CBN Governor Emphasizes Role of NBFIs in Regional Integration and Economic Prosperity

Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, emphasized the potential of Non-Bank Financial Institutions (NBFIs) within the West African Monetary Zone (WAMZ) to accelerate regional integration and promote shared economic prosperity.

Speaking at the 10th meeting of the College of Supervisors for Non-Bank Financial Institutions (CSNBFI) of WAMZ in Abuja, Cardoso highlighted the importance of monitoring trends, risks, and innovations associated with NBFIs and Other Financial Institutions (OFIs). He noted that the increasing transaction volumes of NBFIs pose significant risks to financial system stability.

Cardoso acknowledged the crucial role of NBFIs, including Fintech companies, in ensuring financial stability and specialized financial intermediation. Despite their smaller numbers compared to conventional banks, he stressed that NBFIs must adhere to global best practices.

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Represented by CBN Acting Director of the Other Financial Institutions Department (OFID), Mr. Abayomi Orogundade, the CBN governor underscored the need for fintech regulatory requirements to be tailored to foster compliance with international standards.

He called for strengthening anti-money laundering practices, enhancing supervisory capacity in cybersecurity and fintech regulation, and implementing a risk-based supervisory approach for NBFIs. Cardoso urged supervisors not to become complacent, despite the milestones achieved by the CSNBFI.

“We must continue to push forward the agenda of strengthening anti-money laundering practices, deepening supervisory capacity on cybersecurity and fintech regulation, and implementing a risk-based supervisory approach,” he stated.

Cardoso highlighted the importance of monitoring trends and risks, noting that fintech loans, though currently small compared to traditional bank credit, are growing. He explained that fintech credit is often provided via electronic platforms that connect lenders and borrowers, with some platforms acting as new types of financial intermediaries.

“In many jurisdictions, these digital firms either hold a banking license and are subject to prudential requirements or are regulated as fintech payment service firms. Innovations related to crypto or stablecoin assets have also been reported,” Cardoso added.

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Dr. Olorunshola Olowofeso, Director of the West African Monetary Institute (WAMI), noted that the outlook for WAMZ is gradually improving after turbulent years. However, he pointed out that funding challenges persist, with governments facing financing shortages, high borrowing costs, and impending debt repayments.

Olowofeso identified emerging risks to the financial system, including climate-related risks, internet disruptions, and cyber and social media threats arising from the digitization of financial services. He called on member states to develop adequate national cybersecurity strategies and appropriate regulatory and supervisory frameworks to strengthen the resilience of the financial sector.

The meeting provided an opportunity to review developments in the NBFI sub-sector within the zone for the second half of 2023 and the first quarter of 2024. It aimed to assess regulatory and supervisory challenges, share experiences, and provide relevant recommendations to the Committee of Governors of WAMZ.

Olowofeso emphasized the pivotal role of NBFIs in enhancing access to credit, offering cost-effective and reliable payment methods, and supporting economic growth. He stressed the need to strengthen the resilience of the NBFI sector to ensure stable financing and reliable payment services.

Source: thisdaylive.com

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The company will address critical agility and specialisation shortages facing enterprises and consulting firms

SYDNEY, July 3, 2024 /PRNewswire/ — Outsized, a global leader in the high-end independent talent market, has announced its strategic expansion into the Australian and New Zealand (ANZ) region. With a network of over 30,000 independent consultants and skilled contractors, Outsized is as the only on-demand talent platform specialising in high-end roles.

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In 2023 alone, Outsized grew it’s platform by over 50% in terms of talent members. Off the back of very strong year-on-year revenue growth since its inception in 2016, Outsized closed its Series A fundraising round in Q4 2023, and is on an expansion journey across the Asia-Pacific region.

The local Outsized team will be led by Sara Kahlau, a seasoned expert in talent models and innovation. Sara, previously at Booz & Co and icare NSW, and most recently a leader in the global on-demand talent market, brings a wealth of experience to her role as Managing Director, ANZ.

Outsized differentiates itself by taking a unique “human-first” approach, in contrast to the highly transactional model prevalent in the talent industry which traditionally serves to benefit clients only, albeit without long-lasting partnerships. This includes role scoping support, contracting, and relationship management, ensuring mutual benefits for clients and talent. This approach has been pivotal to Outsized’s success, as evidenced by client reviews^[1], across the wider APAC region, Africa, and the Middle East, and is set to redefine talent engagement in Australia and New Zealand.

“With Outsized, our customers in ANZ can expect a tailored approach that aligns talent solutions with strategic business objectives,” Sara affirmed. “Our model ensures clients have access to all the skills they need whenever they need them, without the fixed costs, through our unique talent pool and virtual bench products, giving clients on-tap access to pre-vetted, highly skilled talent curated to their individual needs.

“In ANZ, demand for flexible, independent talent solutions is growing rapidly,” noted Sara Kahlau. “Outsized fills a critical gap in the market by offering an intuitive platform that not only meets business needs for agility and expertise but empowers talent to shape their careers on their terms.”

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The ANZ expansion coincides with a trend where businesses increasingly turn to independent talent for agility, innovation and efficiency. In 2023, Outsized experienced an increase of 154% in the number of independents on contracts, up from an increase of 45% the year prior. Some of the key growth areas Outsized expects to see in the ANZ market includes Data, AI, Digital Transformation, Technology, Cybersecurity, and Sustainability/ESG.

Recent studies indicate that 88% of Australian businesses need talent with the right skills, especially in areas like Project Management, Business Analytics, and Digital Transformation^[2].

Outsized’s expansion strategy is bolstered by its existing relationships with major consulting firms and its specialisation in sectors including financial services, insurance, healthcare, and government.

“As we expand our footprint in ANZ, Outsized remains committed to delivering unparalleled value to our clients and talent partners,” concluded Anurag Bhalla, co-founder of Outsized. “We are excited to embark on this journey, redefining the future of work through innovative talent solutions.”

About Outsized

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Outsized is a talent-on-demand platform for highly-skilled independent professionals. It enables large enterprises and consulting firms in Asia-Pacific, Africa, and the Middle East to implement flexible workforce models by providing access to vetted talent from a host of professional disciplines. With a focus on experienced professionals, and full-time contracts, Outsized empowers and supports both the people and the businesses that use its platform. Outsized has local teams based in Australia, Singapore, Malaysia, South Africa, India, Dubai, Saudi Arabia, and Bahrain, and is committed to creating a sustainable, win-win ecosystem for clients and talent.

[1] https://www.trustpilot.com/review/outsized.com
[2] Labour Market Update – December 2023 | Jobs and Skills Australia

Photo: https://mma.prnewswire.com/media/2452910/Sara_Kahlau_MD_ANZ.jpg

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• Acquisition supports regional growth in Australia and New Zealand 
• Portfolio expansion in the core sectors of IT, industrial equipment, and healthcare technology with a value of around AUD$500 million (€300 million)
• Acquisition completed on June 28th, 2024

SYDNEY, July 2, 2024 /PRNewswire/ — Global technology2use company CHG-MERIDIAN continues its strong growth path in Australia and New Zealand (ANZ) with the acquisition of Maia Financial Pty Limited’s (Maia Financial) asset portfolio on June 28th, 2024. The acquired portfolio consists of leased IT, healthcare and industrial equipment. The acquisition bolsters CHG-MERIDIAN’s technology portfolio and expands its market presence in the ANZ region.

The CHG-MERIDIAN Group is a leading global technology2use company. It has more than 1,400 employees in 30 countries across five continents, and develops, finances, and manages tailored technology usage models for the IT, industrial, and healthcare sectors. Its services are available in up to 190 countries through its subsidiaries, partner networks, and affiliated companies.

The Group has been active in the Australian market since 2018 when it acquired Equigroup, a regional technology finance company previously owned by the Commonwealth Bank of Australia. The CHG-MERIDIAN brand was later launched in 2019. After operating both brands in the region for five years, the Group made the strategic decision to rebrand Equigroup to CHG-MERIDIAN in 2024, becoming more customer-centric and unlocking operational efficiencies.

“We are meeting the needs of our customers with our presence in the regional markets,” says Mathias Wagner, CEO of CHG-MERIDIAN. “The acquisition of Maia Financials’ portfolio offers us an attractive opportunity to further strengthen the positioning of our technology2use solutions on-site.”

Even greater expertise in the healthcare sector

Founded in 1989, Maia Financial is a Sydney-based asset finance company owned by two global investment firms. The portfolio consists of around 500 customers, about half of whom belong to the healthcare sector. The managed assets in the portfolio have a value of approximately AUD$500 million (€300 million). This will position CHG-MERIDIAN as one of the leading healthcare financiers across Australia and New Zealand.

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“The acquisition represents an investment in the CHG-MERIDIAN brand and our commitment to the ANZ market. It enables us to expand our presence and expertise, particularly in the local healthcare sector. We look forward to meeting and supporting our new customers with their technology needs and exploring new business opportunities thanks to our Group’s range of innovative solutions,” says Lukas Tränkle, Executive Vice President with responsibility for Australia and New Zealand.

CHG-MERIDIAN offers its customers 45 years of experience in technology management and financing. The Company is not tied to any specific banks or manufacturers, and manages its customers’ technology investments along the entire lifecycle, from procurement and use to data erasure, refurbishing, and remarketing of used devices at its modern technology centers.

The CHG-MERIDIAN Group

The CHG-MERIDIAN Group is a leading global technology2use company in the IT, industrial, and healthcare sectors. It has more than 1,400 employees worldwide and develops, finances, and manages customized technology solutions based on the principle of usage over ownership. This gives customers including large corporations, SMEs, public authorities, and hospitals access to the latest technologies, cost-effective financing models, and tailored services that meet individual needs. CHG-MERIDIAN currently manages a technology portfolio worth €10 billion (2023) and has a presence in 30 countries on five continents without being tied to any specific banks or manufacturers. Its services are available in up to 190 countries through its subsidiaries, partner networks and affiliated companies.

The sustainability-based principles of the circular economy lie at the heart of CHG-MERIDIAN’s business model. The Company has been continually expanding its expertise in this area since it was founded 45 years ago in 1979. CHG-MERIDIAN manages its customers’ technology assets along the entire lifecycle, from procurement and use to data erasure, refurbishing, and remarketing of used devices at its modern technology centers. The Company’s headquarters are in Weingarten, Germany.

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www.chg-meridian.com

Your contact:
Jessica Behrens
Company spokesperson
Franz-Beer-Strasse 111
88250 Weingarten
Germany
Phone: +49 (0)751 503 203
Mobile: +49 (0)175 341 9179
[email protected] 

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