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The Making Of A CSR Masterstroke: An X-Ray Of First Bank’s Yeoman Effort To Move One Million Children To E-Learning

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The rabbit hole of uncertainty, confusion and fear that pupils and their parents fell into in the dying days of March when the country was in lockdown was best captured in a Saturday Sun feature of May 16, titled, “COVID-19: Troubles of e-Learning.”

The story catalogues the challenges that erupted out of the disruption caused by the coronavirus pandemic, the fears and frustrations brewed by the new abnormality foisted on the world, the pessimism that pervaded the globe from developed to underdeveloped countries and the possibilities that blew up in the aftermath in the education stratosphere.

With the new order of social distancing, self-isolation, government-enforced quarantine and the ubiquitous lockdown, the prospect of indefinite stay at home until at least an elusive vaccine is found, loomed. This precipitated a distress as never seen before in the education space.

Yet, a panacea was at hand: Digital learning, though hitherto given scant attention. But crossing into that nirvana was an uphill task, especially, in this part of the world. Why: The existence of a huge digital deficit both in infrastructure and the requisite skill. The dilemma confronting parents, pupils and tutors are multi-dimensional as illustrated by these three vignettes from the story:.
Leadership Newspaper

The rabbit hole of uncertainty, confusion and fear that pupils and their parents fell into in the dying days of March when the country was in lockdown was best captured in a Saturday Sun feature of May 16, titled, “COVID-19: Troubles of e-Learning.”

The story catalogues the challenges that erupted out of the disruption caused by the coronavirus pandemic, the fears and frustrations brewed by the new abnormality foisted on the world, the pessimism that pervaded the globe from developed to underdeveloped countries and the possibilities that blew up in the aftermath in the education stratosphere.

With the new order of social distancing, self-isolation, government-enforced quarantine and the ubiquitous lockdown, the prospect of indefinite stay at home until at least an elusive vaccine is found, loomed. This precipitated a distress as never seen before in the education space.

Yet, a panacea was at hand: Digital learning, though hitherto given scant attention. But crossing into that nirvana was an uphill task, especially, in this part of the world. Why: The existence of a huge digital deficit both in infrastructure and the requisite skill.

The dilemma confronting parents, pupils and tutors are multi-dimensional as illustrated by these three vignettes from the story:

Oko Odinakachi, a student of Abia State University, faced frustration on two fronts: her institutions dillydallying about adopting the e-learning strategy on the one hand; her little faith in digital learning, on the other hand. “I was on the verge of writing my first-semester examination. How possible can we do that digitally when there are issues with even JAMB CBT here in our country?”

A father whose daughter, a student of Federal Government College Shagamu preparing for her Senior School Certificate Exam, was compelled to seek a suitable e-learning portal because WAEC advised students to be studious during the lockdown as they’d be going straight into the exam hall at short notice as soon as the pandemic is over. The search led him to an online WAEC Preparatory Class that demanded payment for requisite online resources. “One subject is N1, 500, four subjects N4, 500 and six subjects cost at N6, 500. I didn’t go further because of the fee, which I think is exorbitant, given the current state of the country,” he complained. He joined the rank of other parents who raised concerns over exploitation by mercenaries masquerading as e-learning groups.

Abolade Kunle, a JSS3 student was aware of the government-sponsored tutorial on the radio but he was unable to enjoy the benefits: “We don’t have a radio set in the house. I use my dad’s phone once in a while but he doesn’t allow me to use it all the time,” he railed. A related drawback was cited by one of his teachers at the public school in Mushin: “In the past five weeks, we have had barely three days of electricity supply. It is not every parent that can afford a generator. Is it not when you have electricity supply that the children can watch [government educational programme on] the television?”

The absence of curative or prophylactic breakthrough against the virus meant that academic activities would remain in limbo, while pupils and their parents are faced with the undaunted possibility of a long spell at home. The prospect of a long lull of academic inactivity struck a palpable fear that fueled the scramble unto digital learning platforms as educationists and institutions across the country experimented with remote learning, albeit on a trial-and-error basis. The efforts were at best tangled; the process muddled; the result ineffective. Even, for students of tertiary institutions, the online class was to many a Lala-land.

With the option inevitably narrowed down to digital learning, a Catch-22 situation evolved. Who’s going to make it happen? How? When?
Best foot forward

Eventually, the first foot forward––and indeed the best one––came and it was from First Bank Nigeria Limited.

The bank, a leading financial inclusion services provider, announced its intention to roll out an innovative e-learning initiative on the heels of its philanthropic contribution of the sum of one billion naira to the Coalition Against COVID-19 (CACOVID), a private-sector task force that partners the Federal Government, the Nigeria Centre for Disease Control (NCDC) and the World Health Organisation (WHO) to combat the coronavirus in Nigeria.

In the months to come, the bank’s effort would resonate forcefully in the education space. The reason for this was not farfetched. Since responsiveness remains a cornerstone of Corporate Social Responsibility, when it is timely, it becomes a major coup. The severity of the pandemic required “uncomfortable, transformative responsiveness,” not the usual CSR response where organisations choose and design responsiveness on their own terms, described by Wayne Visser in Evolution and Revolution of Corporate Social Responsibility, as “when giving is easy and cheque-writing does nothing to upset their commercial applecart.”

Taking on the e-learning challenge head-on was an self-assigned project for which the bank was not under any compulsion to undertake. That it volunteered to tackle the challenge is an indication of the largeness of its CSR aorta.

Suffice to say that a handful of digital learning initiatives exist before the advent of the Covid-19 lockdown; the First Bank effort, however, resonates louder because it has a measurable stated goal: Moving one million pupils into e-learning platform.

A response apt and adequate Lagos State’s prompt response to the pandemic included the immediate shutdown of schools. By March 25 (four days before Lagos State went into total lockdown on the order of the President), the First Bank initiative was rolled out, and it inalienably took the optics of “the” response to the glitch caused to the education system by the coronavirus pandemic.

First Bank went into collaboration with Lagos State Government and an indigenous mobile learning platform, Robert and John Limited, whose trademark Roducate e-solution, a comprehensive curriculum-based education, is a cornucopia for a broad spectrum of students.

Having powered similar projects in the past, Robert and John was an obvious best in the e-learning business, a fact reinforced by First Bank CEO, Adesola Adeduntan: “In searching for the best fit solution, several options were considered by educators and teachers from the state and First Bank over the last couple of weeks before adjudging Roducate the offering from Robert and John, an innovative technology firm, to be the best of all reviewed.”

Is Roducate the Rosette stone of online learning? The facts were in its favour. Its claim of being the “most comprehensive e-learning platform in Nigeria and indeed Africa” is justified on its curriculum-based education for primary, secondary, and tertiary students. Moreover, ;it has been active in the e-learning space as far back as 2014 and has perfected the mechanics of effective digital learning, winning endorsements along the way from NUC, NERDC, JAMB and Lagos State Ministry of Education.

And by tweaking its blueprint, it came up with an e-learning mother lode––lecture notes, assignments, mock exams, videos, podcasts, and educational games––a rich vein of contents for primary, secondary and tertiary institutions, structured in consonance with the government-accredited curriculum. From the interactive tutorial videos to the innovative feature that enables the learner to take notes for quick reference, it was a whole new experience and an enjoyable learning process.

Suffice to reiterate that the First Bank/LASG Roducate is not the first of its kind; before it, there was Glo Mobile Tutor (since 2014) and UBA LEARN (unveiled in 2018) amongst others. However, certain factors gave it an edge.
The comparative advantage

The CSR takeaways from the initiative are writ large in what makes it different from others––in other words, its comparative advantages.
On the first count, the effort surfaced at a time of need, a time when there was an urgent need to close the gap caused by the disruption in children education due to schools closure following the Covid-19 lockdown. In one fell swoop, a solution materialised that provided succour for all, from kindergartens kids to grad-year students of tertiary institutions.

Secondly, while it is indeed a rolling scheme, it nevertheless came with specific number goal of one million pupils to be empowered with digital learning; this calibrated objective makes the intervention easy to evaluate, compared to other similar initiatives.

Thirdly, the biggest boon: subscription-free.
Consider what this means to parents such as the one cited in Sun story who had to shell out approximately N6, 000 for his daughter to access the needed resources. With the First Bank initiative, students simply get on the platform by registering free at https://www.firstbanknigeria.com/e-learning/.

And then the masterstroke: the enhanced offline feature of the initiative. It means students can study offline without having to bear the burden of buying data. What’s more, First Bank gave further impetus by providing 20, 000 devices that came preloaded with the curriculum.

Elaborating on the low-end devices preloaded with Roducate offline content, Adeduntan disclosed that “the phones have SIMs and limited data tied, only, to the Roducate learning product.”

Kayode Abayomi, the spokesperson for Lagos State Ministry of Education, further hit the nail on the head.

“The devices are efficient and fit for purposes for all students especially indigent students given the fact that data consumption of most e-learning solutions has been a major stumbling block for the majority of students and teachers alike,” he said.

Its fourth edge is from its collaborative nature. One of First Bank’s collaborators on the project is a partner with leverage in the education space: the Lagos State Government. That made a big difference, as it gave the initiative authority and legitimacy that immediately gained traction.

In return, the initiative was well-appreciated by Lagos State Governor Sanwo-Olu: “It is not out of place that we are witnessing more infusion of technology in learning and this intervention by First Bank could not have come at a better time.”
Lastly, the First Bank e-learning project took care of both the short-term and the long-term interest of Nigeria in the digital race. Beyond the exigency of the moment, which was to get the children into learning mode, the intervention took on the imperative of helping young Nigerians develop relevant skills in emerging technologies, thereby enhancing their competitiveness in the interconnected world of today.

How? Via two other initiatives, both partnerships with IBM (that schooled youths in coding Artificial Intelligence, cloud, internet of things, blockchain, data science, analytics and cybersecurity) and Curious Learning (which offers academic contents for pre-learning and early-stage children aged 3-8 through self-guided learning apps). These two threw open the door of digital technology and made available for free the opportunities to transform them into tech geeks.
Taking responsibilities

For organisations with a sense of CSR, Covid-19 was an opportunity that was too good to miss. Where and how they responded depend on their preexisting corporate responsibility culture, their focus, the heft of their commitment.

Adeduntan said of the First Bank initiative: “We are warmed by the fact that different organisations have risen to the various challenges and are supporting in areas such as health and welfare, and we feel the peculiar needs of our children and youth must not be left out and have therefore elected to focus on contributing to solving the current education challenge.”

He said further: “It is a responsible approach to empower them, given that they are our future and the foundation to build our country to greatness. By partnering on this, we are solving a problem for families and our future.”

In September, schools re-opened, and education activity, deflated for months, gradually regains shape and gathers momentum. The number of students enrolled on the platform has increased significantly. The big question: is it going to be one of those projects that got abandoned after the ovation died down? Or is it likely to be sustained?
The cue is in the stated goal of the initiative. FirstBank has placed on itself the onus to continue to build on the effort and to give the needed impetus that will accelerate the achievement of the set goal of 1,000, 000 registered children in record time. It is expected that First Bank will sustain the race to the finishing line.

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Zacch Adedeji: And The Revenue Keeps Increasing By Rabiu Usman By Rabiu Usman

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Zacch Adedeji: And The Revenue Keeps Increasing By Rabiu Usman By Rabiu Usman

Zacch Adedeji: And The Revenue Keeps Increasing By Rabiu Usman

By Rabiu Usman

 

It was President Bola Tinubu that declared that in the first half of this year, the revenue of Nigeria soared to over N9.1 trillion, compared to the first half of 2023.

Zacch Adedeji: And The Revenue Keeps Increasing By Rabiu Usman

By Rabiu Usman

For instance, N5.2 Trillion accrued into the Federation Account for the period January to June 2023, while a total of N7.3 Trillion accrued into the account for the period July to December, 2023.

However, for June this year, accruals into the Federation Account rose to N2.483 trillion in June 2024. It was N2.324.792 trillion in May, meaning for the two months of May and June this year alone, about N4.8 trillion accrued into the Federation Account while N5.2 trillion accrued into the account for the first six months of last year.

The President attributed the revenue increase to the government’s efforts in blocking leakages, introducing automation, and mobilizing funding creatively, all without placing an additional burden on the people.

A few days after the President spoke glowingly of the considerable increase in the revenue of the country, a process being powered by the Federal Inland Revenue Service (FIRS), under the Chairmanship of Dr Zacch Adedeji, the Nigeria’s Zaccheus the Tax Collector, the World Bank also confirmed the progress being made in the area of revenue generation.

The World Bank projected that following the recent increase in government revenue, Nigeria’s revenue-to-GDP ratio could rise to over 10.5 percent by the end of 2024.

Ndiamé Diop, World Bank country director for Nigeria shared the forecast during an interactive session on ‘Fiscal Reforms for a More Secure Future’ at the 30th Nigerian Economic Summit, held in Abuja last month.

Also, according to data released in September by the National Bureau of Statistics (NBS), Nigeria’s Value Added Tax (VAT) revenue increased by 99.82% year-over-year in the second quarter of 2024.
During this period, total VAT revenue reached N1.56 trillion, a 9.11% increase compared to the previous quarter.

 

The NBS report highlighted that the revenue growth was driven primarily by local payments, which brought in about $484 million, while foreign payments contributed $242 million. VAT on imports generated $228 million.

However, despite the level of progress already made, the FIRS under Dr Zacch Adedeji is not done yet.

Various innovations are daily being introduced to ensure seamless payment of taxes by Nigerians.

Last week, the Taxpayer Services Department of the FIRS launched the new USSD code *829#, aimed at revolutionizing taxpayer engagement and access to essential tax services.

According to the FIRS, the initiative was aimed at “simplifying tax processes and providing a seamless, efficient service experience.”

With the *829# USSD code, taxpayers can now effortlessly access a range of services, including TIN retrieval, Tax Clearance Certificate (TCC) verification, and general inquiries all from the convenience of their mobile phones and with no need for internet access.

Also, Zacch Adedeji is everywhere, explaining the four tax bills currently before the National Assembly, assuring that it will not reduce the funding or operational efficiency of government agencies.
Last week Wednesday, Adedeji addressed the heads of the National Agency for Science and Engineering Infrastructure (NASENI), the National Information Technology Development Agency (NITDA), and the Tertiary Education Trust Fund (TETFUND) at the Revenue House in Abuja. He allayed concerns surrounding the proposal to rename the FIRS as the Nigeria Revenue Service (NRS), clarifying that the change is intended to streamline and improve agency efficiency.

He said the main goal was to align government revenue practices with current fiscal demands to ensure all agencies are well-funded and effective.

Adedeji further highlighted that the proposed legislation would enable government agencies to concentrate on their core responsibilities without the added task of revenue collection.

“The bills, once enacted, will allow agencies to focus on their primary functions instead of managing tax collection duties,” he explained.

Adedeji, who appears to have taken up the job of an Explainer concerning the new tax bills, further pointed out that the bills were the aftermath of President Tinubu’s administration recognition of the need for a unified tax code to reduce complexity and stimulate economic growth.

Perhaps, by the time this is being read, Dr Zacch Adedeji, will be standing before another audience to explain the ideas behind the new tax bills and their capability to further sore up the revenue base of the country, because for him, the revenue must keep increasing.

Usman, a public affairs commentator lives in Abuja.

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Wema Bank Announces Grand Finale of Hackaholics 5.0: Set to Reward Winners With ₦75 Million Worth of Prizes

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*Wema Bank Announces Grand Finale of Hackaholics 5.0: Set to Reward Winners With ₦75 Million Worth of Prizes

 

 

Wema Bank, Nigeria’s foremost innovative financial institution and pioneer of Africa’s first fully digital bank, ALAT, has announced the grand finale of the 5th edition of its flagship youth and startup-focused tech competition, Hackaholics.

Launched in 2019, Wema Hackaholics is a groundbreaking initiative designed to harness the creativity and entrepreneurial spirit of Nigeria’s youth, providing them with a platform to turn their tech-driven ideas into reality. The highly anticipated Hackaholics 5.0 grand finale will take place on November 27th, 2024, under the theme, “Meta Idea: Capitalizing Africa’s Growth Through Innovation.” This year’s theme aims to showcase how tech-driven solutions can fuel Africa’s development by tapping into the continent’s growth potential through innovation and digital transformation.

The grand finale will bring together the brightest innovators from universities and tech communities across the country. These innovators will pitch their Digi-Tech solutions designed to solve real-world problems and contribute to Africa’s economic and social progress. The event promises to be the culmination of months of intensive competition, collaboration, and mentorship, providing a platform for youth-led tech ideas to reach new heights.

Announcing the date of the grand finale, Moruf Oseni, MD/CEO of Wema Bank, highlighted the bank’s vision for Hackaholics. “Hackaholics is more than a competition; it is a movement to equip Nigeria’s youth with the skills, networks, and resources needed to drive Africa’s digital transformation. The Meta Idea theme for this year is a call to action for young innovators to think beyond the present and design solutions that will capitalize on Africa’s growth. We are excited to see how our participants envision and build the Africa of tomorrow.”

Speaking on the prizes, the MD/CEO said “At the grand finale, participants will compete for exciting cash prizes, grants, and access to Wema Bank’s extensive network of investors, mentors, and industry experts. The total worth of prizes for this year is ₦75,000,000. The winning team will receive ₦30,000,000, the first runner-up will receive ₦20,000,000 and the second runner-up will receive ₦15,000,000 worth of prizes. Additionally, we will be awarding a special grant of ₦10,000,000 worth of prizes to the female-led team to encourage gender diversity in tech innovation.” He concluded.

Wema Bank’s Hackaholics is a testament to the Bank’s commitment to shaping Africa’s future through innovation and entrepreneurship. Hackaholics 5.0 began with a nationwide call for entries earlier in the year and has engaged over 10,000 aspiring tech innovators and entrepreneurs across Nigeria. With 2,297 applications across 8 physical pitch centers and 1 virtual pitch center, 34 innovators across all locations are set to pitch their ideas at the pre-pitch stage ahead of the grand finale scheduled to hold in Lagos.

Through Hackaholics, Wema Bank has provided a platform for youth to channel their creativity and entrepreneurial spirit into actionable tech solutions that address Africa’s most pressing challenges. Over the years, Hackaholics has grown into one of the largest and most influential tech competitions in Nigeria, impacting thousands of young minds.

The competition not only offers winners cash prizes and grants, but also access to mentorship, industry networks, and resources to help scale their innovations globally. This initiative is a key part of Wema Bank’s broader strategy to harness technology as a driver of socio-economic growth in Africa.
Interested individuals can register to attend the grand finale via https://hackaholics.wemabank.com/grandfinale

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ATMs empty as banks ration withdrawals

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ATMs empty as banks ration withdrawals

ATMs empty as banks ration withdrawals

 

The Automated Teller Machines of Deposit Money Banks have consistently remained empty in recent months as banks grapple with a sustained low cash supply.

It was also gathered on Wednesday that some DMBs, particularly in the Federal Capital Territory, have begun another round of cash rationing, restricting maximum over-the-counter withdrawals to a daily limit between N5,000 and N20,000.

While banks struggle to get cash, Point-of-Sales operators have been fulfilling the cash needs of customers.

Speaking at the Facts Behind the Rights Issue Presentation of FBN Holdings at the Nigerian Exchange Limited recently, the Executive Director/Chief Financial Officer of First Bank, Patrick Iyamabo, said that the matter was an industry-wide one and not peculiar to a specific bank.

He said, “It is an industry problem. Most customers after exhausting the options available in other banks, tend to settle at FirstBank to address their cash needs. The challenge differs by location but we know it is a challenge that the regulator is looking into to address. But as we speak of physical cash, we must appreciate that the direction of the industry is to go digital.

“A lot of our customers do most of their transactions digitally, and you heard the GMD speak to this, very often people don’t want to transact in cash. In terms of this new order, your bank, FirstBank is very well positioned so if you look at the statistics and I’m speaking to independent statistics, just pick up your NIBSS report, the bank with the most stable platform meaning availability to always transact digitally is FirstBank. So, all our customers have the benefits of having their cash in First Bank and having access to this cash anytime anywhere and as necessary. It’s a huge advantage.”

Speaking anonymously with The PUNCH, a banker at a tier-1 bank put the blame on the Central Bank of Nigeria.

“It is what CBN has given us that we are using. We are confined within the limits of what is available to us. Also, because we are a big operation, we have to deal with many other businesses.

“Have you also noticed that there is a boom in the PoS business? Those people don’t take their money to the banks. The money comes out of the banks and it stays within their circle. They warehouse their funds, unlike you and I who would withdraw money and spend it which will eventually find itself back into the formal banking system. It is not the same with them. They warehouse their funds and distribute it among themselves.”

According to data from the CBN, currency outside the banks hit N4.02tn in September from N3.86tn in August. This brings it closer to the value of currency in circulation which stood at N4.31tn in September.

Meanwhile, some PoS operators on Lagos Island have increased their charges from N200 for cash of N10,000 to N300.

This was observed at both the CMS bus stop and at Obalende. However, off Lagos Island, the rates had remained at N200 for cash withdrawal of N10,000.

It was further gathered that banks have begun cash rationing, restricting maximum over-the-counter withdrawals to a daily limit between N5,000 and N20,000.

Findings by The PUNCH showed that the development is gradually leading to cash shortage, as many ATMs were non-functional, leaving customers with no choice but to seek alternative means of withdrawing cash.

As a result, many people have turned to Point-of-Sale operators, who have become the primary channel for cash withdrawals, albeit often at higher transaction fees.

Major commercial banks visited by one of our correspondents on Wednesday claimed not to have sufficient cash allocation hence the ration withdrawals to serve more customers.

The banks visited include Guaranty Trust Bank, Zenith Bank along Airport Road, and EcoBank at Jabi in Abuja.

A bank customer at EcoBank, who spoke without mentioning her name, said she was only allowed to withdraw N5,000 from N20,000 previously allowed.

“I was just informed that I can only withdraw N5,000 from my account. Can you imagine? The amount will can’t even take me home.”

Our correspondent received the same answer when he attempted to obtain cash.

At GTBank and Zenith Bank along the airport road, customers were permitted a maximum withdrawal of N20,000 from N100,000 previously disbursed as a daily limit.

 

A customer, Mr Faith, who visited the bank expressed shock about the new limit. He said the banks didn’t give any cogent reason for reducing the withdrawal limit.

“I just visited these banks, and I was informed that I can only withdraw N20,000 from N100,000, which was the previous limit. They didn’t even give any reason for reducing, now I have to start looking for cash elsewhere. This country is just so annoying,” He vented.

Cash scarcity became a recurring and widespread issue across Nigeria after the Central Bank of Nigeria introduced a controversial policy in January 2023, which significantly reduced the daily and weekly cash withdrawal limits to N100,000 daily, N500,000 weekly for individuals, and N5m for business entities.

This decision, aimed at encouraging a cashless economy, led to long queues at ATMs, increased difficulty in accessing physical cash, and a general disruption of daily financial transactions for millions of Nigerians.

The policy’s impact was felt particularly by those in rural areas and lower-income groups, who rely heavily on cash for their day-to-day needs, exacerbating economic hardships across the country.

Last week, data from the CBN showed that currency in circulation climbed 56.1 per cent year-on-year to reach N4.31tn, up from N2.76tn in September 2023, reflecting an increase of N1.55tn.

This is just as currency outside banks surged by 66.2 per cent in September 2024, reaching N4.02tn compared to N2.42tn in September 2023, a notable rise of N1.60tn in just one year.

This indicates that the volume of currency retained outside the banking sector outpaced the total released for circulation within the past year.

Compared to August 2024, currency in circulation rose by 4.0 per cent month-on-month, adding N166.2bn from the previous figure of N4.14tn.

The CIC is the amount of cash–in the form of paper notes or coins–within a country that is physically used to conduct transactions between consumers and businesses. It represents the money that has been issued by the country’s monetary authority, minus cash that has been removed from the system.

Earlier in September, the CBN announced plans to sanction banks that fail to dispense cash through their automated teller machines, as part of efforts to improve cash availability in circulation.

The CBN also revealed plans to release an additional N1.4tn into circulation over the next three months to ease cash flow within the banking system.

This strategy aims to ensure that ATMs and bank branches have sufficient cash, addressing ongoing challenges faced by customers over cash shortages.

Efforts to get a reaction from the apex bank on the new situation proved abortive as the acting Director, Corporate Communications, Sidi Ali Hakama, did not respond to enquiries sent to her phone number.

 

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