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Organisation Tasks IT Stakeholders On 2007 Act Re-Enactment

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The National Information Technology Development Agency (NITDA), has called on stakeholders in the IT sector to participate in its 2007 Act re- enactment.
Mrs Hadiza Umar, NITDA Corporate Affairs and External Relations Head confirmed this on Monday in a statement in Abuja.
Umar said it was to align with the requirements of the National Digital Economy Policy and Strategy (NDEPS).
She said the re-enactment had become necessary because the NDEPS replaced the Nigerian National IT Policy of 2000 that instituted the agency and its activities.
“You may recall that the vision of the National IT Policy is to make Nigeria an IT capable country by 2005.
“We can all attest that Nigeria has gone beyond the vision of using IT but aiming to become the digital economy capital of Africa.
“Since the enactment of the NITDA Act 2007, NITDA has operated as the catalytic government agency for developing and regulating the Information Technology sector.
“However, in light of recent advancements in the IT sector and the shift in the global economy paradigm, the NDEPS was envisioned to transform Nigeria into a leading digital economy providing quality life and digital economies.
“It is a known fact that digital technologies have created new forms of economic activities that have been beneficial to the global economy,’’ Umar said.
According to her, these digital technologies come with their promises and perils such as cybercrimes, privacy invasion and other social problems.
Umar said the ups and downs necessitated proactively managing digital technologies’ adoption through the development of a stakeholder-led robust regulatory architecture.
She noted that it was to enable Nigeria to maximise the benefits of such technologies and mitigate the negative consequences.
Umar also pointed out that the agency had identified the need to update its legal framework for regulating and developing a digital economy for Nigeria to meet the needs of a digital economy, protect the rights and interests of stakeholders in the industry.
She assured that the review of the NITDA Act 2007 aimed to address contemporary digital issues, revamp Nigeria’s economy, build trust and protect the rights and interests of players in the ecosystem.
“The review of the NITDA Act 2007 will serve as an enabler for the growth and development of Nigeria’s digital economy.
“It will create a framework for promoting the startup ecosystem, promote indigenous products and services through standardisation.
“It will also be collaborating with the requisite public and private sector partners to carry out activities that will assist in electronic waste disposal.
“It will foster collaboration to facilitate the implementation of robust cyber security measures aimed at building trust in Nigeria’s digital economy, among other objectives,” she said.
She urged stakeholders to support the process, bearing in mind that the agency had engineered the contribution of 17.62 per cent to the Gross Domestic Product (GDP) in the second quarter of the year.
Umar explained that it had been creating jobs in the sector, which had saved the Federal Government more than N22.45 billion, among other benefits.
The official added that the agency’s proposed bill would create a regulatory framework to accelerate Nigeria into a digital economy and substantially catalyse prosperity, promote implementation of policies that support indigenous content.
She further explained that it would create access to digital services, investments, adoption of emerging technologies, innovation, research and development, with a particular focus on the rights of citizens and national interest.
She said the bill was undergoing the necessary review procedure before its anticipated adoption, assent by the president and stakeholders would be engaged as well.
“We, therefore, count on the support of Nigerians toward the successful passage of the Bill and eventual signing into law.
“This will undoubtedly help toward ensuring that Nigeria harnesses the potential of the ever-expanding digital economy,’’ she said.

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Firm Unveils Digital Solutions For Cooperatives

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A subsidiary outfit of First Registrars Firm, the Cle Digital Services Limited, has launched a digital solution for cooperative societies in the country.
Business Manager of Clé Digital Services Limited, Oladipupo Olabisi, at the launch in Lagos, revealed that the product, Clé Cooperative Management Solution, was a revolutionary digital platform, professionally designed to streamline cooperative management and enhance members’ engagement.
He said, “Today marks a significant milestone in our journey as we introduce a groundbreaking digital platform designed to transform the way cooperative organisations operate and engage with their members.
“The Clé Coop Solution represents the culmination of extensive research, development, and collaboration with cooperative communities around the world.
“From multipurpose societies to housing cooperatives and agricultural cooperatives, the Clé Coop Solution empowers cooperatives of all sizes to efficiently manage their operations, communicate with members, and foster collaboration”.
Highlighting the economic and environmental significance of cooperative societies, Olabisi explained that with significant investment committed to the development of the product, members of cooperative societies, particularly administrators and executives, would have robust experience.

The business Manager added, “We also understand the challenges that many cooperatives face in navigating complex operational tasks and effectively communicating with their members.

“To this end, Clé Coop Solution is a step ahead of other platforms, as it also offers more than just cooperative management services. Members of cooperative societies can have access to a number of value-added services, such as the CLE market hub, discounts on specific products and services and much more.

“Finally, I want to reiterate our firm belief in the power of cooperation and technology to drive positive changes in the world. With the Clé Cooperative Solution, we are not just launching a product; we are embarking on a journey to empower cooperatives and create a more inclusive, resilient, and sustainable future for all”.

A Director with the Lagos State Government Ministry of Commerce, Industry and Co-operatives, represented by the Surulere Cooperatives Area Coordinator, Mr Akin Adekunle, commended the launch of the software to address specific challenges of cooperative societies.

He charged the organisation not to limit the use of the cooperative solution to the elite cooperatives but to other categories, as society was replete with various types of cooperatives.

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AI, Key To Business Profitability – NAICOM

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The Commissioner for Insurance/CEO, National Insurance Commission (NAICOM), Mr. Sunday Thomas, has said artificial intelligence (AI) is key to the future of insurance business in Nigeria.
He, therefore, urged insurance operators to increase adoption in this area, saying it gives better productivity and enhanced profitability, while ensuring quick service delivery and claims payment to insurance consumers.
Thomas stated this while delivering a keynote address at the 8th BusinessToday annual conference & exhibition with the theme, “The World of AI: How Insurance and Pension Sectors Can Explore Opportunities for Market Penetration”, in Lagos.
Thomas, who was represented by the Deputy Director, Lagos Office of NAICOM, Ajibola Olabisi Bankole, said Technology adoption is part of the 10-year roadmap of the insurance industry, and that NAICOM, as a regulator, will continue to evolve policies that will engender the growth of the industry, increase penetration and contribute to the nation’s GDP.
Earlier in his Goodwill message, Chairman of the conference, who is also the Chairman of NEM Insurance Plc, Mr. Tope Smart, noted the level of insurance penetration in Nigeria when benchmarked with the global penetration, saying that a lot of factors were responsible for the increase in penetration level.
He said lack of or low enforcement is affecting the adoption of compulsory insurances, adding that the industry is working assiduously to partner agencies responsible for enforcement to increase insurance adoption.
“It is quite saddening that out of a population of 200 million, only about  three million people are actually insured. Lack of enforcement is a challenge but the industry is working round the clock to increase enforcement through the regulatory and enforcement bodies.
“Consumers’ apathy due to bad experience they had in the past is affecting policy renewals, but I can assure Nigerians that there are various complaint avenues for people to lodge complaints.
“If your legitimate claims are not settled, you can approach Nigerian Insurers Association (NIA) and NAICOM; if your complaints are genuine, they will be definitely resolved”, he assured.
The President, Chartered Insurance Institute of Nigeria (CIIN), Mr. Edwin Igbiti, said the growing insurance industry will require that the nation’s economy be derisked, while seeking partnership with government  and other stakeholders to deepen insurance penetration.
He stated that AI will increase insurance premium growth, enhance service delivery, and ensure that the insurance sector contributes more to the nation’s Gross Domestic Product(GDP).

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Bank Unveils Upgraded Mobile App

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The Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has unveiled an enhanced version of its mobile app which was optimised specifically for businesses.
Head of Partnerships at Stanbic IBTC Bank, Omolara Osunsoko, in her opening remarks at the event in Lagos said the enhanced mobile app offers a range of new features designed to streamline and simplify digital banking for business owners.
She said, “The solutions added to the app will help business owners transact whilst on the go. This cutting-edge offering exemplifies our dedication to innovation, convenience and growth in our digital space. It underscores our promise to continually enhance our services”.
According to Osunsoko, the enhanced mobile app for businesses provides a comprehensive suite of tools to manage finances efficiently.
“With an intuitive interface, users can execute transactions seamlessly, transfer funds between accounts, check real-time balances, and manage beneficiaries. The app offers instant access to transaction statements, self-service options, and security features to safeguard business operations”, she added.
The Chief Executive of Stanbic IBTC Bank,  Wole Adeniyi, remarked, “We are thrilled to introduce the enhanced Stanbic IBTC Mobile App tailored specifically for our business clients.
“Our goal is to provide businesses with a seamless and efficient platform to conduct their banking activities, including transactions, statement requests, transfers, and more, all from the convenience of their mobile devices.
“This app enhancement is a significant step in our ongoing efforts to simplify our banking processes and enhance the customer experience through technology.
“With robust security measures and a user-friendly interface, our business clients can now manage their finances more efficiently and confidently”.

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