IMPROVEMENT in technology, entrepreneurship and standard of living are linked to better quality of education which, invariably, would reflect in the economic prosperity of the nation. This is the belief of Alex Otti, group managing director and chief executive officer, Diamond Bank Plc.
He said that if the country would remain competitive economically and experience technological breakthrough, it must overhaul its educational system at all levels. This, according to him, would enable the nation to meet its economic demands. “Education is one of the most important tools for building strong and vibrant nations.
“Education must be seen as an investment and not a fiscal liability; experiences in a number of western countries have indicated that an increase in national output is a direct result of investment in human capital,” Otti said. He called on governments to introduce incentives that would attract the best hands into the educational system, adding that such move would help to raise the bar of quality and enrolment.
New Security Solution for Fidelity Bank Customers
FIDELITY Bank Plc has implemented a new security solution to protect the bank’s Verve and debit MasterCard holders in their online transactions. Nnamdi Okonkwo, chief executive officer of the bank, said the solution would help customers to accomplish various business transactions including general shopping, airtime top up, and buying of airline tickets.
He added that the bank’s customers’ would be sent a one-time-password on their registered mobile phones. According to Okonkwo, the solution would enable customers to use the code to complete their transactions, even if someone else had seen their card details, noting that such persons would also need to have their phones to conclude the transactions.
Adedeji Olowe, divisional head, electronic banking, noted that the initiative was in addition to the security system the bank had put in place, which constantly scans customers’ transactions for unusual activities. “Also, our Visa cards have iPIN which provides additional layer of security when doing internet transactions,” he said, adding that the bank takes its customers’ security banking transactions very serious.
Mainstreet Bank’s Shared Services Project
MAINSTREET Bank Limited has completed the implementation of the first phase of its group shared services project. Accordingly, about 80 percent of its banking operations in over 200 branches have been automated.
Anogwi Anyanwu, executive director, operations and technology, said the development had improved the bank’s response to its customer needs. He said that the second phase of the project, which already in progress would lead to the automation of trade and credit related functions.
According to him, the automation would ease the delivery of services and payments to suppliers and the entire process had been designed to ensure that the incidence of fraud was minimised at every stage of processing transactions.
Compiled by Chinwe Okafor
— Jul. 21, 2014 @ 01:00 GMT