Author: The Nation

Africa’s payment cards and digital token brand, Verve, has partnered Alcineo, a provider of payment software and services, to deploy a software point-of-sale (SoftPOS) SDK solution.

This cost-effective solution will enable merchants to use mobile phones or mobile devices to accept contactless payments from customers, without the need for additional hardware, thereby giving predominance to mobile channels.

The SoftPOS solution will leverage Verve’s secure payments platform and Alcineo’s expertise in payment software development to provide a seamless and secure payment experience for both merchants and customers.

The solution is expected to be particularly beneficial to small and medium-sized enterprises (SMEs) often faced with the challenges of accessing traditional point-of-sale systems.

The SoftPOS deployment in Nigeria is expected to further strengthen and contribute to the growth of digital payments, across Africa and other regions where the Verve card is accepted.

The partnership also aligns with Nigeria’s efforts to promote financial inclusion and increase the adoption of digital payments.

According to the Central Bank of Nigeria (CBN), only 36.8 per cent of  adults have access to formal financial services.

SoftPOS solutions, like the one being deployed by Verve and Alcineo, have the potential to increase access to payments infrastructure and support the growth of digital economy.

Managing Director, Verve International, Vincent Ogbunude noted that as the foremost indigenous payment card brand out of Africa, Verve continues to find innovative ways to ensure that Nigerians get access to easy and convenient payment options.

He added that the partnership will significantly impact the growth of Nigeria’s digital payment ecosystem.

 “We are excited to partner with Alcineo to deploy this innovative SoftPOS solution in Nigeria. Alcineo’s expertise in payment software development will be instrumental in ensuring that the solution is secure, reliable, and easy to use for both merchants and customers, Vincent Ogbunude remarked.

The SoftPOS SDK solution being deployed by Verve and Alcineo has the potential to increase access to payment infrastructure and support the growth of the digital financial system. This partnership represents an important development in the African payments landscape and a positive step towards increasing the accessibility and security of digital payments in Nigeria.

The Chief Executive Officer, Cellulant, a pan-African fintech with operations in 18 countries, Akshay Grover, says the Nigerian fintech market stands out on the continent on various counts.

During a media chat, Grover pointed out Nigeria and Kenya are the top two markets in African fintech. He however insisted that Nigeria is ahead of Kenya in terms of market size, technology talents and market offerings. He said the industry would do much better when the macroeconomic challenges are sorted out.

“There are very many lenses through which people look at a market. One lens is market size, and I would say that Nigeria is top of the line. Another lens is, how many new fintech products are coming up in the market? Here, I would say probably that the top two markets are Nigeria and Kenya, Nigeria being ahead.

“The third lens could be the availability of technology talent in the market. Here, I believe Nigeria stands out. So, when I think about different lenses, I think Nigeria is a big player in this space. What I would wish is that the macroeconomic environment in Nigeria would be sort of better. 

“This would make a huge difference, not just to the fintech industry, but to other industries in Nigeria,” the expert, who has served in different emerging markets as a financial expert, said.

Grover said Africa competes well among emerging markets, including India and China, in fintech development. He stressed that relevance is a major factor in assessing the performance of each market.

“I think the question is not so much about whether we are ahead or whether they are ahead. It should be: is there a significant pace of innovation happening in Africa?  

”I think the answer to that question is a yes. We are being considered equal to many of our peers in other parts of the world in terms of innovating on products and solutions that we are offering our customers in Africa,” he noted.

He said Cellulant would remain at the forefront of developing cutting-edge products to stimulate the growth of Nigeria’s smart payment system and bridge gaps in the market. The market, he said, is strategic to the growth of the company.

“Nigeria is one of our top two markets. So, it is a very important country for Cellulant as a business, and I think there are not too many fintech in Africa that can claim to be very large without being significant in Nigeria.

 All the multi-million or billion-dollar businesses that have been created over the last three to five years in Africa have a significant presence in Nigeria,’’ he added.

“I do not think that is a coincidence. In my mind, this is a market that will continue to be of great strategic importance not only to Cellulant but also to most fintech companies,” Grover noted.

Banking security is at the centre of financial system stability. However, cyber-fraudsters are devising new sophisticated methods to steal customers’ funds and make the system unsafe for transactions. To reverse the trend, commercial banks are educating their customers on safety measures to adopt to protect their accounts from rising spate of e-payment fraudsters and build more confidence in the financial sector, reports Assistant Business Editor COLLINS NWEZE.

Digital banking is where the world is moving to for its speed and cost-saving benefits to customers and economies.

However, the increased adoption of e-payment channels – like internet banking, mobile banking, Point of Sale (PoS), Automated Teller Machines (ATMs), Unstructured Supplementary Service Data (USSD), web payment, and Nigeria Quick Response (NQR) code, among others, have exposed the banking system to enormous risks from fraudsters.

The financial sector stakeholders are educating their customers on the need to  keep their accounts safe and secured from prowling fraudsters.

For instance,  nothing forewarned Michael Abiodun, a Mushin, Lagos tyre merchant of the problem he would soon face.

That Saturday, a customer bought goods worth N120,000 from him. The customer said he had no cash and requested Abiodun’s account number to transfer the money.

He said: “He typed the number on his phone and within few minutes, I got transaction alert from my bank. The fake alert showed that N120, 000 had been credited to my account. So, the fraudulent customer took the goods away.

“The next working day, which was Monday, I went to my bank to withdraw the money but it was not there. My account officer showed me my last transaction detail, and informed me that the alert on my phone was not from the bank and that it was a fraud. That was how I lost the money and all efforts to trace the fraudster failed.”

Abiodun released the goods because the fake alert showed his previous account balance and the new deposit by the customer. That, he said, was an indication that the fraudster was collaborating with an insider from the bank. “Up till today, I have not recovered that money,” he lamented.

That horrible experience, Abiodun noted, has made him to always  checking his account balance with mobile apps or through internet banking channels before releasing his goods, instead of relying solely on bank alerts, which has the possibility of being cloned.

Banks implement customer sensitisation plan

It is the need to prevent such fraudulent occurrences that prompted many banks to prioritise  bank account protection and provision of right information to customers for the safety of their  transactions.  

Banks have intensified efforts at educating/encouraging their customers to become more careful and protective of their bank accounts.

The lenders are also making more investments in technology and replacing e-payment users’ fears on adopting digital channels with confidence in their products and services.

Banks are advising their customers to deactivate abandoned phone numbers linked to their accounts given that abandoned phone number would be issued to new subscribers who will continuously receive alerts on transactions carried out on the old subscriber’s account(s) if the phone number was initially linked to the old subscriber’s account(s).

There can also be a fraudulent USSD enrolment on old subscriber’s account(s), which could lead to loss of funds hence the need for customers to visit the closest bank branch to deactivate/remove abandoned phone numbers linked to accounts.

Also, there is the need to protect deceased customers’ accounts by reporting the demise of deceased loved ones to the bank to protect the funds in the accounts.

This is because where that is not done, a look-alike imposter can fraudulently take over the account of a deceased customer, a fraudulent staff member can forge the signature of a deceased customer and empty the account.

Bank customers are also advised to collect evidence of depositing funds in their accounts (the TSP receipt) before leaving the banking hall. This is because cases of impostors (posing as bank staff) approaching and collecting cash from elderly or unlearned customers in the guise of facilitating their transactions have occurred severally in bank branches.

Also, a fraudulent staff can deny collecting cash from a customer. Bank customers are also advised not to perform sensitive financial transactions using public wifi or networks they do not know the source, but should rather use a secure connection whenever they perform online transactions.

Also, it is risky to disclose your mobile app activation code to anyone over the phone, via SMS, email, or in person.

Experts advised customers: “Never reveal your card number, One Time Password, Personal Identification Number (PIN), or password to anyone over the phone, via SMS, email, or in person. Do not do this, even when the person requesting for such details claim to be from your bank’s headquarters. Desist from clicking suspicious links or downloading attachments and apps from unknown sources. Do not entertain unsolicited phone calls, SMS, or emails, asking  about yourself or for information about your bank accounts.’’

Industry statistics

The  Central Bank of Nigeria (CBN) recently issued a fraud alert to the  public about the alarming rate of cybercrimes.

According to the apex bank, cybercriminals resorted to taking advantage of rise in e-payment adoption to defraud citizens, steal sensitive information, or gain unauthorised access into computers or mobile devices using different techniques.

According to financial reports culled from the banks in first half of last year, three tier-one banks recorded over 26,877 fraud cases in the first six months of the year.

Also, PricewaterhouseCoopers (PwC’s) Global Economic Crime and Fraud Survey 2020, revealed that the total cost of cyber crimes is worth  $42 billion, which was cash taken straight off companies’ bottom line.

Likewise, the 2018 Financial Stability Report by the CBN, stated that banks recorded 25,029 confirmed cases of fraud and this resulted in a loss of N2.21 billion and that 90 per cent of fraud cases in 2018 were perpetrated via technologically driven channels.

According to the 2018 report of Nigeria Electronic Fraud Forum (NeFF), the volume of fraud reported in 2018, had been the highest in the last four years with an increase of 55.1 per cent from 25,043 in 2017 to 38,852 in 2018.

Also, its attempted and actual loss value increased by 1243 and 275 per cents.

With the rising spate of fraud in the financial sector, analysts said now is the time for leaders in the payment infrastructure space to collaborate and explore ways to take full advantage of the technological revolution to reduce gaps that hold back truly inclusive and sustainable development in the sector, including the ubiquitous monster called fraud/cybercrime.

From 2018 to 2023, 412 people have died from petroleum-induced accidents and fire, according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority  (NMDPRA) which warned operators in the downstream industry.

Its Regional Coordinator, Mr. Opara Ugochukwu, who made in known his presentation “Accidents Statistics” at the meeting of the products transportation stakeholders in Abuja, added that the industry recorded 244 incidents in the period under review.

He said while 173 died in petrol incidents in 2021, there were 103 incidents, representing an average of one death every four days.

The coordinator also noted that from last year till date, 48 fatalities had been recorded in 41 incidents.

Noting that the eight fatalities had so far been recorded in the year, he warned: “If we continue at this rate, we might be seeing the 2021 figures.”

According to him, the NMDPRA has resolved to actively monitor compliance with the approved standards for petroleum tanker drivers across the country and it will definitely sanction defaulters to discourage bad behaviour.

His words: “The Authority to actively monitor compliance with the approved standards of the design, construction and maintenance of petroleum tankers across the country and will not hesitate to impose sanctions to discourage undesirable behaviours.”

Ugochukwu blamed the incidents on inadequate training of drivers and involvement of unauthorised /unlicensed drivers in the practice.

The Regional Coordinator also attributed the situation to failure to let the product settle down before discharging.

He said discharging during unfavourable conditions was also accountable for it, stressing there was also improper design and construction of tankers with inferior materials also constituted the danger.

He insisted that every truck and every station must have adequate earthing cables and hoses  of various sizes for discharge and coupling.

Ugochukwu also said truck inspection must be carried out before loading and offloading.

Drivers, he said, must be trained on the Midstream and Downstream  program.

He pleaded that the Authority will guide the operators on the approved standards required for road tankers design, construction, and operations.

Responding, representative of Nigerian Association of Road Transport Owners  (NARTO) from Benue State,  Mr. Sylvester Adaka complained that fake spare parts and bad roads were the bane of the accidents.

He urged the Standard Organization of Nigeria to checkmate the influx of fake tires and other spare parts, adding the government should also rehabilitate the roads.

In her opening remarks, the Executive Director, Health Safety and Environment, North Central Regional Coordinator, Mrs. Maijiddah Abdukadir, said meeting was to attune operators of the need to fully comply with relevant Health, Safety and Environment laws and Regulations as stipulated in the Petroleum Industry Act.

According to her, the engagement was also to forestall the dangers/risks posed by unwholesome practices and noncompliance to statutory provisions with respect to HE in the transportation of petroleum products including gas.

She added that it was to create awareness and a culture of safe operations to protect persons, assets, and the environment, thereby eliminating accidents, and the cost of replacing damaged parts and this is the sure way to profitability.

Abdukkadir informed the stakeholders that the “NMDPRA has planned to recommence the Health Safety and Environment (HSE) technical audits; of which the outcome will be used in liaison with other Directorates, in the issuance of various licenses.” The HSE technical audit, she said, will evaluate the adequacy of the HSE requirements, competency and training of staff engaged by the operators.

She vowed that “this will no longer be business as usual, it is now safety first, the NMDPRA would ensure that the aspirations of the Federal Government by passing the PIA is achieved.

“The law has provided in clear terms that in the case of negligence by any operator, such operator would be sanctioned accordingly.”

The Benue State government and another 11 states have secured approval from the Nigerian Civil Aviation Authority (NCAA) to construct civil aviation airports in the country, it was gathered yesterday

Benue State Commissioner of Information and Culture, Mr. Michael Inalegwu, who made this known at the Government House in Makurdi while briefing reporters at the end of the State Executive Council (SEC) meeting, stated that the state plans to build that airport in Makurdi, the state capital.

Inalegwu said the state government had also got an approval from the NCAA to allow Air Peace to commence commercial flights from the Makurdi Airport to other parts of the country.

According to him, flights from the Makurdi Airport were billed to commence on April 17, 2023 at 8 am.

The commissioner, however, explained further that of the 12 states, only Benue and Ogun states, have been granted the approvals for the construction of the airports.

The foundation laying for the airport, according to the commissioner, is scheduled to take place next week at Kura village, along Naka road, about 12 kilometres away from Makurdi, the state capital.

“The site for this airport is going to be at Kura, along Naka road, about 12 kilometres from Makurdi town because of its proximity to the industrial layout,” he said.

Although the commissioner expressed doubts about the possibility of the Governor Samuel Ortom-led administration completing the airport project, he  believes that the airport would be a value-addition to the growth of the state.

“The next administration can equally continue with the project but the good news is that this administration pressed for the approval of this airport and we got it,” he said.

He said the choice of the location was appropriate as cargoes landing from the airport would be taken to the industrial layout on record time.

• Charges them on integrity, transparency

THE Special Adviser to the Lagos State Governor on Internal Audit, Mr Abayomi Oluyomi, has described auditors as a bridge between the government and the governed. As such, their job is vital in the scheme of things.

He stated this during a one-day training in Alausa, Ikeja for the state auditors.

Oluyomi said if a project is executed by the government, it is the job of the auditors to ensure that there was overpayment.

 He said it was for this that since the inception of the administration the government placed emphasis on the continuous training of auditors, adding that “Auditing in the 21st Century requires knowledge, skill, and all the quotients needed” for them to excel.

Permanent Secretary, Office of Internal Audit, Mrs. Kikelomo Dauda, said the “auditors are the cornerstone of the public sector, an essential part of governance, the ears and eyes of government, hence the need for them to be equipped with appropriate work ethics to execute their duties without fear or favour.”

 There is a need to constantly expose them to the latest trends in auditing while also providing a platform for knowledge and experience sharing, she added.

 Mrs Dawodu described the theme of the training “Auditing as the Cornerstone in Public service” as apt and timely, as it brought to the fore the special position which auditing occupies in the public service.

 She advised them to free themselves from undue interference to perform their duties optimally.

“By maintaining your independence, an internal auditor can perform his or her assessments objectively, providing management with unbiased criticism of governance processes, risk management, and internal control.

 “Be reminded that the overall objective of audit in the Public sector is to strengthen the accountability, integrity, and the transparency of government and public sector institutions.

   “One of the ways through which you can succeed in this profession is to lead by example and independently carry out your duties effectively. As auditors, you must maintain professional judgment and take proactive steps in your Ministries, Departments and Agencies (MDAs) by insisting on standard procedures,” she added.

Innovate UK KTN has said Nigeria spends $1.2billion yearly to bridge the country’s 1.9million metric tons of fish demand.

The organisation said the 1.07 million metric tons of fish produced by the country is not enough to meet the 2.97 million metric tons demand annually.

The Global Alliance Africa’s Knowledge Transfer Manager for Nigeria, Joshua Adedeji, said this in a statement on yesterday in Abuja, stating the efforts of the company to address the deficit in the production and supply of fish in the country.

He said Innovate UK KTN, through its Global Alliance Africa project, has undertaken steps aimed at harnessing the immense socio-economic potential of the aquaculture sector in Ekiti State.

Adedeji said at the state level, there was still a huge deficit of supply of fish, as local fish production sustained less than one per cent or 200 metric tons of the region’s total demand of 26,825 metric tons.

He said through engaging with players from across the aquaculture supply and value chains, Ekiti State would be able to unlock the socio-economic potential of the aquaculture sector.

The Africa Lead for Global Alliance Africa, Sophie West, reinforced the project’s commitment to making Ekiti State a beacon of innovation by creating new opportunities to transfer knowledge, technology and expertise between the United Kingdom and Nigeria.

The Global Alliance Africa project is a six-year project funded by UK Aid through Innovate UK (GCRF) and the Foreign, Commonwealth and Development Office (FCDO).

From 14 per cent in 2000, total public investment attracted by the renewable energy sector in Nigeria and other African countries reached a record 79 per cent by 2017, reflecting the general trends for more finance to be directed into the subsector.

The Energy & Utilities latest release, ‘Africa Market Outlook Report 2023’, which outlined the state of energy trends and the overall sector health at large, which made this known, said between 2000 and 2019, $109 billion in public commitments were made to the energy sector across Africa.

Relying on data from the International Renewable Energy Agency (IRENA), the report said more than half of the total $109 billion- $64 billion – was directed towards renewable energy, of which $50 billion went to hydropower projects from 2010.

“This is a reflection of the general trends for more finance to be directed into renewables. While the renewables sector attracted 14 per cent of public investment in energy in 2000, by 2017 it had reached a record 79 per cent,” the report said.

According to the report, a small number of investors accounted for the majority of those financial commitments, led by China (51per cent of the commitments), the International Bank for Reconstruction and Development (14per cent) and the Islamic Development Bank.

The report, however, stated that while investments in renewable energy have increased, they are unevenly distributed, with most going to the more developed economies.

The top five recipients over the period, the report said, were South Africa, Egypt, Nigeria, Morocco and Kenya – between them, they received more than half of all renewable investments.

It also said the 33 least-developed countries (LDCs) in Africa attracted just 37 per cent of renewable energy commitments in Africa from 2010-19.

The report said energy demand in Africa grows twice as fast as the global average, leaving policymakers with the critical task of addressing the persistent lack of access to electricity and the unreliability of the supply.

“That being said, renewable power projects are growing in size and reach and storage solutions are starting to address the intermittency of solar and wind power. New forms of financing are also being deployed to make the most of local capital,” it added.

The report, however, said discussion around financing of power projects in Africa has become inextricably linked with the global push to take action to minimise the damage from climate change.

“Many western financing institutions are now refusing to support oil and gas projects, or at least heavily prioritising renewable schemes. At the same time, most African governments insist that natural gas in particular must be allowed to play a role in their electricity supply industries in the short-to medium term,” it said.

It noted that new financial frameworks continue to be drawn up, including South Africa’s $8.5 billion Just Energy Transition Partnership (JETP), which was announced at COP26 and received initial funding at COP27 last year.

This scheme involves a partnership between the governments of South Africa, France, Germany, the UK, US and the EU. It aims to accelerate the decarbonisation of South Africa’s economy, helping the country transition its coal power plants to clean power.

As such, the JETP, the report said, offers a model which could be replicated in some other parts of the continent. “Governments are also increasingly keen to develop and tap local sources of finance, although this is not a realistic option in many parts of the continent,” it said.

It also quoted the African Development Bank (AfDB) as saying that it has a portfolio of energy projects worth more than $12 billion. Its key initiatives include the New Deal on Energy for Africa, which launched in 2016 and aims for universal energy access, with priority given to the use of low-carbon technologies.

From 2016- 20, the AfDB approved $7.2 billion in funding under the New Deal and mobilised a further $850 million in co-financing resources. “Overall, this funding is expected to add 3GW of installed generation capacity, of which 2.2GW will come from renewable energy sources,” the report said.

The funding will also support the construction of more than 7,000km of transmission lines, including 3,000km of regional interconnections.

Other AfDB initiatives include the Desert-to-Power initiative (DtP) to accelerate economic development in the Sahel region through the deployment of solar technologies, the Sustainable Energy Fund for Africa (SEFA) and the Facility for Energy Inclusion investment platform.

The report said with about 1.3 billion people, Sub-Saharan Africa is home to about a fifth of the world’s population, but it accounts for just three per cent (three per cent) of electricity use. It, however, pointed out that the gap is gradually closing, helped by the increasing diversity of power sources.

“Renewable power projects are growing in size and reach and storage solutions are starting to address the intermittency of solar and wind power. New forms of financing are also being deployed to make the most of local capital,” it said.

It, however, added that “There remain plenty of challenges. While the energy transition could allow African countries to create extensive, green energy networks, there remain numerous financial, regulatory and logistical problems that need to be overcome before the continent’s full potential can be unleashed.”

NIGERIA is the largest investor in food and packaging technology in Africa with an investment of 346 million Euros, Consulate-General of Italy in Lagos, Mr Ugo Boni, said yesterday.

He spoke at the ongoing West African Cold Chain Summit and Exhibition (WACCSE 2023) in Lagos.

He said: “For the first time since 2021, Nigeria became the largest investor in food and packaging technology in Africa with an investment of 346 million Euros, ahead of Egypt’s 341 million Euros and South Africa’s 293 million Euros, according to data from the Germany Machinery Association.”

The event has “Delivering Food and Nutrition Security through Cold Chain in Africa” as theme.

The trade volume between Nigeria and Italy was two billion Euros.

He said the Italian government was ready to invest in the Nigerian economy.

According to him, investing in the food and allied agricultural sector would be part of Italy’s effort to strengthen trade relations with Nigeria.

He said the priorities of Italian investors were agro industrial and food processing machinery.

The envoy indicated that the country was ready to increase its trade volume in Nigeria.

In her contribution, the Minister of Humanitarian Affairs, Disaster Management, and Social Development, Sadiya Umar Farouq, said over 10 million children across 57,517 schools were benefitting from the National Home-Grown School Feeding Programme (NHGSFP).

Represented by the Nutrition Officer, National Home-Grown School Feeding Programme, Mrs Simpa Suzan, the Minister said the  scope of the NHGSFP is providing one free nutritious hot meal daily, made from locally sourced agricultural produce to Primary 1-3 in public primary schools across the of Nigeria.

Through this programme, 126, 927 Women are gainfully engaged as cooks/vendors, and thousands of smallholder farmers are empowered too.

Through various agencies and programs, she said the Ministry was working hard to contribute to achieving the set 2025 target of reducing the proportion of people who suffer malnutrition by 50 per cent through scaling up nutrition-specific and nutrition-sensitive interventions.

Lagos State Commissioner for Agriculture, Ms.  Ruth Olusanya said the government was  driving its vision to make the state a key logistics  hub to assist the flow of food  trade and  unlock market access.

To this end, she called on the private sector to partner with the government in the logistics sector, as the economy  has grown fast in the food  business .

The Regional Director, Technoserve, Larry Umunna said food fortification was being promoted as a strategy to dramatically improve a population’s malnutrition situation. He explained that food processing companies have the right tools and knowledge to track and improve fortification, marking important progress in fighting malnutrition in Nigeria and beyond.

Digital services provider, Globacom, is offering customers new MiFi and Router that connect up-to 32 Wi-Fi-enabled devices including smartphones, tablets, laptops, smart TVs and game consoles at once.

According to the company, “The offer gives subscribers FREE 60GB and 180 GB data upon purchase and activation of a MiFi and Router respectively”. The new offer was introduced to give Glo subscribers unprecedented value for money and a delightful browsing experience on its reliable and super-fast Glo 4G LTE network.

“Nigerians can purchase the devices from any of our Gloworld one-stop shops or partner outlets.  All they need to do is insert a registered Glo SIM into the MiFi or Router device to access the free 60GB and 180 GB once the device is switched on”, Globacom explained further.

The devices ensure faster downloads, faster music and movie streaming, faster gaming experience and seamless video calls on various smart devices can be used by students, corporate employees, small and medium scale businesses or by individual subscribers on the go seamlessly.

Globacom urged Nigerians to enjoy the unlimited value to stream, work and play by making utmost use of the opportunity provided by the Glo Mifi and router offer immediately.