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NITRA: Okere Advocates for Improved FinTech Innovations

As “money is going digital” around the world, with central banks from England to China publicly floating the notion of issuing their own national digital currencies, it has become imperative for Nigeria and other developing economies to innovate on technology that will even cater for needs of rural dwellers.
Conceptually, the idea of harnessing the upside of the digital revolution; mobile payments in particular, while preserving the existing legal and regulatory set up, practically, demonstrate the significant cost savings, a reduction of operational and fraud risks in the current payments systems, that blackchain, for instance, will bring in strengthening the ability to execute monetary policy.
“From a consumer’s perspective, the prospect of total digital money is still mind-boggling. It is more likely that societies would not go completely digital overnight. Instead, central banks could start issuing digital currency units alongside notes and coins as base money, and adjust the mix over time, according to uptake. Once critical usage levels are reached and network effects kick in, universal adoption could happen very quickly”, said Austin Okere, founder, CWG Plc and Entrepreneur in Residence, Columbia Business School, New York.
He made the remarks while speaking on “The Fintech Challenge and the New Face of Banking”, as chairman at the 3rd Quarterly Forum organized by the Nigeria Information Technology Reporters Association (NITRA).
NITRA, is an umbrella body for journalists reporting information and communications technology in Nigeria organized its third edition of her quarterly forum tagged “Digital Payment: Prospects and Challenges of a Financially Inclusive Nigeria.” recently in Lagos.
Okere Continued: “For me the biggest thing that has happen in ICT development here in Nigeria properly in Africa is the advent of broadband and Smart phones,
“The combination of broadband and smart phones makes it possible that we can do business modules that has never existed before, such as what you are discussing today, “Digital Payments,”
“If not that we have broadband and smart phones it will be impossible for this business module to exist or to book flights and buy things online.”
He added that money is going digital around the world; central banks from England to China have publicly floated the notion of issuing their own national digital currencies.
They like the idea of harnessing the upside of the digital revolution; mobile payments in particular, while preserving the existing legal and regulatory set up.
The founder of Computer Warehouse Group noted that the changes coming financial sector will be as large as the original invention of the internet, and this may not be overstated.
Who would have imagined a decade ago that e-commerce, championed by Amazon and Alibaba will be displacing high street retailers, or that ride hailing will be dominated by UBER, a technology platform.
He stated that a report carried out in 2015 by Goldman Sachs estimated that $4.7tn of financial services revenue is at risk of displacement from Fintech groups.
The key to this revolution lies in Cryptocurrencies such as bitcoin.
But it is their underlying technology that is proving to be of practical benefit to organizations, the famous blockchain.
He added that Regulators are now helping Fintechs because they believe that Fintech firms are small enough for any problems to be manageable, and on the other hand, might produce useful innovation.
He said that the future of Fintech is bright.
“Accenture recently released a report which found that investment in Fintech around the world has increased dramatically from $930 million in 2008 to more than $12 billion by early 2015.
“The lucrative global transfers markets are major target by Fintechs.
“International money transfers, which have long been a thorny issue for entrepreneurs, are getting easier as well.
“For smaller transactions, services like PayPal automatically convert currencies, so it’s easy for a customer to purchase goods from anywhere in the world.
“Additionally, a service called TransferWise is streamlining international money transfers, disrupting that sector by offering a 90 percent discount on traditional bank transfer fees
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NIA Questions Legality of Reps’ Financial Probe

The Nigerian Insurers Association has urged the House Committee on Capital Market and Institutions to respect the constitutional separation of powers as it carries out a probe on over 20 insurance firms.
In a statement on Tuesday night, the Director General/Chief Executive Officer of NIA, Mrs Bola Odukale, said the decision of NIA and the affected firms to approach the court was to seek clarity on the constitutional limits of the House Committee’s probe.
It would be recalled that the House of Representatives on Monday is investigating no fewer than 25 insurance companies operating in the country for various financial infractions spanning financial reporting, claims settlement, premium remittance, and issuance of policies.
The Chairman, House Sub-Committee on Capital Market and Institutions, Kwamoti Laori, during a meeting with the management of the insurance companies at the National Assembly Complex in Abuja, said the meeting was convened following the receipt of a petition on infractions by the insurance companies.
In the statement, Odukale said, “The Association wishes to state unequivocally that all actions taken by the NIA and the affected member companies in response to the Committee’s invitations and pronouncements were based entirely on legal advice by its Solicitors. It was on the firm instruction of legal counsel that recourse was made to the courts.
“The objective of approaching the Court is to seek judicial guidance on the legality, propriety, and constitutional limits of the Committee’s intervention in order to safeguard institutional integrity, uphold regulatory independence, and ensure that legislative oversight remains within the bounds of law.
“The Court action seeks to determine whether the current posture of the Committee reflects an exercise of legislative judgment, which, by constitutional design, is the exclusive province of statutory regulators, such as the National Insurance Commission, Securities and Exchange Commission, Nigerian Exchange, Financial Reporting Council, Nigeria Data Protection Commission, and the National Information Technology Development Agency.
“This raises serious questions about legislative overreach and an erosion of the doctrine of separation of powers, a cornerstone of Nigeria’s constitutional democracy.”
Odukale maintained that the NIA was committed to lawful and constructive engagement with all arms of government, provided that such engagement respects the autonomy of statutory regulators and the boundaries established by the Constitution.
“The NIA will continue to provide its full support to all member companies while upholding the principles of legal compliance and sector-wide integrity,” Odukale concluded.
17 of the companies that went to court were represented by their lawyer, Mr Abimbola Kayode, at the meeting with the committee.
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Horn of Africa Leaders Seek Enhanced Digital Integration for Increased Regional Growth

Finance ministers and development partners from the Horn of Africa have called for enhanced digital integration to boost trade, drive economic growth and promote regional stability during the 25th Ministerial Meeting of the Horn of Africa Initiative (HoAI).
Held in Nairobi, on July 14, the meeting was co-chaired by the African Development Bank’s Vice President for Regional Development, Integration and Business Delivery, Nnenna Nwabufo and Somalia’s Minister of Finance, Bihi Iman Egeh. Discussions underscored the critical role of digital integration in reducing trade barriers, boosting government service delivery and creating employment — particularly for the region’s youth.
“Digital technologies are shaping today’s economy and tomorrow’s industries. By embedding these technologies into our programs, we can not only improve inclusion but also leapfrog outdated development models,” said Nwabufo.
She called for digital integration a “central enabler” in each of the Horn of Africa Initiative’s pillars – trade, infrastructure, resilience, and human capital,
Learning through experience
Drawing from global and regional success stories, speakers highlighted the transformative potential of technology-led development. The ministers pointed to the Philippines as a strong example, where ICT has generated millions of jobs in business process outsourcing. Similarly, Kenya’s fintech innovation—especially the success of M-PESA—was cited as a model for scaling digital financial services across the region.
Participants urged governments to proactively foster digital ecosystems by capitalizing on the demographic dividend, identifying infrastructure upgrades, tighter regulatory reforms, and digital skills trainings as priorities to enable broader participation in the digital economy.
Minister Egeh reiterated the need for more coordinated regional efforts to create the enabling environment required for accelerated digital integration and expansion. He referenced the HoAI Digital Policy Matrix, adopted in 2023 which provides a blueprint on how to address key obstacles to achieving effective digital integration across the region.
Barack Makokha, Kenya’s Cabinet Secretary for National Treasury, underscored the importance of regionally-aligned public private partnerships and advocated for blended financing to reduce investment risk and expand digital access in underserved areas.
World Bank Vice President for Eastern and Southern Africa, Ndiame Diop, called for a comprehensive multi-pronged approach, combining cross-border coordination, large-scale financing, robust policy support, and digital infrastructure investments. He pointed out that such measures could transform digital integration into, “a powerful engine of economic transformation” for the Horn of Africa—ensuring no one is left behind in the digital era.
The meeting concluded with a shared recognition that sustained political will and the determination to implement a multifaceted approach are essential to unlocking the region’s economic potential and driving long-term growth.
The event also welcomed observers from the East African Community, Agence française de développement, and Shelter Afrique, reflecting strong regional and international backing for the HoAI in the development community.
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CSCS Inaugurates Custodian Portal to Enhance Digital Access, Operational Efficiency

Central Securities Clearing System Plc (CSCS), Nigeria’s capital market infrastructure provider, has launched its Custodian Portal, a user-centric digital solution designed to optimise custodian operations through intuitive, secure and efficient features.
Haruna Jalo-Waziri, Chief Executive Officer (CEO), CSCS, announced this in a statement on Monday.
The CSCS is a Public Limited Company with a diversified shareholder base, which serves as the Central Securities Depository for the Nigerian Capital Market.
It serves as the Central Depository for Equities, Commercial Papers, Corporate Bonds, Sub-National Bonds, certain Sovereign Bonds like the FGN Sukuk and the FGN Savings Bond, Equity-traded Funds, Real Estate Investment Trusts, Mutual funds and Commodities.
Jalo-Waziri said that the custodian portal offered a streamlined experience for market participants with powerful tools that facilitate comprehensive portfolio and trade management, document tracking, share transfer operations, client symbol search, and real-time access to vital data.
He explained that the portal, designed to operate through a flexible subscription-based model, empowered users to manage their records effortlessly and securely through convenient payment channels such as GTPay and Paystack.
According to him, “Digital transformation remains at the core of our strategy to enhance the efficiency, transparency and accessibility of Nigeria’s capital market services.
“The custodian portal is a significant leap in that direction, offering custodians a centralised platform to manage critical processes in real-time.
“We are excited about the value this innovation brings to our stakeholders, and we will continue to evolve the platform in line with users’ needs and industry trends.”
The CEO also explained that the portal was designed with user experience in mind with feature tools like portfolio viewing and downloads in PDF or Excel format.
He further said that it also featured tracking of stock movements across date ranges, inbox messaging and request tracking, as well as robust user management capabilities including role assignment and status tracking.
Similarly, the Divisional Head, Business Technology and Digital Innovation, CSCS Plc, Tobe Nnadozie, said that the portal aligned with CSCS’s drive to automate the market.
“In addition to the normal features, the platform is a part of an omnichannel platform for custodians, and includes API services.
“It also connects to the market-wide workflow, which CSCS has built to ensure secured communication and approvals across all major stakeholders in the market.
“The platform is well secured with best-of-breed cybersecurity solutions and our SOC,” he said.
The Custodian Portal reinforces CSCS’s commitment to leveraging technology to streamline back-office functions and support a more agile, data-driven capital market ecosystem.
All custodians in the Nigerian capital market have now been successfully on-boarded on the Custodian Portal, marking a significant milestone in CSCS’s ongoing drive to enhance collaboration, standardise operational processes, and promote digital adoption across the market.
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