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Polaris Bank Set To Boost Nigeria’s Digital Banking Ecosystem

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With the rising opportunities in the e-payment systems accelerated by the COVID-19 era sweeping across the world, there are indications that one of Nigeria’s leading retail franchise, Polaris Bank, has thrown its hat into the ring as it unveils a new digital bank.

Feelers indicate that the Bank’s new Digital Bank which has for some time been in test mode amongst its staff and customers, is set to grow its market share, targeting a new generation of digital natives and immigrants who are socially and financially aware of innovations in self-service and stress-free transactions.

According to industry players, the long wait which greeted the launch was to ensure that the platform is robust enough to meet prevailing global standards and support other existing entities in the digital banking ecosystem.

As part of its enterprise transformation initiatives, the Bank has overhauled its IT infrastructure within the last two years and upgraded its digital capability. According to the Bank’s Managing Director/CEO, Innocent Ike, “this has seen the institution grow to earn the confidence of the banking publics, as it has been able to offer quality banking services at the cutting edge of technology.” The plaudits which greeted the Bank’s recently published 2020 financial performance, has further earned the Bank’s digital transformation efforts, a shot in the arm.

Polaris’ digital Bank, offers a suite of services not readily provided by competitors. Some of such bundled benefits include; access to instant loans, accessing the platform service without being a prior customer of the Bank, and end-to-end account opening without entering a physical bank.

One of the competitive benefits of the Bank is its creation of a collaborative ecosystem that enables Application Programming Interface (API) Banking. API banking refers to a system that makes a bank’s services available to other third-party companies via APIs. API Banking helps both banks and third-party companies augment their complementary specialties and offerings more than they can provide to their customers by themselves.

Through its API, Polaris Bank is reported to have so far on-boarded new business start-ups, improved their market access, and ensured profit sharing with partners within the financial technology space. The Agro-businesses, educational institutions, e-commerce, are all set to benefit from the Bank’s platform.

According to recent data released by the Nigeria Interbank Settlement System (NIBSS), the volume of electronic payment transactions increased by 80 percent year-on-year to 54.07 billion in the first quarter of 2021 from 30.04 billion in the same period of last year.

As a result of the rise in e-payment transactions, income generated by banks via electronic channel transactions also increased by around 52 percent to N53.4 billion in the period under review compared with N35.2 billion in the same period of last year.

With the grand entry of Polaris Bank into the digital Banking space, it is expected that at the close of 2021, the 2020 NIBSS figures will grow exponentially and bolster the overall performance of the country’s e-payment ecosystem. Indeed, many youngsters and digital native enterprises constitute most of the population and the early adopters of digital innovation and lifestyle.

Polaris Bank is a future-determining bank committed to delivering industry-defining products, services, and digital platforms across all the sectors of the Nigerian economy. The Bank is a member of the United Nations Environment Programme Finance Initiative (UNEP FI), which seeks to engage the private sector and the global financial sector to help create a financial sector that serves people and the planet while delivering positive impact.

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How MTN’s Endorsement Changed 17-year Davido’s Musical Career

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Davido’s reputation as “Omo baba Olowo” (son of a rich man) has never been in question but even the wealthy have been known to enjoy a financial boost from time to time. The Afro-pop star revealed he received his big boost as a teenager when telecommunications giant, MTN Nigeria came calling with a N20 million naira endorsement deal.  

“I remember when MTN, a telecommunication company, came, and they were like they want to do endorsement, but then he (Dad) was like how much, and I said 20 million. I was like I’m 17. Nobody (had) seen that kind of money. Wow, this is from music, and it’s off like two songs, of course.”

Davido further explained that the deal came at the right time as it proved to be the incentive needed to convince his multi-billionaire father, Dr Adedeji Adeleke of the potential in the music business.

“I’m like, ‘Daddy see, we can do this’. “He built me a studio and gave me some money to run my stuff and did my first album, and it came out really really successful.”

Davido was the face of MTN Pulse between 2012 and 2016 and during that time the pop star dropped hit songs like Aye, Skelewu, and Gobe to mention a few whilst picking up a number of awards along the way.

Davido has since risen to become one of Africa’s biggest musical export, selling out various venues across the world including the O2 Arena in London, performing at the 2022 FIFA World Cup in Qatar, earning billions of streams across multiple platforms and collaborating with some of the world’s biggest artistes. He recently released his fourth studio album “Timeless” which peaked at number 2 on the World Album charts.

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ITU Targets $100bn By 2026 To Accelerate Global Digitalization

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The International Telecommunication Union (ITU) issued yesterday a worldwide appeal calling to increase the value of pledges for digitalizing the world from the current $30 billion to $100 billion by 2026. 

The appeal by the United Nations specialized agency for information and communication technologies includes a focus on raising the level of resources for universal and meaningful connectivity and digital transformation in the world’s least developed countries (LDCs). 

The announcement of the target was made on World Telecommunications and Information Society Day, observed annually to mark the signing of the first International Telegraph Convention and ITU’s founding in 1865. 

ITU secretary-general, Doreen Bogdan-Martin, “Tech is at the top of the global agenda, but the benefits of digital technology are still out of reach for too many people,” said “If we are serious about digitalizing the world in a way that is meaningful and sustainable, we must take action to accelerate digital transformation for everyone.” 

In 2023, ITU’s anniversary is focused on empowering the least developed countries through information and communication technologies using the Partner2Connect Digital Coalition and its online pledging platform. 

The ITU appeal to the public and private sectors encompasses a campaign launched in February 2022 by Partner2Connect to mobilize direct funding or other contributions for connectivity projects in countries registering the lowest on development.

Of the $30 billion already pledged overall, Partner2Connect has identified commitments worth $12 billion to bring the LDCs online as quickly as possible.   

The United Nations defines LDCs as countries that have low levels of income and face severe structural impediments to sustainable development. The call for resources, which comes as the UN strives to rescue its Sustainable Development Goals (SDGs) by 2030, stresses the need for the globe’s digital transformation to be environmentally friendly. 

“The digital revolution is a defining force of our era,” said United Nations Secretary-General António Guterres. “As the Internet becomes ever more central to value creation and innovation, least developed countries risk falling further behind. We must dramatically improve accessibility and inclusivity and eliminate the digital divide.” 

According to ITU data, 2.7 billion people worldwide were offline in 2022. The digital connectivity divide separating the least developed countries from the rest of the world is widening on key factors such as access, digital skills and affordability. 

Though the globe’s 46 least developed countries are home to almost one-third of the world’s offline population, the Internet is considered to be affordable in only two of those countries. 

At the event marking ITU’s anniversary in Geneva, ITU Secretary-General Bogdan-Martin announced SDG Digital Day, scheduled for 17 September in New York in advance of the UN SDG Summit to review the 17 Sustainable Development Goals.

The SDG Digital Day, powered by ITU on behalf of the UN system, will showcase high-impact, sustainable, digitally based solutions that have a game-changing potential to accelerate progress on the SDGs. 

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SmartParcel Introduces Tech-driven Parcel Delivery Service across Nigeria

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SmartParcel, Nigeria and Africa first innovative logistics parcel solution provider has began deployment across strategic locations in Lagos and across Nigeria.

The co-founder/COO of the company, Benjamin Adeyemo spoke during the opening of the Lagos Island Smart Locker locations at Mandilas Building and Andora Best Shopper Mart on Broad Street.

He said, “Businesses and individuals on the Island and across Nigeria now have a new, easy to use, and convenient delivery service powered by smart and innovative technology.”

Adeyemo noted that the easy-to-use solution aims to solve logistics and delivery challenges by creating seamless, smart lockers positioned in strategic locations where users can send and receive items meant for them.  

“The first step is to download the SmartParcel app on Google PlayStore or Apple store. Sign up to get your unique Locker code. The depositor will then use the code to deposit his/her item in the Locker. SmartParcel will then assign a trusted rider to pick up and deliver the item at the recipient closest or preferred SmartParcel collection centre.

 “he recipient gets an instant notification when after the rider drops the parcel at the SmartParcl Locker. The depositor also gets an alert after the parcel is collected by the recipient. Adeyemo further said that the businesses on Lagos Island will enjoy a maximum of 12 hours delivery circle,” he added.

Speaking at the launch, a business owner, Aisha, who uses the service said, she discovered “I discovered SmartParcel at VGC. I downloaded the app “Smartparcelng” and I was signed to the service within minutes. I contacted my client and told him about the SmartParcel locker which coincidentally happened to be very close to his house and he was able to retrieve his item easily just by using the code.”

SmartParcel currently has location partnership with NIPOST that allows this innovative service to be enjoyed by all Nigerians across the 774 local government areas of the country.

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