News
FG to Grant Technology Start-ups Tax Holidays
Vice-President Yemi Osinbajo has said the Federal Government is including technology start-ups and businesses in the list of businesses eligible for tax holidays.
Osinbajo spoke in Lagos while inaugurating Vibranium Valley, a hub for technology and innovation start-ups described as the largest in sub-Saharan Africa.
The Vice President said Vibranium Valley, established by Venture Garden Group, could become Nigeria’s next innovation cluster housing tech firms devoted to talent, data and entrepreneurship.
Vibranium Valley, located within the expansive grounds of the former Concord Newspaper Headquarters in Ikeja, consists of “world-class office spaces” fully furnished to meet the needs of up to 50 tech start-ups.
According to Bunmi Akinyemiju, the firm’s Chief Executive Officer (CEO) and its Executive Director Kunmi Demuren, the “Campus” already houses “over 20 tech-driven companies.”
The Vice President, who delivered a keynote address on ‘The role of technology and entrepreneurship in nation building’, praised tech innovators for providing “technology-driven solutions to some of the most difficult development problems confronting us today.”
Osinbajo said: “Today’s event is devoted to talent, data and entrepreneurship. These three things represent the Vibranium of Africa.
“Vibranium Valley, similar to Yaba, could be the next innovation cluster where mature tech companies can be housed, to drive the industrial revolution, and exports of ‘innovation’ for the country.
“On the part of government, we are putting our money where our mouth is. We believe it is our role to provide the environment where innovation can thrive, so, we are including technology start-ups and businesses in our list of businesses eligible for pioneer status and that means tax holidays.
“Also both the Central Bank and the Bank of Industry are working on intervention funds and loans for technology start-ups, while we have till date opened about three state-of-the art technology hubs. These are government-supported technology hubs.”
The hubs include the Northeast humanitarian technology hub in Yola, Adamawa State, which specialises in innovation for victims of conflict. The South-south innovation hub in Benin, Edo State and the climate change technology hub to be launched at the Pan African University, Lagos.
Akinyemiju, who described Vibranium Valley as the “Campus”, said it would serve as a hub for tech start-ups which “will build an entrepreneur ecosystem, where people can be inspired to create companies and ultimately be able to create employment.
“Nigeria needs to take disruptive approaches to development challenges in infrastructure, financial inclusion and education to become the Africa’s first ‘start-up nation.’
News
Union Bank gets Multiple ISO Certifications
Union Bank has attained certifications in MSECB management system in ISO/IEC 27001:2022, ISO 22301:2019, and ISO/IEC 20000-1:2018.
MSECB is a leading international provider of audit and certification services for management systems based on a wide range of global standards.
A recent statement from the bank disclosed that it received the certifications following assessments of its management system covering information security, its service delivery, and business continuity standards under the combined Information Management Systems standards.
The information security management systems ISO/IEC 27001:2022, ISO 22301:2019, and ISO/IEC 20000-1:2018 are internationally recognised standards that outline the requirements for establishing an effective information management system that guides against data breaches, IT system compromises, and disruptions to business processes.
Commenting on the bank’s recent attainment, Francis Mojoyinlola, Chief Information Security Officer at Union Bank, said, “The bank’s continued adherence to best international practices, as acknowledged by an independent third-party audit from a reputable international certification firm, reaffirms our capacity to erect, implement, and maintain best information and security management practices.
“We remain committed to offering our esteemed customers simpler, more innovative services rooted in the highest standards of information security and cutting-edge innovative banking service.”
The recent achievement by Union Bank follows the bank’s recertification of Payment Card Industry Data Security Standard version 3.2 and the International Organisation for Standardisation ISO/IEC 27001:2013 certification attained in 2018.
According to the lender, it further highlights its commitment to the strictest information management security standards while securing its pride of place as one of Nigeria’s most trusted financial institutions.
News
PalmPay Bolsters Lagos Agriculture Initiative with Effortless Payment Solutions
PalmPay, a leading fintech platform, has partnered with the Lagos State Government to bolster its agricultural initiative, offering robust payment solutions to empower residents and businesses alike with the necessary financial tools for success through the Food Discount Market initiative tagged – Ounje Eko.
Ounje Eko, meaning – Lagos Food, is a food intervention program by Governor Babajide Sanwo-Olu of Lagos State, aimed at providing succour to residents. This initiative is taking place across five (5) divisions of the State.
The Ounje Eko markets were opened at 27 locations in Ikeja; six in Lagos Island; nine in Ikorodu; five in Epe; and 10 in Badagry divisions. The food items – rice, beans, garri, bread, eggs, tomatoes, and pepper, among others – were sold at a 25% discount to residents.
Commenting on the initiative, Enakeno Umuteme, the Head of Marketing Communications, PalmPay, noted, “The Ounje Eko is indeed a laudable initiative especially as the country’s inflation rate stands at 30% according to the National Bureau of Statistics (NBS).
“PalmPay is privileged to have participated in the Ounje Eko Initiative and offered its support as one of the Independent Payment Solution providers to have partnered with Lagos State Government as payment platforms providing POS terminals as a means of payment.”
Mr Umuteme added, “At PalmPay, we are always committed to empowering individuals and businesses with the tools they need to thrive, and we believe that having supported this intervention, we were able to make a meaningful impact in our community.”
With PalmPay’s expertise in delivering secure and efficient digital payment solutions, coupled with its involvement in the discounted market initiative, both vendors and consumers can anticipate a seamless and user-friendly experience.
News
6 Ways Agritech can Revolutionise Grocery Aisles
By Diana Tenebe, Chief Operating Officer, FoodStuff Store
Forget grocery drudgery. Imagine vibrant shelves overflowing with fresh produce, thanks to a digital revolution on the farm. Agritech tackles food waste, not directly on store shelves, but throughout the food journey.
Globally, food waste is a staggering 1.6 billion tons, with a significant portion lost in supply chains. In Nigeria alone, 14 million tons are wasted annually. Here are 6 ways Agritech can offer a solution.
Precision Farming: Gone are the days of guesswork. Sensors and data analysis nowadays provide real-time insights, allowing farmers to optimise resource use and boost yields. Imagine perfectly nurtured fruits and vegetables! Additionally, agritech can analyse consumer demand and weather patterns to optimise harvests, reducing surplus that spoils before reaching stores.
Fresher, Faster Deliveries: The farm-to-store journey can be improved on so it is no longer slow and wasteful. Advancements in logistics, storage, and distribution ensure food arrives fresher and faster. Cold chain improvements and optimised routes mean fruits and vegetables retain nutrients and flavour all the way to the grocery aisle. Agritech can also play a role here by using sensors to monitor storage conditions and track shipments, minimising spoilage during transport.
Beyond Efficiency: Agritech isn’t just about optimising existing food systems. It can also be used in driving innovation. From plant-based alternatives to lab-grown meat, agritech across the world is pushing the boundaries of what we consider “food,” offering consumers a wider variety of healthy and sustainable choices.
Connecting the Dots: Traditionally, a complex web of middlemen stands between farms and supermarkets. This lengthens the supply chain, impacting both freshness and price. Agritech platforms disrupt this model by establishing a direct link between producers and retailers. Imagine farmers uploading their harvest information, including type, quantity, and quality, directly onto an Agritech platform. Supermarkets can then browse these offerings and place orders efficiently. This streamlined process eliminates unnecessary intermediaries, reducing costs and expediting delivery.
Extending Shelf Life: Research focuses on developing technologies like special packaging or coatings to slow down spoilage and extend the shelf life of perishables. These coatings might act as a second skin, regulating moisture loss and respiration rates, or even contain natural antimicrobials to fight off spoilage-causing bacteria. This not only reduces food waste but also keeps our grocery aisles stocked with fresher produce for longer.
Reducing Waste, Fighting Hunger: Agritech can connect supermarkets with organisations that collect surplus food nearing expiry. This food can be redistributed to communities or food banks, reducing waste and hunger.
Agritech’s digital revolution is transforming food production, impacting what ends up on our shelves, paving the way for a future with less waste and more abundance.
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