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Cashless: Experts Warn Against Corporate Greed
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Financial experts have warned against the possible hijack of cashless policy of the Central Bank of Nigeria (CBN) by a few individuals or corporations and urged the apex bank to move against limits of transaction cost which could inhibit competitiveness and efficiency in the system, Nigeria CommunicationsWeek can report.
They however, reported a bit of cheering news for consumers and operators of the cashless regime indicating that Nigeria now accounts for the greater number of ATM machine deployments in Africa.
The growth in the ratio of automated teller machine debit card (ATM) customers, according to the experts, would increase from 10 million (in circulation) to about 100 million in the next five years due to ongoing policy drive to move the economy from cash transaction to e-channels.
Prof. Pat. Utomi, director of Lagos Business School, (LBS) at the one-day cashless conference: Payment thought leadership breakfast series1 held in Lagos at the weekend, urged the apex financial house to move against limits of transaction cost which could inhibit competitiveness and efficiency in the system.
“The transactional costs will limit the competitions. The use of transactional costs to roll out cash coupled with lack of trust in the system affect the process. The operators are yet to get it right in services; hence people encounter bottlenecks during transactions,” said Utomi.
Prof. Utomi warned against “first movers’ apparition; if not tamed the process would be hijacked by few individuals and corporations. A transparent and incorporation of interested players, technological enhancement, and massive education will boost public confidence.”
Chuma Ezirim, Group Head, eBusiness at First Bank stated that the introduction of cashless policy will propel the nation’s economic drive towards attainment of Vision 20 20-20 goal.
He opined that mobile money payment and other echannel transaction platforms are all technology driven and would open up Nigeria for global competitiveness. Ezirim noted that already Nigeria has become the leading economy in Africa with greater number of ATM deployments.
“Statistics available indicate that Nigeria tops the ATM market in Africa and that means fortune for the players in the industry. Going by the payment system, customers could do their normal basic financial transactions on a daily basis by making payments for goods and services or by engaging in person-to-person transfer directly on their GSM phones,” said Ezirim.
He advocated for a “changed management” system with the aim of educating the public, transactional costs reductions, and closing the gap between the middle class traders and the operators for understanding of the policy.
Tunde Lemo, deputy governor (operations) at the CBN admitted that it was not yet uhuru in implementation of the cashless economy policy. He stated that the CBN has established a performance monitoring office for effective surveillance of operators in the system. The aim is to monitor “efficiency, availability and sustainability of the e-payment scheme.”
Lemo also said the CBN was networking with other government agencies like NIPOST to link up rural dwellers where Point of Sale (PoS) machines are yet to be deployed.
Adeyinka Adeyemi, managing director, Intermarc Consulting ask that the CBN be magnanimous in providing incentives to encourage market players and consumers. Incentives should include internet facilities for the effective implementation of the scheme.
Nigeria CommunicationsWeek’s research indicated that despite the optimism by market operators, Nigeria still lags behind South Africa and other emerging economies on ATM deployment ratio-per-population density.
Comparatively, Nigeria has 10 ATM cards per 100 persons against South Africa’s 55 per 100.
News
Meta Faces Lawsuit for Alleged Hiring Bias
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A federal judge ruled on Tuesday that Meta Platforms must face a lawsuit alleging that the parent company of Facebook and Instagram prefers hiring foreign workers to pay them less than American workers.
U.S. Magistrate Judge Laurel Beeler in San Francisco stated that three U.S. citizens who accused Meta of refusing to hire them despite their qualifications may proceed with a proposed class action.
The plaintiffs—information technology worker Purushothaman Rajaram and software engineer Ekta Bhatia, both naturalised U.S. citizens, and data scientist Qun Wang—claimed they applied for several Meta jobs between 2020 and 2024 but were rejected due to Meta’s “systematic preference” for visa holders.
Meta, in a statement, called the allegations baseless and vowed to vigorously defend itself.
In seeking dismissal, the Menlo Park, California-based company argued there was no proof of discriminatory intent or that the plaintiffs would have been hired if they were not U.S. citizens.
However, Judge Beeler cited statistics showing that 15% of Meta’s U.S. workforce holds H-1B visas, compared to 0.5% of the overall workforce.
She also referenced Meta’s October 2021 agreement to pay up to $14.25 million, including a civil fine, to settle federal claims that it routinely refused to consider American workers for jobs reserved for temporary visa holders.
“These allegations support the plaintiffs’ overall complaint that they were not hired because Meta favours H-1B visa holders,” Beeler wrote.
The government had sued Meta in December 2020, seven weeks before President Donald Trump ended his first White House term.
Daniel Low, a lawyer for the plaintiffs, expressed hope that the lawsuit would address the favouritism towards visa workers prevalent in the tech industry, stating that fully addressing the issue would require additional enforcement or legislative reform.
Beeler had dismissed an earlier version of the lawsuit, which named only Rajaram as a plaintiff, in November 2022.
A divided federal appeals court revived the case last June, citing a Civil War-era law, Section 1981 of the Civil Rights Act of 1866, which bars discrimination in contracts based on “alienage” and protects U.S. citizens from bias.
Many conservative groups have used this law to challenge workplace diversity initiatives, which Trump also opposes.
The case is Rajaram et al. v. Meta Platforms Inc., U.S. District Court, Northern District of California, No. 22-02920.
News
Mysterious Illness Kills 50 People within Hours of Symptoms, Doctors Raise Alarm
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A mysterious illness killed more than 50 people in the Democratic Republic of Congo (DRC), with most victims dying within 48 hours of showing symptoms, health officials have reported.
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Pic Credit: Daily Sabah
The outbreak, first reported on January 21, has resulted in 419 cases and 53 deaths.
The World Health Organization (WHO) has classified it as a significant public health threat, citing concerns over its rapid progression and fatality rate.
Suspected origin and early cases
Authorities believe the outbreak started in the town of Boloko, where three children reportedly ate a dead bat.
The children developed severe symptoms and died within two days.
Medical experts suspect the illness is a form of hemorrhagic fever, which can cause fever, internal bleeding, headaches, and joint pain.
“That’s what’s really worrying,” said Serge Ngalebato, medical director of Bikoro Hospital in the DRC, referring to the disease’s speed and severity.
Ebola, one of the most well-known hemorrhagic fevers, has not been detected in this outbreak, according to initial testing.
A second wave of cases emerged in the town of Bomate on Feb. 9. Authorities have tested samples from 13 patients, all of which returned negative results for Ebola and Marburg virus.
However, some samples tested positive for malaria.
The WHO reported that the fatality rate of the illness is 12.3%, significantly higher than the early fatality rate of COVID-19.
Experts warn that the outbreak could spread further due to the region’s remote location and fragile healthcare system.
News
NPC Warns Nigerians to Beware of Fake Recruitment Website
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National Population Commission (NPC), has alerted the public to a fraudulent website https://npc-career.allprogram.site/job created by individuals with malicious intent.
Erelu Taibat Yemi Oloruntoba, director, Public Affairs, NPC, said in a statement that the fake site falsely claims to facilitate recruitment for the 2025 Population and Housing Census, aiming to defraud unsuspecting citizens.
“We want to state unequivocally that the Commission is not currently conducting any recruitment for Ad-hoc staff related to the upcoming census. President Bola Ahmed Tinubu, GCFR, has stated that a committee will be established to align the census budget with the government’s present financial situation before issuing a proclamation for the conduct of the upcoming biometric Population and Housing Census,” the statement outlined.
It, therefore, warned Nigerians to be aware that when there is a date for the census and it becomes necessary for the commission to recruit ad hoc staff for the exercise, it will be officially announced through national media outlets, as well as the NPC’s verified social media platforms and website.
It urged the general public to disregard the fake website and its misleading information to avoid falling victim to scams.
The statement avowed that NPC is actively investigating the creators of this fake website, adding, “we encourage everyone to seek accurate information regarding the NPC’s activities from our official social media handles and website.”
According to the statement, NPC is committed to keeping the public informed about developments concerning the first biometric Population and Housing Census in Nigeria.
“We appreciate your support in ensuring a successful census exercise,” the statement said.
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