Entrenching cashless economy through secure, affordable mobile money solutions

Mobile money solutions will play a major role in integrating Nigeria’s huge informal economy which is driven by small scale farmers, traders, craftsmen and other types of small and medium sized businesses, into the formal economy.
Also, it will serve as a convenient and secure electronic payment platform for the under-banked and unbanked in Nigeria’s emerging cashless economic landscape. This is because the major infrastructure for mobile money services, which is the mobile phone, is within the reach of under-banked and unbanked Nigerians. Mobile phones are far more pervasive and accessible than traditional bank branches, Automated Teller Machines (ATMs), Point of Sales (PoS) terminals and the internet, all essential channels for financial services distribution.
Reinforcing this, the Mobile Marketing Association (MMA) report of July 2011,  put the level of mobile phone penetration in Nigeria at 50 percent, with over 90 million subscriptions, for 167 million Nigerians. Coming a distant second, internet penetration in the country is 28.43 percent, according to International Telecommunications Union (ITU), with 45.9 million Nigerians accessing the internet in 2010. As at June 2011, the penetration of PoS terminals was a mere 13 Point of Service terminals per 100,000 adults, according to the Central Bank of Nigeria (CBN), which hopes to scale it up to 2,200 PoS units per 100, 000 adults by the end of 2015.
All these demonstrate the potential of mobile phones as a distribution channel for financial services in the country. Truly so, Enhancing Financial Innovation & Access (EFInA), an organisation committed to deepening financial inclusion in the country, indicated that 56.5 million adults (66.6 percent of the adult population) own mobile phones, disregarding use of multiple mobile phone lines by individuals, in its research. It further disclosed that 25.3 million adults who own mobile phones are unbanked and can become banked through affordable, secure and convenient mobile money solutions. Also, 63.5 percent of Nigeria’s adult males and 76.8 percent of adult females are unbanked, while 78.8 percent of the country’s rural populations are largely unbanked. In the main, there are 59.3 million adults who are unbanked due to irregular income, unemployment and distance to the bank branch, according to the EFInA report.
Across Africa, the adoption and usage of mobile phones for electronic payments, and to bring financial services to the under-banked and unbanked is gaining currency. The continent has had several successful mobile money deployments driven by financial institutions such as Standard Bank and Commercial Bank of Africa in South Africa, Ghana, Uganda and Kenya, with Nigeria, a very important market in terms of volume, in its embryonic stage. In countries where it is fully operational, mobile money is bringing financial services to people who do not have easy access to traditional banking channels, as well as people with very small deposits and loans which are unprofitable for banks using traditional delivery models. Mobile devices have also reduced transaction costs by 50 to 70 percent in these countries, making cashless funds transfers and utility bills payment more accessible to a vast population from the comfort of their homes and offices.
Endeva, a German developmental organization, in its 2010 report stated that mobile money has fostered financial inclusion in Kenya. The organization disclosed that prior to the introduction of M-Pesa in Kenya in 2006, as a joint venture between Safaricom and Vodafone, banking transactions were expensive and many people did not have bank accounts. However, by the spring of 2010, over 9.5 million Kenyans use their mobile phones to conduct basic financial transactions such as payments for groceries in supermarkets or to transfer money to their families. This is because M-Pesa is fast, easy, no account required and, most importantly, cheap. Presently the most successful mobile money deployment with over 700 million domestic and international cashless money transfer transactions, M-Pesa accounted for $130m in revenues to Safaricom in the 2010 financial year.
Nigeria with an estimated population of 167 million people, 25.4 million bank accounts and over 90 million mobile phone subscribers has launched mobile payment services with the potential to become Africa’s biggest mobile money market. The cashless society initiative of the Central Bank of Nigeria, as well as the compelling need of millions of unbanked Nigerians, are expected to drive the country’s mobile money volume to surpass Kenya’s celebrated 9.5 million M-pesa subscribers among its 39 million people, in coming years. Currently, in Nigeria, 23.8 million adults choose to save money at home, 12.9 million adults use informal societies, while 6.7 million adults use village associations, according to EFInA.
However, creating a functional mobile-money model can be complicated, especially in a country like Nigeria, calling for collaboration from two distinct domains, telephony and banking, as well as for partnerships with a variety of players such as agents, some unfamiliar, to manage cash collections and disbursements and promote adoption. As such, licensed mobile operators in the country, with the right technology, agent network, risk management process and customer service, will not only capture the opportunity in the market but also have unique know-how that would be valuable in other emerging and frontier markets, either through strategic alliances or direct investment.
Consequently, Stanbic IBTC Bank, a member of Standard Bank Group and Afripay entered into strategic partnership with Globacom Nigeria, a telecommunications services provider to launch Nigeria’s first mobile money service. The partnership avails Stanbic IBTC MobileMoney and Afripay the GloTxtCash platform to make basic financial services accessible to about 23 million Nigerians on the Globacom network, thereby breaking down the traditional distribution barriers hindering financial inclusion of millions of Nigerians. Of note is the pedigree of Standard Bank, the parent company of Stanbic IBTC Bank, in the successful deployment of mobile payment solutions in various markets on the continent such as Ghana, Uganda, Kenya and South Africa. Equally, before the advent of mobile money services in Nigeria, Stanbic IBTC Bank had shown commitment to branchless banking in banking the unbanked and under-banked, as exemplified by its E.susu product, a formal and technology-driven version of the traditional esusu savings model subscribed to by millions of artisans and traders. Leveraging this and Standard Bank’s expertise in mobile money services, Stanbic IBTC Bank’s mobile payment offering will afford individuals, as well as micro-businesses the benefit of accessing banking services such as funds transfer, bills payment, account balance information, and mini-statements from their mobile devices, thereby addressing the multifaceted transactional challenges being faced by those who reside and do business in semi-urban and rural areas.

Obinnia Abajue, Head of Personal and Business Banking at Stanbic IBTC bank said mobile money has tremendous benefits for the people and the economy. It will not only drive financial inclusion of the under-banked and unbanked, it will facilitate understanding of the country’s true Gross Domestic Product (GDP), improve national planning by government, as well as drive and entrench the cashless economy initiative of the Central Bank of Nigeria (CBN), targeted at reducing cost of cash handling and cost of funds in the country. Available statistics show that the CBN and the banks would have spent over N200bn on cash management by 2012. This cost can be ploughed into infrastructure development.

“This is why Stanbic IBTC bank is leveraging the growing pervasiveness of the mobile telephone and the knowledge users have of the mobile phone to deliver non-traditional, low cost financial services to unbanked artisans, traders, market women and farmers among others, as well as under-banked people. Instead of visiting bank branches, customers will be able to conduct transactions using Stanbic IBTC MobileMoney solutions on their mobile phones, or through the bank’s retail agents within their locality. We do not merely look at mobile money from the point of view of using mobile phones to conduct financial transactions, hence our solid agency model. We have been successful in implementing branchless banking, using the agency model to drive the acceptance of E.susu, a formal and technology-driven version of the traditional esusu savings model. In the same manner, Stanbic IBTC MobileMoney will benefit from peripheral support such as a contact centre and our strong and pervasive agent network,” Abajue stated.

World’s oldest twins celebrate 102nd birthdays

The world’s oldest twins celebrated their 102nd birthday together on Wednesday. Born on January 4, 1910, Ena Pugh and Lily Millward have spent each of their birthdays together.

They were presented with copies of the Guinness World Records book, which includes their entry. More from the Daily Mail:

Lily’s proud daughter Dianne Powell, 65, told Wales News Service: ‘My mum’s recovering in hospital after she slipped and fell just before Christmas. But she’s in good spirits and enjoying the attention of being one of the world’s oldest twins.

‘Ena pops in to see her in hospital when she can – they are very close. And despite the terrible weather she made a special effort to get together on their birthday.’

The English twins were born before the beginning of World War I, and they still meet up for weekly shopping trips and talk on the phone nearly every day. Lily Millward said “laughter and having a joke with each other” has been the secret to their longevity.

“We used to work on the farm all day, but we would enjoy ourselves,’ Millward said. ‘It was a lot of fun and sociable. We’ve been very lucky and we have always had good health.”

And the twins manage to get by without some modern technological innovations, including central heating. “Until my mum’s accident, they would jump on a bus on their own every Friday so they can go shopping together and have a chat over a cup of tea,” Powell said. “And they ring each other almost every evening although they are both very hard of hearing—they can’t really always know what the other is saying but just enjoy talking to each other.”

Apple holding more cash than USA

 

US President Barack Obama is known to be
an iPad owner, along with 28 million other people

Apple now has more cash to spend than the United States government.

Latest figures from the US Treasury Department show that the country has an operating cash balance of $73.7bn (£45.3bn).

Apple's most recent financial results put its reserves at $76.4bn (£46.9bn).

The US House of Representatives is due to vote on a bill to raise the country's debt ceiling, allowing it to borrow more money to cover spending commitments.

If it fails to extend the current limit of $14.3 trillion (£8.7tn) dollars, the federal government could find itself struggling to make payments, and risks the loss of its AAA credit rating.

The United States is currently spending around $200bn (£122bn) more than it collects in revenue every month.

Apple, on the other hand, is making money hand over fist, according to its financial results.

In the three months ending 25 June, net income was 125% higher than a year earlier at $7.31bn (£4.6bn).

Spending spree

With more than $75bn (£35.8bn) either sitting in the bank or in easily accessible assets, there has been enormous speculation about what the company will do with the money.

"Apple keeps its cards close to its chest," said Daniel Ashdown, an analyst at Juniper Research.

Industry watchers believe that it is building up a war chest to be used for strategic acquisitions of other businesses, and to secure technology patents.

Bookstore Barnes and Noble and the online movie site Netflix have both been tipped as possible targets, said Mr Ashdown.

The company may also have its eye on smaller firms that develop systems Apple might want to add to its devices, such as voice recognition.

Apple dipped into some of its reserves recently when it teamed-up with Microsoft to buy a batch of patents from defunct Canadian firm Nortel.

IBB tells Jonathan way out of violence

Former military President Gen. Ibrahim Babangida has told President Goodluck Jonathan that political solution, entrenchment of value system, responsible leadership, meeting people’s expectations and good governance are ways out of the present national crisis.

In a press statement yesterday, the former leader said, ”In order to arrest this ugly trend and refocus our country on the path of peaceful co-existence in spite of our manifest tribal configurations, we must begin to revisit our value system and provoke platforms where this becomes the central theme of our collective discourse.”

Blaming the leaders for the failures in the society, Babangida said it is imperative to “engage in dialogue and wider consultations in our resolve to providing lasting solutions to the challenges facing us. All our religious leaders, political leaders, traditional rulers, opinion moulders, the media, must unite to arrest this ugly phase of our political life.”

He said, “ We must begin to consciously redirect our collective energies in entrenching a culture of strong and enduring moral super-structure as a platform for sustaining our once cherished value system, adding that the failure of governments and Leaders at various levels has further disconnected the people from their leaders; reason why there has been so much angst in the land.

“There is a potential breakdown of social contract between the leaders at all levels and the led. Leaders have failed in their responsibilities at meeting the expectations of the people.

These days, the gap between the rich and poor has further polarized the socio-economic and political discourse on the basis of winner-takes-all thus making public office unethically attractive. This is why there is so much desperation in the contest for public office,” he added.

Senate releases names of those who stole Nigeria's fortunes

 

 

Oando Oil, CONOIL, African Petroleum and MRS Oil are among the powerful players in the petroleum sector that have shared over N3.655 trillion between 2006 and September 2011 in pursuit of importation of refined petroleum products.
This was revealed today in Abuja by the Nigerian Senate joint Committee on Petroleum (Downstream), Appropriation and Finance.
Senator Magnus Ibe, the chairman of the committee, also disclosed that some 100 companies in the downstream sector and in construction, shared over N1.426 trillion between January and August 2011 alone.
Oando Oil is owned by Wale Tinubu, Mike Adenuga owns CONOIL, Femi Otedola owns AP, while MRS Oil is run by Aliko Dangote's brother, Sayyu Dantata. Other key players named today include Pinaccle Construction Ltd, as well as Integrated Oil and Gas, which is owned by a former Minister of the Interior, Capt. Emmanuel Iheanacho.
The full list as read out by Senator Abe, is as follows:
1. Oando Nigerian Plc. – N228.506 billion
2. MRS –N224.818 billion
3. Pinnacle Construction-N300 billion
4. Enak Oil & Gas –N19.684 billion
5. CONOIl – N37.960 billion
6. Bovas & Co. Nig. Ltd. – N5.685 billion,
7. Obat N85 billion and AP; N104.5billion.
8. Folawiyo Oil - N113.3 billion
9. IPMAN Investment Limited- N10.9billion
10. ACON - N24.1billion
11. Atio Oil-N64.4billion
12. AMP- N11.4billion
13. Honeywell-N12.2billion
14. Emac Oil- N19.2billion
15. D.Jones Oil-N14.8billion;
16. Capital Oil - N22.4 billion
17. AZ Oil- N18.613billion
18. Eterna oil- N5.57 billion
19. Dozil oil- N3.375 billion
20. Fort oil-N8.582 billion.
21. Integrated Oil and Gas- N30.777 billion!

Achebe, Soyinka, Clark urge rethink of subsidy withdrawal

 

Soyinka, Achebe and Clark

•Literary giants insist on national conference •Warn against retaliation of Boko Haram attacks

Nigeria’s foremost writers have advised the government to pull the brakes on the subsidy removal that has put the nation on edge.
They also cautioned security agents against turning their guns on protesters, saying their duty is to protect citizens.
Nobel laureate Prof. Wole Soyinka, Prof. Chinua Achebe and Prof. J.P. Bekederemo-Clark yesterday issued a joint statement on the state of the nation.
They called for the convocation of a national conference to address the national questions. They also cautioned against reprisal attacks over the Boko Haram killings in the North.
The statement is another rare intervention by the eminent writers. They intervened, though unsuccessfully, in 1986, to prevent the execution of Gen. Mamman Vatsa after his conviction for coup plotting. It was during Gen. Ibrahim Babangida’s military government.
The statement entitled: “Let not this fire spread: An appeal to the Nigerian national community”, reads:
“The fears we have all secretly nursed are coming to realisation. The nightmare we have hugged to our individual breasts, voicing them only in family privacy, or within trusted caucuses of friends and colleagues - lest they become instances of materialising evil thoughts - has finally burst through into our social, physical environment. Rumblings and veiled threats have given way to eruption, and the first cracks in the wall of patience and forbearance can no longer be wished away. BOKO HARAM is very likely celebrating its first tactical victory: provoking retaliation in some parts of the nation.
“We insist however that this need not be, and should not be so. And as long as any part, however minuscule, opts for the more difficult path of envisioned forbearance, we are convinced that its responses will find neighbour emulation between homesteads, between towns and villages, between communities on all levels and indeed - states. This hard, demanding, but profoundly moral and heroic option will be recognised and embraced as the only option for the survival, and integrity of the whole. All who claim to be leaders must lead – but in the right direction!
“We urge a proactive resolve in all such claimants to leadership. It is not sufficient to make pious pronouncements. All who possess any iota of influence or authority, who aspire to moral leadership must act now to douse the first flickers of ‘responses in kind’ even before they are manifested, and become contagious. We urge that, beginning from now, leaders become true leaders in all communities, utilise the platforms of their associations, professions, clubs, places of instruction and places of worship, NGOs and other civic organisations, that they relentlessly spread the manifesto of Community – capital letters! - as an all-embracing human bond, and refuse to be sucked into the cauldron of mutual attrition that is the purpose of the religious warmongers among us.
“What is proposed here is not any doctrine of submission, of ‘turning the other cheek’, or supine supplication to divine intervention etc. etc. Very much the contrary! Self-defence is a fundamental human right and responsibility. However, we caution that we must place the total humanity of our nation above the methods and intent of a mindless, though programmed minority that are resolved to set religion against religion, community against community, destroy the internal cohesion of homes, render meaningless the very concept and imperatives of guest, strangers, the extended human family, and the universalist obligations of hosts as practiced under the finest traditions of human encounters. Our duty is to denounce the killers among us, to deny them, right from source, the sump of blood that is their nourishment, the chaos that is their ambition, and the hatred that has poisoned their collective psyche. Our mission is to prove ourselves superior to them in understanding, to leap ahead of their perverse scheming and preserve our own humanity even as they jettison theirs – if ever they even were aware of its existence.
“Calls have been made in the past - sometimes in response to a crisis within the nation, other times as an objective necessity even in the most tranquil of times - for the convening of a National conference to debate just how the nation should proceed in reinforcing civic and political life, and decide, in full freedom, the terms of her integrated existence. The government is urged to stop shying away from this project, pretending that those who happen to have been elected into the nation’s legislatures are best qualified to undertake the exercise, largely through piecemeal tinkering. This surely begs the question, since the very system and terms under which these – often dubiously – elected, serve, including the intolerable strain these institutions place upon the nation’s resources - are all at issue. That last indeed, the very inordinate exaction of running a presidential system, forms part of the impatience of the public, as new avenues for economic hardship are opened in a people’s struggle for survival, such as the recent crisis of the removal of petroleum subsidy. We call upon the government to re-think this measure. We warn the Security forces to recall that their primary duty is to protect all citizens, and most especially those in opposition to government policies, in the exercise of their democratic rights. We cannot turn a blind eye to the killing of our fellow citizens even before the earliest manifestation of popular discontent gets under way. The first single Security notch on the gun is always the signal for a countdown towards two, then three, moving to four figure statistics in the struggle for human dignity. Syria is our current cautionary instance. We know how Libya ended.
“The Security arms of government should recognise where their urgent and immediate capabilities and competence are needed, where the greatest threat to nationhood since the Nigerian Civil War has been gloatingly launched, and with a daily toll of casualties of the innocent. We call upon the Nigerian government to intensify its obligations to protect the citizenry it claims to govern. The basic professional strategy of preventive policing, which appears no longer in fashion, must be re-activated. Security may appear less glamorous than the moral imposition that is articulated in appeals such as this, but it is nonetheless a crucial partner in the very existence of civil existence and the preservation of civic dignity. Necessary measures to curb the activities of a homicidal few, no matter under what name, faceless or disguised, whose minds have been warped beyond recovery, must be taken, and without flinching. Public evidence of the effectiveness of such measures makes our call for restraint meaningful. It reduces the stress placed daily on a people’s aspirations to a visionary fortitude, and reinforces the resolve for an engagement under forbearance in the ultimate pursuit of social justice as the foundation of peaceful co-existence.”

Eto'o Launches set'mobile in Cameroon

Goodluck Jonathan Cuts Salary and Allowances Of All Political Office Holders By 25%

In an effort to salvage the forth coming national strike, the president announced the reduction of salaries of all government officials and political office holders by just 25% and cutting down all foreign trip expenses by 25%.

Quote

1. A week ago, I had cause to address Nigerians on the security challenges we are facing in parts of the country, which necessitated the declaration of a state of emergency in 15 Local Government Areas in four states of the Federation. That course of action attracted widespread support and a demonstration of understanding. With that declaration, government had again signaled its intention to combat terrorism with renewed vigour and to assure every Nigerian of safety.

2. The support that we have received in the fight against...
terrorism from concerned Nigerians at home and abroad has been remarkable. We believe that it is with such continued support that progress can be made on national issues. Let me express my heartfelt appreciation to everyone who has expressed a commitment to support us as we strive to improve on the country’s security situation, and build a stronger foundation for the future. The recent mindless acts of violence in Gombe, Potiskum, Jimeta-Yola and Mubi are unfortunate. I urge all Nigerians to eschew bitterness and acrimony and live together in harmony and peace. Wherever there is any threat to public peace, our security agencies will enforce the law, without fear or favour.

3. This evening, I address you, again, with much concern over an issue that borders on the national economy, the oil industry and national progress. As part of our efforts to transform the economy and guarantee prosperity for all Nigerians, Government, a few days ago, announced further deregulation of the downstream petroleum sector. The immediate effect of this has been the removal of the subsidy on petrol.

4. Since the announcement, there have been mixed reactions to the policy. Let me seize this opportunity to assure all Nigerians that I feel the pain that you all feel. I personally feel pained to see the sharp increase in transport fares and the prices of goods and services. I share the anguish of all persons who had travelled out of their stations, who had to pay more on the return leg of their journeys.

5. If I were not here to lead the process of national renewal, if I were in your shoes at this moment, I probably would have reacted in the same manner as some of our compatriots, or hold the same critical views about government. But I need to use this opportunity as your President to address Nigerians on the realities on the ground, and why we chose to act as we did. I know that these are not easy times. But tough choices have to be made to safeguard the economy and our collective survival as a nation.

6. My fellow Nigerians, the truth is that we are all faced with two basic choices with regard to the management of the downstream petroleum sector: either we deregulate and survive economically, or we continue with a subsidy regime that will continue to undermine our economy and potential for growth, and face serious consequences.

7. As you all know, the subject of deregulation is not new, we have been grappling with it for more than two decades. Previous administrations tinkered with the pump price of petroleum products, and were unable to effect complete deregulation of the downstream sector. This approach has not worked. If it did, we would not be here talking about deregulation today. I understand fully well that deregulation is not a magic formula that will address every economic challenge, but it provides a good entry point for transforming the economy, and for ensuring transparency and competitiveness in the oil industry, which is the mainstay of our economy.

8. As a President, elected and supported by ordinary Nigerians, and the vast majority of our people, I have a duty to bring up policies and programmes that will grow the economy and bring about greater benefits for the people. Let me assure you that as your President, I have no intention to inflict pain on Nigerians.

9. The deregulation of the petroleum sector is a necessary step that we had to take. Should we continue to do things the same way, and face more serious economic challenges? Or deregulate, endure the initial discomfort and reap better benefits later? I want to assure every Nigerian that whatever pain you may feel at the moment, will be temporary.

10. The interest of the ordinary people of this country will always remain topmost in my priorities as a leader. I remain passionately committed to achieving significant and enduring improvements in our economy that will lead to sustained improvement in the lives of our people.

11. I am determined to leave behind a better Nigeria, which we all can be proud of. To do so, I must make sure that we have the resources and the means to grow our economy to be resilient, and to sustain improved livelihood for our people. We must act in the public interest, no matter how tough, for the pains of today cannot be compared to the benefits of tomorrow. On assumption of office as President, I swore to an oath to always act in the best interest of the people. I remain faithful to that undertaking.

12. To save Nigeria, we must all be prepared to make sacrifices. On the part of Government, we are taking several measures aimed at cutting the size and cost of governance, including on-going and continuous effort to reduce the size of our recurrent expenditure and increase capital spending. In this regard, I have directed that overseas travels by all political office holders, including the President, should be reduced to the barest minimum. The size of delegations on foreign trips will also be drastically reduced; only trips that are absolutely necessary will be approved.

13. For the year 2012, the basic salaries of all political office holders in the Executive arm of government will be reduced by 25%. Government is also currently reviewing the number of committees, commissions and parastatals with overlapping responsibilities. The Report on this will be submitted shortly and the recommendations will be promptly implemented. In the meantime, all Ministries, Departments and Agencies must reduce their overhead expenses.

14. We are all greatly concerned about the issue of corruption. The deregulation policy is the strongest measure to tackle this challenge in the downstream sector. In addition, government is taking other steps to further sanitize the oil industry.

15. To ensure that the funds from petroleum subsidy removal are spent prudently on projects that will build a greater Nigeria, I have established a committee to oversee the implementation of the Subsidy Reinvestment and Empowerment Programme. I sincerely believe that the reinvestment of the petroleum subsidy funds, to ensure improvement in national infrastructure, power supply, transportation, irrigation and agriculture, education, healthcare, and other social services, is in the best interest of our people.

16. Fellow Nigerians, I know that the removal of the petroleum subsidy imposes an initial burden on our people, especially the rising cost of transportation. Government will be vigilant and act decisively to curb the excesses of those that want to exploit the current situation for selfish gains. I plead for the understanding of all Nigerians. I appeal to our youth not to allow mischief-makers to exploit present circumstances to mislead or incite them to disturb public peace.

17. To address the immediate challenges that have been identified, I have directed all Ministries, Departments and Agencies of government to embark immediately on all projects, which have been designed to cushion the impact of the subsidy removal in the short, medium and long-term, as outlined in the Subsidy Reinvestment and Empowerment Programme Document.

18. Tomorrow, 8th January, I will formally launch a robust mass transit intervention programme to bring down the cost of transportation across the country. The programme will be implemented in partnership with state and local governments, labour unions, transport owners, and banking institutions, and supported with the provision of funding at zero interest rate as well as import duty waiver on all needed parts for locally-made mass transit vehicles, which will create additional jobs in the economy.

19. We will keep these incentives in place for as long as it takes. I want to assure you that Government will not rest until we bring down the cost of transportation for our people. Let me thank the transporters’ associations that have agreed to reduce transport fares. I have directed the Minister of Labour and Productivity to work with these associations to come up with a sustainable plan to guarantee this within the shortest possible time.

20. In addition, I have ordered the mobilization of contractors for the full rehabilitation of the Port Harcourt –Maiduguri Railway Line and the completion of the Lagos-Kano Railway Line. I have also directed the immediate commencement of a Public Works programme that will engage the services of about 10, 000 youths in every state of the Federation and the Federal Capital Territory. This will create an additional 370, 000 jobs.

21. Government has taken these decisions in the best interest of our economy, so that we not only have benefits today, but to ensure that we bequeath even greater benefits to our children and grandchildren.

22. Let me assure Nigerians that every possible effort will be made to ensure that we march forward, with a collective resolve to build a Nigeria that can generate greater economic growth, create and sustain new jobs, and secure the future of our children.

23. This Administration will aggressively implement its programme to reposition and strengthen our economy, while paying adequate attention to the immediate needs of our citizens.

24. I assure you all that we will work towards achieving full domestic refining of petroleum products with the attendant benefits.

25. As I ask for the full understanding of all Nigerians, I also promise that I will keep my word.

26. Thank you. May God bless you; and may God bless the Federal Republic of Nigeria.

Goodluck Ebele Jonathan, GCFR
President
Federal Republic of Nigeria
January 7, 2012

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Jay-Z and Beyonce welcome a baby girl ivy Blue cater

NEW YORK –  Pop megastar Beyonce Knowles gave birth Saturday to a baby girl at a hospital in New York City, according to media reports.

Mother and baby were both "doing fine," the Houston Chronicle reported as it broke the news, which was later confirmed by entertainment news website E! Online.

The 30-year-old Destiny's Child and "Single Ladies" star is married to hip-hop icon Jay-Z, whose real name is Shawn Carter.

Jay-Z was telling friends he and Beyonce had named their daughter Ivy Blue Carter, E! Online reported.

The couple rented out the entire fourth floor of Lenox Hill Hospital, on Manhattan's Upper East Side, for the birth -- paying $1.3 million, the New York Daily News reported.

The newspaper said a hospital staffer had revealed Beyonce had checked in Friday night under the name "Ingrid Jackson."

Hospital management reportedly put tape over security cameras and forced staff to hand in their cell phones in an effort to stop unauthorized photographs or footage of mother and baby being leaked.

Security guards were also reported to have been sighted outside the building, located off Park Avenue.

Beyonce revealed her pregnancy at August's 2011 MTV Video Music Awards in Los Angeles, arriving in a dress that showed off her baby bump.

Former bandmate Kelly Rowland appeared to let slip the baby's sex in a November interview, saying, "I have no idea what I'm going to buy Beyonce at the baby shower because Jay is going to buy that little girl every single thing possible. She won't be spoiled but she will be very well looked-after."

Mobile Financial services: Ragulatory Approaches to Enabile Access

Worldwide mobile phone penetration is soaring, with subscriptions more than quadrupling since 2002 to more than 4 billion in 2009. More than half of these users are unbanked, representing a huge potential for expanding financial access at a lower cost than through brick-and-mortar bank branches.
The mass proliferation of mobile phones around the world presents a new delivery channel for basic financial services that can be extremely beneficial for poor people. Clients can convert cash to electronic money and use their mobile phones to perform many financial transactions through traditional financial service providers (banks, microfinance institutions, etc) or new entrant non-bank actors (such as mobile network operators) providing financial services, without being present at a branch or an agent. Mobile phones can be used as a delivery channel for a range of banking services, including cash transfers and deposits, retail purchases, bill payments, and welfare payments and other social services. However, to date, many available services are limited to payments and transfers.
Regulators successfully allowing for the growth of mobile financial services to expand financial access have adopted a risk-based approach to regulation and supervision. A careful assessment of the risks of the new channel through a “test and see” approach along with the creation of products and systems that lower the risk profile of such services, have allowed regulators to expand access through innovation while maintaining systemic stability, regardless of whether services are led by banks or telecommunications groups. Regulatory innovations to harness the potential of this technology include ensuring the strong financial health and reputation of the electronic money issuer, monitoring transactions, limiting transaction size and the range of services offered, and adjusting KYC norms for low-value accounts

Mobile Financial Services: Ragulatory Approaches to Enable Access

Worldwide mobile phone penetration is soaring, with subscriptions more than quadrupling since 2002 to more than 4 billion in 2009. More than half of these users are unbanked, representing a huge potential for expanding financial access at a lower cost than through brick-and-mortar bank branches.
The mass proliferation of mobile phones around the world presents a new delivery channel for basic financial services that can be extremely beneficial for poor people. Clients can convert cash to electronic money and use their mobile phones to perform many financial transactions through traditional financial service providers (banks, microfinance institutions, etc) or new entrant non-bank actors (such as mobile network operators) providing financial services, without being present at a branch or an agent. Mobile phones can be used as a delivery channel for a range of banking services, including cash transfers and deposits, retail purchases, bill payments, and welfare payments and other social services. However, to date, many available services are limited to payments and transfers.
Regulators successfully allowing for the growth of mobile financial services to expand financial access have adopted a risk-based approach to regulation and supervision. A careful assessment of the risks of the new channel through a “test and see” approach along with the creation of products and systems that lower the risk profile of such services, have allowed regulators to expand access through innovation while maintaining systemic stability, regardless of whether services are led by banks or telecommunications groups. Regulatory innovations to harness the potential of this technology include ensuring the strong financial health and reputation of the electronic money issuer, monitoring transactions, limiting transaction size and the range of services offered, and adjusting KYC norms for low-value accounts

MTN Nigeria to provide network services for Nigerian mobile financial services

Telecom company MTN Nigeria has announced that it will provide network service to the Guaranty Trust Bank (GT Bank) and Fortis Mobile Money services, contributing to the Central Bank of Nigeria’s (CBN’s) goal of achieving financial inclusion and a “cashless Nigeria” policy.
According to the company’s Chief Executive Officer Brett Goschen, the new mobile money service will hold tremendous benefit for both unbanked and banked Nigerians. "We are confident that not only will Mobile Money take formal financial services or banking to the unbanked, but it will also open up a wide range of benefits and value added services to the banked sector including corporate, small and medium scale enterprises (SMEs) and individual users", remarked Goschen.
Chief Executive Officer of GT Bank, Mr. Segun Agbaje, stated that moving toward enabling mobile financial services is a positive step to achieving financial inclusion in Nigeria. "This partnership will dominate the Mobile Money landscape. Therefore it is our collective responsibility to make sure Mobile Money succeeds in Nigeria. I cannot but thank the CBN for creating the conducive environment where Mobile Money can thrive," he further commented.
Three categories of accounts will be made available, with maximum transaction limits tailored to the country’s unbanked, semi-banked and banked populations.
MTN Nigeria is part of the MTN Group, Africa’s leading cellular telecommunications company. GT Bank provides commercial, investment and retail banking products/services in Nigeria and in 2006, launched GTConnect, allowing customers to make transactions via phone. Fortis Mobile Money services, a mobile financial services provider, offers a program allowing mobile and non-mobile phone subscribers within Nigeria to send, withdraw and save, money, pay for goods and services through a mobile phone.

Job Opportunity

Mobile Money Partnership Acquisition Manager - MTN Nigeria

Lagos Added: 2 days ago

Employment type: Full time

Job Title
Mobile Money Partnership Acquisition Manager

Department:
Marketing and Strategy

Location:
Lagos

Job Description:
Research Identified Areas for Opportunities:
•Develop partnership and Agent network design as set out by MTN and report on agreed outputs as required.
•Nurture in-house relationships with key stake holders to ensure smooth running of account management process
•Study and acquire a deep appreciation of all products and services
•Execute Mobile Money deployment activities in Nigeria
•Manage relationship with the MTN N Mobile Money Project Office, the Mobile Money system vendor and other Mobile Money Bank partners
•Develop Marketing plan for MTN N Mobile Money; lead regular multifunctional analysis of the market with recommendations on way forward.
•Develop initiative to increase customers usage and satisfaction via the customer management process
•Carry out and use research to accomplish business objectives
•Develop advertising/communication concepts in support of MTN N Mobile Money brand building initiatives that can be successfully executed in the market place
•Manage advertising/promotions/events from concepts stage (agency briefing–script-storyboard development) to execution (production-flighting)

Job Conditions: Standard MTNN working conditions May be required to work extended hours / weekends

Reporting To: Senior Manager, Business Development

Required Skills:
•A good first degree in Business Management or a related field
•8 years work experience which includes at least 2 years experience in a supervisory/ managerial role
•Minimum of 4-5 years experience in a Sales or Business Development environment/ Marketing function of a Telecoms/FMCG/Financial Services company

Employment Status :
Permanent

Qualification:
A good first degree in Business Management or a related field

This vacancy expires on 1/17/2012.

To apply, go to link:
careers.mtnonline.com/vacancies.asp?deptid=8&id=1762

Christians Protect Muslims as they pray during protest in Kano Nigeria

This is goodnews coming out of Nigeria, During the recent #occupyNigeria Protest in Kano, the Christians in Kano form guards for their Muslims Brothers while they observe their holy prayer. This is a new development in the history of Nigeria considering the recent bomb blast by some insurgent groups called Boko Haram.

The Muslims community has also vowed to escort the Christians to their place of worship so as to protect them against any form of attack.

The Kano #OccupyNigeria Protest witness a large number of Protesters calling for the reversal of the Goodluck Jonathan Led Government over Fuel Subsidy.

The #occupyNigeria Protest is presently going on in different states in the Country. And the Nigeria Labour Congress and other organized Labour are also calling for a Nationwide strike by Next Week Monday, 9th of January, 2012.

Follow the #naijapals #OccupyNigeria on Twitter and other Social Network for update on this stories.

Landlord Beats up Tenant's Wife over sex

A Lagos landlord, Nuru Rasaki of 7, Michael Adeboye Street, Idimu Lagos State, Southwest Nigeria, has been arraigned before Ejigbo Magistrate’s court for allegedly beating his tenant’s wife, Mrs Biola Ajani after she allegedly denied him sex on Chrismas Day.

Mrs Ajani said in the open court that the landlord claimed that he has right over his tenants including their wives to do his wishes and therefore wanted to sleep with her.

The landlord, who hails from Kwara State, is now facing a charge of assault.

He was alleged to have sneaked into Biola’s house when her husband was not around and attempted to have sex with her.

It was learnt that the woman refused and raised an alarm that attracted their neighbours.

He reportedly tore her clothes and unleashed blows on her before she was rescued by the neighbours.

Mrs Ajani said that Rasaki has been pestering her for sex since she packed into the house.

She said that when his pressure became unbearable, she told her husband, Musbili what was happening.

She said her husband pleaded with her to be patient for them to get another accommodation before this incident happened.

Musbili confirmed what his wife said, adding that he did not want to take laws into his hands and that was why he reported the matter to the police.

The landlord denied that he attempted to sleep and assulted her.

But he could not explain how the woman sustained injury on her eyes and what he was doing in her apartmet when her husband was not around.

He said that he assisted the woman and her family in the past.

Rasaki said that she was ungrateful and wanted to pay his good deeds towards her with bad.

The action of the landlord has landed him in trouble because he was arrested and charged to court where he pleaded not guilty.

The presiding Magistrate, Mrs. M. B. Folami, granted him bail in the sum of N20, 000 with two sureties in like sum. The matter was adjourned till 23 January 2012 for hearing