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Diversification Of Nigeria’s Economy Has Become Imperative – INLAKS Director



Olufemi Muraino is the Executive Director of INLAKS, an IT service provider and in this interview with MBAKAAN KWEN, he highlights their impact on the Nigeria financial sector and government agencies.

How does your service influence federal government’s ease of doing business policy in Nigeria?

The Central Bank of Nigeria (CBN) is aggressively working towards increasing financial inclusion rate to 80 per cent and cutting down the number of people excluded from the financial system to 20 per cent by the year 2020. To this end, the CBN licensed Inlaks and other mobile money operators and super agents to extend financial services to 60 million financially excluded Nigerians. Inlaks recently introduced solar powered mobile branch solution to enable financial institutions overcome the challenges of growth, operational efficiency and responsibility to deliver the highest quality, even in the remotest areas.

What special services do you offer the Nigerian financial system?

Inlaks is an IT system integrator in Nigeria and West Africa and we are committed to being the Number one ICT business in Africa. To achieve this, we are constantly creating an enabling environment where innovative ideas and opportunities are identified, harnessed and nurtured. We offer core banking solutions, complementary solutions and related services to financial institutions across Africa. These solutions are unarguably the best Fintech solutions in the world and have continued to transform the financial industry. We will continue to introduce best in-class solutions into the Nigerian financial system in order to ensure our customers stay ahead of the changing marketplace.

How much can be saved if Nigeria MDAs adopt and fully harness the ICT services provided?

The diversification of the Nigerian economy has become imperative in the face of dwindling revenue from the oil sector.  Stakeholders in the Information and communication technology (ICT) sector provide a veritable option for diversifying the nation’s economy because ICT has the added advantage of being able to improve efficiency and enhance productivity in all the other sectors of the economy, including the MDA’s. Government must leverage all the benefits that ICT provides in order to help them cut down cost. Government must also take some bold steps to revitalize the MDA’s by utilizing the best technology solutions that will make them more efficient and effective. This they can achieve by building strategic relationships with the ICT companies for profitability and growth.

We have challenges of cybercrimes. As an ICT solution provider, how do you ensure these crimes are reduced to the lowest level?

It is important for any organisation or parastatal to build formidable structures as a way of preventing cyber threats. Basic tools such as antivirus, firewalls, and intrusion detection systems must be put in place to prevent internal and external invasion and also protect the critical domain of organisations. Building cyber resilience is indeed building a room for continuity so all hands must be on deck to ensure that best cyber security practices are adopted in order to reduce cybercrimes to the barest minimum.

What impact can you have on SMEs to improve their performances?

The Super Agency license granted to Inlaks and other super agents by The CBN is aimed at extending financial services to 60 million financially excluded Nigerians. SMEs can take advantage of this platform to perform and obtain services that were not available to them in the past.

How is the response from the business community in Nigeria so far?

We are a 35 year old organisation and I must say that the response from the Nigerian business community has been great. We have pioneered different areas in the ICT sector over the years and we will continue to ensure we deliver the best products and services to our customers.

What are your main challenges of operating business in Nigeria?

The greatest challenge we encounter as an ICT organisation is high cost of importation of finished products.