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Home Blog Page 4219

Banks’ New Nature of Risk – And the Mild Poison Pill of Mobile Banking

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Head of Risk Management: What is the biggest risk for your bank right now over there in Lagos? Yes, the typical ones remain, including fraud, asset quality, defaults, etc. But add this one: ease of fund withdrawal using apps.

In the last few weeks, three banks have collapsed in the United States, not because they were really bad banks, but because depositors panicked, and moved money out of them at scale. What happened to them would not have materialized 20 years ago when our phones were not bank branches. But today, the game has changed. Indeed, the frictions banks have worked to fix, improving customer experiences, are now some of the weakest links in banking risk management. This is a mild poison pill; you built it, and now, it is a problem, especially for smaller banks.  The mean time to react over bad press or panic is shorter!

First Republic Bank in the United States collapsed after customers withdrew billions of dollars in weeks.

The bank’s earnings report revealed it had lost $100 billion in deposits in the first quarter (Q1) of 2023. This was fueled in part by panic among clients of regional banks due to the failures of SVB and Signature Bank. First Republic’s quarter-over-quarter deposits had dropped by more than 40 percent to $104.5 billion.

Simply, if you mess up, depositors can panic and move cash out using their phones before  you realize what is happening. Unlike in the past where you could deploy fewer tellers to manage the withdrawals, if you try to clamp on the app-based withdrawal, you will even trigger more panic.

Nothing to regret because that pill was necessary and it has a mild effect. But you need to be alert all the time even as you improve your risk management model. But the message is clear: banks can easily collapse these days than in the past as information asymmetry has been largely removed, making it possible to know what is happening – and with branches in pockets, risk managers cannot sleep.

How Innovation Can Ensure Socioeconomic Rights and Justice for Nigerian Workers

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On May 1 every year, the labour day is marked all over the world with fun and fanfare. So as it is done every year, so it was done yesterday being the day for this year’s Workers’ Day celebration. Obviously, Monday 1 2023 marked another important day for workers across the world, including Nigeria. As it is said every year, the day is a time to celebrate the contributions of workers to the development of societies and to reflect on the challenges they face in their daily lives. Thus, from Anambra to Lagos, Borno to Zamfara, all workers in the country rolled out the drums to celebrate their day with marches, drums and fun-fare. But, today, the day after, should give us a cause to really reflect beyond the dance and the music.

Luckily, the theme of this year’s celebration dwelled on workers’ rights and socioeconomic justice. It could be said that the theme was well intentioned especially at a point that one of the major challenges facing workers in Nigeria is the lack of rights and socioeconomic justice. The Nigerian labour market is characterized by informality, low wages, and poor working conditions. Many workers do not have access to social protection or are not covered by labour laws. As a result, they are vulnerable to exploitation and abuse. To make the matter worse, the COVID-19 pandemic has exacerbated these challenges, with many workers losing their jobs or struggling to make ends meet.

Yet. it is tempting to argue that minimum wage has recently been increased and that it should give the workers enough economic muscle to procure their needs. Still, the rising inflation, the skyrocketing prices of food and the poor value of the Naira have conspired to make life more nightmarish for an average Nigerian worker. If low productivity caused by lack of training, ineffective leadership and employees’ dissatisfaction is thrown into the mix, it is easy to conclude that it would be difficult to attain the focus areas of this year’s theme.

However, innovation and enterprise can be used to address these challenges and create a better future for workers in the country. To address these challenges, innovation and enterprise can be used to create new opportunities for workers in Nigeria. For example, digital platforms can be used to connect workers with employers, creating new job opportunities and improving working conditions. These platforms can also be used to provide training and support to workers, helping them to develop new skills, improve their employability and increase their level of productivity.

In addition, social enterprises can be used to create new opportunities for workers in Nigeria. Social enterprises are businesses that have a social mission, such as creating employment opportunities for marginalized groups. These enterprises can provide training and support to workers, helping them to develop new skills and access better job opportunities. They can also create new products and services that address the needs of workers in Nigeria, such as affordable housing or healthcare.

Another way to use innovation and enterprise to achieve workers’ rights and socioeconomic justice in Nigeria is through the use of technology. Technology can be used to create new opportunities for workers, such as remote work or online education. It can also be used to improve working conditions, such as through the use of automation or robotics in hazardous jobs.

However, it is important to note that innovation and enterprise alone cannot solve the challenges facing workers in Nigeria. There is a need for policy reforms and the implementation of labour laws that protect workers’ rights and promote socioeconomic justice. This includes ensuring that workers have access to social protection, such as healthcare and pensions, and that they are paid a living wage.

It is also incumbent on government and other employers of labour in Nigeria to skill and re-skill their employees leveraging on the expertise and training infrastructure made available by innovation centres to ensure that the employees are brought to speed on the latest tools, trends and knowledge that could impact on their productivity.

In conclusion, innovation and enterprise can be used to achieve workers’ rights and socioeconomic justice in Nigeria. Digital platforms, social enterprises, and technology can create new opportunities for workers and improve their working conditions. However, policy reforms and the implementation of labour laws are also necessary to protect workers’ rights and promote socioeconomic justice.

Addendum: This piece is written from a conversation our analyst had with Dr. Rasheed Adebiyi, the Head, Branding & Strategic Communication, Opolo Global Innovation Limited, on how innovation could be the game changer for overhauling perennial labour issues and needs in Nigeria.

Our Apologies for the Everywhere Adverts This Morning

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This morning, Google activated an auto-ad system for tekedia.com. It did so without our approval in its Adsense ecosystem. I am writing to apologize if you were overwhelmed with those distractions when you tried to use our platform. Whatever you saw was not by design, from us.

We have deactivated it, and we do hope Google does not repeat that again.  We enjoy space by design, and will keep Tekedia free of mindless advertisements where every space is fitted with ads by AI systems. Please return to tekedia.com; the ads are gone!

(Of course, we thank Google for its support. Yet, we do not buy into this AI auto-activation)

Altcoins to Hold to 2023: HedgeUp, Dogecoins and Cardano

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As the cryptocurrency market continues to evolve, investors are always on the lookout for the next big thing. While Bitcoin remains the dominant player, a new generation of promising altcoins is emerging, offering unique opportunities for growth and diversification. In this article, we’ll discuss three altcoins that should be on every investor’s radar for 2023: HedgeUp (HDUP), Dogecoin (DOGE), and Cardano (ADA).

HedgeUp (HDUP): A DeFi Platform for Alternative Assets

HedgeUp (HDUP) is an innovative project providing the first asset-backed decentralized finance (DeFi) platform for alternative assets. HedgeUp’s (HDUP) platform allows users to hedge against market volatility and provides access to alternative investments typically unavailable to retail investors. As the DeFi market continues to expand, HedgeUp (HDUP) has the potential to become a major player in this rapidly growing sector.

The HedgeUp (HDUP) presale has already attracted significant attention, with many investors eager to get in on the ground floor. The project’s innovative approach and potential for high returns make it an attractive option for long-term investors looking for exposure to the DeFi space.

Dogecoin (DOGE): The Meme Coin That Keeps on Giving

Dogecoin (DOGE) started as a joke, but it has evolved into a widely recognized and highly valued cryptocurrency. With its fun, lighthearted image and an enthusiastic community of supporters, Dogecoin (DOGE) has consistently defied expectations and demonstrated remarkable staying power.

Although Dogecoin’s price can be volatile, its growing acceptance as a form of payment and its enthusiastic community make it an interesting long-term investment. As more businesses and individuals embrace Dogecoin (DOGE) for transactions, its utility and value could continue to rise.

Cardano (ADA): A Third-Generation Blockchain Platform

Cardano (ADA) is a third-generation blockchain platform that seeks to address the scalability, sustainability, and security issues faced by first- and second-generation blockchains like Bitcoin and Ethereum. With a strong focus on research and development, Cardano (ADA) has built a robust and scalable infrastructure capable of supporting various applications, including smart contracts and decentralized applications (dApps).

The Cardano ecosystem is growing rapidly, and its native currency, ADA, has consistently ranked among the top cryptocurrencies by market capitalization. Cardano’s commitment to innovation and its potential to revolutionize the blockchain space make it an attractive long-term investment.

Conclusion: Diversification Is Key

When considering which altcoins to hold for the long term, it’s essential to diversify your portfolio to minimize risk and maximize potential returns. HedgeUp (HDUP), Dogecoin, and Cardano each offer unique opportunities for growth, making them attractive options for investors looking to capitalize on the expanding cryptocurrency market.

HedgeUp’s (HDUP) innovative DeFi platform for alternative assets, Dogecoin’s (DOGE) widespread recognition and growing utility, and Cardano’s (ADA) advanced blockchain infrastructure all suggest that these altcoins could deliver significant returns in the years to come. By keeping an eye on these promising projects and adjusting your investment strategy accordingly, you can position yourself for success in the ever-evolving world of cryptocurrency.

For more information about HedgeUp (HDUP)

Website: https://hedgeup.io/

Presale: https://app.hedgeup.io/sign-up

Telegram: https://t.me/HedgeUpChat

Twitter: https://twitter.com/HedgeUpOfficial

This is how to make the most out of your mobile app while betting on sports

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Not many people use PCs for betting on sports because they don’t have access to it most of the day. However, thanks to some of the best mobile betting apps, sports bettors can bring the fun with them wherever they go.

There are different kinds of apps to pick from, and they focus on different things, but most of the attention given to the 1xbet mobile app is about its sportsbook because it’s on another level. 1xBet is among the few sites that give mobile bettors a desktop experience from the palm of their hands. Naturally, this attracts a lot of online punters, even those who do not have a lot of experience.

Despite the perks of mobile betting, not everyone knows how to make the most of them while punting on sports. That’s why this article will go over some things everyone must keep in mind.

Watch the events live on your smartphone

There are several reasons why 1xBet has one of the world’s leading mobile applications, and one of them is because of the features and options. The operator provides a lot more options than the rest, and all of them are available to mobile users. One is live betting because it allows people to punt on all kinds of live matches no matter where they go.

The best thing about 1xBet is that it takes it one step further by providing live streams. This is one of the features you won’t find on many operators, but those that offer it will allow clients to watch a variety of live events.

Whether you get the app from 1xbet or use the company’s mobile site, some of the matches will have live streaming. You can check whether the feature is available by looking for the specific TV icon next to the event. However, remember that this feature requires a lot of mobile data, so you may have problems.

Settle bets on the go

While talking about 1xBet features, Live Streaming is only one of the options that this operator will give you access to. The brand also provides another really popular feature – Cash Out. When used, sports bettors have the power to stop their bet and get a specific amount of money that depends on the likelihood of predicting their bet.

Even though other online betting operators also offer this option, 1xBet is among the few that will allow you to use it on your mobile device. This means you no longer need to have access to a PC to settle your bet. Instead, you can place the bet, keep track of it and settle it from the palm of your hand.

Use the mobile-optimized bonuses

Even though we expected to find a unique promotion for online bettors that is only accessible on the go, this wasn’t the case. Despite the fact that 1xBet has an impressive range of propositions, none of them are only for mobile devices. However, gamblers who bet on the go can use all of them on their handheld devices, regardless of what they punt on.

There is no single reward from this sports betting site that isn’t available on the go. People who want to punt on football, eSports, or something else that has bonuses for it can use them and have an even better experience.

Use the dynamic odds

As mentioned earlier, 1xbet is among the few online bookmakers whose betting app allows users to punt on live events. Aside from all the features, this section also allows bettors to use dynamic odds. The latter change depending on the course of the game, which means people can get better odds if they keep an eye on the specific match.

Despite the fact that the dynamic odds are also present on other bookmakers, most sites don’t offer them for mobile clients. Luckily, 1xBet is different, so everyone with the app or the mobile site can use them.