Fintech players, regulators reaffirm commitment to agency banking

The Central Bank of Nigeria’s (CBN) Deputy Governor in charge of Financial Systems Stability, Aishah Ahmad, has reiterated the apex bank’s commitment to the successful implementation of agent banking in Nigeria. She emphasized that the CBN’S commitment is geared towards the reduction of the current financial exclusion rate to 20 percent, and the achievement of the FSS 2020 goal.

Ahmad, who was represented at the recent 7th edition of POS innovation summit by Sam Okojere, director, payment system management at the CBN, said that initiatives such as the POS innovation summit provide the opportunity for ideation and development of groundbreaking notions that solve problems in the financial technology industry.

Also speaking, Tunde Ogungbade, managing director of Global Accelerex, said that access to financial services to the underserved and most vulnerable in society will help them step out of poverty and reduce inequality in the society. He reminded del

egates that it is not the obligation of government alone to help bring about financial inclusion, but is also the responsibility of every entrepreneur and business entity, whose participation is critical in creating that desired change in the cashless ecosystem.

The theme of the POS innovation summit, “agent banking deployment to reach the last mile,” provided the appropriate discussion platform for keynote speakers and the general audience. From several deliberations, it remained obvious to all delegates that collaboration in the sector is a key success factor for the topic above.

During the live demonstration of Accelerex Agent Network Platform (ANP), a product developed for agency banking business by Global Accelerex, Niyi Ajao, the deputy managing director of Nigeria Interbank Settlement System (NIBSS), applauded Global Accelerex for promoting financial inclusion with the innovative platform.

“With the security, flexibility and management features on the platform, Agent Banking business will be easier and more convenient”, Ajao affirmed.

Guests were able to make withdrawals and initiate transfers on the platform, while beneficiaries confirmed receipt of such monies, lending credence to some of the unique features of ANP, which are instant transaction notification, instant value and same-day settlement.the high point of the event was the unveiling of Global Accelerex’s new brand identity.

Speaking on the reason for brand restage, Kayode Ariyo, executive director, business development and operations at Global Accelerex, disclosed that the new brand signified a renewed and re-energized company, dedicated to exceeding customers’ payment expectations in Nigeria and across Africa.

At the end of the event, participants concurred that, to sustain the momentum of the financial inclusion drive, important factors such as innovation and creativity will play a pivotal role. All participants resolved to continue to work together in order to facilitate and deliver convenient, accessible and cost-effective financial services to the underserved and unbanked in Nigeria.

Smile Telecoms, a Pan-african telecommunications group with operations in Nigeria, Uganda, Tanzania and the Democratic Republic of the Congo, has announced the appointments of Ahmad Farroukh as group chief executive officer and Irene Charnley as deputy chairman, respectively, effective June 1, 2019.

Ahmad Farroukh, who currently serves as Smile’s group executive director operations, is a seasoned and experienced telecoms executive with a distinguished record of commercial and operational success.

Farroukh’s vast experience extends to executive management positions at Investcom Holdings and the MTN Group (where he served as CEO of MTN Nigeria, MTN South Africa and Group Chief Operating Executive, responsible for 19 countries) and immediately prior to joining Smile, as CEO of Mobily, Saudi Arabia’s second largest telecommunications operator. Given the extent of the opportunity and the significance to Smile, Ahmad will spend the majority of his executive time in Nigeria.

Hailed as one of Africa’s most successful business leaders, Smile Telecoms founder, and shareholder, Irene Charnley has led the company’s innovation and pioneering of Africa’s first 4G LTE network infrastructure, using low band spectrum in 800MHZ band, thereby revolutionizing the way people in Africa accessed high-speed internet. After 12 years at the helm, Charnley will now serve as deputy chairman for the company and will fulfill a strategic role.

Commenting on the announcement, Mohammed Sharbatly, Smile’s cochairman and group CEO of Smile’s majority shareholder, Al Nahla Group of KSA, said; “The Africa telecoms market is as dynamic as it is challenging, and Ahmad is suited to lead Smile’s next exciting phase of growth, as we have transitioned from a spectrum rich upstart to the fastest, most reliable data gigabyte factory in Sub-sahara Africa. We are equally delighted that Irene will continue to serve the company she founded as deputy chair, and we look forward to her ongoing strategic direction and guidance.”

“The next phase for Smile will focus on delivering excellent operational returns, achieving profitability and creating value for all stakeholders, and I believe that Ahmed is best suited to lead the Company forward in this regard,” Irene Charnley said.

According to Farroukh, “Africa is experiencing explosive data growth, and I am honored to have the opportunity to lead the operations of one of the continent’s best 4G LTE networks at this exciting time. It has also been a revelation after over 20 years in the industry to witness the power and versatility of Smile’s proprietary technology applications platform, which was developed in-house and provides a huge competitive and cost advantage.”

Smile was the first to launch VOLTE on its network and has continued with its innovation, having introduced Smilevoice, which is a free mobile app that enables customers with any Android or Apple iphone device (including those which are not Volte-enabled) to make Superclear voice calls over Smile’s 4G LTE network. Smile was also the first to introduce an unlimited offering, which enables Superfast data and Superclear voice, all on one bundle.