Connect with us

News

Experts Suggest Ways to Rejig Cashless

Published

on

Kindly share this post

After seeing the cashless economy get off on a shaky start, experts have canvassed the need for more government interventions to discourage cash transactions in every business segments of the economy, Nigeria CommunicationsWeek can report.

When the Central Bank of Nigeria (CBN), came up with the novel ‘Cashless’ policy in 2011, it was aimed at changing the spending culture of  Nigerians which is notoriously cash-transaction based with its attendant security challenges.

But six months into the project, most people are still dependant on cash for daily transactions.
Has the project failed six months into trial period? Or are there any measures of successes already credited to the policy?

Folake Ani-Mumuney, head, marketing and corporate communications at First Bank Nigeria Plc said there have been several benefits associated with the ‘Cashless’ policy, although there are still enough rooms for government intervention to make it a sustainable national programme.

Nigeria CommunicaionsWeek learnt that the bank has a good report on the ‘Cashless’ project. For instance, there has been a 200.16 per cent rise in eChannels transaction from December 2011 to May 2012.

“Before the introduction of the policy, we recorded a monthly average of about N3 Billion in eChannels transactions in 2011. But by end of May 2012 volume in eChannels transaction hit N10.6 Billion. That shows there are positives in the policy, although government still has a lot to do in terms to building a sustainable cashless policy,” said Ani-Mumuney.

She noted that the bank is committed to promoting cutting edge technology to serve the diverse needs of its’ teeming customers. “We are also in sync with the Cashless policy and presently, we are driving this policy in Lagos, and Nigeria at large, and this certainly makes our bank very fundamental to the nation’s goal of becoming one of the top 20 largest economies in the world by the year 2020.”

To achieve a frontline position in the cashless policy drive, the Bank took proactive measures by rolling out various e-transaction services and products even before the new CBN policy came on stream.

For instance, FirstBank’s online-real time banking services have been in place for almost a decade in addition to massive deployment of alternative delivery channels like POS, ATM and Internet banking, amongst other products.

“We were able to recognise on time that in the increasingly dynamic and sophisticated business environment, the future of banking will be driven by e-banking, hence we established a dedicated e-banking department many years ago,” said Ani-Mumuney.

Emezino Afiegbe, head, Card Business, concurred stating the bank’s card business segment  is focused on delivery world class solutions, hence it’s dealings are measured according to global best practices standard.

Nigeria CommunicationsWeek learnt that the bank is already looking to the mobile telephony platform with a view to reaching the millions of ‘unbanked Nigerians.’ To achieve this, it has introduced the FirstMobile product which complements the existing FirstOnline.

“FirstMobile is aimed at reaching out to the millions of unbanked population who already have or intend to own a mobile phone. The majority of mobile phone users who may be classified uneducated are numeric literates. We are aware of success of such projects elsewhere and we think that with the large mobile phone subscription figures, mobile banking will be a huge success in Nigeria,” said Afiegbe.

Nigeria is Africa’s leading mobile phone market with nearly 100 million active subscribers. It also has the continent’s largest internet users with 45 million connections by December 2011.

 


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

News

Tony Elumelu Foundation Opens Applications for 2025 Entrepreneurship Programmes

Published

on

Kindly share this post

Tony Elumelu Foundation (TEF), Africa’s leading champion of entrepreneurship, has announced the opening of applications for its 2025 Entrepreneurship Programmes.

Tony Elumelu Foundation Opens Applications for 2025 Entrepreneurship Programmes

It asked both aspiring and existing entrepreneurs from across Africa to apply for a chance to receive world-class training, expert mentoring, and non-refundable seed capital funding to scale their businesses.

Programmes open for application are: Tony Elumelu Foundation (TEF) Entrepreneurship Programme: the flagship TEF Entrepreneurship Programme which is open to all entrepreneurs across Africa with innovative business ideas or existing businesses not older than five years.

This year, there is a special emphasis on businesses leveraging Artificial Intelligence (AI) and green initiatives. Applicants must be at least 18 years old.

Secondly, the IYBA-WE4A Entrepreneurship Programme: Launched by the Tony Elumelu Foundation in partnership with the European Union (EU) and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), IYBA-WE4A stands for Investing in Young Businesses in Africa – Women Entrepreneurship for Africa and is exclusively for women entrepreneurs with green business ideas or existing green businesses in Senegal, Tanzania, Uganda, Cameroon, Kenya, Mozambique, Malawi, and Togo.

Applicants must be at least 18 years old, with businesses not exceeding five years in operation.

Thirdly, Aguka Ideation Programme: The Aguka Ideation Entrepreneurship Programme is a partnership with the Tony Elumelu Foundation, UNDP Rwanda and the Rwandan Ministry of Youths and Arts to support young Rwandan entrepreneurs between 18 -30 with business ideas with a seed capital of $3000, with the aim of nurturing and developing innovative concepts into viable enterprises.

Application Details: Platform: Applications are to be submitted through TEF’s proprietary digital hub, TEFConnect. Application Period: January 1, 2025 – March 1, 2025. TEF urged interested applicants to complete and submit their applications well ahead of the deadline.

On eligibility, it said the programme is open to African entrepreneurs with scalable business ideas or existing businesses not older than five years while applicants must be at least 18 years old.

For more information about the Tony Elumelu Foundation’s transformative work and the success of our African entrepreneurs, it advised applicants to view “our Impact Report, which highlights the Tony Elumelu Foundation’s achievements and contributions to Africa’s economic growth; African Entrepreneurs’ Success Stories, showcasing the inspiring journeys of Tony Elumelu Entrepreneurs and Annual Reports, offering insights into the Tony Elumelu Foundation’s strategies and outcomes.

Recall that The Tony Elumelu Foundation is the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries, and increasing women economic empowerment.

Founded in 2010, the Tony Elumelu Foundation is committed to empowering African entrepreneurs as a catalyst for the continent’s economic transformation.

Besides, since the launch of the TEF Entrepreneurship Programme in 2015, the Foundation has provided up to 2.5 million young Africans with access to training on its digital hub, TEFConnect, and disbursed over USD$100 million in direct funding to over 21,000 African women and men, who have collectively created over 800,000 direct and indirect jobs, and generated over USD$4.2 billion in revenue.

The Foundation’s mission is rooted in Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent.


Kindly share this post
Continue Reading

News

Zinox Demands Apology from Falana over Alleged Defamation, Reputational Damage

Published

on

Kindly share this post

Management of Zinox Technologies Limited, foremost African digital conglomerate, has demanded public apology from Mr. Femi Falana SAN, over alleged defamation and reputational injury inflicted on the company and its representatives by Falana and his client, Benjamin Joseph, the CEO of Citadel Oracle Concept Limited, an Ibadan-based computer firm.

Zinox Demands Apology from Falana over Alleged Defamation, Reputational Damage

 

In a statement on Sunday, Zinox referenced recent news items in the media relating to certain charges filed by  Falana, purporting to act on a fiat donated to him by Mr. Lateef Fagbemi SAN, attorney general and minister of Justice of the Federal Republic of Nigeria, whom Zinox said may not have been properly briefed.

“We are sure that if the circumstances of this case were made available to the respected Honorable Attorney General, Lateef Fagbemi SAN, he would not have granted the purported fiat to Femi Falana,” Zinox said in the statement.

In the news reports, Falana was said to have filed a suit before Honorable Justice A. O. Ebong of the FCT High Court in charge no. FCT/HC/CR/985/24 in November 2024, a suit Zinox said was based on the same claims which various courts had in the past dismissed as falsehood and baseless.

“Our initial reaction was to ignore these publications as the usual campaigns of calumny that have been orchestrated against Zinox since 2014 by one Mr. Benjamin Joseph, the Managing Director of Citadel Oracle Concept Ltd, the client of Mr. Femi Falana SAN. However, we are persuaded to respond by the consideration that once falsehood is sustained over time, it tends to acquire the garb of truth.”

Zinox said the case arose from a contract between Citadel and Technology Distributions Limited over the supply of computers to the Federal Inland Revenue Service (FIRS), stressing that the matter has no bearing whatsoever with Zinox and its promoter, Mr Leo Stan Ekeh.

“Firstly, we are shocked that Femi Falana would include Zinox in his purported fiat/charges, a company that has nothing to do with the transaction or allegations. For the records, we want to state as follows:

“Zinox has never been invited by any investigative agency, including the police and the EFCC, on these allegations. There is no report either by the police or the EFCC or any investigative agency where the name of Zinox was mentioned as a suspect. There is no judgment or ruling of any court where Zinox was mentioned as having anything to do, whatsoever, with the transaction or the allegations, the basis of the fiat/charges. Mr. Leo Stan Ekeh, the Chairman of Zinox, has never made any statement to the police in the course of any investigations and has never been mentioned in any court proceedings or judgment as part of any investigations relating to these allegations. Indeed, he has never met with Benjamin Joseph before,” the statement said.

Zinox cited instances in which Mr. Joseph lost the case and its adjunct suit. In a petition/case Mr. Joseph reported since 2013 and for which the Inspector General of Police charged him for false information in charge no.CR/216/16, he was unable to prove his allegations for more than 8 years .

In another case filed by the EFCC at his instance against his partner, Princess Kama, in charge no. FCT/HC/CR/244/2018,  Honorable Justice Danlami Z. Senchi of the FCT High Court (as he then was), dismissed as false all the allegations made by Benjamin Joseph, and imposed the sum of N20 million as damages against him for false petitioning in relation to these same allegations.

Zinox alleged that the current charges said to have been filed by Falana on the basis of a fiat from the Attorney General is the third in a row as he had earlier filed charge no.CR/469/2022, which was struck out by Honorable Justice C. O. Oba of the FCT High Court, by an order dated 8th November 2022.

In what appears to be forum shopping and abuse of court process, “he filed the same charges before Honorable Justice A. S. Adepoju of the FCT High Court, which charges were, once more, struck out by the Honorable Court on 19th March 2024, with Honorable Justice Adepoju holding that: “This matter was brought in dead, extinct and should be confined into the dustbin of history…I hold that the instant suit is an abuse of the process of court and it is hereby struck out accordingly,” the statement said.

Zinox said it was shocked that a “learned Senior Advocate in the person of Femi Falana, would, yet, proceed to file the same charges before Honorable Justice A. O. Ebong of the FCT High Court in charge no. FCT/HC/CR/985/24 in November 2024.”

The statement said: “It is, therefore, very clear that the deliberate intention for instituting this new charge by Femi Falana SAN, to include the name of Zinox and its Chairman and other persons who were never part of the investigations, is to embarrass them, harm their reputation, and thereby damage their businesses. In the circumstance, we hereby demand a public apology from Mr. Femi Falana SAN, if he is unable to produce the evidence demanded above.

“We, therefore, assure all our business partners, stakeholders, and friends, that we are not ruffled by these spurious allegations. While our lawyers are set to defend the present charges purportedly filed by Femi Falana SAN, we shall not fail to explore all legal remedies against persons associated with the orchestration of these false allegations and publications against us,” Zinox said.

 


Kindly share this post
Continue Reading

News

WHO Declares New COVID Outbreak in China Global Health Emergency

Published

on

Kindly share this post

World Health Organization (WHO), has declared the outbreak of a new coronavirus in China, a global health emergency.

WHO Declares New COVID Outbreak in China Global Health Emergency

Tedros Ghebreyesus, director-general, WHO, made the announcement at a press conference in Geneva.

WHO’s emergency committee on the epidemic had reportedly met Thursday afternoon and recommended designating the outbreak a Public Health Emergency of International Concern, PHEIC.

The decision had been “almost unanimous,” Didier Houssin, chair of the emergency committee, said at the press conference.

“The main reason for this declaration is not because of what is happening in China, but because of what is happening in other countries,” Tedros said at the press conference.

“Our greatest concern is the potential for the virus to spread to countries with weaker health systems and which are ill-prepared to deal with it. Let me be clear, this declaration is not a vote of no confidence in China. On the contrary, WHO continues to have confidence in China’s capacity to control the outbreak.”

Tedros also outlined recommendations made by the emergency committee to control the outbreak, including accelerating the development of vaccines and drugs and combatting the spread of misinformation.

This is the sixth time WHO has used that label, Public Health Emergency of International Concern, PHEIC. since the designation was introduced 15 years ago.


Kindly share this post
Continue Reading

Trending