GVI a Knowledge Bridge CSR initiative
Irene Mosota, Founder and Director of Knowledge Bridge
Africa is a continent wrapped around many perceptions. For some people it is the Dark Continent riddled by poverty, corruption, and bad governance. Simultaneously, it is also perceived as the Touristy Continent of exotic wildlife, where livelihood is basic and close to nature.
Despite these seemingly bleak and casual views, some see Africa as a continent of opportunities; a land literally flowing with milk and honey.
These are all correct and to a large extent depend on the lens of the storyteller – his agenda and interests inclusive. Most of the time, this storyteller is usually an “outsider”. What is often missing and or not truly projected is the indigenous views on Africa – i.e. the African stories told by Africans. This is the gap the Knowledge Bridge seeks to fill.
GVI is a platform for Africans and those interested in the Continent to share their ideas on Africa. It aims to showcase global opportunities and critically explore Africa’s place in the world. It particularly encourages indigenous leaders, innovators, academics, the African Diaspora and many more others to share ideas on Africa, explore the challenges of Africa’s 21st century realities and chart ways forward for the prosperity of Africa.
In other words, GVI aims to critically expand the discourse and action on Africa; and create space for coalescing ideas and initiatives that can augment and create opportunities for Africans, as well as African companies and organisations. As such, GVI, through Knowledge Bridge hosts and curates talks using various platforms with collaborative partners and associates. These gatherings are for sharing ideas, opportunities and knowledge about Africa.
Professor Kenneth Amaeshi, Chair in Business and Sustainable Development and Director of the Scaling Business in Africa and Dr. Adesola Adeduntan, CEO of First Bank Nigeria
In line with this strategy, GVI hosted the CEO of First Bank of Nigeria Limited, Dr. Adesola Adeduntan in Edinburgh. The event was hosted at University of Edinburgh Business School with the support of GVI through Knowledge Bridge. So, why FirstBank?
FirstBank is a 125 year-old Nigerian multinational bank with its headquarters in Lagos and has the largest customer base in Nigerian banking industry with over 19 million customers and about 758 business locations. FirstBank Nigeria is amongst the largest corporate retail financial institutions in Sub-Saharan Africa with the exclusion of South Africa.
The bank is known for its reputation for world class corporate governance and a conservative approach to risk management. The bank is positioned well to grow in Nigeria and has strong opportunities both domestically and globally.
As the bank was celebrating its 125th anniversary and looking at the next 125 years, Dr Adeduntan explored the Bank’s anniversary theme “Woven into the Fabric of Society” with a focus on the bank’s role in driving financial inclusion in Africa. The talk explored the heritage of FirstBank and its nation building role in its 125 years of existence, which include some of the success stories not only as a financial institution but a bank that cares about its operations and how it can solve some of the societal problems. This clearly shows a demonstrable commitment to inclusive growth (i.e. no one left behind).
Dr. Adesola Adeduntan and Irene Mosota with event attendees
FirstBank, is tapping into the innovation opportunities for inclusive growth by harnessing widespread mobile-phone coverage to create low-price banking offerings and innovative distribution models for the unbanked: mobile money through Firstmobile , USSD and agency banking and leveraging predictive analytics to design and offer impactful banking products & customer experience, digitalization of customer journeys and back office operations/processes to drive improved efficiency, risk management and customer experience.
“With our mobile and agency banking offering – Firstmonie – we have seen traction in the growth of our network of agents delivering mobile payments services on our behalf to customers, riding on the back of the critical structural support our physical presence has provided. FirstBank’s agency banking network is committed to developing innovative solutions that drive inclusivity and financial inclusion in Nigeria and it currently boasts of over 33,000 Firstmonie agent locations in 754 Local Government Areas across Nigeria and have processed over 2 trillion-naira worth of customer transactions on the network. The goal of our Agency Banking is to provide relevant financial services and products to individuals and communities that traditionally have limited or no access to formal financial services.”
The Bank, working with key strategic partners, has developed solutions to further deepen financial inclusion in Nigeria – no frill accounts, micro-savings, off grid power, micro pension contributions, micro-loans, micro-insurance, and other tailored products.
FirstBank has remained committed to empowering the Nigerian populace with the *894# Quick Banking service as part of its financial inclusion drive. The service delivers the power to bank anywhere and at anytime. It is quick, convenient and easy to use and beneficiary accounts are credited instantly with alert notifications. There are over 8.5million people on the *894# banking platform.
“*894# banking platform is the equivalent of MPESA of Safaricom in Kenya. MPESA was introduced in 2007 and has over 25million users in 2018. In comparison, *894# banking platform is about 4 years and boasts of over 8.5 million users. This shows our level of commitment to financial inclusion and digitization.”
The bank shared its ambitious plan and insights on how it will position itself to further drive financial inclusion in Africa for the next 125 years. The discussions were lively and engaging.
It is important that part of 125 years anniversary celebrations happened in Edinburgh Scotland. This is so because the bank is a global institution, which is not limited to a specific geography.
The CEO and his team had a breakfast meeting, which was hosted by Shepherd and Wedderburn (a top Scottish law firm) and co-hosted by the Global Ethical Finance initiative. This meeting was largely attended by fund managers, government officials, regulators, private foundations, wealth managers and many more in the financial sector. The session looked at the achievements, challenges and opportunities for the bank.
Dr. Adesola Adeduntan at a breakfast meeting co-hosted by Shepherd and Wedderburn and the Global Ethical Finance initiative
The November event was such a successful gathering that saw many African Diaspora in Scotland, students, academics, business leaders and the local community come together in this way to hear and celebrate successful stories about Africa.
It is imperative that GVI continues to curate such gathering to reshape the narrative about Africa, the opportunities Africa has to offer to the world, and to tell its own story and claim its place in the place in the world, as a place that is ripe with opportunities, talent and open for business.
However, this is done in a way that allows for meaningful deliberations on difficult and wicked questions confronting Africa. GVI is not about romanticisation. As much as it offers an imaginative space, it also encourages a high degree of pragmatism (i.e. focusing on what works).
GVI is supported by Knowledge Bridge, which is a think tank that works to create opportunities for knowledge sharing across borders and cultures. GVI is currently seeking to expand its reach for support in order to continue to deliver such gatherings, share opportunities and encourage dialogue. It is a great platform for knowledge exchange and if done well can present endless opportunities.
GVI extends invitation to those with ideas that would like to use the platform to share those ideas or hold a gathering.
Giving Voice to Africa event attendees join in on the dialogue.