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Mobile Banking Applications Remain Most Popular Platform For Digital Banking – Agusto & Co



Mobile Banking Applications Remain Most Popular Platform For Digital Banking - Agusto & Co, SiliconNigeria
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Agusto & Co, has said that mobile banking applications remain the most popular platform for digital banking.

The increasing use of mobile banking has also been backed by the growing base of mobile phone users, which has grown by a five-year compound annual growth rate of 6 per cent to 184.4 million as the end of 2019.

Agusto & Co, an indigenous African credit rating agency and a leading provider of industry research and knowledge in Nigeria, dissected this in its third edition of the consumer banking satisfaction index has the level of customer satisfaction towards digital banking channels in Nigeria with Guaranty Trust Bank (GTBank) scoring the highest user experience score.

According to the report, approximately 82 pre cent of the survey respondents are aware of their respective bank’s mobile banking service while internet banking recorded 57 per cent awareness. The respondents are least aware of WhatsApp and other virtual banking platforms (such as the chatbot service and telephone banking), with only 6 per cent of the respondents indicating their knowledge of these services

The consumer banking satisfaction index reveals customers’ preferences towards digital banking channels on some selected banks in Nigeria. The index which contains a survey and a scorecard, and showcases that the crux of customers’ complaints is customer service delivery.

As revealed by the report, Guaranty Trust Bank (GTBank) Emerges the Best Digital Bank in Nigeria with a user experience score of 74.2. Zenith Bank was the highest-ranked bank in the 2019 edition, with a score of 74.2 but dropped to the 4th position this year to a score of 70.9 due to lower ratings in transaction success rates and troubleshooting & IT support.

First Bank of Nigeria ranked second, while Access Bank ranked third. GTBank’s top position was underpinned by comparably higher transaction success rates, which is most crucial in the current ‘COVID-era’. The Bank’s position was also upheld by the significant level of awareness of its digital banking services compared to the other banks in the survey sample.

Agusto & Co also observed that the COVID-19 pandemic has driven an increase in the use of digital channels and created an opportunity to grow transaction income across the various platforms.

In addition to benefits to commercial banks, the pandemic has also provided digital banks (also known as FinTechs) with an avenue for growth. The survey also indicates that only 46 per cent of the survey respondents are aware of digital banks.

In addition to the vast digital service offerings provided by banks, Agusto & Co found that there are still several key desired services. These include a chat option with a relationship officer, which was chosen by 67 per cent of the survey respondents.

Approximately 39 per cent of the survey respondents would like to have a further breakdown of their bank statements to reflect their spending habits while 31 per cent yearn for a branch/ATM finder option on their bank’s digital platform. Other desired services include additional account opening option, credit card requests and investment advisory.

The 2020 Consumer Digital Banking Satisfaction Survey targeted a focus group of respondents drawn from the formal and informal sectors of the economy. The coverage banks indicated in the survey are the top 10 commercial banks based on the value of total assets and contingents as at 31 December 2019

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Mobile Business

Glo Rewards Cashtoken Offers Customers More Prizes



Glo Rewards Cashtoken Offers Customers More Prizes, SiliconNigeria

Globacom’s recharge-based loyalty programme, Glo Reward Cashtoken, has resumed again to give more benefits to subscribers. 

According to the company, the second season of the scheme was launched to give Glo subscribers who missed out on prizes in the first season the opportunity to win between N5,000 and N100 million in weekly lottery draws.

The program is packaged specially  for  existing and new Glo prepaid subscribers and is billed to hold  between 18th December 2020 and 31st March, 2021.

Globacom disclosed that,  like in the first season, Cashtokens will be earned by customers whenever they recharge, adding that each Cashtoken will give an assured cashback as  tokens will accrue to customers on every N1000 cumulative recharge within a calendar month.

 “To enroll for GloRewards, subscribers will Dial *777*6# and start recharging to earn Cashtokens. However, welcome Cashtoken awaits new customers on first recharge of N200 only, after which they will earn more Cashtokens on every cumulative recharge of N1000 during a calendar month”, the grand masters of data explained.

According to the network, subscribers who satisfy the eligibility requirements will continue to earn and accumulate Cashtoken, as there is no upper limit to accumulating Cashtokens. All cashtokens will be credited in a virtual wallet that is linked to the customer’s mobile number, the company added. 

Said  Globacom, “Subscribers will be able view and redeem their cashtokens by dialing *6700# to purchase airtime/data, pay electricity bills, pay CableTV bills or other payments. They can also transfer their accumulated cash tokens to the bank and cash out the equivalent value”,

Winners who emerged from different parts of the country in the first edition included   Anthony Iyemi, from Warri, who carted home N100,000; Mohammed Tijani, a Kaduna-based farmer, who  won N20,000, Ugochi Nwabikeze, a businesswoman in Onelga, Port Harcourt who got a prize of  N20,000; a student of  Ogun State Institute of Technology, Igbesa, Sarah Sadiq who won N20,00 and William Ubi, a Civil Engineering student of  the Cross River State who won  N200,000.

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The AFRICA CEO FORUM and IFC Gear Up to Rethink African Finance



The AFRICA CEO FORUM and IFC Gear Up to Rethink African Finance, SiliconNigeria

With banking income growing by 11% per year on average and African fintech firms raising more than $800 million in equity funding in 2019, Africa’s financial industry was one of the most dynamic in the world before the Covid-19 pandemic struck.

However, the impact of the economic crisis promises to be severe for Africa’s economies, which face heightened levels of risk, a likely deterioration in returns on equity, and the challenge of rapid digitalisation. The silver lining is that there has never been a better time for African finance to rethink its development trajectory.

To help address these unprecedented challenges, the first edition of The Financial Industry Summit will convene 500 decision-makers representing the entire spectrum of the financial industry, including bankers, insurers, fintech executives, mobile money operators and microfinance institutions, stock markets, regulators, and government ministers.
Through panels, keynote speeches, and high-level roundtables, participants will explore topics essential to developing an efficient financial sector, such as how to drive digital transformation, developing financial inclusion strategies, adapting to the regulatory environment, updating risk management practices and understanding the impact of the African Continental Free Trade Area (AfCFTA).

The first edition of The Financial Industry Summit seeks to help the sector boost competitiveness, embrace innovation, and have a positive, sustainable impact on the continent’s economies.
“If we really want the AfCFTA to be successful and to seize this unique opportunity to rethink Africa’s financial industry, if we want Africa to overcome the COVID-19 crisis and find a way to create a full-fledged, continent-wide economic recovery plan, then we have no other choice but to combine the forces of the public and private sectors. Africa needs a dynamic public-private dialogue, and it needs it now. Tomorrow will be too late,” said Amir Ben Yahmed, President, the AFRICA CEO FORUM.
“The challenges of COVID-19 have placed stress on banks and financial institutions around the world, including in Africa, where they have proved resilient, but still face multiple challenges. IFC has long been a strong supporter of Africa’s financial sector, which we see as the foundation for economic growth. I look forward to the Financial Industry Summit where we will explore how financial institutions can continue to drive development across our dynamic continent,” said Sérgio Pimenta, Vice President, Middle East and Africa, IFC.

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Mobile Business

9mobile Appoints New CTO, Deputy CTO and Director of Strategy



9mobile Appoints New CTO Deputy CTO and Director of Strategy, SiliconNigeria

Nigeria’s most innovative and customer-centric telecommunications company, 9mobile, has announced a new Chief Technical Officer (CTO), Deputy Chief Technical Officer, and Director of Strategy within its Senior Management team.

Juergen Peschel has been appointed as the New CTO, Baqi Salihu, Deputy CTO, and Karn Gulati as Director of Strategy.

9mobile Appoints New CTO Deputy CTO and Director of Strategy, SiliconNigeria
Juergen Peschel
9mobile Appoints New CTO Deputy CTO and Director of Strategy, SiliconNigeria
Baqi Salihu
9mobile Appoints New CTO Deputy CTO and Director of Strategy, SiliconNigeria
Karn Gulati

As CTO, Peschel, an experienced professional with an international executive track record within the IT, Managed Services & Telecommunications Industry, including expertise in a wide variety of industry verticals and markets, will oversee the evolution and integration of the company’s technical functions.

Peschel has over 25 years of extensive international and operational experience as a technology and business leader. Over the years, he has led Information Technology teams, built VAS Services, IP, and transport networks for Vodafone across all European markets, and engaged with emerging markets across the world for subsea, carrier, and satellite services. He successfully launched the mobile payment service Mpesa in Kenya.

As Deputy CTO, Salihu will support the CTO to drive technology decisions in line with current trends and align the technical and transformation initiatives of 9mobile.

He is a seasoned professional with over 18 years of Mobile Telecoms Engineering, Operations, RF Planning & Optimization and Digital Services experience. He led the Network QOS and Support Department of 9mobile as the Director Network Quality of Service since June 2018.

Salihu executed the LTE re-farm solution using 1800MHz spectrum, achieving wider mobile broadband coverage, slashing the number of sites, and reducing carbon emissions while ensuring high-quality data service. This project significantly reduced TCO, enhanced users’ mobile broadband quality of experience, increased brand value for 9mobile while saving about $152m in spectrum fees. He joined 9mobile in December 2008.

The new Director of Strategy, Gulati, will be responsible for developing strategic, tactical, and operational initiatives.

Heis a long-serving Management Consultant with over 12 years of experience in the telecom and technology sector.  He has led Advisory services teams focusing on Telecom, Media & Technology (TMT) industry and has worked across India, Africa, and South East Asia for various telecom clients. He also took a break and founded a tech & food start-up during his entrepreneurial stint for three years. His accomplishments include programme management of large-scale projects, achieving operational excellence with digitization and process engineering, customer strategy, and greenfield launches.

In their roles, the trio will lead decisions in line with current trends and strategic vision within their respective areas. They will provide hands-on leadership in ensuring that the 9mobile plans are fully aligned and structured to deliver its business goals.

Commenting on their appointments, Chief Executive Officer, 9mobile, Alan Sinfield said: “9mobile remains fully committed to executing its business strategies with the help of a high-performing team of dedicated, hardworking employees. The collective knowledge, expertise, and experience that Juergen, Baqi, and Karn bring to the Organisation further strengthen our business. It reinforces our position at the forefront of delivering excellent products and services to our over 13 million customers. These promotions continue to consolidate the leadership of our Organisation and are evidence of the great career opportunities that employment with 9mobile offers.”

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