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Nigeria’s SEC Grants Volition Cap License to Kickstart Fund Management 

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Volition Cap, an asset management company empowering the hardworking middle-class to create wealth, announced today that it has secured a fund management license from the Nigerian Securities and Exchange Commission (SEC), as of December 2022.

This license allows the company to operate as a registered fund manager in Nigeria, as it prepares to launch a suite of retail and institutional investment products for Africans living on the continent and in the Diaspora.

Founded in 2018, Volition Cap is a game-changing asset manager that leverages traditional cooperatives, a model it created through Volition Cooperative, a licensed multi-purpose cooperative making investing stress-free for its members.

By leveraging technology to distribute products, Volition Cap will reduce the cost of investment services and the challenge of easy access. With the credibility and trust that an SEC license confers, this home-grown business is poised to scale its bespoke products across Africa and the Diaspora.

Subomi Plumptre, CEO of Volition Cap, said, “Our company was founded by entrepreneurs who truly understand the daily struggles of the middle class. From our operation’s inception, we have focused on empowering this group to attain financial success. The SEC license is a significant milestone for us as we introduce retail and institutional products to drive economic growth.” 

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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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Africa Region

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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