• Extend supply chain financing to Nigeria’s growing small entrepreneur community
Interswitch Group, a Pan-African integrated digital payments, and commerce company, in partnership with Microsoft, has announced the launch of its innovative blockchain-based supply chain financing service.
This novel initiative brings together entrepreneurs, major financial institutions and corporates organizations, all on a single platform to provide end-to-end visibility that will ensure fast and seamless trade financing in supply chain operations.
The Interswitch Blockchain Service (Supply Chain Finance Module), built and hosted using the Microsoft Azure Blockchain technology, provides a proven security, compliance and scalable cloud platform that accelerates and supports the next generation of blockchain applications.
Mitchell Elegbe, Group Managing Director and Chief Executive Officer at Interswitch said:
“In our 15 years of operation, we have experienced the bottlenecks associated with the existing corporate-based financing infrastructure in Nigeria. This is why we are happy to partner with Microsoft, by leveraging the advanced technology of the Microsoft Azure Blockchain, to prove the possibility of building a distributed ledger that is practical, viable and has the propensity to solve some of Nigeria’s most difficult financial and logistic problems.”
With the launch of the Interswitch Blockchain Service (Supply Chain Finance Module), small to middle-sized businesses can access more funding in a shorter time (up to three weeks) from participating banks such as United Bank for Africa Plc (UBA), Guaranty Trust Bank Plc (GTB) and Zenith Bank Plc and enjoy increased sales cycles from participating corporations such as the Dangote Group.
While the application of blockchain is usually associated with cryptocurrency, the Interswitch Blockchain service does not deploy the use of cryptocurrency in its application. Transaction inquiries and verifications will be handled by authorized officials from participating entities, without the incentives of a cryptocurrency.
Michael Glaros, Principal Program Manager, Microsoft Azure Blockchain at Microsoft Corporation, said:
“We are excited about this partnership with Interswitch. This will be the first enterprise-grade blockchain service in Nigeria, and one of only a handful of production blockchain applications in use by banks and corporates globally.
The blockchain technology is still in its infancy in Nigeria and we are happy to pioneer its deployment in partnership with Interswitch, an innovative and forward-thinking company which has evolved its business around financial technology”
The Interswitch Blockchain Service, armed with a single version of the truth across the supply chain, allows Nigerian lenders and suppliers to identify and build relationships with high performing entrepreneurs. This will help empower people to create more jobs, more wealth, and a more prosperous Africa.
“Interswitch, in collaboration with Microsoft, has built a platform that will allow anyone to build blockchain-based solutions easily and more cost-effectively. It is truly blockchain for everyone with lower costs and shorter time.” Mitchell concluded.
About Interswitch Group
Interswitch Group is an Africa-focused integrated digital payments and commerce company that facilitates the electronic circulation of money as well as the exchange of value between individuals and organizations on a timely and consistent basis.
The company started operations in 2002 as a transaction switching and electronic payments processing company that builds and manages payment infrastructure as well as deliver innovative payment products and transactional services throughout the African continent.
About Microsoft
Microsoft (Nasdaq "MSFT" @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more.
For more information, see http://customers.microsoft.
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| From Left - Chief Technology Officer, Microsoft Nigeria, Hakeem Adeniji-Adele; Executive Director, Tech4dev, Joel Ogunsola; General Manager Microsoft Nigeria, Akin Banuso; Former Governor of Ondo State, Dr Olusegun Mimiko and Ukinebo Dare, S.S.A. to the Edo state Governor on Skills and job creation at the launch of the Basic Digital Education Initiative (BDEI) held at the Microsoft Nigeria office, Victoria Island, Lagos recently. |
Over 500,000 young individuals’ resident in Nigeria are to benefit from the Basic Digital Education Initiative, BDEI, an Initiative of Tech4Dev and supported by Microsoft.
This announcement was made at the official launch of the initiative in Lagos and had in attendance the former executive Governor of Ondo State, Dr. Olusegun Mimiko; the General Manager, Microsoft Nigeria, Akin Banuso amongst others.
According to the Executive Director, Tech4Dev, Joel Ogunsola, the initiative is an experimental Learning program supported by Microsoft with the aim of helping young individuals in primary, secondary and tertiary institutions acquire foundational digital skills, a move which has become necessary in order to equip young minds with the requisite skills for the knowledge-based future that is the reality of the 21st century.
Ogunsola noted that the initiative was a result of Tech4Dev and Microsoft’s mission to solve the world’s biggest problems through technology. “We are making ample investment in digital skills education over the decade through support from Microsoft Philanthropy to train the next generation of young individuals looking to be part of the fourth industrial revolution as well as adults who very much need the skills to fully benefit from new opportunities being presented by the fourth industrial revolution”.
While speaking at the launch event, the General Manager, Microsoft Nigeria, Akin Banuso said, “In a world where digital skills are fundamental to success in so many environments, leaving people in the dark about this major part of their world amounts to an unacceptable gap in their education. We believe technology should be an equalising force in the world inclusive, not divisive.
So, we are investing our greatest assets, our technology, grants, people, and voice to advance a more equitable world where the benefits of technology are accessible to everyone”.
Dr. Olusegun Mimiko who was the keynote speaker during his speech encouraged the young members of the audience to join the advocacy and push for democratization of education at all levels. He further advocated for improved female participation in tech fields.
“It’s a time of intellectual domination. Women have begun to dominate, and they should get more involved.”
Speaking further, he said,
“Nigerians have already missed out on the first second and third revolution. The fourth revolution has started and has begun to influence the way we live and relate with each other.
This revolution is dependent on knowledge. Technology in all forms is converging to produce a new reality which is capable of replenishing or perishing one and now is the time for our youth to decide which side they want to be on.”
Speaking further, he said
“In order to be able to successfully prepare our youths for this knowledge-based economy, we must review our curriculum and come up with new ones that are relevant to this new economy.
There must be improved access to this new curriculum and this access must be democratized, there must be public equity for start-ups and linkage between the financial services and industrial sector.”
Directly, BDEI seeks to train 5,000 digital skill trainers who will in turn be empowered to train 500,000 young people on digital skills in Nigeria. The training would take place offline, and we would supply teaching aids to the educators who in turn are expected to carry out this training in schools and communities within their states.
The curriculum cuts across Introduction to computer, productivity tools and workplace essentials, big data and cloud technologies, cybersecurity and digital lifestyles.
As part of ensuring this initiative gets the right attention and reach in Nigeria, Tech4Dev would be partnering with the office of the Vice President as well as other national and local partners.
Amazon founder and CEO Jeff Bezos was the world’s richest person for less than a day [SEE HERE], as Bill Gates reclaimed the top stop within 8 hours. This was after Amazon weak earnings pushed the company stocks lower on Thursday.
Amazon said its net income declined to $197 million in the second quarter, from $857 million the same period last year, marking a massive 77 percent decline.
Revenue rose 25 percent to $38 billion from $30.4 billion, but that was not enough for Bezos to retain his title. The e-commerce giant stock price plunged 3.2 percent to as low as $1,020 per share in after-hours trading, after they closed the day at $1,046 a share.
Bezos, who owns 17 percent of Amazon stocks, saw his net worth falling to $88.7 billion, according to Forbes’ World’s Billionaires Real Time Ranking.
Microsoft co-founder Bill Gates regained his title of world’s richest person with $89.8 billion of net worth, the ranking showed.
Amazon is still the world’s fourth biggest firm by market capitalization behind Microsoft, while Facebook is closing on the e-commerce giant.
In fact, Facebook may surpass Amazon in market value if the latter’s shares continue to decline on Friday due to weak earnings, according to analysts.
CEO of Amazon Jeff Bezos has become the richest person in the world after stocks of his company rose 1.6%. According to Forbes report on Wednesday night, Bezos was less than $1bn away from being the richest person in the world.
Bezos’ net-worth has increased by $2.5bn this week alone, stocks of his company rising 3.6%. He is now worth $90.6bn, becoming the first man ever to top a $90 billion fortune for the first time.
He is worth more than $500m ahead of no. 2 Bill Gates, who is the founder of Microsoft. Bezos quit his job at a hedge fund to start his online bookseller in a garage in Seattle in 1994.
He first featured on the 400 richest Americans list in 1998, a year after Amazon went public, with a $1.6 billion fortune.
Gates’ first inclusion in the billionaire’s list was in 1982, and has been no. 1 for 18 of the past 23 years.
It was a fun and interactive session as big tech company, Microsoft hosted some of Nigeria’s finest bloggers to a session on Empowering Digital Transformation.
The three-hour session which held at the Microsoft Office in Victoria Island showcased the various products, services and offerings offered by the Tech Company that aid the productivity of businesses and individuals.
The bloggers were engaged in several interesting sessions that highlighted Microsoft’s core strategy for helping organizations to adopt and embrace digital transformation.
It was interesting to learn that Microsoft is the brand that made personal computing available to everyone.
Another interesting thing discussed at the event includes the fact that Windows 10 is the largest and greatest operating system in the world.
Since its launch on July 29, 2015, Microsoft’s Windows 10 has gained great momentum with 135 billion hours spent on the OS by 400 million monthly active devices.
Windows 10 intelligent personal assistant, Cortana, has been asked five billion questions and has received a million speech queries since its launch. And the Windows 10 store has recorded five billion visits.
Microsoft products tailored to increase productivity include Office 365 (home, personal, and business editions), Microsoft Teams, Sway and OneDrive.
Below are pictures from the event.
Following the success of the 2016 “Recruitment Day” which held on the 3rd and 4th of November 2016, Microsoft and Gr8jobsng partner once again and for the second edition of the “Recruitment Day” for 2017 to boost youth employment in Nigeria.
The Speakers at this year’s event includes:
• Mr. Ade Ajayi: Director Marketing and Operations Microsoft Nigeria Ltd
• Mrs. Omomene Odike: CEO U-Connect Human Resources Ltd& Gr8jobsng
• Mrs. Ndidi Okonkwo Nwuneli: Founder Leap Africa
• Mr. Anthony Oguike: CEO Future Concerns Ltd
• Mr. Obinna Ekezie: CEO Wakanow
Qualified candidates will be shortlisted for available roles at the event from entry level to mid management positions.
Interested participants must apply on the Gr8jobsng platform via http://gr8jobs.info/candidate_form.php to be invited for this exclusive event.
This event is brought to you by Gr8Jobsng (www.gr8jobsng.com) the no 1 online recruitment platform in Africa in collaboration with Microsoft Nigeria.
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