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HOW FIRSTBANK FINTECH SUMMIT IS CONTRIBUTING TO BRIDGE NIGERIA’S FINANCIAL INCLUSION

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By Bala Augie

As financial solution providers continue to face stiffer competition globally from Fintech startups and emerging technologies such as blockchain, cryptocurrency and crowdfunding, and the increasing level of disruption in the traditional mode of payment and business models, technology holds the key to unlock the potentials in the financial service sector across Africa through Fintech.

As the banking sector continues to find newer ways of engaging and providing customer centric services to bridge the current level of unbanked and under banked population to achieve Nigeria’s 2020 financial inclusion target, the fallout of the recently held FirstBank Fintech Summit 3.0., is that technology is the growth to financial institution in Africa.

“Customer experience and innovation are key in our approach to satisfying our customers. As a leading banking services solutions provider, FirstBank has continued to set the pace in the financial services industry, coming up with new initiatives to provide financial products and services with greater speed, accountability and efficiency,” said Adesola Adeduntan, the CEO, First Bank of Nigeria Limited at the recent FirstBank Fintech Summit 3.0.

Adeduntan opined that the third edition of the FirstBank Fintech Summit indicates the Bank’s commitment to putting its customers first. According to him, FirstBank is keen at offering excellent financial services by devising new ways of effectively and efficiently meeting customers’ financial needs.

“Evidently, financial technology is causing positive disruption in the financial services industry. The impact of technology in lifestyle business and other areas of today’s customer is huge. We are therefore following global trends in collaborating with Fintechs and other big technology companies on several transformational initiatives to be able to satisfy our customers’ needs,” said Adeduntan.

According to Adeduntan, the main purpose of the FirstBank Fintech summit is to converge thought leaders in the FinTech space to champion discourse around financial technology and proffer solutions that will shape the future of banking.

He stated further that key areas of interest for the bank, is to champion the propositions around e-business and digital offering, agent banking, wholesale or transaction banking product suite, retail and consumer lending and SME productivity.

“I am optimistic that every organisation represented here will be empowered to provide services with greater speed and solve real societal problems to the advantage of the Nigerian populace through the insights that will be gained from this event.

“At FirstBank, our promise is to always deliver the ultimate ‘gold standard’ of value and excellence. We will therefore stop at nothing to provide excellent and innovative financial services to our esteemed customers,” he concludes.

Victor Asemota, keynote speaker at the summit said the essence of Fintech is the ability to deploy technology towards solving human problems with tools and processes. According to him, innovation simply means the ability to effectively combine and deploy tools, process and people together to achieve an aim.

Asemota opined that Fintech will help to end the deficit narrative associated with human centered innovation. Hence, people plus innovation will result into solving real life problems, real time.

Chuma Ezirim, the Group Executive, eBusiness and Retail Products, said Fintech is an enabler in solving real problems in the financial sector. However, building a strong digital franchise in the financial ecosystem will be driven by successful partnerships.

In rolling out the figures, Ezirim said, “Over 18m customer accounts, over 10m cards issued (processes about 25% of card transactions in Nigeria). Highest number of Verve transacting cards; Visa debit multi-currency card. Over 8 million users (80% of customer base) with an average of 2.1 million transactions worth over N7 billion is processed daily.

“Over 3.3 million customers; over 500,000 transactions worth N23billion are processed daily. Over 36,000 active agents in Nigeria with a dominant presence in 754 local governments in the 36 states. Over 600,000 transactions worth over N9billion are processed daily,” said Ezirim.

According to him, in developing digital innovation lab, the banking sector must create new digital experiences for customers by enhance existing channels and products. Therefore, banks and the financial sector should leverage Fintech and non-Fintech ecosystem in Nigeria by promoting open innovation, collaboration and co-innovation in the Nigerian financial services sector.

According to Ezirim, in offering banking as a service to its customers is leveraging its API infrastructure. FirstBank is today offering payments through accounts, wallets and cards. However, he is of the view that there are growth areas and opportunities in Fintech.

According to him, Fintech allows banks to offer real time processing of transaction (instant payments and settlements). Mobile payments/acceptance channels through mobile Apps, USSD, QR Code, E-/M commerce, and others that are out-growing cards usage.

Similarly, Fintech has contributed to the digitalization of person to person, person to business, business to person and business to business payment transactions. And, it allows for new approaches to assessing risk in underserved segments especially with consumer and SME Loans.

Callistus Obetta, the Group Executive, Technology & Services, FirstBank, said financial technology has made positive disruption in banking and other financial services; and financial institutions will do well to take advantage of Fintech.

According to him, FirstBank is taking giant strides in the digital space. “In a short time, we have become the foremost financial inclusion solution provider with over 36,000 agents in all states of the federation. We have done over N2 trillion in transaction value from inception to date.

“The FirstBank Agent Banking Network is currently doing over N8 Billion daily. This is helping us reduce poverty in the country. Our Firstmobile application has become the foremost mobile banking application in the country with over 3 million users doing over 14 million transactions monthly,” said Obetta stating that FirstBank has been able to achieve this feat due to its ability to embrace technology.

However, Obetta urged participants at the Fintech summit to leverage on the insights shared by speakers. “We will continue to adopt the best technology and collaborate with the best partners to deliver value to our customers,” Obetta stated.

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Adron Homes Unveils 2024 Lemon Friday Promo: Huge Discounts and Flexible Payment Options Up to 60 Months

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Adron Homes Unveils 2024 Lemon Friday Promo: Huge Discounts and Flexible Payment Options Up to 60 Months

 

Adron Homes and Properties, Nigeria’s leading real estate company, has officially launched its highly anticipated 2024 Lemon Friday Promo, marking the ninth consecutive year of this revolutionary campaign. The promotional offer, which has transformed the lives of countless Nigerians, promises even greater opportunities for aspiring homeowners with a suite of exciting benefits and incentives.

At the official unveiling event held at Adron Homes’ headquarters in Lagos, Mrs. Adenike Ajobo, the Managing Director of the company, expressed her delight in launching this year’s Lemon Friday Promo. She highlighted how the promo has consistently created opportunities for many Nigerians to become proud property owners, offering not only affordable housing options but also an array of valuable gifts such as cows, inverter batteries, air conditioners, refrigerators, televisions, washing machines, and more.

“The Lemon Friday Promo has been life-changing for many of our customers. It reflects Adron Homes’ unwavering commitment to making housing accessible to all Nigerians, regardless of income level. This year, we’re offering an even more flexible payment plan, with options extending up to 36 months. It’s our way of ensuring that everyone, from all walks of life, can become a homeowner,” said Mrs. Ajobo.

Subscribers to the Lemon Friday Promo can enjoy up to 45% discount on various properties with a payment option of up to 60months, in addition to a variety of mouth-watering gifts including bags of rice, inverters batteries, gift vouchers, and even cows. This year’s edition continues to cater to the needs of all Nigerians, ensuring that Adron Homes’ properties remain affordable, accessible, and appealing to a diverse clientele.

With properties spanning Lagos, Abuja, Ogun, Oyo, Osun, Nasarawa, Niger, Ekiti, and Plateau States, Adron Homes has been at the forefront of reducing Nigeria’s housing deficit by providing secure, comfortable, and affordable housing solutions. The Lemon Friday Promo is a shining testament to Adron Homes’ dedication to creating a sense of community while promoting homeownership across the country.

“At Adron Homes, we pride ourselves in our ability to create communities that foster togetherness. This year’s Lemon Friday is not just about offering homes, but about building family-centric communities where people can thrive,” Mrs. Ajobo added.

The 2024 Lemon Friday Promo is set to surpass previous editions in scale, benefits, and impact, embodying the core values of Adron Homes: affordability, accessibility, and community building. This is a once-in-a-lifetime opportunity for Nigerians to own property while enjoying significant savings and exclusive gifts.

Don’t miss out on this life-changing opportunity! Take advantage of the 2024 Lemon Friday Promo and become a proud property owner with Adron Homes today.

For more information on how to subscribe and benefit from this offer, visit Adron Homes’s official website or send a DM on our social media platforms.

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Why We Want To Change FIRS Name – Adedeji

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FIRS allays fears over tax reform, denies new taxes

Why We Want To Change FIRS Name – Adedeji

The Chairman of the Federal Inland Revenue Service, Zaccheus Adedeji, on Wednesday, explained the need for the change of the FIRS to the Nigeria Revenue Service.

 

Mr Adedeji, while appearing before the House of Representatives Committee on Finance, explained that the current name does not reflect the true function of the agency, and limits its power to carry out functions.

It would be recalled that President Bola Tinubu sent four bills on tax reform to the National Assembly for passage.

 

One of the bills, the Nigeria Revenue Service Act repeals the FIRS Act, and also makes a name change.

 

The other bills are the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill.

 

Mr Adedeji explained that the “federal” and “inland” in the current name limit the powers of the commission.

In case of “federal”, he stated that the agency currently collects money for federal, states and local governments with the VAT collection.

 

He noted that the agency equally collects funds outside the shores of Nigeria from Amazon, Google and others, hence, the agency cannot be called “inland”.

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Oluwatoyin Madein: Appraising the Apostle of Transparency By Ochonu Ochonu

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Oluwatoyin Madein: Appraising the Apostle of Transparency

By Ochonu Ochonu

 

The Accountant General of the Federation (AGF) stands as the guardian of Nigeria’s treasury, a position established by Decree 43 of 1988. This esteemed office is reserved for exceptional individuals, handpicked by the President and entrusted with a four-year tenure. Chief Dr. Mrs. Oluwatoyin Madein is one such outstanding leader, whose appointment attests to her remarkable abilities.

 

Born in Iperu in Ikenne Local Government Area on the 7th day of March 1965, the distinguished goal-getter obtained a Higher National Diploma in Accountancy in 1988 from the Ogun State Polytechnic (presently Moshood Abiola Polytechnic) Abeokuta.

In a bid to improve herself educationally, Mrs Oluwatoyin proceeded to Ogun State University (now Olabisi Onabanjo University) Ago Iwoye from where she graduated colourfully with a Post Graduate Diploma (PGD) followed immediately by a master’s Degree in Business Administration in 2019.

In recognition of her exceptional intellectual prowess and commitment, the Commonwealth University conferred on her the Doctor of Business Administration (Honoris Causa).

Her quest for intellectual development, capacity building and pacesetting, invigorated her into the greater search for knowledge. She realized right in time that she needed proper equipping for the duties and responsibilities that Providence had predestined her for, as such, she proceeded to the highly prestigious Walden University, Minnesota, USA in 2020 from where she bagged a Doctor of Philosophy (P.hD) in Management Finance.

An exquisite and highly determined personality, Dr Oluwatoyin Madien, in a career spanning more than 30 years before her ascendancy to the present position, had served meritoriously in various offices within the civil service.

Her entry point was as a middle-level officer at the Raw Materials Research and Development Council (RMRDC).

She also was one of the pioneering staff of both the Family Economic Advancement Programme (FEAP) and the famous National Poverty Alleviation Programme (NAPEP).

Her distinguished career also took her to the Ministry of Police Affairs, Ministry of Commerce and Industry, Ministry of Works and Housing and the Ministry of Youths and Sports Development all at the Federal Capital Territory, Abuja.

Notably, Chief Dr Mrs Oluwatoyin Madien’s achievements did not start with sudden flight, it was a result of deliberate, resilient and determined efforts.

This is so because before joining the federal civil service, Dr. Toyin served the Ogun State Property and Investment Corporation (OPIC), Abeokuta, as an Executive Officer. The period proved very rewarding as it gave her fresh insight and knowledge of the workings of the second and third tiers of government. An experience that was to later prove extremely rewarding and indisposable.

The highly skilled professional also bagged several eminent recognitions and memberships. For instance, Dr. Toyin is a Fellow of the Association of Chartered and Certified Accountants (ACCA), UK, a Member Association of National Accountants of Nigeria and a Member Institute of Chartered Accountants of Nigeria (ICAN).

Upon assumption of office as the AGF, Chief Dr. Toyin realized that the demands of her new office were not going to be a tea party, as she was confronted with a higher call. While being in charge of the federal government’s accounting services may not look onerous, providing adequate accounting and control of all the Ministries, Extra-ministerial Departments and all arms of government proved challenging.

Her case was however a situation where preparation meets opportunity. She was not only prepared but given her stalling and distinguished intellectual and professional achievements, viewed her appointment as a task from God for humanity and country.

The fact that she is the first woman to attain such lofty office, motivated and made her determined to represent her constituency (the women folk) efficiently and effectively.

Her disposition was therefore that of demonstrated equanimity, compassion, resilience and empathy.

Within a short time, she began to prove her onions, as her devotion, commitment and determination to uphold fiscal transparency in government finance and accountability began to pay off.

In a well-thought-out plan of action, the ardent team player and resourceful advocate of fiscal transparency and responsibility conducted a forensic review of previous financial reforms embarked upon by her predecessors.

The insight gained thereafter enabled her to make hard decisions and also gave her the impetus to make resource-based fresh concepts and tactics for government financial operations and project sustainability as well as benefit delivery.

In a highly meticulous interface with IPPIS Server Providers, she was able to effectively put to rest the nagging challenges mitigating against the payment platform thereby enhancing remarkable improvement not witnessed previously.

Dr. Toyin’s deep insight, knowledge and experience in Fiscal responsibility enhanced the complete review of other financial management policies of government bringing about optimum, measurable and outstanding benefits and functionality.

It can be said that one of her greatest achievements is the demystification of the Federation Accounts and Allocation Committee (FAAC) specifics, especially as it has to do with revenue allocation to the various tiers of government.

While previous AGFs were confronted with subterfuge, Dr Toyin’s impeccable character and strong personality coupled with a firm knowledge of her profession were. Brought to bear on her schedule of duty as she consistently kept Nigerians properly informed about government revenue transactions, and performance relative to revenue inflows at all levels.

Her unwavering conviction that government can only thrive if the citizens are carried along in the management of public funds is not only a landmark, but has led to an enviable demonstration of accountability, transparency, and genuine commitment to serving the interest of not only Nigerians but foreigners, thereby making the populace aware of the inflows and expenditures of government.

This feat has led to immense confidence building and trust in government activities and enabled effective comparison of the revenue collected monthly, juxtaposed with developments on the ground thereby ascertaining compliance and strengthening the overall performance of the government.

Chief Dr. Mrs Oluwatoyin has in several practical ways proved her empathy, forthrightness and clear unambiguous understanding and knowledge of the nexus between government actions and the realities faced by the citizenry and those living in Nigeria.

Her prudent and faithful management of finances has over time proved not unique but innovative, creating synergy, balance and sustainable relationships with all tiers of government and even the international community.

It is necessary to note that this has also significantly reduced the incidences of conflicts and contradictions at FAAC meetings.

Dr. Toyin’s prioritization of prudence, transparency and accountability over even her professional reputation and the maintenance of her statutory obligations has led to the efficient delivery of national interest. It can be said that her major and overarching priority is the welfare of the people of Nigeria.

The detribalized trailblazer, the woman of substance, who has the empathy of a mother, understands the challenges faced by Nigerians as is consistently reflected in her daily activities.

With an efficient and collaborative approach to the fiscal decision-making process, Dr Toyin’s tenure can predictably be adjudged as not only the most distinguished, outstanding and beneficial to Nigerians but also pacesetting, and proactive with demonstrably keen observance of the feelings and interests of average Nigerians.

Her principle of cost-effective alternatives has drastically reduced Nigeria’s financial burden and generated revenue.

When all is said and done one practical area of her greatest achievements will be the stoppage of payments for projects yet to be awarded, this will save in no small measure, the country from huge embarrassment and prevent her from incurring unnecessary interest on funds that are yet to be deployed.

It can be said without contradiction that Chief Dr. Mrs Oluwatoyin Madien through her foresight, a combination of strict adherence To bureaucratic protocols and practices, and a thorough and painstaking assessment of each step taken, to mitigate waste combined with strict adherence to government policies has proved what responsible governance can achieve in a country when you have a round peg in a round hole.

Ochonu wrote this piece from Minna, Niger State.

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