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Oradian to fast-track CBN’s 80% financial inclusion target

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A new revolution is brewing in the Nigerian banking industry as Oradian, a financial inclusion company, is set to deploy its cloud-based Core Banking System (CBS) Instafin, which allows financial institutions to grow and reach more clients with digital financial services.

The company, according to a statement, is focusing on boosting financial inclusion by delivering the tools financial institutions need to reach more clients in rural communities to support Nigeria’s goal to reach 80 per cent financial inclusion by 2020 as stated by the Central Bank of Nigeria (CBN). According to Oradian’s Co-founder and Head of Implementation, Onyeka Adibeli, “Oradian’s cloudbased CBS enables financial institutions to go digital.

Paired with guidance and support from our in-market teams, we are enabling the successful digital transformation and implementation of global best practice for our community of financial institutions”.

He disclosed that to accelerate financial inclusion in Nigeria and to share best practice for going digital with cloud technology, Oradian would be hosting a dinner event in Lagos as part of the Africa Banking and Finance Conference on April 10 2018.

The event is designed to bring leaders of financial institutions, regulatory groups, financial inclusion experts, the Central Bank and fintech providers together to build strategic partnerships that will boost financial inclusion in Nigeria and West Africa at large.

The event will connect the private sector, public sector and financial services regulators. “Strategic partnerships within the digital ecosystem are proving to be the most effective way to enable our customers to provide better service to their end-clients,” said Antonio Separovic, the Chief Executive Officer and Cofounder of Oradian. He added that Oradian is demonstrating the value of strategic public-private partnerships in Southeast Asia with the Asian Development Bank (ADB) and Cantilan Bank, one of the top rural banks in the Philippines.

“Backed by a $150,000 ADB grant, Cantilan Bank will use Oradian’s toolset to demonstrate how cloud technology can unlock financial opportunities by providing access to financial services for hard-to-reach individuals in rural areas,” he said.

“Oradian’s toolset, including Instafin, delivers three key business benefits to financial institutions: improved efficiency with digital processes and operations, informed decision-making with realtime data and reporting, and growth without incremental cost.

Oradian provides access to its toolset using a subscription model, eliminating financial barriers that prevent financial institutions from accessing leading technology” he said. Co-founders Separovic and Adibeli will lead Oradian’s dinner event in Lagos and they will be joined by Eric Elango, Oradian’s Business Development Manager, who specialises in working with financial institutions to align their business strategy with their technology strategy.

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Yobe plans verification for retirees

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The Government of Yobe State is mapping out arrangement to verify workers, who retired from January 2018 till date to enable it pay the appropriate retirement benefits. Disclosing this in a statement, Director-General, Press Affairs to the Governor, Abdullahi Bego, also revealed that the Governor, Ibrahim Gaidam, approved the payment of N670.73 million gratuities to 364 retirees and civil servants that died in the course of service.

He said Gaidam approved N670.73 million as gratuity payments to a total of 364 civil servants who have retired from the services of the state government. According to him, the approval covers the civil servants who have retired (or died) between August and December 2017.It could be recalled that in early January 2018, the governor had approved N1, 097, 896, 058.43 as gratuities to 631 workers who have retired from the services of the state government between January and July 2017.

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AIB re-analyses crashes with resuscitated $5.8m lab

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Nigeria, through the Accident Investigation Bureau (AIB), has resumed the downloading and analysis of black boxes of aircraft involved in accident in the country. This is seen as a positive development as the agency would save foreign resources that would have been used to take the important equipment to the U.S. or UK for the exercise.

The $5.8 million unserviceable Flight Safety Laboratory equipment at the Nnamdi Azikiwe International Airport (NAIA), Abuja, which was resuscitated last year, was put into use for the analysis of Dana MD 83 airplane that skidded off the runway while landing at the Port Harcourt International Airport, Omagwa, Rivers State, on February 21, 2018. The laboratories were equally used to decode and analyse the Gulfstream accident in Abuja and that of Delta that happened recently.

The laboratory was designed to download information from Flight Data Recorder (FDR) and Cockpit Voice Recorder (CVR) among others, which are necessary requirements for a thorough and accurate accident investigation.

The facility was used to download the flight recorders of Associated Airlines’ aircraft crash of October 2013 with the assistance of the manufacturers of the laboratory despite the fact that the agency had not effected full payment.

However, since the single usage in 2013, the facility had not been put to proper use due to lack of personnel to manage the laboratory. There were also challenges from the manufacturer’s end. The summary of the matter is that the laboratory was not working when the Commissioner, AIB, Akin Olateru, took over leadership of the agency, January last year. Speaking to New Telegraph at the weekend, Olateru, an aircraft engineer, said lack of funds almost hampered activities at the agency when he was appointed last year to head the agency.

He disclosed that AIB does not charge for anything it does unlike the Nigerian Civil Aviation Authority (NCAA), Federal Airports Authority of Nigeria (FAAN), Nigerian Airspace Management Agency (NAMA), Nigerian Meteorological Agency (NIMET) and the Nigerian College of Aviation Technology (NCAT)that charge for their services. Olateru further disclosed that under United Nations charter, AIB is not allowed to charge for its services, forcing the agency to be creative in funding its projects.

Worried by the situation of the agency, Minister of State for Aviation, Hadi Sirika, caused FAAN to cede five per cent of its revenue to AIB from its Passengers Service Charge (PSC). “In terms of funding, this is where I really thank the minister of state for aviation, the National Assembly for their extreme support to make sure AIB delivers on its core mandate and that, we have achieved with their support,” he added. Speaking on common factor of human error or human factor that usually lead to air fatality, the AIB chief said majority of crashes usually happened as a result of human errors. “Human beings all over the world are the most complex machine on earth. Anything that has got to do with human is bound to fail someday. This is why there is nowhere in the world that is not accident prone.

There is no airline today that you can say that does not have serious incident. There is no perfect system anywhere, but all we can do as a nation, responsible people and responsible agency is to ensure we step up the game in human factor.

“Human factor has been identified as the cause of accidents all over the world to and it is recommended that operators, service providers invest in that training to avoid or minimise human factor,” he said. Asked if the age of aircraft operating in the country’s airspace is responsible for the frequent incidents recorded in recent times, Olateru noted that age of aircraft had got nothing to do with airworthiness of the airplane.

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FBN General Insurance grosses N3.51bn premium in 2017

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FBN General Insurance recorded a gross premium of N3.51 billion in 2017. According to the firm, the account, which has been approved by the National Insurance Commission (NAICOM), revealed a 60 per cent growth in premium, moving from N2.2 billion in 2016 to N3.51 billion, while claims expenses also rose by 180 per cent from N270 million to N756 million. Profit Before Tax (PBT) closed at N322 million, also representing a year-on-year growth rate of 66 per cent.

The firm noted that the profitable growth was partly driven by improved asset and investment portfolio management, resulting in an investment income growth of 112 per cent. Managing Director/Chief Executive Officer of the firm, Bode Opadokun, said: “2017 was the year we consolidated on the strategic restructuring across key business functions.

This has inspired a profitable performance exemplified by our total assets recording an appreciable growth of 27% at year-end from NGN6.06bn achieved in 2016 to NGN7.72 billion in 2017. With our strategic marketing drive and the support of our dedicated staff, we are hopeful of sustaining our growth in 2018.” FBN General Insurance is a wholly owned subsidiary of FBNInsurance Limited, an FBNHoldings company associated with the Sanlam Group South Africa.

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