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SystemSpecs introduces Paylink.ng, a new epayment product 

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SystemSpecs
  • Hosts industry stakeholders at Social Media Week Lagos 2020
SystemSpecs

CFA (m) moderating the Cross section of SystemSpecs’ session at #SMWLagos2020 – Photo Credit: SystemSpecs

SystemSpecs has introduce a new product called Paylink.ng. Paylink, is a payment solution for people to receive money instantly into their bank account from anyone, anywhere and anytime.

The produce was introduced at the just concluded Social Media Week Lagos 2020.

TechEconomy.ng learned that whether you run your business on Instagram, Twitter, Facebook, Snapchat or you have a website which customers visit to pay you, Paylink.ng offers a great deal for you.

Meanwhile, Systemspecs hosted industry stakeholders at Social Media Week Lagos 2020 to a panel session on ‘Human Focused lending in a Digital World: Impact of Fintech Collaborations’.

The session brought together customers, technology providers, and facilitator of digital lending in Nigeria including banks, to explore potentials that abound in retail lending and the innovationS as well as extensive opportunities that can be created through increased collaboration among Fintechs, banks, alternate lenders, credit bureaus and other data stakeholders.

The panel session which was moderated by technology journalist and columnist, Chukwuemeka Fred Agbata, provided an opportunity to explore the evolution of digital lending and how it can empower Nigerians and support businesses.

SystemSpecs’ Divisional Head, Payment Applications and Vertical Markets, David Okeme, reiterated the Company’s mission to ride on collaboration for people to access credit faster, better and deploying digital mandate.

Having realised the need for efficient operation and speedy tech delivery, Digital Banking Head, Access Bank Plc, Esther Obiekwe, said the bank’s partnership with Remita has enhanced the deployment of Payday loans to its account holders.

Also, the Co-Founder of Lidya, Tunde Kehinde in his contribution to the session identified transparency, empathy and know-the-buyers approach as key issues to consider in digital lending.

He also stressed the fact that the consumers credit behavior is an important part of the decision-making algorithm as it is a critical element of the rating system for lending.

SystemSpecs

Cross section of attendees during SystemSpecs’ session at #SMWLagos2020 – Photo Credit: SystemSpecs

 

Also at the session, the CEO of Arvo Finance, Mr. Ayotunde Bally, believed that it was important for fintechs and digital finance firms to give out responsibly, considering the capacity and character of their respective customers.

Since the inception of our data referencing service in 2017, SystemSpecs has become well-known as a key enabler in the ecosystem by providing insight on credit, streamlining lender’s risk decisions and facilitating the lending of over N35 billion to individuals and SMEs.

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Finance

UBA denies report linking Bank, Tony Elumelu to N41bn NITEL fraud

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UBA
UBA Chairman, Tony Elumelu, following up with the proceeding during UBA's virtual AGM on Wednesday, April 29, 2020 - Photo Credit: LinkedIn/Tony Elumelu

The United Bank for Africa (UBA) Plc has denied the report credited to the chairman of the Senate Committee on Ethics, Privileges and Public Petitions, Senator Ayo Akinyelure, alleging the bank’s involvement and the indictment of its chairman Tony Elumelu in a N41 billion Nigerian Telecommunications Limited (NITEL) fraud.

NITEL

Nigerian Telecommunications LTD, NITEL office in Lagos (source: Punch/Google

According to a report by THE WITNESS, Mr Elumelu’s lawyers demanded a public apology and retraction of the claim within seven days of receipt of the letter or face legal action.

The said reports credited to Akinyelure alleged the amount was withdrawn “systematically from NITEL for nine years” under the leadership of the UBA.

“Our Client is shocked by this false, baseless, and mischievous allegation as neither him nor any of the organisations associated with him has ever been involved in or indicted for any fraud as was falsely alleged by Senator Ayo Akinyelure,” the letter by Elumelu’s lawyers read.

“Our Client is also alarmed and appalled by this deliberate peddling of falsehood and misinformation against an unblemished personal and business reputation, painstakingly built by our Client over several decades with great personal sacrifice and unquestionable integrity.

“Our Client has instructed us to, and we have demanded an immediate open, public and unreserved retraction of the said statements credited to Senator Akinyelure and an apology from Senator Akinyelure for this false allegation and defamation of our Client,” it added.

Group Managing Director/CEO of UBA, Kennedy Uzoka, is due to appear before the Senate committee on Wednesday.

[Source: The Witness]

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Fintech1000plus honours three telecom network operators, members

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Fintech1000plus

Fintech1000plus, Nigeria’s foremost informal association in the banking, financial and allied technology sector recently honoured three telecommunication companies and some of its members following their immense contributions, sacrifies and support in the association’s CSR COVID-19 intervention for the NCDC.

Leading the honours list as Fintech1000plus Heroes are; Airtel, MTN, Gobalcom, Rev. Sunday Folayan, Sola Fanawopo and other volunteers.

The awards were presented by Abubakar Suleiman, Managing Director Sterling Bank plc and Omoke Adebanjo, Mastercard Senior Vice President, Regional Franchise Lead (Middle East & Africa). Both are members of Fintech1000plus.

Speaking at the virtual event which was held recently, Iyin Aboyeji, Founder Future Africa and member Fintech1000plus said, “after some weeks after COVID-19 hit the country we observed some technology challenges which the Nigeria Centre for Disease Control (NCDC) was having. They included; inability to efficiently disseminate mass media communication & information to all mobile phones concurrently, and incidence reporting which includes; tracking, tracing and citizens action points.”

The association after discussing among its members and interacting with the NCDC decided to put together a number of front-end interfaces that will rapidly use the Covid-19 Risk Assessment triage to quickly analyze information from the public, while storing the information in a backend database for subsequent analysis and follow-up.

The front ends were made up of; Interactive Voice Response system (IVR), USSD application in major Nigerian languages, desktop tools for web-based access, and a mobile APP.

Moreover, as much as possible, make the front ends toll free or ZERO cost to the people, and for the telcos to make the portal access free for such incident response systems.

Acknowledging the outcome of the Fintech1000plus support, the Director General of NCDC, Dr. Chikwe Ihekweazu, commended the association, its telecom partners and volunteers for a job well done.

“The fight against COVID-19 is not a government or public sector battle alone. But that of every stakeholder of the Nigeria project. Fintech1000plus support is well appreciated and a commendable partnership from the private sector. It is our wish that such will continue, not just during this COVID-19 pandemic but in other areas in future”, he said.

Fintech1000plus is an informal association of professionals in the financial technology sector that adopts a pragmatic approach to solving problems, especially those that impact the ability of Nigerians to do business and make payments and Settlements Electronically.

In line with its CSR activities, it played significant roles in the fight against the global Covid-19 pandemic working with NCDC.

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Zenith Bank unveils ‘Zenith Beta Life’, promo to reward customers weekly

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Zenith Bank

Zenith Bank Plc, Nigeria’s leading financial institution, has commenced its “Zenith Beta Life” Promo to reward customers of the Bank with gifts every week starting from 31st July 2020 to 30th July 2021.

During this period, fifty (50) customers will be selected via raffle draw each week and rewarded with gifts worth NGN30,000.

The Promo is open to existing and new Zenith Bank customers with the following raffle qualifying criteria:

  • maintain a minimum deposit of NGN5,000 for the period;
  • request and collect a Zenith Bank Card; and
  • download and register on the Zenith Mobile App or register for *966# EazyBanking.

Zenith Bank Plc is recognised as one of the most customer-focused financial institutions in the country and was voted the most customer-focused bank in Nigeria for the retail and SME segments in the 2018 KPMG Annual Banking Industry Customer Satisfaction Survey (BICSS).

A clear leader in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions, Zenith Bank has clearly distinguished itself in the Nigerian financial services industry through superior service quality, unique customer experience and sound financial indices.

In recognition of its track record of excellent performance, Zenith Bank was voted as the Best Commercial Bank in Nigeria 2019 by the World Finance and the Best Digital Bank in Nigeria 2019 by Agusto and Co.

The Bank was also recognised as Bank of the Year and Best in Retail Banking at the 2019 BusinessDay Banks and Other Financial Institutions (BOFI) Awards.

More recently, the Bank emerged as the Most Valuable Banking Brand in Nigeria, for the third consecutive year, in the Banker Magazine “Top 500 Banking Brands 2020”, number one Bank in Nigeria by Tier-1 Capital in the “2020 Top 1000 World Banks” Ranking published by The Banker Magazine, Best Bank in Nigeria 2020 in the Global Finance World’s Best Banks Awards 2020, and Bank of the Decade (People’s Choice) at the ThisDay Awards 2020.

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