Sunday, october 23, 2016 by Newtelegraphonline

SUNDAY TELEGRAPH, SUNDAY OCTOBER 23, 2016

Interview

News Nigeria targets 22% jump in oil output p.46

New maritime security architecture got Buhari’s approval– Amaechi

Auto beat NDA honours Innoson Chairman p.47

p.45

Business

Paul Ogbuokiri Head, Business

paulogbuokiri@newtelegraph

Nigeria remains Africa’s biggest economy – MF

L-R: Provost, Nigerian Defence Academy (NDA), Prof. Nwankwo; Vice President, Prof. Yemi Osinbajo; Chairman/Chief Executive Officer, Innoson Group, Dr Innocent Chukwuma and Commandant, NDA, Maj-Gen. M.T. Ibrahim,during the presentation of the NDA’s Doctor of Science honorary degree to Dr. Chukwuma by the Vice Presient, at the 37th convocation ceremony for the cadets of the 63 Regular Course, NDA, Kaduna…recently

Cashless banking: UBA depositors using digital channels hit 70%

Kunle Azeez

ver 70 per cent of deposits received by UBA Plc and over 80 per cent total outflow transactions by the bank are implemented through digital channels. Divisional Head of Consumer and Digital Banking of the bank, Dr. Yinka Adedeji, disclosed this on the sideline of a media interaction in Lagos over the weekend, where the Bank also unveiled its EmailMoni, a new service that allows customers to send and receive money using their email as identity. According to Adedeyi, who with other top official of the Bank, briefed the media on the activities of the Bank towards advancing the cashless policy of the Central Bank of Nigeria (CBN), the Bank has been at the fore front of deploying cuttingedge technology to transform banking experiences. “Currently, 70 per cent of money coming into the Bank is through digital channels such as Point of Sales (PoS), Nigerian Interbank Settlements System Instant Payment (NIP), Automated Teller Machine (ATMs), mobile banking and Internet banking in terms of inflow of deposits. We also do over 80 per cent outflow in terms of total transactions. “Today, there are over 10 million bank accounts so far opened for governments, businesses and individuals across

•As Bank unveils EmailMoni

Africa with eight million of these in Nigeria. We currently do over N100 billion a month on our 1,800 ATMs in Nigeria alone. There are over seven million ATM cards of different brands that we have issued to our customers,” he said. He said that UBA, which is currently providing touchscreen ATMs for is customers, will deploy innovative technology that makes it possible for customers to do card-less transactions on ATM. “Very soon, we are going to enable our customers to use the ATM to do transactions without their cards,” he said. Also, Adedeji said through Internet banking and mobile banking e-channels, “we are doing over N50 billion transactions,” stressing that UBA also records between N5 billion and N6 billion transactions weekly. Speaking on the launch of the email-based banking platform, EMailMoni, Adedei said this is made possible through a partnership between the Bank and MyECheck to provide the revolutionary new social commerce payment system. According to Adedeji, “We are proud to open a new frontier for e-payments in Africa with EmailMoni. This conforms with our desire to continuously deliver innovative and convenient payment options to our customers. “Our innovations in the digi-

tal banking space have been possible because of our huge investments in building efficient, trustworthy platforms. “We assure our customers that we are committed to continually bring the best in the financial technology space to ensure they always have the best and most convenient banking experience with all our service channels.” According to him, EmailMoni is the world’s newest game changing technology and will dramatically advance the payments landscape in Nigeria and across Africa. “EmailMoni is a next generation payments technology that enables people and businesses to securely send and receive money electronically in real-time and at low cost using a downloadable mobile smartphone app or from a web app. The EmailMoni web app can be accessed from any mobile device, any browser or any type of internet connected computer. “EmailMoni allows people and businesses to pay and receive electronic payments securely in a number of easily accessible and convenient ways. Users can send and request money instantly using Microsoft Outlook email, or any web mail. Money can also be securely requested and sent using Facebook, SMS text and other methods,” he said.

He said that available on iOS on the Apple App Store and for Android on Google Play, the EmailMoni mobile app for smartphones will over time, interact with a card-less ATM network using Quick Response (“QR”) Code enabling cash to be deposited and withdrawn from the system at thousands of ATM locations in Nigeria and across Africa. “EmailMoni will enable faster more efficient payments for UBA customers who are billers, such as cable and utility companies. Customers can also send and receive secure payments instantly and conveniently, while non-bank customers will be able easily access UBA banking and payment services,” he said. Meanwhile, UBA believes that the future of banking is e-payment. According to Adedeji, “Adoption is going to growth as there is increase in mobile devices’ adoption and growth and as people continue to appreciate the convenience and flexibility inherent in e-payment. “In preparing for the current and future growth, we have been making necessary investment in Information technology (IT) and deployment of relevant security infrastructure, which is a state-of-the-art and a benchmark for the industry today,” he said.

gainst media reports, recent estimates by the International Monetary Fund (IMF), has shown that Nigeria remains the biggest economy in Africa, followed by South Africa and Egypt. The estimate in a World Economic Outlook for October 2016 which put Nigeria’s Gross Domestic Product (GDP) at $415.080 billion, from $493.831 billion at the end of 2015 also put that of Africa at $280.367 billion, from $314.732 billion a year earlier and that of Egypt remained at $330.159 as at 2015. Recall that in August 2016, Nigeria was reported to have lost its spot as Africa’s biggest economy to South Africa, following the recalculation of the country’s gross domestic product (GDP). “A recalculation using current exchange rates put South Africa on top because the rand has strengthened against the dollar,” BBC had said in August. “Based on gross domestic product at the end of 2015 published by the IMF, the size of South Africa’s economy is $301 billion at the rand’s current exchange rate, while Nigeria’s GDP is $296 billion,” Bloomberg had also said. The estimates indicated that while the United States, China and Japan maintained remained the largest economies in the world, with a GDP of $18.561 trillion, $11.391 trillion and $4.73 trillion respectively, that of Algeria, one of the largest economies on the African continent was put at $168.318 billion.

Guinness Nigeria appoints Egerton-Shyngle as new Commercial Director

uinness Nigeria, manufacturers of alcoholic and non- alcoholic beverages such XXXGuinness as Foreign Extra Stout and Orijin have an- Emmanuel Egerton-Shyngle nounced the appointment of Emmanuel Egerton-Shyngle into the position of Commercial Director. Effective November 1, 2016, Egerton-Shyngle will take over from Paul Costigan who will be moving into other roles within Diageo. Peter Ndegwa, Managing Director/CEO, Guinness Nigeria Plc said: “I am really excited to have Emmanuel in this new role as he builds upon the work that Paul has started and continues the execution of our aligned commercial strategy over the coming period. I want to really thank Paul for his immense contribution to developing our sales organisation over the past two years.” Mr. Egerton-Shyngle joined Guinness Nigeria one year ago and during his time, he has played a key role in supporting and shaping the sales organisation’s focus on retail execution and increasing sales performance standards right across the board. Prior to joining Guinness Nigeria Plc, Egerton-Shyngle was the Sales Director at Cadbury Nigeria, General Manager at Fidson Products Plc., worked overseas as a branch manager in retail banking, and had built a career of over 23 years at Consolidated Breweries and Nigerian Breweries Plc.