Wednesday, June 23, 2021

    Citi Bank seeks to boost fintech in Nigeria with T41 challenge

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    Naija247news Media, New York
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    Citi Bank Nigeria, TechPrenuer Africa and other alliances have launched Citi Tech for Integrity challenge to promote financial integrity in Nigeria.

    T4I challenge which is described as a global open innovation program is focused on enhancing and scale pilot-ready tech solutions with Citi and its Allies in an effort to promote integrity and fight corruption in Nigeria.

    According to Citi, T4I is geared to look for solutions to crowd source pain points from the global public and private sector. Which captures government transactions, Culture, Ethics and Engagement, Information Security & Identity, Procurement, Crisis management & Aid, Paper, Cash & Manual Cutting The Red Tape, Analytics, Reporting & Transparency and Financial Crimes & Illicit Activities.

    Citi Bank’s Tech for Integrity Challenge is aimed at providing public sector entities with access to Nigeria’s indigenous tech innovators and their ideas on how to increase transparency and efficiency in daily financial transactions.

     It will also offer support and infrastructure that tech innovators need to tailor new technological solution to the market. Local innovators selected for the initiative will be privileged to enroll in a virtual accelerator program, which will provide mentoring, curriculum and infrastructure support to help them enhance their submissions. Finalists will be opportune to showcase their solutions at one of the six demo days in cities around the world, which includes Lagos, Nigeria, Buenos Aires, Dublin, Hyderbad, Mexico city and Singapore in May and June.

    Speaking with Naija247news at the event, Chinwe I.Esimai, Managing Director Chief AB&C Officer Global Anti-Bribery & Corruption, Citigroup, Inc stated: that T4I challenge is a one-of-a kind, world class, virtual accelerator program which is geared towards finding disruptive solutions that promote transparency in Nigeria’s private and public sector transactions.

    She also said that at the background of Citi Tech for Integrity Challenge is the sole purpose of promoting financial integrity in Nigeria by giving fintech solutions to government to be able to tackle the menace of corruption in in Nigeria

    Bolaji Finnih, CEO TechPrenuer Africa, also said TechPreneur Africa is a social impact organization that focuses on bridging the knowledge gap and harnessing innovation and entrepreneurship to achieve real economic impact across Africa.

    “Programs like the T4i global challenge show us what is essentially the next level: Not just opening up APIs but coaching and driving adoption/engagement to foster collaboration between these 2 very critical stakeholder groups while at the same time promoting global synergies amongst Fintech entrepreneurs from literally all over the world’’, says Bolaji Finnih, Founder Techpreneur Africa.

    ‘’With physical presence in 100 countries and 200 million + customer accounts (more than our population), imagine what partnering with Citi, a truly global bank, can do for you. Exciting possibilities.”

    Other key partners in the project include PricewaterhouseCoopers, IBM, Microsoft, Facebook, Mastercard and Let’s Talk Payments.

    Large companies like Microsoft says it spends over $1 billion annually on cybersecurity research and development, He also said.

    ‘’About 50 percent organizations are unaware of internal cyber security breaches’’, Olabode Olaoke Senior Manager, Risk Assurance Services, PricewaterhouseCoopers (PwC) said in an interview with Naija247news

    Funmi Ogunlesi, an Executive Director of Citibank Nigeria, the goal of the project is to “provide digital solutions that create more stable economies across the world.”

    Following the gradual growth and acceptance of tech solutions in the Financial Service Sector, the challenge seeks to explore the possibility of sustainable tech solutions in fighting the corruption phenomenon which the World Economic Forum estimates is costing economies around the world $4 trillion annually.

    Citizens around the world especially in developing countries are assuming bolder stances in the fight against corruption and money laundering in governance.

    It is estimated that if unaddressed, Nigeria’s corruption problem will cost her 37 percent of her GDP by 2030. For a country wallowing in dire economic challenges, this is a whopping ratio.

    Using calculations from the IMF World Economic Outlook, Nigeria’s GDP could have been 22% percent higher in 2014 if it had reduced its corruption levels to that of neighboring Ghana’s.

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