She made this statement while delivering her lecture at the 4th convocation ceremony, titled “Youth Entrepreneurship and Reshaping Nigeria’s Economic Future”, which was held on Thursday, February 2nd 2023 at the University of Medical Sciences (UNIMED) Odosida, Ondo State.

Mrs Kofo Akinkugbe emphasized that youth entrepreneurship is highly relevant to our contemporary situation regardless of one’s discipline or academic background.

“For our graduating students, cutting across various health professions and science disciplines, you will no doubt relate well with the elements relating to “Youth and the Economy” as you rise to the challenges, we all face daily. Irrespective of the class of degree conferred, the important success factors for the future are linked to your vision, individual talent and the life skills you embrace along the way”, She said.

Speaking further, she stated that sustainability is key and must be built on the right attitudes, wisdom, emotional intelligence, sound judgement, and learning from the experience of others, which must be anchored on some values she considers as evergreen and enablers of sustainable success and growth.

“As you know, your education is inadequate with academic work alone. The character component must kick in for completeness. Education is an enabler but without the right character it won’t take you far” Akinkugbe stated.

She congratulated the graduating students and encouraged them to deploy their creative abilities, avoid negative influences, and recognize that success is a journey, not a destination.

“Nigeria is a land of huge and unexplored opportunities, digital and otherwise, and I encourage you to identify yours and position yourself based on your talent and interest.”

Mrs Kofo Akinkugbe is a trail-blazing entrepreneur and the founder/CEO of SecureID Limited, a smartcard manufacturing and personalization company certified by MasterCard, VISA, Verve, ISO 9001, GSMA, GH-Link, GIMAC, CQM to manufacture bank ATM cards, telecom SIM cards and high-security identity cards and documents for the government, while serving clients in 21 countries across Africa.

SecureID has a technology and fintech subsidiary – SID Digital, with products such as digital identity, payments and automated fare collection for transport systems.

SecureID also has a transport subsidiary – Transport Payment Solutions (TPS) with e-gate and turnstile infrastructure installed on various transport platforms: rail, road and water.

In 2022, the Federal Government of Nigeria recognized the accomplishments and leadership of Mrs Akinkugbe by awarding her with the National Productivity Order of Merit (NPOM) award during the 19th National Production Day (NPD), on May 2022 at the Banquet Hall, State House, Asokoro Abuja.

On October 2022, Mrs Akinkugbe was conferred with Officer of the Order of the Niger (OON), at Nigeria’s National Honours Awards Investiture, by His Excellency Muhammadu Buhari, President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, in recognition of her invaluable contribution to the Nigerian Manufacturing and Digital Payment Industry.

Also, present at the UniMed Convocation ceremony were the Governor of Ondo state, Arakunrin Oluwarotimi Odunayo Akeredolu, SAN, CON and other eminent personalities, Captains of Industries and Academia.

The post UNIMED: Kofo Akinkugbe, SecureID Founder, Emboldens Young Graduates to be Entrepreneurial appeared first on Tech | Business | Economy.

The discussion delved into understanding and navigating regulatory frameworks, fostering a culture of resilience through risk management, and exploring case studies and best practices.

Moderating the session at the NFW was Yeye Nwidaa, Partner, Jackson, Etti & Edu, with Panelists including Tajudeen Mustapha, Head, Risk Management and Compliance at Xpress Payment Solutions Limited, Dr. Krish Ranganath, Regional Executive West Africa, Africa Data Centre, Gbolahan Atoyebi, Head, FSI Sales, MainOne, and Precious David, Associate, Udo Udoma & Belo-Osagie, UUBO

The discussion commenced with addressing compliance challenges in the Fintech sector. Various regulatory bodies, including CBN and SEC, oversee different aspects of Fintech, making compliance multifaceted. The speakers stressed the importance of understanding regulations and seeking legal counsel to ensure compliance.

Nigeria Fintech Week: Keynote Address by Dr. Akinwumi Adesina, President of the African Development Bank

Key Points:

1. Regulatory Understanding and Compliance:

• Comprehensive Compliance: Fintech companies must align their operations with a variety of regulations from different regulatory bodies.
• Legal Counsel: Engaging internal and external legal counsel is crucial. Startups should consult legal experts to navigate complex regulatory landscapes.

2. Risk Management and Culture of Compliance:

• Cultivating a Compliance Culture: Senior management should instill a culture of compliance and risk management throughout the organization.
• Continuous Training: Ongoing training and education for employees are essential. Regular training programs keep the workforce updated and aware of compliance requirements.

3. Strategies for Building Resilient Fintech Organizations:

• Innovation and Adaptability: Fintech companies need to innovate continuously. Adaptable strategies are vital to stay relevant and compliant in the rapidly changing technological landscape.
• Global Perspective: Fintech innovations should be viewed globally. Solutions should be scalable and adaptable for diverse markets.

4. Technological Innovation and Compliance:

• Technological Advancements: Fintech innovations, while revolutionary, must adhere to regulations. Regulatory bodies evolve, and companies need to keep pace with these changes to remain compliant.
• Balancing Innovation and Regulation: Innovations should align with regulatory standards. Striking a balance between creativity and compliance is crucial for sustainable growth.

5. Importance of Internal and External Legal Support:

• Internal Legal Counsel: Having an internal legal team ensures constant scrutiny of operations, identifying potential compliance gaps.
• External Legal Support: External legal experts provide specialized knowledge and insights, guiding companies through intricate regulatory frameworks.

6. Cultural Shift and Adaptability:

• Top-Down Approach: Compliance culture must start at the top with senior management setting an example for the entire organization.
• Cascading Compliance: A bottom-up approach ensures that compliance practices permeate every level of the organization, creating a holistic compliance framework.

7. Data Protection and Technological Risks:

• Data Security: Data protection is paramount. Fintech companies must invest in robust cybersecurity measures to protect customer data.
• Technological Risks: Risks associated with new technologies, such as cloud services and digital transactions, necessitate careful consideration and proactive risk management strategies.

The panel discussion highlighted the intricate interplay between technological innovation and regulatory compliance in the Fintech sector. Fintech companies need to balance innovation with a deep understanding of regulatory requirements, fostering a resilient culture of compliance and adaptability. In embracing a proactive approach to risk management and staying abreast of evolving regulations, Fintech organizations can thrive in the dynamic landscape of financial technology.

Fireside Chat for the Nigeria Fintech Week Day one focused on Building Resilience in the Fintech Ecosystem: Experience from Executives

The panellists were Kofo Akinkugbe, CEO, Secure ID, John Obaro, Founder & GMD, SystemSpecs, Ebehijie Momoh, Country Manager & Area Business Head, West Africa, Mastercard, while the moderator was Olumide Soyombo, Co-founder, Bluechip Technologies Ltd.

These industry leaders spoke on the challenges and opportunities shaping the African FinTech landscape. The conversation revolved around critical themes such as sustainable business models, regulatory compliance, customer-centric innovation, talent acquisition, and adaptability in an ever-changing Fintech environment.

Understanding the African FinTech Landscape: Diverse Challenges, Unique Solutions

Acknowledging the diversity within African markets, the panel emphasized the need to move away from the notion of a one-size-fits-all solution. Africa, and particularly Nigeria, presents a unique blend of cultures, economies, and consumer behaviors, making it essential for Fintech companies to adapt dynamically to cater to diverse needs.

One of the prominent challenges discussed was the race to raise funds versus the authenticity of products. It was noted that while fundraising is crucial, it shouldn’t overshadow the essence of creating genuine, problem-solving products. Panelists stressed the importance of understanding the market deeply, ensuring that innovations align with real needs rather than just financial trends.

Navigating Challenges: Cybersecurity and Customer-Centric Approach

The conversation then shifted to the challenges that keep Fintech executives awake at night. Cybersecurity emerged as a top concern, with panelists highlighting the need for continuous vigilance in an increasingly digital landscape. Understanding the dynamics of cyber threats and addressing them proactively became a focal point.

Additionally, the discussion emphasized the significance of customer feedback. FinTech companies need to evolve into more social entities, understanding the pulse of their consumers. This shift toward customer-centricity not only enhances the quality of products and services but also fosters trust and loyalty among users.

Embracing the Future: Opportunities Amidst Challenges

Despite the challenges, the panelists expressed optimism about the future of Fintech in Africa. They recognized the tremendous opportunities that lie in building solutions for the digitally native generation. With a growing youth population having unprecedented access to the internet, there is enormous potential to develop innovative digital solutions catering to their needs.

The Nigeria Fintech Week Day one panelists also stressed the importance of learning from failures. While success stories often take the spotlight, understanding the reasons behind failures can provide invaluable insights. Embracing failures, analyzing them critically, and deriving lessons are essential for the growth and resilience of the Fintech ecosystem.

The post Key Highlights from Nigeria Fintech Week (#NFW23) Risk Management & Resilience session appeared first on Tech | Business | Economy.

She bagged the award during the observance of the 19th National Production Day (NPD), on the 12th of May 2022 at the Banquet Hall, State House, Asokoro Abuja.

The National Productivity Day was instituted by the Federal Government through the Ministry of Labour and Employment to promote local production of goods and services, as well as reward indigenous entrepreneurs who are contributing to the growth of the economy.

Speaking on why she was honoured with the award, the Honourable Minister of Labour and Employment, Chris Ngige said, “Mrs. Kofo Akinkugbe’s recommendation was based on the report of the National Productivity Order of Merit Award Committee after a rigorous selection process”. 

While receiving the award, Mrs. Akinkugbe said, as Africa’s Industry leader in card manufacturing and technology, SecureID will continue to be a trailblazer in the Smartcard and technology industry in the African sub-region.

“It is a good thing to be recognized by the Nigerian Government, it means a lot to us as an organization, it is an affirmation that we are doing something right and we will continue to do our best to contribute our own quota to the development of the Nigerian economy”.

Speaking on the company’s services she noted that aside from the manufacturing of smart cards, they also manufacture SIM cards used in mobile phones for mobile telecom operators in Nigeria.

We are also into the manufacturing and supply of security-featured cards such as Driver’s license, National Identity Cards, Permanent Voters Cards, State Resident Multifunctional Cards, and Health Cards, amongst others, she added.

She emphasized how the company has benefitted the Nigerian economy, Mrs. Akinkugbe said, “The company has increased export revenues for Nigeria and is contributing to creating and promoting local sufficiency across Africa.  

We have also saved the nation significant amounts in foreign exchange previously expended on the importation of bank cards, SIM cards, high-security documents and digital solutions”.

Speaking further on how the company has impacted the economy particularly the transport sector, the CEO noted that SecureID is currently helping the Nigerian Railway Corporation (NRC), to maximise profit by designing and implementing the Digital Ticketing and Fare Collection System recently deployed on the train service.

“With the introduction of the Digital Ticketing and Fare Collection System, we have not only been able to increase government revenue but also make operations seamless and easier for stakeholders and travellers alike”, she concluded.

SecureID Limited is Africa’s leading and Nigeria’s first local brand when it comes to manufacturing all kinds of smartcards, with a vast clientele across the African continent.

SecureID is certified by Visa International, MasterCard Incorporated, Verve, Card Quality Management (CQM) and ISO 9001/2015 for Smart Card Manufacturing and Personalization of credit and debit cards for banks in Nigeria and several countries across Africa, SecureID is headquartered in Lagos.

The post Kofo Akinkugbe, SecureID Founder, Receives National Productivity Order of Merit Award appeared first on Tech | Business | Economy.