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Monday, 1 June 2020

AfDB: We Will Frown At Undue Interference - APRA

The African Public Relations Association (APRA) will frown at any undue interference in the ongoing investigation of the President of the African Development Bank(AfDB) Dr Akinwunmi Adesina. Rather it insists that due process must be followed.

Banking Sector urged to go digital to build resilience and sustainable growth post Covid-19

Bankers from Sub Saharan Africa and China who attended the Huawei Sub-Saharan Africa Financial Services Industry Online Summit 2020 agree that digitisation of the sector will give it resilience against the current Covid-19 pandemic and enable sustained growth in the post-COVID era.


The pan-African conference themed “Accelerating Digital Transformation, Enable Business Growth Again” was attended by 1200 delegates from across banks, telco operators, fintech and ICT services companies.

Opening the event, Liao Yong, vice president of Huawei Southern Africa Region, said advances in ICT present unique opportunities for the banking sector, especially when almost 70% of the region’s population don’t have a bank account.

“All of these ICT advances will be critical enablers to a thriving banking sector in Sub Saharan Africa. As we can see, the merging of these two curves of ICT and banking services is powerful. But how much we can unleash the power, depends on how much and how soon banking sector goes digital.” Liao said.

There has been a rapid uptake of mobile technologies in the region with strong economic growth in the past 2 decades. According to statistics by GSMA, 4G, mobile broadband technology, adoption will overtake 2G in 2023 and the total of unique subscribers in Sub Saharan Africa will reach 600 million by 2025, representing half the region’s population.

Speaking at the online event, Brett King, author of Bank 4.0, a New York-based mobile banking startup, said the behavioural changes that come with coronavirus further underpins the needs for digital transformation in banking sector.

“The declining use of physical branches is likely for many customers to remain a permanent feature of their lives. The reality is this is likely to accelerate a multi-decade trend we've already seen towards digitisation. So when we look at the architecture of banking moving forward and the real elements that have been accelerated during the coronavirus period, you can see that that shift to digital is creating much more aligned, some digital experience. This basically brings us to a new model of banking…we moved to this low friction banking embedded in the world around us,” said King.

In China, bucking the decline in Q1 GDP, the financial sector recorded a 6% year-on-year growth. Analysts attribute this growing to the sector’s years of unremitting efforts in digital transformation.

Chen Kunte, former Chief Information Officer of China Merchants Bank and current Chief Digital Transformation Officer of Global Financial Services in Huawei’s Enterprise Business Group said digitisation will give the banking sector the resilience it needs in the public health crisis. Banking everywhere can’t come true without leveraging cloud, AI and Big Data.

“We need to restructure banks’ ICT platforms from legacy architecture to cloud-based, open architecture by building AI-Powered and Data-Driven platforms to expand the way financial institutions engage and interact with their customers, and accommodate more innovative business models and service scenarios,” Chen said.

Banks from the region shared some case studies on digitisation in banking services in the region.

Lucille De Kock, Head of Data Analysis and Product Management at FNB, South Africa, introduced FNB’s fundamental shifts across all dimensions to transform the bank into a helpful, trusted and people centric money manager leveraging digital and data platforms.

According to Alex Siboe Wekunda, head of DFS, KCB, said 97% of all transactions are done digitally which lead to substantial growth during the pandemic. Luckily enough, we had invested well in our platform, so we're able to handle the traffic that comes through this ecosystem. And Joshua Oigara, CEO and MD, KCB Group PLC, said KCB will continue accelerate that investment beyond just lending platform, which has been very successful.

Huawei works with over 1,000 financial institutions globally, including 6 of the world’s top 10 banks in the digital transformation voyage.

Liao concluded, “Our operations of over 20 years in Sub Saharan Africa enables us think global and act local by providing our clients in the region with tailored made solutions to make digitisation process painless and smooth, as if it is a tech company that happens to work in the financial sector rather than as a bank that tries to adapt disruptive technologies.”

First-Ever U.S. Representative to AfDB's Open Letter to Secretary of the Treasury, Steven Mnuchin

The first-ever U.S. Representative to African Development Bank, Ambassador Harold E. Doley, Jr., has written an open letter to United States Secretary of the Treasury Steven Mnuchin.

9mobile Gets New CEO

Teleology Holdings Limited, the owners of the telecom service provider, 9Mobile has announced the appointment of Alan Sinfield as its new chief executive officer.

Sunday, 31 May 2020

Red Star Delivers Food Items to Less Privileged Communities

In line with its Corporate Social Responsibility policy, Red Star Express Plc, one of Nigeria’s foremost logistics solutions providers, has been involved in the delivery of food items to several less-privileged communities in Lagos and Ogun. According to the company’s Group Managing Director, Dr. Sola Obabori, these efforts were made to support families and communities affected unfavorably by the COVID-19 pandemic.

Monday, 25 May 2020

TAJBank Announces Issuance of N150 Billion Naira FGN Sukuk

TAJBank, Nigeria’s most innovative Non–Interest financial institution has announced a 150 million naira Sukuk Bond as appointed by the Federal Government of Nigeria

Zoom tentatively suspend Giphy from its chat feature

Zoom has temporarily disabled the integration of GIF platform Giphy in its chat feature, the company said in a blog post. “Once additional technical and security measures have been deployed, we will re-enable the feature.” Zoom didn’t offer any specifics beyond that on Giphy’s removal.

ABCHealth Announces New CEO

The African Business Coalition for Health (ABCHealth) has announced the appointment of Mories Atoki as Chief Executive Officer following the unanimous agreement of its Board of Directors.

Thursday, 21 May 2020

COVID-19: Zedcrest Group Donates Ventilators & Face Masks to Kano State Government

...Distributes Food Boxes to Less Privileged Nigerians, Medical Personnel in Lagos 

Kano State’s response to the Coronavirus Disease (COVID-19) outbreak received a boost on Wednesday, May 20, 2020 as new-age financial solutions powerhouse, Zedcrest Group donated 10 ventilators and 1,500 KN95 face masks to the State government.

Friday, 15 May 2020

LaLiga Reiterates Commitment to Societal Development through Football

Spanish football league, LaLiga recently hosted an exclusive media briefing to reiterate its commitment to societal development through football amidst the global COVID-19 crisis. The virtual event allowed key Nigerian media to engage in insightful and interactive sessions on the league’s efforts towards societal development.

Thursday, 14 May 2020

Wilson Officially Becomes Game Ball of the NBA, WNBA, NBA G League, NBA 2K League and Basketball Africa League

The National Basketball Association (NBA) and Wilson Sporting Goods Co. announced a multiyear global partnership today that will make Wilson the official game ball of the NBA, Women’s National Basketball Association (WNBA), NBA G League, NBA 2K League and Basketball Africa League (BAL).

Court vacates order barring NIPC from spending its IGR

A federal high court sitting in Abuja has vacated a ruling that barred the Nigeria Investment Promotion Council (NIPC) from spending its internally generated revenue.

9mobile and Mobihealth extend telemedicine to Kano to fight health care challenges in the State

Nigeria’s leading telecoms service provider, 9mobile, and award-winning telemedicine provider Mobihealth international, have partnered with the Association of Resident Doctors of Aminu Kano Teaching Hospital, AKTH, SHYO, and Northfield Health Services, to support the efforts of Kano State Government to fight the COVID-19 pandemic and other health care challenges in the State.

COVID-19: HOW Foundation feeds Isiokpo Community

In an effort to curb the spread of the deadly Coronavirus pandemic, and to further support the government in making living easier for the masses, a non-governmental organization, Herbert Onyewumbu Wiwge, (HOW)  Foundation, has put smiles on the faces of thousands of people in some communities in River State.

Wednesday, 13 May 2020

Ikeja Electric unveils ‘takeover journey, new horizons for growth’ in 2018 Sustainability Report

Ikeja Electric Plc, Nigeria’s leading electricity distribution company, has published its 2018 Sustainability Report titled, “Committed to Excellence - Half a Decade of Bringing Energy to Life”, which reflects IE’s performance, accomplishments, challenges, passion for its business and its growth opportunities in 2018.