Finance
NITDA saves over N10bn for FG in past one year, says DG
Proper regulation makes development easier to achieve. As such, the National Information Development Agency, NITDA, has renewed emphasis on regulation and developed standards and guidelines for different aspects of the ICT sector.
In line with the moves, the Agency has put the necessary machinery in place to ensure compliance as compliance with boost efforts towards saving costs and expanding digital inclusion agenda of the Government.
The efforts are yielding results as the Agency has saved over N10billion for the Federal Government in the past one year.
This was contained in a goodwill message by the Director General of NITDA, Dr. Isa Pantami, to the Nigeria Computer Society, NCS, 27th National Conference, taking place in Ibadan, Oyo State.
The DG said that as the clearing house for Information Technology Projects in Nigeria, Ministries, Departments and Agencies (MDAs) of the government now come to us for the clearance of their ICT projects.
The DG who was represented by the Director of IT Infrastructure Solutions (ITIS) Department of the Agency, Dr Agu Collins Agu, said that the efforts were to eliminate duplication, ensure there is value for money and that the projects are sustainable.
“All the MDAs have been provided with a copy of the template and the IT clearance process will help in building standardized IT infrastructures as well as efficient IT systems and services. It will reduce the cost of IT investments and will ensure commensurate value is derived from every IT investment. Eventually, these efforts will spur innovations and enhance MDAs responsiveness to their obligations.
“…Through this clearance process we have saved the government over N10 billion within the last year. The process has also enabled us to support the development of local content”, he said.
The DG regretted that Nigeria loses a significant amount of foreign exchange annually from the importation of ICT goods and services.
Sadly, a large proportion of this is spent on software imports. “We are working hard to reverse this trend and indigenous ICT businesses, including the many who are members of CPN, stand to benefit greatly from a local content policy that encourages the development of local ICT products and services”, Dr. Pantami said.
He reiterated that Local Content Development and Promotion was chosen as one of the pillars of NITDA’s Roadmap because they understand the importance of indigenous entrepreneurs to the growth of the sector.
“We already have Local Content Guidelines and are actively enforcing them. We have issued guidelines for government websites and are currently supervising the repatriation of all government regulated and generated data.
“The Federal Government issued Executive Orders #3 and #5 to support the development of local content in the country and we are supporting the Federal Government in the enforcement of these orders. On the one hand, we are creating a market for our local OEMs by ensuring that government institutions give a preference to local products in their procurement process” he told the gathering of IT Professionals at the conference.
On the other hand, Dr. Pantami said, NITDA has also increased the level of regulation of these OEMs to ensure that they meet global best practice standards and provide readily accessible after-sales support for their customers.
On cybersecurity, the DG said that efforts are in top gears to prevent espionage as a result of the ICT products and services that both private and public organisations utilize.
“We want to ensure that this does not happen in Nigeria and we intend to achieve this by strengthening our capacity to respond to cyber threats. A Cybersecurity department was created to focus on this sector. We have been proactive in securing the Nigerian Cyberspace and this ensured that the Wannacry Ransomware and similar global threats did not affect us in Nigeria. We are also currently embarking on a massive cybersecurity awareness programme across the country”, the goodwill message reads.
Also, the Agency has engagements with most of the MDAs as part of efforts to promote Government Digital Services which the DG said falls in line with the Conference theme: ‘Digital Inclusion: Opportunities, Challenges and Strategies’.
“This Conference is addressing a very important issue that affects the penetration of ICT in Nigeria, he said, emphasising the need for deliberate strategies to foster digital inclusion across the country.
Source: TechEconomy.ng
Finance
Flutterwave Powers Local Businesses in Ghana Through Pay With Bank Transfer
Reporter: Ikenna Ugwu
Flutterwave, a leading payments technology company in Africa, has broadened its reach in Ghana through the integration of Pay With Bank Transfer, done in partnership with Affinity Bank.
With over 115 million bank transfer payments recorded in Ghana in 2023, this move will ensure that Flutterwave businesses in Ghana can now receive payments seamlessly and securely through a rapidly growing payment method. While Mobile Money leads as the preferred payment type for everyday transactions in Ghana, the recent growth in transactions for Pay With Bank Transfer symbolizes the expanding payment options available for Ghanaian businesses.
Flutterwave has a track record of driving innovation in the African finance ecosystem, and this new development promises versatility, thereby expanding the pool of customers available to businesses. As a preferred payment method, it also promises faster payments while providing access to a more secure process of transacting which benefits both the sender and the receiver (business).
“We are excited to extend our services to the Ghanaian market” says Olugbenga Agboola, Flutterwave Founder & CEO“At Flutterwave, we are driven by the vision of building Africa’s economy. By making payment options like Pay With Bank Transfer available for everyday use, we are expanding access to payments and enabling local businesses to thrive in the economy”
By establishing this strategic partnership, Flutterwave aims to drive the adoption of the Pay With Bank Transfer option in Ghana, using virtual accounts to allow for secure and transparent payments. This will provide enterprises and small businesses with a simpler way to receive payments and give their customers a seamless process of making payments.
Geoffrey Fiador, Manager, Country Operations and Partnerships, at Flutterwave stated: “By delivering essential payment options like Pay With Bank Transfer for businesses in Ghana, we’re providing an easy way for them to increase their revenue opportunities to grow their businesses. ”
This announcement comes at the heels of Flutterwave’s recent approval by the Bank of Ghana to provide inward remittance services. With a track record of success across Africa, Flutterwave continues to be a trusted partner for businesses in over 34 countries, providing the tools and expertise necessary for success in the dynamic African market.
Finance
Stanbic IBTC Capital leads Presco PLC’s ₦82.9 Billion Bond Issuance to drive West African market growth
Reporter: SANDRA ANI
Presco PLC (Presco or the “Company”), has achieved a significant milestone with the successful issuance of its ₦82,896,000,000 7-year 23.75% senior unsecured fixed rate Series I Bonds under its ₦150 billion bond issuance programme (the “Transaction”) with the Securities and Exchange Commission (“SEC”). Stanbic IBTC Capital Limited (“Stanbic IBTC Capital”) acted as the Lead Issuing House on the Programme.
The proceeds from the Transaction will enable the Company fund its acquisition of a 100% equity stake in Ghana Oil Palm Development Company (GOPDC), further supporting its strategic expansion objectives.
Speaking on the transaction registration, Mr Reji George, Managing Director / CEO, Presco PLC commented:
“The successful completion of our Series 1 Bond issuance solidifies Presco’s foundation for continued growth and expansion. Aligned with our strategic objectives of increasing our planted area of palm oil and, to lead Africa in the fully integrated edible oil and fats business in the nearest future, the proceeds from this issuance will be primarily directed towards the acquisition of a majority equity stake in the Ghana Oil Palm Development Company (GOPDC).
This not only enhances our operational efficiencies, It also solidifies our market presence and competitive advantage in the palm oil sector beyond Nigeria. Most importantly, this will enable us to better serve our valued customers and deliver sustainable value to our shareholders. We extend our sincere gratitude to Stanbic IBTC Capital and all our advisors for their support throughout this process.”
Also speaking on the transaction registration, Oladele Sotubo, Chief Executive, Stanbic IBTC Capital, said:
“Stanbic IBTC Capital is proud to have advised Presco PLC on the successful issuance of its ₦82.9 billion Series 1 bond. As the largest local currency corporate bond issuance in the Nigerian market in recent years, this milestone underscores our deep expertise in capital markets and our commitment to delivering innovative, high-impact financial solutions.
Beyond reinforcing Presco’s strategic growth, this transaction enhances funding diversification within the agricultural sector, driving sustainable industry expansion. We appreciate Presco PLC’s trust in Stanbic IBTC Capital and the consortium of advisors who contributed to the successful execution of this landmark deal.
Flutterwave, Africa’s leading payments technology company, has announced today that its online merchants in Nigeria can now accept American Express payments.
American Express Card Members – with consumer, business, or corporate cards – will be able to make payments directly to e-commerce businesses using Flutterwave in Nigeria.
This service will also be available to Flutterwave merchants in other countries including Tanzania, Rwanda, Ghana and Uganda in the near future.
This collaboration facilitates online transactions and offers a range of benefits for both merchants and online shoppers:
- Flutterwave merchants can attract business from a new customer base of American Express Card Members in Africa and around the world. This includes consumers with personal cards and spenders with business or corporate products. Terms and conditions apply.
- For shoppers, there is more choice when it comes to being able to select their preferred method of payment when transacting with Flutterwave merchants. This collaboration strengthens the American Express global network and increases the number of locations across Africa that can be used by American Express Card Members to purchase a range of different goods and services.
Speaking on the development, Olugbenga ‘GB’ Agboola, Founder and CEO, Flutterwave, said:“At Flutterwave, we’re always looking for ways to connect the world to Africa through payments. This is one of our initiatives to ensure that more people across the world can pay using Flutterwave in Africa. We understand the value of providing shoppers with payment methods that work for them, as well as helping businesses to expand their customer bases. This collaboration also provides more options of where to shop and what to buy to American Express card holders across the globe. By offering American Express as a method of payment, Flutterwave will make the payment process faster and simpler for American Express card holders, and improve the experience for e-commerce businesses using Flutterwave, helping them to start locally and sell globally.”
On his part, Briana Wilsey, Vice President and General Manager of Global Network Services EMEA at American Express, said: “American Express continues to expand in Africa to enable greater payment choice for businesses and consumers. Through the agreement with Flutterwave, a trusted payment provider, we are giving e-commerce merchants in Nigeria the opportunity to reach American Express Card Members around the world. The collaboration is a win-win because it also increases the number of places where our Card Members can use their Cards in Nigeria.”
Flutterwave and American Express share similar visions; to enable businesses across the world to expand their operations in Africa and other emerging markets through a platform that enables local and cross-border transactions via one Application Programming Interface (API).
Flutterwave has processed over 630M transactions in excess of USD $31B, serves global and African customers like Uber, Air Peace, Bamboo, PiggyVest, and across various industries. On the other hand, American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success.
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