Mass license revocation hits 46 Microfinance banks across Nigeria - ITREALMS

In a major regulatory sweep aimed at safeguarding Nigeria's financial ecosystem, the Central Bank of Nigeria (CBN) has revoked the operating licenses of 46 Microfinance Banks (MFBs), effective July 1, 2026, reports ITREALMS.


The directive, approved by CBN Governor Mr. Olayemi Cardoso, comes as a direct response to the institutions' failure to meet critical regulatory benchmarks required to remain operational.

According to the official press release of revocation of 46 MfB signed by Mrs. Hakama Sidi-Ali, the Acting Director of Corporate Communications, the banks fell short on multiple fronts under the Banks and Other Financial Institutions Act (BOFIA) 2020.

Infractions ranged from capital erosion and asset insufficiency to outright operational closure and failure to commence banking activities within a year of getting a license. 

The apex bank reiterated that this hardline stance is necessary to shield depositors and ensure total compliance with financial sector laws.

The official list, revealed that the regulatory crackdown cut across Tier 1, Tier 2, and State-licensed categories, heavily impacting several commercial hubs and regional states.

The geographical distribution of the affected microfinance banks reveals that Kano State bore the biggest brunt of the regulatory purge, losing a total of 13 institutions. 

Among the closed entities in Kano were high-profile names and recently rebranded establishments like Now Now Digital MFB, Zain MFB (formerly Dawakin Tofa), Ajwa MFB, Bompai MFB, and Bellbank MFB. Other community institutions cleared from the state include Minjibir, Shanono, Sumaila, Rimin Gado, Sycamore, Tofa, Kanopoly, and Esteem Microfinance Banks.

Lagos State, Nigeria's primary economic hub, followed closely with 9 microfinance banks shut down. The affected institutions in Lagos comprise Gold MFB, Safegate MFB, Supreme MFB, Ourpass MFB, Verdant MFB, Basawa MFB, Entrepreneur MFB, and the State-categorized Chanelle MFB.

Other regions also felt the impact of the CBN's sweeping exercise:

Abia State saw the exit of Merchant MFB and the Abia SME MFB.

Federal Capital Territory (FCT), Abuja, lost Winview MFB and Casha MFB.

Kaduna State had Zafec MFB and Straight Sahara MFB revoked.

Kebbi State lost both Kamba and Zuru Microfinance Banks.

Niger State saw the closure of Busu MFB and Bejin-Doko MFB.

Ogun State was affected by the revocation of Iwade MFB and Apple MFB.

Plateau State lost Mwaghavul MFB and Yeneng MFB.

A single microfinance bank license was also revoked in each of the following states: Anambra (Frontline MFB), Bayelsa (Crystabel MFB), Benue (Creditville MFB), Cross River (Livingspring MFB), Delta (Creekline MFB), Kwara (Janmaa MFB), Ondo (MBAG MFB), Osun (Avantus MFB), Oyo (Bestar MFB), Rivers (Minji-Se Churchill MFB), and Akwa Ibom / Uyo (Stanford MFB).

Remmy Nweke/DoP

Landmark: NMDPRA, SEC joint license for JEX market - ITREALMS

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In a landmark collaboration, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Securities and Exchange Commission (SEC) have jointly issued licenses to JEX Market to establish and operate a Gas Clearing House and Settlement Authorization Platform.

This would serve as a commodity exchange platform where natural gas and its derivatives would be traded in Nigeria.

ANLCA National president: Era of operating without customs license'll soon be over - ITREALMS

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The National President, Association of Nigerian Licensed Customs Agents (ANLCA) Mr Emenike Nwokeoji has declared that the era of operating without license as a clearing agent will soon be a thing of the past, reports ITREALMS.

Speaking to members of ANLCA Eastern Zone, who trooped in their numbers to welcome him Monday, in Port Harcourt the Rivers State capital after returning from the recently concluded ANLCA election, he said "operating without a license is limiting yourselves" even as he insisted that going forward, the licenses would begin to count for effective operation as a licensed customs agent.

Nokia, Apple sign long-term patent license agreement - ITREALMS

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Nokia has entered into a new deal with Apple which has been tagged a long-term patent license agreement, reports ITREALMS.

The new licensing, ITREALMS gathered, is expected to recognize the revenue related to this new patent license agreement starting in January 2024.

CBN renews Cellulant’s license as payment provider - ITREALMS

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The Central Bank of Nigeria (CBN) has renewed the license of Cellulant as a payment service provider in the country, reports ITREALMS.

This license, ITREALMS gathered affords Cellulant to continuously provide online and offline payment solutions, including collections, check-out, biller aggregation, and payout services securely to thousands of businesses across Nigeria.

NCC yet to renew MTN's UAS license, says 'its under process' - ITREALMS

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The Nigerian Communications Commission has declared that the renewal of MTN's Universal Access Service (UAS) in the country is under process, reports ITREALMS.

NCC also confirmed that MTN has applied for the renewal, but yet to be granted.

New drivers license: FRSC says applicants must take computer-based test, opens portal - ITREALMS

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Towards enhancing the integrity of the National Drivers license through the Driving School Standardisation Programme (DSSP), the Federal Road Safety Corps (FRSC) has commenced the use of Computer-Based Test (CBT) by applicants to eliminate all incidences of road traffic crashes resulting from bad road use culture, reports ITREALMS.

The Corps Marshal, FRSC, Dr. Boboye Oyeyemi, ITREALMS gathered, has ordered the commencement of CBT for fresh applicants of the national drivers license in all the driving schools nationwide, effective from 1 June, 2021.

'Only NCC can license social media platforms' - ITREALMS

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The Association of Licensed Telecommunications Operators of Nigeria (ALTON), has faulted the recent directive for licensing of social media platforms in the country, declaring that only the Nigerian Communications Commission (NCC) has the powers for such regulatory function, reports ITREALMS.

ALTON chairman, Engr. Gbenga Adebayo gave this insight in an exclusive chat with ITREALMS at the weekend.

ALTON aligns with Pantami on 5G - ITREALMS

ITREALMS:

The Association of Licensed Telecommunications Operators of Nigeria (ALTON) has aligned with the Minister of Communications and Digital Economy (MoCDE), Dr. Ali Isa Ibrahim Pantami that Nigeria is yet to license any fifth Generation network, reports ITREALMS.

The Nigerian Communications Commission (NCC) as the regulator of telecommunications in the country, ALTON said, has not licensed any operator till date.

ALTON through its chairman, Engr. Gbenga Adebayo, also told ITREALMS that in setting the records straight, its important to note that telecommunication standards are prescribed for use by the relevant international Regulatory Agencies after thorough and comprehensive tests have been carried out to ensure particularly that all approved standards are safe for the Human environment and health.

“Note therefore that all Spectrum and frequencies used today by the mobile and satellite industries, have been extensively researched and are covered by the international safety guidelines,” he said.

ALTON pointed out that there is no iota of truth that 5G Technology is the cause of the Coronavirus pandemic.

“The virus is also spreading in places without 5G networks like Nigeria. There are many parts of the world that do not have 5G coverage yet but are still affected by the virus e.g Parts of United Kingdom, Iran, Russia has no 5G for commercial use (except for some of their military deployments) etc,” he said.

Noting that in all the generations of wireless network technology (5G,4G,3G,2G & 1G) mobile data is transmitted over radio waves.

“Other types of technology that use radio waves include smart meters, TV and radio transmitters, and radar and satellite communications. Most modern medical laboratory equipment use radio waves, some use nuclear radiation, but they are used within the guidelines. We dare say that every medication has recommended dosage. Even too much food and drinks can become injurious to health. This is basically the same principle on which radio waves operate. There are acceptable safe limits, which are determined, specified, regulated and supervised by International Technology Regulatory bodies as stated above,” Adebayo said.

Emphasising that Nigeria progressed from 1G to the current 4G which most networks offer to their subscribers today.

“Even with all the virtues of the novel 5G, our BTS Sites across the country are still bereft of this technology. We will want to re-emphasize that several studies have been carried out even before the 5G emergence, indicating that the microwave emissions from these infrastructures have no harmful effect on human health.

“Research into the safety of radio signals, which has been conducted for more than 50 years, has led to the establishment of human exposure standards including safety factors that protect against all established health risks.

“The Electro Magnetic Fields on masts and towers are so insignificant when compared to microwave cooker at home, our television set and computers we use most of the time,” he said.

Nenye Dom/Editor

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COVID-19: Nigeria yet to issue any license for 5G - ITREALMS

ITREALMS:

The Minister of Communications and Digital Economy, Dr Isa Ali Ibrahim (Pantami), has cleared the air over purported play or deployment of Fifth Generation (5G) networks in Nigeria as there is no frequency spectrum released in this regards, reports ITREALMS.

Pantami in a press statement personally endorsed and made available to ITREALMS, he said his attention has been drawn to the public concern about the health implications of the deployment of Fifth Generation Mobile Networks (5G) in Nigeria and based on available records he clarified as follows:

"i. The National Frequency Management Council (NFMC), of which I am the Chairman, has not deliberated on or released any bulk frequency spectrum for the deployment of 5G;

"ii. No license has been issued for the deployment of 5G in the country;

"iii. A 3-month study trial commenced on the 25th of November, 2019 in order to critically review and study the health and security implications of deploying 5G in Nigeria;

"iv. As part of the study trial process, I directed the Nigerian Communications Commission (NCC) to ensure that a team of experts, security agencies and other stakeholders fully participate in the trial process and my office also invited these agencies to participate in the trial; and

"v. The trial process has been concluded and the study and reporting process is currently ongoing."

As said by Pantami, the President, General Muhammadu Buhari, retired, places a premium on the welfare, health and security of Nigerians.

"As such, our desire for technological advancement will never be at the expense of the health and welfare of our citizens," he declared.

Pantami assured that FG will not act on the speculations only, but rather we will take an informed decision on 5G after due consultation with experts and the public.

"I have also directed the NCC to engage citizens on any questions or concerns they may have regarding 5G ... We advise you all to remain rest assured that government will always take the welfare, health and security of the public into account while considering the deployment of any technology," he assured.

Remmy Nweke/DoP

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ChineseVirus-19: Oyeyemi shuts license centres nationwide, advises on use of online by-pass - ITREALMS

ITREALMS:

Following the lockdown directive by President Muhammadu Buhari on the Chinese Virus-19 also known as COVID-19 pandemic on Sun 29 March, 2020, the Corps Marshal, Federal Road Safety Corps, Dr Boboye Oyeyemi has ordered the shutdown of Driver's License database in Abuja with immediate effect, reports ITREALMS.

This, he said was in line with the President’s directives to lockdown, stressing that expectedly, the Drivers License Centres will not be able to process licenses for applicants nationwide.

"However, applicants can go via the by-pass mode to process for the license to be delivered after the lockdown period," says the Corps Public Education Officer, Bisi Kazeem, in a press statement available to ITREALMS.

He also revealed that the shutdown is aimed at sustaining existing endeavours already in place by the Federal Government to curtail further spread of the menace.

Kazeem quoted the Corps Marshal as saying that in the wake of the pandemic all DLCs should maintain maximum hygiene through provision of adequate water, soap and alcohol-based sanitizers at the Centres. ITREALMS recalls that the Corps Marshal had earlier advised applicants to avoid physical capture at this critical moment when the world is battling a common enemy (COVID-19), and explore the BY-PASS option which is the online processing of the National Drivers License without physical presence of the applicant at the DLCs.

It is therefore to be noted that the By-Pass option is applicable only to applicants who intend to renew their licenses not fresh applicants. This is hereby reiterated as part of the Corps’ concerted efforts to curb the spread of the global health challenge.




Accordingly, Kazeem added that the closure of the DLCs will not affect the Operational formations of the Corps as Operatives have been deployed to render required essential services in collaboration with other security and intelligence agencies at all levels to enforce both the Presidential and State Government's directives on restriction of movement and sit at home among others.




To this end, the Corps Marshal has notified the Chairman and Secretary of the Joint Tax Board about the effect of the temporary shutdown of the DLCs nationwide.




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FG plans to license WebTv - ITREALMS

ITREALMS:

The Federal Government of Nigeria (FGN) may have concluded plans once again to regulate the Internet with the proposed licensing of Web Television (WebTV), reports ITREALMS.

WebTV, ITREALMS gathered, was originally a brand owned by Microsoft as one of the first entries in the much publicized convergence of the World Wide Web with television. Unlike in cable TV, which entails users to buy a set-top box, Web TV requires just sign up with the WebTV access service and browse Web pages using a WebTV's browser and a hand-held control as long as one has Internet access.

With the growth of Information and Communication Technologies (ICTs) WebTV has since assumed an international dimension with advance of Internet as as a marketing tool and outlet for independent creators to display their work, thereby has shown improvement in Web television via quality, thus rivaling network television.

According to the Minister of Information and Culture, Alhaji Lia Mohammed during the inauguration of the National Broadcasting Commission Reform Implementation in Abuja on Thursday, which has some six weeks to submit its report.

The Committee is to upgrade list of breaches of political comments relating to hate speeches and divisive comments to ''Class A'' offence in the Broadcasting Code.

“Amendment of the NBC Act to enable NBC license WebTv and radio stations, including foreign broadcasters beaming signals into Nigeria,” he asserted.

Other highlights of his speech underscored the fact that FG planned to among other things, “establish and publish a new regulation for the licensing of web and Internet broadcasters/International broadcasters in Nigeria.”

Also, he said the Committee is to work out modalities for immediate establishment and “publicize a new sanctioning, fines and penalty regime that is in line with international best practice, promote professionalism and serve as a deterrent to erring practitioners against misconduct, especially hate speech, violence and spread of fake news.”

Further, he said, the Committee is to work on finally putting an end to all forms of monopoly detrimental to the actualization of the immense potential of the broadcast industry.

The Committee has six weeks to submit its report and is made up of seven wisemen and a woman, including: Prof. Armstrong Idachaba, Director of Monitoring of the NBC; Sir Godfrey Ohuabunwa, Acting Chairman of the Broadcasting Organisations of Nigeria (BON); J.K. Ehicheoya, Esq, Director, Legal Services, Federal Ministry of Information and Culture; Hajia Binta Adamu Bello, Secretary, Association of Local Governments of Nigeria (ALGON); Mr. Ibrahim Jimoh, Director of Administration, FRCN; Hon. Agbo Kingsley Ndubuisi, Board Member, NBC, and Mr. Joe Mutah, Chief Press Secretary, Federal Ministry of Information and Culture.

Chuks Egbuna/Editor

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Pix: The Minister of Information and Culture, Alhaji Lai Mohammed (fourth from left); Permanent Secretary, Federal Ministry of Information and Culture, Deaconess Grace Isu-Gekpe (third left); Prof. Armstrong Idachaba (fifth from left); Mr. Ibrahim Jimoh (extreme left); J.K. Ehicheoya Esq. (second left); Hajia Binta Adamu Bello (fourth from right); Sir Godfrey Ohuabunwa (third from right); Hon. Kingsley Agbo Ndubisi (second from right) and Joe Mutah (extreme right) when the Minister inaugurated the Committee on the Implementation of Reforms in the National Broadcasting Commission in Abuja on Thursday.

Ekeh @RCCG summit: Says knowledge century is license to wealth without barriers - ITREALMS

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Acclaimed serial digital entrepreneur and chairman, Zinox Group, Dr. Leo-Stan Ekeh has urged Nigerians to believe in the future of the country, asserting that the world is currently in a knowledge century without barriers to wealth acquisition or achieving greatness, reports ITREALMS

He made this call at an economic summit organized by the Redeemed Christian Church of God, Christ Church Parish on Saturday January 12th 2019.

With the theme – Economic Outlook and Prospects in Election Year, the summit saw Ekeh sharing his thoughts on Nigeria’s economy and the future of the digital industry culminating in a standing ovation at the end of his speech.

“You must anticipate the future. It is not static, otherwise you don’t have a reason to grow. The 21st Century is a knowledge century; it is one in which you have a right to be rich, even as an employee because if they under-pay you, you have a chance to get a better job,” Ekeh declared.

“If you are an entrepreneur, then you have a right to make mega-wealth. A lot of you are intimidated when you look at the profile of people like the Aliko Dangotes and Mike Adenugas but you forget that when a man is successful, you only hear the good side of their emergence but if you look back critically, you will see that their rise to the top was not an easy one. When you are psychologically defeated, you have lost the war.

“In life, you must take a conscious decision on who you want to be and if you are a human being and a citizen, you must add value to your environment, community or country. In the 21st Century, you decide who you want to be. The biggest problem with Africa is that our parents want us to make money the same way they did. It means we are all blind. If your father was a taxi driver, you cannot be the most popular taxi driver because today, we have Uber and other ride-hailing apps. But if you created an Uber, then you become the largest owner of commercial vehicles in the world.”

Ekeh who recently oversaw the acquisition of e-commerce giants, Konga from previous owners Naspers and AB Kinnevik followed by a combination of its operations with that of Yudala, declared his chosen field of technology as a leveler and the only profession in the world that can bridge the gap between the rich and the poor individuals and countries of the world.

“Technology is the only way the son of a poor man can become rich in the 21st Century and that is the only way the son of a rich man can consolidate the wealth of the family. You are a stupid, poor man if you cannot challenge the status quo. It was through technology that I transformed the media and multimedia industry and computerized them for the first time.

"Same way we helped create a reliable database of voters for Nigeria through the impressive work Zinox has done with INEC and which we have replicated in other African countries such as Guinea-Bissau. Today, we are currently looking to transit the country to e-Voting which will further go a long way in reducing post-election litigations,” he enthused.

Urging the members of the audience to retain their hopes in a brighter future for Nigeria, Ekeh encouraged the attendees to rise to the challenge and make a positive difference in their circumstances.

“Nigeria is a country with huge potential. There is a future here and no one has a right to stop you: government, individuals or even your father. You must build yourself as a collateral in order to succeed in life. The only way to build that collateral is to be a man or woman of integrity.

“In business, you must acquire a big dose of spirituality and always make provisions for your place of birth, in this case, where you do business. Many entrepreneurs transplant foreign technology or strategies here without considering our existential circumstances or the needs of the country.

“The challenges of your family or country are things that activate innovation and solutions. If you don’t disrupt, you die. In business, you must trade to lead or you get out of that platform. It is not child’s play. What made you rich will not make your child wealthy, unless they add digital style to it, which is technology. When I say we are in a knowledge century, it means no one can stop you from achieving success.

“The failure rate of startups in this country is about 75% and this is a shame to the quality of brains we have in Nigeria. The problem with most of the young people in tech – and this is one of the reasons most tech start-ups fail – is that they do more talking than content and they want to live large. You must incubate and grow. There are so many opportunities to generate creative wealth in the world today.

“Knowledge is open so you need to constantly read and learn but you must embrace humility and be ready to incubate for a period and be spiritually strong. Above all though, you must be close to God. Any successful man or a quality entrepreneur that is not close to God is not really successful.”

Among the many opportunities Ekeh referenced were digital security, digital lifestyle and growing dynamism in the e-commerce sector. He also disclosed his determination to invest in incubation centres to develop youthful talents through mentoring who will transform the fortunes of the nation.



Other speakers at the summit were Dr. Biodun Adedipe, Chief Consultant, BAA Consult; Mr. Abiola Ogunrinde, CEO, Tronica Natural Ltd and Dr. Mrs. Jumoke Oduwole, Senior Special Assistant to the President on Industry, Trade and Investment.




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Confirmed! NCC lifts license suspension for Medallion

ITREALMS:

The Nigerian Communications Commission (NCC) has lifted the license suspension placed on Medallion Communications recently, just as the company described the initial suspension as shocking, ITRealms can confirm.

Affirming this development to ITRealms, the chief executive officer, Medallion Communications Limited, Mr. Ikechukwu Nnamani said that the recent suspension of the interconnect license of Medallion by the telecom regulator based on allegations of involvement on call masking, has been reversed, describing the suspension, a most unfortunate one.

“It is one that should have never happened in the first place. He confirmed the suspension has been lifted by the telecom regulator,” he insisted, stressing that initial reason given by the regulator was that the company was involved with call masking.

“We totally rejected that, since we knew we were never involved in call masking. It was practically impossible for us to be involved since we do not bring in international traffic into the country and all the calls we terminate on other networks was sent to them as we received it from the originating network. “It was, therefore, shocking and strange that the regulator would accuse us of call masking and even went ahead to suspend our interconnect license..,” he said.

Further, Nnamani said, they believe in the rule of law and the telecom industry in Nigeria operates under the guidelines of the Nigerian Communication Act 2003.

He pointed out that the Act stipulated that when an operator disagrees with any determination made against it by the Regulator, the licensee has the right to appeal and ask for a review of the decision and most importantly has the right to demand that a given written reasons why you were punished and the evidence against you so you can properly respond.

“In the event that you do that and there is still no agreement between the Regulator and the operator, the operator has the right to seek redress in the law court. In our case we wrote to the Regulator asking for evidence against us that indicates we were involved in call masking.  No evidence was presented to Medallion indicating we were involved in call masking.

“I am glad to report that following our appeal of the suspension the Regulator has lifted the suspension against Medallion and we are now able to run our interconnect business.  I am also glad this was resolved without Medallion needing to take the Regulator to court which was to be our next line of action if our request for review of the decision was not positive in line with the provisions of the Communication Act 2003,” he enthused.

ITRealms recalls that Medallion Communications has the most interconnected peering point in West Africa, with over 83 service providers, including all GSM, LTE, CDMA operators, Fixed Wireless and Fixed line operators connected to its infrastructure.

Chuks Egbune/GEE

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CPN, not NITDA has mandate to register, license IT contractors – NCS insists

ITREALMS:

The last may not have been heard of the controversial registration and licensing of Information Technology (IT) contractors embarked upon by the National Information Technology Development Agency (NITDA), as the Nigeria Computer Society (NCS) has insisted that only the Computer Professionals Registration Council of Nigeria (CPN) has the power to conduct registration and licensing in IT industry, reports ITRealms.

NCS, ITRealms recalls is the umbrella organization of all Information Technology professionals in Nigeria and diaspora, interest groups and stakeholders in the country.

Anything other than CPN registration, NCS told ITRealms is tantamount to double registration and contravenes the Federal Government policy on ease of doing business and lacks due process.

The latest is coming in reaction to NITDA insistence in carrying on with the so-called registration and licensing, this NCS decried, saying it may lead to the registration of quacks and non-professionals because the exercise is devoid of due diligence as enshrined in the CPN Act 49 of June 1993.

As alluded by NCS President, Prof. Adesola G. Aderounmu to ITRealms, is self-serving and any undercurrent discovered in the industry should be have been reported to CPN promptly.

NCS further argued that based on CPN mandate of Act 49 of June 1993, only the Council has the authority to register and license IT contractors, citing the CPN Act section 2, subsection 2 on membership registration, which states inter alia:

“Persons admitted to the membership of the profession shall be registered as members of the profession in various categories including the corporate member category.”

Also NCS cited section 8 (1) on the list, which states thus, “CPN has the mandate to keep, publish, print the list of all registered professional and is available for inspection for members of the public at all reasonable time. This has been in operation since 1998.”

And finally, NCS cited the CPN Act section 18, subsection 2b, which focused on licensing and asserted that “It prescribes the form of licence to be issued annually.”

NCS president, a professor of computer science, pointed out that the call for another registration and licensing of IT contractors by NITDA is equivalent to double registration which is contrary to the Federal Government’s policy on ease of doing business.

“Furthermore it may lead to the registration of quacks and non-professionals,” NCS president declared.

Aderounmu who also is the Director, African Centre of Excellence in Software Engineering, Obafemi Awolowo University (OAU) Ile-Ife, maintained that the failed and substandard public IT projects alleged by NITDA as basis for current controversial registration and licensing, should have been reported to CPN for necessary action.

“IT contracts should only be awarded to CPN registered members; the list is available online and in accordance with Public Procurement Act 2007,” NCS president said

Prof. Aderounmu emphasised that registering and licensing IT contractors is not within the mandate of NITDA, which is to create framework, guidelines and policy to develop IT.

“When properly implemented, it will solve the problem of unemployment in Nigeria which is the focus of the present administration,” NCS president insisted.

Chuks Egbune/GEE

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Why Globacom license was withdrawn

ITREALMS:

The telecommunications regulator in the Republic of Benin, ARCEP-Benin, has withdrawn the operating licence of the Nigerian mobile network operator, Globacom, reports ITRealms.

This development, ITRealms gathered is sequel to a dispute over new terms, according to a document sighted by the Reuters.

ITRealms also gathered that the regulator, ARCEP-Benin, noted that it took the decision after negotiations with Glo Mobile Benin to renew its licence broke down earlier this month.

In addition, the regulator said that this followed after the company refused new conditions imposed by the government.

The parent company, owned by Nigerian billionaire Dr Mike Adenuga, could not immediately respond on this development as at the time of going to the press.

Equally, Reuters reports that the ARCEP document did not say what the government’s new conditions were, but a source close to the regulator, revealed that it included an increase in the cost of the licence renewal.

Glo Mobile Benin as at the end of 2015, had in excess of 1.6 million subscribers, even as Globacom operates mobile networks in Nigeria and Ghana. 

Chuks Egbune/GEE

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CWG secures CBN PTSP Licence

Computer Warehouse Group Plc (CWG), the leading Pan-African ICT Company has secured the Payment Terminal Service Provider (PTSP) license from the Central Bank of Nigeria, reports ITRealms.

This license, ITRealms gathered, would afford CWG to offer services in the areas of Payment Terminal Service Provider (PTSP) to Point-of-Sale terminals (PoS) nationwide.

ITRealms reports that this followed a recent visit by a delegation of the apex bank to CWG in the last quarter of 2014 to assess the company’s readiness and ensure that the company has fulfilled all conditions necessary and is therefore qualified to be licensed as a Payment Terminal Service Provider in the country.

CBN Director of Banking and Payment Systems Department, Mr. Dipo Fatokun, in a letter addressed to Computer Warehouse Group (CWG), stated that CWG “has successfully passed through the various stages of evaluation.”

 These, ITRealms reports, include an inspection of the company’s facility and processes, an allowance of a test period, during which the company’s products were carefully examined for quality and standard. 

The letter further stated that CWG is “hereby licensed to perform the activities Payment Terminal Service Provider (PTSP) for Point-of-Sale terminals (POS) in Nigeria,” CBN declared.

The PTSP license certifies that a company has the infrastructure to competently deploy, maintain and provide support for POS terminals in Nigeria. According to the CBN, “A PTSP shall offer services to acquirers covering all aspects relating to terminal management support, including but not limited to purchase and replacement of spare parts, provision of connectivity, training, repairs, and development of value added services, amongst other things.”

Reacting to the development, Mr. Austin Okere, the Founder and Chief Executive Officer, CWG, noted that the license is a testimony to the capability CWG Plc to competently deploy functional PoS terminals to the market at a time when CBN is vigorously pursuing the ideal of making the Nigerian business clime a cashless model.

Although the number of POS terminals increased to about 125,000 as at June last year and the value of PoS transactions increased to about N138 billion during the same period, statistics from the apex bank also indicate that about 46 percent of adult Nigerians have no access to financial services. 

According to Okere, “Our track record in the financial services sector as indicated in the deployment of our Finacle core banking application to foremost banks in Nigeria, our technical platforms for Firstmonie and Diamond Yello account, are pointers to our capacity to be instrumental to the actualization of a truly cashless economy”.

For the Chief Technology officer, Mr. James Agada, CWG’s quest to deploy POS terminals is an integral part of her new business module christened CWG 2.0.

“The deployment of our POS terminals is inclusive of our business package for SMEs. We believe that there should be 17million terminals if there are over 17 million existing SMEs in the country. This would aid in the growth of smaller businesses and consolidate the cashless economy initiative of the government,” he said”

Agada pointed out that these terminals are going to be tailored to suite the specific peculiarities of SMEs and could work anywhere. 

“It will also allow merchants do more since it has multiple payment option. This means that a merchant can receive payments for bills, sell Jamb pins, airtime and importantly, keep inventory of sales using the same POS terminal. This will be our quota to enabling inclusive growth in the economy,” Agada said.

 
+Remmy Nweke (ITRealms) @CWG @AustinOkere

ITREALMS ... delivering news for ICT4D

L-R: Mr. Amir I. Adamu, Senior Supervisor, Banking & Payment System, CBN; Mr. Sadiku Yakubu, Assistant Manager, Banking & Payment System, CBN and Mr. James Agada, Chief Technology Officer, CWG Plc during the PTSP Licence audit in Lagos