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Revealed Why Banks Are Having Technical Glitches With Online Banking

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Why Tinubu Suspended CBN Governor, Emefiele

Revealed Why Banks Are Having Technical Glitches With Online Banking

 

BANKS-The cashless banking initiative of the Central Bank of Nigeria (CBN) is being hindered as the Nigerian banks continue to experience the technology skills gap due to a brain drain that is consuming experienced tech personnel in the sector, LEADERSHIP can exclusively reveal.

Revealed Why Banks Are Having Technical Glitches With Online Banking

Findings showed that the IT department of most of the banks is now manned by inexperienced hands who cannot cope with the traffic on internet banking platforms. According to sources, although, the hike in brain drain in the banking sector started after the COVID-19 pandemic, precisely, 2021, the banks were managing the situation, until the Naira redesign policy of the apex bank kicked off early this year, hence, spiking the rate of usage of electronic and mobile banking platforms for banking transactions, a development the current personnel manning the IT backend of most banks are struggling to cope with.

 

The CBN had, in October 2022, announced its intention to redesign the nation’s currency, as effort to check terrorism financing, counterfeiting and imbalances in the fiscal space, to enable the apex bank take control of the currency in circulation and to move the country into a full-fledged cashless economy, initially, by January 31st, 2023.

 

Since the beginning of this year, when the policy was fully implemented, Nigerians have cried out over the fact that they could barely laid hands on the new naira notes, which is the only legal currency now accepted in the economy, due to insufficient cash in circulation.

 

This, in turn, has forced Nigerians to turn to internet banking system for their transaction. This could have been the means to moving the economy to a cashless economy, stakeholders have said, even as they lamented the poor network, infrastructure deficit and inexperienced tech, that have marred the policy in recent time.

 

The CEO, Precise Financial System, Mr Yemi Okeremi told LEADERSHIP, that the banking technology in Nigeria is fairly sophisticated, with respect to the country’s level of development.

 

Okeremi added that the naira redesign, leading to little cash in circulation and a surge in the use of the internet banking system, has caused more harm than good, as the fragile infrastructure put in place by the banks have further depleted as a result of traffic.

 

He said, “For me, we are not ready for the cashless policy. Before this time, we had enjoyed fairly good internet and mobile banking and that is because the banks had scaled up based on what was on the ground. They know the number of Nigerians who have signed up for their internet banking services and they also have idea of the Nigerians that are banked and have put infrastructure in place to service them.

 

“All of a sudden, the CBN then came up with the idea that all Nigerians must go cashless. This is like double of the figures that were using their internet services. There are many Nigerians who have accounts with banks, but not using their internet banking services. These set of people were forced to start using internet banking overnight, which has slowed down servers, thereby delaying transactions or even declining them.’’

 

He also said that many tech experts have left the country for greener pastures, leaving the less experienced personnel to manage the infrastructure in the bank. He said, ‘‘Most of these fresh graduates do not know the nitty-gritty on how to manage some of the software and hard ware used in the banking sector. Also, poor internet connectivity has marred the seamless transition to cashless, in the sense that, for cashless policy to work, people must transact and receive alert immediately.

 

“In essence, infrastructure deficit, brain drain, and social problem, whereby every Nigerians now want to use internet banking at the same time are the reasons why Nigerians are having issue with internet banking.’’

 

He however urged CBN to reconsider its decision. “We know cashless process is great for any economy to grow, however, CBN would have been gradual in the process of turning the Nigerian economy into cashless economy. The banking sector is doing the best they can do, because nobody envisaged the traffic of internet banking. I must commend them, however, I would appeal to them to scale up, to meet this present challenge.

 

“On broadband connectivity, the telecoms sector is doing its best, in that the industry is planning to scale up broadband connectivity level to like 70 per cent by 2024. If that happened, people will be able to receive alert of transaction on time,” he stated.

 

In the same vein, the head, of operations, Association of Licensed Telecommunications Operators of Nigeria (ALTON), Gbolahan Awonuga, has urged the banking sector to upgrade their capacity. Awonuga said, “What the government is doing now is that they want a total cashless environment. We are taking about digital economy, but there must be some level of preparation. The bank should be able to accommodate the traffic flow of their customers.

 

“If everybody should go into cashless, the internet platforms of the banks should be able to manage the traffic. The reason we are experiencing delays in transactions or declined transactions is that there are lot of traffic at the backend. People want to do internet banking at the same time, however, because of the capacity, they cannot enter at the same time.”

 

He advocated for more partnership with fintech companies. Awonuga disclosed that there are some few fintech companies who are working with banks to ensure seamless online internet banking, while calling for more to join as an effort to salvage the current situation.

 

Speaking with LEADERSHIP, the president of the Chartered Institute of Bankers of Nigeria (CIBN), Ken Opara, noted that the industry is currently suffering from talent drain. He said, “There is a whole lot of resignations and people leaving the industry particularly the younger ones. The figure is quite high. You train and then immediately you train them, they leave

 

the country and then you start all over again. It is a real challenge. The banking industry is losing a lot of younger ones. It is affecting the pull of manpower particularly the younger ones.

 

“They are moving in large numbers outside the country. We are experiencing a pull of people out of the industry to outside the country and these are the younger ones that we are supposed to hand over to after a period. So, succession planning is hindered, productivity is lowered because these guys are the next generation of people. That is also slowing

 

down activity.”

 

Also, Head, Financial Institutions Ratings at Agusto & Co, Ayokunle Olubunmi, affirmed that the mass exodus is impacting the succession plan in the banking industry.

 

He said, “Some banks are already having issues with their succession plans, so they are ensuring that, for each role, they have two to three people that understand it. So, if someone leaves, there is another to take over. It is not only the banking industry that is challenged, it all of the sectors of the economy from manufacturing to insurance and banking industry. The challenge is such that it is not even the lower cadre that is moving out, it is middle management and even in some cases upper management. A lot of companies are losing their best hands and even their technical hands.

 

“Zeroing it down into the banking industry, one area that is actually affected the most is the tech guys. Remember that a lot of banks are actually moving into digitization. So, people are losing their tech guys. Unfortunately, it is not a skill that is readily available like that. The talent pool is not that vast. The tech guys are moving to Canada and Europe. So, that has significantly affected them. It is such that in some banks, departments have lost a lot of their staff. All banks are affected and that is why you see all of them recruiting. This is how bad it is. For the banks, they actually have to manage it, because unfortunately as a bank, changing the trend is outside their purview. For banks, it is now about how you can actually adapt.”

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Lion Oshiyemi Pledges redefinition, reposition as he emerges 20th President of OGUNCCIMA

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Lion Oshiyemi Pledges redefinition, reposition as he emerges 20th President of OGUNCCIMA

Lion Niyi Oshiyemi has been invested as the 20th President of the Ogun State Chambers of Commerce, Industry, Mines and Agriculture (OGUNCCIMA) at the Chamber’s 40th Annual General Meeting.

The investiture ceremony of the new OGUNCCIMA leadership was held on Thursday at Tunwase Hall in Ijebu Ode, Ogun State with top Chamber movement members in attendance.

The President In his acceptance speech, expressed gratitude to the immediate past President, Engr. Mike Akingbade, and the Chamber for entrusting him with the esteemed position.

He pledged to leverage available opportunities to redefine and reposition the Chamber, creating platforms to influence legislation and improve the business environment.

“I am honored to lead this prestigious organization and I promise to harness all available opportunities to redefine and reposition the chamber of commerce movement in the state”.

“I will continue to create platforms to influence legislation and other measures affecting trade, improve the business environment, and build a Nigerian economy of thriving business opportunities through networking”.

“I wish to enjoin you all who represent businesses, if you have not joined the OGUNCCIMA, please come and lend your voice to others. The bigger the network, the louder the voice and the stronger the influence”.

“Our advocacy seeks to ensure that the business community can have its voice heard on issues that are important to it”.

“I’d like to introduce to you my Presidency’s flagship project “OGUNCCIMA Secretariat”: The project is massive and requires a lot, I therefore seek your support and look forward to partnering with all stakeholders – the state government and it’s agencies (Federal and State Ministries, Departments and Agencies), development partners, the diplomatic communities, the media, and other stakeholders”, he said.

Oshiyemi also praised the founding fathers of the Chamber, saying, “I laud the vision of our founding fathers, who have laid a solid foundation for us to build upon. I am committed to taking OGUNCCIMA to greater heights and making it a beacon of hope for businesses in Ogun State.”

The Ogun State Hon. Commissioner for Industry, Trade and Investment, Hon. Adebola Sofela Emmanuel, in his keynote address said by the Permanent Secretary, Ministry of Trade and Investment, Dr. Olu Ola Aikulola, said over the years that the Ogun State Chambers of Commerce, Industry, Mines and Agriculture (OGUNCCIMA), has not only remained a beacon of entrepreneurial excellence, but also partners in driving economic growth, fostering trade, and promoting investment opportunities in the state.

He said: “I would like to extend my heartfelt congratulations to OGUNCCIMA on this historical movement. Forty years of dedicated service to the industrial, trade, and agricultural sectors of Ogun State is no small feat”.

“Over the years, the Ogun State Chambers of Commerce, Industry, Mines and Agriculture (OGUNCCIMA) has not only been a beacon of entrepreneurial excellence but also a pivotal partner in driving industrial growth, fostering trade, and promoting investment opportunities”.

“Today, as we elect new officers to continue this legacy of excellence, I urge all members to approach this process with a spirit of unity, fairness, and foresight. The future of our chambers and the economic well-being of our state depend on the collective wisdom and strategic vision of our leaders”.

“For us, as a government, we will continue to put in place Institutional mechanisms that will guide our various developmental programmes in all sector of the economy”, he added.

In his remarks, NACCIMA President, Dele Kelvin Oye, represented by the Director – General, Olusola Obadimu, urged the new leadership of OGUNCCIMA to reflect on the the Chambers achievements and chart the course for the future.

“Today, as we gather for the 40th Annual General Meeting and Investiture of New Executives, I want to charge the new leadership to be dedicated and build on the achievements of the past administrations”.

“On behalf of NACCIMA, I congratulate the new officers and may our shared efforts continue to bear fruit, and may new officers lead us for greater heights of success and prosperity”, he concluded.

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ASR AFRICA FLAGS OFF CONSTRUCTION OF A N280 MILLION INTEGRATED PUBLISHING HOUSE FOR BABCOCK UNIVERSITY, ILISHAN-REMO, OGUN STATE, NIGERIA

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ASR AFRICA FLAGS OFF CONSTRUCTION OF A N280 MILLION INTEGRATED PUBLISHING HOUSE FOR BABCOCK UNIVERSITY, ILISHAN-REMO, OGUN STATE, NIGERIA

ASR AFRICA FLAGS OFF CONSTRUCTION OF A N280 MILLION INTEGRATED PUBLISHING HOUSE FOR BABCOCK UNIVERSITY, ILISHAN-REMO, OGUN STATE, NIGERIA

 

 

 

 

Sahara Weekly Reports That The Abdul Samad Rabiu Africa Initiative (ASR Africa), the philanthropic initiative of the Chairman of BUA Group, Abdul Samad Rabiu (CFR, CON), has flagged off the construction of a N280 million Abdul Samad Rabiu Integrated Publishing House for Babcock University, Ilishan-Remo, Ogun State. This project will enhance the capacity of the University from basic press status to a modern, integrated publishing house to encompass publishing, print production, and other related diversified services. The one-storey building facility will serve as a laboratory and studio for training students of communications, media studies, and allied disciplines as well as other disciplines.

 

 

 

ASR AFRICA FLAGS OFF CONSTRUCTION OF A N280 MILLION INTEGRATED PUBLISHING HOUSE FOR BABCOCK UNIVERSITY, ILISHAN-REMO, OGUN STATE, NIGERIA

 

 

 

 

At the groundbreaking event, the Vice Chancellor of the University, Prof. Ademola S. Tayo, expressed satisfaction at the nomination by ASR Africa, under its Tertiary Education Grant Scheme. He added that the choice of the project was a response to the vision to take the Mass Communications Department of the University to a whole new level. According to him, the university’s vision is to produce young men and women capable of critical thinking, and problem-solvers capable of proffering innovative solutions to problems of everyday life, be it social, political, and cultural.

 

 

 

 

 

 

 

 

 

 

 

 

In his response, Dr. Ubon Udoh, the Managing Director of ASR Africa, expressed his delight at the University’s choice of establishing an Integrated Publishing House. He added that when information is appropriately applied, human society is empowered to liberate itself from limitations and attain its full potential. Dr Udoh reiterated the commitment of the Chairman of ASR Africa, Abdul Samad Rabiu to supporting quality education within the tertiary education system in Nigeria and urged the institution to focus on the sustainability of this noble project. He also reiterated the importance of cooperation and collaboration between the university and the contractor for the timely delivery of the publishing house.

 

 

 

 

 

 

 

 

 

About ASR Africa

ASR Africa is the brainchild of African Industrialist, Philanthropist, and Chairman of BUA Group, Abdul Samad Rabiu, the Abdul Samad Rabiu Africa Initiative (ASR Africa) was established in 2021 to provide sustainable, impact-based, homegrown solutions to developmental issues affecting Health, Education and Social Development within Africa.

 

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CBOs Laud Minister of Agric Kyari Over Transparent Distribution Of Fertilisers, Foodstuff Across Nigeria

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CBOs Laud Minister of Agric Kyari Over Transparent Distribution Of Fertilisers, Foodstuff Across Nigeria

CBOs Laud Minister of Agric Kyari Over Transparent Distribution Of Fertilisers, Foodstuff Across Nigeria

 

 

A network of community-based organizations (CBOs) in Nigeria, the Coalition of Ethnic Nationalities’ Rights Agenda, the South East Revival Coalition, and Progressive Yoruba Youth for Change have applauded the Minister of Agriculture and Food Security, Sen. Abubakar Kyari, for his efforts and transparency in the distribution of food, fertilisers and other farming inputs across the country.

 

CBOs Laud Minister of Agric Kyari Over Transparent Distribution Of Fertilisers, Foodstuff Across Nigeria

 

The CBOs gave the commendation at a joint press conference held in Abuja on Thursday. The conference was addressed by Mallam Yusuf Khalifa, National Coordinator of the Coalition of Ethnic Nationalities’ Rights Agenda; Dr. Eberechi Okonkwo, Convener of the South East Revival Coalition; and Comrade Olajide Olumide Adeniyi, Executive Secretary of Progressive Yoruba Youth for Change.

 

 

 

“The Minister of Agriculture and Food Security, Senator Abubakar Kyari has established a reputation for integrity and transparency in the ministry. The transparency in the distribution of food, fertilisers and other farming inputs across the country under Kyari’s stewardship is unprecedented,” the CBOs said.

 

 

 

“Senator Kyari has demonstrated a practical commitment to enhancing food security and nutrition in the country by prioritising equity and fairness in the distribution of food, fertilisers and other farming inputs.

“We salute his sense of nationalism. His fair distribution of farming inputs has laid a strong foundation for a prosperous and sustainable agricultural sector. Kyari’s tireless efforts to revolutionise the agricultural sector as well as to ensure that Nigeria becomes self-sufficient in food production is beyond patriotic.

“His exceptional leadership has made the the issue of marginalization in the distribution of food, fertilisers and other farming inputs, a thing of the past in the country. The effective utilization of resources by the Minister has proven not only instrumental to modernising the agricultural space but also to peace and harmony on farms across the nation.

“We applaud Senator Kyari for championing the emancipation of Nigerian farmers, particularly those in rural communities who previously lacked access to government-distributed food, fertilizers, and other farming supplies. Kyari’s unwavering support for women and youth in agriculture has resulted in increased distribution of food, fertilizers, and other farming inputs to more female and young farmers this year than ever before.

“This network of community-based organisations urges the beneficiaries, especially those in the rural communities, to use the supplies judiciously for the purpose they were distributed for. The government has prioritised the agricultural sector as a key driver of Nigeria’s economic growth, hence, its unwavering support of the sector. Farmers must corroborate the government’s efforts by taking advantage of its policies, programmes and interventions.

“We urge the Minister to sustain his visionary leadership, effective resource utilization, and strategic initiatives which have yielded significant progress in the agricultural sector.

“We remain committed to working alongside the Minister to strengthen the agricultural sector and achieve a prosperous, food-secure, and environmentally sustainable Nigeria.”

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