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Oradian’s Co-Founder explains their cloud solution enables MFIs, MFBs deliver services with ease

Published

6 years ago

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Onyeka Adibeli is the Co-founder of Oradian, a financial inclusion company enabling financial institutions to deliver financial services with ease.

Oradian offers a flagship toolset for digital transformation called Instafin. Instafin was developed to address the challenges faced by microfinance institutions (MFIs), microfinance banks (MFBs) and cooperative societies operating in the most remote and hard-to-reach areas of the world, especially across Africa.

In this press interview at the 2018 Annual Microfinance Conference hosted by the National Association of Microfinance Banks (NAMB), Onyeka explained how the solution provided safety nets for financial institutions in the Northern parts of Nigeria, especially during the most pronounced days of insurgencies.

“Even in the high point of insurgency, we were able to deliver financial technology to Development Exchange Centre (DEC) operating out of Bauchi State in the northern part of Nigeria”, Adibeli explained.

Within a few years of launching, Oradian has attracted so much attention, what are the driving forces behind you and your partners?

Our driving force is our mission; to boost financial inclusion by enabling institutions to grow and serve more clients. So, we focus on providing microfinance institutions with a core banking system that makes it possible for them to keep up in an industry that is constantly evolving with digital financial services.

We are developing a system to address the current challenges and the main challenge we have identified has to do with flexibility and affordability. We are assiduously developing a system that can operate with the third-party services in a cost-efficient manner. The system is offered through subscription model, to address issues related to enormous upfront investment.

One of the things that would help microfinance institutions make headway is ubiquitous software; can you describe how Oradian’s Core Banking System operates?

Our cloud-based Core Banking System, Instafin, is a tool that assists financial institutions in providing services such as managing loans and savings, integrated accounting, as well as detailed reporting and business intelligence modules that run fully seated on the system. With all this, financial institutions can operate independently of Oradian, because they are fully enabled to pull out all the necessary reports required.

How do you deploy for banks; is it an off-the-shelf solution or do you work with the banks to understand their pain points before deploying?

For every institution that signs up to the platform, we work with them to set up the system. It’s a door-in relationship with parameters; not a decision aiming at compromises. The system is built with all necessary requirements to benefit financial institutions, and so, what we need is to get the parameters right.

Let’s talk about financial inclusion. All the available statistics show that the country and region needs to do better to onboard more financially excluded people. What is your view on this?

Our focus is to support financial institutions by enabling them to provide services in the most hard-to-reach environments. We assist them in reaching locations where other technology providers are found necessary. Complaints from microfinance institutions show that other providers are not willing to offer their services in these remote areas, which would solve a range of difficulties. So, in the long run, the beneficiaries are financially included because the service points get closer to them through microfinance banks and institutions being able to provide their services in these locations.

Based on all the matters that were discussed at the 2018 Annual Microfinance Conference, what is your take?
I wish to put an emphasis on the point raised by the guest speaker Prof. Kingsley Moghalu regarding targeting; MFBs are not exactly targeting the right clients. Often they’re focused on cities rather than the rural areas where there’s a high number of financially excluded people. These locations are seen as the most difficult environments to operate in, and this is where Oradian has found its strength – operating in the most remote and hard-to-reach environments.

Oradian’s promise:

My final word is that Oradian’s flagship product, our cloud-based Core Banking System, Instafin, is developed to operate in the most hard-to-reach and remote environments – where other technologies are not willing to buy in. Oradian is the partner reaching out to the financially excluded!

(*NB: This interview was originally published by TechEconomy.ng)

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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

Published

2 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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Finance

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

Published

6 days 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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Finance

BREAKING: EFCC Declares Former Kogi State’s Governor, Yahaya Bello Wanted

Published

7 days ago

on

April 18, 2024

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The Economic and Financial Crimes Commission has declared a former governor of Kogi State, Yahaya Bello, wanted for offences relating to economic and financial crimes.

This was contained in a notice posted on the commission’s official Facebook page on Thursday.

The notice read, “The public is hereby notified that Yahaya Adoza Bello (former Governor of Kogi State), whose photograph appears above is wanted by the Economic and Financial Crimes Commission in connection with alleged case of Money Laundering to the tune of N80,246,470,089.88

“Bello, a 48-year-old Ebira man, is a native of Okenne Local Government of Kogi State.

“His last known address is: 9, Benghazi Street, Wuse Zone 4, Abuja.”

The notice asked anybody with useful information about the former governor’s whereabouts to contact any of the commission’s offices across the country.

The anti-graft commission had earlier stated that it would, on Thursday (today), arraign the former governor before a Federal High Court sitting in Abuja.

This was after the EFCC was granted a warrant of arrest by the Federal High Court in Abuja to apprehend the former governor.

Punch reported that The agency’s team of lawyers, led by Kemi Pinheiro, SAN, during the proceedings on Thursday, said that EFCC operatives were prepared to carry out the arrest warrant for the former governor, even if it requires the use of force.

Bello and three other suspects, Ali Bello, Dauda Suliman, and Abdulsalam Hudu, will be arraigned before Justice Emeka Nwite.

They face 19 counts related to money laundering to the tune of N80,246,470,088.88.

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