Tech Tag

Financial Inclusion is a state where financial services are delivered by a range of providers, mostly the private sector, to reach everyone who could use them. Specifically, it means a financial system that serves as many people as possible in a country. In recent time, financial Inclusion has assumed a critical development policy priority in many countries, particularly in developing economies. (cbn.gov.ng). Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way- (worldbank.org). With the aim to “make financial services accessible at affordable costs to all individuals and businesses, irrespective of net worth and size respectively”, financial inclusion is important for the development of any economy. It means that people who have better access to financial services through traditional, bank accounts and digital payments have greater control over their money, and their savings, securing business loans, insurance and are better prepared for financial emergencies.  Also, this would provide the possibilities for the creation of a large depository of savings, investable funds, investment and therefore global wealth generation. In other words, access to financial services, that are well suited for low-income earners promote enormous capital accumulation, credit creation and investment boom. Over the years, the government and monetary authorities have introduced varying policies aimed at deepening financial inclusion within the economy. The policies ranged from various institutional involvements such as the establishment of community and microfinance banks to specific policies and programs designed to facilitate access of the financially excluded to formal financial services. The...

Access control systems are a vital part of ensuring the security of your business. These systems, as a priority, allow you to determine who is allowed entry to certain sensitive areas of your premises, so that you can keep unauthorized individuals out. They do this using ID’s (cards, tags, keys), PIN’s or by using some biometric method. This last method, biometry, is by far the most secure but is also the slowest which means many end users still opt for cards and tags. To help you determine the best Access Control system for your needs, here are the types that are currently available: Stand-alone systems: Do not require any type of infrastructure or connectivity, the Access Control terminal itself has the memory and the capability to manage users. These entry-level systems are usually limited by the number of users which can be stored and generally don’t allow for scheduling. One or two entrances can be controlled. They are ideal for small shops, offices, warehouses, etc. with a maximum of 30 registered users. A variation of stand-alone systems is telephone entry systems. These systems provide the option for a guest to call up to a resident so that they can remotely open the door for them. These types of systems are generally found in apartment buildings and they effectively act as an automated doorman who screens guests and determines who is allowed in or not.   Managed systems: Are networked and connected to a central software application from which users are administered, hours and calendars are controlled together with entry permissions. This allows security personnel to not only restrict access but also monitor who...

Africa is far behind in terms of provision of financial services for its bulging population, and it needs to urgently deliver a robust financial infrastructure that enables prosperity for the people.  For almost a decade, the global community and national governments have made concerted efforts to expand financial inclusion—creating a financial system that wors for all and opens the doors to greater stability and equitable progress. The progress towards financial inclusion in East Africa is evident. In Kenya and Tanzania, it is easier than ever to access financial services with only a mobile phone. But it is far different in West Africa, where the slower pace of development of mobile money has meant limited financial inclusion for some of the poorest communities on the continent. Although the root cause of this predicament is multifaceted, new thinking and innovation in financial services, which includes the provision of appropriate financing instruments targeted at this group of the population, has become critical these past years. It is clear that the main impediments to financial inclusion in Africa are the high cost of opening and maintaining formal bank accounts, the long distances to bank branches and the daunting list of personal information that banks require to support applications to open an account. Sometimes, the erratic nature of Central Bank financial policies and regulations also discourages people from engaging with formal financial institutions. These constraints have stimulated a high level of demand for alternatives to the traditional banking and financing system.   Mobile Phones to the Rescue While mobile phones are quickly becoming more affordable, digital financial solutions that are tailored to very poor and remote communities are urgently...

THE ABC OF BIG DATA The phrase ‘Big Data’ has in recent times become a popular jargon. It has been used, overused and used incorrectly that it is difficult to decipher what it really means. In this post, we shall be demystifying Big data and seeing why it is considered one of the most promising technologies of the decade. Big data refers to the massive volume of both structured and unstructured data that is so large it is difficult to process using traditional techniques. So Big Data is just what it sounds like – a whole lot of data. Social media, online books, videos, music and all kinds of information have all added to the staggering amount of data that is available, as more of this information have become digitized. All these data can then be analyzed, and value can be gotten from it. Categories of Big Data Big Data may be well-organized, unorganized or semi-organized. Based on the data form in which it is stored, the data is categorized into three forms: Structured Data – Data accessed, processed, and stored in a fixed format or form is called as structured data. The example of this data form is a table ‘Student’ storing different fields for the different students containing the data in rows and columns. Unstructured Data – Data without any structure or a specific form is called as unstructured data. It becomes difficult to process and manage unstructured data. Examples of unstructured data may be data sources with images, text, videos, etc. Semi-structured Data – This kind of data contains the combination of both structured and unstructured data. It has a structured form...

As customers’ financial behaviors evolve to include digital banking and financial technologies—like peer-to-peer payment, virtual currency, mobile payments and mobile wallets—tokenization is one of the most important new technologies merchants can leverage to stand in the way of cybercriminal access to customer payment information. What is Tokenization? It is recommended that consumers use a paper shredder to destroy bank account statements, checkbook registers, tax forms, payment receipts and similar documents that include sensitive data because any account number reflected on the document that wasn’t destroyed beyond recognition could be used fraudulently. Similarly, when a shopper buys something online, they are required to divulge confidential and sensitive information, such as their address and ATM card info.  Giving out this information online is risky since it may be stolen and used fraudulently. Much like a paper shredder renders account information meaningless so that it’s made nearly impossible to re-assemble, repurpose or identify, the same theory applies to tokenization—through technology. Basically, tokenization is the process of replacing sensitive data with unique identification symbols that capture all the vital information about the data without compromising its security. The algorithmically generated number used to replace the sensitive data is called a token. How It Works Typical consumer credit/debit (ATM) cards come with names, 16-digit personal account numbers (PANs), expiration dates and security codes — any of which can be "tokenized." When a merchant swipes a customer's credit card, the PAN is automatically replaced with a randomly generated alphanumeric ID (“token”). The original PAN never enters the merchant's payment system; only the token ID does. The merchant can use this special token ID to keep records of the...

By 2030 one in five people will be African. Africa will account for more than half (54%) of the 2.4 billion global population growth in coming decades. The United Nations predicts that between 2015 and 2050, Africa will add 1.3 billion people, more than doubling its current population of 1.2 billion. Combine the continent’s soaring population with technology, improvements in infrastructure, health and education, and Africa could be the next century’s economic growth powerhouse. Africa has had a sporadic growth in Technology through the development from spears and arrows from trees, to the discovery of machines and software to making life better. Even in this evolution of Africa in Science and Technology, research still shows that Africa portrays a gap in Technology compared to the rest of the technology inclined world, due to the myopia on the part of its Government to recognize the value and need for science and technology in its country’s development. As Africa transitions from the margins to the mainstream of the global economy, technology is playing an increasingly significant role. According to the IMF’s 2014 World Economic Outlook report, of the ten fastest growing economies in the world, six will be from Africa. Past Technological Achievements Despite suffering through the era of horrific system of slavery, countless contributions to the fields of science and technology was made by early Africans. The first evidence of tools used by African ancestors is interred in valleys across Sub-Saharan Africa. There is no doubt that tech and innovation can play a big role in making some countries richer than others. About half the differences in GDP per person between countries are due...

Over the years  Artificial Intelligence (AI) has evolved into a sophisticated and elaborate tool that is at times almost indistinguishable from the human being. It helps to handle a lot of time-consuming and mundane, repetitive stuff that workers are often forced to do instead of something more valuable. (See here for what you need to know about AI). Al intelligence is enabling businesses to work smarter and faster, doing more with significantly less. As technology and society continue to advance, more organisations are looking for powerful, sophisticated solutions that will improve and streamline operations. AI can provide smoother, instantly reacting service, which can improve itself and at the same time gather valuable insights from the interactions with the customers. Here are 5 areas AI is currently thriving: Customer Service (Chatbots) Chatbots are always on, delivering smart and flexible analytics through conversations on mobile devices using standard messaging tools and voice-activated interfaces. it is some form of automated AI that begins these conversations. As these AI chat bots can understand natural language, i.e. human conversation, they can readily assist customers in finding out what they need to know. This dramatically reduces the time to collect data for all business users, thereby accelerating the pace of business and streamlines the way analysts use their time.   Security As cyber-attacks increase in frequency and more sophisticated tools are used to breach cyber defences, human operators are no longer enough. Top firms across the world are investing heavily in cybersecurity to ensure their data is protected. Real-time threat detection, mitigation, and ideally, prevention, are what’s needed for businesses – and AI can deliver. Using machine learning algorithms...

The financial sector is constantly coming up with useful and innovative ways of providing its services to the population. The advent of fintech (the use of technology in the financial industry) has provided a way for all entities to have access to financial products and services at a reasonable rate. Although these services have included more people in the money sector, thereby disrupting the financial world, there is still a huge portion of the world population which is largely unbanked. Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way- (worldbank.org). According to a survey by Enhancing Financial Innovation and Access (EFInA), about 40.1 million or 41.6 percent of Nigerian adults are financially excluded, and 48.6 percent are financially included, while 58.4 percent are said to be financially served. This shows the sheer amount of people without access to financial services. In Nigeria people have found ways to have access to financial services and become financially inclusive; either by getting a job (their salary is paid through a bank account) or starting a business (open an account to obtain payments or credit). They then become increasingly financially inclusive by growing to having insurance, a credit account, a brokerage account, and mortgage etc. The way financial services are delivered has changed tremendously in the past century. These changes are underscored by transaction costs, which have evolved based on changes in communication and computing technology. The developments in communication and computing technology have contributed significantly in bringing...

Last week, we learnt about the interconnectedness of devices, humans and the cloud and how that has impacted the world today. We will go on to talk about the applications of IoT; this will give us a glimpse of how IoT will transform our lives soon. Smart Homes Smart home products promise to save time, energy and money. Wouldn’t you love to be able to switch on your air conditioner before getting home, so the house can be cool before you arrive? Or switch off your lights even after leaving the house? Or grant your friends access to your house when you are not home? IoT has made it possible for companies to build products that make life convenient and simpler. It is predicted that smart homes will become as common as mobile phones. Connected Cars A connected car is a vehicle which can optimize its own operation, maintenance as well as comfort of passengers using onboard sensors and internet connectivity. The automotive digital technology has focused on optimizing vehicles internal functions. But now, this attention is growing towards enhancing the in-car experience. Major brands like Tesla, BMW, Apple, Google are working on bringing the next revolution in automobiles. IoT in Agriculture Smart farming is often overlooked when it comes to the business cases for IoT solutions. However, there are many innovative products on the market geared toward forward-thinking farmers. Some of them use a distributed network of smart sensors to monitor various natural conditions, such as humidity, air temperature, and soil quality. Others are used to automate irrigation systems. With the continuous increase in world’s population, demand for food supply is...

The Internet has subtly broken geographical barriers. It has connected people all around the globe that has made communication more dynamic. Today we live in a world where some of our devices are connected to each other and to us, for example wearable fitness devices that connect to our scales or smartphones that connect to our lights. Broadband Internet is become more widely available, the cost of connecting is decreasing, more devices are being created with Wi-Fi capabilities and sensors built into them, technology costs are going down, and smartphone penetration is sky-rocketing. All these have led to the emergence of Internet of Things. The Internet of Things, commonly abbreviated as IoT, refers to the connection of devices (other than typical fare such as computers and smartphones) to the Internet. It is a system of interrelated computing devices, mechanical and digital machines, objects, animals or people that are provided with unique identifiers and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction. Cars, kitchen appliances, and even heart monitors can all be connected through the IoT. And as the Internet of Things grows in the next few years, more devices will join that list. Simply put, the concept of IoT is basically connecting any device with an on and off switch to the Internet (and/or to each other). This includes everything from cellphones, coffee makers, washing machines, headphones, lamps, wearable devices and almost anything else you can think of. It is estimated that 20.4B smart devices will be connected to the IoT by year 2020. By enabling devices to communicate with each other independently of...