The Board of Directors of the African Development Fund  have approved a grant of $6.12 million to help strengthen public finance governance in low-income African countries.

The funding is for Phase 2 of the Regional Institutional Support Project in Public Finance Governance (RISPFG) which will be implemented by two pan-African institutions: the African Tax Administration Forum (ATAF) and the Collaborative Africa Budget Reform Initiative (CABRI).

The grant, which was formally approved on 3 November 2022, will be distributed as follows: $3.90 million to support the continent’s tax administration reforms and domestic resource mobilisation efforts through support to ATAF and $2.22 million to support budget reforms and strengthen public finance management through CABRI.

This project is a follow-on to a first phase approved by the African Development Bank in 2016 and successfully closed in September 2021 with both institutions (ATAF and CABRI).

The project’s overall objective is to improve domestic resource mobilisation and public financial management in recipient countries, and help strengthen their efforts towards sustainable, inclusive growth and development.

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More specifically, it aims to improve African tax systems through technical capacity building, strengthening public financial management capacities and the integration of gender and climate change into taxation and public financial management. The project will also help countries build a common position and a stronger voice for the continent on regional and global platforms.

Director of the Governance and Public Financial Management Coordination Office at the African Development Bank, Abdoulaye Coulibaly, said that in addition to development results, the project also aimed to strengthen the resilience of national systems to various shocks, improve disaster preparedness and encourage the transition to low-carbon economies, through climate-smart budgeting and fiscal policies.

“The project will contribute to strengthening the actions of the Public Financial Management Academy, a virtual capacity building platform for African countries across the cycle and ecosystem of public financial management created in August 2022 by the Bank”, said Coulibaly said.

The project will help the countries of the African Development Fund who are members of the two implementing organisations. Their tax administrations as well as officials from ministries of finance will benefit from capacity building. The project will contribute to the development outcomes of the African continent and the achievement of various commitments, including financing for development, Agenda 2063 and Sustainable Development Goals. It will be implemented over a three-year period.

Africa’s integrated payments and digital commerce company, Interswitch, has reiterated its commitment to fighting fraud in the financial system, and support for the the 2022 annual conference of the Committee of e-Business Industry Heads (CeBIH) holding on Friday, in Lagos.

The Annual Conference, which has enjoyed keen support from the technology giant, has over the years come to be regarded as the point of convergence for stakeholders representing the different sectors of the Nigerian Payment Industry (NPI).

Interswitch’s headline sponsorship of the conference highlights the digital payment giant’s interest in fostering deeper collaboration between banks and fintechs within the financial ecosystem .

With the theme, “Leveraging Ecosystem Synergy to Combat Fraud”, the 2022 conference is tailored to emphasize the need for and importance of ‘Payments Ecosystem Players’ (PEP) to collaborate to win the fight against electronic payment fraud.

Interswitch, as a key industry stakeholder, will be instrumental in spearheading these discussions, especially with its recent efforts around the innovative solutions it provides to curb fraud associated with e-payment.

Speaking on the forthcoming retreat, Akeem Lawal, Managing Director, Payment Processing and Switching (Interswitch Purepay), reiterated the importance of the company’s participation in industry events such as the CeBIH Retreat, where critical issues, trends and analysis around the payment ecosystem are discussed.

He described the conference as an enabler of the growth and improvement of Nigeria’s payment ecosystem where industry players identify prevalent challenges in the financial ecosystem, provide innovative solutions hinged on current trends, and make quantifiable projections for the future.

“At Interswitch, we remain committed to supporting and partnering with platforms that share our vision to drive a greater, more financially inclusive ecosystem in Nigeria and on the African continent at large. Platforms such as the CeBIH conference provide Interswitch and other industry players the opportunity to engage with key stakeholders and collaborators from the financial system with a view to improving our offerings to our customers amid market demands, global trends, and insights from the operating environment,” Lawal said.

Interswitch has continued to blaze the trail in its role as a major partner of the Committee and its retreat since 2016. This emphasizes the firm’s commitment to the growth and development of the payment technology industry in Nigeria, while providing seamless access to digital financial services for a greater proportion of Nigeria’s teeming population.

The CeBIH Retreat, now in its tenth year, attracts key stakeholders from across the various sectors in Nigeria’s payment industry, serving as an avenue for dialogue among industry players.

The Chartered Institute of Bankers of Nigeria (CITN) has said that tax administrators have not agreed on the acceptable way to tax rising digital economy.

Speaking at the 47th induction ceremony for 826 members in Lagos, CITN President/Chairman of Council, Adesina Adedayo, said that taxation in the 21st Century fourth Industrial Revolution era has transformed significantly. The use of Big data, Internet of Things (IoT) and Data Analytics among other digital complexities has become the new world order.

He said the digital economy has grown dramatically worldwide, leading to the growth in e-commerce and online transactions. Despite the advantages linked to the expansion of the digital economy, several challenges have also originated. In the midst of this challenges, tax implications of the digitalised economy are perhaps the most urgent that bedevils revenue authorities, policymakers of governments, international organisations and tax professionals.

“Tax administration in Africa and indeed Nigeria remain unclear on the most effective and efficient way to tax the digital economy, yet the challenges arising from technological advancement and intricate business models continue to mount; thus, increasing the likelihood of tax revenue leakages,” he said.

He explained that several international and regional effort have been made in recent times to address these issues.

“Some of which include the United Nations Guidelines on Transfer Pricing, efforts to regulate Base Erosion and Profit Shifting through the BEPS projects, The Organisation for Economic Co-operation and Development (OECD) Transfer Pricing Guidelines and The African Tax Administration Forum (ATAF) guidelines on intangibles among other unilateral and bilateral efforts,” he said.

Also, in relation to the OECD Two Pillar Solution, ATAF, on behalf of African countries, has posed questions on the effectiveness and inclusiveness of the proposed provisions and pillars guiding the envisaged global taxing rules.

Similarly, the CITN recently engaged key stakeholders in a round table discussion to appraise the viability and adoptability or not of the OCED Two Pillar Solution. While there still exists opinions on which strategy will prove most effective for a high consumption-mono economy like Nigeria, I believe that an in-depth impact assessment of the Tax Deal would put our decision as a nation in proper perspective.

“It therefore behoves on us as tax professionals who are the “Hope of the Nation” to constantly engage and contribute meaningfully to the Country Impact Assessment of the OECD Tax Deal in Nigeria. To do this effectively, I implore you to constantly up-skill your knowledge on global trends in taxation. The Institute, including the CITN Tax Academy organises various trainings, conferences, workshops, seminars and specialised training programs to enable our members update themselves on new developments in the tax system,” he said.

Adedayo advised the new inductees not fall into the trap of complacency. The Institute expects you to hold in high esteem her core values which have been redefined as: Service, Teamwork, Excellence and Professionalism (S.T.E.P).  I beckon you therefore, to strictly adhere to these guidelines and principles in the course of your professional engagements.

The CITN President also warned the newly inductees to ensure professionalism, ethical practices and stand by the values, vision and mission of the institute while they do their jobs in their respective calling.

Payment software company, Remita Payment Service Limited (RPSL), a subsidiary of SystemSpecs Group, is simplifying bills payment, funds transfer for individuals, enterprises and government, its Managing Director,  ‘Deremi Atanda, has said.

He spoke following the company’s recognition at the Nigerian Fintech Awards as the Best Lending Support Service Provider and Best Corporate Payments Platform.

Atanda said: “We are extremely honoured to be recognised as the Best Lending Support Service Provider and the Best Corporate Payments Platform.”

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“These awards are attestations to our mastery of payments and collections for individuals, businesses, and the government, as well as our innovative data referencing services. For over 15 years, we have empowered individuals, enterprises, and even the government, to transfer money conveniently and pay bills easily using multiple payment options on Remita,” he added.

Remita was earlier adjudged the winner of the ‘Payment Service Provider of the Year’ award by the Central Bank of Nigeria (CBN) and the National Information Technology Development Agency (NITDA) ‘Indigenous Technology Promotion Software’ award for exemplary commitment to the development of home-grown technology to address local challenges.

DataPro, the Technology-Driven Credit Rating Agency (CRA) has assessed Sterling Bank’s financial performance, capital adequacy, asset quality, liquidity, profitability, corporate governance and risk management in the medium to long-term period.

Feedback from the assessment  enabled the agency to affirm Sterling Bank Plc long-term rating of “BBB+” with a positive outlook for the year 2021/2022.

The “BBB+” indicates slight risk and fair financial strength, operating performance and business profile when compared to the standard established by DataPro Limited.

“Sterling Bank Plc, in our opinion, has the ability to meet its ongoing obligations, but its financial strength is vulnerable to adverse changes in economic conditions,” the rating agency said.

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It said that during the year under review, the bank was able to grow its earnings capacity and profitability. Gross earnings rose from N133.4 billion in 2020 to N139.9 billion in 2021. Also, Pre-Tax Profit increased from N12.2 billion in 2020 to N14.3 billion in 2021.

The Bank also has strong Liquidity coverage for the mismatch in the maturity profiles of its Deposit and Loans, the Liquid Assets of the Bank provide adequate cushion resulting in Net Liquidity Surplus of N63.5 billion in the long-term.

The rating of Sterling Bank Plc is also supported by its diversified revenue base, experienced management, milestones achieved in the retail business segment, very strong asset quality as well as improved profitability.

Sterling Bank Plc had a Short-Term Rating of “A2” which indicates fair credit quality and adequate capacity for timely payment of financial commitments.

DataPro notes that the rating carries a maximum shelf life of 12 calendar months, in line with international best practice. The rating is therefore not an offer to trade in securities nor a substitute for the user’s judgement. It is meant for reference purposes.

The Compliance Institute, Nigeria (CIN) has reiterated its commitment to getting professionals comply with set out guidelines and promote professionalism in industries.

The institute said it will be building a body of professionals and corporate organisations from a range of industries established and recognised for integrity, professionalism, and strict adherence to regulatory and non-regulatory standards in and outside the business environment.

To achieve this goal, the institute will be inducting 214 members who have successfully qualified for the award of Designate, Compliance Professional (DCP) professional qualifications in examinations conducted in 2022.

The membership drive will enable the new intake join the league of professional compliance officers at the Sixth Annual Hybrid Induction and Investiture Ceremony, scheduled to hold on December 3 in Lagos.

Compliance professionals across the sub-region including policymakers, regulators, law enforcement officers and standard setters will attend the event.

Eminent personalities within the public and private sectors in West Africa who have contributed to the growth and development of the compliance ecosystem will also be honoured with fellowship membership of the institute.

The institute, will play host to Director- General of the Inter- Governmental Action Group against Money Laundering in West Africa (GIABA), Numero-uno Agency for AML/CFT Compliance within the sub-region, Mr. Edwin W. Harris, who will deliver the keynote address on the theme, ‘‘Compliance Culture & Corporate Governance: Role of Compliance Officers in the Public and Private Sectors’’.

According to the Registrar, Compliance Institute, Nigeria (CIN), Mr. Victor Oni,‘ ‘Student members, who have successfully completed the professional certification examinations of the institute in 2022, would be inducted, whilst deserving top performers in the examinations would be awarded prizes. Also expected at the ceremony are corporate titans from different sectors.’’

Addressing journalists on the Choice of this year’s Speaker and the importance of the topic, President, Compliance Institute, Nigeria, Pattison Boleigha said, ‘‘ After the global financial collapse over a few years ago, both the public and private sector introduced external and internal reforms to ensure it would not happen again. Whether these reforms have proven successful remains an open question.

The institute Chairman, Partnership and Communications Committee, Compliance Institute, Nigeria; Abimbola Adeseyoju, ‘‘Majority of employers require membership of the Compliance Institute, Nigeria, as pre-requisite for employment. At CIN, we have over the years, through the quality of professionals who become certified Fellow Compliance Institute, Nigeria (FCIN), Associate Compliance Institute, Nigeria (ACIN) and Designate Compliance Institute, Nigeria  Professional (DCP), consistently and practically demonstrated our unflinching commitment to the public and the private sectors, to take compliance, including compliance with international anti-money laundering and combating the financing of terrorism standards (AML/CFT), to new heights.’’

According to Chairman, Membership Committee, Oluyemisi Olukoya, ‘‘It is very instructive to note that the global compliance landscape is constantly evolving owing to several factors, including the dynamic nature of financial crimes, emerging money laundering and terrorist financing (ML/TF) threats, advancement in technology, and the ever-changing international standards. The establishment of the Compliance Institute, Nigeria (CIN), was conceived to address the capacity gaps, promote best practice standards for the compliance profession, and ultimately, contribute to deepening compliance, including effective implementation of AML/CFT preventive measures, particularly within the financial services sector in Nigeria.’’

The Chairman Education and Training, Compliance Institute, Nigeria; Isioma Gogo-Anazodo also explained that with the fresh crop of inductees this year, Nigeria and the sub region would be equipped to “up it’s game” on Anti-Money Laundering/Combating the Financing of Terrorism.

According to her, ‘‘The Compliance Institute, Nigeria has numerous membership benefits on our website, such as on-line training facilities, webinars, podcasts, conferences, and various learning resources to continually update your knowledge. Our membership registration processes are online and seamless with the ability to pay online using all cards and cardless payment systems.’’

In the words of the Registrar, Victor Oni, ‘‘Our Vision is “To be acknowledged nationally and globally as the standard-setter for compliance practice within the financial industry in Nigeria”, whilst our Mission is to “Maintain and promote regulatory standards for the Industry by facilitating and encouraging professional development and accreditation for its members (individual and Corporate). Maintain, promote and uphold regulatory standards in  industries for a respectable Compliance profession”

Liquid Intelligent Technologies has said it will be accelerating Nigeria’s digital transformation to support banks, other financial institutions, and companies in tackling network and connectivity challenges.

The company, which at the weekend, announced the launch of its operations in Nigeria,  disclosed that as a one-stop shop technology company offering high-speed connectivity, cloud and cyber security services with unmatched resilience and scalability, its entry into Nigeria will give new impetus to the country and region’s digital transformation journey.

According to CEO of Liquid Intelligent Technologies Nigeria, Wole Abu, “Access to new and innovative technologies and high-speed connectivity has changed how organisations work across the continent. West Africa boasts the largest connectivity on the continent, connecting Nigeria locally and internationally. Liquid’s Intelligent Technology brings de-facto means of backhauling traffic within middle-mile networks, allowing the effective deployment of broadband networks in Nigeria and the rest of the region”.

He said that Liquid Intelligent Technologies, a business of Cassava Technologies, wants Nigerian companies to, not only be excellent within Nigeria, but to grow to their full potential of global excellence.

“We are here to enable that growth. Nigeria is already growing but we are the catalyst that is going to enable the country double that growth rate. We own our own network, we manage it, and as a result of that, the quality is much better. I Nigeria, we have high powered network connection, huge capacity that is connecting Lagos, Abuja and Port Harcourt, in what we call the golden triangle. All that is connected through our subsea cable”.

According to him, Liquid Intelligent Technologies  has marine cables also, connected to Europe and South Africa. We have other cables that are coming in, that will connect us directly to other continents. Those are the building blocks.

“We also have a lot of roll out plans to go into other cities, outside these key cities where we can drop the rates for internet and give people enterprise grade internet. We are connecting people to the information superhighway,” he stated.

Through partnerships with international tech giants like Microsoft, Meta, AWS, and Oracle, Liquid Intelligent Technologies is redefining network, cloud and cyber security offerings, bringing innovative business applications, intelligent cloud services and world-class security to Nigeria.

In addition, the company’s pan-African footprint uniquely positions it to utilise its infrastructure to accelerate the availability of new intelligent technologies, including the high computing power of the cloud, artificial intelligence and cyber security services to customers.

“In the last two years, we have seen Nigeria benefit exponentially as businesses transformed digitally. The need now is to elevate local businesses with increased access to digital solutions that will level the playing field compared to their European and US counterparts. In addition, the expertise we have garnered in the last two decades of partnering with businesses in other African countries will play a crucial role as we provide companies with the necessary tools to enable further growth,”  Abu said.

Liquid Intelligent Technologies is a company built by Africans for Africans and looks forward to partnering with the public and private sectors to offer digital services to the widest possible client base on the continent. The organisation will replicate the success that it has realised for its customers in other countries by bringing its world-class services to the doorsteps of Nigerian businesses and individuals.

“We were the first African company to lay over 100,000 km of fibre network across the African continent, and we plan to extend our reach into Nigeria. Expanding our operations here reiterates our interest in working with the government to achieve the objectives of Nigeria’s National Broadband Plan (2021 – 2025) and to transform Nigeria into a leading digital economy, a vision enshrined in the National Digital Economy Policy and Strategy (2020 – 2030). Through our expertise, we will work towards ensuring that businesses and individuals can add to the growing digital economy setting Nigeria on its path to transform into a tech powerhouse in Africa,” Hardy Pemhiwa, Group President & CEO of Cassava Technologies.

The acceleration of digital transformation and the rising demand for cloud services has made Nigeria ripe for investment for Liquid Intelligent Technologies. Its world-class infrastructure and scalable digital services help Nigerian businesses create jobs and opportunities, thereby reducing poverty. Liquid Intelligent Technologies is committed to playing its part as a critical driver in the country’s economic and societal growth.

The African Development Bank (AfDB) has partnered with the University of Oxford to provide training on sustainable finance for up to 1,000 public and third sector workers from across Africa.

The University of Oxford’s Public and Third Sector Academy for Sustainable Finance

is a global center of learning and capacity building. It focuses on how the public and third sectors can unleash the opportunities associated with sustainable finance.

The third sector includes registered charities, social enterprises, cooperatives, research institutions and non-governmental organisations.

The nominees are enrolled in the academy’s ‘Introduction to Sustainable Finance’ course free of charge.

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Launched in November 2021 with funding from the IKEA Foundation, and the European Union Foundation among others, the programme has so far trained over 1,000 influential civil servants, regulators, and representatives of civil society. Over 40 per cent of participants are from developing countries.

The course provides government and third-sector staff with a grounding in sustainable finance. It equips them with the knowledge of key concepts, theories, and topics to successfully navigate this emerging field and identify and mobilize levers of change.

“We are delighted to partner with the African Development Bank,” said Andrew McCarthy, head of capacity building and partnerships at the Oxford Sustainable Finance Group and the academy’s deputy director.

He added: “Together, we will equip Africa’s public and third sectors with the knowledge, networks, and skills required to shift the direction of tens of trillions of dollars of capital away from unsustainable activities to those aligned with the Paris Agreement and UN Sustainable Development Goals.”

Ben Caldecott, the academy’s faculty chair and the Lombard Odier Associate Professor of Sustainable Finance at the University of Oxford, said: “The public and third sectors urgently need to develop broader and more in-depth capabilities in finance generally and sustainable finance in particular.