The controversy surrounding Madagascan COVID-19 cure is throwing Nigerians and other Africans into a frenzy. Some stood against it while some are die-hard fans of the medicinal drink. Those that have their reservations are viciously attacked by its fans. Medical practitioners and scientists have called attention to the fact that Madagascar has not published any clinical trial data on the drug. They also revealed that the drug has not passed through any peer review and third party verification and approval. However, their observations are discredited by many Africans, who claimed that these medical practitioners and scientists only wanted to save their jobs. The advocates of this drug also claimed that the medical practitioners and scientists condemn it because it is made in Africa. They refused to listen to reason.

The drama surrounding this cure started when the Madagascan President, Andry Rajoelina, claimed that WHO’s hesitation to declare the drug, branded COVID-Organics, as a potent cure for COVID-19 is because Madagascar is an African country and the 60th in world poverty ranking. He claimed that 55 Madagascan COVID-19 patients were treated with the herbal drink and they have all been cured. He also explained that COVID-Organics was developed by a research institute known as Malagasy Institute of Applied Research, but he failed to answer the questions surrounding clinical trials and tests.

The accusations by the Madagascan president is unfounded because WHO has not approved any reported newly developed drugs for COVID-19 and should, therefore, not jump in to approve those whose contents, indications, contra-indications, effects and adverse effects are not known. But this accusation played both political and economic role for the country. By playing the victim, the country has turned the world’s attention towards her and has used the campaign to offer to the world that which it craved for – cure and prevention of COVID-19. Many African countries have purchased the medicine for the treatment of their COVID-19 patients. Even Nigeria has joined the bandwagon of buyers though Lauretta Onoochie, the Personal Assistant to President Muhammadu Buhari on Social Media, revealed in her Twitter page that the consignment Nigeria is flying to Madagascar to pick is “a gift” from the generous country.

As we wait for verification, approval and confirmation from the countries that purchased this Madagascan COVID-19 cure (which should be out within the next ten days according to Rajoelina), let us turn to our numerous agbo sellers, agbo makers and herbal drug mixers and ask them, “HOW FAR?”

There is no market in this country that doesn’t have megaphones mounted in strategic places for herbal drug sellers. These people continue to remind us that we have everything it takes to heal diseases embedded in plants and that we should stop patronising “chemical drugs”. They also discourage people from going to hospitals because doctors make sickness worse, or that they treat symptoms without treating the sickness. Don’t get me wrong, I know that herbal drugs work, at least I used Dogonyaro to treat malaria during my service year in Zamfara because I noticed that most of the drugs sold in Kaura Namoda were uncertified by NAFDAC. My point here is that these people need to come out to prove their worth.

When COVID-19 started its ravage in the country, some herbal healers came out to claim that they have the cure for the disease and invited the people and the government to send patients to them. Even some religious “healers” made their own claims too. The herbalists’ claims were not tested as the government did not send patients to them nor take them to patients. Of course, even if they healed any private individual, they wouldn’t come out to say so because they may be arrested. But with the discovery and the release of COVID-Organics, the herbalists have their opportunities to show their skills.

Concerning Nigerian herbalists being given the opportunity to also show their skills, BBC Pidgin reported that the DG of NAFDAC, Prof. Mojisola Adeyeye, invited interested traditional medical practitioners on Wednesday, 13 May 2020 to submit their applications and drugs for clinical trials. She said that Nigerian traditional medical practitioners and academics only claim the potency of their drugs on social media and other media outlets without approaching NAFDAC for testing and approval. She revealed that of all the people claiming expertise on treating COVID-19 only one person has submitted an application. She, however, noted that the individual that submitted the application wishes to treat the symptoms of COVID-19 and not to cure the disease.

So here is an open door, and window, for all the owners of the megaphones blaring away in our markets. They need to hear about this opportunity and make use of it. All they need to do is conduct research, which they have obviously been doing before, and then bring up a cure just like Madagascar did. Nigeria too has herbs and roots that can cure everything.

Many IT professionals were idle, while some were overwhelmed with so many activities during the lockdown due to Covid-19 pandemic.

I feel reluctant to write this, but it is a path to opening up digital growth for Microfinance Banks (MFBs).

A digital Microfinance bank in this context is a bank that is reasonably equipped technologically with necessary gadgets and IT infrastructures directly or indirectly to function fully and discharge its products and services to its target customers through E-channels at all times with minimal or no limitations.

I have reviewed several fantastic and creative Core Banking Solutions suitable for Microfinance activities but some of them never had the opportunity to become noticed.

There is one major problem regarding digitization that had slowed down the growth in the Microfinance sub-sector in more than a decade. The problem was self-inflicted by MFBs unknowingly while choosing Core Banking Solution as everyone wants to connect to a popular platform.

The emergence of several innovations through Fintechs has opened our eyes to see more possibilities.

I do not support a unified IT platform for MFBs from the onset, but the enforcement of reporting templates among Solution Providers for uniformity will be preferred.

To help microfinance banks grow digitally, CBN should limit the numbers of Mfbs that should subscribe to each Core Banking Solution Provider for effectiveness and promptness of creative innovations.

Many Core-banking Solutions Providers are overwhelmed; professionalism in responding to complaints that could evoke innovative solutions is usually sacrificed at this point.

When the focus begins to shift from excellent Customer Service to “they don’t have a choice because the decision to change Core Banking Solutions cannot be hurriedly taken”. It shows there is a huge problem ahead.

Many Mfbs (most especially Unit-licensed) are dying in silence. Their Core Banking Solutions are fast-tracking their funerals. I have once used a Solution that gives conflicting reports on the same query at different times. Many Mfbs may still be facing such a problem. Even those MFBs that invested heavily in IT infrastructure are not yet getting the expected returns on their investments due to unresolved high failure rates in the activities on e-channels that could be traced to their Core Banking Solutions.

Dear MFB, behold yourself now, are you sure you do not need help to grow digitally?

I am sure you do. But you are handicapped because you cannot run faster than the rope while being dragged.

Review the activities of your IT Solution Providers.

When was the last time they innovated and implemented a new or better approach to your operations’ processes digitally?

It is not a capability issue in most cases, but many of them are overwhelmed by the number of clients they serve.

It does not necessarily mean migrating to another better Solution that is willing and authorized to grow the client base should cost you more; it all depends on negotiation.

The first bold step into the journey of achieving improved digitization in the activities of MFBs is to have the numbers of subscribers to each Core Banking Solution regulated.

The PricewaterhouseCoopers (PwC) Nigeria has executed her one hundred million-naira (N100m) intervention to support individuals, businesses and government in responding to the impact of the COVID-19 pandemic in Nigeria.

According to a statement by the firm, the COVID-19 intervention fund tagged “PwC Cares” is in line with the firm’s purpose of building trust in society and solving important problems and consists of a number of initiatives targeted at various sections of society including vulnerable households, health workers and small businesses. The firm is also leveraging her depth of knowledge and resources especially around business and the economy to support governments both at the federal and states level in their economic response to the challenges posed by the Corona Virus situation.

Providing details on the various aspects of the PwC Cares initiative, Uyi Akpata, Country and Regional Senior Partner for PwC in West Africa noted:

“As well as having serious implications for people’s health and the healthcare services, COVID-19 is having a significant impact on businesses and the economy particularly for Nigeria at this time given our dwindling resources and high level of poverty.

“As a firm, we are supporting a number of initiatives aimed at addressing the health and economic challenges in Nigeria. Notably we are supporting the CBN led Coalition Against COVID-19 by the setup of a Project Management Office and providing project monitoring and evaluation support valued at about 50 Million in the first instance.

“We are also providing food items to at least 5,500 vulnerable households, as well as personal protective equipment (PPEs) for frontline healthcare workers in the following states; Lagos, Ogun, Imo, Edo, Kaduna, Akwa Ibom, Kano and the FCT.”

The firm noted that the donations of food items and medical materials which is valued at 50 million was made possible through voluntary donations from her Partners, staff and alumni community who have risen to the occasion in line with the firm’s value of Care and her agenda of having greater societal purpose.

This is in addition to pro bono complementary business continuity support services to small businesses employing between 5 to 50 employees who undertake to retain all their staff during this period.

Part of the provisions made by the professional service firm include; N50m food items to vulnerable households and hospital supplies, funds polled from donations from Partners, staff and alumni, N50 million worth of project monitoring and evaluation support to the private sector led Coalition Against COVID-19 (CACOVID).

It also set up a Knowledge Centre to support Federal and State governments in their economic responses to the pandemic.

Commenting further on the firm’s plans, Akpata added:

“It is clear that we still have a long way to go and we continue to learn to deal with the challenges. Therefore, now more than ever before, we see that partnerships between stakeholders especially between public and private sector, is key to success.

“This is why in addition to the 100 million fund, we have also set up a Covid-19 Knowledge Centre accessible via our website to support Federal and State governments in their economic responses to the pandemic.”

The firm has demonstrated her clear intentions and resolve to help organizations and government respond to the pandemic and has hosted a series of free webinars on the economic implications and policy responses to COVID-19 during which it shares key insights on the situation, providing various response scenarios and generally engaging the business community on how to remain resilient through the crisis.

This gesture has inspired calls for other corporate organizations to do more to help in the fight against the virus. Small businesses are an integral part of any strong economy and deserve special attention in times of economic downturns like this.

The Nigerian government has doled out N50 billion intervention fund under the Targeted Credit Facility, but it is apparently not enough to assist the number of small businesses that have been put in financial strain by COVID-19.

Household needs have also risen to all time high as government palliatives are failing to measure up. The situation has so far created two areas of need that calls for support from individuals, public and the private sector. The PwC’s initiative offers employment support for firms struggling to avoid layoffs, offering a lifeline to individuals who may have been affected by the pandemic.