Hello ______,
Delight here,
Here’s what I have for you today:
- Data and the role of data analytics
- Nigerian banks fired staff for fraud in Q2 report
- Safaricom gets regulatory approval to launch Ziidi in Kenya
Safaricom gets approval to launch digital platform Ziidi
Kenya’s telecommunication and technology company, Safaricom has been granted regulatory approval by the Capital Market Authority of Kenya (CMA) to launch its second Money Market Fund (MMF), Ziidi.
This new innovative money market fund will be integrated into Safaricom’s M-Pesa platform and is designed to be a one-stop platform for providing tailored digital tools and solutions targeting Kenya’s retail market.
Ziidi will be launched through a partnership between Safaricom, Standard Investment Bank, ALA Capital Limited and Salem Investments East Africa Limited.
Safaricom is riding on the success of its first money market fund, Mali, which was launched in 2019, with an asset base of $23 billion as of November 2024.
Speaking about the approval, CMA highlighted the company’s vision to leverage technology for economic empowerment, as part of the government's strategy to thrive in a digital-first world.
With regulatory approval in place, Ziidi is set to roll out next week in phases, starting with a pilot program before a full-scale launch.
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The nod from regulators demonstrates confidence in Safaricom’s commitment to adhering to industry standards and fostering innovation responsibly.
Data and the role of data analytics
Did you know that data analytics is one of the top 10 most in-demand skills globally across industries? The demand for data analytics skills has grown by 42% over the past five years, and it is expected to rise as more businesses digitise.
Why, though? As a mathematician myself, one of the things I am familiar with is data, and I can say that every sector in the world today thrives on data. It is crucial because it serves as the foundation for decision-making, innovation and progress in nearly every field.
While automation and artificial intelligence (AI) are simplifying some tasks, expertise in advanced analytics remains irreplaceable (for now).
Although related, data analytics and artificial intelligence serve distinct purposes and utilise data in different ways.
Data analytics examines raw data to uncover patterns, trends and insights that form decision-making. Artificial intelligence on the other hand enables systems to learn from data, make predictions and perform tasks that require human cognition.
Most times it's data analytics versus artificial intelligence. For me, I would have said I stand with data analytics being a stat girl and all, but, the GenZ in me knows how much AI comes through in so many things, so I would have to say it's a tough one.
Well, you can find out more and take your pick with Oluwanifemi’s latest story here:
Nigerian bank staff fired for fraud in Q2 2024 report
In the second quarter of 2024, Nigerian banks terminated the employment of 49 staff members over their involvement in various fraudulent activities. According to the latest FITC report, there has been an increase of 40% from Q1’s report of 35 terminations.
Some of these fraudulent activities include unauthorised transactions, identity theft and insider collusion to exploit system vulnerabilities.
This report underscores the ongoing concerns about internal fraud in the banking sector, which has been grappling with the dual challenge of safeguarding customers' funds and maintaining operational integrity.
While the insider cases represent a fraction of the overall fraud report, experts estimate the losses to be significant, with potential ripple effects on customer trust and investor confidence in the country’s banking sector.
FITC advises banking institutions to adopt advanced technologies such as AI monitoring systems that can track abnormalities in real-time. Strengthening access protocols, and emphasising employee ethics and compliance training will also serve as a check to these incidents.
For Nigeria’s banking industry to thrive, it must strike a balance between innovation and the implementation of security measures to protect both customers and the integrity of the financial system.
In case you missed them
- Nigerian banks terminated 49 staff over fraud in Q2 2024
- This Nigerian law firm wants to save your startup from costly legal mistakes
What I'm watching and reading
- Housing - A human right or big business
- To sell is human by Daniel H. Pink
Opportunities
- Join Opeyemi Olugbemiro at Pitch Friday on December 13, 2024 and discover the art of storytelling that wins customers. Apply here.
- Flutterwave is currently looking to fill several vacancies. Apply here.
- Moniepoint is hiring for several roles. Apply here.
- Follow Techpoint Africa's WhatsApp channel to stay on top of the latest trends and news in the African tech space here.
Have a wonderful Wednesday!
Sunny Delight for Techpoint Africa.
