Business
Digitization, fintech as panacea to financial inclusion
One of the compelling aspirations of the Federal Government and the Central Bank of Nigeria (CBN) in the last two years has been to ramp up the numbers for financial inclusion in the country. To this end, Nigeria’s apex bank, alongside other regulators in the financial services sector, including the National Pension Commission (PENCOM), has vigorously pursued the agenda of financial inclusion through various initiatives with a clear intent to bring millions of Nigerians, especially those in the informal sector and the unbanked, into the banked population. This ambition, which is not restricted to banking alone, cuts across the full continuum of financial services, ranging from bank accounts, insurance subscription, retirement savings account, and fund investments, among others.
Perhaps the bedrock and main enabler of recent improvements witnessed in the financial services sector in areas like customer experience and service quality, speed to market of financial products and services and quick turnaround time in processing financial transactions stems primarily from advancements in modern information and communications technology, investment in its adoption and integration. Leading financial services providers in the country, especially the Deposit Money Banks (DMOs) have all embraced innovations made available and possible by constantly evolving technology, in a bid to remain relevant, grow market share, expand footprints, do business profitably, stay ahead of the competition, and deliver more value to their customers and other critical stakeholders.
The major setback many experts have however cited as the bane of financial inclusion in Nigeria is the apparent distrust for financial services institutions and low literacy levels among Nigerians. Credit must be given to the Federal Ministry of Finance and the Central Bank of Nigeria for measures they have put in place to raise the bar on financial literacy in the country as a panacea to driving financial inclusion, although a lot more work is required if the low public confidence and trust in the financial services sector is to receive any boost.Executive Director, Personal and Business Banking, Stanbic IBTC Bank PLC, Mr. Babatunde Macaulay, said that financial inclusion is one issue that CBN is driving passionately and Stanbic IBTC and other banks are part of that drive.
The question therefore is what must be done to effectively remove this barrier and disincentive to financial inclusion in Nigeria. One determinant that readily comes to mind is innovation and technology. This perhaps must be why many commercial banks have been remodeling their operational strategies to deemphasize focus on increasing footprint via branch network expansion and steadily moving towards digitization and mobile solutions. Original Equipment Manufacturers like Hewlett Packard or HP, Dell, Samsung and other makers of computing devices had predicted many years ago that the future of computing is mobile, hence the unprecedented revolution in the handheld device and mobile phone industry.
Chief Executive of Stanbic IBTC Bank PLC, Dr. Demola Sogunle, had also attested that the ongoing digital transformation and revolution which the financial services sector is currently witnessing has only just begun. The bank chief made this pronouncement during the official commissioning of the bank’s first self-service fully digital branch at the Maryland Mall in Lagos, in December last year. Almost exactly a year before that, precisely in November, 2015, Stanbic IBTC, in furtherance of ongoing digitization drive aimed at serving its customers better through excellent and innovative products and services, launched Africa’s very first personal teller machine (PTM), an interactive automated teller machine that enables its customers perform full banking activities.
The Personal Teller Machine is a device that offers customers the benefits of both self-service video banking and the branch teller experience combined in one solution. The PTMcombines video banking collaboration and remote transaction processing banking technology embedded within the machine to give customers the choice of self-service or connecting with a remote teller in a highly personalized, two-way audio/video interaction. The machine’s interactive nature helps to close the ‘intimacy gap’ that is currently missing on the conventional automated teller machine (ATM). So if the objective of the bank for deploying the PTM was to further enrich customers’ banking experience by allowing them perform banking operations such as account opening, cash deposit and withdrawal, cheque deposit and other general account enquiries like account balance, loan enquiries, card related services, among other functions, without having to use their debit cards, then this purpose has ultimately being achieved. The total value of transactions done on Stanbic IBTC Bank PTM as at March 2017 was N34,264,500; with total deposit valued at N8,805,500, withdrawal valued at N25,459,000 in 1,985 sessions.
These numbers may suggest that the PTM has been a successful innovative solution deployed by Stanbic IBTC to serve its customers. So in spite of the enormous potential and benefits of the PTM, Stanbic IBTC went a step further to explore other alternative solutions to deliver service to the retail end of the market and this was mobile. Mobile is believed to present a huge opportunity for Nigerian banks to drive financial inclusion, especially considering the high mobile devices penetration rate in the country. The recent trend by banks of reengineering and re-launching their mobile banking application offerings clearly gives credence to this assertion.
Macaulay said Stanbic IBTC was one of the very first financial institutions in Nigeria to revamp its mobile app which it launched into the market in November 2016 to boost customer service delivery and user experience. The app tagged ‘Appyness’ placed emphasis on seamless user experience, aesthetics and convenience. He said one unique feature of Stanbic IBTC Mobile App is that it offers banking, asset management, pension and mobile money services on a single infrastructure. “The new app makes it possible for customers to see their bank accounts, mobile wallet, pension and mutual fund investments in one place, giving them total control of their money and investments. Apart from being fast and dependable, the new app is feature-rich, with capacity to conduct funds transfer, bills payment, airtime purchase, cheque services, mobile money and lifestyle services. Its other features, unavailable in most other banking apps, include monitoring pension accounts, checking mutual funds account, redeeming and making additional investments in mutual funds. The Stanbic IBTC Mobile App is the only mobile platform that offers a convergence of financial services,” Macaulay stated.
The ED said Stanbic IBTC believes technology is the best way to go. He said that across the banking industry, the number of transactions in the branches has reduced significantly whereas offsite transactions, whether via the internet, mobile, ATMs, POS, have increased and continue to grow.
This position was reaffirmed by the Head, Mobile and Acquiring Channels, Stanbic IBTC Bank, Francis Nwoboshi, while speaking at the 2016 Annual Brands & Marketing Conference of the Brand Journalists’ Association of Nigeria (BJAN), in Lagos themed ‘Mobile Money in Nigeria – Challenges, Opportunities, and Threats’. Nwoboshi said the bank believes that Nigeria’s socio-economic demography presents a considerable opportunity for innovative mobile propositions that can deepen financial access in the country.
Technology is converging at an exigent speed while disruptive technology and digital communications is impacting so much on many traditional business models, including financial services. Nigerian banks and other financial services providers must have realized that these are very exciting times which require new thinking and approach or better put, innovation.
A recent Accenture Consulting research on the future of financial technology (fintech) and banking revealed that the digital revolution in financial services is under way, but how this would impact current banking players is unclear. It warned that digital disruption has the potential to shrink the role and relevance of today’s banks, but could all together help them create better, faster, cheaper services that make them an even more essential part of everyday life for institutions and individuals. As more Nigerian banks make a model shift towards digitization and mobile, it is expected that this would positively impact the nation’s desire to attain widespread financial inclusiveness and promote transition to mobile banking solutions, e-Government solutions, cashless policy and drive growth verticals for business-to-business (B2B) mobile services.
Zenith Bank Enhances E-Channel Services for Customers
Zenith Bank, one of Nigeria’s leading financial institutions, has restored improved services across its electronic transaction channels, ensuring customers have seamless access to banking services.
In a statement released on Thursday via its X handle, the bank confirmed that customers can now conveniently conduct transactions across various platforms following a recent upgrade. These enhancements follow temporary glitches caused by routine IT maintenance aimed at optimizing service delivery.
Zenith Bank reiterated its commitment to providing improved services and highlighted the various channels available for customer transactions, including:
– Zenith Bank Debit, Credit, and Prepaid Cards
– Automated Teller Machines (ATMs)
– Point of Sale (POS) Terminals
– Zenith Bank Mobile App
– Internet Banking Platform
– Zenith Agents nationwide for agent banking
Customers are also encouraged to visit any of the bank’s branches across the country for in-person transactions.
Zenith Bank reassured further improvements in service delivery following the IT infrastructure upgrade. Customers with bulk payments and salary requests are encouraged to present payment mandates at any Zenith Bank branch nationwide for expedited processing.
Zenith Bank remains dedicated to enhancing customer experience and ensuring reliable banking services across all platforms.
For further inquiries, customers can contact Zenith Direct at +234 201 278 7000, 0700ZENITHBANK, or 0904 085 7000. Alternatively, they can send an email to [email protected].
Business
Infrastructure Upgrade: Zenith Bank Apologizes for Disruptions, Assures Customers on Improved Services
FANAFILLIT sets to Unite hearts and transform lives with GLOWFUX 2024
Fanafillit Integrated Concepts, the visionary force behind the annual GLOWFUX Charity Concert, has revealed its ambitious plans for the 2024 edition. Slated for December, this year’s event aims to gather compassionate Nigerians for a powerful and heartwarming initiative, designed to bring joy to the lives of special children. The event promises not only world-class entertainment but also a deeply moving experience for all attendees.
In an official statement, Miss Rebecca Olaniyan, the Coordinator for the 2024 GLOWFUX Charity Concert, announced the theme: “UNITING HEARTS, TRANSFORMING LIVES.” This theme encapsulates the core purpose of the event—fostering unity through acts of love and compassion, resulting in profound and lasting change for both individuals and communities. “This theme underscores the concert’s mission of creating connections that inspire growth and empowerment,” Miss Olaniyan explained, as the concert continues its tradition of supporting children in orphanages and special needs homes.
The 2024 edition introduces a thrilling new twist with a change of venue to the historic National Museum, Onikan, Lagos. According to Mr. Olubode Mac Oserinde, initiator of the GLOWFUX Charity Concert and Team Lead at FANAFILLIT, this change is designed to offer guests an even richer experience. “With this year’s edition at the National Museum, GLOWFUX Charity Concert is set to elevate the event experience,” he noted. “The museum’s serene and culturally significant environment will add a new dimension to the event, ensuring that it not only entertains but also educates and enriches our guests.”
One of the key highlights of this year’s concert is the lineup of extraordinary young talents, aged between 7 and 16, who are poised to mesmerize the audience. Gospel sensation Feranmi Golden Angel, dynamic entertainer Vanessa Jones, proverb maestro Chief Adigun Olowe, and dexterious saxophonist Dom Sax will lead the entertainment. Their youthful exuberance and remarkable skills are sure to inspire both the children and adults in attendance, offering a unique perspective on how young minds can make a powerful impact.
Kicking off the day, the GLOWFUX Carpet session will run from 11:00 a.m. to 1:00 p.m., offering guests a glamorous and engaging introduction to the event. The main concert will then follow from 1:00 p.m. to 6:30 p.m., ensuring a day full of joy, laughter, and heartwarming moments.
This year’s concert will also feature the traditional induction of new GLOWFUX Young Ambassadors, a momentous occasion where young advocates are recognized for their commitment to making a difference. Additionally, the GLOWFUX Hall of Charity Awards will honor outstanding contributions to the community, with awards in the categories of GLOWFUX Man of the Year, GLOWFUX Woman of the Year, GLOWFUX NGO of the Year, and GLOWFUX Socially Responsible Corporate Brand of the Year.
In a significant addition to the program, attendees can look forward to an enriching motivational talk on the power of giving with love. The concert organizers are currently in discussions with Rotarian Femi Adenekan, Governor of Rotary District 9112, to deliver this insightful keynote address, which will further emphasize the concert’s message of generosity and kindness.
As always, the GLOWFUX Charity Concert is open to the public, inviting individuals to celebrate with the special children, who are treated as VIP guests. Attendees are encouraged to bring gift items for the children and to join in the spirit of giving.
The entertainment lineup for the day is brimming with excitement, with performances from talented young stars and appearances by Hilary Jackson and his Dance Group. First Class Comedy will provide comic relief, ensuring that the audience is treated to both inspiration and laughter. The event will be hosted by the dynamic duo of Princephelar and MC Luwy, while popular child-skitmaker Akorede is expected to make a special appearance as a celebrity guest.
The GLOWFUX Charity Concert is open to the public, inviting individuals to celebrate alongside the special children treated as VIP guests with complimentary food, drinks, and entertainment for everyone. Attendees are encouraged to bring gift items for the children and join in the spirit of giving. Guests can register at https://donate-ng.com/campaign/glowfux-2024 to secure their spot at this memorable event.
The 2024 GLOWFUX Charity Concert is supported by notable brands, including Elegushi Royal Stool, iCare Foundation, Courteville Solutions PLC, Seniors Wellbeing Foundation, Hands Lifting Hearts Initiatives, Danone, Seven-Up Bottling Company, Primero Transport Ltd, Fidson Healthcare, Beloxxi Biscuits, AkModel Properties, Corsican Brothers, KingsMead Group of Schools, MALENS Diagnostics, Headway Events, DJ MAPS Productions, Epee Tech Solutions, SIFAX group, and 3Zs Fabrics.
Media support will come from an array of respected outlets, including AIT, Global Excellence magazine, theeagleonline.com.ng, KRAKS TV, newspop.com, theelitesng.com, freedomonline.com.ng, PULSE NG, saharaweeklyng.com, thegazellenews.com, pmexpressng.com, freelanews.com, thecitypulsenews.com, societyreporters.com, theimpactnewspaper.com, thestatusng.blogspot.com, mockinbird.com.ng, omonaijablog.com.ng and others. This comprehensive media coverage ensures that the concert will reach a broad audience, amplifying its impact.
For those looking to contribute, the GLOWFUX Charity Concert offers numerous avenues for participation, partnership, and sponsorship.
For all inquiries related to participation, partnership, or sponsorship, please contact:
– 07085755549
– 07032312815
– 09159712472
To support this noble cause, donations can be made to:
Account Name: GLOWFUX Concert
Account Number: 8554972016
Bank: FCMB
GLOWFUX Charity Concert: Giving happily to live happily.
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