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FirstBank Hosts FinTech Summit, Edition Four, Calls for Activation of Vibrant Ecosystem
By Eric Elezuo
Nigeria’s leading financial institution and financial inclusion services provider, FirstBank of Nigeria Limited, has successfully held the 2020 edition of its annual FinTech Summit, which is also the fourth in the series.
The summit, which held via virtual, had about 12, 000 participants in attendance, and featured prominent innovator and Chief Executive Officer, Love and Magic, Chinedu Echeruo as keynote speaker with other professionals including the Director, Payments System Management Department, Musa Itopa Jimoh; the Executive Director, Technology & Operations, Nigeria Inter-Bank Settlement System Plc (NIBSS), forming a high profile panel of discussants.
Also on the panel were the duo of the Group Executive, Technology & Services, Callistus Obetta, and Group Executive, e-Business & Retail Products, Chuma Ezirim, who represented FirstBank.
In his opening speech, the Chief Executive Officer, FirstBank Nigeria Limited, Dr. Adesola Adeduntan, reiterated that FinTech industry is currently the fastest growing sector within Nigeria, and is mostly run by a sizable number of young entrepreneurs, stressing that FirstBank has been positioned as the FinTech partner of choice having established relationships with companies like PiggyVest, Terragon, VoguePay and PayStack.
He noted that the bank’s rating has soared with its digital payment channels and has remained in the forefront of providing financial inclusion solutions across board and round the clock with it’s FirstMobile app, USSD (*894#) and FirstMonie, with the popular Firstmonie Agent Banking Network.
“FirstBank has become the foremost financial inclusion solutions provider with over 9 million USSD users, processing over 200 million transactions to date. Also, with more than 60,000 Firstmonie Agent Banking locations we have to date processed over 320 million customer transactions worth over NGN6 Trillion on the FirstMonie Agent Network as at July 2020, further cementing our leadership in the Agency Banking space,” Adeduntan said.
He recollected that the bank has picked awards after awards with the FirstMobile App, which was “awarded the Best Mobile Banking App in Nigeria in 2019 by the UK-based Global Business Outlook.”
Rather than mourning the outbreak of the Coronavirus pandemic, Adeduntan remarked that the bank has leveraged on the scourge to become more innovative in providing services for the benefit of the customers
“The sudden emergence of the Covid-19 pandemic era has provided a ready canvas for stretching our Fintech readiness and exploits, and I am happy to note that, once again, FirstBank has been demonstrating outstanding preparedness in this all-important space.
“Indeed, the Covid-19 pandemic has become a catalyst for the accelerated technology and digital transformation that we are witnessing across so many industries and areas of human endeavour,” he said.
Speaking on the theme “How Blockchain and Artificial Intelligence will Disrupt FinTech in Nigeria” the keynote speaker, Echeruo, who is a product of Kings College, Lagos and Harvard Business School, with virtual descriptions, informed that one can solve any problem if he puts his mind to it. He noted that the “use of artificial intelligence to personalise and deepen customer experience, grow new market opportunities with lower cost blockchain model” will greatly improve the culture of innovation.
He pointed out that building and activating vibrant ecosystem are basically the outcome of inculcating blockchain and artificial intelligence in FinTech. He advised corporate bodies to open organisation’s ecosystem and recreate from the outside to the inside.
Responding, FirstBank’s Group Executive, e-Business & Retail Products, Chuma Ezirim, who represented FirstBank in the panel, and spoke on the sub-theme, “How Current Trends in Artificial Intelligence Are Impacting Business Product Development in FirstBank”, noted that the bank is a technology company offering financial services, but not in any way usurping another’s duties.
Ezirim was also quick to point out that FirstBank processes over 90 customer initiated transactions per second only on digital channels while acknowledging that the bank is poised re-architect its system and attract the right skills from within and outside.
Concluding his presentation, he invited stakeholders to partner with the bank, noting that “we believe big data and AI will bring upward the revenue of this country…”
In his remarks, Aminu Maida, who spoke on Industry Infrastructure to Support New Development in the Financial Industry, acknowledged the need for synergy while advising that the way out is “leveraging on artificial intelligence, leveraging on dynamic machine learning that can go into the environment and adapt in relation to human capacity.”
Other speakers who lent their voices to the viability of artificial intelligence towards creating and activating a vibrant ecosystem included Callistus Obetta, who was of the view that there is the need to build people who will in turn build technologies.
“Our realisation that the effectiveness of Artificial Intelligence is determined by data quality available on the platform and this is beyond the structured data in the bank,” he said.
Representing Okra, Fara Ashiri Jituboh, who spoke on the theme Unlock the Power of AI, and Musa Jimoh, agreed that blockchain and artificial intelligence are souls of FinTech.
In his closing remarks, the Deputy Managing Director, FirstBank, Mr. Francis Shobo, appreciated everyone that turned up for the educative webinar, and reiterated that “FirstBank will continue to embrace emerging FinTech opportunity”.
The 4.0 edition was anchored by Aruoture Oddiri, with assistance from Taiwo Shonekan.
The Edo State Governorship Election Petition Tribunal, sitting in Abuja, has
scheduled Wednesday, April 2, 2025, to deliver its judgment on the petition filed by Asue Ighodalo of the Peoples Democratic Party (PDP) challenging the victory of Governor Monday Okpebholo in the September 21, 2024, gubernatorial election.
A three-member panel, led by Justice Wilfred Kpochi, reserved judgment on March 3 after parties in the suit concluded their final arguments.
The Independent National Electoral Commission (INEC) had on September 22 declared Okpebholo of the All Progressives Congress (APC) winner of the election with 291,667 votes, defeating Ighodalo, who polled 247,274 votes, and Labour Party’s Olumide Akpata, who garnered 22,763 votes.
Dissatisfied with the outcome, the PDP and its candidate approached the tribunal, alleging widespread irregularities, including
over-voting, ballot serialisation issues, errors in collation, and miscalculations in results.
In the suit marked EPT/ED/GOV/02/2024,
Ighodalo presented a senior technical officer from INEC’s ICT department as a witness, who tendered 154 BVAS machines as evidence to substantiate claims of
over-voting.
Adopting his final address, Ighodalo further alleged that results from 765 polling units were manipulated at the collation centers and that errors in computation affected the final outcome.
He urged the tribunal to nullify the Certificate of Return issued to Okpebholo and declare him the rightful winner of the election.
A UK-based newspaper, TheNigerian News, has announced Governor Siminalayi Fubara of Rivers State as the winner of its International Peace Prize Medal Award 2023.
A statement by the company’s Chief Executive Officer, David Young, said the award is in recognition of Governor Fubara’s purposeful leadership and firm belief in democracy and the rule of law.
Young said the governor has also demonstrated outstanding performance and sterling qualities of a trailblazer with a deep commitment to the unity and progress of his people.
He noted that Fubara has shown unwavering courage amid intimidation and oppression to promote peace, harmony, and stability in Rivers State and beyond.
According to the company, the Rivers State governor understands that any political crisis would hinder his developmental plans, adding that only a man with the genuine interest of the masses will tow the path of peace.
He said, “Governor Fubara emerged among other nominees for his courage and passion for his people. An exceptional leader, he has shown an unwavering commitment to promoting peace and unity across the world.
“His dedication to improving the lives of Rivers people has earned him this well-deserved recognition. Governor Fubara is an inspiration to societies striving towards ideals of diversity, transparency, and democracy.
“We can’t over-emphasize the importance of peace in driving economic prosperity. Governor Fubara understands this simple principle.
“We, therefore, urge him to remain focused on his goals and ignore distractions. His pure and clear heart will continue to make way for him.
“We want him to see this award as a higher calling towards deeper commitment to peacebuilding in Nigeria, Africa, and the world at large.”
Fubara, has in the last couple of months been locked in bitter rivalry with his predecessor, who is the current Minister of the Federal Capital Territory (FCT), Nyesom Wike, over the control of the state.
The contest has led to resignation of most commissioners, destruction of the state House of Assembly Complex as well as the decimation of the membership of the state Assembly.
The Federal Government and states likely to feel the impact of the proposed release of huge volumes of water from the Lagdo Dam in Cameroon on Sunday advised affected residents to leave the areas to avoid impacts on human lives and valuable assets.
According to the National Emergency Management Agency officials, no fewer than 11 states including Adamawa, Taraba, Benue, Nasarawa, Kogi, Anambra, Edo, Delta, Bayelsa, Rivers and Cross River are likely to feel the negative impacts of the opening of the dam, and prevent deaths and other disasters associated with floods. These are states along the path of River Benue in Nigeria.
It was gathered on Sunday that Cameroon informed the Federal Government that it would soon open its Lagdo Dam.
The Director of the African Affairs, Federal Ministry of Foreign Affairs, Umar Salisu, said in a letter dated August 21, 2023, that the ministry received a note from the High Commission of Cameroon as regards the opening of the dam.
The letter, which was addressed to the National Emergency Management Agency, read in part, “I have the honour to inform that the ministry is in receipt of a Note Verbale from the High Commission of the Republic of Cameroon informing that Cameroonian officials have resolved to open the flood gates of the Lagdo Dam on the Benue River in days ahead due to the heavy rainfall around the dam catchment area in Northern Cameroon.”
The letter stated that it was pertinent to note that when the release of water became necessary, the authorities of the Lagdo Dam would be releasing only a modulated variable small amount of water at a time in order to mitigate and avoid damage that the released water might cause along the River Benue basin in both Cameroon and in Nigeria.
“In view of the above, it would be appreciated if the esteemed agency takes all the necessary proactive steps and actions that will mitigate the damage as well as sensitise the populace living in such areas to vigilance and all necessary precautions.”
Lagdo Dam, located 50 kilometers south of the city of Garoua on the Benue River, often releases huge volumes of water when overflowing and this leads to flooding in various states downstream of Nigeria.
Based on this development, some states to be affected by the opening of the dam confirmed on Sunday that they would demolish structures on waterways, while others earmarked some schools to serve as camps for internally displaced persons.
Officials of the National Emergency Management Agency and the Nigeria Hydrological Services Agency said 11 states were along the path of River Benue and are going to be affected by the opening of Lagdo Dam.
Although they noted that there was no cause for alarm, they named the states to include Adamawa, Taraba, Benue, Nasarawa, Kogi, Anambra, Edo, Delta, Bayelsa, Rivers and Cross River.
The Head of Media and Public Relations, NEMA, Ezikiel Manzo, said the agency had informed the state governors, adding that the states had been advised on what to do to mitigate the impact of possible floods.
“We have introduced this into all our awareness programmes and in addition to that, NEMA has written to all the governors to alert them. We have also mentioned the things that they need to do in order to mitigate the impact of the flood.
“So what this means is that with this information concerning the excess water being released from the dam, it means that all the state governments along the River Benue axis, the time has come for them to match action with the information that has been given to them in anticipation of this flood.
“And some of the things they need to do is for them to immediately monitor the people and communities along the flood pathway and begin to move them away from danger.
“They (Lagdo Dam) are just beginning the release of the water, we don’t know, but if the rain increases and the release of the water continues, it means the people will need to move quickly out of the floodplain.”
Manzo, however, stated that ‘if after this initial release we do not have much rain again, then it means they are going to stop. I’m saying this because we don’t want to send people panicking that the release means that they should run away completely from the river bank.
“But what we are saying is that the time has come for the people to be conscious of the risk that is lying beside them in terms of the likelihood that the river will overflow its bank.”
Asked to name the states that are likely to be affected, the NEMA official said, “They include Adamawa, Taraba, Benue, Nasarawa, Kogi. Then from Kogi, we have states like Anambra, Edo, Delta, and Bayelsa.”
The punch
