The Nation Newspaper

Tag: Mobile

  • CBN warns mobile money operators against ‘suspicious’ transactions

    The Central Bank of Nigeria (CBN) has listed transactions that will be categorised as suspicious in the mobile money business.

    In a paper entitled: Regulatory framework for mobile payment services in Nigeria, CBN said a mobile payment firm would be involved in suspicious transactions when it allows a single mobile account (individual) to receive a total volume of payments of more than 100 in a day.

    Also, any mobile payment (individual) that receives a total volume of payments of more than N1,000 in a day; and when any mobile payment (merchant) account that receives a total value of payments of N10 million and above in a day will be involved in ‘suspicious’ deals.

    It said any company involved in suspicious transactions, has violated anti-money laundering regulations.

    CBN said it would be in the interest of a mobile payment company to disclose such transactions to avoid problems.

    “The mobile payments scheme operator shall notify the Nigerian Intelligence Financial Unit (NFIU) of suspicious transactions as part of anti-money laundering regulations provided by CBN,”the report added.

    It said the regulatory authorities have the right to change the criteria for suspicious transactions reporting on mobile payments as it deemed fit, adding that such amendments shall be communicated by appropriate channels to the mobile payment operators among other stakeholders.

    It said: “CBN would ensure that appropriate processes and procedures are established for the purpose of monitoring compliance to the regulatory framework. Non-compliance with the provisions of the regulatory framework shall attract appropriate sanctions as may be determined by the Central Bank of Nigeria.”

    It said CBN will establish the Office of Ombudsman, noting that the Office would consist of the representative of the Nigerian Communications Commission; Consumer Protection Council; Scheme Operators; Financial Institutions; and a member of National Payments System Committee to foster the growth of electronic payment system in Nigeria.

    In a related development, a Deputy Director, CBN, Mr Emmanuel Obaigbona, said there is the need to do more enlightenment in view of the high rate of electronic payment fraud in the country.

    He said there is a need for customers to guide their identities to reduce fraud.

    Obaigbona, also the Chairman of Nigerian Electronic Fraud Forum (NeFF), said the forum is looking at the Payment System Management Bill put together by the legal working group of the Financial Sector Surveillance (FSS 20: 2020), before submission to the National Assembly.

    He said besides the awareness creation, the forum has produced a card arbitration framework for review and possible adoption by the industry stakeholders.

    He said the forum is committed to training, arguing that this is the only way to upscale knowledge among practitioners and further ensure that e-payment fraudsters do not rubbish the work done on the cash-less policy initiative.

     

  • ‘Mobile apps development can spur economic growth’

    ‘Mobile apps development can spur economic growth’

    If properly explored, the mobile apps development segment of the Information Communication Technology (ICT) industry can spur growth in the economy by creating jobs and boosting the growth of the nation’s Gross Domestic Product (GDP), Bayo Puddicombe, the Chief Executive Officer (CEO), Pledge 51, an application developing firm, has said.

    Puddicombe, whose mobile application, Danfo, is running on Nokia 40 series, spoke with The Nation in Lagos.

    He said there is a huge market for mobile applications not only in Nigeria but Africa, adding that because the continent has been underdeveloped for so long, mobile technology represents the possibility of bridging the digital divide by making information, entertainment and productivity tools accessible to the ordinary man on the street.

    Mobile application development is the process by which application software is developed for low-power handheld devices, such as personal digital assistants, enterprise digital assistants or mobile phones which can be pre-installed on phones during manufacture, downloaded by customers from various mobile software distribution platforms, or delivered as web applications using server-side or client-side processing, such as JavaScript, to provide an “application-like” experience within a Web browser.

    “Though there are a number of people doing great things in the field of mobile applications development, but I don’t think we have come close to hitting a critical mass just yet. There is still a tremendous opportunity and it is in our best interests to encourage more young people to consider this opportunity.

    “Mobile application development is one of the many answers to youth unemployment facing our nation today. The barriers to entry for an aspiring developer are relatively low. If well harnessed, this can be transformed into a huge industry with significant potential for growth. When critically analysed, the major resources required to develop mobile applications are your mind, a half decent computer and maybe internet access,” he said.

     

     

     

  • Entrepreneurs invest in mobile catering

    Mobile  catering is gradually changing the face of Lagos State as young enterpreneurs invest in the business. As a result, some families could be   lifted out of poverty. This is also changing the perception of the State as the hub of youth hooliganism to a major player in the booming business of mobile catering and small chops business.

    With unemployment rates  as  high  as   40 per cent, the young  entrepreneurs  are now profoundly repositioned and fully  prepared  to take  the leadership  of  the business. This group comprising youths in the 20-35 age bracket is repositioned and fully engaged in applying all they have learned, in a leap that many young professionals are now chasing.

    Youths involved in catering service have shown how food service -led growth can be a powerful antidote to poverty. The evolving industry is laying the foundation for long-term economic vitality for the areas involved.

    Some young men have taken their place at the heart of the industry worth thousands of naira. One  of  them is the Chief  Executive  of  Ades Small Chops, Mr Ajiboso Adepoju .
    With a group of  friends, Ajiboso now   caters  for events fulfilling  the  social needs for Shomolu-area businesses. Ades Small Chops  is a food and services company that cooks and supplies food.

    The  company  offers catering services and cocktail drinks for events. Their productivity is incredibly high, and   engagement scores are incredibly high. With  overhead so low, and  client base in place, he  has  began making money.

    Ajiboso said with the business of small chops young people can make enough money  to live life on their  own terms and have  a sense of peace and fulfillment. Taking  to  mobile  catering, Ajiboso and  his group provide brilliant mix of services that makes events memorable.

    The menu offers a mix of old and new favourites that guests can enjoy.  It is clear from the demand for their services that  they will change  the face of the industry. The young entrepreneurs have created a multi-million business enterprise.

    Their love for   the catering business and zealousness to take on new challenges is far from diminished. They have   been to wedding receptions, business meetings and hospitality events, and one thing they have in common,  is the array of small chops  that always accompanies them.

    Ajiboso  has proved that no hindrance is too big to tackle or no obstacle too hard to overcome only if one possesses enough self confidence and are determination to succeed. He had to struggle hard for almost everything he has achieved in life. He   has learned to cope with difficulties and face them boldly.

    He acquired  skills on  small chops. Seventy per cent  of their jobs  come from referrals. The  group  has  persevered with hard work and determination to succeed against all odds.  ”We had received several inquiries and the number  keeps growing,” he said.

    For him why outside catering fails is because the students, or customers, aren’t served the type of food people want to eat. His  goal now is to continue to grow the business and work with clients.

    One of the young entrepreneurs, Yomi Martins, prepares small chops  at its premises and delivers it to the event when needed. His  target is private and corporate events. These consist weddings, birthday parties, dinner parties and funerals.

    He  leads   a small group of hungry, success driven, passionate, action-taking entrepreneurs whose goals are creating wealth for themselves and others.