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

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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.

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

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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.

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NIN-SIM Linkage: NCC Directs Telecommunication Operators To Bar Non-Compliant Subscribers

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The Nigerian Communications Commission (NCC) has confirmed that it would not be reviewing its deadline to bar owners of more than four SIM cards whose SIM registration data failed to match their National Identity Number (NIN) data.

A source within the Commission explained that the Commission’s position was hinged on its objective to clean the country’s SIM ownership database, and ensure that criminals could not take advantage of having multiple unlinked SIMs to carry out their nefarious activities.

“We are not standing back on our decision. March 29th is sacrosanct. Our resolve is hinged on the need to close in on the chaos of untoward ownership of multiple SIM cards with unverified NIN details. We have instances where a single individual has over 10,000 lines linked to his NIN. In some cases, we have seen a single person with 1,000 lines, some 3,000 plus lines. What are they doing with these lines?

“From our interim findings, the owners of these lines did not purchase them for decent purposes or to undertake legitimate activities.

“We have given them enough time to make the decision of which of their lines they want to keep, and discard the others. They did not. All lines in this category with unverified NINs will be barred. They will be then expected to go to their operators and decide which of the lines they want to keep, as well as submit correct NIN details.

“Some people would say they want to use it for car trackers, or for IoTs, but provision has been made for these services already. They are not under the ‘Max-4 Rule.’

“Across the world, no country allows you to have 1,000 SIM cards to make calls or texts.”

The Max-4 Rule announced by the Federal Government in April 2021 provides that telecom subscribers cannot have more than four lines per mobile network operator.

The NCC has also provided Mobile Network Operators (MNOs) an extension till July 31st 2024 within which they are expected to verify all NINs submitted by subscribers with four (4) or less SIMs, as well as bar those whose NIN fail verification with NIMC.

An authoritative source within the Commission who is familiar with the matter stated that the Commission’s management arrived at the decision at a crucial meeting it held today to review requests from the major Mobile Network Operators requesting for extension for the verification of NINs submitted.

The source also stated that the Commission is mulling the idea to approve an online application solution for MNOs where their subscribers whose NIN verification failed due to biometric mismatch can update their records on the app, while existing subscribers can register additional lines.

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Kingsley Adonu’s Journey: A Tale of Hard Work and Dedication in the Telecom Industry

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In the fast-paced world of telecommunications, success is often attributed to those who demonstrate exceptional dedication and hard work. Kingsley Adonu’s remarkable journey stands as a testament to these qualities, paving the way for him to become a valuable partner with MTN, a leading global telecommunications company.

Adonu’s story begins with a humble background, where he cultivated a strong work ethic from an early age. His relentless pursuit of excellence caught the attention of industry leaders, setting the stage for a career marked by determination and resilience.

One of the key factors that propelled Adonu to success was his unwavering commitment to learning and staying ahead of industry trends. He immersed himself in the dynamic world of telecommunications, acquiring the knowledge and skills needed to navigate the rapidly evolving landscape. Adonu’s continuous pursuit of knowledge not only enhanced his expertise but also positioned him as a visionary in the field.

As he climbed the career ladder, Adonu faced numerous challenges, but his tenacity and commitment to overcoming obstacles set him apart. His ability to adapt to changing market dynamics and capitalize on emerging opportunities made him a standout professional in the telecom sector.

Adonu’s pivotal moment came when he aligned his efforts with MTN, a global telecom giant known for innovation and cutting-edge technology. Recognizing Adonu’s track record of hard work and dedication, MTN saw a valuable partner in him. The partnership marked a significant milestone in Adonu’s career, opening doors to new possibilities and avenues for growth.

The success of Adonu’s collaboration with MTN can be attributed to his strategic vision and innovative thinking. As a partner, he played a crucial role in steering the company toward continued success, contributing to its expansion and influence in the telecommunications market.

Kingsley Adonu’s journey serves as an inspiration for aspiring professionals in the telecom industry. His story underscores the importance of hard work, dedication, and a passion for continuous improvement. Adonu’s ascent to becoming an MTN partner is a testament to the transformative power of perseverance and a relentless pursuit of excellence in the dynamic world of telecommunications.

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