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V Bank Launches Version 3.0 App With Innovative Features

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V Bank, Nigeria’s foremost fully digital bank unveiled new and better features of its app at an online press briefing on Thursday, March 25, 2021 to kick off the financial year, as well as promote ease of use for its customers.

The new app, Version 3.0, boasts of exciting features including Cardless Withdrawals, Multiple Funds transfers, Recurring Transactions, Proximity Payments, Advance Budgeting and Intelligent airtime top-up.

The new VBank app will help users securely access their accounts to automate recurring bills, manage multiple cards from different banks, send and receive funds using a unique QR code, track daily, weekly and monthly spends, generate virtual cards for online payments and enable/disable and change pins for physical cards, all within a sleek, responsive, easy-to-use interface. buy airtime and data, fix deposits, set targets and make free transfers.

Speaking at the press briefing, Senior Product Manager V Bank, Ebere Ahaotu, “Virtual banking is all about supporting the needs of every user. We are committed to ensuring that all our customers find banking enjoyable and remain satisfied with the banking process thereby encouraging them to do more. That’s why it takes less than 2 minutes to set up an active bank account.”

According to Osifo Anosike, Head of Engineering at VFD Tech, ‘it was important for us to ensure that the app becomes even more convenient to use and that informed the design and features that we introduced or enhanced in this version. Building Version 3.0 was an opportunity to relearn what it takes to satisfy our users. We had a long list of requirements we wanted to work on but after collecting customer feedback over a couple of months, we were able to prioritize in such a way that the app delivers to the users what they truly need.”  

Launched March 25, 2021, the digital bank has onboarded more than 250,000 individuals and businesses on its mobile banking platform across Nigeria, and processed transactions worth billions. The all-digital platform is most accessed in cities including Lagos, Anambra, Port-Harcourt, Abuja and Asaba.

“When we unveiled this product last March, we had no idea that the Covid-19 pandemic would sweep in greatly in Nigeria and that a great number of people would suddenly become more digitally reliant. We were simply being our innovative selves as a data-driven tech company with big dreams. And while it has been hard through the year 2020, our customers have made every single day of hard work worth it. We do hope that they find this version 3.0 truly useful and enjoyable,” said Azubike Emodi, Managing Director of VFD Microfinance Bank, owners of V Bank.

Internet-based banking has been an option since the 1990s, but the COVID-19 lockdowns of 2020 have hastened the transition in unexpected ways. As businesses adapt and a cultural shift takes place all around the world, V Bank takes its prideful place in the new world banking order, opening full-fledged bank accounts, verified via BVN, offering free transfers and providing loans to service the small business community all from the comfort of their homes. V Bank has been at the forefront of innovations in the banking industry, through its customer-led and industry-driven initiatives.

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Financial

QNET Creates Initiative To Increase Financial Inclusion In Youth Communities 

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Global e-commerce based direct selling company, QNET is working to increase financial inclusion in youth communities through its signature educational programme called FinGreen.

FinGreen aims to boost financial inclusion in underserved communities by empowering individuals with the skills required to be financially confident, aware, and savvy through its three pillars: assessing target communities, training them, and transforming participants into financial literacy advocates.

One of the programme’s first ambassadors, Anuoluwapo Ayoola, is sharing her newly gained financial skills and knowledge with 70 university students at a workshop she organised in Abuja about educating other young people about the importance of financial literacy as an essential life skill.

She said, “I am thrilled to have organised a financial literacy workshop at the University of Abuja, with the generous support of QNET. Financial literacy is not just about managing money. It’s about creating a better future for ourselves and future generations. As an ambassador of FinGreen, I’m excited for more opportunities to educate my peers on why financial education and literacy are so important!”

Ayoola based her financial literacy workshop on campus at the University of Abuja on the insights and understanding she gained as part of the pilot cohort to complete the first phase of FinGreen trainings, which kicked off in Nigeria in June of 2022. She designed the first module of her workshop to challenge the assumptions on financial literacy, educating the 70 participants on how they can adjust their mindset to utilise financial knowledge for their benefit.

The second module drew on Ayoola’s experience as a student, where she shared practical strategies and tips on how participants can manage their finances as students and as working adults. This will be crucial to help participants manage their financial sustainability and investment, seeing as many Nigerian students bear significant debt due to the increasing cost of tertiary education.

Mr. Biram Fall, the regional general Manager of QNET Sub-Saharan Africa, said, “We are honoured to support Anu Ayoola and the University of Abuja’s Financial Literacy Workshop. With the constantly shifting financial landscape and the digitisation of financial services, young people need to be equipped with the necessary knowledge and skills to make informed decisions about their money. Not just that, we want to continue helping young people, like Anu Ayoola, develop critical thinking and problem-solving skills and foster a sense of responsibility and leadership through FinGreen.”

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Africa Region

Inlaks Wins ICT Company of The Year Award

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Leading ICT infrastructure, and systems integrator, in sub-Saharan Africa, Inlaks has emerged as the ICT Company of The Year at the fourth edition of the Ghana Business Standard Awards (GBSA).

The Awards organized by KN Unique Communications, to celebrate businesses committed to remarkable standards in their sectors, and industry leaders breaking barriers of excellence across Ghana was held at the Movenpick Ambassador Hotel with the theme ‘Celebrating Organisations Committed to Remarkable Business Standards Geared Toward Sustainable Growth’.

The GBSA recognises standard-makers, excellence achievers, responsible organisations, andindividuals who adhere to local business requirements while consistently improving their performance. It provides a platform to enhance standard processes, services, product delivery, and the improvement of existing business practices in Ghana. Inlaks won the award for its outstanding achievements in providing customer-centric IT solutions to its customers while adhering to standard practices.

Speaking on the Award, Chief Executive Officer, Inlaks, Kyari Bukar said:

Inlaks complies with effective business standards and good governance in its operations. This has been impactful in our growth and ongoing success in enhancing the ICT sector. The resilience and passion of the team in serving our customers is a priority and we will not relent in our efforts to thrive on a customer-first platform. The company is appreciative of this award and is grateful to the organisers for recognizing our performance.

Inlaks, partners with Original Equipment Manufacturers in the technology industry to provide world-class information technology solutions. Over the years, the firm has built a reputation for effectively helping its clientele with new markets and service opportunities.

Also, commenting, Country Manager, Inlaks Ghana, Yacoba Amuah said:

This recognition speaks further to our efficiency in our standards of corporate excellence and delivery to our customers. Inlaks is honoured to be recognized for its good performance while enhancing growth for clients.  We appreciate the dedication of our staff and partners who have made this possible. We are future-focused and continue to support businesses to achieve their goals in Ghana and beyond.

The Ghana Business Standard Awards celebrate organisations committed to exceptional business standards in their sectors and industry leaders breaking barriers of excellence across the Ghanaian business region and the world at large.

Inlaks is a leading systems integrator in Sub-Saharan Africa. With operations in Nigeria, Ghana, East Africa and other Sub-Saharan African regions, the company partners with leading OEMs in the technology industry to provide world-class information technology solutions that exceed the needs of its customers. 

Over the years, Inlaks has built a reputation as the foremost ICT and Infrastructure Solutions Provider, helping customers effectively seize new market and service opportunities. 

With an impressive customer base that includes six Central Banks in West Africa, 18 of the 24 banks in Nigeria, and other major customers in the West African region, Inlaks has become the dominant Information Technology Company in Africa.

Inlaks’ customers cut across various segments including Banking, Telecommunication, Oil/Gas, Power, Utilities, and the Distribution sectors of the economy.

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Financial

India Unwraps UPI and Aadhaar Service APIs to Foreign Nations

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India is making a host of its e-governance tools – including the Unified Payments Interface (UPI) and Aadhaar identity service – available to other countries via open APIs.

Available via the India Stack website, the project is “a set of open APIs and digital public goods that aim to unlock the economic primitives of identity, data, and payments at population scale”.

Says the site: “The principles, technologies, and functionality of India Stack can be applied in any country. None of the systems which comprise India Stack require any proprietary technology or intellectual property which would preclude their implementation in any other country.”

In a speech during Digital India Week, prime minister Narendra Modi boasted about the success of the instant payments network, UPI, claiming: “Everyone, including the World Bank, has appreciated it as the best platform.”

Launched in 2016, the UPI has now handled 99 billion transactions, recording 2200 every second in May.

Along with the RuPay card network, UPI has been central to India’s efforts to use digital payments to boost financial inclusion. Modi says this has proved a huge success, noting: “Once, I found that a beggar in Bihar was begging on a platform and he was taking money digitally.”

Says Modi: “Therefore, today digital products like UPI are the centre of attraction for developed countries of the world, or those countries which cannot invest in this type of technology. Our digital solutions have the reach, are secure and have democratic values.”

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