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CBN, EFInA, Women’s World Banking Unveil Framework for Women’s Financial Inclusion
Published
4 years agoon
BY DAPO AKINTOYE
With the growing global focus and debate over gender-based discrimination across almost all levels of human interaction, forward-thinking leaders are clamoring for the needed change to close the gender gap. According to UN Women, over the past decade, 131 countries have passed laws to support gender equality.
However following the outbreak of the Covid-19 pandemic, some of these gains may have been lost, particularly with regards to the financial inclusion and economic empowerment of women. Several studies confirm the disproportionate impact of the COVID-19 pandemic on women, pushing them out of both formal and informal employment, businesses and in some cases entirely from the financial system.
These are some of the thoughts that led to the development and launch of the Framework for Advancing Women’s Financial Inclusion in Nigeria by the Central Bank of Nigeria (CBN) in partnership with the Financial Inclusion Special Interventions Working Group (FISIWG), Enhancing Financial Innovation and Access (EFInA) and Women’s World Banking (WWB).
At the e-Launch of the Framework, which held recently, Mrs. Aishah N. Ahmad, Deputy Governor, Financial System Stability, CBN presented a clearer picture on financial inclusion of women in Nigeria. “According to EFINA, the female financial exclusion rate was 40.9% in 2018 compared with 32.5% for men. This gap may have widened as a result of the coronavirus pandemic given women’s primary responsibility for caregiving, likelihood to be frontline health workers and their predominance in the informal sector which has been severely affected by the coronavirus induced-lock down”
She further stated that “the negative effects of the pandemic on women’s financial inclusion have manifested in the context of existing structural challenges which have kept women out of the financial system such as cultural norms, lower education and financial literacy levels, poverty, high cost of financial services, concentration of women in rural, subsistence farming and limited knowledge of financial institutions in serving the womens’ market.’’
‘These challenges call for bold, concerted and collaborative action on the part of regulators, policymakers and other stakeholders in the financial sector to implement strategies that will help change social attitudes, reduce structural barriers and economically empower women to advance their financial and economic inclusion over the long term.’’ She added.
Speaking further on why the CBN supported the development of the framework, Mrs Ahmad clarified that it was intended to complement existing CBN initiatives designed to expand access to finance for women which include the Micro, Small and Medium Enterprise Development Fund (MSMEDF) – 60% of which was dedicated to women and women controlled businesses, – (thus far over 62% of the fund to had been granted to about 134,000 women), National Collateral Registry which expanded the types of collateral acceptable for loans to mention a few.
The Honorable Minister for Women Affairs, represented by Princess Joan Junmai Idonijie, giving the keynote address also echoed the thoughts that gender disparity in Nigeria is on the rise, ‘’Challenges that widen the gender-inclusion gap include; vulnerable state of women-owned businesses, the digital divide, limited awareness of government intervention programs, and pressures of domestic responsibilities.’’ She added.
Following the keynote was the formal launch of the framework, highlights of which included a categorization of the barriers to female financial inclusion related to demand, supply, financial & technical infrastructure and legal and regulatory factors. It further proposed eight (8) strategic imperatives for closing the gap such as measures to support account opening, financial and digital literacy, delivery of channels to serve women, gender disaggregated data, etc. The full report is available on the CBN website.
Following the formal launch were two technical sessions. The first was facilitated by Ashley Immanuel, Ag. CEO of EFINA. Spotlighting some of the typical characteristics of financially excluded women in Nigeria, she stated that a Nigerian woman was more likely to be financially excluded if she lived in northern Nigeria, did not own a mobile phone, was unmarried or in the youngest or oldest age group.
The second technical session was a panel discussion moderated by Ade Ashaye, Executive Vice President, WWB. Panelists included Mrs. Ambah Hamda, MD/CEO FSDH Merchant Bank/ Chairperson, Bankers Committee subcommittee on Economic Development sustainability and Gender; Mrs. Ronke Kuye, MD/CEO, Shared Agent Network Expansion Facility (SANEF), Mrs. Oladoyin Olawaiye Component lead, SEDIN Programme, GIZ and Dr. Ijeoma Nwagwu, Faculty Member/SIDFS gender lead, Lagos Business School. Several themes were discussed including strategies for entrenching gender disaggregated reporting at banks and other financial institutions, how to improve financial and digital literacy in rural areas, amongst others.
In her closing remarks, Mrs Ahmad urged all stakeholders to carefully review and implement the 8 strategic imperatives presented within the framework; stating that focused implementation and collaboration amongst financial institutions, policy makers, regulators, development institutions and the public was required not only to close the gender gap in financial inclusion, but to ensure a safe, accessible and affordable financial system for all excluded Nigerians.
The gender gap in Nigeria represents a major issue to be resolved if the country is to achieve the targets it set in its National Financial Inclusion Strategy (NFIS).
Dapo Akintoye a marketing consultant writes in from Lagos
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Africa’s Tech Skills Development Goes Beyond the Classroom-SAP
Published
6 months agoon
June 13, 2024Tech skills development in Africa is increasingly going beyond the borders of the classroom as organisations take novel approaches to addressing pervasive skills availability constraints.
Kholiwe Makhohliso, Managing Director at SAP Southern Africa, says upskilling and mobilising Africa’s considerable skills base is a defining opportunity for the future success of the continent. “Digital technologies continue to shape industries and businesses throughout the continent, driving high levels of demand for professionals with relevant skills. As the pace of technological change continues to accelerate, organisations increasingly need new approaches to skills development to keep in step with the latest advances in cloud, AI and other transformative technologies.”
SAP’s 2023 report ‘Africa’s Tech Skills Scarcity Revealed’ laid bare significant challenges with skills availability among organisations in South Africa, Kenya and Nigeria. The report revealed that low levels of tech skills availability affect most organisations, with four in five companies reporting negative consequences from a lack of tech skills.
While the tech skills gap persists globally – with McKinsey finding that 87% of global senior executives reported their companies were not adequately prepared to address the skills gap – the situation can be more acute for African organisations.
Cloud, AI skills in high demand
According to Manos Raptopoulos, President: SAP EMEA, skills availability has become even more important in light of the ongoing impact of cloud and artificial intelligence on the region. “Enterprises throughout the region are leveraging powerful new cloud and AI capabilities to transform their business models and accelerate growth and innovation. As the business landscape becomes increasingly shaped by the power of these technologies, organisations need access to relevant skills to ensure they reap the benefits of the cloud and AI revolution.”
SAP launched new learning opportunities for developers in 2023, focusing on cloud and generative AI capabilities. SAP Build Code solutions offer AI-powered productivity tools for developers and draws on the power of SAP’s AI co-pilot Joule to boost productivity and embed code generation capabilities for a range of applications, from data model and application logic to test script creation.
The company also launched new role-based certification and free learning resources for back-end developers in 2023 as part of a global commitment to upskill two million professionals by 2025.
Work-ready skills for graduates
The SAP Young Professionals Program (YPP), offered by the Digital Skills Centre of SAP, extends the company’s skills development efforts to graduates. YPP is aimed at enabling young talent to utilise the latest SAP technology and innovation, and covers software functional and technical knowledge and certification, with a strong focus on the latest technologies and a range of soft skills to ease entry into the workplace.
Since its launch in 2012, the SAP Young Professionals Program has trained and graduates more than 4100 candidates across 41 countries, including over 1900 in Africa alone.
Vincent Mabeka, a 2023 graduate from South Africa, says the SAP Young Professionals Program helped him improve his skills, learn about new technologies and gain hands-on experience and unlock new job opportunities.
“The Young Professionals Program required dedication, hard work and passion, but rewarded me with guidance, feedback and recognition for my skills and capabilities. This has helped me secure a job as an SAP Solutions Advisor where I apply the knowledge and skills I learned to exciting projects. Thanks to the resources and network I developed during my time on the program, I continue to learn and expand my skills and abilities.”
Youth skills development in focus
With the world’s fastest-growing youth population, any digital skills efforts in Africa must extend to the continent’s young people. Africa’s working-age population is predicted to grow to more than 600 million by 2030, constituting a quarter of the world’s under-25s. But digital skills remain elusive among Africa’s youth, despite a projected 70% of jobs expected to require digital skills by the end of the decade.
Enter SAP Africa Code Week (ACW), a coding skills development programme aimed at youth that is held annually in partnership with UNESCO, the Association for the Development of Education in Africa, and Irish Aid.
Since its inception in 2015, ACW has successfully empowered 17 million young people across 54 countries with coding and computational thinking skills, while close partnerships with NGOs and governments across the continent has helped drive the inclusion of coding in national curricula.
Toward the end of 2023, SAP also announced a new pilot project in partnership with UNICEF and other public-private organisations aimed at preparing underserved youth for the digital workforce. The SAP Educate to Employ initiative targets youth aged 16 to 24 and provides soft skills foundational knowledge using the Student Zone portal on SAP’s learning site. The knowledge prepares youth for a possible career in technology, with potential roles in development, consulting and support.
Makhohliso says the support of a broad range of partners is essential to overcoming youth skills challenges on the continent. “By directly addressing youth unemployment and inspiring our vibrant youth to pursue careers in the exciting world of technology, we together with our partners hope to mobilise the potential of our continent to become leading players in the future digital economy.”
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Schneider Electric Targets 900m Africans With Sustainable Energy Solutions
Published
6 months agoon
June 13, 2024Schneider Electric said it is targeting 900 million Africans including 95 million Nigerians with universal access to sustainable energy solutions in rural communities by fostering a greener and more resilient future.
The global energy provider said it is committed to providing access to clean electricity to 50 million by 2025, and 100 million by 2030. To date, 46.5 million people have already benefited from Schneider’s energy access solutions.
The country president, Schneider Electric West Africa, Ajibola Akindele, speaking at the Energy Access Investment Forum (EAIF) conference, held in Lagos, recently, said they have a wide range of Access to Energy solutions suitable for electrifying small homes and micro-enterprises, fundamental public services, up to villages and communities.
“Our mission is to be a global digital partner for sustainability and efficiency, empowering all to make the most of our energy resources, bridge progress and sustainability for all. At Schneider Electric, we call this Life is On,” he said.
Director MEAS, Access to Energy, Schneider Electric, Thomas Bonicel, speaking on Schneider Electric’s Access to Energy (A2E) program, emphasized the program’s mission to empower communities through clean and reliable energy access including training & entrepreneurship programs, social & inclusive business, and investment funds.
“There are over 700 million people across the world without access to energy, 600 million in Africa and 95 million in Nigeria; at Schneider Electric, we have decided to deploy our Access to Energy solutions in Nigeria.
“Our major KPI is the impact measured by the quantity of connected people and with Villaya Flex, our latest innovation, we are ready to support independent electricity access and renewable energy adoption in remote villages and off-grid communities,” he said.
The commercial leader, Microgrid, Schneider Electric, Teina Teibowei, said, Villaya Flex, a packaged, comprehensive microgrid solution, is specifically designed for rural, off-the-grid communities and aims to ensure a dependable and sustainable energy supply to meet daily needs and power productive economic activities in these
Teibowei also noted the Nigerian government and the World Bank’s joint efforts to extend electricity access to rural Nigerian villages, adding that Schneider Electric’s Villaya Flex microgrid solution is well-positioned to tackle the electrification challenges of these remote communities, potentially serving as a valuable asset for the World Bank’s Nigeria Distributed Access through Renewable Energy Scale-up (DARES) project.
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Create AI Strategies In Line With Your Business Strategies – Deloitte West Africa Tells Firms
Published
6 months agoon
June 8, 2024Data Science and Analytics Leader at Deloitte West Africa, Jania Okwechime, has advised firms to leverage Artificial Intelligence (AI) responsibly and sustainably by creating AI strategies in with their business plans. According to her, businesses also need to put governance and risk processes in place so that they can innovate with trust and confidence.
Jania Okwechime disclosed this at an interview with the media at the sidelines of the just-ended 8th Ghana CEO Summit held in Accra. She mentioned that in this era, AI is transforming businesses more than anything else in the world and therefore called on institutions across West Africa to embrace AI.
Jania also advised businesses to take advantage of AI to improve and accelerate their products and services for the benefit of their customers. Although she acknowledges the growing adoption of AI in West Africa, she stated that the adoption of AI globally has moved from the Programmable Logic Controllers (PLCs) stage to more implementation stage.
“In the African continent, we are still experimenting with some of the opportunities that the AI can generate for the people. So, we see adoption, but it could get accelerated”.
“I think it is not going to be long before they would see the impact of AI. You already saw some of the presenters [8th Ghana CEO Summit] today specifically in the telecoms and advertising industry that, AI is already being leveraged by businesses. We are only going to see the acceleration in the next coming years”.
Why AI has become a buzzword
She noted that although Artificial Intelligence has been around for decades, AI has now become a buzzword.
According to her though Artificial Intelligence has been around for decades, businesses have now realised its importance and are now taking advantage of it because of the data explosion.
“Every time an action is created, data is formed. Every time we send a text message, every time we pick up the phone to make a phone call, every time we pick our favorite series on Netflix, it’s creating data. So, there’s a huge data explosion”, she mentioned.
“Ninety percent of the data that we used today were created in the past two years. So, you can imagine. Now we have no choice but to harness technology like AI to be able to gain insights”, she added.
Generative AI and the traditional AI
Touching on Generative AI and traditional AI, Jania reiterates the differences between the former and the latter.
In her words: “The difference is that Generative AI can perform tasks predominantly done by humans. Like reading documents, creating documents, generating videos, generating reports, etc.”
“Now, it is making AI more accessible to businesses in a way that they can harness in three different ways. They can change the way they interact with their customers and increase customer experience internally within their network and their internal organisations. So, that they can improve internal statistics”, she pointed out.
Continuing, she said by harnessing AI and generative AI, businesses can reduce cost by automating tasks, and can make things more effective and efficient.
“One thing that is key to also mention is why AI and generative AI are used today for automation tasks and improving the set of processes that businesses already have. Businesses that are going to be successful and thriving in the next five years are those which are harnessing AI to transform what they are doing. And this needs some more thinking”, she stated.
Concerns about AI leading to job losses
On concerns of AI leading to job losses and other things, she said: “So, that is the concern right? because I mentioned that there are certain things that AI and generative AI can do today that were predominately done by humans. So, that is a concern, and we understand why. However, it doesn’t need to be”.
We don’t need to worry
“We don’t need to worry about our staff and our talent losing jobs, but rather we must transform the talent. So, things are going to change in businesses. Their staff are going to change the way they work. So, organisations are responsible for upscaling their staff”.
She added that “Because their roles are going to be transformed. Instead of one person being in charge of creating a report, now that person needs to know how to use and leverage AI solutions to be able to interpret that report to be able to make strategic decisions. So, AI has a big implication on talent and the responsibility and the responsibility of the organisations to invest in the talent and upscale it”.