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 Jobs/Vacancies › Urgent Competent & Experienced Software Developer & Programmer Needed by WorldChanger7(op): 9:08am On Jan 12, 2017 |
A leading Indigenous Pan-African payment gateway and Solutions Company, currently implementing its growth strategy across Africa, requires the services of highly competent and experienced software developers and programmers who are interested in pioneering initiatives in the electronic payment space’ Interested candidate should kindly forward their CV with cover letter to info@systemspecs.com.ng (with “software developer & programmer Vacancy” as subject). Guys, if you sincerely have what it takes as a software developer, Security Analyst, Infrastuture Managers, DataBase Management, Software Developers, Front-End Engineers with great qualifications, this is a life-time opportunity to join the company of the future with excellent career. Call all your guys abroad who are competent software developer and are looking for a great company like Google, Facebook and etc.in Nigeria |
| Jobs/Vacancies › Re: Competent & Experienced Software Developer & Programmer Urgently Needed by WorldChanger7(op): 9:42pm On Jan 11, 2017 |
WorldChanger7:Guys, if you sincerely have what it takes as a software developer with great qualification, this is a life-time opportunity to join the company of the future with excellent career. Call all your guys abroad who are competent software developer and are looking for a great company like Google, Facebook and etc.in Nigeria |
| Nairaland General › Nigeria Adopting Internet Censorship Like China by WorldChanger7(op): 2:58pm On Jan 06, 2017 |
I was shocked recently when I heard that the great China with population estimated around 1.4billion and refer to as the “Giant from the East” banned some popular website in the country. The most shocking aspect was on the list of censored websites are the major websites with highest ranking such as google, yahoo, facebook, twitter & etc. (Here is the link to the complete list https://en.wikipedia.org/wiki/Websites_blocked_in_mainland_China) Research shows that indigenous companies have benefitted greatly from such government policy on Internet censorship even though it is seen as more of hinderance to “freedom of speech” and “right to choose”! Imagine if Federal Government of Nigeria decides to take such measure! Just imagine! Will that add value to our economy; Improve welfare of it citizen; or takes us back to the stone age? |
| Politics › Top Evening Headline Stories by WorldChanger7(op): 8:06pm On Dec 20, 2016 |
1. VIDEO: Dying Soldiers beg Buhari for food, water http:///2gYxYl4 2. Minimum wage to become N56,000 by 2017 – Labour http:///2gYM0Tv 3. Naira in free fall against dollar, now exchanges for $1/N490 http:///2gYId8K 4. Internet users in Nigeria drop to 93.2m in October – NCC http:///2gYSCBn 5. 7 Ways to best enjoy Christmas in Nigeria http:///2gYD0xR 6. Hardship in Nigeria not created by Buhari’s administration - Minister http:///2gYH2q3 7. This is the song Nigerians listened to the most in 2016 http:///2gYyVKa 8. Meet the newest Miss Nigerian Queen http:///2gYECYv 9. U.S. supports Nigeria with additional $227.3 to fight poverty http:///2gYFxYS 10. Only Buhari can decide Magu’s fate – Senate Leader http:///2gYHsN7 11. Doctors to embark on nationwide strike, except… http:///2gYLyFa 12. Omisore, 24 others accused of Bola Ige’s murder innocent, says ex-Osun lawmaker http:///2gYKbpF 13. Google trends: Most searched consumer tech of 2016 http:///2gYKCRa 14. Top 6 female artistes who rocked 2016 http:///2gYD3d1 15. Report adverse drugs reaction, NAFDAC urges Nigerians http:///2gYJiO2 16. Indonesia announces new visa policy for Nigerians, others http:///2gYOAJa 17. Senate seeks out media support on malnutrition enlightenment http:///2gYGfW7 18. Lovely bridal shower pictures of Emir of Kano’s daughter http:///2gYKGjA Visit www.thenewsguru.com for more. |
| Programming › Re: Developing An App To Reduce Queues At ATM by WorldChanger7: 3:39pm On Dec 20, 2016 |
alcuin:A simple agency banking will have solve the problem of the queues at the ATMs and it is so unfortunate that the bank is not thinking in that direction and the TSA saga is not helping matter at all. https://www./financial-inclusion-nigeria-challenges-banks-mobile-money-adesanya?trk=pulse_spock-articles |
| Jokes Etc › Re: One day At The ATM Queue by WorldChanger7: 3:30pm On Dec 20, 2016 |
Edigrows:A simple agency banking will have solve the problem of the queues at the ATMs and it is so unfortunate that the bank is not thinking in that direction and the TSA saga is not helping matter at all. https://www./financial-inclusion-nigeria-challenges-banks-mobile-money-adesanya?trk=pulse_spock-articles |
| Politics › Top Headline Stories (including Breaking News) - Tuesday, Dec. 20, 2016 by WorldChanger7(op): 2:37pm On Dec 20, 2016 |
1. Nigerians invade London for Ibori http://thenewsguru.com/deltans-invade-london-ibori/ 2. Breaking: Workers shut down Arik Air over unpaid salaries http://thenewsguru.com/breakingworkers-shut-arik-air-unpaid-salaries/ 3. Trump now officially elected U.S. President by Electoral College http://thenewsguru.com/trump-formally-elected-u-s-president-electoral-college/ 4. Oil prices rises in anticipation of tighter 2017 market http://thenewsguru.com/oil-prices-rises-anticipation-tighter-2017-market/ 5. Lawal, Magu should resign on moral grounds – Wabara http://thenewsguru.com/lawal-magu-should-resign-on-moral-grounds-wabara/ 6. Nigerians react as MMM opens in Kenya, Ghana http://thenewsguru.com/nigerians-react-as-mmm-opens-in-kenya-ghana/ 7. Access Bank wins big at EMEA Finance Banking Awards http://thenewsguru.com/access-bank-wins-big-at-emea-finance-banking-awards/ 8. The dark side of the 2017 budget – Boyo http://thenewsguru.com/the-dark-side-of-the-2017-budget-boyo/ 9. What to expect at the Headies 2016 http://thenewsguru.com/expect-headies-2016/ 10. 19 years later Yinka Ayefele shares tale of his ghastly accident http://thenewsguru.com/19-years-later-yinka-ayefele-shares-tale-ghastly-accident/ 11. Facebook Messenger adds group video chat http://thenewsguru.com/facebook-messenger-adds-group-video-chat/ 12. Apple challenges EU tax ruling http://thenewsguru.com/apple-challenges-eu-tax-ruling/ Log on to www.thenewsguru.com for more stories |
| Politics › Top Headline Stories (including Breaking News) by WorldChanger7(op): 1:36pm On Dec 19, 2016 |
1. BREAKING: Despite expected release Tuesday, Ibori not coming home http://thenewsguru.com/despite-expected-release-tomorrow-ibori-not-coming-home/ 2. #RiversRerun: Police set to retrieve Wike’s call activities from telecom firms http://thenewsguru.com/riversrerun-police-set-to-retrieve-wikes-call-activities-from-telecom-firms/ 3. Alleged Corruption: Buhari finally wades in, says anyone found culpable will be prosecuted http://thenewsguru.com/alleged-corruption-buhari-finally-wades-in-says-anyone-found-culpable-will-be-prosecuted/ 4. #RiversRerun: Count us out of your investigations – Wike tells IGP http://thenewsguru.com/riversrerun-count-us-out-of-your-investigations-wike-tells-igp/ 5. Fayose blasts prophets who predicted his removal, says ‘I am God’s project’ http://thenewsguru.com/fayose-blasts-prophets-predicted-removal-says-gods-project/ 6. Germany to provide Nigeria 3m euros for procurement of military equipment http://thenewsguru.com/nigeria-get-3m-euros-germany-procurement-military-equipment/ 7. Yemi Alade, Somkele Iyamah,others win big at The Future Awards http://thenewsguru.com/yemi-alade-somkele-iyamah-others-win-big-future-awards-africa/ 8. Russian military plane crashes in Siberia http://thenewsguru.com/russian-military-plane-crashes-siberia/ 9. Electoral College set to pick between Trump, Clinton today http://thenewsguru.com/electoral-college-set-pick-trump-clinton-today/ 10. FIFA suspends grants to Nigeria over $802,000 mismanagement http://thenewsguru.com/fifa-suspends-grants-to-nigeria-over-802000-mismanagement/ Log on to www.thenewsguru.com for more stories |
| Politics › Re: Despite Expected Release Tomorrow, Ibori Not Coming Home by WorldChanger7(op): 11:01am On Dec 19, 2016 |
doctimonyeka:He helped plenty people (excluding me  sha but not wahala). Even the present Governor sings his praise  |
| Politics › Re: Despite Expected Release Tomorrow, Ibori Not Coming Home by WorldChanger7(op): 10:56am On Dec 19, 2016 |
ba7man:Am c  nfused o! 1 Like |
| Politics › Re: Despite Expected Release Tomorrow, Ibori Not Coming Home by WorldChanger7(op): 10:30am On Dec 19, 2016 |
BlackDBagba:Anything can happen oooooooo including appearing in Nigeria in another form...  |
| Politics › Re: Despite Expected Release Tomorrow, Ibori Not Coming Home by WorldChanger7(op): 10:29am On Dec 19, 2016 |
APCHaram:L ;DLBut who is that kleptomaniac d0pe head and convicted drug trafficker you worship in Oduastan Emirate |
| Politics › Re: Despite Expected Release Tomorrow, Ibori Not Coming Home by WorldChanger7(op): 10:24am On Dec 19, 2016 |
APCHaram:Bros! Are you serious People of Delta State and the entire Nigeria is awaiting his arrival because he is their HERO |
| Politics › Despite Expected Release Tomorrow, Ibori Not Coming Home by WorldChanger7(op): 9:03am On Dec 19, 2016 |
Former Delta state Governor, James Onanefe Ibori, who has completed his jail term in London and is due to be released tomorrow has dispelled rumours that he is returning to Nigeria immediately. Chief Ibori, in a statement signed by his Media Assistant, Tony Eluemunor, called on his well-wishers to disregard the rumours. A section of the media had speculated that the former governor, whose conviction and jail for corruption and money laundering in the United Kingdom has taken different turns in recent times, would return to Nigeria on December 23. “When the time comes, any important information will be made available to the public and nothing would be left for conjecture,” Ibori said. ‘Ribadu’s excesses, not me, removed him from office’ Chief Ibori also in the statement berated an online news platform for dragging his name into the Senate refusal to confirm Ibrahim Magu as chair of Economic and Financial Crimes Commission, EFCC. Complete story on http://thenewsguru.com/despite-expected-release-tomorrow-ibori-not-coming-home/
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| Politics › TSA Has Helped Curb Corruption In Nigeria, Says John Obaro (MD, Systemspecs) by WorldChanger7(op): 2:29pm On Dec 08, 2016*. Modified: 2:56pm On Dec 08, 2016 |
TSA has helped curb corruption in Nigeria, says John Obaro (MD, SystemSpecs) http://thenewsguru.com/tsa-helped-curb-corruption-says-obaro/ https://www.youtube.com/watch?v=UgoaTcSDRik&t=65s He stands some 1.7 meters from the ground, but his vision pierces mountain heights. He spent only seven years at Nigeria’s famous iconic bank (of blessed memory), the International Merchant Bank (IMB) and had a swift rise to the top of the bank’s Information Technology (IT) unit. At IMB, his prowess was acknowledged and rewarded. He was comfortable. Yet for John Tani Obaro, the urge for a new venture was more than the pretty comfort, the luxury other juicy options could offer. So the nudge – go and start something. Then SystemSpecs was born. And 24 years on, SystemSpecs has evolved tremendously. From its accounting software franchise, it has made a mark with its own payroll system and the now famous Remita. Remita is the platform on which the almighty Treasury Single Account (TSA) operates. It has brought fame, it has brought stress. A FinTech that is a hallmark of transparency, accountability and a veritable tool in the crusade against corruption. In a chat with TheNewsGuru last week, Obaro, Managing Director of SystemSpecs , the potent drive of the Remita-TSA project revealed “the journey has been interesting 24 years going”; how Remita beat local and foreign competitors for the TSA, the unnecessary controversy leading to the senate hearing and so on. His charisma, flawless diction and perspective seamlessly take you on the FinTech journey with him and you forget IT is not simply two plus two. And you try resisting the question: Is this our own Bill Gates in the making? Remita is looking beyond Nigeria’s shores. Obaro sees a future of business redefined with FinTech as the nucleus. And with interest in Remita coming from foreign lands, he is confident SystemSpecs and its local peers can go far, do well. What brought you into the journey of SystemSpecs ? I was in the banking industry mainly and by God’s grace I had a good career. I became head of Information Technology at a relatively young age, and I was being promoted every year or every other year. But it got to a point where I felt my job content needed to change. So it was no longer about the money, and this was the time when a number of new banks were coming up. The Zenith, the GTBs of this world; that was about the time they came on the scene. So I had the option of either going to look for a job in another bank or to go for a Phd, I thought of going for professional qualification, I thought of leaving the country but I spoke to someone who encouraged me to think of setting up something. That resonated more with me and that was how I left the banking industry to start SystemSpecs. I saw a void; most of the computer projects in those days were mainly in the banking sector and in the oil industry. Apart from those two you probably had a few more internationals and they were doing things in IT especially software. So we knew at that point that there was need for good accounting for the cooperate world different from the banks. So we settled for a UK accounting software called Sound Systems. And then we signed an agreement to represent them here in Nigeria and then, that was our first product: ‘Sound Systems in the Nigerian Market’. So how did you overcome the likely initial problems that came up… A young man doing well in the banking industry and venturing into a novel area? Maybe part of it was, I don’t want to call it ignorance or naivety, but I was driven more by zeal. I mean, I just believed in what I wanted to do. I was ignorant of the possible problems so I just put in my head and look I enjoyed doing software and I believed it will succeed in whichever way. Yes coming out, there was the difficult problem of having to educate people on some things you probably just took for granted. You go into any organisation and the first thing is that they think you are coming to take their jobs. Of course, that story has changed today. Not many people see computers as taking over jobs. No, it is redefining jobs, it is raising the quality of jobs and you need to rise along with that. So we had challenges of people understanding what we were trying to push and when people don’t understand what you are trying to push they reduce it to pricing discussions. So when they don’t understand why you want to sell something for say N10, 000, they will say no you should sell it for N10. So that puts a lot more pressure on you trying to explain. It is made worse because your competitors who now bring them shallow products and they see them as possible alternatives. Sometimes you need to allow them go get their hands burnt and then come back and we’ve had a lot of that. I mean we’ve been here for 24, going to 25 years now, so we’ve seen a number of people make mistakes and what we do, we try to remain in the sidelines such that by the time they understand the kind of things we were describing in earlier days it will be easier for them to get back to us. So 24 years after, from Payroll System to Remita, how has it been? Watch full video of this interview. https://www.youtube.com/watch?v=UgoaTcSDRik&t=65s |
| Politics › Re: 7 Lessons Every Nairalander Can Learn From Donald Trumps Victory by WorldChanger7: 11:57pm On Nov 10, 2016 |
You are point like https://www.nairaland.com/3458757/2016-us-presidential-election-vital LesbianBoy: |
| Politics › Re: Obama And Trump Meet For 1st Time At The White House (photos) by WorldChanger7: 11:55pm On Nov 10, 2016 |
https://www.nairaland.com/3458757/2016-us-presidential-election-vital newsburster: |
| Politics › Re: Donald Trumps Victory Speech In Full Video by WorldChanger7: 11:55pm On Nov 10, 2016 |
joefusfarms:https://www.nairaland.com/3458757/2016-us-presidential-election-vital |
| Foreign Affairs › 2016 US Presidential Election: Vital Lessons For Organisation & Individual by WorldChanger7(op): 10:13pm On Nov 10, 2016 |
2016 US Presidential Election: Vital Lessons for Organisation & Individual At the beginning of an election that produced Donald Trump to be the 45th elected president of United State of America (USA), not many people took him serious or believed that his dream can come to reality (only a few did!) The journey was "very" rough even from the primaries and, everyday, there was something new about Trump. What he said in the past was fished out to hurt and distracted him in the race to the White House. Many even called him names and gave him titles that he can't afford to buy with his wealth. At all points, every media (including the popular CNN) gave the victory to Hillary Clinton through various online polls that gave the world impression that she will become the "First Female President" of the most powerful country of the world. A lot mind games couple with sentiments and not forget "prophecies" from several "Men of god", who told the world that Hillary's victory is concluded from the high realm! Some of the "Men of god" don't even know where USA is on the map or even have the almighty "Green Passport" that can give them the opportunity to vote! Of course, we now face the reality that the unexpected has now become expected. An “unserious” person will now be taken serious (by force); unlikeable will now be celebrated; and a joker will now be seating on the most powerful seat in the world! Can that be an irony or miracle? Definitely, not a miracle but an irony! President-Elect, Donald Trump has now become an irony that many (organisation & individual) can relate with in life. There are times in life that an event that seems deliberately contrary to what one expects and is often wryly amusing as a result, such as the just concluded election that gave Trump 306 out of 538 Electors (29 in 50 States). What then are the vital lessons that one can share from this irony of life? - Dream Big regardless of who and what stands as hindrance - Remain Focused on Your Dream regardless of the challenges or difficulties - Your Past may "embarrass" Your Present but "Never" allow it to "embrace" Your Future - Sentiment and Emotion are part of the game but they sometimes don't produce expected result - Focus on the Critical Areas that can produce the Expected Result - Never Ever "Underestimate the Power of Strategy" - Trust in God (because He is the "only" trust and "most" reliable) - Any many others (that you can add) Oluwaseun Adesanya LINKEDIN PROFILE +234-803-849-8000 (Text Only) +234-701-399-1027 (Whatsapp) Lagos, Nigeria (An international Financial & Strategy Consultant. He is currently, the head of Corporate Strategy & Performance Management of the leading Software Company in Africa, SystemSpecs – Owner of HumanManager and Remita). (www.remita.net & www.systemspecs.com.ng) SystemSpecs is a software house with a focus on providing the most qualitative Human Capital Management and Financial software solutions. Founded in 1991, SystemSpecs has since emerged as a leading pan-African provider of e-Payment, Financial, and Human Capital Software Solutions for the Nigerian and African countries with over 250 people serving its clients across several countries including Benin, Ghana, Rwanda and Zimbabwe. Remita, developed by SystemSpecs, is an electronic platform that enables organisations, governments and individuals to receive and make payments easily. It has significantly assisted to revolutionize the e-payment industry in Nigeria and process over US$10 Billion worth of transactions on a monthly basis for Federal Government of Nigeria into its Treasury Single Account (TSA), and other clients
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| Career › Re: I Asked For My Promotion And I Got A Transfer by WorldChanger7: 7:10pm On Aug 22, 2016 |
Sllime:Please i will like to help you but will need further details to have a proper understanding of the situation. 1. What are the revenue lines? 2. Who are the target audience? 3. What are the current distribution channels? 4. What is the demography of the area? 5. Who are the current competitors in that area? With the above information, i will be able to guide you through the process of achieving success in that branch. |
| Business › Re: Deposits In Banks Shrink By N1.03tn by WorldChanger7: 10:49am On Jun 13, 2016 |
The current challenges with bank deposit is not something that cannot be surmounted! The years of free fund from government deposit is over and the TSA is not the problem but an end to a new era for the banks in Nigeria. It sadden when banks start to blame the current sacking and decline in bank deposit to what was a misplaced priority when there is still opportunity of more liquidity from the un(der)banked population. Currently, the un(der)banked population is still at 64% of the entire financial population and they facilitate/control over 75% of daily retail transaction i.e. there is liquidity potential with the un(der)banked population. The real issue is the proper channel to facilitate their on boarding at the least possible cost that can increase the bank deposit. For example, within the 424 registered markets in Lagos, there is opportunity to mobilize over N40billion within 6 to 10months! It is high time for the financial institutions in Nigeria to started thinking outside the box and be more innovate in their banking approach! https://www./financial-inclusion-nigeria-challenges-banks-mobile-money-adesanya?trk=pulse_spock-articles https://www.nairaland.com/2984078/financial-inclusion-nigeria-challenges-banks Adesiji77: |
| Business › Re: Bank CEOs Agree To Reduce Mass Sack Of Workers by WorldChanger7: 10:39am On Jun 10, 2016 |
Good morning all, On the recent news of banks to reduce the mass sack of employee is definitely not necessary "if only" the banks will embrace innovative ideas to increase liquidity and access to credit through deposit mobilization. The un(der)banked population still at 64% and they control over 75% of daily retail transaction but ends up in the hands of the informal sectors. The solution lies with innovative solutions through more efficient distribution channel and better value proportion such as credit facilities to those at the bottom of the population pyramid. https://www.nairaland.com/2984078/financial-inclusion-nigeria-challenges-banks |
| Christianity Etc › INDEBTED TO GOD... (only The Grateful Souls Can Understand) by WorldChanger7(op): 4:34pm On May 23, 2016 |
An average human being live on 550litres of pure oxygen per day to survive. A litre of pure oxygen costs £3, which gives a total of £1,650 for a day! Which means at current rate of N288.27 to £1, it will cost N475,646 to survive on a daily basis on pure oxygen (imagine what that will be at black market rate)! When you multiple the above daily rate by 365days (in a year), an average human being will need N174million to survive on pure oxygen in a year! Now, multiple the above figure by the number of years you have lived on earth; multiple by the number of years of all your family member; and sum them all up (Guess your calculation has started entering e – LOL)! That exactly is the debt of your being alive to God in terms of just pure oxygen. Imagine what if He (God) decides to send an invoice of the pure air (oxygen) He has been giving us in addition to other things we have enjoyed since the day we were born (I can sense you just had a deep breath)! Just one thing I request of you (right now), convert that debt into thanksgiving and praise God for His faithfulness beyond measure; His kindness without condition; His mercy day after day; and His covenant! In addition, kindly help me share, comment and like this piece of appreciation to God. My name is Oluwaseun Odunayo Adesanya (Generation Shaker) and I am a grateful soul! What of You? God bless you (You can share your testimony on this page or send me a whatsapp or message to +234-701-399-0127) |
| Science/Technology › Competent & Experienced Software Developer & Programmer Urgently Needed by WorldChanger7(op): 2:07pm On May 10, 2016 |
A leading Indigenous Pan-African payment gateway and Solutions Company, currently implementing its growth strategy across Africa, requires the services of highly competent and experienced software developers and programmers who are interested in pioneering initiatives in the electronic payment space’ Interested candidate should kindly forward their CV with cover letter to info@systemspecs.com.ng (with “Software Developer & Programmer Vacancy” as subject). Thanks |
| Jobs/Vacancies › Competent & Experienced Software Developer & Programmer Urgently Needed by WorldChanger7(op): 1:56pm On May 10, 2016 |
A leading Indigenous Pan-African payment gateway and Solutions Company, currently implementing its growth strategy across Africa, requires the services of highly competent and experienced software developers and programmers who are interested in pioneering initiatives in the electronic payment space’ Interested candidate should kindly forward their CV with cover letter to info@systemspecs.com.ng (with “Software Developer & Programmer Vacancy” as subject). Thanks |
| Business › Re: Economic Crisis: Five Banks’ Profit Drop By N54bn by WorldChanger7: 12:07pm On Apr 18, 2016 |
I guess this should push the banks into looking at the bottom of the retail pyramid (i.e. Un(der)banked population) which currently control liquidityhttps://www./financial-inclusion-nigeria-challenges-banks-mobile-money-adesanya?trk=pulse_spock-articles Adesiji77: |
| Business › Re: DiamondBank Marketer Flees With Lagos Traders’ Deposits by WorldChanger7: 1:11pm On Mar 16, 2016 |
Adesiji77:This incident can be avoided with proper risk mitigation plan under an effective framework! @Igwedaboss [quote author=WorldChanger7 post=43681630]Financial Inclusion in Nigeria: The Challenges of Banks & Mobile Money Operators (MMOs) 1 Like |
| Business › Re: Financial Inclusion In Nigeria: The Challenges Of Banks & Mobile Money Operators by WorldChanger7(op): 10:47am On Mar 14, 2016 |
vimi:For Financial Inclusion in Nigeria, the guideline stated that there should be no charges to the customer. So for the agent under the current system earning 70K as stated by Vimi, i completely disagree! Stand to be informed, there is no such structure in Nigeria that is currently delivering the full value proposition to the un(der)banked or allowing agent to earn up to 70K! If there are, why is the percentage of un(der)banked still 64%? What is the total volume of transaction on such to facilitate such income to the agent? What is the current cost of such platform to the bank?........No bank in Nigeria is delivering financial inclusion to the un(der)banked! |
| Business › Re: Financial Inclusion In Nigeria: The Challenges Of Banks & Mobile Money Operators by WorldChanger7(op): 5:17pm On Mar 11, 2016 |
Pavore9:Mobile Money would have work in Nigeria if there is a robust agency network spread to facilitate transactions but currently, majority of the un(der)banked prefer a trusted platform that can guarantee the safety of their deposit and gives them additional value such as interest, microcredit etc. which are not available on Mobile Money 3 Likes |
| Business › Financial Inclusion In Nigeria: The Challenges Of Banks & Mobile Money Operators by WorldChanger7(op): 4:28pm On Mar 11, 2016 |
Financial Inclusion in Nigeria: The Challenges of Banks & Mobile Money Operators (MMOs) Nigeria Demographic Nigeria prides itself as the most populated and economy giant of African continent with over 176million people yet 64% (of the adult population) currently un(der)banked! The financial sector also boost of 22 commercial banks, over 400 mircofinance banks and above 23 Mobile Money Operators who over the years, have been trying to tap into the market potential of the large un(der)banked population in the economy. From findings, the current un(der)banked population control over 75% of daily retail transaction and it will surprise you that even the banked population are encouraging them through cash transactions because the economy has not transit from her traditional cash based. The result is the increasing number of informal financial operators whose activities is not regulated but control high volume of liquidity which could have been use to create economic opportunities if it were in the hands of the formal financial institutions. Effort of Central Bank of Nigeria The CBN in her regulatory capacity introduced several measures through policies, guidelines, licencing and facilitating workshops, researches and support towards bringing the un(der)banked into the mainstream. The activities of the regulator opened up opportunities for all the financial institutions to replicate the same success of stories across the world (such as Grameen Bank in Bangladesh and M-Pesa in Kenya) but it only resulted into the current situation of 64% un(der)banked population! Definitely, something is missing! The various efforts (with even EFInA giving grants to those who can provide solution to the problem) tell of the significant contribution such a population can generate in this economy that is greatly affected by global oil price which has impacted negatively on the financial sectors. With the current macroeconomic challenges and uncertain outlook, the Retail space in Nigeria has great potential for deposit mobilization, engaging the underbanked, converting the unbanked, creating liquidity, driving cashless policy and promoting economic growth. Challenges to the Success of Financial Inclusion in Nigeria There are several challenges identified that have created the gap and pose as unsurmountable mountain to financial inclusion in Nigeria. They include: Misconception: Generally, there is a believe that once it works anywhere else (including Kenya), it can work in Nigeria. But the reality is that the culture and economy ideology defer because Nigeria is still predominately cash based. Second, there is another believe that the rate of mobile users should directly result to mobile money subscriber but this, is another mistake because most of the people under the un(der) population are hostile to the wave of electronic financial transaction platform and still believe the “do-it-for-me” service! That is why the “esusu” and “ajoo” (informal financial providers) are strongly trusted and established! Channel: From the first point (above), it is clear that the prefer channel is not the corporate sit and take coffee approach but rugged style. The reality is similar to gold diggers and commodity trader, while the former dig to extract gold, the former only trade the available gold in the market without even touching it. The most appropriate channel for the un(der)banked is the combination of their trusted traditional method and technology! Framework: The Mobile Money Operations render financial services through their agents who currently sees such partnership as hindrance to its primary business, while on the commercial banks side, they use contract staffs (called Direct Sales Agent/Executives) to chase customers for deposits with possibility of great risks to bank and lack of comfort by the customers. Compensation Model: Most of the agent under the Mobile Money Operators and Direct Sales Agent/Executives of the commercial banks complained bitterly on the unattractive incentives from rending such service. Targets that are not backed with market intelligence and strategy for successful implementation! Market Intelligence: The situation in Nigeria is like asking the sight challenged person (such a blind man) to just run without any direction, assistance or guide! It may shock you that many of the financial institutions (including the Mobile Money Operators) do not even have sufficient market intelligence that can create access to the un(der)banked population. For Instance, in Lagos, many of them don’t even know that there are 442 registered markets with potential of mobilizing over #30Billion deposit (turnover) within 9months! Moment of Truth The above points are inconclusive of the current challenges to financial inclusion in Nigeria and your doubt can be cleared if any of the banks and Mobile Money Operators, who claimed to be the pacesetter in financial inclusion can provide analysis of active subscribers, volume and value of transaction, agency spread and profitability! (Trust me, it is just like the empty barrel that makes the loudest noise) In conclusion, the solution is not far-fetched when the above challenges are thoroughly considered and experts’ advice are consulted for success implementation to increase the percentage of financial inclusion in Nigeria within the next possible time! Oluwaseun Adesanya +234-803-849-8000 Lagos, Nigeria (An international Consultant in financial inclusion and Strategy. He is currently, the head of Corporate Strategy & Performance Management of the leading Software company in Africa, SystemSpecs – Owner of HumanManager and Remita) https://www./financial-inclusion-nigeria-challenges-banks-mobile-money-adesanya 3 Likes 2 Shares
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| Business › Re: The Impending Banking Crisis by WorldChanger7: 8:22pm On Feb 23, 2016 |
To honest, all Nigeria banks (including the most popular to you) are intellectually lazy! In 2014, i wrote them on the possibility of FGN implementing TSA and the challenges it may create. I then proposed a solution that could help boost liquidity and deepen the bottom of the population pyramid! All got was “I am too young to have such great idea”, “I don’t have a platform like PWC,KPMG or SIAO to present such a great idea”, “let us offer a job and the least we can give you is BO to drive it” etc. It was even bad that one of the bank staff was treating me not to send mails to their MD again! However, we still have 64% un(der) banked population that controls over 75% of daily retail transaction! Guess that data means a lot to those who are intelligent and can see opportunities even in times like this. kayfra: 8 Likes |
