In line with the present administration’s focus on Reforming the Economy for Sustained Inclusive Economic Growth, Accelerating Diversification through Industrialization and Digitization, and Improving Governance for Effective Service Delivery, the Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa CCIE, has called for increased collaboration among key players in the Fintech ecosystem to enhance financial literacy and promote financial inclusion for all citizens.

The DG made this statement at the 6th edition of the annual First Bank FinTech Summit where he joined other key players in the ecosystem in a session titled: “Policy and Infrastructure: Navigating Financial Regulations for Fintech Innovations” held at the Lagos Continental Hotel, Victoria Island, Lagos State.

Inuwa emphasised that NITDA’s regulatory approach, based on a triple helix model, is not just about imposing standards but actively creating and supporting markets.

Outlining the objectives of the Regulatory Intelligence Framework developed by the agency to creating marketing values, enabling innovations, protecting consumers and effectively discharging services, Inuwa noted that priority was given to collaborations with the ecosystem in meeting these deliverables.

“To achieve this, we came up with a way which we call the participatory framework or policy dialogue for any regulation. This is because at the heart of everything we do is co-designing and co-creation,” he said.

Speaking on working with the ecosystem, he noted that collaboration was instrumental in successfully implementing Nigeria’s cashless policy which the agency did in partnership with the Central Bank of Nigeria (CBN).

“NITDA worked with CBN to come up with a cashless policy, which gave birth to the fintech industry we are talking about today.”

“This led to the banks to start upgrading their infrastructures, both hard and software, and the FinTech identified gaps and started coming up with solutions that can bridge the gaps left by the banks,” he added.

The DG however stated that the agency is working with the Federal Inland Revenue Service and some other stakeholders to develop guidelines for electronic invoicing which will create opportunities for the Fintech.

“As a regulator with a focus on facilitating financial inclusion, we need to strengthen unified regulations and policy-making, because if you make policies without having the implementers in the room, it will be difficult for them to implement, “ he averred.

He also elaborated on NITDA’s efforts to bridge the digital divide as an essential factor for financial inclusion, underscoring the launch of a National Digital Literacy Framework to integrate digital skills in formal education.

Highlighting the agency’s efforts at fostering digital literacy and cultivating talents, he disclosed that the agency has engaged in collaborations with the Ministry of Education in integrating digital literacy into curriculum and also, with the National Youth Service Corps (NYSC) in training over 17,000 Youth Corp members annually.

He added that the initiative is expected to provide basic digital literacy to millions, and aims to engage artisans, market women, senior citizens, and others from the informal sectors.

Inuwa further addressed Nigeria’s data sovereignty issues, particularly regarding reliance on foreign cloud services. He noted that building in-country cloud capabilities is vital for national security and for empowering local FinTechs.

“Without operational sovereignty, we cannot fully control or secure our digital assets,” he stated, mentioning ongoing partnerships with hyperscale providers and local data centres to create cloud infrastructure within Nigeria.

He explained that the agency is working with other stakeholders in developing the cybersecurity architecture to achieve financial inclusion while asserting that infrastructures will be created, the unconnected will be connected and promoting digital literacy to foster trust on digital platforms.

Revealing that NITDA has several interventions and initiatives aimed at supporting the underserved and unserved areas in the country by building their digital capacities and skills, he urged the fintech to leverage these opportunities by infusing their financial literacy into them which will consequently drive a deeper financial inclusion for all.

“Nigeria has the infrastructure and with the right collaborations and continued focus on inclusive policies, we can make significant strides in bridging both digital and financial divides,” Inuwa concluded.

Other panelists who shared their insights and expertise at the session with the DG were the MD & CEO, NIBSS, Mr Premier Oiwoh, CEO, Lagos Lotteries & Gaming Authority, Mr Bashir Are and the Chief Information Officer, FirstBank of Nigeria, Mr Adewale Salami.

The post Inuwa Calls For Enhanced Collaboration In FinTech to Deepen Financial Literacy appeared first on Tech Digest News.

TECHDIGEST – Imagine being visually impaired and want to withdraw from your pension at the ATM, somewhere in Yaba, Lagos. Believe it or not, this is what 14.3% of the population face daily. It’s no news that the banking system has been unfair to these vulnerable individuals.

Robotics and Artificial Intelligence Nigeria (RAIN) has come up with a research project that tilts the scales in favour of everyone called Banking Aid for the Visually Impaired – BAVI.

BAVI is a physical confidential authenticator built around single board computing with potential to keep pin, passwords, account access and interactions (touch and audio) fully confidential without visual support.

Unlike the new finger print authentication system that do not require conscious interaction, BAVI retains for the user, the full exclusive right of mental control. The method of entering pin numbers on BAVI is one of its most novel discovery.

Unfortunately, the fate of this RAIN project hangs on getting the One Million Naira win from First Bank of Nigeria Plc in their ongoing Fave Firstclass Material contest in which the RAIN founder, Dr Olusola Ayoola is a contestant.

How to win 1 million naira for the BAVI project to help the blind, Log on to https://instagram.com/firstbanknigeria and scroll to the video showing Dr Olusola Ayoola of RAIN, watch the video and click a Like.

Kindly comment with #1m4BAVI and share with family and friends. Together, let us make the world an inclusive society for all.

The post RAIN: Vote N1 Million for People living with disabilities appeared first on Tech Digest News.

TECHDIGEST: First Bank of Nigeria Limited, Nigeria’s premier banking institution and leading financial services inclusion services provider, has won two awards: Best Bank in Nigeria 2022 and Best Banking Digital Transformation Nigeria at the International Investor Awards 2022, a print and online publication that provides insights, news, and visual informative pieces on topics ranging from world markets, investing opportunities, industry analysis, and much more. All content is aimed at the global investment community that wants to get ahead.

The bank was awarded the Best Bank in Nigeria 2022 award for its leadership role in promoting financial inclusion in Nigeria, which has been critical to improving people’s lives and stimulating businesses across the country. In addition, FirstBank was named Best Bank in Digital Transformation in recognition of its ongoing efforts to reinvent its digital banking channels, which have been critical in reinforcing the bank’s leadership role in promoting a cashless society in the country while providing customers with secure and seamless digital banking experiences. Among the bank’s digital banking channels are its recently unveiled fully automated branch (FirstBank Digital Experience Centre), *894# USSD banking, FirstMobile, First online, and WhatsApp banking. Expressing satisfaction with the bank’s performance “We thank International Investor Awards for the recognition, while dedicating these awards to our esteemed customers spread across the world for their unwavering patronage of our services throughout our 128 years of existence,” said Ms Folake Ani-Mumuney, Group Head, Marketing and Corporate Communications First Bank of Nigeria Limited.

READALSO: FirstBank Impacts Its Firstmonie Agents With N100 Billion Loan

“As a bank woven into the fabric of society, we remain committed to ensuring that our customers enjoy safe, secure, and advanced financial services as they seamlessly carry out their banking transactions on the go, regardless of where they are,” she concluded. Similar honors were bestowed upon the Bank in the fiscal year 2021. Most Innovative Retail Banking App Nigeria 2021 by Global Banking and Finance Awards; African Bank of the Year 2021 & Innovative Banking Product of the Year 2021 by African Leadership Magazine Awards; Best Internet Banking Nigeria 2021 by International Business Magazine; Best Financial Brand 2021 by Global Brands Awards are a few examples.

Other awards include Best Consumer Digital Bank 2021 by Global Finance, Alternative Delivery Channel of the Year 2021 by Business Day Banks and Other Financial Institutions Awards, and 2nd Most Admired Financial Services Brand in Africa by Brand Africa.

The post FirstBank Wins Best Bank in Digital Transformation Nigeria 2022 appeared first on Tech Digest News.

TECHDIGEST – The Bank has been at the forefront of promoting financial inclusion in the country, impacting Nigerians, regardless of their locations nationwide.

The Bank currently has over 120,000 Firstmonie Agents spread across 772 Local Government Areas in Nigeria
The Agent Credit scheme was launched a year ago to empower its Firstmonie Agents to grow their businesses, whilst being at an advantage to contribute to national development.

Barely a year after the launch of its Agent Credit scheme, First Bank of Nigeria Limited, Nigeria’s leading financial inclusion services provider, has announced that it has economically empowered its Firstmonie Agents with the sum of N100 billion. The Bank currently has over 120,000 Firstmonie Agents, spread across 772 Local Government Areas in the country.

The Agent Credit scheme was created by the banking giant to promote and expand the business activities of its foremost agent banking platform – Firstmonie Agents – whilst putting them at an advantage to positively impact their immediate environment.

Firstmonie Agents have been integral to bridging the financial exclusion gap, providing convenient banking services that are easily accessible, thereby saving time and travel costs for individuals in the suburbs and remote environments that have no access to financial services.

The Bank’s financial inclusion activities are in line with the mandate of the Central Bank of Nigeria (CBN) to ensure the availability of affordable financial products and services to all individuals and groups of people in the country, irrespective of location, literacy levels, familiarity with technology and accessibility to modern infrastructural facilities. The Firstmonie Agent channel is amongst the Bank’s many initiatives to expand financial access in the country.

Reiterating the Bank’s role in deepening financial inclusion in the country, Chuma Ezirim, Group Executive, e-Business & Retail Products, said “we are truly excited about the tremendous impact of the Agent Credit on the performance of our Firstmonie Agents nationwide. Since the introduction of the Agent Credit to support our ‘Human ATMs’ as we fondly call our Firstmonie Agents, they have recorded immense growth in their businesses, at levels they never envisaged in such a short period.

Our key goal is to continue to deliver financial services to the underserved and unbanked populations, employing modern technology for processing real-time transactions and in doing so, contribute to building capacities and learning new skills in information technology, cash management and relationship management for our FirstMonie agents.

We encourage our Firstmonie Agents to keep being exemplary in setting the pace to promote financial inclusion as we collectively work towards the continuous growth and development of the national economy.”

The post FirstBank Impacts Its Firstmonie Agents With N100 Billion Loan appeared first on Tech Digest News.

TECH DIGEST – Nigeria’s premier financial institution, Firstbank has launched a next generation Automated Teller Machine tagged FastTrack ATM, which is designed to promote financial activities on the ATM without any form of physical interaction with the machine.

With the FastTrack ATM, launched in partnership with Inlaks, customers can carry out cash withdrawals without having to touch the interface of the ATM. It is a Touchless Solution, where the customer carries out the transaction by using his or her mobile phone to perform the needed steps designed originally for implementation on the ATM.

By using one’s phone, the transaction is carried out – in advance – through the Bank’s USSD or mobile banking option. Upon the schedule, the customer visits the FastTrack ATM to complete the transaction by tapping a contactless Near Field Communication (NFC) card on the ATM to withdraw his or her cash.

Speaking on the launch of the FastTrack ATM, Dr. Adesola Adeduntan, Chief Executive Officer of First Bank of Nigeria Limited said the ATM Machine was launched to provide seamless financial solutions to the Bank’s customers.

“At Firstbank, we ensure our customers are able to timely carry out their transactions in safe, secured and efficient ways, thereby putting them ahead in digital banking, not just in Nigeria but Africa. We are delighted to set the pace regarding the use of the Next Generation ATM in Africa which enables customers to use their mobile phones to remotely initiate ATM-based cash withdrawals via our *894# USSD banking or FirstMobile application. At the core of our strategy lies innovation which is critical to adapting to the new normal,” he said.

FirstBank customers can now leverage the real-time mobile banking capabilities of their cellphone to activate cash withdrawals at the FastTrack ATM. The ATM solution is the Bank’s response to control the spread of COVID-19, whilst promoting the safety of customers that carry out transactions at the ATM.

Meanwhile, the Managing Director of Inlaks, Mr. Olufemi Adeoti, has explained that the FastTrack ATM is a fully compliant COVID-19 FinTech, stressing that given the fact that consumers are more adaptable to mobile technology, Inlaks – the Africa’s leading Information Technology Solutions provider together with Hyosung ATM OEM decided to partner with FirstBank to introduce the machine.

“This is in alignment with the ‘new normal’ desired customer experience which includes digitalization and delivering a secure contactless cash access to the bank’s FirstMobile customers for better user experience, simplicity, speed and convenience,’’ he said.

In recognition of its giant strides at promoting electronic banking in the country, FirstBank’s mobile banking application – FirstMobile – was recently awarded the Best Mobile Banking App award 2020 in the Global Finance Best Digital Bank Awards 2020 as well as 2019 Best Mobile Banking App by Global Business Outlook.

The post FirstBank Steps Up eBanking Innovation, Launches FastTrack ATM appeared first on Tech Digest News.

FirstBank Nigeria has re-emphasised that it granted one million students access to eLearning across the country due to the recent indefinite closure of all educational institutions nationwide caused by COVID-19 Pandemic outbreak.

The bank explained that the programme was in partnership with very reputable IT organisations as well as state government across the federation.

The Managing Director/Chief Executive Officer of the bank, Dr. Adesola (“Sola”) Kazeem Adeduntan, disclosed this during the National Information Technology Merit Award (NITMA), organized by the Nigeria Computer Society (NCS).

Executive Director, Corporate Banking, First Bank of Nigeria Plc, Mr. Remi Oni Presenting the Award to Commissioner for Science and Technology, Sokoto State, Dr. Kulu Abubakar with her is the Director General of ICT, Dr. Nasir Daniya, during NITMA 2020

Adeduntan who was represented by Mr. Remi Oni thanked the organiser of the event.

He said the bank owns its survival and progress as a business largely to the robust information technology system that it has tried to build over the year.

His Speech: “I can attest to the fact that beyond our invaluable resources which are our people, we own our survival and progress as a business largely to the robust information technology information system that we have tried to build in recent year.

“Am sure this same narrative applied to all institutions government and people everywhere and globally. Information technology prevails every aspect of human beings endeavours.

“More importantly, however, the world can take advantage of this IT system without distinguished professionals like yourself that gathered here today as a body of professionals. You have consistently acquitted yourself creditably.

“However, considering your professional contribution to grow stability especially in this very interesting year, your award and honour today, are certainly both deserve than never before.

“We, therefore, congratulate all the award recipients, the leadership of the Nigeria Computer Society and the organizer of NITMA 2020, your excellence and ladies and gentlemen, with the volume substication with the rich of our IT infrastructure and enrichment of our IT at First bank. We consider ourselves as an IT of short managing to promote financial services.

“We will continue to collaborate with members of your society to leverage the best in IT class services to continue to provide the best financial service growth

“This year, First Bank started demonstrating to leverage information technology very early in the pandemic.

“This is when we initiated the programme to move one million Nigeria’s online in partnership with very reputable IT organisation as well as state government across the federation.

“We are continuing in this effort, in the midst of the pandemic, we are having another far reaching development, we are working tirelessly to ensure that your banking transaction with us.

“At First bank, we are holding on-site more than ever before, we will uphold our promise to you and be there for you. We will always put you first. I wish you a special year celebration and prosperous 2021 in advance.

The post How We Granted One Million Students Access To eLearning – FirstBank appeared first on Tech Digest News.