Latest news with #Carma
Coin Geek
14-05-2025
- Business
- Coin Geek
Nigeria's central bank to launch open banking in August
Getting your Trinity Audio player ready... Nigeria's central bank is set to launch an open banking system in August, four years after it approved a new regulatory framework to govern the system. Under the new system, regulated financial institutions can now access customer data held by commercial banks, from account balances and transaction history to spending and saving habits. The Central Bank of Nigeria (CBN) will make available a new API that any financial firm can plug into to access this data. CBN has assured Nigerians that they will still be in control of their data and they get to decide who can access it, to what extent and for what purpose. The new system will be overseen by the Open Technology Foundation, a non-profit led by industry experts in the local finance sector. The Foundation is charged with developing a unified standard that makes integration for all stakeholders fast and easy. Its members include local fintechs such as Carma, OPay, and Palmpay, as well as global players like Ernst & Young and KPMG. 'This ambitious initiative aims to revolutionize the way financial services are delivered and consumed, moving away from a siloed, bank-centric model towards a more interconnected, data-driven ecosystem,' says local business development expert Adeyemi Kayode. Open banking is geared toward boosting financial inclusion. Under this interconnected system, institutions can access their client's financial data, including accounts held in other banks or fintechs. This allows for a better credit rating and, consequently, enables Nigerians to have better access to credit. In Nigeria, bank loans have traditionally been skewed against the informal sector, which makes up the overwhelming majority of the workforce. Fintechs have sprung up to serve this market, but they are largely hampered by a lack of customer data, which is siloed by the banks. According to the latest data, 74% of Nigerians were financially included last year. However, the disparity is high in rural areas and regions with conflicts. Mobile money and agent banking have closed the gap in the past five years, but the West African nation still has a long way to go. Beyond the overall financial inclusion, open banking enables personalized financial services. With a holistic view of a client's financial history across multiple channels, financial institutions can be better placed to offer the right products that would best suit the client. The ultimate goal 'is a more competitive, customer-centric financial ecosystem where innovation is spurred by collaboration and data sharing, ultimately leading to greater efficiency and affordability of financial services,' says Kayode. Oler Oladele, the founder of Nigerian investment advisory Money Wit Club, concurs. She says open banking will mark a new era for Nigerians, enabling them 'to take back control.' 'It's not just about money. It's about visibility, consent, and power.' Digital payments provide a lifeline for Nigeria's youth As Nigeria awaits the era of open banking, another financial segment has been growing exponentially: digital payments. While they have boosted financial inclusion, especially in the rural areas, they are now becoming a livelihood source for millions of young Nigerians. Nigeria's banking sector has faced a myriad of challenges, with scarcity of cash at the ATM terminals among its most pressing. This has sparked the growth of Point of Sales (PoS) terminals across the country where clients can withdraw cash, pay bills, make transfers, make airtime and data top-ups and more. These terminals now provide a source of income for Nigerian youth who make a living through transaction charges. According to the Nigeria Inter-Bank Settlement System, there were over 5.5 million PoS terminals at the end of 2024, more than double the 2023 figure. These terminals transacted N18 trillion ($11.2 billion), an all-time record. 'We have numerous stories of individuals and families that have benefited from the PoS business through the income made from charges on transactions,' says Femi Hanson, the head of marketing at PalmPay, a local fintech startup that claims to have 700,000 PoS agents in the country. Hussein Olarewaju, whose HAQ Technology Management Services is one of the biggest players in the sector, reveals that most PoS operators are educated youth who have struck out in the formal employment sector. However, the business has enabled them to make money and create new jobs. 'Each agent point typically employs at least one to two staff, translating into hundreds of thousands of youth gaining reliable incomes in a country where youth unemployment stood at over 50% in 2023,' he stated. Watch: Blockchain is changing Nigeria's tech city ecosystem title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Mid East Info
13-05-2025
- Business
- Mid East Info
MEPRA Convenes Top Industry Leaders to Examine 'Communication Through Change'
The Association's annual flagship forum is set to discuss the state of the industry in response to shifting global landscapes Abu Dhabi, UAE – May , 2025: The Middle East Public Relations Association (MEPRA) announced the return of its highly anticipated annual forum, the UAE Leadership Majlis. Marking its 10th edition, the event will explore the evolving state of public relations and communications under the timely theme 'Communication Through Change.' Scheduled to take place on Thursday, May 29, 2025, at NYU Abu Dhabi, the 2025 UAE Leadership Majlis marks a decade of bringing together top communication professionals, industry leaders, and influential voices from across the region, providing a platform for insightful dialogue, knowledge exchange, and strategic foresight. 'Communication Through Change' will explore how industry leaders can effectively build brands, protect reputations, and communicate with impact, while navigating evolving global landscapes, prevalent industry transformation, and emerging trends and tools. Confirmed speakers at this year's Majlis include Mazen Nahawi, Group CEO of Carma; Faheem Ahamed, Group Chief Marketing and Communications Officer at G42; Rania Masri El Khatib, Chief Brand & Marketing Officer at IMI; Jagruti Mistry, Senior Director, Head of Communications for North Africa, Levant and Pakistan at Visa; Brendan Hodgson, Executive Strategy Director at Burson; and Menna Zaki, Global Communications & Brand Strategy Executive, ex-PepsiCo. Kate Midttun, Chairperson of MEPRA, commented: 'As we mark the 10th edition of the MEPRA Leadership Majlis, we do so at a time when change is not an exception, but a constant. In an increasingly complex global environment, communication is no longer just about telling stories, it is about shaping resilience, protecting reputations, and forging human connections that endure. This year's Majlis will challenge our industry to move beyond adaptation, and to lead through transformation with strategic clarity, cultural relevance, and impact.' The 2025 UAE Leadership Majlis is supported by Carma, Telum Media, The Conscious Comms Collective, and First and Ten Productions. Tickets to the 2025 MEPRA UAE Leadership Majlis are available via About MEPRA: The Middle East Public Relations Association (MEPRA) is the leading industry body for public relations and communication professionals in the Middle East. MEPRA strives to promote excellence in public relations and communication by providing a platform for knowledge sharing, professional development, and industry advocacy. With a growing membership of agencies, corporations, and individuals, MEPRA is committed to raising standards and building a thriving communication community in the region.
Gulf Business
24-04-2025
- Business
- Gulf Business
Gulf Business tech panel: Dubai's key players pave next frontier in innovation
Image credit: Supplied photo The second Gulf Business Breakfast Briefing of 2025, held on April 23, focused on innovation and emerging technologies. The event brought together leading minds from telecoms, AI, cloud, and blockchain — fields rapidly becoming the foundation of the region's economic future. The agenda of the event was as follows: Panel Discussion: Telecoms & Cloud – The Next Frontier The impact of 5G Advanced and the roadmap to 6G The shift from telco to techco – how telecom companies are evolving into digital service providers The rise of sovereign cloud and its role in data security and telecom innovation Moderator: Neesha Salian, Editor, Gulf Business Panellists: Iwan Stella, Head of Strategy and Commercial Management for Ericsson Middle East and Africa; Cherian Varghese, Senior Vice President, AI and Cloud Infrastructure, EMEA, Oracle; Samar Mittal, Vice President and MEA Head of Cloud & Network Services, Nokia Sameer Jameel, Chief Technology Architect, Huawei Middle East and Central Asia Keynote – Mazen Nahawi, Founder and Group CEO, Carma Panel Discussion: Artificial Intelligence – A Regional Powerhouse The UAE's growing role as an AI innovation hub AI-driven transformation in finance, healthcare, logistics, and security Moderator: Gareth van Zyl, Group Editor, Gulf Business Panellists: Vasudha Khandeparkar, AI, Analytics and Data Practice Lead, Business Consulting, Grant Thornton UAE Andreas Hassellof, CEO and founder of Ombori Mark Dymock Operating Partner at SC Ventures Mazen Nahawi, Founder and Group CEO, Carma Panel Discussion: Blockchain Evolution – From Pilots to Pioneers The UAE's blockchain-friendly regulations and their role in attracting global innovation Moderator: Kokila Alagh, founder and managing partner of Karm Legal Panellists: Rifad Mahasneh, CEO of OKX MENA Alice Liu, Head of Research at CoinMarketCap Faisal Zaidi, President, Exscape Akos Erzse, Director of Public Policy at BitOasis Srinu Chowhan, Chief Marketing Officer, Image credit: Supplied photo The 5G legacy: Stepping stone towards experience monetisation 5G-Advanced (also known as 5.5G or 5G-A) is an evolutionary upgrade to 5G technology, defined under the 3GPP Release 18 standard. It serves as a transitional phase between 5G and future 6G networks, focusing on performance optimization, enhanced spectral and energy efficiency, and expanded functionality. Read- '5G-A will always be part of the 5G legacy. What's interesting is how 5G is shifting the paradigm — not just in terms of traffic monetisation, but now towards experience monetisation,' said Sameer Jameel, chief technology architect at He added, 'For applications like live streaming — think concerts or large gatherings — individuals still face challenges sharing videos in real time. Operators in the Middle East and other regions are already working on experience monetisation, ensuring individual customers get the right bandwidth and a seamless data-sharing experience.' He also highlighted the demand for high bandwidth in vertical industries like smart cities, manufacturing, and agriculture, all of which 5G can support. Image credit: Supplied photo How trust and reputation are changing in the age of AI Technology companies today are harnessing speed, processing power, and big data applications to unlock new levels of insight. These tools now shape public opinion and reputation at an unprecedented scale. 'Take synthetic data, for example — it's built from millions of interview responses and used to create AI databases that predict opinion trends. But guess what? These are turning out to be some of the most inaccurate models in market research history,' said Mazen Nahawi, founder and group CEO of Carma. 'The key issue? The quality of your data and the security around it.' Flaws in AI One of AI's biggest flaws today is the lack of proper data verification. 'Anyone can feed data into an LLM (large language model), and most platforms aren't verifying the sources,' said Nahawi. 'For instance, The New York Times is suing OpenAI for scraping content from its digital editions without permission.' AI: Data gaps in the emerging world Most data used to train AI doesn't represent the emerging world. Languages, histories, and perspectives from countries without strong digital infrastructure are often excluded. This positions AI as a tool of the powerful, reflecting their biases rather than global diversity. Data reinforcement wars In today's AI-driven age, even Fortune 500 companies are reportedly using shadow marketing teams to influence data and discredit competitors. 'There's no digital police to take down false data,' Nahawi added. 'So these companies manipulate AI to reinforce biased or misleading results.' Image credit: Supplied photo Crypto: The next innovation wave 'Crypto is the next wave of innovation, and the UAE is leading the market in several areas,' said Alice Liu, head of research at CoinMarketCap. 'Three key areas include tokenized real estate, tokenized gold, and stablecoins.' According to the Dubai Land Department, tokenized real estate markets in Dubai are expected to grow by around 7.8 per cent annually over the next three years. 'They are even issuing $1 billion worth of bonds tied to this trend,' Liu said. 'Dubai is becoming a global leader in these developments.'
