CWG unveils Fifthlab, urges FG to implement sound policies that boost growth in tech

Worried about the shrinking global economy and rising inflation that are already affecting the Nigeria economy, Okere called on the federal government to create a balanced system for tax and subsidy policies in order to enhance equitable distribution among all taxable individuals and organization.

CWG drives digital transformation, unveils Fifthlab a fintech company, urges FG to implement sound policies that boost growth in Tech companies, Nigeria Economy Pulse Nigeria

Okere who spoke in Lagos at the TeXcellence conference and unveiling of Fiftlab a FINTEC company, organized by CWG to celebrate its 30th anniversary said ‘’ the Nigeria economy is shrinking because of the imbalance in the system. currently ,Nigeria is spending far more that it earns and her debt profile is rising .The continuous subsidy financing by the federal government is an imbalance and a major setback for Nigeria economy.

CWG drives digital transformation, unveils Fifthlab a fintech company, urges FG to implement sound policies that boost growth in Tech companies, Nigeria Economy Pulse Nigeria

‘’In Nigeria, an average citizen pays more tax than the rich citizens because of the imbalance in the system. The tax system is supposed to be used to tax the rich in order to fund social programmes for the poor but in Nigeria the reverse is the case where the poor are taxed in order to sustain government relation with the rich.

If subsidy is removed from petroleum products and from foreign exchange, there will be balance in the economy.’’

He however explained that sound policy implementation could promote businesses and drive development across the country.

CWG drives digital transformation, unveils Fifthlab a fintech company, urges FG to implement sound policies that boost growth in Tech companies, Nigeria Economy Pulse Nigeria

Chairman, Board of Directors CWG, Mr. Philip Obioha said in the last 30 years of operation, CWG leverage technology to offer best of services to companies and banks operating in Nigeria .

Addressing the challenges faced in 30 years of operation, Obioha said lack of sufficient technical skills and scarcity of Forex ,which affected businesses in Nigeria ,were some of the major challenges.

He explained that technology companies like CWG were suddenly on high demands and organization were looking for technology companies to offer technology solutions for businesses growth ,and other technology companies that were available and prepared to offer technology services to organization .

‘’The banks were also looking for technology partners to grow their financial business, and all these were happening because of sound policies that opened business opportunities for.

CWG drives digital transformation, unveils Fifthlab a fintech company, urges FG to implement sound policies that boost growth in Tech companies, Nigeria Economy Pulse Nigeria

The Group Managing Director and Chief Executive Officer of CWG ,Mr Adewale Adeyipo, who spoke about the next phase of CWG is introducing Fifthlab , a Fintech company that will drive the next phase of development by providing solutions to the challenges of e-commerce and future businesses ‘’.

‘’We are removing the many interdependence and creating a modular approach for ease of payment on ecommerce, building trust, and enabling collaborations amongst stakeholders even as we get more intimately connected to our devices and our lives largely depend on these platforms.

In the last five years, we have worked with industry veterans and investment portfolio management organizations and based on the established probability of success and known variables for product growth, we are extrapolating that the upside is appreciable as we introduce Fifthlab - A fintech company powdered by CWG Plc. (FifthLab Presentation starts rolling on the screen).

Why the word fifth lab-Fifthlab is made up of 2 words Fifth(the number 5) and Lab -The number 5 represents curiosity and adventure. Sounds a lot like us. A lab where we never stop asking relevant questions. “What can be different? What can be better, easier, faster"? An ecosystem where we care, where we see possibilities and create without boundaries. It's a lab because we can experiment quickly, we can fail fast and cheap, we can combine seemingly impossible elements and make it a reality.

CWG drives digital transformation, unveils Fifthlab a fintech company, urges FG to implement sound policies that boost growth in Tech companies, Nigeria Economy Pulse Nigeria

Without a doubt, efforts in laying the foundations and establishing the focus product lines of this new entity have been one of the most demanding tasks we embarked on in the last five years.

Highlight of the TeXcellence conference, were the different panel sessions that discussed opportunities in digital transformation.

CWG drives digital transformation, unveils Fifthlab a fintech company, urges FG to implement sound policies that boost growth in Tech companies, Nigeria Economy Pulse Nigeria