Financial System Strategy2020

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LOCAL CONTENT DEVELOPMENT IN NIGERIA CASHLESS POLICY: AN FSS2020 PMO PERSPECTIVE

PRESENTED AT e-NIGERIA 2013 ANNUAL SUMMIT HELD AT SHEHU MUSA YAR ADUA CENTRE, ABUJABY

HEAD FSS2020 PMO

DECEMBER 3-5, 2013

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OUTLINE OF PRESENTATION

OVERVIEW OF FSS2020 -Background Story -Vision and Mission FSS2020 ICT SECTOR STRATEGY -Vision -Mission -Strategic Objectives -Accomplishments -Strategy Review and Execution Framework PAYMENTS SYSTEM -Cashless Policy - Local Content Initiative Conclusion

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FSS2020 Take-off Story Quick Overview of Banking Reforms

– 2004 Consolidation Program– 2009 New Banking Agenda

Enhancing the quality of Banks through industry remedial programs

Establishing financial stability by stemming wide fluctuations in key micro-economic indicators

Enabling healthy financial sector evolution Enhancing financial sectors contribution to the growth

of the real sector appropriately 2003 Emergence of BRIC countries Goldman Sachs 2005 prediction of Next 11 Comparison of Nigeria and Egypt as Africa’s candidate

in N-11 Other countries in N-11 at a glance. Nigeria & Egypt among emerging markets

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Goldman Sachs Predictions Highlight of Goldman Sachs prediction in 2001

The choice of emerging markets as the geographical dimension was influenced by, amongst other factors, Goldman Sachs' assertion that Nigeria could be placed among the 'next 11' after Brazil, Russia, India and China (BRIC) by 2025. Based on this premise, the vision to be one of the leading emerging market countries by 2020 was adopted

Requirement for attaining prediction •Increased attention to reform (Economic, Structural, Political and governance)•Greater integration into world trade and finance•Increased commitment to Education and Capacity Building•Improved infrastructure building and upgrade•Create industrial economy and eliminate over dependence on oil, etc•Extend frontiers of Corporate Governance•Work to reduce/eliminate corruption

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FSS2020 Revised Strategic Destination:

Our Vision- (Refined Strategic Destination):By 20, to be the safest and most diversified financial system among emerging markets, supporting the real economy

By 2020, to be the safest and most diversified financial system among emerging markets, supporting the real economy

Key Elements of the Vision “Safest – The Nigerian financial system will be modeled to provide

unparalleled safety, in order to mitigate the perception usually associated with emerging economies. Our financial system will be re-configured with shock-recovery capabilities and sensitivity”

“Emerging markets – We intend to conquer and use the key emerging markets as our initial benchmark. Emerging markets will be as defined by World Bank and IMF e.g. the BRICs”

Our Mission“To drive rapid and sustainable economic growth primarily in Nigeria and

Africa”

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Reasons and Rationale of FSS2020 Why FSS 2020 ?

– Need to sustain the macroeconomic stability– Need to deepen the Banking and Financial system beginning with

clear understanding of the concept of money and money as a legal tender currency

– Evolving appropriate regulations and laws to power the new economy

– Create new avenues for the funding of critical infrastructure such as power, roads, telecommunication, water supply and distribution, etc.

– Addressing the shortage of qualified and experienced manpower – Enhancing corporate governance regime across the financial

system etc.– Need to stem growing corruption at all levels by all means

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FSS2020

The Strategic Objectives of FSS2020 are as follows-

Strengthen and deepen the domestic financial market

Integration of the domestic financial market with the external financial market

Promote sustainable economic development

NATIONAL VISION 20:2020

The Strategic Objectives of NV20:2020 are as follows-

Optimizing Key sources of economic growth

Guaranteeing the productivity and well being of the people.

Fostering Sustainable social and economic development.

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FSS2020 AND NV20:2020

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BACKGROUND-MEMBERSHIP OF FSS2020 ICT COMTTE

The membership of the Committee came from the following institutions:Nigerian Computer SocietyNigerian Communications CommissionNational Information Technology Development Agency(NITDA)Nigeria e-Government Strategy, NeGStOffice of the SGF (National Identity Card Project)Galaxy BackboneCSCSMinistry of PlanningMicrosoftNextzonPrice WaterhouseCoopers (PWC)SWIFTGuaranty Trust BankZenith BankInternational Finance CorporationCentral Bank of Nigeria

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BACKGROUND:CO-OPTED MEMBERS

In the course of the meetings of the Committee, membership of the body was enlarged to include representatives of the following institutions:

Nigeria Inter-Bank Settlement System (NIBSS)Nigeria Postal Service (NIPOST)Internet Exchange Point of Nigeria, IXPNOffice of National Security Adviser, ONSA

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VISION

The Information and Communications Technology’s vision is borne out of the need to use ICT as an enabler to drive the successful implementation of the Financial System Strategy (FSS2020) vision and objectives.

VISION: ‘To Make Financial Services Available to Everyone, Everytime, Everywhere’.

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MISSION

In order to make financial services available to everyone, everytime and everywhere, ICT must be used to provide the enabling environment. The ICT mission which will support the achievement of the ICT vision is therefore:

MISSION: ‘To use Technology to Develop and Support an Accessible, Secure, Reliable, Affordable and Collaborative Financial System

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Key Elements of the Vision and Mission

Accessibility: user-friendly and easy to use Security: safety and secured transactions Reliability: up and running all the time Affordability: cost affordable by both low-

income and high-income earners. Community: financial services available to

all no matter where they are-rural or urban location.

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FSS2020 ICT OBJECTIVES

* - Create legal and regulatory framework for electronic business transactions.

- Develop frameworks, guidelines and standards to enable IT- driven/based reporting, compliance monitoring and risk management.

- Develop a future-proof technology infrastructure to make financial services available nationwide (special attention on non-bank individuals and rural communities).

- Design and implement a robust security framework and operational infrastructure.

- Establish a framework for adapting internationally accepted standards to meet local needs for information sharing and interoperability.

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OBJECTIVES CONTINUED

- Implement e-Governance to provide public service online (e-

Governance).

- Develop an online ‘virtual data warehouse’ that dynamically collates information from different systems that are within and outside the FSI (Financial Services Industry) and presents the gathered information in a user-friendly format.

- Develop a robust Research and Development Service for ICT utilization in the Economy. - Build Human Capacity and sustained awareness for ICT Utilization.

For each strategic objective the Committee has developed the Strategic Initiatives, Deliverables, Dependencies, Action steps, Process Owners, Support Process Owners, and Timelines.

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BACKGROUND:ACCOMPLISHMENTS

*Reviewed the strategy blueprint for ICT*Took presentations from the following relevant organisations: -National Institute for Technology Development Agency (NITDA):’ICT for Development-Strategic Action Plan; New National IT Policy.-National eGovernment Strategies (NeGST): ‘Nigeria e-Government Inter- Operability Framework’. -Nigerian Communication Commission (NCC)-’National Telecommunication Policy’. - National Identity Management Commission (NIMC):’Nigeria’s Identity Management Experience and the Reform Initiatives’. - Internet Exchange Point of Nigeria (IXPN): i. ‘IXPN: Concept, Design, Infrastructure and Benefits’. ii. ‘Leveraging on the Nigerian Internet Exchange Point to Catapult the Integrated System Services Network (FISSNET)’. - National Planning Commission (NPC): ‘Nigeria Vision 2020: The Role of ICT’.

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Accomplishments (Cont’d)

- * Had joint meetings with Legal Sub-Committee for the ICT Legal Requirements.

* Developed FSS2020 portal for information sharing among members. FSS2020 PORTAL:- www.fss2020.gov.ng

* Identified the need for the immediate deployment of the National Internet Exchange to keep local traffic local, reduce internet access cost, enhance and improve local internet activities.

* Established Strategic Objectives for FSS2020 as listed in the Implementation Plan.

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FSS2020 ICT QUICK-WIN INITIATIVES

The Committee, through the technical sub-committee, deliberated and adopted the following quick-win initiates for ICT Implementation:e-Transaction BillPKI- Public Key InfrastructureIXPN- Internet everywhereNIMC- National Identity management for all stakeholdersStandards and Inter-OperabilityEnterprise Programme Management, ePMO

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Critical Success Factors

Government Support Collaboration between public and private sectors Risk Management Interoperability and Standards Framework Communications Infrastructure Skilled IT staff Legal and Regulatory Framework

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• Please define the programme

Develop & implement a national financial & non-financial interoperability framework. Interoperability is the capability of systems or units to provide and receive services and information between each other, and to use the services and information exchanged to

operate effectively together in predictable ways without significant user intervention. This will involve standards for Data, Communication, Business Process , Infrastructure , Messaging,

User Experience , Security & Identity/Access Management. Leverage on the EU Inter-operability framework and the Bankers Committee standards

programme which is currently ongoing.

• Ease of Integration• Effective Information Sharing &

Exchange• Enables Management of Systems &

Services• Increased Operational Efficiency

• Change of leadership • Political Resistance • Technical Capacity

CODE MEASURE NAME BASELINE TARGET

Level of compliance to standards N/A 70% compliance

NITDA 2013 2016Owner End Date

TBD tbcSpend to date (NGN)

FSS2020 PMO, SWIFT, Accenture, IBM/Oracle, NCS, Galaxy Backbone, Ministry of Communication

& Information Technology, NITDA, NCC, IXPN

Design & Implement an Interoperability FrameworkTP22

Implementing Institution Lead with a cross sector

working team

Implementation Model

Budget (NGN)

Start date

2014 2015 2016

Design framework Platform Design and Development

Engagement and Consultation

Test & Refine Roll Out

Integrated and linked IT systemsIntegrated and linked IT systemsE2

{List the names of the individuals that form the implementation team}

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FSS PMO Contact – SaniFSS PMO Contact – SaniAn ongoing initiative

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• Please define the programme

Starting with the Banking Sector - Design & build a financial system cloud that is accessible and affordable by all Nigerians. This will reduce the costs incurred by customers and drive

universal access. The aim is to provide the platform for effective, efficient and secure internet access so that all service providers (exchange points, ISPs, data centres, shared services, financial market utilities, etc) work within a well specified and resourced network. It aims to

leverage improved bandwidth and mobile technology to ensure low-cost customer access and cost-effective service delivery, keeping most internet traffic local and very safe.

• Reduce costs of internet access• Increase security

• Uninterrupted 24/7 service• Uniform customer experience

• Political Resistance• Dominance/Exclusivity – Monopoly

• Infrastructure vulnerability

CODE MEASURE NAME BASELINE TARGET

CBN (Bankers Committee)

2013 2016Owner End Date

TBD Spend to date (NGN)

2013 2014 20162015

FSS2020 PMO, CBN (As Lead within Financial Services not as Regulator), Inter-connect Clearing

House, SWIFT, Ministry of Communication & Technology, NIMC, IXPN, NCS, NSA, SSS, EFCC,

Galaxy Backbone, NCS, NIBSS & NITDA .

Design & Build a Financial System CloudTP23

Centralized – Implementing Institution

Implementation Model

Budget (NGN)

Start date

Design FS Cloud

Build FS Cloud

Test FS CloudImplement & Roll Out

Integrated and linked IT systemsIntegrated and linked IT systemsE2

NEW PROGRAMME

{List the names of the individuals that form the implementation team}

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FSS PMO Contact – OmoFSS PMO Contact – Omo

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Financial System Enablers

By 2020, to be the safest and most diversified financial system among emerging markets, supporting the real economyBy 2020, to be the safest and most diversified financial system among emerging markets, supporting the real economy

Enhance integration with external financial markets

Enhance integration with external financial markets

Strengthen and deepen the domestic marketStrengthen and deepen the domestic market Promote sustainable economic development

Promote sustainable economic development

Develop human capital and attract expertise

Develop human capital and attract expertise

Integrated and linked IT systems

Integrated and linked IT systems

Improve legal and regulatory framework

Improve legal and regulatory framework

Drive active communication, advocacy and public relations for

FSS2020

Drive active communication, advocacy and public relations for

FSS2020

Proactively lobby and advocate for government support for projects to

qualify for long term financing

Proactively lobby and advocate for government support for projects to

qualify for long term financing

Enable PFAs to partner with international counterparties to structure and invest in

domestic infrastructure projects

Enable PFAs to partner with international counterparties to structure and invest in

domestic infrastructure projects

Collaborate with other regulators and key stakeholders to structure and develop

products suitable for pension investments

Collaborate with other regulators and key stakeholders to structure and develop

products suitable for pension investments

Advocate for mortgage ready and affordable housing

Advocate for mortgage ready and affordable housing

Attract affordable international credit to fund affordable housing programmes

Attract affordable international credit to fund affordable housing programmesEstablish a secondary mortgage marketEstablish a secondary mortgage market

Diversify & integrate insurance products into financial services for long term

financing

Diversify & integrate insurance products into financial services for long term

financing

Embed the governance and risk management framework for the

insurance companies

Embed the governance and risk management framework for the

insurance companies

Ensure insurance credibility and protect policy holders

Ensure insurance credibility and protect policy holders

Risk based capitalisation of insurance companies

Risk based capitalisation of insurance companies

Collaborate on the development of financial services, products and channels

Collaborate on the development of financial services, products and channels

Increase the provision of long term low interest financing

Increase the provision of long term low interest financing

Promote financial reporting and governance

Promote financial reporting and governance

Collaborate with quality control organisations to ensure Micro and SMEs output meet

national & international standards

Collaborate with quality control organisations to ensure Micro and SMEs output meet

national & international standards

Couple the enhancement of access to finance with business development

support

Couple the enhancement of access to finance with business development

support

Advocate and work with the government to drive SME development

Advocate and work with the government to drive SME development

Work with the government on fiscal and structural policy as the foundation for

long term stability of the financial system

Work with the government on fiscal and structural policy as the foundation for

long term stability of the financial system

Work with the government to put an incentive structure for large companies

to list on NSE

Work with the government to put an incentive structure for large companies

to list on NSE

Facilitate the listing of small and medium enterprises

Facilitate the listing of small and medium enterprises

Work with the government in operationalizing the commodities

exchange market

Work with the government in operationalizing the commodities

exchange market

Establish international competitive market infrastructure

Establish international competitive market infrastructure

Ensure competitiveness of the financial markets products and services

Ensure competitiveness of the financial markets products and services

Support the integration of FM across West Africa

Support the integration of FM across West Africa

Deepen and diversify products, services and institutions to drive the increased

participation in FM

Deepen and diversify products, services and institutions to drive the increased

participation in FM

Facilitate the reduction of operational and transaction costs

Facilitate the reduction of operational and transaction costs

Version: 23 March 2013

Increase financial literacy and awareness of financial system products and servicesIncrease financial literacy and awareness of financial system products and services

FSS2020 Strategy Map

Key Priorities: the Strategic Objectives to be achieved between 2013-2020

P1

M1

I1

I2

SM1

SM2

FM1

FM2

All1

P2

M2

I3

SM3

SM4

FM3

FM4

FM5

P3

M3

I4

SM5

SM6

FM6

FM7

FM8

FM9

E1 E2 E3 E4

Strategic Themes:

Desired End-State:

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NIGERIA PAYMENT SYSTEMS VISION 2020

Nationally Utilised

Internationally Recognised

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MISSION

To facilitate economic activities by providing safe and efficient mechanisms for making and receiving payments

with minimum risks to the Central Bank, Payment Service Providers and End Users

extending the availability and usage to all sectors and geographies, banked and unbanked

and conforming to internationally accepted regulatory, technical and operational standards.

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TRACK RECORD AND FUTURE CHALLENGES

Success to date -Re-capitalisation of banks to introduce stability and consumer

confidence -Introduction of RTGS compliant Payment Systems for financial

settlements -Introduction of automated NACS Clearing -Introduction of Central Switch for card transactions -Formalised CBN Rules and Regulations for Payment Systems

Key Challenges -Continued focus on infrastructure initiatives Deployment and Acceptance of electronic payment methods -Legal recognition of electronic payment methods

Achieving the ‘ Quantum Leapfrog ‘

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CASHLESS POLICY:INTRODUCTION

As part of our ambition to be one of the best 20 economies before the year 2020, CBN informed the world that Nigeria would commence the process of changing to a cashless economy by January 2012. The main reason for the policy was to reduce the amount of Naira notes and coins (Cash) used for business but not to eliminate cash usage.

Our economy uses too much cash for transactions for goods and services, especially for buying and selling. This is not how it is done in other progressive countries of the world where there are other payment options: Debit and Credit Cards, Bank Transfers, Bank Direct Debits, Automated Teller Machines (ATMs), and even Mobile Phone Money.

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NIGERIA’s CASHLESS POLICY

The Central Bank of Nigeria (CBN) has introduced a new policy on cash-based transactions which stipulates a ‘cash handling charge’ on daily cash withdrawals or cash deposits that exceed N500,000 for Individuals and N3,000,000 for Corporate bodies.

The new policy on cash-based transactions (withdrawals & deposits) in banks, aims at reducing (NOT ELIMINATING) the amount of physical cash (coins and notes) circulating in the economy, and encouraging more electronic-based transactions (payments for goods, services, transfers, etc.)

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WHY THE CASHLESS POLICY?

The new cash policy was introduced for a number of key reasons, including:To drive development and modernization of our payment system in line with Nigeria’s vision 2020 goal of being amongst the top 20 economies by the year 2020. An efficient and modern payment system is positively correlated with economic development, and is a key enabler for economic growth.

To reduce the cost of banking services (including cost of credit) and drive financial inclusion by providing more efficient transaction options and greater reach.

To improve the effectiveness of monetary policy in managing inflation and driving economic growth.

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MAIN THRUST OF THE CASHLESS POLICY

The cash policy aims to curb some of the negative consequences associated with the high usage of physical cash in the economy, including:High cost of cash: There is a high cost of cash along the value chain - from the CBN & the banks, to corporations and traders; everyone bears the high costs associated with volume cash handling.High risk of using cash: Cash encourages robberies and other cash-related crimes. It also can lead to financial loss in the case of fire and flooding incidents.High subsidy: CBN analysis showed that only 10percent of daily banking transactions are above 150k, but the 10percent account for majority of the high value transactions. This suggests that the entire banking population subsidizes the costs that the tiny minority 10percent incur in terms of high cash usage. Informal Economy: High cash usage results in a lot of money outside the formal economy, thus limiting the effectiveness of monetary policy in managing inflation and encouraging economic growth. Inefficiency & Corruption: High cash usage enables corruption, leakages and money laundering, amongst other cash-related fraudulent activities.

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EXPECTED BENEFITS OF CASHLESS POLICY

A variety of benefits are expected to be derived by various stakeholders from an increased utilization of e-payment systems. These include:For Consumers: Increased convenience; more service options; reduced risk of cash-related crimes; cheaper access to (out-of-branch) banking services and access to credit.For Corporations: Faster access to capital; reduced revenue leakage; and reduced cash handling costs. For Government: Increased tax collections; greater financial inclusion; increased economic development. Increased tax collections; greater financial inclusion; increased economic development.

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WHAT IS NIGERIAN/LOCAL CONTENT

The phrases are often used interchangeably The Nigerian content development bill defines it as: “…the quantum of composite value added to or created in the Nigerian economy by a systematic development of capacity and capabilities through the deliberate utilization of Nigerian human, material resources and services in the Nigerian

petroleum industry “.

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WHAT IS NIGERIAN/LOCAL CONTENT(CONT)

• Value creation or addition in the Nigerian economy;• Development of capacity;• Utilisation of Nigerian human, material resources and services – Involves supply of services and products - Employment of nationals

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THRUST OF NEW POLICY

•Aimed at ensuring that substantial proportion of activities, materials, engineering parts and human capital utilised in the Nigerian oil and gas industry is domiciled within the country.• The domiciliation focus on local value addition, and promotes technology transfer.• Stop oil and gas from being an “enclave” economy and create linkages to the wider economy• The need to Nigerianise over USD 9 billion of annual spending in the petroleum industry

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KEY PROVISIONS OF THE BILL

• The Establishment of a Nigerian Content Monitoring Board to monitor the achievement of local content in the oil and gas industry – Governing council of the board constituted primarily of government and government agencies – Operator must submit Nigerian Content performance report which would be assessed and verified by the Board -Board may issue directives to facilitate reporting

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KEY PROVISIONS OF THE BILL CONT

• Nigerian content plan to be submitted and approvedin the bidding for any licence and before carrying outany project• Minimum Nigerian content in projects in the oil andgas industry specified• “First consideration” to be given to Nigerian goodsand services• Bidding process for acquiring goods and servicesshall give “full and fair” opportunity to Nigerian indigenous contractors and companies

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KEY PROVISIONS CONTINUE

• Nigerians to be given first consideration foremployment and training• Succession plans for positions not held by Nigerians• Maximum of 5% of management positions forexpatriates• Board to approve before application for expatriatequota is made• Nigerians to constitute a minimum of 60% of the Board

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KEY PROVISIONS CONT

• R & D plan to be submitted• Minister required to make regulations to require anyoperator to invest in or set up factory to carry outany production, manufacturing otherwise importedinto Nigeria• All insurable risks to be insured with Nigerianinsurance companies• Only services of Nigerian lawyers or law firms to be retained

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OPPORTUNITY FOR LOCAL CONTENT DEVELOPMENT

Experts believe the cash-less initiative offers a great opportunity for indigenous IT companies to develop local content capacity and benefit from the initiative.

The ongoing drive to introduce cash-less economy represented a new dawn of opportunities for the Information and Communication Technology, banking, and education sectors, among others. Opportunities are also abound for entrepreneurs as well as the economy as a whole.

Software offers the window for local operators to take advantage of the cash-less initiative since software is needed for cash-less solutions.

The cash-less policy was introduced to engender the accomplishment of the Vision 2020 and modernise Nigeria’s payment system in line with international best practices. It is also aimed at reducing the cost of banking services, drive financial inclusion and reduce high security and safety risks.

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OPPORTUNITY FOR LOCAL CONTENT DEVELOPMENT CONT

According to the CBN, the cash-less initiative is aimed at reducing the high and increasing cost of cash estimated to reach N192bn in 2012.

The adoption and continued encouragement of the use of PoS terminals is considered a major step for the success of the cash-less projects and the CBN had set a road map for the deployment of over 400,000 PoS between now and 2015.

The CBN further said it would accelerate PoS density in the country to 2,247 per 100,000 people by the end of this year.

According to the CBN, the PoS density per 100,000 people in Nigeria is 13, while India’s is 67; Uganda, 453; Namibia, 338; Malaysia, 1,063; and South Africa, 1,063.

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OPPORTUNITY FOR LOCAL CONTENT DEVELOPMENT CONT

The target for Nigeria, according to the Bank, is to meet Brazil’s PoS deployment rate of 2,247 per 100,000 people by 2015.

It is imperative for some of the PoS terminals as well as applications that will engender the cash-less initiative to be produced and developed locally.

The cash-less scheme would provide huge opportunities for indigenous ICT players to build a technology based support industry, and this would also provide the opportunities for sub-contracting to local IT firms instead of India and Ukraine companies, among others.

The cash-less initiative, no doubt, will also provide opportunities for partnerships among local organisations.

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OPPORTUNITY FOR LOCAL CONTENT DEVELOPMENT CONT

The initiative would lead to GDP contributions and job creation with a ripple effect on the economy while boosting national pride and reducing exposure of national security in the area of espionage.

Developing local content in the cash-less scheme would lead to business expansion and job opportunities with new entrepreneurs coming into the market. More mobile money companies will emerge while PoS marketers and installers have new opportunities to explore.

“The move to cash-less society is good for software innovation, increased local content and job creation. Software innovation should focus on improved functionality, ease of use and interoperability. There is an imperative to increase local content in software and ensure that we develop the right skills mix in the jobs being created. The Nigerian IT industry should seize the current opportunities to transform itself into a global force.”

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RECOMMENDATIONS

The country should consider tapping into the available opportunities by producing the PoS devices locally.

While we start up with ordering of the PoS devices, the vision should be for the government through CBN to get a formidable PoS manufacturer to put up an assembly plant in Nigeria so that on the long run, the device will be produced locally with some local contents.

Millions of this device will eventually be needed. Bringing the plant in will generate employment and have a positive effect on the economy, and it will save us from the type of embarrassment we face in the case of the PHCN meter.

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PROACTIVE GOVERNMENT

The Minister of Communications Technology, Mrs. Omobola Johnson, had recently informed that the Federal Government was developing a local content policy for the Nigerian ICT industry, adding that it would be due for release in the fourth quarter of the year.

The minister also canvassed increased local production of e-Payment and other smart cards in the country ahead of the card explosion expected to be stimulated by the CBN’s cash-less economic policy, among other factors.

The minister, who recalled that an average Nigerian carried about three cards, decried the situation where a significant part of the cards was produced outside the country. She said the local content policy of the Federal Government would enhance local manufacturing of payment cards as well as ICT development at large.

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CONCLUSION

As the cash-less policy gains popularity in Nigeria, Information Technology experts see opportunities in local content development and urge the country not to miss them

The cash-less policy introduced by the Central Bank of Nigeria has continued to enjoy adoption across a wide spectrum of Nigerians, though the journey has been far from smooth. Lack of awareness, poor infrastructure, and PoS downtime are some of the indices showing that it is not yet okay with the cash-less scheme.

Time is ripe to evaluate the roles and strategies the IT industry would play in the reforms and changes in the financial, economic and social sectors in Nigeria

Experts believe that there is the need to develop the necessary security and legislative frameworks to make the cash-less policy successful.

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Financial System Strategy2020

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THANK YOU

End