Business
Mobile Technology, a Catalyst for Innovation and Socio-Economic Development
Mobile Technology, a catalyst for innovation and socio-economic development
By:
Some forty years ago we made the unimaginable possible by enabling people to make voice calls from anywhere. Fast forward to today and there are more mobile subscriptions than the number of people living on our planet.
Communications technology has gone from being a luxury to becoming a basic human need and for millennials and younger, connectivity is now nearly as important as the air they breathe.
We know that connectivity improves lives every day, including the small things many of us now take for granted, like using digital wallets in communities without traditional banking, smartphones to navigate our way across town, wearables to track our health and fitness, to big things that might once have seemed unimaginable, like doctors being able to make an accurate diagnosis of a patient remotely.
Unfortunately, this reality remains a dream for over one-third of the world’s population who are unable to leverage the social, economic, and environmental benefits that accompany broadband connectivity. With the requisite infrastructure investments, ecosystems, and policies, many more people can enjoy these benefits and we can transform the planet.
Digital Acceleration
While earlier generations of mobile networks enabled voice and some basic data connectivity, fourth generation (4G) mobile communications, along with smartphones and their ecosystem of applications spawned a new App economy worth over six trillion US Dollars, or seven percent of global output, and has transformed the way we live, interact, and conduct business.
The trend towards digitalization was accelerated with onset of the Covid-19 pandemic. During these difficult times, we enabled two years of digital transformation in a matter of months. And the pace of acceleration has set the bar for the speed of innovation.
The confluence of the global pandemic and digital acceleration has increased our comfort with online collaboration and communication tools – using technology to shrink distance and simulate physical presence. And while we cannot eliminate the need for human contact, millions of people are now comfortable replacing physical events with virtual ones, opening new possibilities for how we work and live.
Simulation of physical presence online will become part of the new world in what some call the metaverse, and others Web. 3.0. As with the early digital disruption, the asset light industries of entertainment and media are poised to lead this transformation.
Industry Transformation
With 5G, however, the transformation of asset heavy enterprise will usher in a new form of industrialization based on digitalization.
The convergence of digital-physical world will provide a vast number of benefits to product development and creation – allowing control of physical objects in a virtual world. ‘Digital twins’, virtual replicas, will be used in the automation of industry, helping with predictive maintenance in smart factories, and optimizing logistics flows.
Future connectivity will allow real-time collaboration regardless of location and therefore broaden access to expertise and talent pools, wherever they are in the world, making the brain-drain a relic of the past.
Mobile drives economic development
The role of mobile technology as a catalyst for innovation and socio-economic development cannot be overstated. Studies conducted by Ericsson and Imperial College in London have shown the clear link between mobile broadband penetration and GDP growth – a 10 percent increase in the mobile broadband penetration drives 0.8 percent increase in GDP
.
This effect is even stronger in lower-income countries and hence the potential to leapfrog in the economic development by investing in mobile broadband infrastructure.
A catalyst for tackling the climate crises
Despite these economic benefits, digital transformation is also a contributor to the urgent climate challenge that confronts humanity, particularly through the energy consumed by the networks and data centers we build and operate.
While the ICT industry is responsible for 1.4 percent of global carbon footprint, research by Ericsson shows that ICT solutions can enable reductions in global greenhouse gas emissions by up to 15 percent.
Foundational pillars for transformation
We see three foundational pillars for enabling digitalization: the need for a robust and reliable network infrastructure; a conducive regulatory environment to encourage investment; and the evolution and growth of ecosystems.
Digital Transformation requires at its base an infrastructure that is scalable, reliable, dynamic, resilient, and secure, with reduced energy consumption.
Resilient, scalable infrastructure
Fast growing countries in the Middle East like the United Arab Emirates are investing substantially in their infrastructure capabilities to enable economic diversification and growth.
In a bid to diversify their economies, these nations are now investing in greenfield Industry 4.0 initiatives.
Governments must incentivize pervasive, high quality infrastructure deployments. Spectrum price in the short-term should not be prioritized over long term value generated. Advanced countries in the Middle East have led the way on this and it is beginning to pay off in improved performance in many of the global infrastructure leadership indices.
A spectrum policy that drives development
From a government and regulatory standpoint, the biggest lever is the timely availability of ample, cost-effective, and harmonized spectrum. Spectrum is the lifeblood of mobile communications. It is a limited national resource and starving the mobile industry of spectrum will slow down the pace of digital transformation.
It is imperative to maximize spectrum availability and develop a clear, reliable, and long-term timetable for its assignment. Unused or underused spectrum does not add value to any country, and long-term clarity of spectrum licenses is necessary to encourage infrastructure investments.
Furthermore, spectrum license conditions should incentivize investment with the flexibility to use allocated spectrum for multiple technologies to reduce cost and increase agility.
It is critical to uphold the principle of technology neutrality, to stimulate investments in infrastructure and enable innovation.
Ecosystem collaboration
Finally, the ability to work with a broad cross-function of collaborators towards a common goal will become the norm, ending inherited ideas of competition, traditional boundaries, by focusing on true interconnectivity.
Ericsson is committed to open standards that enable mobile innovation to thrive. We will bring together partners across eco-systems to collaborate, innovate and kindle new ideas and evolve ways in which we expose network functions that enable digital innovations to scale.
However, a country must ensure technology neutral policies so they can leverage the innovation brought by new generations of technology.
An opportunity to leap-frog development
Digital Transformation affords emerging economies a massive opportunity to be major players in the upcoming 4th industrial revolution based on world-class digital infrastructure and platforms for innovation.
Governments, regulators, telecom industry and application ecosystems have key roles to play in enabling this step-change in development.
Business
Fidelity Bank Supports Modupe Cole Memorial School, Lagos
Fidelity Bank Supports Modupe Cole Memorial School, Lagos
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
In continuation of its drive to alleviate the impact of economic hardship and suffering among indigent Nigerians, Fidelity Bank Plc recently donated food items to Modupe Cole Memorial Childcare and Treatment Home School in Akoka, Lagos.
CAPTION:
L- R. Tolulope Rojaiye, Team Member, Brand and Communications, Fidelity Bank Plc; Osho Olufunmilayo Bamidele, Vice Principal 2, Modupe Cole Memorial Childcare and Treatment Home School; and Victoria Mbonu, Class President, Intellect Nexus Inductee Class, Fidelity Bank Plc; during a Corporate Social Responsibility (CSR) donation event executed by Fidelity Bank at Modupe Cole Memorial Childcare and Treatment Home School, Akoka, Lagos recently.
The donation which aligns with the Bank’s Corporate Social Responsibility (CSR) pillars of education and health, was championed by the Intellect Nexus Class of 2024 under the Fidelity Helping Hands Program (FHHP). Through this initiative, Fidelity Bank staff identify community needs, raise funds to address them, and receive matching support from the bank to implement impactful projects.
Explaining the bank’s commitment to supporting its host communities, the Divisional Head, Brand and Communications Division, Fidelity Bank Plc, Dr. Meksley Nwagboh, noted that, “At Fidelity Bank, we recognise the symbiotic relationship we have with the communities where we operate. This informs our decision to not only provide our host communities with relevant financial services but to also impact them with developmental projects.
“We are inspired by the great work being done here at Modupe Cole Home School and our donation is a small token of appreciation for this as we aim to support the well-being of these exceptional children.”
On his part, the Vice Principal of the school, Mr. Isiaka Ajani, expressed gratitude for the bank’s consistent support noting that Fidelity Bank’s gesture is a huge encouragement to the school.
“We say thank you for the gift items that you have brought to us today, and this shows that we are not alone in the mission to provide care and education to children with special needs.
“This institution is a testament to the belief that there is ability in disability. We have children here who have passed common entrance examinations and gained admission into higher institutions despite their challenges. It is our mission to help them achieve their potential.
“The school had made effort to provide academic and vocational training programs in bead-making and hairdressing, and specialized care for residents with severe disabilities for its 476 residents, many of whom have been abandoned by their families.” He stated.
Fidelity Bank is a full-fledged customer commercial bank with over 8.3 million customers serviced across its 255 business offices in Nigeria and the United Kingdom as well as on digital banking channels.
The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
Business
Access Bank to Host Pioneering Africa Trade Conference in Cape Town
Access Bank to Host Pioneering Africa Trade Conference in Cape Town
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Access Bank PLC is set to host its first-ever Africa Trade Conference (ATC), a landmark event focused on advancing Africa’s economic transformation under the theme, ‘Empowering Africa Through Trade, Innovation, and Sustainable Growth’. Scheduled for March 12, 2025, in Cape Town, South Africa, the conference is poised to bring together the most influential voices in trade, finance, and policy to address the future of commerce across the continent.
With Africa’s trade finance gap estimated at $81 billion annually, the conference aims to tackle the systemic challenges hindering trade, particularly for SMEs and domestic firms. By fostering collaboration among key stakeholders, the Conference will explore innovative solutions, sustainable trade practices, and strategies for expanding African economies into global value chains.
Roosevelt Ogbonna, Group Managing Director/Chief Executive Officer, Access Bank PLC, emphasised the importance of the Africa Trade Conference, in addressing these pressing issues. “The Africa Trade Conference represents a crucial step in redefining Africa’s trade potential. By creating platforms for dialogue, innovation, and actionable solutions, Access Bank is enabling African businesses to connect and thrive in the global economy.”
Access Bank’s presence across 24 countries globally, including 16 in Africa, provides a unique advantage in facilitating inter- and intra-African trade. The Bank’s growing network positions it as a key player in addressing trade complexities and promoting inclusive growth across the continent.
Seyi Kumapayi, Executive Director, African Subsidiaries, Access Bank, highlighted the broader vision of the forum, saying, “The Africa Trade Conference is a platform to not only address Africa’s trade challenges, but to champion the continent’s opportunities. Through strategic partnerships, tailored financial solutions, built on the ethos of sustainability, we are paving the way for Africa’s businesses to take their place on the global stage.”
This flagship event will convene a distinguished line-up of seasoned speakers, and top executives from leading international banks, Development Finance Institutions (DFIs), and captains of industry in Africa.
The ATC will also shine a spotlight on the transformative potential of the Africa Continental Free Trade Area (AfCFTA), which aims to reduce trade barriers, enhance infrastructure, and integrate African economies into global trade networks.
Furthermore, the event will explore critical themes shaping the continent’s economic future, including the transformative role of digitisation and innovation in global trade, solutions for overcoming trade barriers to enhance market access, as well as sustainable trade practices and innovative financing models, thereby providing a comprehensive roadmap for advancing Africa’s position in global commerce. Please visit https://africatradeconference.accessbankplc.com/ for more information.
Business
Union Bank Rewards 360 Customers with N21 Million in First Save and Win Palli Promo 4 Draw
Union Bank Rewards 360 Customers with N21 Million in First Save and Win Palli Promo 4 Draw
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Union Bank, Nigeria’s leading financial institution, has kicked off its Save and Win Palli Promo 4campaign on a high note following the announcement of its first set of winners in its inaugural monthly draws.
The first live draw of this season, which took place at the Bank’s Head Office in Marina, Lagos, rewarded 60 customers with ₦100,000 each. Additionally, 300 other winners went home with ₦50,000 worth of gift vouchers during the inaugural live draw, which was conducted transparently and digitally under the supervision of relevant regulatory bodies. The winners cut across the nation.
Speaking at the first monthly draw, Gloria Omereonye, Union Bank’s Area Business Executive for Lagos Island 1, stated, “Union Bank is always dedicated to rewarding customers for their loyalty and financial discipline.
We are pleased that our promo has continued to achieve its noble goals of providing succour to our customers through our gifts and rewards, especially in these economically trying times, while facilitating a sustainable savings culture for future goals and objectives.”
Save & Win Palli Promo is a nationwide campaign designed to reward both new and existing customers with cash prizes. Season 4, which began in December 2024 and runs until May 2025, offers customers the opportunity to win ₦131 million in cash prizes, Motorcycles, Tricycles, Fuel Vouchers, and a star prize of ₦5 million, which will be handed out to three lucky winners at the grand finale.
Open to new and existing customers, the Save and Win Palli Promo requires participants to save a minimum of ₦10,000 and perform a minimum of five transactions monthly to qualify for draws. Monthly winners can receive ₦100,000, while quarterly draws will reward lucky savers with Motorcycles, Tricycles, and other exciting prizes.
Customers who save in multiples of ₦10,000 will increase their chances of winning.
New customers can join the promo by downloading the UnionMobile app to open an account or visiting any Union Bank branch.
Existing customers can reactivate accounts by calling the 24-hour Contact Centre at 07007007000 or visiting a branch.
-
News6 years agoBreaking: ‘Penalty’ Crooner Small Doctor Caught in Possession of Fire Arms
-
News6 years agoPDP Set To Cause Panic Days To Polls: FG
-
News6 years agoINEC Engages EFCC, FIU In Tracking Campaign Funding
-
News6 years agoTiffany Trump Is Dating a Millionaire Michael Boulos From Nigeria
-
Politics6 years agoPDP Alleges Plot by APC, Presidency to Detain Its Leaders
-
Politics6 years agoOsinbajo Has Betrayed Yorubas, Says Afenifere
-
Politics6 years agoMuslim-Muslim Ticket: I Am Proud Of My Role In Stopping Tinubu – Saraki
-
News3 years ago
INEC Publish Final List of Candidates For 2022 Osun Governorship Poll