Finance
Visa partners Lagos State Employment Trust Fund to digitize payments for MSMEs
As part of its efforts to educate and enable Nigerians to reduce their reliance on cash, Visa, the global leader in payments, today announced the launch of the Cashless Lagos Hackathon in partnership with Lagos Innovates, an initiative of the Lagos State Employment Trust Fund (LSETF).
The three-day event, which is scheduled to hold from 14 September until 16 September, will seek to digitize payments for Micro, Small and Medium Enterprises (MSMEs) and will be delivered by Passion Incubator.
The hackathon is open to software developers, programmers, coders, data specialists and designers who have the capacity to create lasting technology based financial solutions for MSMEs who are beneficiaries of LSETF.
Participants can access lagosinnovates.ng/hackathon for details on the hackathon and have until 11 September 2018 to submit their applications.
Selected applicants will meet with the MSMEs on the first day of the hackathon to understand their pain points before the commencement of the hackathon.
Through the hackathon, participants are required to come up with solutions that would allow the business owners to receive payments, make bulk purchases and keep inventory of their transactions, thereby allowing access to bank loans and government grants.
The Country Manager, Visa West Africa, Kemi Okusanya, said; “This partnership is part of our strategy to help merchants become more financially responsible. What makes this hackathon unique is that it encourages Nigerians to develop locally relevant solutions, tailored for their specific environment and needs. We are always looking to support innovative programmes that can better equip individuals to manage their money more effectively, and these solutions will achieve that.”
Six teams will present their ideas to the judging panel constituted of representatives from a cross section of business and payments experts drawn from the public and private sectors.
Three finalists will be selected based on impact, design, innovation, and customer validation. The winning teams will receive ₦2million, ₦1million and ₦500,000 grants respectively to be used for the development of the solutions, courtesy of Visa.
Commenting on the partnership, the Executive Secretary LSETF, Akintunde Oyebode said; “We are pleased to have Visa on board with us for the second edition of our Hackathon. Lagos State is the economic capital of Nigeria and the home of Africa’s leading startups. Our partnership with Visa puts us in a unique position to help uncover, support and apply emerging technologies to some of the biggest transaction challenges faced by entrepreneurs. We are excited by the possibility of leveraging technology, especially digital channels to improve our current cash-based economy”.
Finance
Banks To Now Charge 0.5% Cybersecurity Levy As Directed By CBN; Netizens React
The Central Bank of Nigeria (CBN) has directed deposit money banks in the country to start charging 0.5% cybersecurity levy on some transactions done by their customers.
The apex bank gave the directive in a circular dated May 6, 2024 and sent to all commercial, merchant, non-interest and payment service banks as well as mobile money operators and payment service providers.
“Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and pursuant to the provision of Section 44 (2) (a) of the Act, ‘a levy of 0.5% (0.005) equivalent to a half percent of all electronic transactions value by the business specified in the Second Schedule of the Act’, is to be remitted to the National Cybersecurity Fund (NCF), which shall be administered by the Office of the National Security Adviser (ONSA),” the circular partly read.
The apex bank said that the implementation of the levy would start two weeks from the date of the circular.
“The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy’. Deductions shall commence within two weeks from the date of this circular for all financial institutions and the monthly remittance of the levies collected in bulk to the NCF account domiciled at the CBN by the fifth business day of every subsequent month,” the circular said
The apex bank added that this new levy will not be applied on transactions such as loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, intra-bank transfers between customers of the same bank.
Also exempted from the levy were inter-branch transfers within a bank, cheque clearing and settlements, Letters of Credits, Banks’ recapitalisation-related funding only bulk funds movement from collection accounts, savings and deposits including transactions involving long-term investments, among others.
This current implementation however is not sitting well with some netizens as they reacted to the new development.
Here were some of their reactions from X.
Finance
EFCC Chairman Tasks Nigerian Youths Against Crimes And Fraudulent Acts
The Chairman of Economic Finance Crime Commission (EFCC), Ola Olukoyede, has stressed the need for Nigerian Youth to see themselves as agents of positive change that have a lot to contribute to the socioeconomic development of the Nation.
Speaking at the 2nd edition of a Leadership Trainings Programme in Abuja, Olukoyede, who was represented by the Head Enlightenment and Re-orientation unit, (EFCC), Aisha Mohammed, said the commission’s dream is to see the youth contribute meaningfully to the society, emphasizing on the need to work together in bringing positive change to society.
The Economic and Financial Crimes Commission Boss declared the readiness of his agency to work with all Stakeholders, including the youth towards changing the narrative and reposition the country to greater exploit.
Also speaking, the representative of the Executive Secretary of Tertiary Education Trust Fund (TETFUND), Sonny Echono, appealed to the youths is to eschew social vices that could deter their full potential in life.
Other speakers at the event, including the Chairperson, Zero Tolerance for Social Immoralities Initiative (ZEITI) Africa, Rasak Jeje called on all stakeholders to join hands in collective pursuit of empowering new generation of leaders to curb the rising tides of social Vice among Nigerian youths.
The Chairperson, Zero Tolerance for Social Immoralities Initiative (ZEITI) Africa, Rasak Jeje made the call while addressing journalists at the 2nd edition of it Leadership Trainings Programme in Abuja on Thursday.
He said the training was aimed to intimate students leaders with knowledge and insights that will help them drive positive change and become exemplary leaders in their respective spheres.
Finance
AISA Has Refunded The Fees Paid By Yahaya Bello To EFCC
The Economic and Financial Crimes Commission (EFCC) says the American International School Abuja (AISA) has refunded the fees paid by the immediate past governor of Kogi state, Yahaya Bello, for his children attending the school.
In response to a letter addressed to the Lagos zonal commander of the EFCC, the school said $845,852 was paid in tuition “since the 7th of September 2021 to date”.
AISA said the sum to be refunded is $760,910 because it had deducted educational services already rendered.
“Please forward to us an official written request, with the authentic banking details of the EFCC, for the refund of the above-mentioned funds as previously indicated as part of your investigation into the alleged money laundering activities by the Bello family.
Since the 7th September 2021 to date, $845,852.84 (Eight Hundred and Forty-Five Thousand, Eight Hundred and Fifty Two US Dollars and eighty four cents) in tuition and other fees has been deposited into our Bank account.
We have calculated the net amount to be transferred and refunded to the State, after deducting the educational services rendered as $760,910.84. (Seven Hundred and Sixty Thousand, Nine Hundred and Ten US Dollars and Eighty Four cents).
No further additional fees are expected in respect of tuition as the students’ fees have now been settled until they graduate from ASIA.”
In a chat with The Cable, the spokesperson of the EFCC, Dele Oyewale, confirmed that the school has refunded the money.
‘’The money has been paid into public account,” Dele Oyewale was quoted as saying
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