Extra 200 participants are joining Tekedia Institute Mini-MBA from India, according to an update this morning, from our India-based Lead Asif Chowgule. I told him that Tekedia will create a dedicated program with focus on India as the numbers are significantly ramping up. This is in recognition that India is one of the fastest growing markets for Tekedia Mini-MBA and Tekedia Startup Masterclass.

Yet, we will make sure that we’re glocal, using cases which help all learners, encapsulating local and global perspectives. In all our programs including Tekedia Mini-MBA, Tekedia Startup Masterclass, Tekedia Practice, Tekedia Industries and Phase 1  Corporate Virtual programs, you will see a new course, from Feb 7: “25 Startup Innovation Cases (10 Africa, 5 USA, 5 India, 5 China)”.

To make things easier, here is a table of all programs with costs – and how to join

In the Igbo Nation, it takes the killing of one leopard to be called a killer of leopards. Yes, your Like, your Share, your comment, etc has made this feed amazing. I want to thank everyone – and wish ALL a GREAT Day. The Governors Forum extended an invitation. How did we get there? A member of our community shared our post with His Excellencies; please continue to share on WhatsApp, emails, etc. Very appreciated. Happy Sunday.

Nigerians have got a reprieve following years of lamentations over arbitrary charges by commercial banks. The situation, which has resulted in apathy toward commercial banks in the country that are seen to be enriching themselves with money extorted from depositors, has discouraged Nigeria’s push for financial inclusion.

In response to the growing outcry, the Central Bank of Nigeria (CBN) has revisited its policy that allowed Money Deposit Banks (MDBs) to impose those charges on their customers.

The CBN has announced a downward review of charges for electronic banking transactions in its revised guidelines to charges by banks, other financial institutions and non-bank financial institutions, NAN reports.

A circular by Chibuzor Efobi, for the Director, Financial Policy and Regulation Department, stated that the review was in response to “further evolution in the financial industry in the last few years.”

The apex bank stated that the new guide included review of other bank charges to align with market developments.

It stated that it also comprised inclusion of new sections on accountability/responsibility and a sanction regime to directly address instances of excess unapproved, (arbitrary) charges.

It added that the revised guidelines took effect from January 1.

The CBN has the mandate to issue the guide to bank charges. The guide provides a basis for the application of charges on various products and services offered by banks and other regulated institutions under the purview of the apex bank.

The guide was first released in 2004 and revised in 2013 and 2017 due to market developments such as new innovations in products and channels, as well as new industry participants.

These are bank charges affected by the policy review.

The annual cost for foreign currency (FCY) denominated cards has been cut from $20 to $10.

ATM fees are decreased from N65 to N35 following the third withdrawal within a month.

The fee for hardware tokens will be based on cost recovery, with a maximum charge of N2,500, as opposed to the previous maximum charge of N3,500.

The fee for SMS obligatory alerts will be based on a cost recovery from the previous maximum price of N4.

Bill payments made through e-channels will incur a maximum fee of N500 based on 0.75 percent of the transaction amount up to a maximum of N1,200.

A pricing scale for electronic transfers to replace the present N50 flat cost. As a result, transactions below N5,000 would incur a maximum fee of N10; transfers between N5001 and N50,000 will incur a charge of N25; and transfers above N50,000 will incur a charge of N50.

It is believed that the new guide has become necessary in the face of the fintech boom and alternative banking services being widely adopted, which are threatening Nigeria’s traditional financial industry.

Nigerian banks recorded a drop in deposit rate in 2021, as bank customers increasingly seldom leave money in their accounts, mainly due to low interest yields and the incessant complaints of bank charges depreciating savings accounts. The situation forced some banks to review their deposit interest rates upward to attract deposits.

The next battle for digital technology supremacy will move to a new domain, and that domain will be controlled by massive permutation on demand (yes, users), at the infrastructure layer, well below the application utility layer. Companies like Google and Facebook understand this redesign, and are doing everything to position themselves.

The playbook is simple: do everything so that head or tail, you win. That is why Google is investing $1 billion in Airtel for 1.28% stake in India even when it had invested in Airtel’s rival, Jio, shipping $4.5 billion for 7.73%.

It is like the same foreign company coming to Nigeria to invest in BUA Cement and Dangote Cement; everyone is happy because the truckloads of money hit the bank accounts. This construct is not typical: companies used to define friends and enemies, but today, in the digital domain, you lose if you think of competition from that angle.

Yes, you are likely going to be better off if you bring your 100 users and I bring my 90 users, and both of us can claim we have 190 users! In the industrial era economies, that was not possible, but in the digital age, that is the game: partnership.

So, for Google, if Jio has the numbers, great. But if they move to Airtel, great. Irrespective of the outcome, we are sure of one thing: Google will be represented in those playbooks. It is like politics, no permanent enemy or friend, it is all permanent interest. So, Google can invest in India’s largest telcos at the same time. Magical.

Now, you see why I have referred to companies like Google and Facebook as ICT utilities because largely there are limited options in the digital world,  if you want to avoid them, just as moving into a neighborhood, and you want to avoid your local water board.

AIMING TO build 5G specific use-cases and bring affordable smartphone offerings to the market, mobile services firm Bharti Airtel and Google announced a long-term agreement Friday that would entail the American internet giant investing $700 million for 1.28 per cent stake in the Delhi-based company, in addition to up to $300 million towards potential multi-year commercial agreements.