E-Financial
UNIC, TWYEF Tasks Parents on Digital Savvy Children
As the United Nations Information Centre (UNIC) Lagos in collaboration with Tehila Women and Youth Empowerment Foundation (TWYEF) joined the rest of the world recently to mark the Global Day of Parents, one issue that has remained on the front burner of public discuss is the challenges of parenting digital savvy children.
At the Panel Discussion programme organised to mark the day in Lagos, Nigerian parents have been urged to keep abreast of their children and be social media smart.
Speaking on ‘Contemporary Parenting and the Social Media’, Dr Ifeoma Amobi of the department of Mass Communication, University of Lagos, warned that interaction of young people on social media platforms should no longer be dismissed as a ‘waste of time’, but must be acknowledged by parents as a part of contemporary communication.
‘The new way of life, brought on by the spread and development of communication technology, demands different ways of parenting due to the altered fabrics of parent-child relationships,’ Dr. Amobi contended, ‘Parents should be their children’s best friends and should do so by becoming “social media smart”. She added that in order to fulfil parents’ duty of protecting their children, online activity should be treated with the same diligence as offline activity.
Established by the United Nations General Assembly in September 2012, the Global Day of Parents is observed on the 1st of June every year to honour parents around the world. It acknowledges that parents of every race, religion, culture and nationality in all parts of the world are the primary caregivers and teachers of their children, preparing them for a happy, fulfilling and productive life.
The Panel Discussion programme chaired by the Erelu of Lagos, Her Royal Highness, Abiola Dosunmu, attracted men and women, literate and non-literate, from all walks of life they gathered just to commemorate the Day3 in Nigeria.
Welcoming the participants, Mr Ronald Kayanja, director of UNIC Lagos, highlighted the importance of parents to the development of the child, the community and the nation.
He observed that the success of the United Nations’ mission to promote international peace and security, ensuring a world free from war and conflict, was dependent on the direction parents provided for their children and the society.
High Table Quoting from the preamble of the United Nations Educational, Scientific and Cultural Organisation (UNESCO), Kayanja observed that “Since wars begin in the minds of men and women, it is in the minds of men and women that the defences of peace must be constructed”. He added that parents played an integral role in peace building through teaching values of tolerance, respect for one another, hard work and integrity among others.
In her remarks, Mrs Stephany Nwanma, executive director of TWYEF, re-emphasised the importance of education and restoration of values through parenting and urged parents to rise up to the challenges of contemporary parenting.
Speaking on “Critical Issues and Challenges with Parenting in Nigeria”, Dr. Ebun Sonaiya, Chief Medical Director and Director of Total Health Trust, observed that peer pressure from an early age, the excessive use of technology and gadgets, being subjected to bullying, a sense of entitlement, drugs and substance abuse, sexual experimentation as well as sibling rivalry were the challenges children and parents face at this time in the global development. ‘The parenting skills needed to tackle these challenges are not taught in schools or homes rather parents need to devise a more practical approach to navigate the challenges,’ he added.
Her Royal Highness addressed the issue of gender equality and women’s empowerment stating that fathers and mothers should be equally responsible for parenting, as “women have always been working side by side to create a happy home for children”.
In her ‘Testimony of a Parent’, Mrs Chinyere Anokwuru, the former Senior Special Assistant to the Governor of Lagos state on women ethnic groups, recounted how her parents upheld integrity and values in the face of hardship and poverty to raise her. She added that the values handed down to her by her parents had brought her to where she was at the moment.
According to Mr. Oluseyi Soremekun, National Information Officer of UNIC, participants called on UNIC Lagos and TWYEF to organise a similar programme but for a larger audience.
They also requested that the presentations be published for wider circulation of the issues and for references purposes.
E-Financial
CBN Fines 29 Banks N15Bn for Violation of Money Laundering, Terrorism Financing Regulations
Central Bank of Nigeria (CBN) has said penalties totaling N15 billion were imposed on 29 banks for violations of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations.
This was disclosed by Olayemi Cardoso, CBN governor, during the 2024 Bankers’ Night organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.
In his remarks, Cardoso stressed the gravity of these violations and stressed the need for the affected banks to address the systemic weaknesses that allowed such lapses to occur.
“In addition to these penalties, the banks are required to address the root causes of the lapses, which is crucial for improving regulatory effectiveness. Historically, the industry has struggled with recurring issues, but we are confident that this approach will help change that narrative,” Cardoso stated.
The Broader Implications of Compliance
The CBN governor highlighted the broader impact of compliance on the financial ecosystem, noting that institutions that prioritise regulatory adherence contribute to national growth and stability.
“A bank that prioritises compliance does more than protect itself -it strengthens the entire financial ecosystem. It directs financial resources toward growth, innovation, and prosperity rather than crime and corruption. Together, we must exceed standards, demonstrating to the public and the world that we are stewards of integrity and trust,” he added.
Cardoso also pointed out that the consequences of non-compliance extend beyond regulatory penalties. According to him, issues such as money laundering, fraud, and corruption undermine the foundation of the financial system.
“The cost of inaction is profound—fraud undermines confidence, corruption erodes trust, and money laundering perpetuates organized crime,” he remarked.
The governor articulated a vision for a robust compliance culture across Nigeria’s banking industry. He emphasised that financial institutions must not only comply with regulatory standards but also adopt a proactive approach to identifying and mitigating risks.
Cardoso explained that executives and boards must lead by example by making compliance a strategic priority and championing zero tolerance for breaches—not just in policy but in practice. He urged financial institutions to anticipate vulnerabilities and address risks in high-risk areas proactively.
He also called for the education of staff to recognise red flags and report concerns about fraud, money laundering, or unethical behavior, ensuring they are protected when they do so.
Additionally, he stressed the importance of conducting enhanced due diligence for high-risk clients, politically exposed persons, and vendors to prevent illicit funds from flowing through financial institutions.
The governor emphasised the need for industry-wide collaboration to combat systemic threats. This includes sharing intelligence on emerging risks, cooperating with law enforcement agencies, and maintaining open communication with regulators.
Cardoso acknowledged the challenges facing the sector, from cybersecurity threats to disparities in financial inclusion. However, he expressed optimism that with strengthened compliance frameworks, the Nigerian banking industry could address these challenges effectively.
Reflecting on the broader implications, he said, “Compliance is not just a regulatory requirement; it is central to our mission of fostering trust and integrity within the financial system. Together, we can build an industry that not only meets but exceeds global standards.”
Credit: Business Day
E-Financial
DBN Bags Financial Inclusion Award for Dedication to MSMEs
The Development Bank of Nigeria (DBN) has been honoured with the Financial Inclusion Leadership Award for its dedication to empowering Nigerian Micro, Small and Medium Enterprises (MSMEs) through accessible financing.
DBN was honored with the award at the ‘Champions of Inclusion Nigeria Financial Inclusion Awards’ during the International Financial Inclusion Conference (IFIC) 2024, hosted by the Central Bank of Nigeria (CBN) in partnership with the World Bank.
Tony Okpanachi, DBN’s managing director/CEO, expressed pride in winning the award, stating that it validated the bank’s dedication to providing financial access to Nigerian MSMEs.
“We are honoured to receive the Financial Inclusion Leadership Award, which is a testament to our bank’s commitment to expanding access to financial services for all Nigerians. This award recognises our efforts to bridge the financial inclusion gap, particularly for a priority sector like the MSMEs,” he stated.
Okpanachi noted that the award was a validation of the bank’s strategic focus geared towards financial inclusion for small businesses, “and we are proud to be at the forefront of this initiative that drives that. We will continue to innovate and expand our financial inclusion programmes, ensuring that more Nigerian small and startup businesses have access to services.”
Bonaventure Okhaimo, chief operating officer of the Bank, while receiving the award on behalf of DBN, appreciated the organisers for the recognition, describing it as a significant milestone.
Okhaimo said the recognition was a significant milestone that proved the dedication of the bank to drive economic growth and create wider opportunities for MSMEs.
The COO stated further, “This award will motivate us to continue pushing the boundaries of financial inclusion, exploring more innovative solutions and partnerships to expand our reach and impact. We are committed to ensuring that more small businesses and startup enterprises in Nigeria have access to financial services, this award will further inspire us to accelerate our efforts in this regard.”
The Financial Inclusion Leadership Award is a key highlight of the International Financial Inclusion Conference (IFIC) and celebrates exceptional contributions to actions aimed at achieving the goals outlined in Nigeria’s National Financial Inclusion Strategy 3.0.
The award recognizes organizations and individuals across various sectors who are driving meaningful dialogue, and broadening access to financial services for low-income excluded priority segments, including the MSMEs sector, with inadequate funding being one of the challenges that inhibit the growth of small businesses in the country.
E-Financial
MoneyMaster Promotes Financial Inclusion, Offers more Bonus to Customers
Julius Arhebun, the Head of Agency Banking a Nigeria’s leading payment service bank, MoneyMaster, has disclosed that the promotion of financial inclusion is one of the core mandates of the service.
He said this recently as the bank introduced a new 100MB data offer for every transaction made in the offer, which is available for Glo customers using the bank’s USSD banking code, *995#. The initiative is meant to incentivize the unbanked and underbanked population to ease the creation of their own mobile wallet via its USSD banking platform.
According to him, the offer builds on the various financial education “we have been providing online and across our various customer touchpoints”.
He added that “with this new 100MB offer, we want to encourage Nigerians in the unbanked and underbanked pools to be financially included by having at least a mobile wallet. The account number of this mobile wallet is derived from their mobile number, and can be easily recalled”.
MoneyMaster PSB is a leading provider of innovative digital financial products and services that transform lives and contribute to sustainable living.
The PSB has the mission to deepen financial inclusion and has been instrumental in providing financial technology services to bridge the gap between the banked, underbanked and unbanked population.
The payment service bank recently unveiled a 10 percent data bonus for existing and new customers who are on the Glo network for recharges of N1000 or more. The offer has been adjudged one of the best in the country based on the volume of data on offer to customers. The data purchases have a 30-day validity while unused data can be rolled over upon next plan subscription.
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