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Our Goal is Simple: Zero Revenue Leakage Even on Cash-based Transactions [Videos]

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Our goal is simple: zero revenue leakage even on cash-based transactions whether you are in your shop or not. You sell garri, we capture all payments digitally. You sell mama put, all payments are recorded. You have okada riders riding for you, you get revenue visibility. You own a bus, you know how much the conductor collected. You run a shop, all transactions are captured live.

This is unification of digital and physical in payment. If you want to stop revenue leakage, theft, pilfering, etc in your business – offline and online – email my team for a demo anywhere in Nigeria.

She is selling airtime and recording all cash receipts live.

 

The OB Translate Mission of Translating 2,000 African Languages

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By Nnamdi Odumody

A Nigerian software developer Emmanuel Gabriel has created an AI platform which can translate over 2,000 African languages.

OB Translate uses deep learning neural network to translate over a 1,000 African languages seamlessly and on demand. It also uses human knowledge to teach the platform and helps in some cases with content moderation for customers.

This service will help in eradicating the communication barriers in Africa, enabling seamless cross border trade across the continent to unlock opportunities which is in line with the African Union’s goal of economic integration by creating a single market. The productive and services sector will be able to trade their goods and services across a common economic market of $2.5 trillion without language barriers by utilizing this platform.

Translating human languages is one of the things we have experienced that AI is not only well suited for, but quite good at too. Services like Google Translate have demonstrated over the years that it is quite possible, as they get better, that the role of human text translators could be reduced. However, what has been missing has been the translation of African languages.

This is the part that Gabriel believes OBTranslate can make a difference. The AI powered platform also hires and pays Africans with knowledge of their native languages to perform tasks language related tasks on OBTranslate and earn money.

“Our machine language, AI algorithms with neural network connections have curated billions of tasks waiting for Africans who can teach our machine their local dialect. The first phase of the project comes with 9 billion tasks, and the 2nd phase comes with 12 billion tasks. It is projected to hire about 100 million Africans, with a projection of US$3.6 billion passive income for Africans with the capacity,” said Gabriel.

OB Translate machine learning and artificial intelligence algorithms have curated over 9 billion accurate tasks which can be translated in over 2,000 African languages with its neural network. Its goal is to break the language communication barriers in rural and urban areas in Africa

Google Translate which also uses AI in translating languages lacks the expertise in translating African languages fluently. This is the void OB Translate wants to fill and explains why it hires and pays Africans who are fluent in their indigenous languages to perform language related tasks on its platform and earn money.

The first phase of tasks which it has curated for Africans to train its AI in their local dialects is 9 billion tasks while the second phase is 12 billion tasks, and is projected to create 100 million jobs by hiring Africans with $3.6 billion to be earned by those with capacity in language fluency.

OB Translate’s platform will enable an augmented future where self driving cars, smartphones and wearables, robots, sensors and other wireless communication technologies can communicate and interact with Africans in their local languages.

The Neuromorphs – Singularity is Near

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Someone shared this with me (Countdown to the Singularity_final), and quickly my mind flashed to this piece. Largely, the world is making progress. That future is nearer.

Abstract:

Imagine a world where those with ear problems could buy electronic cochleas and those with eye problems, electronic retinas on Amazon and eBay. Imagine a world where all problematic human organs can be electronically replaceable to push humans toward the grail of immortality. All this might not be just imagination years from now if neuromorphic circuits continue to advance. Neuromorphs, or artificial neural microcircuits, capture the biological neural computational properties into mixed-signal VLSI (very large scale integration). These circuits are inspired by the function, structure, and plasticity of biological nervous systems by emulating their efficient inherent computational capabilities. They mimic the algorithmic behavior of the biological systems utilizing similar organizing principles through efficient adaptive and intelligent control processes in parallel. Adaptation, learning, and memory are implemented locally within each processing stage of these systems.

4 Things From BusinesssDay’s Highest Paid CEOs of Nigerian Public Companies

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My perspectives from BusinessDay Highest Paid CEOs of Quoted Nigerian Companies:

  • The highest paid Nigerian bank CEO (GTBANK) makes $1 million. That is not high when you benchmark globally, but decent enough when you consider that our stock market is small. Of course, when you consider purchasing power parity, $1 million in Nigeria goes further than $2 million in New York City on living and basic expenses.
  • Wealth is still created by owning something, not through labour. I write this with nobility but the fact is that you cannot create big wealth in Nigeria through paid labour. These CEOs’ salaries confirm same. If the highest paid banker takes home $1 million yearly, no bank can afford to hire any of the top-grade importers.
  • More so, most of the startup founders in Lagos have created more paper wealth in 12 months than these CEOs can make in ten years.
  • There is still value to stay focused in your job – if you reach the top, there is huge reward. Do not leave it for entrepreneurship if you are not modeled for it. Find what works for you – life is not just about money. Possibly, having a business card with a big brand name is what gives you satisfaction – pursue it. But be humble because despite your title, the untitled guy may have fatter digits. It is what it is – wealth is controlled by builders all over the world.

LinkedIn Comment on Feed

If you want a fatter bank account, you will have to create it yourself, not telling someone else how much you would like to worth, when you cannot create…

But again, big things aren’t meant for small-minded people, so it’s always a misnomer when ordinary talents demand for extraordinary pay and wealth, no better way to define reaping where did not sow.

Again, fat cheque is not the life purpose of everyone, so you are likely to remain miserable, even with your fatter bank account, if you fail to discover what truly works for you.

If you are modelled to be an employee, do not cross over to builders’ league, you are not likely to have many luck there. Stick to what your capabilities and intellectual ability can carry.

Review of Access Bank Powered Africa Fintech Foundry Disrupt 2019

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By Nnamdi Odumody

The 2019 Africa Fintech Foundry Disrupt themed ‘’Digital GoldRush’’, powered by Access Bank, was a showcase of technology trends which are transforming the financial services sector and other industries.

The Executive Director, IT & Operations at Access Bank, Ade Bajomo, gave a history of the previous goldrush, which transformed global economies, as explorers sought fortune in them, and the current digital gold rush – Fourth Industrial Revolution – which we are witnessing. Dr Herbert Wigwe, Access Bank Group CEO, gave a brief history about the banking experience in Nigeria before the digital revolution, and why his bank decided to play a leading role in offering a seamless technology- enabled personalized experience to its customers.

Banking Disruptor and founder of Moven, Brett King, was the keynote speaker. He gave an expose of the evolution of global banking which started in Italy to the current disruptors led by Chinese fintechs like Ant Financial and WeBank.

A panel on securing Seed and Growth Funding for Startups was next, followed by The Future of Gaming and Artificial Intelligence powered by Microsoft which had its EVP Gaming, Phil Spencer, and its Technical Lead on AI and Mixed Reality, Alex Kipman, explaining Microsoft’s foray into AI and Mixed Reality as well as the reason behind the recent $100 million African Development Centres in Lagos and Nairobi.

Microsoft seems to be putting deep focus on Nigeria. It reported weeks ago that it was opening an AI research unit in Lagos. Now, it is going to also build development centers in Africa with Lagos as one of the centers. The company plans to spend $100 million in the next five years to build the development centers in partnerships with local partners and governments. Microsoft also plans to hire in Lagos and Nairobi, another development center, about 100 full-time developers by the end of 2019, and expand the number to 500 by Q4 of 2023.

Brett King and Roosevelt Ogbonna, the Deputy Group CEO of Access Bank, had a discussion centered on Disruptive Banking which focused on commerciality around banking and API’s.

The role of regulation for financial technology featured Reginald Karawusa, Executive Commissioner Legal and Enforcement, Securities and Exchange Commission of Nigeria;  Sam Okojere, Director of Payments and Settlements, CBN Nigeria;  Reginald Udom, Partner at Aluko and Oyebode Legal Partners; and was moderated by Dr Segun Aina, President Fintech Association of Nigeria.

A demo session which showcased Robotics in Banking was showcased by Carl Wocke, the CEO Of Merlynn AI, South Africa. There was a remote session on Deep Learning for Digital Identity by Yann Le Cun, former Chief Data Scientist at Facebook and Cofounder Element AI. He spoke on how his technology is helping financial institutions in recognizing customers who conduct financial transactions.

Other components included Masterclasses on Blockchain by Chimezie Chuta; Digital Payments and Cybersecurity by Susanne Chisti, CEO and Founder Fintech Circle UK; Analytics In Action by Dr Bayo Adekambi Chief Transformation Officer MTN Nigeria; Using Agile to drive Digital Transformation by Abiodun Osoba Founder and CEO Agile Advisor. Finally, there was Beyond The Digital Frontier: The Journey From Uncertainty to Digital Transformation by Deloitte Nigeria.

The Future of Cash in a digital world by Claudio Ceresani, Global Marketing and Sales GM, GioriDigital and Zelda Akindele, Partner at Templars LP, which was moderated by Uzoma Dozie, the former CEO Diamond Bank looked at how Nigeria can evolve fully to cashless transactions like China and other markets where cash is being eroded in day to day activities.

There were demo presentations by startups which showcased solutions in healthcare by Trep Labs, blockchain for the real estate value chain by Seso, peer to peer currency exchange platform for African banks to enable their customers send money out cheaper and faster by Kaoshi, provision of banking services to the unbanked through financial cooperatives by Smart Teller and an affordable, portable and active cold chain device for the storage of vaccines, blood and other perishable products by Gricd. Gricd was the winner of the pitch prize of $10,000 with Kaoshi and Smart Teller clinching the first and second runner up positions respectively.

TAP (Touch and Pay Technologies), a Lagos-based fintech company, also showcased its technology in the event. TAP makes it possible for financial institutions to serve informal sectors and deepen financial inclusion by integrating electronic and cash payments at scale. Simply, TAP builds unique mobile payment and services platform capturing offline and online transaction in a seamless way.

With the AFF DISRUPT, Access Bank is positioning itself to play a leading role as an innovation-driven intelligent bank for the future.