E-Financial
Kuda celebrates five years of workplace inclusivity
As Kuda turns five, the fintech company says it is intentional about inclusion, diversity and equity within its workforce and is actively trying to hire more female engineers and product managers into leadership roles.
Kuda’s software development team now has 29-percent female representation with its quality assurance engineering team having 65-percent female representation. Kuda has also increased the number of women on its product team by 3 percent within the past year through a recruitment model designed to prioritise inclusion.
As reported in 2020 by McKinsey & Company, companies in the top quartile for gender diversity on executive teams were 25 percent more likely to have above-average profitability compared to companies in the fourth quartile. A report by the International Labour Organization (ILO) found that 74 percent of companies that track gender diversity in management report a profit increase of 5 percent to 20 percent.
Kuda has consistently championed inclusivity, recognising the crucial role it plays in fostering innovation and driving business success. In 2023, the fintech company set up a Diversity, Equity, and Inclusion (DEI) committee that develops and implements policies, raises awareness, and organises training to promote a diverse, equitable, and inclusive workplace.
As part of its efforts to diversify its engineering and product teams, Kuda fine-tuned its school-to-workplace internship program to reach young engineers and product managers, equipping them with essential skills to advance their careers.
Speaking on the importance Kuda places on inclusivity, Siseko Dastile, who heads Kuda’s DEI committee said, “We are committed to fostering a healthy work environment where everyone, regardless of gender, can achieve their career and personal aspirations.”
Investing in women’s skill development is another part of Kuda’s inclusion strategy. In 2022, the fintech company sponsored twenty young women to attend the Africa Girls In Tech bootcamp in partnership with Africa Agility. This program helped the attendees learn tech and product skills, equipping them for competitive internships at tech startups across Africa.
For the 2024 International Women’s Day, Kuda organised a webinar featuring women leaders who inspired young women at Kuda to pursue their professional aspirations.
Kuda believes that diversity is key to driving innovation and excellence in the workplace and is committed to fostering an environment where all employees have equal opportunities to thrive.
E-Financial
FRC Accuses Banks of Colluding with States to Bypass Fiscal Law
Fiscal Responsibility Commission (FRC) has decried the rampant collusion between banks and state governments in violating the provisions of the Fiscal Responsibility Act.
Barrister Victor Muruako, chairman of FRC, who spoke at the National Summit of Fiscal Responsibility in Abuja, noted that banks had been aiding state governments in circumventing the law, particularly with respect to borrowing.
Muruako cited Section 44.1 of the Fiscal Responsibility Act which mandates that any government or its agencies intending to borrow funds must present a detailed cost-benefit analysis of the proposed borrowing.
He said, “We are witnessing a troubling decline in accountability. In one instance, a state government’s secretary simply signed a declaration claiming compliance with the Act, which then allowed the government to proceed with borrowing. This is deeply alarming.”
He further criticised banks for accepting such documents, noting that financial institutions had made it convenient to approve loans without thoroughly verifying compliance with the law.
He said, “We have reached out to banks and carried out extensive sensitisation efforts, but it is clear that more needs to be done. We cannot afford to remain silent any longer. This is a matter of national urgency.”
On his part, Senator George Akume, secretary to the government of the federation (SGF), directed the FRC to extend its technical support to local governments.
E-Financial
Opay, Moniepoint others to Begin Deduction of N50 eTransfer Fee
Federal government has imposed a N50 deduction for every electronic money transfer (EMTL) of N10,000 and above, affecting customers of fintech platforms such as Opay and Moniepoint.
The deduction, which is in line with the Federal Inland Revenue Service (FIRS) regulations, is set to take effect from September 9, 2024.
The announcement was made by the fintech companies through notifications to their customers.
In a statement, Opay informed its customers, “Dear valued customers, please be informed that starting September 9, 2024, a one-time fee of N50 will be applied for electronic transfer of N10,000 and above paid into your personal or business account in compliance with the Federal Inland Revenue Service regulations.”
The company clarified that these deductions are part of the government’s requirements and not a revenue stream for fintech companies.
“It is important to note that OPay does not benefit from these charges in any way as it is directed entirely to the Federal Government,” the statement added.
Similarly, Moniepoint, another major fintech platform, issued a brief notice, stating: “A N50 fee would be charged on inflows you receive of N10,000 and above from Monday, September 9, 2024.
“Your BRM is available to answer questions you might have.”
E-Financial
CAC Moves Against Unregistered POS Operators as Deadline Expires
The Corporate Affairs Commission (CAC) has begun moves to enforce its directive that Point of Sale (POS) operators should register with the commission.
The registration directive gave POS operators July 7, 2024 to September 5, 2024.
In a statement released by the Commission, the CAC said that it is now working closely with law enforcement agencies and other relevant stakeholders to develop and implement a robust enforcement and sanction framework.
This framework, according to the CAC, will not only target the shutdown of non-compliant businesses but could also involve more severe legal actions against defaulters.
The Commission expressed concern over the low level of compliance by POS operators, despite the large number of such businesses operating across the country.
They also commended those operators who adhered to the directive, noting their responsible approach to formalizing their operations.
“We are to make it clear that the Commission is working with Law Enforcement Agencies and other relevant stakeholders to deploy a comprehensive enforcement and sanction framework that may include not only possible shutdown but other severe legal Consequences,”
However, the Commission criticized what it termed “recalcitrant operators,” many of whom have either refused or failed to comply with the registration requirement.
The CAC suggested that some of these operators might be engaging in “unwholesome activities” or have other undisclosed reasons for resisting formalization.
As the CAC moves towards enforcement, it urges all unregistered POS operators to take immediate steps to formalize their businesses or face the consequences of their inaction.
Recall that in May 2024 the CAC announced that PoS agents have been given a deadline of July 7, 2024, to register their business.
Hussaini Magaji, Registrar-General of the CAC, who announced this said this was the agreement with the PoS operators after a meeting in Abuja.
According to him, the registrations also align with the legal requirements and the directives of the Central Bank of Nigeria.
He added that the action was equally backed by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020 as well as the 2013 CBN guidelines on agent banking.
Magaji said the registration is aimed at safeguarding the businesses of fintechs and customers, strengthen the economy and tackle the surge in fraud in Nigeria’s financial industry.
The Commission also announced an extension of the mandatory registration for Fintech Operators to September 5, 2024.
It said the 60-day extension is to give sufficient time to operators particularly those in remote areas who might have encountered network challenges to register and continue with their businesses.
“The Corporate Affairs Commission wishes to notify Fintech Operators also known as Point of Sales Operators that the initial deadline of 7th July 2024 given for the registration of sole Agents, Super Agents, and Agents has been extended for sixty days beginning from 7th July 2024 to the 5th September 2024,” CAC said in the notice.
“This is to give sufficient time to Operators particularly those in remote areas who might have encountered network challenges to register and continue with their businesses.”
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