O-Mobile Secures $10m Grant to Drive Digital Economy

O-Mobile Multimedia Limited, a Nigerian firm that specialises in technology based financial and agricultural services development, has secured a grant of $10 million from So.Sui.Ben Foundation, a Swiss-based non-governmental organisation that promotes development in Africa.

The grant, which is to promote digital economy in Africa, was facilitated by AFRICUNIA Limited, trading as AFRICUNIA Bank), an innovative banking technology firm that is headquartered in United Kingdom.

The Chief Executive Officer of O-Mobile Multimedia Limited, Mr. Benjamin Aduli, said the pact would promote and deepen knowledge of the practice of digital-based services among Africans and thereby reduce poverty.

“We are excited about this ground-breaking pact which involves the creation of awareness about digital banking opportunities, educating governments and the general public about digital banking opportunities. We will be developing applications that will help Africans utilize digital banking technology and reduce poverty in the continent,” he said.

He further added that the company would offer its multimedia business academy and provide free, digital and multimedia training to all interested micro, medium, small and small enterprises in Nigeria through a network of 1,200 O-Mobile academy centres that are currently being set up across the country.

The President of AFRICUNIA Bank, Don Chancellor, said the time had come to tackle poverty in Africa using every available means adding that technology will help do this.

“Development needs to be fast-tracked in Africa and we are committed to the continent’s growth through digital banking products and services.  We are very elated about this opportunity to develop middle, small and medium enterprises (MSMEs) across Nigeria and Africa and make them globally competitive in this era of technology.

“We have already started the hardwork. Working with O-mobile and So.Sui.Ben affords us the opportunity to quickly reach the unbanked and unconnected and give them access to first-world banking infrastructure and services. We believe that our partnership with a firm that already understands technology and has wide presence in Nigeria will help us quickly accomplish our goal,’’ Chancellor said.

Aduli stated further that the company had already commenced work and hoped to sign-up at least 500,000 digital banking customers for AFRICUNIA Bank within 90 days globally.

He said O-mobile had already commenced rolling out the first agency group network in Africa that would take financial, telecoms, insurance, educational, agricultural extension services and data mining services to the unbanked and unconnected in the continent.

O-Mobile Multimedia Limited is technology based company that promotes the development of MSMEs across Africa. The company provides access to market, technology finance and Africa’s Agricultural value chain.

Deutsche Bank Announces Winners of Cash Management and Trade Finance Awards

Deutsche Bank has announced the winners of its 2017 Awards for Excellence in Cash Management and Trade Finance in Nigeria. The winners were recognised on May 16 at a gala dinner at The Wheatbaker Hotel in Lagos.

The first award, titled “Straight-Through Processing (STP) Excellence Award”, which has been a feature of Nigeria’s financial markets for seven years, went to Stanbic IBTC followed by Ecobank Nigeria. The award recognises those institutions that deliver outstanding quality in payment efficiency. The nominated banks successfully implemented an STP rate of over 99per cent throughout 2017, serving to greatly reduce the administrative impact of payment processing, increasing efficiency and ensuring strict compliance with globally recognised payment standards.

The second award category, now in its third year, called the “Global Reach Trade Finance Award”, recognises those institutions that have successfully grown their trade finance processing capabilities across international borders by both volume and quantum of transaction size. This year, Access Bank Plc, followed by Zenith Bank Plc and Ecobank Nigeria Ltd came out as best performers in this category.

At the awards ceremony, graced by more than 60 attendees, Head of Deutsche Bank’s Representative Office in Nigeria, Andreas Voss congratulated the winning financial institutions even as he reflected on Deutsche Bank’s continued commitment to and development of the sub-Saharan Africa region’s financial markets.

According to Voss, “These awards are a true testimony of the long-standing and strong relationships Deutsche Bank has with the Nigerian banking industry and of course the winning banks. Deutsche Bank remains a reliable partner, which is committed to assist its Nigerian clients facilitate trade business not only to Europe but across the globe. The winning banks have evidenced their strong capability to offer finance solutions in terms of payments efficiency and trade finance for the benefit of the Nigerian economy.”