Follow Us on Google
By Olabisi Olaleye ( [email protected] 08094000013, 08111813040)
Despite the hype about including the non banking population, the Central Bank of Nigeria and other payment agencies have not achieved much result in this regard.
Aside data being a major challenge to retail banking, financial institutions, regulators and experts need to ensure that Simple Know Your Customers (kYC) rather than Biometrics Verification Number (BVN) is used to encourage the under banked. He noted that BVN is simply an elitist banking ratification, which the under banked don’t need the technicalities.
These were the analysis of The Chief Executive Officer, Global Accelerex, Mr Tunde Ogungbade, at the weekend during the 3rd Quarterly Forum of the Nigeria Information Technology Reporters Association (NITRA) in Lagos.
Themed: ‘ Digital Payment: Prospects and Challenges of a Financial Inclusive Nigeria’,Ogungbade reiterated that banking has to change and everyone has to have a transaction account, which is a place to engage in.
He described the financially excluded as those who may have the idea but are unemployed, low income earner, elderly, pensioner, people living disabilities, financial illiteracy. He stressed that 46.3 percent of Nigeria’s total population is financially excluded but by 2020, 70 per cent of Nigerians should be able to have access to payment service and only 20 percent excluded.
The Accelerex boss, who was the key notw speaker further stated that Government, banks and other financial services would need to move away from the attitude of viewing the objective behind financial inclusion as a national social responsibility but as a profitable business opportunity and enabler of development.
Earlier, Mr Emma Okonji, Chairman, NITRA said that the introduction of cashless economy by Central Bank of Nigeria in 2012 had helped immensely to further drive Nigeria’s financial inclusion vision.
He said that with the global technology advancement especially in the digital payment space, Nigeria cannot afford to miss out in today’s knowledge revolution.
“Today, customers taste and lifestyles are fast changing with technology evolution in such a manner that customers are seeking better technology solutions that will enable them carry out financial transactions from mobile phones.
“In order to achieve this, financial services providers like banks must collaborate with financial technology(Fin Tech) players”.
On his part, Chairman of CWG, Mr Austin Okere lauded the Nitra’s initiative but was quick to point out the financial challenges.
Okere, who was the chairman of the day said what will be the scale of change? How will this happen and at what scale?
“ The changes coming will be as large as the original invention of the internet, and this may not be overstated. Who would have imagined a decade ago that e-commerce, championed by Amazon and Alibaba will be displacing high street retailers, or that ride hailing will be dominated by Uber, a technology platform. “According to Anthony Jenkins, former CEO of Barclays, bank branch traffic has halved in the last five years, and bank profitability could collapse by 60 percent in the same period. A 2015 Goldman Sachs report estimated $4.7tn of financial services revenue was at risk of displacement from Fintech groups”.
What to do if your smart device falls into water
… Put it in a bag of rice or silica gel
If your smart phone or gadget accidentally falls into water, toilet or in bathtub slipping out of hand, it is not an unusual occurrence. Therefore, try not to panic, wiith a little luck, it is often possible to save it from water damage in such a situation.
Step 1: Get the phone out of water as quickly as possible.
Step 2: After you get it out of water turn the wet phone off by holding down the Sleep/Wake button, if it has not already turned itself off. This would prevent the possibility of a short circuit of the electronic circuitry inside which would render the it useless. Turning it on after the iPhone fell in water always poses a risk of damage;
Step 3: Remove phone cases or covers, if any, since they can trap in moisture. Take out the SIM card and the Battery also if you are confident ‘DIY-type’ (do it yourself) user, and place it on a paper towel to dry it off;
Step 4: Use a clean cloth or some paper towels to wipe off as much of the exterior water as you can from your phone. In order to clear the ports and sockets turn the phone upside down and give it a gentle shake. Don’t move the phone excessively while you do this as otherwise the water inside would move around and do further damage to the phone. Don’t be tempted to power your phone on and see if it still works. It might stop the phone working forever;
Step 5: Remove any headphones, ports, chargers, USB cables, or accessories immediately;
Step 6: Now with all visible water removed put the the phone in an air tight plastic bag surrounded by a bunch of Silica gel packets to draw out the moisture. Silica gel is an incredibly moisture-absorbent substance often found in Arts & Crafts shops or in electronics stores. You can find Silica gel packets even at a local shoe or department store. You may also be able to buy them from a craft and handbag shops. Some hardware stores sell a product called DampRid, which you can put in a sealed bag with your phone for 24 hours to suck the moisture out of it.
If you can’t get hold of the Silica gel sachets or any moisture-absorbent substance quickly, place your wet phone in a bag of uncooked rice (avoid enriched rice as it leaves a lot of white residual powder) and seal it. Make sure the phone is fully immersed in the rice. This may keep the phone as dry as possible in the intervening period though this is not really going to help much. Transfer the phone as early as possible to the bag of Silica gel sachets after you procure them. You should keep your phone surrounded by a the Silica gel packets without turning the it on or charging it for at least 24 hours.
Never attempt to dry it with a hairdryer whenever your device dropped in water accidentally, which is not generally recommended as the hot air from it could fry up the delicate internal parts of the device. Taking the phone apart after you dropped it in water, to dry the interior parts may appear a good idea, but this will also annul any warranty you have left on your device;
Step 6: Now let the phone dry in a warm place like in an airy cupboard or somewhat near a radiator (but not on it) for 48 hours or more. A lesser time may work but sometimes it also could be not enough, therefore longer is better;
Step 7: After you have waited at least for 48 hours, open the rice/silica gel bag and take a look at your phone. If you think the phone has any left-over moisture, do not power it on and continue drying for some more time;
Step 8: Avoid charging the battery for at least 72 hours before attempting to plug it in and turn it on. If your phone fell in water, it’s a good practice to replace the wet battery just as a precaution (not a must) and this should always be done for all water damaged devices;
Step 9: If everything appears well, go ahead and turn your phone on normally. Now your phone should power on as usual, and hopefully it has survived the water damage;
Culled from Tech-addict.
