Nigerian Newspapers
How to grow mobile money services
More than one year after the Central Bank of Nigeria (CBN) initiated the bank-led mobile money services , none of the licencees has 10,000 subscribers on its network. In this report, LUCAS AJANAKU argues that telco-led model would have done the magic.
Some mobile telecoms service providers prefer to play the ostrich when it comes to the bank-led model of mobile money services, but not Globacom. The indigenous service provider has always questioned the rationale for the decision of the Central Bank of Nigeria (CBN) to initiate the project.
At a Telecoms Consumer Parliament held at in Lagos by the Nigerian Communications Commission (NCC) about three years ago, which was also attended by a representative of the CBN, a woman, who works with Globacom, sought to know why the apex bank chose to adopt the model. Her question was not answered as market women and less literate subscribers who thronged the venue asked various questions, including but not limited to: “If I buy pepper in Agege Market, would I be able to pay through my mobile phone?”
Another opportunity arose for Globacom to challenge the CBN initiative at a forum attended by its Director, Telemarketing Unit, Tunde Kuponiyi, in Lagos.
He complained that the regime of bank-led mobile money regulation is not friendly to telecoms companies which provide the mobile payment platform. According to him, telecoms companies could contribute alot to a cash-less economy, lamenting that under the dispensation, their hands were tied.
Kuponiyi explained that since the mobile payments business is 90 per cent dependent on the mobile industry, it was unfair that the mobile network owners are prevented from advertising their various mobile payment products, which are the foundation on which the bank products operate.
“From the customer’s mobile phone, to the mobile payments system and feedback to the mobile phone, the mobile payment transaction uses mostly mobile resources, makes use of mobile time and is supported by mobile engineers, but unfortunately, the CBN has restricted telecoms companies from advertising in the mobile payments space,” he said.
He stressed the need for telecoms companies to be allowed to speak about the capabilities of their networks, the quality of user experience and the choice of mobile payment services available.
Kuponiyi hit the nail on the head when he declared: “It is roughly a year since the first mobile money went live and approaching a year since cash-less economy came into operation. Meanwhile, none of the players can boast of having more than 10,000 active subscribers.”
He blamed the development on the passive role of telecoms companies selected by the CBN.
The CBN said infrastructure would be a challenge in implementing mobile money and was working on improving on it, although that responsibility is outside its powers.
CBN Governor Sanusi Lamido Sanusi met with the Minister of Communication Technology, Mrs Omobola Johnson, and other stakeholders, to deliberate on infrastructure.
Sanusi justified his decision to adopt bank-led model, arguing that the regulation of the telecoms sector is not within the apex bank’s control, making it difficult for it to guide mobile money operations under the telco-led model the telecoms operators were clamouring for.
Sanusi, who spoke at this year’s risk management conference in Lagos, said the risk involved in mobile money operations are so high, stressing that regulation has to be implemented. He said the banking watchdog does not control what the telcos are doing, unlike in the bank-led model where it provides the operating guidelines.
Telecoms companies have been calling on the CBN to allow them to participate in the regulation of the mobile money subsector, one of the services provided by banks in support of the cash-less banking initiative.
With a population estimated at 167 million and telecoms subscriber base of 113 million, the potentials of a well-structured and implemented mobile money operation in the country appear to be limitless. The opportunities range from job creation to bringing the huge number of the unbanked to the sector. It will also eliminate the huge cost associated with structural banking.
An official of Union Bank of Nigeria said: “Everybody is trying to reduce the cost of doing business. Electronic products help to drive your laibility (down). Instead of saying people come and bank with me, just give them good products and they will naturally come to you and this will also drive (down) the cost. Instead of building a bank for N80 million, if I put an ATM that does the same thing or mobile that can satisfy customers’ needs like now, all my bills are paid through my phone. I hardly go to the branches to do anything, so, if we can do that people will bank and reduce the cost of operation for the bank.
“As these costs are come down, there is no need for the banks to be declaring N40 billion profit. People should not be paying for ATM charges any more, when you use ATM, you will be free. If I want to pay Dstv, they charge me N100. I should not be paying, it is helping the Dstv company to manage cash. They have to worry about the queue and (other discomfort), so if the customer is paying electronically, why are you penalising him for making your process easier? So, what we are saying is that they (the companies) should pay not the customer. We are getting to that point. So the benefit for customer is reduction in cost,” he said.
But factors, such as low level of awareness, dearth of infrastructure and concealed apathy by the mobile operators to drive the programme have continued to be challenges.
According to a study carried out by Visa Incorporated and Fundamo, the Visa-owned mobile money platform, the market has the potential to lead the world in mobile money, but only 35 per cent of the citizens are aware of its existence in the country versus an average of 56 per cent across all six of the emerging markets surveyed.
The study stated that only 56 million of mobile phone subscribers had bank accounts, making it one of the most exciting mobile money markets in the world. “Consumers’ needs for financial services are far more sophisticated than previously believed and go well beyond the established transaction set offered by mobile money services today,” the study added.
Chief Technology Officer, eTranzact International, Richard Omoniyi, agrees that there was need to step up ‘education’ on the scheme.
“One thing that is importat is education. GSM is working despite the hiccups. Once in a while, we still have communications issue, but I believe that it’s a matter of time, we will get there.
“CBN needs to push further, awareness is vital. People still find it hard to believe that in their cell phones, they could send money,” he said.
The study noted that the success of mobile financial services was determined by how deeply the mobile money provider understood its customers and tailored the service to their needs as well as those of mobile money agents from service menus to marketing and education.
To raise awareness and drive adoption, it said providers needed to educate consumers on the key benefits and uses of mobile money services, while tackling barriers to uptake. Eighty-three per cent of respondents in Nigeria cited “safety of not having to carry around a lot of cash” as the primary benefit of mobile money, the study stated. They said the number one barrier to adoption in the country was whether the family sent money to would know how to get or receive it, underscoring the need to intensify the campaign on sensitisation.
Despite the teething challenges in the scheme, Uzor Eziukwu, managing director, Parkway Projects Limited, believes the experience is a phase, a type of learning curve that must be passed through.
“I don’t agree with you that it has been slow and sluggish. Generally speaking, financial services have their life cycle. We have the same experience with ATM (automated teller machine) cards, which took about three years to pick. We are just one year into mobile money or mobile payment. The response is okay, but there are challenges such as infrastructural challenges but it is still early days. We will get all these things sorted out. I think in the next two years, you will see a huge spike in mobile money transaction in Nigeria, undoubtedly,” he said.
————————————————————————————————————————-
Posted in Nigerian Newspapers. A DisNaija.Com network.
Source: The Nation Newspaper
DisNaija.Com publishes regular posts on Nigeria News, Nigerian Newspapers, Online Nigeria Gist.
Follow us on Twitter and Facebook.
Nigerian Newspapers
Follow @Dis_Naija
Your Opinion Counts. Be sure To Leave A Comment, If You Have Any.
Please Like, Share or Tweet. Your Support Is Appreciated.
•Deploy more personnel as army chief vows to wipe out terror group
•Security beefed up at N’Assembly
Deji Elumoye and Kingsley Nwezeh in Abuja
Abuja, Nigeria’s seat of power, is under a massive security cordon following threats of attacks by insurgents and the increasing wave of banditry in the contiguous states of Kaduna, Kogi, Nasarawa and Niger States, THISDAY’s investigation has revealed.
There has been a wave of kidnappings in the outskirts of the federal capital, notably Pegi, Tuganmaje and Kuje among others, which the police have battled in recent times.
The security situation in and around the Federal Capital Territory (FCT) was heightened by the pronouncement of the Niger State Governor, Mr. Sani Bello, that Boko Haram fighters who he said sacked 50 villages in the state and hoisted the terror group’s flag, were about two hours drive away from the FCT.
Security has also been beefed up at the National Assembly as operatives, yesterday, thoroughly screened every vehicle approaching the National Assembly complex in Abuja.
The deteriorating security situation nationwide prompted the National Chairman of the Peoples Democratic Party (PDP), Prince Uche Secondus, to warn that the 2023 general election may not hold, demanding the declaration of a state of emergency as well as the convocation of a national conference.
However, the Chief of Army Staff, Lt. Gen. Ibrahim Attahiru, yesterday restated the Nigerian Army’s determination to annihilate Boko Haram.
But the Governor of Katsina State, Hon. Bello Masari, cautioned against declaring a state of emergency, saying doing so isn’t the solution to combat the security challenges facing the country.
The security of the nation’s airports was also in focus yesterday as the Office of the National Security Adviser (ONSA) said there was no threat to them.
THISDAY’s investigations showed increased presence of troops, police, Nigerian Security and Civil Defence Corps (NSCDC) personnel and intelligence operatives at the three strategic entrances to the city notably, Keffi, Zuba and Gwagwalada.
More checkpoints were also mounted around Gwagwalada and Keffi.
THISDAY also observed increased intelligence deployment at the entrance and the borders of FCT with contiguous states.
Beyond the borders, there were more deployments and police patrols inside the city and increased intelligence deployments as well.
Security sources told THISDAY: “There are deployments here and there but they are routine. Alertness is key to a secure environment.”
It was also learnt that security agencies were involved in frenzied meetings throughout yesterday.
The meetings, coordinated by the office of the Chief of Defence Staff under the new joint operational strategy of the armed forces, were aimed at coordinating a joint response to possible threats of attack to the FCT.
“I understand the security teams have been meeting for some days now and if you look around you, you will notice that there are increasing patrols and numbers of security personnel. The threats are not been taken lightly,” a source said.
National Assembly workers, lawmakers and visitors also had a harrowing experience accessing the legislative complex due to heightened security in the area.
Security operatives thoroughly screened every vehicle approaching the National Assembly complex in Abuja, impeding both human and vehicular traffic.
The Sergeant-at-arm of the National Assembly and other security agencies supervised the operations, leading to huge traffic build-up inside the complex.
Legislative staff, visitors and lawmakers were seen patiently waiting for their cars to be searched so that they could go ahead with the business of the day.
Some staff and visitors at some point got tired of waiting and were seen alighting from their cars to trek from the gate to the complex.
Meanwhile, the ONSA has said there is no threat to the nation’s airports.
A statement by the Head of Strategic Communication, Mr. Zachari Usman, said the reports of threats to the airports were an internal correspondence of security threat assessment misconstrued as security threat to the airports.
PDP Demands State of Emergency
In a related development, the PDP National Chairman, Prince Uche Secondus, yesterday demanded the declaration of a state of emergency, warning that the 2023 general election might not hold if the federal government failed to tackle insecurity.
He called on the federal government to summon a national conference to address the spike in insecurity.
Secondus added that the national caucus of the party will meet today to discuss the state of the nation.
Addressing members of the National Executive Committee (NEC) in Abuja, Secondus said: “We are worried Abuja is not even safe. It is no longer politics. We got alert of plots to bomb and burn down our airports.
“We urge the federal government to declare a national state of emergency in security. There is the need to call a national conference to discuss the insecurity in the country.
“There may not be any election in 2023 in Nigeria due to insecurity. This government must listen to the people. The Buhari government should call a national confab to discuss security and state of the nation. It is no longer politics. This time we are not playing politics. Let’s keep politics aside and move the nation forward.”
He said the country had been grounded, regretting that there had been no matching response from the federal government.
Secondus said in the past, terrorism in the North was confined to the North-east, but with the report of Boko Haram occupying villages in Niger State, terrorism had spread to the North-central
“Herdsmen are also menacing in the West; gunmen causing havoc in the East; and the militants in the South; all killing, looting, raping, maiming and burning down homes. The situation is bad; Nigerians all over are living in fear,” he said.
The Senate Minority Leader, Senator Enyinnaya Abaribe, said the problem of Nigeria was outside of the PDP headquarters, while pledging the support of the Senate to the declaration of state of emergency in security.
Abaribe said he deliberately decided not to speak on the floor of the Senate but to allow the APC senators to speak so as to avoid being accused of giving a partisan colouration to the issue of insecurity.
He stated that only electoral reforms would give victory to the opposition party in the 2023 general election and ensure a democratic defeat of the APC-led federal government.
Also, the Minority Leader of the House of Representatives, Hon. Ndudi Elumelu, commended the NEC and the PDP leadership for their collective efforts at resolving the House leadership crisis.
The NEC meeting adopted the position of Secondus, calling on the federal government to convoke a national conference to discuss the state of insecurity in the country, according to a communiqué read by the National Publicity Secretary, Mr. Kola Ologbondiyan.
Army Chief Vows to Wipe Out Boko Haram
The army yesterday reiterated its commitment to wipe out Boko Haram.
Chief of Army Staff (COAS), Lt. Gen. Ibrahim Attahiru, told reporters in Maiduguri, Borno State that Boko Haram had been defeated in many encounters and would continue to be defeated until it’s annihilated from Nigeria.
“We will take on Boko Haram decisively, and we are committed to the focus of the operations, which is the total annihilation of Boko Haram from Nigeria,” he said.
The COAS, who was visiting the headquarters of Operation Lafiya Dole in Maiduguri for the fifth time since his appointment four months ago, said the visit was to boost the morale of the troops, reassure them and listen to any issues affecting them.
Earlier, the Theatre Commander of Operation Lafiya Dole, Maj. Gen. Farouq Yahaya, lauded the visit, which he said had continued to boost the morale of the troops.
“We are honoured, we are grateful, we are encouraged by those visits. You provided us guidance, logistics and other things we required. We are most grateful for those visits,” Yahaya said.
State of Emergency Won’t Solve Security Challenges, Says Masari
Katsina State Governor, Hon. Aminu Masari, has, however, said declaration of a state of emergency won’t solve the security challenges facing the nation.
Masari, who spoke yesterday with journalists after meeting with the Chief of Staff to the President, Prof. Ibrahim Gambari at the State House, Abuja stated that he was against the recent call by the House of Representatives for the declaration of a state of emergency in the security sector as it would not solve the problem.
According to him, declaring a state of emergency will not achieve the desired effect as the security structure and personnel to be used to execute the emergency are already overstretched in a bid to safeguard lives and property.
Sourced From: THISDAYLIVE
Tribune Online
Nigeria records 55 new COVID-19 infections, total now 165,110
The Nigeria Centre for Disease Control (NCDC) has recorded 62 new cases of COVID-19, bringing the total number of infections in the country to 165,110. The NCDC disclosed this on its official Twitter handle on Friday. “55 new cases of #COVID19Nigeria; Lagos-21, Yobe-19, Ogun-6, Akwa Ibom-3, Kaduna-2, Plateau-2, FCT-1, Rivers-1.” YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE COVID-19: Nigeria Recorded […]
Nigeria records 55 new COVID-19 infections, total now 165,110
Tribune Online
Sourced From: Tribune Online
By Olasunkanmi Akoni
The people of the South East region have been urged to explore the power of negotiation and mutual settlement in the face of ongoing killings and security challenges in the zone because the east can not afford another war at present.
Stakeholders from the South-East geo-political zone made the remark on Thursday, at the unveiling of the book, “Igbo, 50 years after Biafra,” written by Special Adviser to Lagos State Governor Babajide Sanwo-Olu on Drainage Services, Joe Igbokwe, held at Ikeja G.R.A.
Speaking at the unveiling of the book, the chairman of the occasion, Mr. Cutis Adigba,
urged the people of the South-East to learn to build bridges across the country, so that they can realise their ambition of producing the next president of Nigeria.
Adigba urged leaders from the zone to discourage the move and agitation by some youths in the South East to go to war and secede out of Nigeria.
Also read: Banditry: Disregard viral video, Niger State gov’t urges residents
He said that Igbo have always found it difficult to rule Nigeria because they refused to build bridges across the six geo-political zones that made up Nigeria.
While describing the agitation as uncalled for, Adigba noted that after two decades that Nigeria returned to civil rule, the Igbo has predominantly identified with only one political party.
He maintained that remaining in one party can not advance the cause of the people of South East and cannot make them realise their objective of producing an Igbo man as president.
He maintained that the publisher of the book, Igbokwe played politics outside his state, so that the Igbo race can be integrated with one another race.
Adigba said the failure of the Igbo to reintegrate with other ethnic nationalities politically was responsible for the retrogression of the race in Nigerian politics.
Igbokwe, also addressing guests on the occasion, maintained that the Igbo are not advancing politically because they refused to be integrated into National politics, lamenting that, despite their success in business, they are not successful in playing politics at the national level.
Corroborating Dimgba, Igbokwe noted that there was the need for the Igbo people to stand up and build bridges so that their objective of producing the next president of Nigeria could be realised.
According to him: “I have decided to raise my voice, I hope my people will hear me while trying to quell the effect of the war, our people are spoiling for another war, mayhem is being unleashed in Igbo land, and there is palpable fear.
“Those who could speak have lost their voice, mindful of the consequences of their actions, I am calling on all Igbo leaders to speak up because all actions carry consequences, consequences of the silence will be too dastardly to sustain.
“Those silently supporting the wild wind should be careful or else they hand over to their children,” he said.
Igbokwe urged those spoiling for war to jettison their plan and embrace dialogue, urging them to learn from the South West region that despite the challenges faced after the annulment of the June 12, 1993, election, they did not go to war, and the region had the opportunity of producing two of her sons for presidential position in 1999.
“You have to build bridges to become president of Nigeria, but it is unfortunate the Igbo are burning bridges.”
Speaking at the event, Chief Uche Dimgba who is the coordinator of Igbo in All Progressives Congress, APC in Lagos, described Igbokwe as “a Frank, fearless and reliable leader, who based his views on issues and stand by his opinions, and we the Igbo have confidence in him and believe he can lead us aright.”
“He is a leader we Igbo believe in and we will follow him. If he can serve all the governors produced in Lagos State since 1999, he is a better man to follow because he possesses all the experience that can be of benefit to Igbo both at home and in the diaspora.”
The post Attacks on S’East: We must explore all options of negotiation — Stakeholders urge Igbo appeared first on Vanguard News.
Sourced From: Vanguard News
Kamaru Usman has raked in a mammoth £1.1million, about N584.2 million after his impressive knockout victory over Jorge Masvidal on Saturday night, Sportivation.com.ng reports.
The Nigerian Nightmare has been handsomely rewarded for his stunning performance and he was the best-paid fighter on the card which was witnessed by 15, 000 fans in Florida.
According to Daily Mail, Usman earned £538,000 to show up, £459,000 pay-per-view bonus, a £43,000 sponsorship bonus and a well deserved £35,000 Performance of the Night bonus.
Jorge Masvidal also earned £358,000 to show, £186,000 in pay-per-view money and a £28,000 sponsorship bonus.
This is the biggest payday of Usman’s career so far and the Welterweight champion also benefited from the fact that Masvidal is also a top draw for the fans.
Kamaru Usman is a Nigerian-American professional mixed martial artist, former freestyle wrestler and graduated folkstyle wrestler.
Sourced From: Latest Nigeria News, Nigerian Newspapers, Politics
Nigeria records 55 new COVID-19 infections, total now 165,110
Military, Police Ring Abuja to Forestall Boko Haram Attack
UFC: Usman gets N584m after beating Masvidal
Insecurity: Lagos bans occupation of abandoned buildings
Buhari Will Win In 2019: US Institute
The United States Institute of Peace (USIP) has predicted that President Muhammadu Buhari will win the 2019 election. The organisation...
Why Buhari Deserves Second Term – Lai Mohammed
The Minister of Information and Culture, Alhaji Lai Mohammed has said that President Muhammadu Buhari deserved second term election because,...
Atiku Presidential Campaign Council: PDP Releases List of Members
The Peoples Democratic Party (PDP) on Tuesday released the list of party members to handle the campaign team of the...
Obasanjo Forgives Atiku, Endorses Him For President
Former President Olusegun Obasanjo on Thursday said he has reviewed his stance on not backing his former deputy for the...
Buhari, Atiku In Battle Of Integrity Over 2019 Poll
THE brickbats continued yesterday between President Muhammadu Buhari and former Vice President Atiku Abubakar. The All Progressives Congress (APC) and...