Let me invite you to Egoras Largest shopping festival yet. It will hold on .2nd and 3rd of September 2022 at NTA premises, NTA/Choba Road, Port Harcourt Nigeria. Our engineers have refurbished hundreds of items and we want citizens to come and shop at discounted rates.

Our inventory is so big that our showrooms cannot accommodate them. So, we’re using NTA premises, moving items directly from our factories. Come so that we do not have to take anything back. Learn more here at https://awoof.egoras.com/

*100% of items are refurbished and they are sold at our industry pioneering months-long warranties

There has been a lot said about the Importance of finding and doing work that you love. It perhaps, became even more mainstream after what is now considered the most popular commencement speech of all time, delivered by Steve Jobs at the 2005 Stanford Commencement event, particularly the following lines:

Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle.

Work is important and integral to our lives; there is a great truth to the fact that work fill a large part of our lives because we are going to expend a great chunk of our prime lives working on a job, and hence, it is important that it adds to us, rather than depreciate us, it is vital to enjoy the work you do.

According to a New York Times article quoting The European Journal of Epidemiology, the risk of a heart attack was about 20 percent greater on Mondays for adult men, and 15 percent greater for adult women. ¹ It is not so hard to see the connection; people who are going to jobs they dread, jobs that drains the life and essence out of them will likely dread Monday mornings, and it eventually takes a toll on their health. Harvard Health also released a paper on the same subject with similar findings.²

Who would not like to work on a job that doesn’t feel like work, where work feels like play? But then, it is important to separate the fantasy from the reality because we do not live in an ideal world.

Before you get down to doing the job you love, you’d a likely have had to do a lot of job you might not necessarily love to do. This is an important process for building character.

Everything comes at a price. The non-dream jobs that you have to do is the price for the dream job that you love. While you wait to be worthy of your dream job, the current job you work at should serve as a platform to help you learn and acquire the needed skills, competence, expertise and experience that is needed to get you to become worthy of the job you love. Don’t put forth a wrong attitude to it, don’t make like it is beneath you.

As a rule, don’t give less than your best to anything that your commit your time and attention to. Strength of character is built when you pay as much diligence to your less-than-ideal work, as you would if it were your ideal job. In the words of the great revolutionary, Martin Luther King Junior, ‘if a man has been called to be a street sweeper, he should sweep streets even as Michelangelo painted, or Beethoven composed music, or Shakespeare wrote poetry. He should sweep streets so well that all the hosts of heaven and earth will pause and say, here lived a great street sweeper who did his job well’.³

While you wait for the dream job, work on your present job like it is the best job that there is. If your job doesn’t give you dignity like you hoped, you can dignify it yourself. It is about whom you become in the process of working. If you do the job, you don’t like with the needed diligence, it will add up to helping you get the job that you want.

To interpret Mr. Jobs’ advice as not taking up any job that is available if it is less than your idea job, will be a complete misrepresentation of what he likely had in mind. Keep looking, don’t settle is not to say you do nothing or pass up less jobs while you are yet to be qualified for that ideal, dream job.

The way to get the job that you love without settling is to take on the job available and work at it as diligently as you would have worked on your ideal job.

So, keep growing, don’t settle; and work on yourself while your work at your job.

1. [https://www.nytimes.com/2006/03/14/health/the-claim-heart-attacks-are-more-common-on-mondays.html]

2. https://www.health.harvard.edu/heart-health/time-sensitive-clues-about-cardiovascular-risk]
3. https://www.goodreads.com/quotes/21045-if-a-man-is-called-to-be-a-street-sweeper]

Elbert Hubbard’s A Message to Garcia was first written in 1899. At the core of the piece are certain very fundamental truths, which not only made it an instant success at the time, but also partly explains why it has remained a relevant resource till date.

A Message to Garcia was set against the backdrop of the Cuban war, and its key character is a U. S Army officer by the name of Lieutenant Rowan. With the Spanish forces closing in, President McKinley needed to enlist the cooperation of a certain leader of Cuban insurgents named Garcia. The challenge with this was that despite its sophisticated communication gears, the US Army couldn’t get in contact with Garcia because he was hiding on an island where no form of telecommunication existed. If he had to be reached, it had to be in person, and it had to be a covert operation of the highest order.

When President McKinley asked one of his Senior Military advisers to recommend an officer to carry out such a delicate task, only one name popped up; an officer by the name of Rowan.

‘’ When President McKinley gave the letter to Rowan in Washington DC the officer didn’t ask where is he at? How do I get there? What do you want me to do to when I am there? How will I get back? He just took the message and figured out how to get to Garcia. He took a train to New York, a ship to Jamaica, broke the Spanish blockade to get to Cuba in a cell boat, then wild carriage rides, marching and riding through the Cuba jungle. 9 days of travelling later, Rowan got the message to Garcia at 9 in the morning, that same afternoon at 5, he started his return journey to the United States.’’1

Lieutenant Andrew Rowan showed up, executed on the task assigned, and as such helped his country gain an edge on winning the war, by delivering a message to Garcia against all odds.

Although Hubbard’s essay has come some criticism as regards its relevance in the current dispensation, the fact is that: A message to Garcia will forever remain evergreen as it treats core issues that bears fundamental relevance to work and life. Particularly in today’s distracted world, the core thrust of the message to Garcia needs to be taken to heart again.

STRONG WORK ETHICS

A strong work ethic is an attitude an employee applies to their work that indicates a high level of passion for any work they do.2 Strong work ethics cannot be overemphasized. It is highly valuable and still very much in demand. Employers of the 21st century will give an arm and a leg to keep employees who possess viable work ethic.

Great organizations are made by the quality of result they deliver; great results are only possible by employees who have a strong work ethic, and apply themselves to their work optimally.

Individuals with strong work ethics are self-driven towards their goals, and in delivering on tasks, which may make them come across as competitive to their less driven colleagues. However, it is an important quality to have regardless. Cultivating a strong work ethic is a surefire way to set yourself apart and be distinctive in your organization.

It is instructive that of the thousands of professional and highly dedicated officers of the US Army, only one name came up as a good fit for the task of undertaking a very risky and almost impossible expedition. There is no doubt that his work ethic had set him apart in the ranks, and eventually gave him the opportunity to take orders directly from the President of the United States of America.

Every organization needs the kind of people who will take a train when the need calls for it, jump on a ship where necessary, hop on a carriage, hobble through a jungle and do whatever else it may take till they get their work done. It is on the back of such dedication that the organization achieves greatness.

INITIATIVE

Initiative is a very important character trait for success. The first side of initiative is knowing the next course of action to take without any prompt. A lot of times, we wait to be told what to do before making the effort. For some people, it has to be repeated severally before they make the move to execute, this is not the attitude that excels.

The other side to initiative is problem solving. Reverting back to a superior every time a challenge is encountered in the course of a task is very limiting. It distracts the focus of the superior, and undermine productivity.

A Rowan kind of employee learns to work with resources at their disposal; they don’t rely on the management to cross all T’s and dot all I’s rather they take it upon themselves to deliver the task with utmost care, and with little supervision.

PLACING THE RIGHT PEG IN THE RIGHT HOLE

This is another important point from the essay which should be paid some attention because it is easy to overlook. When the president and by extension, the entire nation ran into a precarious situation, and there was need for someone to broker the process that will turn the tide around for good for the nation, the president turns to ask for recommendation. Lieutenant rowan’s name came up.

Given the gravity of the task at hand, there is no doubt that the Colonel could not have put forth anyone whose character or capacity to execute the task raised even the slightest doubt in their minds. This would have turned out to be a great gamble which the nation couldn’t afford.

The message here is for managers and employers to fit the right peg in the right hole. A lot of error and loss to the organization can be avoided when the tasks are delegated to the right candidate with the right level of skill, competence and the needed work ethic to get it done.

The twenty-first century world and the work place need men like Rowan, more than any other time who in the words of Elbert Hubbard ‘’does his work when his boss is away as well as when he is at home. The man when given a letter to Garcia, quietly takes the missive, without asking any idiotic questions and with no lurking intention of chucking it into the nearest suer or of doing odd else but deliver it.

Civilization is just one long anxious search for such individuals. Anything such a man asks will be granted, his kind is so rare, that no employer can afford to let him go. He is wanted in every city, town and village. In every office, shop, store and factory. The world cries out for such. He is needed and needed badly, the man who can carry a message to Garcia’’.

REFERENCES
1. https://gpswealth.com.au/online-newsletter/assets/message-garcia.pdf]
2. https://www.valamis.com/hub/work-ethic]
https://mwi.usma.edu/outdated-message-garcia-hubbards-essay-needs-shelved-good/

In a previous article of mine (Available Fintech licenses in Nigeria) i briefly spoke about a unique Fintech category known as Payment Service Banks(or PSBs) being one of the most recent entrants into the Nigerian Banking & Finance sector. The concept of PSBs is still relatively very new and there’s still a scarcity of knowledge on this potentially very lucrative Fintech business. 

What this article basically aims to do is to deal with the topics of :- 

– What Payment Service Banks are. 

– The Regulatory Framework governing Payment Service Banks in Nigeria. 

– The licensing requirements for Payment Service Banks. 

– A clear understanding of what PSBs are allowed to do and what they are barred from doing. 

What exactly is a Payment Service Bank? 

A Payment Service Bank is basically a company licensed to apply technology and Agency banking (please consult your lawyer further on the Agency Banking concept, another Fintech category on its own) to render Financial services revolving around the mobilization of deposits and the enabling of Monetary transfers from “unbanked” customers in rural regions or other locations in the country where they exist. 

What is the Regulatory Framework governing Payment Service Banks in Nigeria? 

Payment Service Banks in Nigeria are licensed and governed by the Central Bank of Nigeria(CBN) through the Banks and Other Financial Institutions Act (BOFIA) and more specifically the  CBN Guidelines For Payment Service Banks in Nigeria 2020(or ‘The Guidelines’) 

What exactly are the permissible and non-permissible activities for Payment Service Banks as stated in the Guidelines? 

The following activities are permitted for PSBs under the CBN Guidelines:- 

– Rendering Banking services revolving around savings, accepting deposits covered by the deposit insurance scheme and Monetary withdrawals. 

– Deploying ATMs and Point of Sale (POS) devices. 

– Carrying out payments and remittances through various channels within Nigeria including inbound cross-border personal remittances. 

– Selling Foreign Exchange/Forex realized from inbound cross-border personal remittances to authorized foreign exchange dealers. 

– The issuance of Debit & Prepaid cards in its name. 

– The operation of electronic wallets. 

– The rendering of Financial advisory services. 

– Investing in FGN & CBN securities. 

However, the following activities are deemed non-permissible for PSBs by the Central Bank of Nigeria:- 

– The rendering of loan, advance and guarantee services. 

– Accepting Forex deposits. 

– Dealing in the Forex market except as prescribed under the Guidelines. 

– Insurance undertaking. 

– Undertaking in any other transaction not prescribed as permissible under the Guidelines. 

– Accepting any closed scheme electronic value (such as airtime) as payments or deposits. 

– Establishing any subsidiary except as prescribed in the CBN Regulations on the scope of Banking & Ancillary matters. 

Who can promote or apply to set up a Payment Service Bank? 

The following can promote (check my previous article “How to secure Investment funding in Nigeria” for the definition of a promoter) a Payment Service Bank as stated under the CBN Guidelines :- 

– Banking Agents (licensed agents). 

– Telecommunication companies through a subsidiary. 

– Supermarkets. 

– Downstream Petroleum marketing companies. 

– Financial technology companies. 

– Postal service providers and Courier companies (check my previous article “How to set up a licensed Courier/Logistics Company in Nigeria” ). 

– Mobile Money Operators. 

– Switching companies. 

– Financial technology (Fintech) companies. 

– Financial holding companies. 

– Any other entity on the merit of its application subject to the approval of the Central Bank of Nigeria. 

What is the procedure for obtaining a Payment Service Bank license in Nigeria? 

Getting a PSB License in Nigeria is in 2 stages which are:- 

a). The Approval-In-Principle (AIP) stage. 

b). The Final License grant stage. 

The Approval-In-Principle Stage. 

To get an AIP requires submitting through your lawyer a formal application for the grant of a PSB License to the Governor of the Central Bank of Nigeria through the Director, Financial Policy & Regulation Department (FPRD) with a proposal containing the business case, vision, strategy, corporate governance arrangement/policy, risk management and Financial viability statement attached. 

This proposal is to be backed up with –  

a). a non-refundable application fee of 500 Thousand Naira in a Bank draft payable to the Central Bank of Nigeria; 

b). evidence of capital contributions made by each shareholder; 

c). evidence of name reservation with the Corporate Affairs Commission (CAC); 

d). a detailed Feasibility report/business plan; 

e). a draft copy of the company’s MEMART Memorandum & Articles of Association; 

f). a written & duly executed undertaking by the promoters that the bank will be adequately capitalized for the volume & nature of its business at all times & that the CBN shall have powers to supervise and regulate its operations; 

g). a shareholder’s agreement providing for disposal and transfer of shares as well as authorizations, amendments, waivers & reimbursement of expenses; 

h). a Technical Services Agreement; 

i). a Statement of Intent to invest in the Bank by each investor. 

Where the Bank is sought to be promoted by corporate investors, the following will be required: 

– a Certificate of Incorporation & Certified True Copies (CTCs) of other incorporation documents of the corporate investors; 

– a copy of the Corporate Investor’s Board Resolution confirming its decision to invest in the equity shares of the proposed bank; 

– the names and addresses (business and residential) of owners and directors of the corporate investors as well as their related companies if any; 

– audited financial statements & reports of the company and Tax clearance certificates of the immediate past 3 years (this may not apply for newly formed companies); 

Upon the receipt and consideration of the above requirements, the CBN will send a notification to the applicant communicating its decision then followed by the grant of the AIP.  

It should be noted that applicants for a PSB license are not allowed to register a PSB with the Corporate Affairs Commission expect upon the presentation of an AIP obtained from the CAC. 

Final License Grant Stage 

An application by your lawyer for a Final license grant should be made within 6 months after the grant of an AIP  to the CBN along with:- 

– a non-refundable license fee of 2 Million Naira in Bank draft payable to the Central Bank of Nigeria; 

– a Certified True Copy (CTC) of the Certificate of Incorporation of the PSB; 

– a Certified True Copy of the PSBs MEMART (Memorandum &  Articles of Association) and its CAC  Form1.1; 

– evidence of the location of the PSB Head Office (including information on whether the building is owned or rented) for its takeoff; 

– a schedule of changes in the board of directors and shareholding structure of the PSB after the AIP grant; 

– evidence of ability to meet technical requirements and modern infrastructural facilities such as office equipment, computers, and Telecommunication capabilities needed to carry out PSB operations and meet all its Regulatory Compliance requirements; 

– copies of letters of employment offer & acceptance regarding its management team ; 

– detailed resumes of its top management staff; 

– completed fitness & propriety questionnaires and sworn declarations of net worth executed by the PSB’s top management staff; 

– information on the BVN and Tax clearance certificates of each top management staff of the PSB; 

– a comprehensive plan on the commencement of the bank’s operations with milestones and timelines for the rollout of crucial payment channels; 

– board and staff training programs; 

– other inspections like capital contribution verifications; 

– physical inspections of the PSB office structure and meeting with its board of directors and management team whose resumes had earlier been submitted to the Central Bank of Nigeria alone with the presentation of original copies of documents submitted for the purpose of the final license grant. 

How long does it take for an AIP/Approval-In-Principle application to be processed? 

Treating an AIP application takes 90 days. 

What is the required minimum share capital for Payment Service Banks? 

The stated minimum share capital for Payment Service Banks is 5 Billion Naira. 

What are some of the most notable operation requirements for Payment Service Banks under the CBN Guidelines? 

Some of the most notable operational requirements of the CBN Guidelines For PSBs include:- 

– The overall requirement that PSBs are to be strictly Tech-driven and are required to comply with best practices and Regulatory requirements on Data storage,security and integrity. 

– The name of a Payment Service Bank shall not include any word that links it to its parent company e.g. MTN Nigeria and its PSB subsidiary,MoMo or Airtel Nigeria and its PSB subsidiary, Smartcash PSB. 

– PSBs are at liberty to operate through Banking agents in line with the CBN Guidelines For the Regulation of Agency Banking & Agent Banking Relationships in Nigeria. 

– PSBs can roll out agent networks with the prior approval of the CBN (this is where smaller Fintech companies can come in). 

– PSBs are to rely on electronic platforms to reach out to its customers. 

– PSBs are required to establish coordinating centers in clusters of outlets to superintend and control the activities of the various financial service touch points & banking agents as well as set up consumer help desks (physical & online) at its main office & coordinating centers. 

Conclusion :- Payment Service Banks have come to stay and remain one of the most innovative disruptions in the Nigerian Fintech space, leading to unprecedented levels of Financial Inclusion, low operating costs, and astonishing profits for some of the early investors in this business. The consequently vast Regulatory requirements governing PSBs, unable to be captured by this article, are a major reason why intending participants in this Fintech subsector need to further consult trained professionals to be properly guided going forward.