach at least 70 million poor households across the country by the end of this year, according to Prof Nentawe Goshwe Yilwatda, minister, Humanitarian Affairs, Disaster Management and Social Development (FMHADMSD).
Federal government has been distributing cash assistance to poor citizens through a program that requires verification using the National Identification Number (NIN).
The rate of poverty in the country is alarming, the minister said in an interview with Arise News, reason why the federal government plans to extend the humanitarian outreach program to target more homes. Each household receives the sum of N75,000 ($45).
Giving update on the payments, the minister said the first tranche of the conditional cash transfers were paid to five million households between October and December 2024, while the second and third tranches were paid to 2.8 million households.
“The president has directed, based on CBN’s new regulations, that before any payment is made to an individual or household, they must have a digital identity we can trace. That is the NIN number,” the Yilwatda told Arise News.
The cash transfer enabled by digital ID was launched in 2023, and last year, the federal government said around 25 million Nigerians had already benefitted from the scheme.
E-Business
NIMC Grants NCoS Licence to Register Inmates for NIN
National Identity Management Commission (NIMC) has granted licence for the Nigerian Correctional Service, (NCoS) to register inmates in the over 252 custodial centres across the country for National Identity Numbers, (NIN).
The approval followed the request made by Sylvester Nwakuche, acting controller general of the NCoS, who paid a visit to Engr Abisoye Coker-Odusote, director general/chief executive Officer of NIMC, in her office.
The acting controller-general, said the licence to carry out registration of inmates for NIN would eliminate exclusion of inmates from the country’s National Development plans, ensure their safety and security and facilitate their smooth recapture in times of jailbreaks.
The NCoS boss said the visit to the headquarters of NIMC was in search of collaboration that would enable the Service carry out its mandate seamlessly following on going reforms of the Correctional Service system.
According to Nwakuche, there are lots of socio-economic developments within the Correctional Service systems which had led to a number of inmates obtaining University degrees, Masters Degrees and Doctor of Philosophy (PhD) in various fields.
He said such inmates should not be excluded from the national development plans of the country as they should be integrated into the society to become useful for their families and the country.
Nwakuche said inside the Correctional centres are those awaiting trials whose innocence and otherwise has to be decided by the Courts, but argued that in times of National planning, census and other critical national development issues, they should not be disallowed from participating.
Coker-Odusote who granted the licence said NIN has become critical and essential to the country’s national development plans, stressing that NIMC has gone far with the private sector, especially the banks and the Central Bank of Nigeria (CBN) as all banks accounts are now linked with the NIN.
Coker-Odusote said the Eight points Agenda of President Bola Tinubu are also anchored on the Country’s digital identity or National identity Number, stressing that for instance NIN was tied to students loans to eradicate duplicity and prevent ghost beneficiaries.
Coker-Odusote expressed delight in the partnership with the NCoS, saying that the Commission had already entered into partnership with the Nigeria Immigration Service, NIS and other agencies in order to facilitate the smooth delivery of their constitutional mandates.
She commended Dr Olubunmi Tunji-Ojo, minister of Interior, for his dynamic leadership and role in ensuring the delivery of dividends of democracy to Nigeria through various reforms.
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