Connect with us
iubh
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
app

Business News

Technology Solutions: A major component for financial inclusion in Nigeria

TechRoundUp was on the TechieTalk with Teke Panel at the ongoing Social Media Week in Lagos and the panel discussions centred on Financial Inclusion, Social Media for Good and Cybersecurity.

Published

on

Technology Solutions: A major component for financial inclusion in Nigeria

TechRoundUp was on the TechieTalk with Teke Panel at the just concluded ³Social Media Week in Lagos and the panel discussions centred on Financial Inclusion, Social Media for Good and Cybersecurity. It was indeed an engaging deliberation and one we thought our readers may find quite insightful.

The overall conclusion was that there is no financial inclusion without financial literacy. So, the first step to achieving financial inclusion in a country like Nigeria is getting more people on board, creating awareness and providing more information on the issue. After all, for an economy to prosper, everybody needs to be financially included.

One of the panellists, Wole Faroun, the host of TechRoundUp said that in a digital revolution fueled by Social Media, there is a need to fully understand the way the financial inclusion is connected with our interactions on social media, as well as cybersecurity and this, brought the discussion full circle.

Another panellist, Confidence, a cybersecurity expert, who just got nominated as one of the top 50 Women in Cybersecurity in Africa, stated the importance of consciousness and awareness in safeguarding their information online especially on social media. Responsible with the use of the platforms and sensitivity to various tricks that can compromise data and privacy, will limit potential losses, which could be financial and much more.

[READ MORE: Financial Inclusion: CBN licenses 15 mobile money operators)

Like Lanre Basatma, a Social Media expert was very bullish about the benefits of the platforms, arguing that the positive impact of Social Media far outweighs any negative drawbacks and that should not be our focus. He rightly mentioned that social media could be used either for good or bad, it is now up to everyone to choose, but he advocated that social media for good is possible and achievable, as long as we can explore these platforms in ways that are productive for us and the society.

Enhancing Financial Innovation & Access (EFInA) recorded in 2018 that the number of adult Nigerians that were financially included was on the rise, however, the growth rate is not proportional to the growth of the country’s population, as about 36.6% of adult Nigerians are still excluded.

Some argue that year after year, millions of dollars in investments have been pumped into financial inclusion around the world but the issues faced are mostly in emerging markets like Nigeria where there is high population but these people are excluded from financial services that could improve lives and businesses.

Sigma Pensions

The role technology plays in driving financial inclusion is major and Fintechs are leveraging technology that makes it easy for citizens regardless of age, class and location to access financial and banking services. Challenges are inevitable but technology is already helping to solve this problem in the following ways:

  • a collaboration between fintechs and the traditional banks as well as other stakeholders like telecommunication companies will further accelerate innovation and access to Financial services – the new Payment Service Banks are classic examples of how this collaboration may potentially work;
  • technology deployment powered by funding from large corporates and social enterprises driving Financial Inclusion will provide more options for users;
  • gap analysis and requirements gathering will lead to adequate products that truly reduce the gap and accelerate inclusion; and
  • programmes that enable agents as last-mile Financial Service providers are key, and when we couple this with new technologies like AI, machine learning and big data analytics, the possibilities become limitless.

Jenrade (Tech RoundUp)

Nairametrics frequently publishes articles from experts such as financial analysts, economists, researchers and investors. We also feature articles from guest writers and bloggers who wish to push their views and opinions through our platform.To get your articles on Nairametrics, kindly send an email to [email protected] and we will publish it within 24 hours of approval by our editorial team.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business

Lagos Commissioner of Police dismantles road blocks on Lagos-Badagry expressway

The Commissioner warned the concerned Area Commanders to take action on full compliance as any defaulter will be sanctioned accordingly.

Published

on

The Commissioner of Police in Lagos State, CP Hakeem Odumosu, has ordered the immediate dismantling of all illegal roadblocks by police teams from the command on the Lagos-Badagry expressway.

The directive is to checkmate the illegal activities of the police on that route which have been condemned by the government, some stakeholders and international bodies and also bring sanity and decency to their operations along that axis.

That disclosure is contained in a statement signed by the Police Public Relations Officer of the Lagos State Police Command, CSP Olumuyiwa Adejobi, on Saturday, April 10, 2021.

Adejobi in the statement said that CP Odumosu gave the order on Friday while addressing Area Commanders and Divisional Police Officers in the command on the general security situation in the state and reviewing the anti-crime strategies of the command in order to sustain its feats on crime control.

What the statement from the Lagos State Police Command is saying

The statement from the Lagos Police Command partly reads, “In his bid to restore sanity and decency to the operations of the police along the ever-busy international route, Lagos/Badargy Expressway, the Commissioner of Police, Lagos State, CP Hakeem Odumosu, has ordered for the immediate dismantling of illegal roadblocks by the police teams from the Lagos State Police Command.

The police boss, while reacting to some complaints from the general public and some security reports on the police activities along the international route, ordered the Area Commanders and Divisional Police Officers whose jurisdictions fall along the Badargy Expressway; Festac and Area K, Marogbo, to withdraw their men from the illegal roadblocks and embark on aggressive motorised patrol and surveillance to police their areas and the route.

The Commissioner of Police confirmed that the illegal police roadblocks along the route have been condemned by the government, international bodies and interest groups and they must be dismantled without delay,” he said.

The Commissioner, however, noted that other police operatives from other police formations, outside the supervision of the Lagos State Police Command who operate along the route, would be contacted to adjust and do the needful to restore sanity to their operations.

Sigma Pensions

The CP Odumosu then warned the concerned Area Commanders to desist and take necessary action on full compliance with his order as any defaulter will be sanctioned accordingly.

 

Continue Reading

Business News

COVID-19 Update in Nigeria

On the 10th of April 2021, 84 new confirmed cases and death was recorded in Nigeria

Published

on

Covid 19 update symptops

The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 163,736 confirmed cases.

On the 10th of April 2021, 84 new confirmed cases and 1 death was recorded in Nigeria.

To date, 163,736 cases have been confirmed, 154,098 cases have been discharged and 2,060 deaths have been recorded in 36 states and the Federal Capital Territory.

A total of 1.8 million tests have been carried out as of April 10th, 2021 compared to 1.7 million tests a day earlier.

COVID-19 Case Updates- 10th April 2021,

  • Total Number of Cases – 163,736
  • Total Number Discharged – 154,098
  • Total Deaths – 2,060
  • Total Tests Carried out – 1,803,177

According to the NCDC, the 84 new cases are reported from 13 states- Lagos (26), Akwa Ibom (16), Rivers (10), Ebonyi (9), Abia (6), Kano (6), Osun (3), Bauchi (2), Delta (2), Edo (1), Jigawa (1), Kaduna (1), and Ogun (1)

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 57,950, followed by Abuja (19,703), Plateau (9,030), Kaduna (8,984), Rivers (6,986), Oyo (6,838), Edo (4,892), Ogun (4,620), Kano (3,924), Ondo (3,226), Kwara (3,120), Delta (2,615), Osun (2,547), Nasarawa (2,378), Enugu (2,259), Katsina (2,097), Gombe (2,034), Ebonyi (2,008), Anambra (1,909), Akwa Ibom (1,794), and Abia (1,677).

Imo State has recorded 1,655 cases, Bauchi (1,538), Borno (1,337), Benue (1,188), Adamawa (1,051), Niger (930), Taraba (910), Bayelsa (871), Ekiti (868), Sokoto (774), Jigawa (525), Kebbi (450), Cross River (385), Yobe (365), Zamfara (234), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Sigma Pensions

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

Governor Babajide Sanwo-Olu of Lagos State announced the closed down of the Eti-Osa Isolation Centre, with effect from Friday, 31st July 2020. He also mentioned that the Agidingbi Isolation Centre would also be closed and the patients relocated to a large capacity centre.

Stanbic 728 x 90

Due to the increased number of covid-19 cases in Nigeria, the Nigerian government ordered the reopening of Isolation and treatment centres in the country on Thursday, 10th December 2020.

On 26th January 2021, the Federal Government announced the extension of the guidelines of phase 3 of the eased lockdown by one month following the rising cases of the coronavirus disease in the country and the expiration of phase 3 of the eased lockdown.

On 28th February 2021, the federal government confirmed that the first tranche of Covid-19 vaccines will arrive in Nigeria on Tuesday, March 2nd, 2021.

On Tuesday, 2nd March 2021, the National Primary health Care Development Agency announced the arrival of the expected COVX Astrazeneca/Oxford covid-19 vaccines.

On Saturday, 6th March 2021, President Muhammadu Buhari and his vice, Yemi Osinbajo received vaccination against the covid-19 as the State House in Abuja.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

Coronation ads

 

 

app

 

Continue Reading

  





Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.