DD
MM
YYYY

PAGES

DD
MM
YYYY

spot_img

PAGES

Home Blog Page 5491

Nigeria’s Central Bank Approves PSB License for MTN, Airtel to Offer Financial Services

4

The Nigerian financial industry has newcomers that are likely going to stir disruption. The Central Bank of Nigeria (CBN) has granted approval in principle to MTN and Airtel to operate a payment service bank (PSB) across the country, as the regulator pushes to deepen further financial inclusion in Nigeria.

Three years ago, the CBN said it would allow non-financial companies to apply for mobile banking licenses – either as PSBs or Mobile Money Operators (MMOs). The decision was drawn up from the push to increase Nigeria financial inclusion that has for years been limited to financial companies.

Nigeria has a huge financially underserved population of about 38 million adults as of 2020, mostly scattered across rural areas where banks and other financial companies are not operational. Giving telcos license to offer financial services means that rural dwellers will hence have access to adequate financial services.

Under the guidelines, mobile network operators are allowed to provide financial services to millions of unbanked Nigerians. However, they can do so only as PSBs and through a subsidiary separate from their core operations. This means, MTN and Airtel will be providing PSB services via their respective subsidiaries, MoMo and Smartcash.

PSBs accept deposits from individuals and small businesses, offer payment and remittance services, issue debit & prepaid cards, operate electronic purses, and other activities prescribed by the CBN.

MTN announced the issuance of the PSB license through a statement signed by its Company’s Secretary, Uto Ukpanah on Friday.

“MTN Nigeria Communications Plc (MTN Nigeria) as promoter, received an Approval in Principle (AIP) dated 4 November 2021 from the Central Bank of Nigeria (CBN) for a licence application for the proposed MoMo Payment Service Bank Limited. This is the first step in the process towards a final approval, subject to the fulfilment of certain conditions as stipulated by the CBN. The decision to issue a final approval is firmly within the regulatory purview of the CBN and we respect their right and judgment in that regard,” he said.

The South African telecom giant said it would leverage the opportunity to deepen the financial inclusion agenda of the CBN and the federal republic of Nigeria.

The other recipient of the PSB license, Airtel, also announced the approval through a statement signed by the Group Company Secretary, Simon O’Hara.

“Airtel Africa, with presence in 14 countries across Africa, announces that its subsidiary SmartCash Payment Services Bank Limited has been granted approval in principle to operate a payment service bank business in Nigeria. Final approval is subject to the Group satisfying certain standard conditions within six months,” he said.

Also commenting on the approval, the CEO, Airtel Africa, Segun Ogunsanya, said: “I am very pleased that Smartcash has been granted an approval in principle to operate a service bank business in Nigeria. We will now work closely with the Central Bank to meet all its conditions to receive the operating licence and commence operations.

“The final operating licence will enable us to expand our digital financial products and reach the millions of Nigerians that do not have access to traditional financial services. I am looking forward to working closely with the government, the Central Bank and traditional financial institutions to expand financial inclusion and meet the evolving needs of our customers and the economy.”

However, the approval of the PSB license to MTN and Airtel, which is likely going to be extended to other operators, mainly, Globacom and 9mobile, Nigeria’s domestic telcos, will spell further trouble for Nigeria’s traditional financial institutions.

Already, the fintech boom is increasingly immobilizing the growth of players in the traditional financial industry. The International Monetary Fund (IMF) disclosed in its Financial Access Survey 2021 Trends and Developments on Monday, that Nigerian banks closed 234 branches and 649 Automated Teller Machines, ATMs, in 2020 leading to a decline in the country’s Financial Access Score (FAS) to 4.44 in the year against 4.78 in 2019.

This means that there is still a huge financial inclusion gap to be filled even in urban areas. With millions of subscribers in their customer-base, telecom operators are about to rule Nigeria’s financial industry. But it is not clear what it will mean for the newly launched Nigeria’s central bank digital currency – the eNaira.

Waiting for the measured voice for a nation

1

Some Nigerian journalists, we need to stop the innuendos and improve our games. We cannot live in a fact-free society where people can wake up and accuse people of abominable things. It is very unfortunate that Nigeria lost citizens in the 21-storey building which collapsed in Ikoyi Lagos despite promises that the last would be the last!

But hitting Vice President Yemi Osinbajo the way it has been characterized is not fair. And this is one area President Buhari has disappointed many people: absence of measured voice for a nation.

Vice President Yemi Osinbajo has denied having any connection with the 21-storey building that collapsed at Ikoyi, Lagos, on Monday.

At least 36 persons have died in the collapsed building, with some persons are still trapped underneath the rubble.

A report by Sahara Reporters had said the vice president allegedly owns the land on which the collapsed building was constructed.

The building developer, Femi Osibona, who also died in the collapse, was also said to be “fronting” for Mr Osinbajo.

But in a statement on Friday, Laolu Akande, the Senior Special Assistant to the President on Media & Publicity, said the vice president “has no interest whatsoever in said property.”

Mr Osinbajo, who tagged the report as “sponsored falsehood,” said he does not own and has never owned the affected land.

A Supreme Court Justice was attacked in her house by battle-ready soldiers, police, etc and magically the Attorney General, Police, EFFC, etc do not know who did the illegality and yet the President has not put those men where they belong.

I mean – is this not a republic? What is going on? I have expected the President to call these men and say if within one hour I do not have the names of the vandals who went to Justice Odili’s home, I will sack all of you for sleeping on your jobs!

The Nigerian Bar Association (NBA) said Thursday that relevant authorities’ denials of involvement in last Friday’s raid on the home of a Justice of the Supreme Court, Mary Odili, were unsatisfactory.

NBA president, Olumide Akpata, expressed the displeasure of the association about the incident and the reaction of the relevant authorities to it while speaking at the special court session held in honour of a deceased Justice of the Supreme Court, Samuel Oseji, in Abuja.

The Attorney-General of the Federation, Abubakar Malami, and the Inspector-General of Police, Usman Baba, had separately denied authorising the raid or knowledge of it.

Similarly, the Economic and Financial Crimes Commission (EFCC) and the State Security Services (SSS), both of which were also linked to the invasion, had denied involvement.

Dissatisfied with the denials on Friday, NBA president, Mr Akpata, said the body of all Nigerian lawyers would ensure those behind the raid were all exposed and punished.

BIG ISSUE: Has the University of Ibadan Goofed with Only First-Class Graduates Let-In Convocation Ceremony? Evidences Around the World

0
University of Ibadan, a federal university

For a few months in 2019 and over a year now, the world has been battling with the COVID-19 virus, which has impacted and still affecting people’s movement. Local and international businesses were forced to shut down during the first wave of the virus. Educational Institutions were not spared. Despite the severity of the virus during the first wave, a number of private higher Institutions in Nigeria were able to carry out their teaching duties and administrative functions through various online learning and meeting platforms. This was not actually occurred in most public institutions as the leadership failed to come up with resilient strategies and tactics to overcome the emerging challenges and issues.

As people and organisations continue experiencing impacts of the virus, this piece is not about x-raying the impacts and how the stakeholders are addressing them, the piece only interrogates the recent decision of the University of Ibadan that only graduates with First Class grade will be allowed to participate physically for the year 2021’s Convocation ceremony.

According to the University, “Attendance at the International Conference Centre is opened to First Class Honours graduands and recipients of prizes and awards only. Parents and visitors are not allowed into the campus neither will there be any form of partying or social gathering during the period. All graduands are to comply with COVID-19 protocols, including wearing of face masks, physical distancing and use of hand sanitizer.”  This decision has been earlier made and applied by the University of Ilorin which held its 2021 Convocation ceremony recently.

From the news media to the graduates, including their relatives and colleagues, the decision has been framed mostly with negative rhetoric and alternative narratives. While it is obvious that stakeholders across levels and industries and sectors need to be strategic in organizing events that require large gathering of people as the virus continues its spread in Nigeria, it is glaring, according to our checks across HEIs in different continents, that stakeholders are employing virtual playbook for graduation ceremonies.

For instance, information from the University of Regina indicates that irrespective of grades all graduates are being accommodated at the ceremony. According to the institution, “among the initiatives is a special commemorative program for graduates that will be mailed to them together with their parchment. As well, a special video tribute to graduates has been commissioned and will be posted later this month on the University website and broadcast on Access Communications.

A virtual yearbook has been designed that will allow Spring 2020 graduates to share their memories from their time at the U of R and stay connected with their colleagues. The University is also making “electronic swag” (virtual photo frames and backdrops) available on its website so graduates, their family members and friends can create their own special memories. In addition, the University is launching its #UofReginaGrads2020 social media campaign, where all community members are invited to post their congratulatory messages to this Spring’s graduates.”

Some institutions have also followed this approach. The Columbia Climate School, which cancelled in-person in 2020 and this year, adopted a virtual method without discriminating any graduate. The virtual approach was also the main strategy employed by the management of University of Michigan in February, 2021. Instead of denying all graduates opportunity of having shared memorable celebration, schools in New Jersey, the United States of America, were informed by the state government to limit the number of attendees per session and observe COVID-19 containment measures strictly.

Like schools in the New Jersey, the University of Chester, Queen Mary University of London, Cambridge University and Oxford University all had the ceremony in piecemeal, limiting the number of attendees per session/day.  Considering the approaches taken and expected to be adopted by the institutions in the global north, the big question among the different schools of thought that have been commenting on the decision, is why is it difficult for Nigeria’s premier University, which claims to be “a world-class institution for academic excellence geared towards meeting societal needs”, to consider some of the identified global practices for organizing the ceremony in the midst of the pandemic?

From virtual sphere to the physical settings, monitored by our analyst, answers to this question remains mixed according to the emerging different schools of thought. One of the schools has people who believe that telling non-First-Class graduates not to attend physically indicates limiting number of attendees in consonance with a social gathering measure of the government. It is also a way of appreciating the best among the graduates.

However, these are not augur well with the second school which believes the decision is a fundamental way of discriminating and pointing out that those with lower grades are not worthy of celebrating. Examining these reactions, our analyst concludes that the management of the University has once again reaffirmed power distance, masculinity and femininity cultural dimensions associated with Nigerians over the years. Separating the graduates is a clear manifestation of making some superior and the other inferior, which is rooted in the masculinity [superior] and femininity [inferior] dimensions. It also stresses why the non-First Class graduates should see those with the grade classification as leader. This is also embedded in the power distance cultural dimension.

Brazil Opens $9 Billion 5G Network Bidding, Excludes Huawei

0

Countries around the world are returning to deployment off 5G network, following increasing covid vaccine administration. On Thursday, Brazil opened an international tender to build one of the world’s biggest 5G data networks, seeking $9 billion in investment, AFP reports.

President Jair Bolsonaro opened the tender in Brasilia, calling it a “historic” moment, with 15 companies in line for the bidding expected to end on Friday.

Brazil’s 5G roll out has been embroiled in a US- China spat that has put Huawei’s leadership of global 5G deployment in jeopardy. Washington has been pressing its allies to sever ties with the Chinese telecom vendor over national security concerns.

But as noted by AFP, the world’s two largest economies are also Brazil’s two largest trading partners, and the country has been under pressure from both sides over the ground rules for its 5G network, leading it to postpone the tender from an initially scheduled time-slot of early 2021.

Now, Latin America’s largest economy appears to have made up its mind on what path to follow. The Bidding will exclude all equipment from Chinese telecoms giant Huawei.

Brazil is looking to leverage the $9 billion investment to accelerate the development of other sectors of its economy, including the agricultural industry. The pandemic-induced shift to digital life has also triggered a bigger need for fast internet. And with its booming market of 213 million people, the South American country is also looking to leverage the 5G network to provide faster internet for its digital market.

From internet-connected tractors and crop-monitoring drones for the booming agricultural sector to self-driving cars and telemedicine, Brazil hopes that the 5G network will help fill its infrastructure gaps.

“Consumers won’t see that much difference, aside from faster download times for movies and videos. But from the standpoint of industry, this is going to open up a whole new reality for factories, agribusiness, the productive sector,” said Marcos Ferrari of Conexis Brasil Digital, a group representing five of the bidding firms.

The government is seeking total investments of 50 billion reais ($9 billion): 40 billion reais to build the 5G network — one of Latin America’s first — and 10 billion reais that it will pocket for frequency rights and use to boost connectivity for public schools, per AFP.

The tender is for the right to build and operate four “blocks” of the frequency spectrum for 20 years, as well as a separate network reserved for government communications, the report added.

The bidding has attracted a host of big companies with existing operations in Brazil, including Telecom Italia’s local subsidiary, Tim; Spanish group Telefonica’s Brazilian unit; and Claro, owned by Mexican telecom magnate Carlos Slim’s America Movil.

“It is one of the largest 5G tenders in the world. The potential is enormous,” industry specialist Christian Perrone of the Technology and Society Institute in Rio de Janeiro told AFP.

Around the world, some countries are already using the 5G network despite the pandemic setback, and it thus puts pressure on others, especially developing countries with big markets, to put the 5G infrastructure in place.

5G technology requires four to 10 times as many antennas as 4G. The bidding terms require winning companies to roll out service in Brasilia and the 26 state capitals by August 2022, while other cities of more than 30,000 people can expect service between 2025 and 2028.

National statistics institute IBGE said in 2019 that around 40 million people in Brazil still lack internet access. This means that the 5G network will enhance the opportunity for the country’s unserved to receive internet.

An Entity Yearning For Panacea

0
A Nigerian youth seen waving the Nigerian national flag in support of the ongoing protest against the unjust brutality of The Nigerian Police Force Unit named Special Anti-Robbery Squad (SARS) in Lagos on October 13, 2020. - Nigerians took to the streets once again on October 13, 2020, in several cities for fresh protests against police brutality, bringing key roads to a standstill in economic hub Lagos. Demonstrations organised on social media erupted earlier this month calling for the abolition of a notorious police unit accused of unlawful arrests, torture and extra-judicial killings. The government gave in to the demand on October 11, 2020, announcing that the federal Special Anti-Robbery Squad (SARS) was being disbanded in a rare concession to people power in Africa's most populous nation. (Photo by Benson Ibeabuchi / AFP) (Photo by BENSON IBEABUCHI/AFP via Getty Images)

In recent times, several unpredictable scenes, such but not limited to as the rapid and abrupt fall of the crude oil price, hike of petrol pump price, reemergence of Biafra agitation, outrageous increment of electricity tariff, the stamp duty charges of the Central Bank of Nigeria (CBN), as well as emergence of drowsy physiognomy of foreign reserves, had in different occasions transpired on the socio-political platform of an entity reckoned to be the ‘giant of Africa’ thereby posing an astronomical threat to its entire citizenry.

The aforementioned seemingly foreseen anomalies had made many of her citizens, both home and in the diaspora, coupled with concerned observers, to unequivocally insinuate that she’s doomed. It’s worthy of note that such a speculation preoccupying the mindset of the majority might not be unconnected with the fact that quick assertion of conclusion to happenings is peculiar to the human nature.

However, every sane being and anyone who thinks good of the affected country ought to be concerned with the needed panacea for this vertex of quagmire that seems not unlike a paradox. To this end, it’s needless to state that this topic was informed by the need to acknowledge the inevitable role of a panacea in a situation like this.

In any circumstance, while searching for the most viable way of settling a crisis or putting a holistic end to any menace, it’s imperative to first ascertain the origin of the plight. Hence, the ongoing societal conundrum in the entity called Nigeria won’t be exceptional. In view of this, there’s a compelling need to look inwards towards unravelling the genesis of this apparently poignant odyssey initiated by a set of unscrupulous elements.

While we seek the way out, the first paramount question is, how did we get here? In some quarters, people are of the view that the predicaments are attributable to the 16-year ‘misrule’ of the People’s Democratic Party (PDP). Whilst many persons are preoccupied with a belief that the plights are attributed to so many promises made by the current ruling party, the All Progressives Congress (APC).

In other quarters, most individuals are of the notion that most of the ongoing crises were occasioned by Nigeria’s unending sole dependence on the oil sector. Among all, some schools of thought are strongly of the opinion that the origin of the state of poignancy is particularly traceable to the presumed high level of docility that marred Dr. Goodluck Jonathan’s leadership.

If I’m bound to be whole and unequivocal, in a concise term, I would say that there are two major factors responsible for the tantrums and brouhahas currently ravaging all facets of Nigeria’s socio-economic and political space. First, those who are negatively affected by the ongoing anti-graft war or who have perceived a ‘witch-hunt’, as the case may be, had vowed to make the country ungovernable.

The second factor is skepticism on the part of the governed. Most Nigerians had been and are still sceptical over the established notion that President Muhammadu Buhari was the awaited Messiah; they are still in doubt over the sincerity surrounding the ongoing anti-corruption war; the electorate are doubting the ability of the present administration to lead the country to the anticipated promised-land.

It’s invariably the prerogative of everyone to nurture any opinion. But for the interest of Nigeria who is already crying foul, we are not meant to be concerned or bothered over people’s personal opinions, rather how to salvage them from this untold hardship irrespective of whose ox is gored. Thus at this juncture, the most consequential and rational question becomes, what’s the panacea?

For the present administration to be thoroughly described and recognized as a responsible and responsive government, it must be ready to absorb constructive criticism, which remains an inevitable veritable tool in nation-building. It’s expected to spread its hands open for any form of criticism that is aimed at addressing any anomaly or ill.

In the same vein, the leadership must at all cost be willing to adhere to the principles guiding the rule of law. If anyone detained by the Economic and Financial Crimes Commission (EFCC) or the Department of the State’s Service (DSS), or other related agencies, has reached or tendered all the required conditions to be bailed, he should be released without much ado prior to when next he would be needed for further scrutiny or interrogation.

It’s only the military that does not understand the language of bail. To restrict the person’s movement afterwards, they ought to endeavour to seize his/her International Passport coupled with other travelling documents.

Similarly, anyone who is still in detention that pleads to be allowed to see his doctor abroad or claims to be passing through a severe medical condition, should be allowed to travel out, but in custody of a reliable security team. Better still his doctor should be invited to attend to him in the cell.

It’s noteworthy that the person’s health condition is very crucial in such a situation; a detainee must be medically sound to enable them pass through any stress during arraignment. In other words, one must be alive to attend to any query.

More so, the government ought to be prepared to charge accused persons to court without much ado. Constitutionally, it’s only the judiciary that has the immunity to tender justice. Alleged looters or corrupt individuals cum organizations shouldn’t just return stolen monies and be allowed to get away scot-free. If such practice is being upheld, subsequently public office holders would attempt to steal funds in their custodies since they would only be asked to return them if caught in the process.

In the same vein, the judicial custodians or members of the bench must endeavour to give speedy hearing to any prosecution with a view to salvaging the electorate from the bondage of unending suspense invariably witnessed during court proceedings.

Regarding the renewed Biafra agitation, the government is enjoined to handle the matter with optimum diplomacy. First, it ought to endeavour to unravel what actually prompted the reemergence of a protest believed to have faded off long ago. It ought to equally be noted that the aggrieved group has a constitutional right to ask for freedom if it felt marginalized, hence the need to grant its members a fair hearing. Thus, the treasonable felony established against the leader of the Indigenous People of Biafra (IPOB), Mr. Nnamdi Kanu should be reviewed in earnest for the interest of Nigeria at large.

It’s worth noting that the budget remains the bedrock of any nation’s quest for development. Taking into cognizance that currently, none of Nigeria’s fiscal budget could be aptly financed without indulging in borrowing, it’s obviously highly time the government thought outside the box. To ensure a feasible budget, the government must not compromise every effort targeted towards diversification of the country’s economy as it has unabated been sung in various quarters and fora by well-meaning analysts and social commentators.

Against this backdrop, I enjoin the government to take sectors such as education, health, power, science and technology, tourism, agriculture as well as solid minerals, as priorities. These areas that have hitherto been maltreated and relegated need to be strengthened and resuscitated headlong.

Taxing the poor masses by outrageously hiking their electricity tariffs as well as imposing stamp-duty charges on their transactions isn’t the panacea. Honestly, if the needful is done or taken care of as expected, there won’t be any need to sub-charge ordinary citizens; also, the ongoing continuous decline of the crude-oil value would be seen as a blessing in disguise.

The education arena requires a drastic upgrade or total overhaul in order to encourage entrepreneurship among our young ones. Isn’t it ridiculous that among the best one thousand universities in the world, no Nigerian university is included?  Yet, on a daily basis, millions of naira are being transported to foreign countries by most Nigerian parents or guardians, who are mostly serving/past government officials, to cater for their wards’ tuition fees.

The health sector too, cannot be neglected because billions of naira are equally invariably sent to foreign nations by the rich, for payment of medical treatments at the expense of our foreign reserve.

Nigeria is tremendously blessed with enormous cultural heritage, thus it’s time she harnessed the viable and lucrative ones for the sake of tourism. Similarly, it’s so pathetic that the farmers are still using farming implements used by their forefathers.

The governors, rather than depending solely on the federal allocation, ought to be mandated to follow suit as regards diversification of the Internally Generated Revenues (IGRs) in their respective states, to enable them not to see payment of the current national minimum wage as a far-fetched consignment as it’s presently witnessed.

Inter alia, the leaders are expected to note that Nigeria requires meritocracy in a bid to actualize her anticipated change or economic turnaround. People should be considered important and relevant based on their abilities and competence rather than their wealth, social statuses or political affiliations.

The electorate on their part must desist from a cantankerous lifestyle. They can’t continue sitting on the fence and expect miracles to happen. However, they ought to deploy the use of civil language while tendering or pouring out their lamentations, criticisms, protests, commentaries and what have you, if truly they pray and earnestly seek a salvaged Nigeria.