E-Financial
Oduoza, NOVA Chairman Emphasises Courage & Resilience to Aspiring Business Leaders at Babcock University
In order to start and build a successful business, aspiring entrepreneurs and business owners have been advised to be courageous and resilient, two necessary conditions for overcoming obstacles critical to business growth and success.
Mr. Phillips Oduoza, chairman of NOVA Merchant Bank Limited, gave the advice recently while delivering the Convocation Lecture to the 2017/2018 Leo Graduating Class at Babcock University in Ilisan Remo, Ogun State.
Mr. Oduoza, who was the former group managing director/CEO of United Bank for Africa (UBA) Plc, said “Courage and Resilience are character traits common amongst all entrepreneurs who have been successful as it enabled them to take risks and overcome various obstacles on the road to success.”
Explaining further, Mr. Oduoza stated courage is not the absence of fear but the ability to persist in spite of it while resilience is the ability to recover from or adjust easily to misfortune or change.
Mr. Oduoza challenged Nigerian youths to take advantage of opportunities currently available in the country, especially in agriculture, FinTech, arts and entertainment.
“The government’s focus on the diversification of the Nigerian economy has created opportunities across the agriculture value chain for aspiring entrepreneurs covering inputs (e.g. fertilizer), farming, storage, processing, manufacturing and transportation. The tech startup ecosystem in Nigeria is awash with opportunities for young entrepreneurs to create innovative solutions to address many of the structural issues facing the country. Emerging areas such as FinTech, the sharing economy, artificial intelligence amongst others present opportunities to start innovative businesses,” he said.
On what graduands and aspiring entrepreneurs could learn from his personal life, Mr. Oduoza said young business leaders should seek knowledge, build a strong network, be true to themselves but most importantly “must work very hard, no matter how intelligent you are. It is very rare to find a successful person who is not a hard-working person. There is no substitute for hard work.”
Also speaking at the event Professor Adeola S. Tayo, the President/Vice Chancellor, Babcock University, Ilisan Remo eulogized the person of Phillips Oduoza, who he described as a loyal friend of the institution, acknowledging his efforts in forging a good relationship between Babcock University and his former institution.
“There is no better person to speak at this event than Mr. Oduoza who having had a successful tenure as CEO of one of Africa’s largest financial institutions, midwifed the birth of a new Merchant Bank which has achieved many feats in its first year of operation.”
Titan Trust Bank has selected Oracle FSS for its core and digital banking technology, it is understood.
The start-up bank recently obtained its license by the Central Bank of Nigeria (CBN).
It’s understood that Temenos and Infosys also competed for the deal.
The shortlist came down to the two most widely installed international core systems in Nigeria, Infosys’ Finacle and Oracle FSS’s Flexcube.
The Nigerian banking sector has seen a great deal of upheaval over the years, with many mergers, start-ups and closures. Flexcube is a well respected name since the late 1990s (the pioneer was Access Bank, now one of the country’s top five banks) and has been a commonly selected platform since then.
The new bank is believed to be one of five to have gained regulatory approval of late (Globus Bank is another).
Local media sources say the new licences stem from the Central Bank’s desire to attract new investments into the sector and better serve the country’s 50 million+ unbanked and under-banked citizens.
Titan Bank is said to be headed by a former executive director of Heritage Bank (which is a Finacle user).
Oracle FSS did not respond to request for comment.
International Monetary Fund (IMF), has appointed Tony Elumelu, Nigerian billionaire and group chairman of Heirs Holdings, owners of United Bank of Africa, to its advisory council on entrepreneurship and growth, convened by Kristalina Georgieva, the fund managing director.
The announcement was disclosed in a statement on Friday.
According to the statement, the IMF advisory council comprises global business leaders, policymakers, and academics dedicated to identifying and addressing regulatory barriers to entrepreneurship.
The IMF said Elumelu will be instrumental in ensuring that Africa’s entrepreneurship is central in policy making.
“Elumelu, Africa’s leading advocate of entrepreneurship and whose Foundation has funded, mentored, and trained over 25,000 African entrepreneurs since 2015, champions entrepreneurship as the engine for the economic transformation of Africa,” the statement reads.
“A self-made entrepreneur, Elumelu’s embracing of entrepreneurship is fundamental to his concept of Africapitalism, his belief that Africa’s private sector can and must play a leading role in the continent’s development, making long-term investments that deliver social and economic value.
“Elumelu will be instrumental in ensuring that Africa’s entrepreneurial potential is central to global economic policy making.”
Speaking at the inaugural meeting of the advisory council on March 26, Georgieva said the appointees would share their experiences on how macroeconomic and financial policies “can provide a supportive environment for innovation, entrepreneurship, and productivity — key ingredients for a thriving private sector and strong economic growth”.
Africa’s Micro, Small, and Medium Enterprises, fintech industry, scaling remittances, and cross-border payments will be the driving forces behind the continent’s digital ballooning payments system, which is estimated to reach $1.5 trillion by 2030.
This is according to a MasterCard-commissioned study by Genesis Analytics, which states that the digital payments economy is growing faster on the continent.
This comes as the World Bank says Sub-Saharan Africa has shown significant growth in financial inclusion over the past decade, much of it driven by mobile money account adoption.
Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at MasterCard, comments: “Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead.
“MasterCard remains deeply committed to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments. By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future.”
The payment technology company went on to say as a longstanding technology partner to Africa, its continues to strengthen its commitment to the continent’s digital growth through strategic investments, public-private partnerships, and innovation initiatives that drive financial health and economic growth.
In addition, it says trends in Africa signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region.
“For over five decades, MasterCard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development.
“With Africa projected to host nine of the world’s 20 fastest-growing economies, we are focused on leveraging our expertise and a technology to support the continent’s continued digital transformation.
“Our investments today will help build a more resilient economy for the future,” says Mark Elliott, division president, Africa, MasterCard
By fostering collaboration with key stakeholders, MasterCard says it aims to enhance digital connectivity, expand economic opportunities, and enable millions of people and businesses to thrive in the digital economy.
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