The African Institute for Mathematical Sciences (AIMS) has signed a memorandum of agreement with QINTESS to stimulate digital transformation for global clients, facilitate and support the development of innovative solutions in Africa and beyond, leveraging Web3.
Among other things, AIMS and QINTESS will establish an AIMS-QINTESS Exchange Programme. Additionally, both institutions will work together to promote employability and transatlantic networking opportunities for young Africans while serving a large portfolio of global clients.
QINTESS will be able to recruit from a large pool of AIMS graduates for employment opportunities available at QINTESS globally. Through this partnership, AIMS and QINTESS will leverage each other’s experience and expertise to solve problems, innovate, and advance projects that are of mutual benefit and power the digital transformation agenda.
“I am thrilled about our partnership with QINTESS and look forward to the many innovative solutions we will create together and how this partnership will further advance technology in Africa. Especially, I feel happy for the employment opportunities this partnership will bring to our students and alumni,” Lydie Hakizimana, AIMS CEO.
“As a business, we care about relationships such as this. It allows us to learn from the experience of pioneers like AIMS with a pan-African footprint and affords us the opportunity to grow alongside each other. We believe through this partnership, we shall build capacity, tackle complex challenges together and solve problems that will enable the growth within the transatlantic region,” Nana Baffour, CEO, Chairman and Chief Cultural Officer, QINTESS.
Leading Telecommunications services provider, Airtel Nigeria, has reaffirmed its commitment to empowering and uplifting underprivileged people across communities where it operates as it announces the commencement of the seventh edition of its flagship CSR and sustainability initiative, ‘Airtel Touching Lives’.
Speaking during the press conference held in Lagos, yesterday (October 4th), Chief Executive Officer & Managing Director, Airtel Nigeria, Surendran Chemmenkotil, noted that Airtel Touching Lives Initiative is an opportunity for the telco to further connect with the several communities where they serve as well as focus on Airtel Africa sustainability agenda.
“Last year, Airtel Africa announced an ambitious sustainability agenda with a strong focus on providing access to digital learning for underprivileged children, working closely with the government to uplift the standard of primary education through the adoption of schools and providing access via financial inclusion to the underbanked and unbanked”, he said.
According to him, to implement this agenda, Airtel Nigeria through Season 7 of the Airtel Touching Lives programme, will mostly seek causes and opportunities that speak broadly and primarily to digital and financial inclusion as well as the adoption of schools.
Recounting the previous season, Surendran noted, “In the last season of the programme, one of the biggest projects we embarked on was the adoption of Government Day Nursery and Primary school in Gombe State under our Adopt-a-School programme, bringing our adopted schools in Nigeria to a total of 7”.
“With the adoption of the school in Gombe, we renovated 37 classrooms, renovated two teachers’ offices, renovated, and modernized the toilet facilities in the school, reactivated the borehole facilities with clean pipe borne water and provided furniture for the teachers’ offices as well as educational supplies for the students.”
Other past projects highlighted by the CEO include the renovation of the Ward A block in Lagos State Teaching Hospital (LUTH); The refurbishment of the Library for Blind people and rehabilitation of an IDP Camp clinic facility in season 5 and provision of an ultra-modern public water system for a large community in Ajah in season 4, among others.
“I am excited, and I look forward to the nominations and the projects that will be implemented, and I also wish to assure you all that as always, Season 7 will not be different from past editions as we will continue to focus on the vision and philosophy of Airtel Touching Lives,” he said.
Airtel is officially inviting the public to nominate individuals or communities by dialling 367 or by sending an SMS to Shortcode, 367. Entries can also be sent via email to touchinglives@ng.airtel.com.
Airtel Touching Lives takes the format of a reality television show, allowing the public to nominate causes, communities, and underprivileged persons/people with special needs. Airtel thereafter evaluates and selects the causes to support, and the activities are filmed and broadcasted on terrestrial and satellite television stations with the aim of inspiring other corporate organizations as well as well-meaning individuals to join in supporting the weak across society.
Seven months after announcing a pre-seed round earlier in the year, African proptech company Spleet has announced the completion of $2.6 million seed funding to scale its residential rent management and rent financing products in a round led by MaC Venture Capital.
This round welcomed several other investors, including, Noemis Ventures, Plug and Play Ventures, Assembly Fund, Ajim Capital, Francis Fund, and other angel investors including Proptech operators; Eduardo Campos and Paulo Buchicher of Yuca, Maajed Chaaaraoui of insurami.
Existing investors from Spleet’s pre-seed round, Metaprop VC, and HoaQ Fund, also participated in this round.
Spleet was founded in 2018 with the mission of building a marketplace to connect landlords with vetted tenants looking for flexible rent payment options.
Since its inception, Spleet has processed millions in rent, housed over 1000 tenants and onboarded over 35 individual and corporate landlords.
| Akintola Adesanmi, the CEO of Spleet
Today, the proptech plans to expand its product offerings to include Collect, a service that automatically receives rent payments on behalf of landlords; Verify, a tool that enables landlords and real estate agents to vet and carry out adequate background checks on tenants before offering lease agreements and Rent Now Pay Later, a no collateral, affordable-interest rate rental loan product.
Akintola Adesanmi, the CEO of Spleet, says: “This funding would go into deepening our product offerings for Landlords, real estate agents and tenants across Nigeria and testing out new markets.”
“The housing crisis is an enormous problem that impacts us at a global scale, and Africa is no exception,” said Marlon Nichols, co-founder and managing general partner at MaC Venture Capital. “In countries like Nigeria, the requirement for tenants to provide 12 to 24 months of rent payment in advance creates a barrier for large parts of the population in accessing the rental market and essentially renders them homeless. MaC is proud to partner with Spleet as it continues to bring forward a comprehensive solution that effectively serves both sides of the housing market and makes true deposits to combating homelessness.”
eSIM is a new form of authentication that can be used with e-wallets and mobile wallets in the guise of a special SIM card
The eSIM in turn opens up new possibilities for businesses and individuals as it will allow for secure transactions via the internet
As technology continues to evolve globally, so too does the manner in which transactions are processed by banks
eSIM will allow the modern user to unlock the power of their mobile phone, like never before
Technological breakthroughs have gotten us to where we are today in terms of payments, but there are now far more exciting and innovative technologies that have the potential to transform almost every aspect of our lives. One of those exciting technologies is eSIM.
Launched in April 2019, the eSIM technology continues to progress. We are seeing more and more consumers choosing to use their mobile phones for banking transactions. Not only does this save time, but it also leaves less room for error.
For example, in the past, if you needed to access your account information from another device or location, you had to use your mobile device and remember the pin number that gets you back online with your accounts. Today we’re able to separate our personal and work lives by making everything simple and convenient with an eSIM
eSIM is the next step in the evolution of smartphone technology for banking. An eSIM provides a way to move between device carriers without the need to make use of a physical SIM card, which means there no longer is a need to carry around different devices with different sets of data. It also provides important benefits such as better security, faster connection speeds, and tighter management than using traditional magnetic cards and SIM cards.
With more and more banks and financial institutions offering services that can be used on a mobile phone, the use of eSIM technology is likely to become more mainstream.
The digital, internet-based SIM (subscriber identity module) is a communication interface that you insert into your device to make and receive calls, text messages and data connections.
With eSIM technology, you can use your mobile device in place of a traditional physical card. You can also make mobile payments directly from your smartphone with apps such as Google Pay and Venmo.
Source: Pixabay
In this article, we will explore how eSIM technology will change banking as the industry shifts to a more digital payment system in today’s global society. We will examine the positives of an eSIM technology adoption trend, focusing on benefits that could emerge once more users adopt eSIM use.
eSIM is an innovative technology that enables mobile banking, payments and transactions to all bank customers online. The eSIM standardisation process removes all obstacles in front of the financial services sectors, making it easier for them to innovate their products and services, simplify operations and accelerate growth.
eSIM is a new form of authentication that can be used with e-wallets and mobile wallets in the guise of a special SIM card. These can be integrated into most smartphones and other devices, allowing users to store their credentials in the device or remotely use them from any place, including paperless banking transactions. The eSIM in turn opens up new possibilities for businesses and individuals as it will allow for secure transactions via the internet.
eSIM stands for Embedded Secure Identity Module and is a way to make mobile phones and tablets more secure. It allows the user to store their personal identification information in the device itself so that if it is lost, damaged or stolen, then it will not be possible to access valuable information such as credit card numbers and bank account details. With eSIM, users can assign different devices as preferred devices so data can only be accessed on one eSIM device at a time.
Digital banking has changed the way customers interact with their banks. However, as technology continues to evolve globally, so too does the manner in which transactions are processed by banks. eSIMs will change banking forever as new services become available and transactions become faster, safer and more accessible.
Digital Banking
People will no longer have to worry about missing out on transactions in the middle of their day. As technology progressively evolves, eSIM’s banking aspect will keep up with all global transactions and be the new standard for security.
As transactions continue to evolve, the banking industry struggles to keep up with the changes.
The introduction of eSIM technology will enable banking to be done through a single card that you insert into a terminal to make payments.
This will eliminate many of the problems associated with trying to load funds onto an NFC chip and require fewer commissions or debit card fees. Additionally, we will be able to use smartphones as payment devices (via apps) which means that users won’t need to carry cash or other wallets as some other means of payment like paper bills or even credit/debit cards no longer exist.
Again, it also provides financial institutions with a strong remittance option for customers who prefer sending money electronically instead of having it in person either for security reasons, time constraints or just due to convenience
eSIM will allow the modern user to unlock the power of their mobile phone, like never before. It makes banking more convenient and comfortable by being accessible from anywhere at any time. It will make transactions easier than ever before, especially for millennials!
Customer service has become one of the key differentiators for any organisation trying to remain relevant.
The past two years have seen people become more informed about products and services while expecting a degree of self-service to manage their immediate needs and wanting more personalised solutions.
Many organisations have turned to automation to improve internal processes and better analyse the data they have at their disposal. This has resulted in a shift in how field service management is done.
The global field service management market is expected to reach $8 billion by 2028, signifying a compound annual growth of almost 13% during the 2022 to 2028 period. The moment of service that sees businesses engage customers and employees while optimising assets will be the defining battleground to create value.
This is where cloud-based solutions such as IFS Cloud become vital. Organisations need a single platform that connects all its products while managing the field service aspects to enhance the customer experience.
Going interactive
The value of a field service technician to deliver the moment of service that creates differentiation cannot be overstated.
They work in challenging conditions and are reliant on technology to interact with customers, gain assistance while in the field, and improve first-time fixes to deliver the service differentiation essential in a competitive environment.
Additionally, going the cloud route provides field service technicians with an added level of flexibility. They not only have up-to-date information about the customer, past repairs, the outcome of previous calls, and other activities, but they can also access knowledge bases for guides and manuals.
If necessary, technicians can even raise a new ticket while in the field. For example, a technician discovers an additional repair unrelated to the original order. If they have the time, the necessary parts, and approval to proceed, the technician can not only create a new ticket but assign it to themselves to be actioned immediately.
Many companies have turned to remote collaboration and assistance technology as a core part of operations. Augmented reality, enterprise management platforms, and routing and scheduling software can provide organisations with the tools essential to improve field service.
And by using mobile apps and online dashboards, customers can manage field service requests from their side. This empowers them with the knowledge they need to be appraised of the entire field service value chain – from when a technician is dispatched to what the problem is and the length of time it will take to remedy.
Rethinking utilities
Utilities are one of the sectors where improved field service is most needed. The continued load shedding combined with the ongoing threat of water shortages makes this a powder keg just waiting to be set off by a complete collapse in infrastructure.
Even though this might sound like fear, uncertainty, and doubt, the reality is that ageing equipment, a limited operating budget, and the majority of time and money spent on maintenance combine to turn the focus away from the moment of service.
Simply put, a utility cannot always prioritise the customer experience. But as more corporate and consumer users turn to a sustainable energy model, utilities need to rethink their approach, business model, and what they will do to create a more positive customer experience.
Field service done differently
Just as with technology implementation, there are many ways to approach the moment of service experience. After all, in service, there is no rule book for success.
Certainly, best practices and lessons learned must apply. But organisations have a clean slate to work from when it comes to the practical steps necessary to transform service.
Companies can inject advanced field service management capabilities into their existing environments using a solution like IFS Cloud. The overriding theme when it comes to these modern solutions is being able to quickly scope and schedule service requests.
Technicians in the field will be able to better manage their work at that moment, throughout the day, and as part of a greater team of technicians. As part of this, integrating data from various input channels has become vital for companies. Ultimately, the field service technicians must easily access detailed information that guides callouts, problem fixes, and customer requirements.
Delivering service to this new breed of customer will become a priority. More competition will enter the South African market. These providers will cover all aspects of the utility value chain. Service differentiation will therefore become one of the business enablers of the future.
Making things easy
In today’s world, companies must transition to convenient, simple to use, enjoyable, intuitive, digital-first experiences driven by an improved understanding of the customer. Only through this can the business find a way to deliver the moment of service expected from customers who are becoming more expectant of their service providers.
Technology that can assist through every step of the customer journey is critical. This enables the company to ask the right questions to the right audience at the right time. This will provide them with the data and insights essential to drive change and improve efficiencies to deliver a moment of service suited to today’s connected world.
As you may know, Ethereum is currently in the process of switching from PoW to PoS consensus algorithm. There are a few reasons for this switch. In this article we are going to reveal them. What is staking Ethereum? Let’s answer this question.
What is ETH staking?
What does staking Ethereum mean? That’s a popularly asked question. Essentially, to Stake Ethereum means to put your ETH up as collateral in order to help secure the Ethereum network. In return for doing this, you’re rewarded with ETH interest payments.
What is proof-of-stake?
Proof-of-stake (PoS) is a type of algorithm by which a cryptocurrency blockchain network aims to achieve distributed consensus. In a proof-of-stake system, block validators are chosen according to their stake in the network. The more coins they have staked on Redot, the greater their chances of being selected as a validator.
Why has Ethereum switched to PoS?
There are a few key reasons why Ethereum plans to switch to PoS and. First, the current PoW consensus algorithm is very energy intensive, as it requires miners to use specialized hardware to solve complex mathematical problems.
What is Ethereum staking 2.0 then? Ethereum staking 2.0 is an updated version of staking that offers increased Ethereum staking rewards and more features.
How does Ethereum staking work?
If one wants Ethereum staking, there are two different ways that you can go about it. First, you can choose to stake your ETH through a validating node on the network. Second, you can choose to delegate your ETH to a validating node.
How Much Can You Earn Staking ETH?
Generally speaking, you can earn ~ 5-10% per year on your ETH if you stake it. Of course, this is just a rough estimate and your actual earnings may be higher or lower depending on the specific conditions at the time.
Is staking Ethereum a good idea?
Yes, staking Ethereum can be a good idea if you’re looking to earn some additional income or grow your ETH holdings over time. By participating in Ethereum staking, you can help secure the network and earn rewards for doing so.
What are the rewards of staking ETH?
There are many benefits, including:
Receiving rewards in the form of ETH for helping to secure the network
Earning interest on your ETH holdings
Growing your ETH balance over time
Staking ETH is a great way to earn additional income and grow your ETH balance over time.
What are the possible risks of staking ETH?
It’s important to remember that staking is still a relatively new phenomenon, and as such, there are still some potential risks associated with it. For example, there is always the potential for technical issues or bugs that could result in loss of funds.
Where to stake Ethereum?
When it comes to staking Ethereum, there are a few different options available to users. We will look at the most reliable ones below.
Lido
Lido is a great option for staking ETH. With Lido, you can earn up to 6% interest on your ETH, and you can also participate in governance. Lido is a great option for those who want to earn a passive income from their ETH holdings.
Binance
When it comes to staking ETH, Binance is one of the best platforms out there. They offer a great way to earn some extra income by simply holding onto your ETH and participating in their proof-of-stake system.
Redot
Redot is a staking protocol for Ethereum that allows users to earn rewards for locking up their ETH. The protocol is designed to be simple and easy to use, and it provides a great way for users to earn interest on their ETH holdings. To participate in Redot, simply deposit your ETH into the protocol and start earning rewards. The more ETH you lock up, the higher your rewards will be. So, if you’re looking for a way to earn on your holdings, Redot is a great option
Kraken
Kraken is one of the world’s leading cryptocurrency exchanges, and it offers a great option for staking. Staking on Kraken is a simple process that can be completed in just a few clicks.
FAQ
How much Ethereum do I need for staking?
To begin staking Ethereum, you will need at least 32 ETH. This amount is necessary to create a validator node on the Ethereum 2.0 network.
Is it safe to stake Ethereum (ETH)?
Yes, it is safe to stake Ethereum. It is a process of holding funds in a cryptocurrency wallet to support the network and earn rewards.
What is ‘staking as a service’ in crypto?
‘Staking as a service’ (SaaS) is a type of service that allows users to delegate their stake in a cryptocurrency to a third-party provider, who then uses it to help secure the network and earn rewards.
How long do I need to wait before receiving rewards?
It can take up to 48 hours for rewards to be credited to your account after you have staked your tokens.
Final Thoughts
Ethereum staking is a great way to earn some extra income without having to put in too much effort. It’s also a relatively low-risk investment, since you’re not actually buying or selling any tokens. Use one of the reliable options for staking described in the article and be sure to earn passive income.
Monday, HP convened the #NextGen Educators Forum with that exact future in mind – sharing insights and discussions relevant to the African education sector on how to equip teachers with the necessary skills to take education on the continent forward.
The forum took place ahead of World Teacher’s Day on Wednesday, 05 October themed: “The transformation of education begins with teachers.”
The panel of influential education sector voices participating in the forum included:
Simi Nwogugu: CEO at Junior Achievement Africa
Brian Schreuder: Former Superintendent General at the Western Cape Education Department: Specialist Advisor
Folawe Omikunle: Chief Executive at Teach for Nigeria
Mayank Dhingra: HP’s Senior Education Business Leader for Africa, Middle East and Eastern Europe
The discussion focused on a range of thought-provoking topics aimed to propel the discourse around the future of education forward.
Themes discussed included innovative technologies and pedagogies at the frontier of education in Africa; empowering educators to define new ways of learning for pupils; and digital equity: implementing digital transformation in the areas of teaching and effectively substituting the traditional learning confined to four walls.
Speaking during the #NextGen Educators Forum, Simi Nwogugu stated, “Educators need to understand that their traditional role as expert imparting knowledge has evolved to that of guide facilitating knowledge-acquisition, design thinking and critical reasoning skills in their students.
“To do this effectively, educators themselves need to be equipped with these and other emotional intelligence skills to be able to continually adapt to the needs of the students under their charge. Forums like this help steer all of us in the education sector in the right direction for how best to empower teachers to be more effective in the classroom.”
HP recently revealed the results of its first education-focused survey in Africa, which shed light on teachers’ skillsets and how the profession can be improved in South Africa and Nigeria.
Understanding the realities of 21st-century teaching, 10 skills were identified in the study as crucial to future proofing classrooms for educators. Across the board, teachers surveyed deemed these skillsets important, with 70% saying “soft skills” such as creative, innovative, critical, and entrepreneurial thinking, as well as digital literacy are very important.
Furthermore, one in three teachers say they could benefit from additional training to improve the above-mentioned skills and that the development would have an enormous impact on the pedagogy.
Omikunle says, “The only way African countries can reach their full potential is by investing in education. By investing in teachers, we are investing in our children’s futures, and inevitably that of our continent. We know there are numerous challenges educators face, and these discussions will help in providing African solutions to African challenges.”
Speaking on the impact brought about by the COVID-19 pandemic, Schreuder noted that if anything the disruption of the pandemic proved about the sector, was that it is resilient. “We witnessed teachers implementing innovative strategies to keep learning at critical points of the schooling year. Armed with even better tools and relevant training, African teachers can transform this sector,” he says.
The world of education is evolving, and teaching must be transformed to better meet the needs of a digital learner. That is why HP launched its Innovation and Digital Education Academy (HP IDEA), which plays a critical role in bridging the skills gap and forms part of HP’s goal to accelerate digital equity for 150 million people by 2030.
This immersive teacher development programme is designed to enable educators to develop and access new learning modalities in select schools in South Africa, Nigeria, and other 15 markets across Africa, the Middle East, Eastern Europe, and Central Asia.
“The time to rethink and reshape the future of Africa’s education sector is now. The past few years have thrust the sector into dramatically new ways of learning. It has shown us that we need to empower teachers with the right tools to ensure that learners have the best chance at future-proof outcomes,” says Mayank Dhingra- HP’s Senior Education Business Leader for Africa, Middle East and Eastern Europe.
According to Muhammad Nami, Executive Chairman of the Federal Inland Revenue Service, entrepreneurship and industrial hubs spread throughout the federation are crucial to Nigeria’s economic success.
According to a statement issued yesterday by Mr. Johannes Wojuola, Nami’s Special Assistant (Media & Communication), the implementation of the model will result in a generalized restructuring of the economy.
Nami urged Nigerians to invest in the development of entrepreneurship and industrialization hubs because they hold the “key to unlock the massive economic potentials of the country” in his Goodwill Message to the nation’s citizens on the occasion of the nation’s 62nd Independence Day anniversary.
He called on state governments to emulate the Ondo State’s Entrepreneurship Village which was set up to groom and harvest talents for the industrialization of the state.
The chairman called on other state governments to set up similar hubs in their states as a way of channeling the energies of young Nigerians to productive uses.
He said, “Nigeria is a country with limitless potential. We are resilient and talented people, and what these young Nigerians need is the enabling environment to thrive.
“A good place to start is the setting up of Entrepreneurship and Industrial Hubs across every State in the country. This would set off a chain reaction that would turn around the fortunes of the country, and tap into the potentials of our vast young and dexterous population.”
Mr. Nami called on the various state governments to adopt and deploy this model as a strategy to tackle issues of unemployment and insecurity while spurring economic activities in their states.
“The model will take young people away from the streets and put them into productive activities.
“You will be surprised by the number of jobs that would be created. Multitudes would have their lives changed, and an abundance of economic activities would be sparked across the nooks and crannies of our country in an unprecedented manner. Nigeria has what it takes to lead the world, and this is one way to go, ” Nami said.
The FIRS boss also tasked Nigerians to see themselves as the drivers of the country’s development through their patriotic conduct, such as paying taxes.
He said, “I am a firm believer that each of us has a role to play in building the Nigeria of our dreams.
“But we can only achieve this when we are patriotic and carry out civil obligations expected from us, such as respect for law and order, paying our taxes, and loyalty to our country.”
Stanbic IBTC Holdings, a member of Standard Bank Group has continued to serve as a connecting link in facilitating trade transactions between Nigerian and Chinese importers, thereby fostering international trade.
As part of its efforts to boost trade relations between the two nations, Stanbic IBTC Holdings, through its banking subsidiary has developed several solutions towards boosting favourable business deals and trade relationships between Nigerian business owners and their Chinese counterparts.
In August 2022, the organisation held its 2022 Africa-China Trade Expo to promote trade relations and boost economic prosperity in the two regions.
The expo, themed ‘Synergy for Growth’ featured a masterclass and an Africa-China Trade Solutions (ACTS) presentation.
One of the initiatives through which Stanbic IBTC Bank has been redefining trade relations between Nigeria and China is the ACTS propositions, aimed at allowing African enterprises to explore new markets, expand their customer base and create a mutually beneficial relationship between the two countries.
Ade Otukomaya, Head, Africa China Banking, Stanbic IBTC Bank, said that the financial institution was always exploring opportunities to add value to its clients’ businesses.
He said: “The Nigerian agricultural sector is replete with diverse opportunities. Being able to effectively harness these opportunities will drive agricultural development and expand agricultural export. Overall, agriculture experts are of the view that the country has the potential to generate substantial FX inflows for the country, and thereby reducing trade deficits.”
As part of the ACTS offerings, the Standard Bank China Trade Desk sources for capable Nigeria exporters of produce and finished products in demand by the Chinese public.
The Trade desk receives demands from Chinese entities who want to order large quantities of agro-allied products from Nigeria.
The desk also match-makes buyers and suppliers under favorable prices, conditions and general terms in line with approved protocols between the two countries.
With increasing demand for Nigerian goods on store shelves in China for the Chinese public to consume, Stanbic IBTC has developed a partnership with Pacific International Lines, a logistics service provider that will transport goods sourced from Nigerian Exporters and for export to China.
“Stanbic IBTC is harnessing these opportunities that Nigeria possesses by providing a platform for Nigerian and Chinese businesses to flourish. We have established market leadership in several financial services segments, our goal is to continually leverage our connections, knowledge, and experience in delivering impeccable service and value that makes our customers not just get ahead but emerge leaders in their respective business segments,” Ade added.
Despite the growth in trade, most Nigerian importers still face a myriad of challenges that limit their ability to order goods and services from a handful of trusted Chinese suppliers. In addition to that, language and cultural barriers also pose a challenge for African importers and Exporters when travelling and negotiating supplier agreements in China.
Through the ACTS Solutions, Stanbic IBTC, via its parent company, Standard Bank of South Africa, has leveraged its partnership with the Industrial and Commercial Bank of China (ICBC) to connect African importers, especially in Nigeria, with a dedicated trade agent in China as well as enable them tap into the vast opportunities that China presents as a trading partner.
Apart from eliminating language barriers, ACTS aims to assist Nigerian importers source and validate quality goods, safely and efficiently, from the most competitive and verified suppliers in China.
The Agent Zhejiang International Trading Supply Chain Company Limited, otherwise known as Guomao, ensures that Nigerian importers get the best deals in areas such as sourcing for the right suppliers for their businesses, negotiating the best prices and trade conditions on behalf of the clients, provide translators to facilitate trade negotiations and discussions, validate and ensure the quality of goods from the suppliers meet the agreed and required standards by clients, handle the shipping logistics and delivery to destination, depending on clients’ preference, amongst others.
Through this solution, Stanbic IBTC remains committed to connecting Nigerian and Chinese businesses, which will boost the volume of trade between both countries.
Bolaji Lawal, the Managing Director, Ecobank Nigeria, has lauded the bank’s customers over their continued patronage and dedication to the brand, assuring that the bank will continue to meet and surpass their expectations with product offerings and excellent service delivery.
In his message to the customers as part of this year’s anniversary of Customer Service Week, Lawal observed that their loyalty to the bank over the years have made the Pan African bank one of the most preferred financial institutions in the country.
According to him, “For us as a bank, we are inspired by your confidence and support to us in numerous ways. We are proud to celebrate your trust in our products and services and use and reliance on them across our touch points. Indeed, your word-of-mouth recommendations of them make us delighted to serve you better.”
He pointed out that the choice of this year’s theme: “Celebrate Service” particularly resonates with Ecobank’s philosophy that service is a game changer, stressing that “it is the reason we are constantly investing in our technology and equipping our staff with the requisite skills and resources to provide you with the relevant solutions you need and cutting-edge banking experience.”
Mr. Lawal reaffirmed the bank’s commitment to implement their feedbacks, noting that “we will continue to be relentless in our efforts to make financial services readily and easily accessible to you. As your preferred financial partner, we are happy to listen to you and remain committed to tailoring our products and services to suit your lifestyle and power your aspirations. We will continue to evolve with you and innovate our products and services to make banking a more rewarding experience for you.”
Customer Service Week is an international celebration of the importance of customer service and of the people who serve and support customers daily.
It is celebrated annually during the first full week of October. This year’s celebration holds from October 3 to 7.
Interest in sustainability has been rising for several years, and concerns over climate change have become decision drivers for customers, investors, and policymakers. Retail banks are responding by building sustainability into their digital transformation programs.
Three-quarters of retail banks plan to increase spending on environmental, social, and governance (ESG) initiatives, almost 20% of them significantly, according to a new report by Boston Consulting Group (BCG) being published today.
The BCG report, titled Global Retail Banking 2022: Sense and Sustainability, reveals that one-quarter of retail banks report that ESG is a primary focus area for their digital transformation, and another 38% say that ESG is a key criterion in selecting and prioritizing digital transformation initiatives.
Nearly half of retail banks are primarily focused on environmental sustainability issues, such as reducing energy consumption in offices, and 60% are prioritizing governance issues, including managing critical risk incidents, building cyber-resilience, and developing predictive risk analytics to ensure improved preparedness and mitigation.
“Sustainability has moved up the priority list for all stakeholders, making it the next frontier of competitive advantage for retail banks and a pillar for future growth,” said Thorsten Brackert, a BCG partner and director and coauthor of the report. “In addition to promoting sustainable behaviors by customers, ESG-related products could generate considerable returns for retail banks. A 20% ESG-related share in new retail banking revenues in the next five years, for example, would result in about a 10% share of total retail banking revenues—or about $300 billion—in 2025.”
“In Nigeria, banks are exploring opportunities to leverage sustainability to address current and systematic challenges. For example, many banks are substituting diesel-powered generators with solar panels and driving lower carbon emissions at their operational branches. Banks in Nigeria are also using sustainable finance as a growth lever with benefits oriented towards delivering client value.
“Access Bank’s recently issued green bond demonstrates the high demand and potential for green capital in Nigeria and on the continent. Going forward, a more structured approach will be critical to anchor “Sustainability as an Advantage” and deliver long-term value for banks,” according to Phillipa Osakwe-Okoye, Principal, BCG Nigeria.
Here are three key takeaways from the report:
1. A “Good Friend” to Consumers
BCG’s 2021 retail banking consumer sentiment survey, which covered 25 countries, found that 20% more people voiced increased trust in their bank during the COVID crisis than at the start of the pandemic in 2020.
While most customers say they have two or three banking relationships, a large majority (70%) still secured their last product from their primary bank.
Customers want their banks to feel like a “good friend” (31%) that they can turn to for honest advice, and a “school” (11%) where they can obtain financial guidance.
When it comes to keeping personal data secure, customers trust their banks even more than their doctors, and four out of five customers are willing to disclose more data to their banks if they value a new service or feature.
2. Strong Industry Trends Will Fund ESG Investment
According to the report, global retail and private client revenues are expected to grow at more than 6% a year through the 2020-2025 period.
Regionally, revenues in Asia Pacific should rise the fastest, at an estimated 7.8% a year, followed by the Middle East and Africa (7.7%) and Latin America (6.9%). North America and Europe will grow more slowly but still at rates of more than 5% a year.
While North America generated the biggest share of revenues in 2020, it is in the process of being overtaken by Asia Pacific.
Payments and deposits will be the leading drivers of revenue growth globally, with payments expected to grow at an annual rate of 6.3% as more people opt for online, credit card, and other non-cash transactions.
Consumer and other retail loan revenues should rebound to growth rates of around 4% as customer spending increases while COVID recedes.
Investments will grow attractively, at more than 5% a year, while mortgage growth will be muted as interest rates rise.
3. The Sustainable Retail Bank
Banks have many opportunities to innovate sustainable practices and products along the customer lifecycle and to practice good business in the process.
One opportunity is through green mortgages, which provide discounts on interest rates or fees to purchasers and builders of energy efficient properties.
Banks can also use the daily banking relationship as well as their personalized engagement capabilities to support customers in environmentally friendly and ethical living. In the US and UK, almost nine in ten consumers would like brands to help them become more environmentally friendly.
“Retail Banks have a critical role to play as societies and their institutions address social and environmental challenges,” said Sam Stewart, global leader of BCG’s retail banking segment and coauthor of the report. “As they consider a redirected future, retail banks should ask themselves a couple of existential questions: What will our customers be looking for beyond straightforward financial products and services in the next few years? And how can we align our business goals with meeting those needs before our competitors do so first?”
Due to a number of alleged violations and poor program management by the Ebonyi State Government, the World Bank has threatened to cease operations in the state.
It alleged that state officials had misappropriated money from different donor organizations and given it to the state administration.
Following the threats, the Federal Government has written to Governor David Umahi through the Secretary to the Government of the Federation (SGF), Boss Mustapha, to intervene in the situation.
It was observed that the alleged embezzlement might damage the nation’s reputation and prevent such bank interventions, not only for the State but for the entire country.
The SGF, in the letter, listed the implementation agencies set to be shut down including Ebonyi State Community Based Social Development Agency (EB-CSDA), FADAMA, NCARES, and Micro, Small, and Medium Enterprises (MSMEs).
The letter reads: “I am to convey the modest compliments of the Secretary to the Government. of the Federation and have the honor, to draw your Excellency’s attention to a report which revealed plans by the World Bank’s Project Implementation Agencies to shut down their offices in Ebonyi State”
The letter dated 31st of August 2022 and received at the Ebonyi State London Officer Abuja on September 1, 2022, was signed by one David Attah, a Director at the SGF’s office on behalf of Mustapha.
“The decision is a sequel to the alleged non-payment of counterpart funds, as well as misappropriation of funds of donor agencies by officials assigned by, the State Government, amongst other sundry reasons.
The SGF said that ‘according to the report, the Federal Government’s NG-CARES Program funded by the World Bank to alleviate the Impact of COVID-19 pandemic on citizens is yet to kick-start in the State despite the release of the first tranche of three million Dollars ($3m) In February 2022, by the Bank.
“Additionally, ‘EB-CSDA, FADAMA, and MSMEs beneficiaries are owed over twelve'(12) months arrears of salaries since July 2021”
“Consequently, the World Bank initiative designed to alleviate poverty and improve the quality of life of residents of the State stands to be scuttled with the non-payment of counterpart funds and other obligations”.
“This is even as the alleged anomalies In funds management could smear the country’s image as well as foreclose future intervention efforts by the bank and other global financial institutions,” Mustapha said.
Speaking at the Insurance Meets Tech Conference held recently at the Ecobank Headquarters, Lagos, Nigeria, Jubril Mobolaji Lawal, Managing Director, Ecobank, enlightened on the growth of the banking sector, how insurance needs to catch up, the role of technology and Ecobank’s leverage of technology to make banking and insurance seamless for customers.
Technology as we know is a man-made object or better defined as a series of processes designed to assist mankind, which is in no doubt a complimentary addition to the business of insurance.
According to Mckinsey & Co., in his 2022 report on creating value, finding focus and global insurance, the insurance industry was still inbound in premiums in 2021. Following the slowdown in 2020, global insurance lost premiums of about $6 billion in 2021.
It also emphasises the ongoing fight for the customer, with insurtech driving digital innovation and disruption in the industry, with investment in insurtech worldwide growing from $1 billion in 2004, to $7.2 billion in 2019 and $14.6 billion in 2021.
It is important to know that over 40% of the insurtechs are focused on the marketing and distribution segment of the insurance value chain.
Kola Adeleke, Executive Director – Corporate Banking, Ecobank Nigeria, representing Jubril Mobolaji Lawal, Managing Director, Ecobank, at the Insurance Meets Tech 2022 conference
Bancassurance
Bancassurance describes an authorised relationship in collaboration between a bank and an insurance company. The insurance company uses the bank’s distribution channels to sell its products, and banks in turn receive a fee from the insurance company.
This collaboration is a good association as it is mutually beneficial to both parties. When CBN ended the universal banking system in Nigeria, banks were constantly in search of complementary solutions to enhance their core earnings.
Bancassurance was therefore one of those solutions. The banking system in Nigeria has evolved from analogue-based with transactions processed manually, to digitisation. Transactions are now being processed at the fingertips of customers with the advent of modern technology.
The insurance industry in the space cannot and should not accept being left behind. With the evolution of the digitisation era, Ecobank invested in technology infrastructure to power our financial services business. Today we run a one-bank single pan-African platform across our 33 affiliates, giving us the edge to provide a variety of payment services in-country and across borders.
Our universal corporate electronic platform, which we call Ecobank OmniPlus, is a secure electronic banking channel, which provides our corporate banking single process for transacting and reporting needs, with real-time global account access and customisable setup features.
Our clients have control over their financial functions and keep track of receipt, payment and liquidity, all with one secure global solution.
An important feature of this platform is that it is a multi-geography, multi-language and multi-currency platform, allowing customers have single access to all their accounts, in all the affiliates and counties where Ecobank is present.
One other feature beneficial to insurance clients is the Internal Direct Demi Condo. The module allows insurance companies to pull recurring payments from their customers’ Ecobank accounts, based on some defined criteria or policy.
Other electronic channels like the mobile app, Omni Lite, online banking platform for SMEs and commercial banking retails, USSD, etc, we can integrate insurance companies, outlining some policy collections from their customers, using unique identifiers and policy codes.
Various entities can collaborate with Ecobank via an API. We have collaborated with many corporate bodies and are ready for more partnerships.
Almost five months after closing its initial seed round, Talk360, a South African international calling app making global calls affordable and reliable, has secured an additional $3 million, taking its total seed round to $7 million.
Talk360 will leverage the funds to grow its market share in South Africa, drive its growth on the rest of the continent and launch its market first pan-African payment platform in 2023.
New South African investors who took part in the round were Allan Gray E2 Ventures (AGEV), Kalon Venture Partners, E4E Africa and Endeavor. Existing lead investor HAVAÍC and angel investors such as TymeBank’s Co-founders, Tjaart van der Walt and Coenraad Jonker, also participated.
In the past year, Talk360 has seen 167% growth in customers and 130% revenue growth, and has nearly doubled the number of calling minutes to and from South Africa, on the back of what it calls a ‘significantly improved’ distribution network.
Founded in 2016 by Dutch entrepreneurs Hans Osnabrugge and Jorne Schamp and South African venture builder Dean Hiine, the company connected 2.3 million people worldwide so far this year. Hiine says it has doubled its headcount this year as it looks to aggressively grow the business.
“Our mission is to bridge distance and connect lives by offering reliable, affordable, and easy-to-use digital services, delivered in a localised manner to all communities, particularly emerging countries, so they can connect to the world,” said Hiine. “But we’re not just solving socio-economic issues: we’re also offering micro-entrepreneurship and income generating opportunities to our growing network of agents across the country.”
Talk360’s agent model in South Africa is key to its success, with agents earning cash for every customer referred. The company has seen a 33% growth in agents, bringing in over 800% more customers over the past year, as it looks to build micro-entrepreneurship, bring income opportunities & jobs to under serviced communities and grow its footprint.
Clive Butkow, the CEO of Kalon, said the Talk360 team had ‘a wealth of experience’ in the communications space in South Africa and across the continent. “We’re excited to add this investment to the Kalon portfolio, and believe it has the potential to rapidly scale across Africa,” he said.
Ian Lessem, managing partner at HAVAÍC, said the fact the initial seed round target was oversubscribed is a testament to Talk360’s remarkable traction to date and growth potential.
“We invested more into Talk360 based on its strong progress in the South African market to date, as well as its potential in the rest of Africa. Since our first investment, the company has shown spectacular growth, and a genuine ability to crack the challenge of distribution in Africa. We’ve seen the company convert users to paying customers by offering them relevant services, and making this accessible in an easy, affordable, reliable and trustworthy way,” said Lessem.
Tjaart van der Walt said the Tyme founders were investing because Talk360 enables potentially millions of people in remote areas to make and receive calls more affordably. “We see this need for many years to come. We believe in the Talk360 team: they are passionate and purposeful, and can execute,” he said.
Hiine expects Talk360’s growth to be further boosted when it launches its pan-African payment platform in 2023. The new platform will allow users across the continent to buy products and services using any currency and more than 160 payment methods. It will also be opened to other merchants. This year alone, Talk360 has added six new currencies, added African-specific payment methods such as OTT vouchers, and grown its partnerships with local solutions such as Kazang and Blu voucher.
Experts at the just concluded Insurance Meets Tech (#IMT2022) shared their views with regards to some of the things insurance companies are trying to do in order to increase accuracies around property claims, customer profiling, unified customer experiences and building resilience into systems.
In her submission, Ola Williams, Country Manager, Microsoft believes that while the global players have been a lot more aggressive in this area of creating capabilities to build a kind of file automation for passive management, automation associated with heavy transaction processes on both the customers’ side, and the policy managers’ side.
“In our region, this has not been the case; not for a lack of intent from the insurance providers but more of a misalignment between those who provide the main insurance services and those who provide technology services.
“There has never been a focus effort to co-invent, co-build and co-innovate”, she said.
Executives speaking during the panel session
Jonah Adams, Managing Director, Interswitch Systegra, said the industry reminds him of where retail banking was in 2002.
“The insurance market is fragmented, not operating at scale and lacks collaboration internally and eternally.
“The market is ripe for intervention, but the question is, what type of intervention is necessary at this time to begin to make the market operate at scale?
“One of the things that a lot of people don’t realise is that when you’re trying to intervene in an industry or market, either the regulator, private sector, or someone that has an interest in the market needs to deliberately make the effort to build a core system that enables that industry to thrive.
“When you look at what is going on in the insurance space, in Nigeria and across Africa, fundamentally, what is missing is that core infrastructure that allows everybody to talk to each other, interact and allow outside players such as fintechs, banks and others, to collaborate with that industry.
“If the market size is about 68 billion, it means someone or a group of people need to take 10% of that potential opportunity and invest in that market”.
According to Adams, the language across the industry needs to be standardised. There must be standardisation around distribution, access, and collaboration to allow people that operate at the periphery to innovate and thrive.
Samuel Ogbu, Group CEO, Old MutualWest, Africa also shared his views thus:
Talking about collaboration, partnerships and ecosystems, we are recognising that we have a common interest in solving problems like any other industry, delivering outstanding customer value.
In getting there, we need to give a lot of value to our partners, the business itself, capital providers, the society and community at large to protect our franchise to operate with.
Fundamentally, the problems have changed, the way they need to be addressed, the way people perceive those problems and the way customers receive those problems have changed. Innovation and technology can help us do two things:
A process of evolution
A process of revolution
Evolution is about doing things better. With existing promises that we need to deliver on. We need speed, efficiency, effectiveness because time has moved on, expectations have changed, what was found yesterday is not found today.
The question we all should have in mind is: how can I face the future with greater financial confidence? How can I mitigate risk and solve problems? How can I make better decisions?
In the evolution of that, innovation and technology has a big part to play in helping us be faster, more effective and also helping us know how big the market is.
The second is Revolution. For me, it’s the creation of wealth.
The world that I’ve lived in says I have to be part of an average; how can you make me feel special? How can you sell me user-based insurance? These information come from data and knowing the behaviour of clients. So, partnership is important.
We shouldn’t try to compete, we should collaborate.
IMT 2022 | Insurance Meets Tech
Sola Ajayi, Executive Head of Sales, Leadway Assurancehad these to say:
If you take a look at the history of the insurance industry, you’d find that in most countries where the industry has had a leap, there are factors involved:
Situations where there are significant catastrophic impact
Government regulations
In Nigeria, one of the key issues we have in the economy at this point is the economic situation itself. The customers need to be able to afford insurance.
There’s room for growth but insurance fundamentally requires the big players to collaborate with those who are bringing the needed skill to the table.
We need to be able to understand exactly what the customers need. If the customers see value, they will shove out cash.
The reality is that people are not buying insurance as much as we would like them to, not because they are ignorant or can’t get it. The question we need to address is; why do we not have it?
Mayowa Owolabi, CEO, PaddyCover
Focusing on what has been done to tackle the low penetration of insurance, Mayowa Owolabi, CEO, PaddyCover said:
The key thing in insurance is that not everybody wants it, not everybody wants to buy it because of our spiritual mindset especially in Nigeria, no one wants to bring out money.
What we’ve done to bridge this gap is that we are working with industries, stakeholders and regulators to make insurance more affordable, pushing in market education, insurance benefits and ease of payment.
TechEconomy.ng was the official media partner of #IMT2022| Insurance Meets Tech
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