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Nigeria Loses N1trn Annually To Lack Of National Trade Platform At Seaports

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6 years ago

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By our corrspondents

The absence of a National Single Window (NSW) platform at Nigeria’s seaports is costing the federal government a whopping N1.08trillion in customs revenue annually, Premier  has gathered . The single window system is a trade facilitation idea and its implementation enables international traders to submit regulatory documents at a single location and or single entity. According to the Economic Recovery and Growth Plan (ERGP) of the federal government, the Nigeria Customs Service (NCS) collections would have increased by 90 percent if the National Single Window had been deployed in Nigerian ports. It was learnt that with the NCS generating N1.2trillion in 2018, the single window would have increased its earnings by additional 90 percent if were in place. Premier newspaper  also  that while Nigeria’s neighbours – Ghana, Togo, and Benin Republic – have a functional National Trade Platforms for trade facilitation, Nigeria, a supposed hub for maritime activities, was yet to have any. Maritime stakeholders argued that the platform if deployed would have reduced cargo delivery time from Nigeria seaports to less than 10 days and further facilitate trade as all agencies operating at the ports would have a one-stop-shop for cargo clearance and evacuation from the ports. In an exclusive chat with our correspondent, the minister of Finance, Hajia Zainab Ahmed, said that the lack of the platform at the seaports was one of the reasons Nigeria dropped one point on the World Bank ranking on Ease of Doing Business. She said that lack of understanding among agencies of government was delaying the implementation of the National Single Window at the seaports. The minister said: “Lack of a National Single Window is one of the reasons why in the last assessment of the World Bank Ease of Doing Business, we took a one step slip. “Recall that in the previous exercise, we moved 24 places but the last one, we slipped one step down and the major reason is the single window. PEBEC which is the Presidential Enabling Business Environment Council led by the Vice President Yemi Osinbajo and 10 ministers as members and the Ministry of Finance and NCS are charged with making sure that this Single Window finally comes into being. “Single window brings about 10 different agencies of government and all of these have different views about how their aspect of the trade should be facilitated. So, there are lots of drags because of lack of understanding. I think we have reached a stage now where we have an understanding of what the Single Window will be and the structure has to be approved and we have to do a process that will procure the equipment that would be deployed,” she said. The executive secretary of the Nigerian Shippers’ Council (NSC), Mr. Hassan Bello, said that the lack of single window had affected the efficiency of the seaports. Bello said that single window will eliminate inefficiencies and lead to the simplification of documents and shorten the dwell time of cargoes at the seaports. He said: “It has affected the efficiency of our ports because the national single window is a trade facilitation platform preferably electronic that will bring all users and providers of shipping services together. The single window will eliminate inefficiencies and lead to simplification of documentation. “It will lead to transparency and shorten the dwell time of cargo. National single window and the Cargo Tracking Note are all trade facilitation platforms,” he said. Bello further stated that the National Single Window would cut down the cost of shipping and clearance. Similarly a shipping expert, Dabney Shall-Homa, said that Nigeria loses both revenue and cargo clearance to the absence of the platform. Shall-Homa, a former director at the Nigerian Shippers Council, said:  “We are losing everything because of lack of single window. A single window has three disparities: ship documentation and tracking, documentation itself with transaction, so we are losing in terms of transactions, we are losing in even understanding the way things are.” Also, former national president, Association of Nigerian Licensed Customs Agents, (ANLCA), Olayiwola Shittu, urged the federal government to support the adoption and implementation of a Single Window System to ensure swift movement of goods and services in the ports. Shittu, who wondered why the Nigerian government was delaying the implementation of the system, advised the relevant agencies in the maritime sector to follow the footsteps of Nigeria’s neighbouring countries which have implemented the window. He stated: “When single window was established at the Cotonou Port, it reduced cargo delivery time from 40 days to less than 10 days. It increased government revenue by more than 39 per cent. In terms of truck transit down to the port they gained 23 per cent of the time, so it is something we cannot run away from.”

 

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Zenith Bank Says It Now Has best IT infrastructure After Successful Upgrade, Commends Customers

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1 day ago

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November 6, 2024

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Zenith Bank Says It Now Has best IT infrastructure After Successful Upgrade, Commends Customers

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Zenith Bank Plc has announced that it now boasts the best technology infrastructure in the banking industry, positioning itself to provide an exceptional customer experience and superior service delivery moving forward.

This upgrade follows a recent comprehensive technology enhancement.

The bank expressed its heartfelt gratitude to customers for their support and patience throughout the upgrade process, while also extending apologies for any inconveniences experienced during this time.

This announcement was made in a social media post on Wednesday, signed by Dame Dr. Adaora Umeoji, OON, the Group Managing Director/CEO. 

In her message, the GMD/CEO emphasized the bank’s commitment to delivering an unparalleled service experience, stating, “We undertook this upgrade to ensure we can offer our customers the best possible service.”

Umeoji pledged that Zenith Bank will continue to innovate, ensuring that customer needs are met swiftly, safely, and conveniently.

The post read in part: “On behalf of the Board, Management, and Staff of Zenith Bank PLC, I would like to thank you for your patience and support during our IT infrastructure migration to a new and more robust operating system. 

“We are truly grateful for the trust and confidence you have placed in us. The primary reason for undertaking this extensive endeavor was to better position Zenith Bank PLC for improved service delivery to all our valued customers and to create memorable banking experiences at all our touchpoints.

“While I regret the inconveniences and challenges you faced during and immediately after our migration, I am pleased to inform you that Zenith Bank PLC now has the best technology infrastructure in the industry. We are committed to ensuring you experience superior service delivery going forward.

“Rest assured, you remain our top priority, and Zenith Bank will continue to innovate and offer value-added products and services to meet all your banking needs quickly, safely, and conveniently.”

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Polaris Bank Clinches “Best Mobile App” Award at Digital Jurist Awards 2024

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2 days ago

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November 5, 2024

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Polaris Bank Clinches “Best Mobile App” Award at Digital Jurist Awards 2024

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Polaris Bank’s commitment to digital innovation and excellence has once again been recognized, as the Bank was awarded the prestigious “Best Mobile App” award for its renowned digital banking platform, VULTe, at the Digital Jurist Awards held October 31 at Eko Hotel in Victoria Island, Lagos.

This honor comes less than a week after Polaris Bank was named Nigeria’s Digital Bank of the Year for the fourth consecutive year, further solidifying its status as a leader in Nigeria’s digital banking landscape.

At the event, attended by representatives from all nominated companies, Polaris Bank’s VULTe app stood out among its peers, winning the hearts of users and the recognition of industry experts.

The Digital Jurist Awards Committee had nominated Polaris Bank in three categories: Best Website, Best Web Portal, and Best Mobile App.

The Bank’s innovative approach and customer-centric digital solutions have made it a formidable contender in each category, with VULTe’s win affirming the Bank’s continued drive to redefine digital banking in Nigeria.

Commenting on the the award, Polaris Bank’s Managing Director/CEO, Kayode Lawal expressed gratitude for the recognition and reiterated the Bank’s commitment to providing seamless, reliable, and secure digital solutions.

“This award continuously shows our dedication to delivering the best digital experiences to our customers. We will continue to push the boundaries of innovation to ensure that our platforms remain intuitive, accessible, and impactful,” he said.

Polaris Bank’s VULTe app has gained widespread acclaim for its user-friendly design, robust security features, and diverse functionalities, enabling customers to manage their banking needs from the comfort of their devices.

Winning the “Best Mobile App” award is yet another milestone in the Bank’s digital journey, reinforcing its position as a digital pioneer in Nigeria’s banking sector.

The Bank extends its gratitude to the Digital Jurist Awards Committee and its loyal customers for their continued trust and support.

Polaris Bank is committed to advancing digital banking in Nigeria, creating convenient, modern, and secure solutions that cater to the evolving needs of its customers.

Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2024,2023, 2022 and 2021 and MSME Bank of the Year 2022, 2023 and 2024 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards.

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Access Bank Wins Best Digital, Best Website at 2024 Digital Jurist Awards

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2 days ago

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November 5, 2024

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Access Bank Wins Best Digital, Best Website at 2024 Digital Jurist Awards

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Access Bank PLC has been named the 2024 Best Digital Award Winner in the Commercial Banks Category at the Digital Jurist Awards, organized by Phillips Consulting (pcl.).

L-R: Adebowale Shonekan, Head, Network Communications (Group & Subsidiaries), Access Bank Plc; Chukwudi Amadi, Team Lead, Digital Communications, Access Holdings Plc; Ezinne Nwene, Team Member, Digital Communications, Access Holdings Plc, receiving the Best Digital Commercial Bank award from Abbas Babagana, Chief Technical Officer, Federal Ministry of Communications & Digital Economy at the Digital Jurist Awards held in Lagos… recently.

In addition to this top honour, the Bank also secured the Best Website Award, achieving an impressive score of 201 points for its engaging and user-friendly digital experience. Access Bank’s cumulative score of 380 points reflects its excellence across digital touchpoints, including its website, web portal, mobile app, and social media.Commenting on the recognition, Amaechi Okobi, Chief Communications Officer of Access Holdings PLC, said, “We are honoured to receive the Best Digital and Best Website Awards at this year’s Digital Jurist Awards.

At Access, our focus on digital innovation is driven by our commitment to deliver seamless, secure, and customer-centric solutions across all touchpoints.

This recognition validates our ongoing efforts to enhance our digital platforms, making financial services more accessible and efficient for our customers.

We thank Phillips Consulting for recognising our efforts and will continue to raise the bar in digital excellence.”Phillips Consulting has long served as a development partner to Nigerian financial institutions and other organisations with an online presence.

Leveraging its proprietary Digital Jurist platform, the firm has conducted assessments of digital touchpoints in various sectors, from financial services and insurance to telecommunications and government agencies, over the past 17 years.

Originally established as Web Jurist®, the platform was reimagined as Digital Jurist to assess new and diversified digital channels in the evolving digital economy. Digital Jurist’s evaluation framework examines a range of factors, including user experience, accessibility, performance, functionality, security, customer service, support, marketing, and content engagement across digital platforms.

These awards reinforce Access Bank’s leadership in digital banking, adding to recent accolades including 2024 Best Digital Bank and Best Mobile Banking App by World Finance, Best Mobile Banking App and Best Digital Bank by The Digital Banker Awards, and Best Digital Banking Initiative at the Global Retail Banking Innovation Awards 2024.

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