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Interswitch: Improving Women, Girls Participation in STEM

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Across the globe, the impact of the coronavirus pandemic has changed how we live our lives and has caused a profound shift in human interactions with technology.

Technology has come to the rescue as the pandemic rages on; it provides solutions for businesses, learning, shopping, entertainment, payment and even healthcare.

These technological solutions are premised on the application of Science, Technology, Engineering and Mathematics (STEM) knowledge. Tools for teleconferencing, learning, e-commerce, payment and medical care; research, testing, management and prevention are all examples of the application of science in the fight against the pandemic. These solutions are being driven by men and women in science.

Every year, the world celebrates women and girls in science and this year is no different. The theme for this year’s International Women in Science Day is ‘Women Scientists at the forefront of the fight against COVID-19’. Since the outbreak of the pandemic, women have played important roles in the fight against the disease.

Sadly, studies show that the pandemic has negatively impacted female scientists thereby exposing the gender disparities in the scientific system.

There have been concerted efforts over the years to inspire women and girls in science. However, research shows that the number of female researchers worldwide is still less than 30 per cent.

While governments need to formulate policies that will help change this disparity, it is important that organisations embark on initiatives to support these efforts.

Tech companies across the globe are continually encouraging women and girls in STEM. One of such companies in Nigeria is Interswitch.

Interswitch Group, a leading Nigerian pan-African digital payment and commerce solutions company, has in many ways provided viable platforms to inspire women and girls in technology. The payment technology company runs equal opportunity and gender balanced employment policies. Its workforce shows a sizeable number of female scientists heading mainstream tech departments. The company encourages cross fertilization of ideas, mentoring and collaborations between the older and the younger scientists. This, it believes, will help raise the next generation of tech women who will help Africa take its place in the fourth revolution.

Another way the technology giant is improving the participation of women and girls in technology is through its corporate social initiative tagged InterswitchSPAK. InterswitchSPAK is an annual pan-African competition aimed at re-igniting the study of STEM subjects among secondary school students in Africa.

It is a fact that there are few girls in secondary school science classes and even fewer at the tertiary level. To ensure a fair female participation during the InterswitchSPAK National Science competition, participating schools are urged to register at least two girls among their best six science students.

With continued emphasis on female students’ participation, there was an 18% increase from the first edition to the second edition. The inaugural edition of the competition had a 60% to 40% share of male to female students. The year after, it was 50.9% male and 49.9% female students’ enrolment.

The InterswitchSPAK has its masterclass session where successful individuals share their experiences and mentor the young students. There is also the Innovation Challenge where the students, including the females, are tasked to find technological solutions to societal challenges. The Innovation Challenge allows the students to develop a sense of responsibility towards finding solutions to the problems around them.

Members of the winning team from the Innovation Challenge undergo internship at Interswitch with the tech experts to experience firsthand how technology solutions are developed.

Issues worked on by the students over the years include public transportation, healthcare, and education as it relates to out-of-school children, agriculture, electoral processes and provision of financial services to unbanked Nigerians.

At Interswitch, when it concerns tech, women are just as important as men.

“As we celebrate our women and girls in science this year, we acknowledge their strength and their contributions to the fight against COVID-19. And we couldn’t be more resolved to support them,” says Cherry Eromosele, Group Chief Marketing and Communications Officer, Interswitch Group.

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Financial

Adopting AI Responsibly in Public Finance

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Artificial intelligence (AI) is rapidly evolving from automating routine tasks to becoming a predictive—and even prescriptive—tool in public finance. At Thursday’s New Economy Forum Workshop, two panels explored how AI and GovTech are being used across governments, and how to scale responsibly while pushing innovation forward.  

“It’s not about getting one big thing right… [it’s about] getting 32 million things right,” said Edward Kieswetter, Commissioner of the South African Revenue Service. Since introducing AI tools like chatbots, biometric facial recognition for e-filing registration, and web-based assistance, South Africa has added $18 billion to its fiscal year revenue. Kieswetter pointed to three key gains: streamlining services for taxpayers, stronger compliance and fraud prevention, and most notably, increased public trust. 

Across OECD countries, “there is no single or even preferred model [of adoption]”, said Delphine Moretti, Working Party Lead on Public Financial Management and Reporting for the OECD. Governments are using AI to forecast economic trends and help inform spending decisions. France and Indonesia, for instance, use AI to monitor fiscal risk at the subnational level through accounting data. Still, oversight bodies, public financial management frameworks, and communities of practice are critical to help manage risk and ensure that innovation leads to real gains. 

In Brazil, AI is also being leveraged for fiscal education. Tania Gomes, Coordinator for Data, Products and Digital Transformation, Treasury of Brazil, showcased “Talk to SICONFI”, a generative AI agent that answers queries on public fiscal data across federal, state, and local levels. Promoting training and digital literacy for AI is just as essential, she added. 

AI tools can be scaled broadly at extremely low costs, but doing so requires strong risk management frameworks and agile governance, says David Hadwick, a researcher at the Centre of Excellence ‘Digitax’. Spanish Tax Agency’s Chief Information Officer, José Borja Tomé, illustrated this with the agency’s “test-and-pause” approach, underscoring that “assigning responsibility is key”. 

Panelists agreed that policies guiding AI use in public finance should prioritize transparency, fairness, efficiency, and use trusted, high-quality data. Increasingly so, “the metrics of AI ethics correspond to the metrics of performance for these administrations,” Hadwick added.

Culled from IMF.org

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Standard Chartered Joins Temenos Partner Programme

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Through the integration, financial institutions (FIs) on the Temenos platform will benefit from a faster go-to-market in accessing the Standard Chartered’s extensive currencies offering, allowing them to price services across more than 130 currencies and 5,000 currency pairs while managing exposure risks to FX market volatility.

The integration releases the strain on inhouse technology resources, which is considered beneficial for retail banks, wealth managers and payment providers handling low-value or high-volume transactions that sit outside their treasury function.

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Financial

Global Payments to Acquire Worldpay for $22.7bn

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  • The payments sector is getting a major shakeup, with Global Payments agreeing a $22.7 billion deal to acquire Worldpay from GTRC and FIS while offloading its Issuer Solutions business to FIS for $13.5 billion.

Global Payments says Worldpay provides highly complementary payments, software and commerce enablement technology to merchants and partners worldwide. On a combined basis, the company will serve more than six million customers and enable approximately 94 billion transactions and $3.7 trillion in volume across more than 175 countries.

Cameron Bready, CEO, Global Payments, says: “The acquisition of Worldpay and divestiture of Issuer Solutions further sharpen our strategic focus and simplify Global Payments as a pure play merchant solutions business with significantly expanded capabilities, extensive scale, greater market access and an enhanced financial profile.”

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