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Open Vector CEO at Lagos Fintech Week speaks on opportunities for Startups

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5 years ago

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BY: Nmerichukwu Igweamaka

Startups in the Financial Technology (FinTech) space will redefine service offering experiences to customers, says the Chief Executive Officer of Open Vector Limited, Carlos Figueredo.

Figueredo who delivered a paper at the opening of Lagos Fintech Week on Tuesday at Oriental Hotel, said in an interview with TechEconomy.ng that open banking system offers startups and others in the ecosystem a level playing fields to grow the economy, especially through financial inclusion.

Open Vector was established in 2017 with the purpose of leveraging the extensive knowledge achieved in the UK with the creation, implementation and go live of the first in country open banking strategy worldwide.

It is Open Vector’s remit to use this experience to become the “center of expertise for Open API”.

In his words, Figueredo said, “For me, the startups will define the new dynamics in banking and that is what Open Banking brings to the table. It offers all a level playing field which is an opportunity that startups never experienced before now. Open Banking means that through new collaborations and innovations young fintechs can now create solutions and services and can be able to sell them to large institutions.

“So, I encourage fintechs in Nigeria to tap into this space. I have seen amazing talents here in the country.

Discussing on how fintechs can bridge the financial inclusion, especially among the rural dwellers, he said, “I think the fintechs and financial institutions have not yet understood the commercial opportunity of reaching out to the villages – people that are outside the cities. Even the Deputy Governor of the CBN who spoke earlier expressed the same thing. I think there are huge opportunities among those people; it is just that the fintechs and banks have not been able to create those services and products that will incentive those people to want to consume those products. I think that is where the opportunity is.

Speaking on security concerns with regards Open Banking system, the Open Vector’s CEO noted that, “The operators in the open banking ecosystem are working hard to ensure hitch-free operations. Anything financially based would always attract the attention of the cyber attackers. But the greatest risk revolves around lack of education.

“If you are completely educated on how to do what you do, things are going to be a lot easier and protected. To give you an example, in the way we use our passwords for banking, if you are not educated on how to do it, you put yourself in risk, because you share your information. But if you can protect your password, it is also applicable to the open banking system, he added.

On regulations that need to be in place to drive the ecosystem, he suggested that regulations that are solid enough to protect the consumer must not be neglected.

He further said that the consumer deserves the right to make choices while using third-party or payment providers’ platforms.

On what the consumer stands to gain from open banking, Figueredo, said “Everything. This is an amazing opportunity for the consumer to make choices. Before now, products were designed (without sounding negative) to somehow protect the banks and not really the consumer but in today’s world, the banks will have to compete with ‘banks of all sizes’; the digital banks, small banks, big banks, etc. So, new services and products will grant consumers easier access to services and products through their devices. 

Lagos Fintech Week (LFW) which continues today, is an invigorating week of distinct FinTech events that delivers exciting discussions, stimulating demos and insightful debates.

The Week is for startups, technology companies, investors, financial institutions, research institutes and innovation professionals.

Other panelists include: Jameel Taiwo, MD/CEO Credit Registry; Faith Adesemowo, CEO, Social Lender; Tunde Popoola, MD/CEO, CRC Credit Bureau; Damilola Salawu, Partner, Olaniun Ajayi. The session will also be moderated by Onajite Regha, CEO, EPPAN.

Source: TechEconomy.ng

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AISA Has Refunded The Fees Paid By Yahaya Bello To EFCC

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2 days ago

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April 27, 2024

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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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Finance

Godwin Emefiele Disobeyed Direction Of Law With Intent To Harm The Public, He Printed ₦684.5M Using ₦18.9B Says EFCC in fresh charge

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5 days ago

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April 23, 2024

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The Economic and Financial Crimes Commission has filed a fresh charge at the High Court of the Federal Capital Territory against the embattled former governor of the Central Bank of Nigeria, Godwin Emefiele.

EFCC in the charge accused Emefiele of approving the printing of N684,590,000 at the rate of N18.96 billion.

EFCC also alleged that Emefiele broke the law with intent to harm the public during his implementation of the naira swap policy of the administration of former President Muhammadu Buhari.

The anti-graft agency also accused Emefiele of unlawfully approving the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation.

EFCC’s top prosecutor, Rotimi Oyedepo, SAN revealed that Emefiele will be arraigned on a new four-count charge before Justice Hamza Muazu

Counts one to four of the charge, read,

“STATEMENT OF OFFENCE: Public Servant disobeying direction of law with intent to cause injury to the public contrary to and punishable under Section 123 of the Penal Code Law, Cap. 89 Laws of the Federation, 1990.

“PARTICULARS OF THE OFFENCE: That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of N375,520,000.00 pieces of colour swapped N1, 000, at the total cost of N11,052, 068,062 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.”

This and three other charges were stated against him. They read;

“COUNT 2: “That you, GODWIN IFEANYI EMEFIELE, between the 19th of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the Central Bank of Nigeria Act, 2007, by approving the printing of 172,000,000 pieces of colour swapped N500 (Five Hundred Naira) Notes, at the total cost of N4, 471,066,040 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.

“COUNT 3: “That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of 137,070,000 pieces of colour swapped N200 (Two Hundred Naira) Note, at the total cost of N3, 441, 005, 280 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.”

“COUNT 4: “That you, GODWIN IFEANYI EMEFIELE, on or about the 7th day of October 2020, in Abuja, within the jurisdiction of this Honorable Court, knowingly disobeyed the direction of Section 80 of the Constitution of the Federal Republic of Nigeria, 1999 (As Amended), by approving the withdrawal of the total sum of N124, 860, 227, 865.16 from the Consolidated Revenue Fund of the Federation in a manner not prescribed by the National Assembly, which conduct of yours caused injury to the public and you thereby committed an offence.”

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Immigration Office Place Ex Governor, Yahaya Bello On Watchlist While IG Of Police Withdraws All Police Officers Attached To Him

Published

1 week ago

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April 19, 2024

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The Inspector General of Police, Olukayode Egbetokun, has withdrawn all police officers attached to the embattled former Governor of Kogi State, Yahaya Bello.

The order for the withdrawal was contained in a police wireless message. The document with reference number:

“CB:4001/DOPS/PMF/FHQ/ABJ/VOL.48/ 34 reads in part;“IG has ordered the withdrawal of all policemen attached to His Excellency and former Executive Governor of Kogi State, Alhaji Yahaya Bello. Acknowledge compliance and treat with utmost importance.

Please, above, for your information and strict compliance.”

Meanwhile, the Nigerian Immigration Service has placed the former governor on its watchlist.

This comes after the Economic and Financial Crimes Commission on Thursday, April 18, declared him wanted in connection to an alleged case of money laundering to the tune of N80.2bn.

From EFCC

In a circular signed by an Assistant Comptroller of Immigration, DS Umar, for the Comptroller-General, Kemi Nandap, the NIS detailed the former governor’s name, nationality, and passport number.

From National Immigration Office

And read;

“I am directed to inform you that the above-named person has been placed on the watch list.

Suffice to mention that the subject is being prosecuted before the Federal High Court Abuja for conspiracy, breach of trust, and money laundering vide letter Ref; CR; 3000/EFCC/LS/EGCS.1/ TE/Vide/1/279 dated April 18, 2024.

If seen at any entry or exit point, he should be arrested and referred to the Director of Investigation or contact 08036226329/07039617304 for further action.” the circular reads in part.

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