By Dipo Olowookere
Nigeria’s leading System Integration Company; CWG Plc, said the ATM as a Service concept it initiated by about two years ago, is gradually gaining traction.
In a statement issued by the company, it said supply deals have been signed with three undisclosed financial institutions in Nigeria.
According to CWG, these deals are a testament to the soundness of the concepts model and how it fits well into the innovativeness required to support banks in boosting the competitiveness for customer satisfaction with banking operations in Nigeria with respect to ATM services.
“The gradual acceptance of the ATM as a Service (AaaS) concept is backed up with signed deals between the company and three financial institutions in Nigeria; one of the tier I banks, a commercial banks and microfinance bank in the country,” CWG’s Product Manager, Adeshile Adekanbi, disclosed.
The firm said the concept is sure to be adopted by more financial institutions as the platform has embedded more innovations.
With every innovation out of the stables of CWG Plc, AaaS was initiated with the aim of allow banks focus on their core competencies whilst allowing technology platform providers such as CWG drive their ATM Businesses.
Technology Platform provider, CWG, will thus provide a specified set of infrastructures and aligned responsibilities to drive efficiency of operations, whilst the banks responsibilities will also be as aligned with their capabilities and competencies.
CWG has added innovativeness for improved revenue generation and have set a model that will in effect support the apex bank’s strategy of closing the gap on financial inclusion by 2020.
“The value-added services integrated into the AaaS platforms is sure to drive usage and overall satisfaction to all concerned stakeholders” Adeshile revealed
Responding to queries about the possible deviation of the ATM as a Service initiative from the company’s normal ATM support business, where it presently supports 30 percent of ATM base in Nigeria; Adeshile noted that regular ATM business is a foundation on which the ATM as a Service concept is riding and it does not take away from the other, but gives room for more business opportunities depending on the capacity of its banking clients.
“We have in place separate teams, trained and prepared for these innovative extensionst whilst some of our other skilled and experience staff across varying competencies in the group are constantly available to provide continued support,” he explained.
Sterling Bank Offers Optometrists Loans at Competitive Interest Rates
By Modupe Gbadeyanka
A Memorandum of Understanding (MoU) aimed to automate operations, enhance capacity and provide loans at competitive interest rates for optometrists has been signed by Sterling Bank Plc and the Nigerian Optometrist Association (NOA).
Under the deal, members of the association will be able to borrow from the Central Bank of Nigeria (CBN) intervention for the health sector at 5 per cent as well as obtain template credit from the bank within 48 hours at a competitive interest rate of 20 per cent, which is below the prevailing rate in the banking industry.
Business Post gathered that Sterling Bank has earmarked N10 billion for the entire health care sector in the country and would accommodate any level of funding optometrists may require.
The Group Head of Health Finance at Sterling Bank, Mrs Ibironke Akinmade, while speaking at the signing ceremony in Lagos, explained that the initiative is part of the lender’s vision to be the leading bank for businesses in the health sector.
The Head of Health Finance said the rationale behind the partnership with NOA is to further position Sterling Bank as the bank of choice for businesses in the health sector, adding that this means more business collaboration and partnership with stakeholders in the health space.
“We have adopted a community approach in engagement with stakeholders in this sector. This will not only give us leverage to develop tailor-made propositions for the community, but it also creates an inroad for engagement of their members through a cluster approach,” she said.
Mrs Akinmade said the bank recently engaged the NOA in a bid to scale on its offerings to the health sector, which includes access to finance (template credit), and access to digitalisation (payment platforms and Electronic Medical Records) as well as advisory services, among others.
Also speaking, Dr Obinna Awiaka, President of NOA, said the association wants a bank that would help its members to grow and discovered that Sterling is the only bank that has a passion for the healthcare sector.
He said the relationship between members of his association and the bank will build the economy because once the healthcare industry is built the economy will also be built.
Dr Awiaka said the NOA is satisfied with the relationship with Sterling Bank because in no distant time the bank, in conjunction with healthcare professionals, will help to develop the sector, which will translate to a better future for the country.
He said the development will make Nigerian professionals that are leaving the country in droves return to the country to practice and this will reduce medical tourism among the country’s leaders, thanking Sterling Bank for coming on board and taking the bull by the horn to support the healthcare industry.
The NOA was established in 1968 and is the prime umbrella association representing over 5,000 doctors of optometry across the 36 states of the country and the Federal Capital Territory (FCT), Abuja, as well as all other optometric interest groups in Nigeria.
Since 2018, Sterling Bank has concentrated investment in five sectors of the economy under its HEART strategy in a bid to make an impact on the country’s economic development. The five sectors in HEART’s strategy include health, education, agriculture, renewable energy and transportation.
MTN Assures Nigerians Affordable Financial Services as MoMo PSB Begins Operations
By Adedapo Adesanya
MTN Nigerian Communications Plc has announced that its fintech subsidiary, MoMo PSB Limited, has formally commenced commercial operations in the country.
In a notice on Thursday at the Nigerian Exchange, MTN said the development followed a successful pilot initiated on May 16, 2022, in commemoration of the launch of its GSM operations on May 16, 2001, and listing by introduction on the Nigerian Exchange Limited on May 16, 2019.
“Indeed, this is a key milestone in delivering the company’s Ambition 2025 strategic priorities,” the notice said.
The company said with an expansive agent network of over 166,000 active agents and digitized partnership infrastructure, MoMo PSB “is poised to enable millions of unbanked and under-banked Nigerians to access a wide range of financial service products.
“MoMo PSB will continue to scale its agent network in order to reach Nigerians across the country and remove friction from everyday payment by digitizing cash payment.
“By dialling *671# on any network, customers can open a MoMo wallet, send money to any phone number in the country and pay their bills.
“In addition, MoMo wallets in the future will enable Nigerians in the Diaspora to send money to any phone number in the country, an important feature given Nigeria’s ranking as the destination for the highest remittance inflow in Sub-Saharan Africa.”
The CEO of MTN Nigeria, Mr Karl Toriola, appreciated the support and guidance of the Central Bank of Nigeria (CBN) through the process and noted that this will help the country’s financial inclusion.
“This is an important milestone for MTN Nigeria in our mission to support the government’s drive towards financial inclusion in Nigeria. Not just for those in urban centres and markets, but also people in the rural and remote areas of the country who remain excluded from the financial system,” he stated.
On his part, MoMo PSB CEO, Mr Usoro Usoro said: “Providing easy to use, accessible and affordable financial services to all Nigerians is essential to executing the CBN’s financial inclusion strategy and digital inclusion agenda of the Minister of communications and Digital Economy.
“We look forward to playing our part and are excited about the opportunities to partner with relevant institutions across various sectors to co-create and expand access nationwide.”
This is coming on the same day that MTN’s rival, Airtel announced its subsidiary, SmartCash Payment Service Bank Limited (SmartCash PSB), has commenced operations in Nigeria.
Airtel Commences SmartCash Payment Operations in Nigeria
By Adedapo Adesanya
Airtel Africa has announced that its subsidiary, SmartCash Payment Service Bank Limited (SmartCash PSB), has commenced operations in Nigeria.
Services will initially be available at selected retail touchpoints, and operations will be expanded gradually across the country over the next few months.
Speaking on the development, Mr Segun Ogunsanya, Airtel Africa chief executive officer, said, “I am very excited to announce our commencement of operations for financial services in Nigeria through SmartCash PSB. This is the beginning of our journey to revolutionise the financial services landscape in the country.
“To help further digitise the economy, and most importantly to help bank the unbanked by reaching the millions of Nigerians who do not currently have access to financial services by delivering current and savings accounts, payment and remittance services, debit and prepayment cards and more sophisticated services.”
This is coming less than one month after the Central Bank of Nigeria (CBN) granted the company the license to operate mobile money services in the country.
The licence will enable the telco to expand its digital financial products and reach the millions of Nigerians that do not currently have access to traditional financial services.
It will also be able to augment plans by the Nigerian Government, the CBN, and traditional financial institutions to further deepen financial inclusion in the country for the benefit of all citizens and the Nigerian economy.
Airtel Africa is a leading provider of telecommunications and mobile money services with a presence in 14 countries across Africa.
Latest News on Business Post
- Davido, D’Banj, Others for YouTube Africa Day Concert 2022 May 23, 2022
- Absa Lauds Regulatory Framework for Trading Digital Assets in Nigeria May 23, 2022
- Sterling Bank Offers Optometrists Loans at Competitive Interest Rates May 23, 2022
- LG Financial Autonomy: FG, NFIU Floor Governors in Court May 23, 2022
- Buhari Meets Kano Explosion Victims, Expresses Sorrow May 23, 2022
- Why Nigeria Rejected OECD Minimum Corporate Tax Agreement—FIRS May 23, 2022
- FG Moves to Improve Midstream, Downstream Operations May 23, 2022
- NNPC, Sahara Group Invest $300m to ‘Circulate’ Clean Energy in Africa May 23, 2022
- Okowa’s Financial Aid to Mission Schools May 23, 2022
- Nigeria’s GDP Grows 3.11% in Q1 2022 Amid Lower Economic Activity May 23, 2022