Connect with us

Tech

AfriTECH2021: Seyi Akindenide Explains How Blockchain For Payments Will Boost AfCFTA

Published

3 years ago

on

At a time when cross-border trading is high on the agenda with the African Continental Free Trade Area (AfCFTA) agreement, Dr. Oluseyi Akindeinde, the Chief Technical Officer of Digital Encode Limited, believes that the adoption of blockchain for payments will even fast-track the achievement of the trade agreement’s objectives.

Highlighting the advantages of the blockchain for payment at Africa Tech Alliance Forum (AfriTECH2021) held in Lagos on Wednesday, October 13, 2021, Akindeinde said that it reduces the risk of corruption and transaction costs.

The CTO of Digital Encode, an information security management, and compliance advisory company, cited an example of Pan African Payment & Settlement System (PAPSS) as expected to facilitate the expected increased volumes in cross-border payments across the continent.

He explained that blockchain enables peer-to-peer payments without an intermediary (either a bank or a clearinghouse).

Akindeinde noted that the technology will also lead to increase in instant payments, saying, “With it, participants will no longer need to convert local currencies into hard currencies which then entailed the funds leaving Africa to be converted before being sent back again to the beneficiary bank – adding days to the transaction time.

“In addition, compliance, legal, and sanctions checks are performed instantly within the system. Near-instant payments process within 120 seconds.”

Speaking about the current mode of payment system for financing cross border trade, he said Africa’s central banks have to work in collaboration with the PAPSS to provide a payment and settlement service to which commercial banks, payment service providers and fintechs across the region can connect as ‘Participants’.

The company’s technical officer explained that trade finance; that is the financial institutions that provide credit facilities in order to guarantee exchange of goods across borders, is the centuries’ old industry that hasn’t seen much change with the growth of global trade flows.

For instance, in 2015 alone, the trade finance market was measured at more than $10 trillion USD.

According to him, “Only about 1.7% of this takes place across Africa. Trade settlements are usually done in foreign currencies typically in foreign banks

“In 2015 alone, the trade finance market was measured at more than $10 trillion USD. Only about 1.7% of this takes place across Africa. Trade settlements are usually done in foreign currencies, typically in foreign banks.”

“At a time when cross-border trading is high on the agenda with the African Continental Free Trade Area (AfCFTA) agreement now a reality, PAPSS is expected to facilitate the expected increased volumes in cross-border payments

“With Instant payment, participants no longer need to convert local currencies into hard currencies which then entailed the funds leaving Africa to be converted before being sent back again to the beneficiary bank – adding days to the transaction time.

“In addition, compliance, legal, and sanctions checks are performed instantly within the system. Near-instant payments process within 120 seconds.

He added that the steps of the transaction include, an originator issues a payment instruction in their local currency to their bank or payment service provider.

The payment instruction is sent to PAPSS which carries out all necessary validation checks on the payment instruction.

The payment instruction is forwarded to the beneficiary’s bank or payment service provider. The beneficiary’s bank clears the funds to the beneficiary in their local currency.

Meanwhile, Digital Encode received ‘Afritech Data Protection Compliance Organisation of the Year’ award at Africa Tech Alliance Forum 2021.

Related Topics:

Justice Okamgba is journalist at Grassroots.ng

Continue Reading

Tech

Samsung Unveils Galaxy A06 – Galaxy Wey Sabi

By Sandra Ani

Published

1 month ago

on

October 12, 2024

By

Galaxy A06 WeySabi
From left to right: Stephen Okwara, product manager, Mobile Experience West Africa; Oge Maduagu, head of Marketing West Africa; Joy Tim-Ayoola, group head, Mobile experience West Africa, and Nathan Lee, business manager, Mobile experience, all of Samsung West Africa, during the unveiling of Galaxy A06 at Ikeja City Mall, Lagos

Samsung Electronics has officially unveiled the latest addition to the popular Galaxy A series smartphones – the Samsung Galaxy A06.

Joining a fan favorite series and combining powerful performance with a sleek design, the Galaxy A06 offers customers and loyal A series fans unique features and premium experience at an affordable price.

The stylish Galaxy A06 is set to redefine what users expect from entry-level smartphones, offering cutting-edge technology without compromise.

Aptly, tagged “Galaxy Wey Sabi”, the Galaxy A06 stands out in the competitive category as it aims to resolve the customers’ needs in a smartphone with focus on durability, functionality, security, camera, and entertainment.

Users can enjoy capturing high-resolution photos with the 50MP rear camera, now equipped with Nightography for capturing the essence of every detail especially in low-light conditions. The 8MP front and 2MP (depth) cameras also provide crystal-clear selfies with advanced beautification features.

Spotting a slimmer design and comfortable grip, as well as a side fingerprint scanner, the new Galaxy A06 features a stunning 6.7” HD+ display, providing vivid colors and crisp clarity for an immersive viewing experience that delivers seamless visuals on the infinity-U display with enhanced brightness, especially for outdoor visibility. 

Galaxy A06 – Galaxy Wey Sabi is truly a device, which understands your needs, equipped with a 5000mAh long-lasting battery, you can enjoy more device usage without worrying about battery life. The 25W Super-Fast Charging feature ensures up to 50% battery charge in just 30mins, meaning you are back in action quickly.

“The Samsung assurance is a promise, a trustworthy reliability in our Knox Security on this device, which protects your personal information by isolating your passwords and other private data within a secure environment,” said Stephen Okwara, Head Product Management, Samsung Electronics West Africa. “What also awesome about this is our promise of continuous OS upgrades and up to 4 years security update on this device. Isn’t that impressive from a brand that understands the needs of its customers?”

Also speaking at the Galaxy A06 launch event in Lagos, Oge Maduagwu, Head of Marketing, Samsung Electronics West Africa said: “We are excited to introduce the Galaxy A06, which brings together powerful performance, an advanced camera, and long-lasting battery life, all in a stylish and affordable package,” She added: “Also customers can enjoy premium support for their device with a screen damage insurance cover of just N9000.

Available in four stunning colors – Black, Blue Green, Lime and Silver – The Samsung Galaxy A06 will be available in Nigeria at all authorized Samsung Stores from 11th October 2024, with pricing starting at N146,000.

Continue Reading

Tech

Anambra School Emerges Winner In National Girls In ICT Competition With Groundbreaking VR Technology

Published

7 months ago

on

April 25, 2024

By

St. John Vianney Science College, Igbariam, used their virtual reality project to conquer the National Girls in ICT Competition 2024, claiming the national championship title yesterday!

The National Girls in ICT Competition, organized by the Federal Ministry of Communication, Innovation and Digital Economy, is a technology innovation competition for all girls in secondary schools across Nigeria.

Their innovative project, M-Tag VR, allows users to explore iconic landmarks like Zuma Rock and learn about fascinating cultural aspects of Nigerian tribes. The girls, Immaculate Ebube Ikegwuonu, Camilla Anyadike, and Nweke-Nonso Oluchi, mentored by their coach, John Onuigbo, triumphed over teams from all 36 states.

The girls’ talent shone brightly throughout the competition. They started at the state level where they aced the Anambra state competition, then proceeded to conquer the Southeastern regional championship, defeating teams from Ebonyi, Imo, Abia, and Enugu, to make it to the national finals.

Rivers and Lagos states secured the second and third-place positions, respectively.

Continue Reading

Tech

Google To Delete Billions Of Browser Records To Settle ‘Incognito’ Lawsuit

Published

8 months ago

on

April 2, 2024

By

CNN reported that Google will delete billions of data records as part of a settlement for a lawsuit that accused the tech giant of improperly tracking the web-browsing habits of users who thought they were browsing the internet privately.

The suit was originally filed in 2020 and accused Google of misrepresenting the kind of data it collects from users who browsed the internet via “Incognito” private browsing mode in Chrome. Google agreed to settle the suit late last year, but the terms of the settlement were first disclosed in a filing on Monday.

As part of the settlement, Google must delete “billions of data records” that reflect the private browsing activities of users in the class action suit, according to court documents filed Monday in San Francisco federal court.

Google will also update its disclosure to inform users about what data it collects each time a user initiates a private browsing session. Google has already started implementing these changes.

For the next five years, Google will also let private browsing users block third-party cookies as part of the settlement. Google also will no longer track people’s choices to browse the internet privately.

Continue Reading

Trending