VISA Unveils Secure Payments Plan for Internet of Things

25/02/2016

Visa says that it is expanding its Visa Ready program to include Internet of Things (IoT) companies, such as manufacturers of wearables, automobiles, appliances, public transportation services, clothing and almost any other connected device.

Emerging IoT companies will join mobile device manufacturers, including mobile point of sale acceptance (mPOS) providers, mobile NFC enabled device manufacturers and other technology partners in the Visa Ready Program.

The Visa Ready Program gives companies one seamless path to integrate secure payments into their products and services. Visa Ready partners receive access to industry best practices, tools and resources, and Visa’s Digital Enablement Program (VDEP), which includes streamlined access to Visa Token Service (VTS). The Visa Token Service, an innovative security technology, allows secure mobile and digital payments anywhere there is an Internet connection.

The first IoT companies to join the Visa Ready Program will focus on payments for wearables and automobiles. Initial Visa Ready partners include Accenture, Coin, Giesecke & Devrient, Fit Pay, and Samsung, who will work with device manufacturers including Chronos and Pebble, to help embed secure payments in consumer devices and have those devices certified as Visa Ready.

Mobile technology is accelerating the pace of change in the payments industry, helping open up new possibilities for a generation of consumers who increasingly rely on connected devices to manage their money, shop, pay and get paid.

The number of IoT enabled devices is expected to reach 50 billion by 2020 according to Cisco, providing a huge opportunity for secure payments to be a feature in just about any form factor.

“More and more, consumers are relying on smart appliances and connected devices to make their lives easier,” said Jim McCarthy, executive vice president of innovation and strategic partnerships at Visa Inc. “By adding payments to these devices, we are turning virtually any Internet connection into a commerce experience – making secure payments seamless, and ultimately more accessible, to merchants and consumers.”

Visa Ready Program for IoT
The Visa Ready Program is a commercial program designed to provide innovators with a path to help ensure that devices, software and solutions can initiate or accept Visa payments. It also provides a framework for collaboration with Visa, as well as guidance and best practices to access the power of the Visa network.

Mobile point-of-sale acceptance (mPOS) providers, mobile NFC-enabled device manufacturers, and chip and platform providers are already playing a critical role in enabling new ways to pay and benefiting from the Visa Ready Program.

The Visa Ready Program for IoT will also enable device manufacturers to evaluate, develop and potentially adopt new payment methods that are already approved by Visa, and can help financial institutions and merchants drive growth by expanding the use and acceptance of electronic payments globally.

Visa Token Service
As part of the Visa Ready Program, all participants will use the Visa Token Service (VTS) security technology that replaces sensitive payment account information found on payment cards, such as the 16-digit account number, with a unique digital identifier that can be used to process payments without exposing actual account details.

3D Printing in Africa, Middle East Target $1.3bn in 2019

Business Journal

25/02/2016

Spending on 3D printing in the Middle East and Africa (MEA) market is set to increase from $0.47 billion in 2015 to reach $1.3 billion by 2019, according to the latest forecasts from International Data Corporation (IDC).

The research firm’s new Semi-annual 3D Printing Spending Guide shows that the spending in the region will increase at a compound annual growth rate (CAGR) of 30.8% over the 2015‒2019 period, outperforming the worldwide growth rate of 26.9%.

IDC expects this high rate of growth to have a transformative effect on how previously mass-produced goods are manufactured, with 3D printing enabling such products to be customized for individual requirements.

While the world’s emerging markets in general will represent a clear growth opportunity, IDC expects the Asia-Pacific region to contribute most to near-term growth, as China – in particular – becomes a leading market for 3D printing hardware and services. Nevertheless, MEA will maintain its position as a frontrunner in this space and its share of global 3D printing spend is expected to grow from 4.3% in 2014 to 5.0% by 2019.

“It is clear that 3D printing offers considerable growth potential in the Middle East and Africa region,” says Martin Kuban, a Senior Research Analyst with IDC Manufacturing Insights.

“The technology will dynamically proliferate across multiple manufacturing industries over the coming years, and we are already seeing significant interest from manufacturers in the GCC countries looking to utilise 3D printing technology. Aside from some of the more obvious applications within the automotive and aerospace industries, we expect to see some innovative and potentially transformative 3D printing deployments among medical suppliers, electronics manufacturers, and tools and components manufacturers.”

IDC’s 3D printing research indicates that the MEA 3D printer market is ready for greater mainstream adoption. And the technologies that enable 3D printing are continuing to develop at a rapid pace and expand in nearly every direction, creating an incredibly broad range of use cases in industries such as healthcare, education, construction, and retail.

“We are also seeing increasing adoption among oil and gas companies in the Middle East as they look to enable the rapid prototyping of parts on their sites, which can often be found in extremely isolated locations,” says Ashwin Venkatchari, IDC’s Senior Program Manager for Imaging Devices and Document Solutions in the Middle East, Africa and Turkey.

“This limits downtime and reduces costs, which is particularly important in this current environment of low oil prices. But cost savings aren’t the only drivers of 3D printing in the region; for example, the healthcare industry is one of the fastest growing users of technology, and the primary driver in this space is the ability of 3D printing to improve the lives of patients.”

The Worldwide Semiannual 3D Printing Spending Guide quantifies opportunities for 3D printers. Spending data is available for more than 20 use cases across 20 industries in eight regions. Data is also available for 3D printing hardware, materials, software, and services.

Unlike any other research in the industry, the comprehensive spending guide was designed to help IT decision makers clearly understand the industry-specific scope and direction of 3D printing expenditure over the next five years.

Nigeria, SA, Kenya Lead M & A Deals in Africa

Business Journal

25/02/2016

After several years of steadily increasing M&A activity, African deal making has made the final step to firmly entrench itself into the global marketplace.

Despite political turmoil in many countries, a prolonged downturn in the commodities cycle and related currency risk, Africa’s top economies have maintained investor interest with strong momentum in M&A across the majority of sectors.

This is one of the key findings of the fourth edition of “Deal Drivers Africa”, published by Merger-market in collaboration with Control Risks, the leading business risk consultancy.

Key Findings:
South Africa, Nigeria and Kenya are seen as the most attractive target countries for M & A activity on the continent
100% of respondents believe that cross-border deal making between African countries will continue to increase
Respondents expect most foreign buyers of African companies in 2016 to come from Europe (41%), Asia-Pacific (39%) and North America (16%)
Energy, mining and utilities are expected to generate the most M&A activity in Africa (79%), with industrial & chemicals being viewed as the second busiest sector in the next 12 months (72%)
Regulatory uncertainty, particularly compliance and integrity issues, are highlighted as the principal obstacle to M&A activity in Africa (86%), followed by operational and security risks (77%)
Cyber security is given highest importance by 60% of respondents when doing an M&A deal in Africa

George Nicholls, Senior Managing Director for Southern Africa at Control Risks, comments on the findings:

“M&A activity in Africa is currently driven by many factors: Downturns in more established markets make international buyers look out for new targets; capital is more easily available and high-quality targets are offered at very attractive prices. Despite all the enthusiasm over this positive development, major obstacles remain. Regulatory, operational, security and increasingly cyber risks are major risks that should be considered when undertaking M&A activity on the continent.

“While most actors (88%) acknowledge the fact that external advisers are crucial to the success of a deal, still only 19% use external support for due diligence assessments. Hence, many deals fail at the step of the very initial due diligence, as lack of transparency and local knowledge leads to lack of clarity in the ownership structures.

“Only 9% reach out for help on anti-bribery and corruption programmes. Ignoring or under-estimating these issues can not only lead to failure of a deal, but almost more importantly to serious reputational damage for the buyer.”

U.S. is No. 1 Source of Spam Emails, Down 11.4% in 2O15

Business Journal

25/02/2016

According to the latest Kaspersky Lab Security Bulletin, the volume of spam emails in 2015 decreased to 55.28% of overall email traffic, a fall of 11.48% on the previous year. The significant slump in spam emails can be attributed to the increasing popularity of legal advertising platforms on social networks, coupon clipping service and etc.

Among other trends identified in the Kaspersky Lab spam report are the following. Over three quarters (79%) of all emails sent were less than 2kb, which shows a steady decrease in email size for spam campaigns over the past few years. Financial institutions such as banks, payment systems and online shops were attacked most often with phishing emails (34.33%, a rise of 5.59%).

In 2015, cybercriminals continued to send out fake emails from mobile devices and notifications from mobile apps containing malware or advertising messages. New tactics included fraudsters spreading malware in the form of .apk (Android executive files) and .jar (ZIP archives containing a programme in Java).

In addition, cybercriminals masked a mobile encryption Trojan behind a file containing updates for Flash Player. After launching, the malware encrypted images, documents and video files stored on the device with users receiving a message telling them to pay a fee in order to decrypt the files.

“The increased use of mobile devices in our everyday life to exchange messages and data, as well as access and control bank accounts, has also resulted in increased exploitation opportunities for cybercriminals. Mobile malware and fraudulent spam is becoming more popular and efforts to dupe victims are becoming more sophisticated year on year, with the emergence of apps that can be used by cybercriminals both directly (for sending out spam, including malicious spam) and indirectly (via phishing emails). Mobile device users therefore need to be on their guard and remain vigilant, as cybercriminal activities in this area are only likely to increase, along with our reliance on devices”, warns Daria Loseva, Spam Analysis Expert at Kaspersky Lab.

The US remained the biggest source of spam (15.2%), with second place taken by Russia (6.15%) and China making way for Vietnam in third spot (6.12%). Germany was the biggest victim with 19.06% of spam attacks – a 9.84% increase on 2014, followed by Brazil at 7.64% which posted a 4.09% increase and moved up from sixth place in 2014. Russia moved up to third place from eighth, an increase of 3.06% to 6.03% of all spam attacks in 2015.

Hot spam topics of the year:
“Nigerian” fraud used the Ukrainian political situation, the Syrian civil war, the election in Nigeria and the earthquake in Nepal to exploit the kindness and empathy of recipients with believable email content. These emails contained content calling for material support for a person in need.

Although the Olympic games in Brazil has yet to take place, fraudsters have already started to exploit the event, sending emails announcing false lottery wins and asking the recipient to fill in a form with their personal details.

In these attacks, emails with pdf attachments, pictures and other graphical elements were designed to fool the spam filters.

Worldwide Smartphone Sales Grew 9.7% in 4qtr 2015

Business Journal

25/02/2016

Global sales of smartphones to end users totaled 403 million units in the fourth quarter of 2015, a 9.7 percent increase over the same period in 2014, according to Gartner.

However, this was their slowest growth rate since 2008. In 2015 as a whole, smartphone sales reached 1.4 billion units, an increase of 14.4 percent from 2014.

“Low-cost smartphones in emerging markets, and strong demand for premium smartphones, continued to be the driving factors,” said Anshul Gupta, Research Director at Gartner.

“An aggressive pricing from local and Chinese brands in the midrange and entry-level segments of emerging markets led to consumers upgrading more quickly to affordable smartphones.”

Gupta said that 85 percent of users in the emerging Asia/Pacific market are replacing their current midrange phone with the same category of phone. In addition, currency devaluations against the U.S. dollar in many emerging markets are putting further margin pressure on many vendors that import devices.

Current market conditions are prompting some vendors to consider setting up manufacturing operations in India and Indonesia to avoid being hit by future unfavorable currency devaluations and high import taxes.

In the fourth quarter of 2015, Samsung and Huawei were the only two top-five smartphone vendors to increase their sales to end users. Apple suffered its first decline in sales of smartphones – iPhone sales were down 4.4 percent.

Although Samsung was the No.1 vendor, Gartner analysts said the company faces challenges. “For Samsung to stop falling sales of premium smartphones, it needs to introduce new flagship smartphones that can compete with iPhones and stop the churn to iOS devices,” said Gupta.

With an increase in sales of 53 percent in the fourth quarter of 2015, Huawei achieved the best performance year over year. Huawei’s increased brand visibility overseas, and its decision to sell almost only smartphones, gave it a higher average selling price in 2015.

For total sales of smartphones in 2015, Samsung maintained the No. 1 position, but its market share declined by 2.2 percentage points. In 2015, Apple sold 225.9 million iPhones, to achieve a market share of almost 16 percent. Huawei’s smartphone sales approached 104 million units, up 53 percent year over year.

In terms of smartphone operating system (OS) market, Android increased 16.6 percent in the fourth quarter of 2015, to account for 80.7 percent of the global total. “Android benefited from continued demand for affordable smartphones and from the slowdown of iOS units in the premium market in the fourth quarter of 2015,” said Roberta Cozza, Research Director at Gartner.

In the premium segment, despite Apple’s slower year-over-year fourth-quarter sales, Apple narrowed the market share gap with Samsung in 2015 as a whole.

Buhari May Sack CBN Gov, Emefiele, over Naira Crisis

Business Journal

24/02/2016

President Muhammadu Buhari may sack Mr. Godwin Emefiele, Governor, Central Bank of Nigeria [CBN] over the continued slide in the value of the Naira against major global currencies.

Just last week, Buhari sacked the Director of Budget over lingering embarrassing errors in the 2016 federal budget sent to the National Assembly.

A top chieftain of the ruling APC told Business Journal in Abuja that the party hierarchy was becoming uncomfortable with the failure of Emefiele to halt the sliding value of the Naira, which he said was making the party unpopular amongst Nigerians.

“I can tell you in confidence that top leaders of APC are becoming worried over the Naira crisis, but more importantly, the clear inability of Emefiele to stop the negative trend which is making our party very unpopular across the country. Already, some party stalwarts have begun to discuss the issue of replacing Emefiele as CBN governor if the situation does not improve as quickly as possible.”

The APC official added that Emefiele’s situation is not helped by the fact that he was appointed by former president, Goodluck Jonathan.

The official said: “Our experience so far with those appointed by Jonathan is not really palatable. Majority of them are working for the APC government to fail and that was why the president sacked about 26 of them last week. For Emefiele, we are still exploring the best way out.”

NSE Renews Onyema’s Contract for a 2nd Five-year Term

Business Journal

24/02/2016

The Nigerian Stock Exchange [NSE] has approved the renewal of contract of employment for Mr. Oscar N. Onyema for another term of five years as Chief Executive Officer of The Exchange effective immediately.

Onyema has served as the CEO of the Exchange since April 2011 and his initial five years employment contract expires on March 31, 2016.

Commenting on the renewal, President, National Council of NSE, Mr Aigboje Aig-Imokhuede said “Mr. Onyema’s tenure as CEO of the NSE is marked by outstanding achievements. The Council is confident that he can continue The Exchange’s trajectory of transformation, innovation and marketplace recognition by implementing its business strategies which he has been instrumental in developing. The leadership qualities that he has demonstrated in his first term as CEO, in the face of such intense and challenging operating environment, have been exemplary. The Council believes that his vision and passion will ensure the Exchange remains a force to be reckoned with in Africa and beyond.”

Speaking on his contract renewal, Mr. Onyema said:
“I am honoured to remain with The Nigerian Stock Exchange and to continue to lead our dedicated staff as we strive to achieve the Exchange’s vision. I am grateful to the Council for the opportunity to continue such an important work. While there is still much to be accomplished, the support shown by the capital market community has been inspirational, and I look forward to working with the entire eco-system to meet our objectives. ”

On assumption of the role of CEO in April 2011, Onyema developed the strategic plan to transform the Exchange into a globally competitive brand by stabilising and professionalising the Exchange.

He led the execution of the Exchange’s transformation strategy which resulted in over 365% increase in surplus, and 40% increase in NSE Group balance sheet size for the period. He has transitioned this strategy into a five year growth plan, 2015 to 2019 which will see the Exchange increase the number of new listings across five (5) asset classes; increase order flow in the five (5) asset classes; and operate a fair and orderly market based on just and equitable principles.

In recognition of his contributions to Nigeria’s economic development and transformation of Africa’s capital markets he was elected President of African Securities Exchanges Association (ASEA) in November 2014, demonstrating recognition and acceptance within the African region; and Chairman of West African Capital Markets Integration Council (WACMIC) for 2013 -2015, demonstrating sub-regional pull and influence.

More so, Onyema has represented the NSE on several boards and Government bodies including PENCOM, FMDQ OTC Plc, Central Securities Clearing System Plc (CSCS), Nigerian Capital Market Master Plan Implementation Council (CAMMIC), World Economic Forum (WEF) Global Agenda Council on Future of Financing and Capital, amongst others.

African Capital Alliance Acquires 49% of Continental Re

Business Journal

24/02/2016

Private equity firm, African Capital Alliance (ACA) announced in a release published on February 15, 2016 it has acquired a 49% stake in the reinsurance firm, Continental Reinsurance Plc that operates in 44 African countries.

The amount of the transaction carried out via Capital Alliance Private Equity IV (CAPE IV), an ACA-sponsored fund was not disclosed.

The transaction was possible through the dilution of the shares of Saham Finances, the insurance subsidiary of the Moroccan Saham Group, in Continental Re.

Subsequent to the dilution which was approved by the regulatory authorities, Saham Finances’ shares in the reinsurer dropped to 51% from 100%.

“This is an extremely positive move for our company and we are very pleased to have shareholders who share our determination to realise our vision for Africa”, said the Managing Director of Continental Re, Femi Oyetunji.

“The new structure will position Continental-Re favorably to bolster its strategic objectives and strengthen what it has achieved over the past few years in terms of our pan-African foothold, expansionary plans and market positioning as the largest private pan-African reinsurer, outside of South Africa”, he added.

Established in 1985, Continental Re is one of Africa’s main reinsurers. The firm, listed on the Nigerian Stock Exchange [NSE] since 2007, indeed supports more than 200 insurance companies operating in the various sub-regions of the continent and has offices in six countries (Nigeria, Kenya, Cameroon, Cote d’Ivoire, Tunisia and South Africa).

ACA focuses on sub-Saharan Africa. Since its establishment in 1997, the firm launched four private equity funds and a real estate fund that raised more than a billion dollars.

To date, ACA has made 40 investments, mainly in the oil and gas, financial, energy and consumption goods sectors.

Bloomberg Africa Business and Economic Summit Explores Growth

Business Journal

24/02/2016

As shifting global economic conditions place further pressure on revenue and investment streams in Africa, Bloomberg will convene leading newsmakers and game changers from across sub-Saharan Africa, CEOs of global corporations, influential investors and government leaders this week in Cape Town, for the Bloomberg Africa Business and Economic Summit.

The event will be held at the Westin Hotel in Cape Town on Tuesday 23 and Wednesday 24 February and will gather more than 40 speakers to discuss the opportunities that lie at the point where technology, gender equality, political transparency and global partnerships meet.

Topics include financial transparency, the opportunities and challenges of doing business in Africa, capital access, Africa’s energy needs and infrastructure challenges and the future of Africa’s relationship with China, among others.

“The goal of the Bloomberg Africa Business and Economic Summit is to foster meaningful discussion and debate about the opportunities and challenges for investment and growth in Africa, for both foreign investors and African companies,” says Matthew Winkler, Editor-in-Chief Emeritus, Bloomberg News and co-host of the Summit.

Speakers include:
Tembinkosi Bonakele, Commissioner, Competition Commission, South Africa
Mike Brown, Chief Executive, Nedbank Group
Alan Knott-Craig, Founder and Chief Executive Officer, Project Isizwe
Karen Daniel, Chief Financial Officer, Black & Veatch
Bob Diamond, Chief Executive Office and Founding Partner, Atlas Merchant Capital
Dana Hyde, Chief Executive Officer, Millennium Challenge Corporation
Jay Ireland, President and Chief Executive Officer, GE Africa
Wendy Luhabe, Economic Activist and Social Entrepreneur
Ben Magara, Chief Executive Officer, Lonmin, South Africa/ UK
Phuti Mahanyele, Executive Chairperson, Sigma Capital
Joseph Mucheru, Cabinet Secretary, Ministry of Information, Communications and Technology, Republic of Kenya
Patrick O’Sullivan, Chairman, Old Mutual

To open the programme, a dinner will be hosted by Peter T. Grauer, Chairman Bloomberg L.P. and Matthew Winkler, Editor-in-Chief Emeritus, Bloomberg News. Jeff Radebe, Minister in the Presidency, Republic of South Africa and Patricia de Lille, Executive Mayor, City of Cape Town will welcome guests and the evening will feature an interview with Dr. Donald Kaberuka, Former President, African Development Bank and Senior Advisor, TPG/ Satya.

The Summit is sponsored by GE and The Coca-Cola Company.

The event aims to build on the discussions and outcomes of the 2014 U.S.-Africa Business Forum which was held in Washington D.C. and convened nearly 50 heads of state and government and more than 300 global CEOs, demonstrating the enormous interest in the growing African markets for U.S. investors and companies.

Bloomberg Philanthropies and the U.S. Department of Commerce have announced they will host the second U.S. –Africa Business Forum in New York during the 71st UN General Assembly meeting in September 2016.

Vodafone Plans First-to-the Market 5G by 2020

Business Journal

24/02/2016

In order to be one of the first to provide the 5G technology to its customers, the British telecom firm, Vodafone signed a partnership agreement with the infrastructure firm, Ericsson. Other partners are associated to the agreement which allows Vodafone to take part into Ericsson’s research.

It will also allow the firm to prepare its telecom networks to the transition towards this new mobile standard expected by 2020.

In a release, Vodafone says its collaboration with Ericsson regarding 5G will consist in defining the standards of the industry, set technical guidelines, and establish products roadmaps.

Vodafone and other partners will evaluate which 5G technologies will be presented as the industry’s standards; the company will test hardware and software in its UK-based Innovation Labs; conduct trials on Vodafone’s radio and core networks in selected global markets; test and evaluate a wide range of 5G technologies and services, and prioritise the benefits of 5G that can be brought to market by 2020.

Satisfied of the future collaboration with Ericsson, Vodafone Group CTO, Johan Wilbergh said:
“The telecom industry is still establishing what technology will offer the benefits we expect from 5G, therefore it is important to establish dedicated research programmes with these leading global companies. We expect 5G to radically enhance the speed, resilience and intelligence of mobile networks, enabling Vodafone customers to remain confidently connected as their usage of mobile data increases.”

Olashore Lancaster Foundation Commences UK Trip

Business Journal

24/02/2016

Olashore Lancaster Foundation Students is set to commence their trip to the United Kingdom [UK].

The trip which is scheduled to hold between March 5th and 19th is organised in partial fulfillment of the Lancaster University Foundation Programme (LUFP) qualification.

The Foundation is an off-shoot of a globally acclaimed secondary school institution in Nigeria, Olashore International School.
The purpose of the Foundation programme is to provide students with the necessary skills needed to go on to study for an undergraduate Bachelor Degree at Lancaster or any UK University.

Students embarking on this programme would spend one year in Olashore International School, Nigeria and three (3) years at Lancaster University or any UK University. The Lancaster University Foundation Programme (LUFP) welcomed its first students in October 2007 and has had over 100 students join universities across the UK and beyond.

Some of the unique features of the Olashore Lancaster Foundation programme includes study skill sessions, academic and cultural orientation trip to UK Universities, opportunity to apply to five UK Universities, guaranteed progression to UK universities, visa processing support, ensuite accommodation and the learning environment is safe and serene.

According to the Programme Co-ordinator, M.r H.B. Rufai, “the Olashore foundation programme is well known, approved and accepted by UK universities. Lecturers from Lancaster University visit Nigeria in November and June for an intensive study skills sessions during the one year programme at Olashore. Applicants must have completed secondary education with good grades in WASSCE before they can enroll for the One-year foundation programme, and when the programme is half way, the students are taken abroad for taster lectures, volunteering programs and community development.”

The school principal, Mr D.K. Smith, emphasised on the essence of the Lancaster University Foundation Programme (LUFP):
“The idea of the Lancaster Foundation came up after working in affiliation with Lancaster for few years, under the leadership of the former principal. The essence is to allow for easy and smooth transition from here in Lancaster University or any University in the UK through the help of this foundation programme. Lancaster University has existed for more than 50 years now, and has progressed to being one of the top 10 universities in the UK consistently. Based on the award we got in year 2015 that has positioned Olashore as one of the ten top schools here in Nigeria, we want to affiliate ourselves with top schools.”

Established in 1994, on 60 acres of land, Olashore International School is a co-educational school which offers high calibre education in a wide range of subjects.

It is one of Nigeria’s leading boarding schools, is particularly appealing to discerning Nigerians at home and abroad, as well as expatriates residing in Nigeria, who desire a school with a strong value system, proven track record and a clear sense of purpose.

Orange, Google Partner on Mobile Internet Services in Africa, Middle East

Business Journal

24/02/2016

Orange announces a new partnership with Google™ to bring the best of mobile internet across its full African and Middle Eastern (Orange MEA) footprint.

By combining the strength of Orange’s mobile network and mobile expertise with Google’s mobile applications, the move offers customers the best of both partners in terms of access and content through an all-inclusive digital communication package. Orange and Google have come together to deliver a package that is tailored to meet the needs of the market. Customers across the Orange MEA footprint will now have access to a range of best-in-class online services including, but not limited to, popular content covering fashion, sport and music, as well as everyday tools such as Google Search™, YouTube™ and Google Maps™.

Bringing Value to Customers through Enriched Local Content
The partnership will address the mass market for Orange in Africa and the Middle East, following Orange’s ongoing success of delivering smartphones across the region.

Through an educational campaign, customers will be offered advice to better understand the benefits and direct value mobile Internet can bring. Important information will be made accessible, for example, finding answers to questions instantly through Google Search or the ability to locate the nearest health clinic using Google Maps.

Languages, such as Arabic, will be supported to enrich the customer experience, with additional languages to be added throughout the year.

The digital communication package is especially well-adapted to youth who have high data usage and want the latest generation smartphone. Customers will receive one of the most competitively priced tariff plans in the region starting at $40, which will consist of a high-specification smartphone and a communication bundle with voice, SMS and data.

The offer will be delivered in a phased approach and will start to roll-out across the full Orange MEA footprint in Q2 this year. The device will launch with the native set of Google services and the goal of the partnership is to develop local services and content over time.

“As the first pan-Africa and Middle East mobile partnership with Google on this scale, we are able to bring direct value to our customers by offering the best access and services to ensure they get the most out of the mobile internet,” says Yves Maitre, Executive Vice President of Connected Objects and Partnerships, Orange.

“Through this all-inclusive digital communications package, we are proud to continue our promise to deliver affordable internet access across the region and connect people to what is essential in their lives.”

Richard Turner, Director Android Partnerships for Europe, the Middle East and Africa says:
“Today, over three billion people across the world are using the internet to live better, richer lives and create opportunities for themselves and their communities. The driving force behind this growth – particularly in Africa and the Middle East – is smartphones. We are very excited to work with Orange to bring together data services, content and a high quality Android™ device to provide a great experience for first-time or experienced smartphone users.”

Orange Rise 31 Special Edition, 3G flagship device for Orange MEA
The affordable offer will launch on the Orange Rise 31 Special Edition, a new and exclusive Orange branded 3G device. As the flagship model of Orange’s 2016 smart family line-up for Orange MEA, it will be running on Google’s latest OS Android 6.0 Marshmallow, has a 4-inch screen and comes with the latest version of Orange Experience 8 to ensure a smooth and supportive smartphone experience.

The smartphone is a powerful quad-core product, boasts a high memory package (1GB RAM/8GB ROM) and will provide access to the full suite of Google Apps.

Coming with a 3 mega pixel camera with LED flash and a 1500mAH battery, it will be the first Orange customised smartphone to run Android 6.0 Marshmallow at a low-price point.

Pension Assets Hit N5.3tr, N41bn Deficit Expected in 2016

Business Journal

22/02/2016

Nigerian pension assets have hit all-time high of N5.3 trillion at the end of December 2015, according to Mrs. Chinelo Anohu-Amazu, Director-General, National Pension Commission [PenCom].

She said the sum of N20 billion was outstanding in 2015 in respect of retired workers in the federal civil service.

The PenCom DG said the commission requested for N91 billion to settle pension liabilities of such federal pensioners in 2016, but the 2016 budget made provision for only N50 billion, leaving a deficit of N41 billion.

“Truth is that the funds are not there to pay all the retirees at the same time. We have competing demands for increasingly dwindling resources at the disposal of the Federal government due to falling oil prices in the international market. However, the federal Government can take out a loan for the purpose and adequate funding made possible going forward. We are in talks with all arms of government to sort out the issue.”

On micro-pension which the commission is actively canvassing, she said the objective is to bring in about 60 per cent of the population who are mainly in the informal sector of the economy, like artisans, barbers, mechanics etc into the new pension scheme.

“The bulk of Nigerians reside within this segment, meaning that those in private practice deserve pension cover to take care of themselves when they are no longer able to work.”

Amazu assured concerned stakeholders that pension funds will not be lost in infrastructure investment as the commission will adhere strictly to the enabling laws governing such investments.

FCMB Plans African Expansion in 2 Countries

Business Journal

22/02/2016

As Nigeria suffers from the actual global plunge in oil price, the Nigerian banking group, First City Monument Bank (FCMB) plans on expanding to at least two African countries, Bloomberg reported.

“We have identified a key market in East Africa and another key market in West Africa”, FCMB’s Chief Financial Officer, Patrick Iyamabo told Bloomberg without giving details.

During the nine first months on 2015, FCMB’s pre-tax profit fell to N1.87 billion ($9.4 million) against N14.2 billion over the same period in 2014, mainly as a result of depreciated investment in the oil and gas industry but also because of lower revenues from trade funding.

This year, the Nigerian Stock Exchange listed-bank intends to reduce its exposure to the oil and gas sector and prioritise loans to companies operating in the retail and large-scale distribution as well as exporting firms.

Visa Holds 1st Fraud Prevention Workshop in West Africa

Business Journal

22/02/2016

Visa Inc., a global payments technology company, organized its first ever fraud prevention workshop dedicated to its West Africa-based clients and partners.

Held in Dakar, the three-day workshop provided an in-depth look at the latest tools, information, and best practices for issuers and acquirers to effectively combat fraud. Workshop attendance was high, with thirty-two delegates representing 17 partner banks from eight markets in West Africa attending the workshop.

Conducted by Visa Business School, the workshop outlined the key functional areas that are critical for identifying fraud trends and neutralizing the most advanced fraud threats in the payment industry. These areas include operations, compliance programs, fraud risk management, data, merchant cardholder monitoring and loss controls.

“This workshop is part of Visa’s commitment to share fraud prevention best practices and the latest technologies with our clients in West Africa, a region that is witnessing considerable growth in electronic payments driven by high rates of mobile penetration and adoption of new trends in the payments industry,” said Ismahill Diaby, Visa’s West Africa Manager.

“The topic is very important as the region embarks on a journey to gain the needed tools to offer more payment options, provide financial services to underserved populations, and adapt to a fast-changing payments environment.”

With decades of expertise and practical payments experience gained across every continent in the world, Visa Business School is uniquely positioned to deliver fresh insights, relevant strategies, and best practices across a wide range of payment topics.

The school consists of Visa specialists who work every day with clients in the industry, as well as a select group of external industry experts who can offer additional insights into the most topical trends and payment techniques.

About Visa Inc.
Visa Inc.is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments.

We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers.

Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead of time with prepaid or pay later with credit products.

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ICT

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Insurance

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