ThisWeek Tech

As Nigerians bask in the new year, a 40 per cent hike in telecom tariffs approved by the Nigerian Communications Commission (NCC) is set to deepen the financial strain on consumers already grappling with soaring inflation at 39.93 per cent. Nosa Alekhuogie writes that this sharp increase in the cost of phone calls, SMS, and data bundles raises urgent concerns about affordability and access to essential communication services for millions across the country. NCC recently approved a 40 per cent increase in telecom service tariffs, set to take effect this month.

NCC recently approved a 40 per cent increase in telecom service tariffs, set to take effect soon. This hike is set to impact the cost of phone calls, SMS, and data bundles nationwide.

Understanding the tariff hike

The new tariffs approved by the NCC include calls from ₦11 to ₦15.40 per minute (a 40% increase), SMS (₦4 to ₦5.60; a 40% increase), and data (1GB bundle will rise from ₦1,000 to at least ₦1,400). Telecom operators argue that these increases are necessary to cover rising operational costs. However, for millions of Nigerians, these hikes may further strain already tight household budgets.

Feranmi Adewale, a small business owner in Ibadan, explained that he had to cut down on data bundles for his business because the cost had “become unbearable.”

“It’s affecting my ability to connect with clients and run my business efficiently,” stated Adewale.

Similarly, Paul Kehinde, a graduate intern in Abuja, shared his frustration.

“I can’t afford the data I need for my online professional courses anymore,” said Kehinde. “It is difficult to keep up, and the internet is essential for my education.”

Economic pressures behind the increase

Nigeria’s telecommunications industry has grown significantly over the last few years, playing a vital role in the country’s economic expansion. By mid-2024, the sector’s contribution to the national GDP had risen to 16.36 per cent, up from 10.30 per cent in 2019, according to the Nigerian Communications Commission (NCC).  The sector is facing significant challenges due to a combination of economic factors. Inflation has surged to a near 30-year high of 34.6 per cent in November 2024, driven by escalating food prices and energy costs. This inflationary pressure has made it increasingly difficult for telecom operators to absorb rising expenses without adjusting their pricing structures. Additionally, the depreciation of the Nigerian Naira against major currencies has intensified financial pressures on telecom companies, particularly those reliant on imported technology. 

Broader economic implications

Rising telecom fees could have significant broader economic implications, particularly for digital inclusion. Higher costs may widen the digital divide, making it more difficult for low-income individuals and rural communities to access essential services such as e-learning, healthcare, and job opportunities. The impact may also extend to economic activities, especially for small businesses, startups, and entrepreneurs. Increased connectivity costs could limit their ability to stay connected, stifling innovation and hindering overall business growth.

Trends in voice calls, data fees in Nigeria (2019-2024)

In 2019, Nigerians enjoyed a relatively stable telecom environment. The average price of mobile voice calls was ₦11 per minute, and 1GB of mobile data cost about ₦1,000. The market was marked by increased competition among telecom giants such as MTN, Airtel, GLO, and 9mobile.  A notable decline in mobile data costs occurred in 2019, as high-usage bundles dropped by 142 per cent. According to the ICT Price Trends report, a typical mobile data and voice package cost fell from $16.34 in 2018 to $6.73 in 2019. However, despite this reduction, mobile services remained out of reach for many Nigerians, particularly those in lower-income brackets.

The COVID-19 impact: Increased demand, stagnant prices

In 2020, the global pandemic altered telecom consumption patterns dramatically. As millions turned to online work and education, mobile data usage soared. However, telecom operators faced challenges related to inflation and currency devaluation, which made maintaining stable prices difficult. While there was a surge in demand for data and voice services, prices largely stayed the same as operators focused on retaining customers during a tumultuous time.

The NCC reported that in 2020, Nigerians spent ₦1.77 trillion on national calls and text messages. Despite the increased use of telecom services, operators struggled with rising costs, particularly with the introduction of a 7.5 per cent VAT on telecommunications, further straining consumer finances.

2021: A year of stabilisation and digital expansion

In January 2021, Nigeria had 187.9 million mobile connections, reflecting a 10% increase of 17 million connections from the previous year. This number was equivalent to 90 per cent of the country’s population, underscoring the significant role of mobile technology in Nigeria’s communication and digital infrastructure. 

The telecommunications sector demonstrated resilience despite economic challenges such as rising inflation—peaking at 18.77 per cent in March 2021—and foreign exchange volatility. MTN Nigeria, the nation’s largest telecom operator, reported a 45.5 per cent increase in profit after tax, reaching N298.7 billion in 2021, up from N205.21 billion the previous year. The company’s revenue also rose by 22.9 per cent to N1.7 trillion, marking its highest turnover in five years.  

2022: Tariff increases on the horizon

As inflation and rising costs continued to affect Nigeria’s telecom sector, the Association of Licensed Telecom Operators of Nigeria (ALTON) formally requested a 40 per cent tariff increase in 2022. ALTON cited escalating operational costs driven by inflation, foreign exchange issues, and rising energy prices. The request for tariff hikes was not just about keeping the industry afloat but ensuring the continued delivery of services. Despite strong opposition from consumer groups, the Nigerian government introduced new taxes, including a 12.5 per cent excise duty on telecom services, adding an extra financial burden on Nigerians.

Operators argued that they could no longer bear the costs of these taxes, with some, like Gbolahan Awonuga, Executive Secretary of ALTON, stating, “We cannot subsidise the new excise duty; we will pass it on to subscribers.”

2023: A year of intensified financial strain

In 2023, Nigeria’s telecom operators faced intensified financial pressures, driven by a soaring inflation rate of 33.88 per cent and severe currency depreciation. MTN Nigeria and Airtel Nigeria, two of the country’s leading providers, reported significant financial setbacks. MTN Nigeria alone suffered losses of approximately ₦137 billion, while Airtel Nigeria’s parent company, Airtel Africa, recorded a 15.55 per cent decline in Profit Before Tax (PBT), which dropped to ₦1,034 million. The primary drivers were a 79.40 per cent surge in finance costs, largely attributed to foreign exchange and derivative losses.

Energy costs compounded the sector’s woes, with Airtel Africa incurring $245 million in energy-related losses across its operations, 88 per cent of which came from Nigeria. The country’s unreliable power supply and surging fuel prices were major contributors. 

To mitigate these losses, telecom operators raised service tariffs. Voice call rates increased to an average of ₦11 per minute, with data prices also climbing. Imposing a five per cent excise duty added further pressure on pricing, leaving operators with limited options to offset mounting costs. Subscribers began feeling the pinch as the cost of essential telecom services rose steadily, affecting accessibility and affordability.

The tariff hikes sparked widespread discontent among telecom subscribers. The National Association of Telecoms Subscribers (NATCOMS), led by Chief Adeolu Ogunbanjo, criticized the government’s policies and called for urgent intervention to prevent further strain on Nigerians.

2024: A new era of rising Tariffs

In Q1 2024, the sector’s GDP contribution dropped by 12.60 per cent quarter-on-quarter to ₦2.67 trillion, reflecting sustained financial challenges for telecom operators. Foreign investments in the telecom industry have also plummeted, exacerbating its economic challenges. According to the National Bureau of Statistics (NBS), capital importation into the sector fell by 87 per cent in Q3 2024, attracting just $14.4 million compared to $113.42 million in Q2. On a year-on-year basis, this represents a 77 per cent decline from the $64.05 million recorded in Q3 2023. 

Contributing factors include the devaluation and scarcity of foreign exchange, inflationary pressures, high energy costs, and declining active mobile subscriptions. These challenges have hindered profitability and reduced investor confidence, as teledensity dropped from 102.49 per cent in October 2023 to 72.70 per cent in October 2024.

The real cost of rising voice and data fees

As the telecom industry grapples with these pressures, the real question is: What does this mean for the average Nigerian consumer? With 160 million mobile subscribers in Nigeria, the financial strain is far-reaching. Families, small businesses, and students who rely on affordable telecom services for work, education, and communication are now being forced to re-evaluate their spending.

Despite the challenges, telecom operators maintain that these increases are necessary to sustain the industry. Gbenga Adebayo, chairman of ALTON, stated, “We are not in the business of increasing prices for the sake of it. The reality is, without these adjustments, the sector will collapse.”

For Nigerians, this rising cost of mobile communication represents the harsh reality of living in an increasingly digital world, where staying connected is more expensive than ever. The hope remains that the government and telecom companies can work together to ensure that communication remains accessible without compromising quality or affordability.

Esther Oluku

In a significant move to redefine cryptocurrency trading in Africa, Noones, a pioneering digital platform, hosted a groundbreaking conference in Lagos focused on equipping investors with the skills to tap into untapped industry opportunities while strengthening their cybersecurity defence. The event, drawing a diverse audience from Nigeria and Ghana, underscores Noones’ commitment to democratising financial empowerment across the continent.
As the cryptocurrency market rapidly expands, so do the associated risks and opportunities. Noones seized this moment to bridge the gap by providing attendees with insights into alternative income streams that could enhance their financial portfolios. The conference spotlighted lucrative avenues such as earning commissions through processing local and international payments, facilitating airtime and utility subscriptions, and engaging in affiliate partnership programs. These strategies are tailored to help investors diversify their income sources and achieve greater financial stability.
A central focus of the discussions was the critical issue of cybersecurity, a growing concern in the fast-evolving world of digital currency trading. Noones took the opportunity to educate participants on safeguarding their capital against sophisticated scams. The platform’s experts offered practical advice on securing trading accounts, identifying potential threats, and staying informed through reliable communication channels.
The event also served as a community-building initiative, bringing together seasoned traders, newcomers, and influencers to foster a collaborative environment.
“This event is about coming together as a community whether you’re new to the crypto space or a seasoned player. We are here to learn, grow, and support each other,” said a Noones spokesperson. This focus on community highlights Noones’ vision of creating a financially empowered network across Africa, connected through over 140 payment channels enabled by blockchain technology.
Noones’ dedication to financial inclusion was further emphasised by its use of extensive communication channels, including its website, YouTube, Twitter, and Instagram, to educate new traders and build trust within its expanding community. Influencers like Ghanaian forex trader Ms. Lamidi Sikira, former Big Brother Naija housemate Cross Okonkwo, and Nigerian journalist Suleiman Adebayo played key roles in inspiring and guiding the next generation of crypto investors.
Through education, community engagement, and innovative technology, Noones aims to transform the financial futures of individuals across Africa. The platform’s ambitious vision is clear: to build a continent-wide community of financially empowered individuals who can confidently and securely navigate the complex world of digital currencies.

The Chief Executive Officer and co-founder of VertoFX, Mr. Ola Oyetayo, provides a deep dive into the dynamic evolution of cross-border payments across Africa. He discusses the innovative solutions driving this transformation and sheds light on Verto’s pivotal role in overcoming challenges encountered by African SMEs and businesses. From navigating currency liquidity issues to addressing regulatory complexities, Mr. Oyetayo offers valuable insights that highlight VertoFX’s commitment to revolutionising the continent’s financial landscape. Nosa Alekhuogie presents the excerpts:

The CBN recently issued a new circular for International Money Transfer Operators (IMTOs). Can you share your thoughts on its potential impact on the efficiency of international money transfers and cross border payments as a whole?

I believe the initiative from the CBN is a welcome development with positive implications for both efficiency and beneficiary satisfaction. The CBN has introduced a mechanism that allows them to directly participate in the foreign exchange market by purchasing foreign currency from IMTOs. This addresses a key pain point for IMTOs, who previously faced delays due to their banking partners’ limited naira liquidity to settle transactions promptly. The CBN’s role as a direct buyer of foreign currency injects much-needed liquidity into the system, streamlining the settlement process and expediting turnaround times for IMTOs.

Additionally, the directive to settle remittances in Nigerian Naira aligns with beneficiary preferences. Research indicates that people prefer receiving money in local currency due to the rise of digital remittance services and the fact that most transactions in Nigeria are conducted in Naira. In the past, receiving foreign currency meant extra costs due to conversion fees and usage limitations for beneficiaries. Overall, the CBN’s participation and focus on local currency settlement are positive developments for the efficiency and user experience of cross-border payments in Nigeria.

Trapped funds are a major challenge for multinationals operating in Africa. How can fintechs address this hurdle and encourage continued investment in the continent?

Fintech companies providing cross-border payment solutions can enable seamless, secure, and cost-effective transfers of funds between African countries and global markets, helping to release any trapped funds. They can establish robust platforms for real-time currency exchange and hedging services, reducing the risks associated with currency volatility and simplifying fund management for multinationals.

Moreover, fintechs can develop solutions to ensure compliance with local and international regulations, streamlining the process for multinationals to repatriate their earnings. By forming strategic partnerships with local banks and financial institutions, fintechs can enhance liquidity and offer localised financial services, making it easier for multinationals to access and transfer funds. Finally, fintechs can provide advanced analytics and reporting tools, offering insights into cash flow management. This helps multinationals make informed decisions about their investments and fund management in Africa.

With the African Continental Free Trade Area (AfCFTA) and Pan-African Payment & Settlement System (PAPPS) aiming to boost intra-African trade, what are some key ways fintech solutions can further enhance these initiatives?

I will say fintech solutions can create and support unified payment platforms that facilitate seamless, real-time transactions across all African countries, reducing reliance on multiple payment systems and boosting efficiency. Enhancing interoperability between various mobile money platforms and banking systems across Africa can ensure smooth intra-African trade payments. By implementing solutions that significantly reduce transaction costs for cross-border payments, fintechs can make trade more affordable for businesses of all sizes. Additionally, they can develop tools to help businesses navigate and comply with diverse regulatory requirements across African nations, simplifying the process of engaging in intra-African trade.

Informal channels remain dominant for cross-border remittances. How is this impacting the economy and what is the solution?

Informal channels for cross-border remittances, while convenient for some senders, can negatively impact the economy. These channels often operate outside regulations, making it difficult to track money flows and monitor for money laundering and other illegal activities. Additionally, the government misses out on potential tax revenue from informal remittances, which could otherwise be used for infrastructure development. Furthermore, informal channels may not offer competitive exchange rates or protection from currency fluctuations, exposing senders and recipients to potential financial losses.

Addressing the dominance of informal channels requires a multi-pronged approach. This involves tackling the factors that drive the use of these channels and making formal channels more accessible and attractive. Formal remittance services need to be more efficient, user-friendly, and affordable to compete effectively with informal options. This could include expanding access points, simplifying documentation requirements, and expediting the turnaround time for money transfer services.

Limited liquidity is a challenge for many African currencies. How does Verto FX’s approach, or broader fintech solutions, address this issue and contribute to a more robust cross-border payment ecosystem in Africa?

Verto’s multi-currency wallets enable businesses to hold and manage multiple African currencies, facilitating easier and more efficient currency exchanges and payments. We also create and manage liquidity pools that aggregate funds from various sources in particularly illiquid markets, ensuring there is sufficient liquidity for currency exchanges even in less liquid markets. Our marketplace connects businesses directly, improving liquidity by matching demand and supply more effectively.

Also, Verto’s dynamic pricing helps businesses manage currency risk and volatility, making cross-border transactions more predictable and stable. We have partnerships with local banks and financial institutions to enhance liquidity by tapping into their local currency reserves and networks.

In addition, we offer rapid settlement services to reduce the time funds are held in transit, increasing the overall efficiency and liquidity of cross-border transactions. Furthermore, we have advanced compliance and risk management solutions that ensure transactions adhere to regulatory requirements, reducing the risk associated with currency conversions and cross-border payments.

Limited liquidity often hinders traditional banks in facilitating cross-border transactions. How does Verto FX’s approach differ from traditional banks in addressing these liquidity challenges?

Our marketplace product enables businesses to connect directly for cross-border transactions. For instance, we serve customers with a large supply of G10 currencies looking to exchange for African currencies, such as remittance providers. Simultaneously, we cater to local African businesses seeking to exchange their African currencies for G10 currencies.

What sets Verto apart from traditional banks is the technological sophistication of our payments platform. Our product and technology suite allows businesses to make cross-border payments rapidly. By sourcing liquidity from our clients and leveraging our advanced platform and robust infrastructure, we facilitate efficient cross-border transactions.

Small and medium-sixed enterprises (SMEs) are the backbone of Africa’s economy, but cross-border payments remain a significant barrier to their growth. Can you elaborate on the main challenges that make intra-continental payments so difficult for SMEs?

African SMEs are the driving force behind the continent’s economic growth, but their success depends on seamless cross-border payments. Unfortunately, these transactions often face numerous challenges that hinder SME potential. Limited liquidity in many African currencies makes it difficult to find buyers and sellers, resulting in high transaction costs. Currency fluctuations further complicate matters, making it hard for SMEs to predict the final costs of international business. Delays in cross-border settlements, which can take days through traditional channels, tie up essential working capital. Additionally, regulatory hurdles add complexity, as navigating the diverse foreign exchange regulations across Africa is challenging for SMEs, especially those operating in multiple markets. Complex documentation requirements also exclude many SMEs, particularly those in the informal sector, from the formal cross-border payment system.

The good news is that solutions exist. Platforms like ours, which focus on emerging market currencies and have access to a broad pool of liquidity providers, can offer SMEs competitive rates and improved trade execution.

Does your company see a role for cryptocurrency in the future of African business payments?

Yes, absolutely. This is already the case as we see cryptocurrencies being increasingly used for payments across businesses, stablecoins in particular are turning out to be quite a popular means of payments for more digitally savvy business owners .

Looking ahead to the next five years, what are the key trends or developments that you see driving the most significant growth in African payment solutions?

Africa’s digital payment landscape is poised for a dynamic future, with several key trends expected to drive significant growth over the next five years. One of the most prominent trends is the ongoing mobile money revolution. Given the high mobile phone penetration across the continent, mobile money is expected to continue its dominance, extending its reach beyond basic transactions. Fintechs are set to become even more influential. They will keep challenging traditional institutions while also collaborating with them to expand their reach. This will create a healthy competitive landscape, offering more choices and features for users.

With increasing innovation, we can also anticipate a rise in regtech solutions. These solutions will streamline compliance for fintechs and help authorities effectively manage the evolving landscape, fostering trust and stability in the African payments space. It is important to remember that Africa is a diverse continent, so the pace of innovation will vary depending on the unique circumstances of each market, including infrastructure, regulations, and user preferences.

Are there projects you are currently working on to further make cross-border payment solutions accessible to all?

Absolutely. At Verto, we are constantly innovating to make cross-border payments not only efficient but accessible to everyone. One of our latest initiatives is the Verto Marketplace. We recognize the long-standing challenges faced by business owners engaging in international money transfers, including limited control over exchange rates, high upfront costs, lack of transparency, and inefficient processes. These issues not only create frustration but also significantly impact profitability and operational efficiency.

This is particularly true when dealing with illiquid and emerging market currencies like the Nigerian Naira (NGN), South African Rand (ZAR), Central African CFA Franc (XAF), West African CFA Franc (XOF), and Kenyan Shilling (KES). The global market for these currencies is projected to grow significantly in the coming years. However, only a small percentage of forex market participants currently trade these currencies, exacerbating liquidity issues and increasing costs.

Verto Marketplace addresses these challenges. It is a secure and user-friendly platform that provides a much-needed solution for businesses and institutions dealing in these currencies. On this platform, individuals and businesses can connect directly with a network of vetted counterparties, compare rates, and choose the best option for their specific transfer. This transparency and ease of access empower users, especially those unfamiliar with traditional remittance channels. We leverage our technology to simplify the entire process and provide real-time tracking of transfers, reducing friction and ensuring a faster, smoother experience for everyone involved.

Dr. Segun Aina, the co-founder of Aitechscan, is an associate professor in the Computer Science & Engineering Department at Obafemi Awolowo University, Ile-Ife. Balancing academia and entrepreneurship, he aims to bring practical insights to academic pursuits and excellence to business services. He has consulted for various private and public entities, including the Job Creation Unit of the Vice President’s Office, several State Governments, and Examination Bodies. His business interests span EduTech, Hospitality, Agriculture, Capacity Building, and Technical & Vocational Education and Training (TVET).

Aina served on the pioneer governing council of Bamidele Olumilua University of Education, Science and Technology and is the current chairman of the advisory board at Queensland Academy, Lagos. He has authored around 30 peer-reviewed papers and is a COREN-registered engineer. He is an active member of professional bodies, including the Nigerian Computer Society, the Nigerian Society of Engineers, the Institute of Electrical and Electronics Engineers (IEEE) and the Institution of Engineering and Technology (IET).Nosa Alekhuogie presents the excerpts:

What inspired you to start an edtech company in Nigeria?

The inspiration stems from a combination of several factors. Firstly, my personal passion for education has always been a driving force. From a young age, I have been fascinated by the power of knowledge and the impact it can have on individuals and communities. Secondly, there is an urgent need to fill a gap in the market. Throughout my career, I have observed significant shortcomings in the educational tools and resources available. Many existing solutions fail to address the specific needs of diverse learners, leaving a substantial portion of the population underserved. This gap presents an opportunity to develop innovative solutions that cater to these needs and improve educational outcomes.

Thirdly, the influence of my background has played a crucial role. My experiences, both personal and professional, have shaped my understanding of the challenges and opportunities within the education sector. I am particularly inspired by the potential of technology to revolutionise education. Technological advancements offer unprecedented opportunities to create personalised, engaging, and scalable learning experiences. Over the past 15 years, my mentorship in the testing and assessment space has allowed me to see the profound impact that technology can have on education. This deep-seated desire to address the challenges I have observed drives my commitment to leveraging technology to enhance learning and assessment processes.

Could you tell us a bit about Aitechscan?

AitechScan is a rapidly growing, technology-driven spinoff from a larger education consultancy business. We specialise in developing innovative technological solutions for stakeholders involved in both paper-based and computer-based testing and assessment.

Our flagship solution is a comprehensive, turnkey service built around our proprietary scanning software, which includes five independent modules. The first module is a bespoke web portal and offline application that facilitates the registration of examination candidates and continuous monitoring of student data. This includes features for tracking school and centre information, as well as continuous assessment (CAS) scores.

We also produce customised Optical Mark Reader (OMR) sheets for capturing candidate responses to objective and multiple-choice questions. These sheets are tailored based on specific requirements for candidates, subjects, grades, and schools.

Additionally, we offer customised Examiners Mark (EMS) sheets designed for capturing candidate scores in theory examinations, meeting the specific needs of examiners and institutions. Our robust, in-house-developed processing software is used for scanning and marking completed OMR and EMS forms, ensuring accuracy and efficiency in processing examination data. Finally, our reporting application analyses examination performance using a wide range of matrices. This data provides valuable insights and supports critical decision-making in education and social services. By integrating these modules, AitechScan offers a comprehensive solution that enhances the efficiency and accuracy of testing and assessment processes, benefiting educational institutions and stakeholders alike.

Can you share your background and how it has influenced your approach to education and technology?

I was born into academia. My father is a professor and my mother retired as an accomplished academic. My siblings, most of whom are older than me, are also very well-read, which sets the tone ab initio. An understudy of the people I perceived to be successful also reinforced the belief, growing up, that education is one of the only guaranteed ways to success. This influenced and increased my appetite for formal education. As I progressed, though, it became obvious that formal education was merely a primer for the mind and that an arguably greater resource lay rooted in self-development, apprenticeship and other forms of informal education. It then became my mission to not only tap into these informal sources but also be a bridge builder between academia and industry, which, for me, is characterised by pragmatism and these alternative sources of knowledge.

This pursuit, one could say, influenced the choices that led me to major in computer engineering and ultimately obtain a PhD in Digital Signal Processing whilst also in parallel building capacity in areas like Technical and Vocational Education Training (TVET).

What are your main challenges in building and scaling the Aitechscan platform in Nigeria?

It is often said that a system is only as strong as its weakest link, and increasingly when it comes to technology systems, humans are often the weakest link. This is no different for us, human resource continues to be a challenge in terms of finding technically competent and dependable resources in the middle of the brain drain crisis in our sector is a major challenge. On the production and operational sides, market volatility and rising costs are also making it difficult to maintain the balance between excellent service delivery and profitability. The appetite of consumers for foreign solutions remains a challenge with prospecting new clients. This is exacerbated by the trust deficit between consumers, mostly in the public sector, and local technical service providers. We continue to take these and other challenges in good stride by remaining flexible and using dynamic approaches to respond in favour of our clients.

How do you ensure that your software addresses the unique educational needs and challenges faced by students and educators in Nigeria?

We began by selling solutions on behalf of foreign vendors, which gave us a deep understanding of both the technical and non-technical aspects of customer requirements. We soon realised that these foreign solutions often failed to meet specific local needs. This insight prompted us to develop a robust, ground-up solution tailored to address these unique requirements. Our solution is designed to be flexible, allowing it to adapt as needs evolve, ensuring it remains effective and relevant for our customers.

Could you tell us about your target market or audience, if you have one?

Our business model is centered around low margins from high volume in order to set ourselves apart on the basis of lower prices. As a result, the customers who have the volume are typically state examination boards, state ministries of education and federal examination boards. Tertiary institutions and all other agencies and establishments that have cause to assess candidates all form part of our target audience.

What role do you see technology playing in the future of education in Nigeria?

The impact of technology in the future of education will certainly be profound. We have a teaming youth population with an estimated 60% of our populace under the age of 25. When considered viz-a-viz the rising internet penetration (currently around 43%) and access to technology at large (evident from 50% of the population owning smart phones, it is clear to see the trajectory. As government policies continue to improve the ease of doing business index, more entrepreneurs will likely be trying to tap into the edtech market in Nigeria, which on the global scale is set to exceed $400 billion in about a year. I foresee the role of technology to be even more impactful in the technical and vocational education space alongside more informal education sectors.

How do you measure the effectiveness and impact of your software in institutions?

The feedback from the beneficiaries and our clients forms the primary basis on which we assess ourselves. With the very emotive place examinations, their outcomes and the integrity of the process hold in our society today, it is humbling for me to see the positive impact we have had, and our record is a testament to this.

What are your future plans and goals for expanding and improving your EdTech offerings in Nigeria and beyond?

We are currently amassing a wealth of knowledge from our experiences with each of our clients. The summation of which puts us in prime position to be agents of knowledge transfer between existing clients and potential ones. We plan to inch towards capturing a larger share of the market by onboarding more state examination boards and ministries of education, one cost-saving offering at a time while maintaining and exceeding the high standards for which we are currently known. We are also hard at work developing solutions for the future as they pertain to efficient and cost-effective test and assessment solutions.

Looking into the escalating realm of cybersecurity in Nigeria, dissecting the economic toll it exacts, and exploring the multifaceted factors that fuel this crisis. From the surge in cyber threats to the vulnerabilities that plague businesses and individuals, Nosa Alekhuogie writes about the comprehensive journey to understand the challenges, the initiatives undertaken, and the strategies needed to secure Nigeria’s digital future.

In an age where the digital realm seamlessly interweaves with our daily lives, the security of our online presence has become paramount. Nigeria, a burgeoning hub of technology and innovation, is no exception to the cyber threats that traverse the digital landscape. As technology advances, so do the sophisticated tactics of cyber criminals seeking to exploit vulnerabilities for financial gains and other malicious intents, leaving the nation grappling with a crisis that significantly impacts its economy.

The Rising Tide of Cyber Threats

Cybersecurity threats in Nigeria have grown in scope and complexity, reflecting a global trend. Malevolent actors employ sophisticated methods, leveraging weaknesses in software, networks, and human behaviour. Phishing, ransomware, identity theft, and financial fraud have become commonplace, targeting individuals, businesses, and government agencies. Small and medium-sized enterprises (SMEs) often find themselves particularly vulnerable, lacking the robust cybersecurity infrastructure employed by larger corporations. The rapid adoption of digital technologies, such as online banking and e-commerce, has created a fertile ground for cybercriminals seeking financial gains. Social engineering techniques manipulate unsuspecting individuals and employees, ultimately leading to financial losses and severe reputational damage.

The Economic Repercussions of Cyber Assaults

The economic repercussions of cyber threats in Nigeria are far-reaching and severe. The financial losses businesses incur are staggering, diverting resources that could have been invested in growth and development to mitigate the aftermath of these attacks.

Financial sector vulnerability: The financial sector, a primary target for cybercriminals, has faced substantial disruptions. Banks and financial institutions suffer significant financial losses from fraudulent transactions and data breaches by cybercriminals. Point of sale (POS) breaches in Nigeria are also on the rise as the payment information of customers using POS systems is compromised.

������Ƶ disruption and productivity loss: Cyber-attacks often cause significant disruption to business operations, resulting in downtime and decreased productivity. This disrupts supply chains, delays projects, and adversely impacts the overall economic output of businesses. 

Reputational damage: The reputational harm caused by cyber incidents can be devastating, eroding consumer trust and confidence. ������Ƶes affected by cyber-attacks often struggle to recover and regain the trust of their customer base. 

Intellectual property theft: Intellectual property theft through cyber intrusions severely affects innovation and economic growth. Nigerian companies investing in research and development are particularly at risk of losing valuable intellectual assets to cyber espionage.

A Breach in the digital armour: Common vulnerabilities

One of the primary vulnerabilities lies in inadequate cybersecurity awareness and education. Many users, unaware of the risks, fall prey to phishing attempts and social engineering tactics, unwittingly granting access to sensitive data. Moreover, outdated software and insufficient security measures leave organisations susceptible to breaches. The lack of regular updates and patches in software can provide gateways for hackers to infiltrate systems. The rise in remote work, spurred by the global pandemic, also introduced additional challenges. The shift to remote operations may not always ensure the same level of cybersecurity as in traditional office setups, leaving networks and devices more exposed.

Guardians of the digital realm: Cybersecurity initiatives

Amidst these growing concerns, various entities in Nigeria are stepping up to tackle cybersecurity challenges head-on. Government bodies, private organisations, and civil society are working hand in hand to raise awareness, enhance cybersecurity infrastructure, and develop policies and regulations. The Nigerian government has recognised the urgency of the matter and is developing a comprehensive legal framework to address cybersecurity issues. Regulatory bodies are actively working towards enforcing compliance and fostering collaboration between stakeholders to bolster the nation’s cybersecurity posture. Private-sector initiatives are also crucial in fortifying defences. Many companies are investing in cutting-edge cybersecurity solutions, conducting training programs, and fostering a culture of cybersecurity vigilance amongst their employees.

Factors contributing to cyber threats increase in Nigeria

Digital transformation: As Nigeria experiences rapid digitisation, more individuals and organisations are going online. The proliferation of digital platforms, online services, and e-commerce activities provides a larger attack surface for cybercriminals to exploit.

Limited cybersecurity awareness: Many individuals and businesses in Nigeria lack adequate awareness and education about cybersecurity best practices. This lack of knowledge makes them vulnerable to cyber threats like phishing and social engineering attacks. 

Economic motivation: With the high unemployment rates and societal pressure on youths in the country, cybercrime has become highly profitable. People have become comfortable with the lure of financial gain through illegal means. Cybercriminals target financial institutions, businesses, and individuals to steal money and valuable data.

Some individuals are more susceptible to involvement in cybercrime as they see it as a means of economic advancement. 

Lack of enforcement: Inadequate enforcement of cybersecurity regulations and a lack of deterrents has emboldened cybercriminals. The absence of swift and certain legal consequences for cybercrimes can encourage illicit activities.

Infrastructure challenges: Inconsistent and underdeveloped IT infrastructure in some regions can lead to security vulnerabilities. Outdated software and hardware can be more susceptible to cyberattacks.

Limited cybersecurity investments: Some organisations, especially smaller businesses and government agencies, may not allocate sufficient resources to cybersecurity. 

Lack of Skilled Cybersecurity Workforce: Nigeria, like many countries, faces a shortage of skilled cybersecurity professionals. The shortage can hinder efforts to defend against and respond to cyber threats effectively.

Political and Socioeconomic Uncertainty: Political instability and socioeconomic challenges can create an environment conducive to cybercrime. These issues can divert resources from cybersecurity efforts and increase the motivation for financial gain through illicit means.

Towards a secure future: The way forward

The road to a secure digital future in Nigeria demands a collective effort. It necessitates continuous education and awareness campaigns to equip individuals with the knowledge to recognise and thwart cyber threats. 

It calls for a holistic approach encompassing stringent regulatory frameworks, widespread public awareness, collaboration, and investment in cutting-edge cybersecurity solutions. Additionally, collaboration between public and private sectors, international cooperation, and a proactive approach to adopting advanced cybersecurity solutions are vital steps towards mitigating the risks associated with the digital age. As Nigeria strides in its technological evolution, shoring up its cybersecurity infrastructure is not just a necessity but a responsibility. It is a call to action for all stakeholders to ensure a secure digital landscape that fosters innovation, growth, and prosperity for all.

Preventing cybersecurity attacks in Nigeria requires a comprehensive and multifaceted approach involving various stakeholders, including individuals, businesses, government, and educational institutions. 

One of the several strategies that can be implemented to enhance cybersecurity across the nation includes continuous public awareness and education by launching nationwide campaigns to educate the public about cybersecurity threats, best practices, and how to identify and report potential threats. Collaboration with schools and universities to integrate cybersecurity education into curriculum and conduct workshops to teach students about online safety.

Another strategy is regulatory framework and compliance through the establishment and enforcement of stringent cybersecurity regulations and standards across industries, ensuring compliance by both public and private sector organisations. Implement penalties for non-compliance to incentivize organisations to invest in cybersecurity measures and adhere to prescribed guidelines.

Public-private partnerships are necessary to foster collaboration between the government, private sector, and civil society to share threat intelligence, best practices, and resources to combat cyber threats collectively. Establish joint initiatives to promote information sharing and conduct drills to simulate cyber-attack scenarios, helping organisations enhance their incident response capabilities.

Through capacity building and skill development, investment in training programs and workshops will develop a skilled cybersecurity workforce, addressing the existing skills gap. Encourage certifications and continuous professional development for cybersecurity professionals to stay updated with the latest threats and technologies.

In addition, attention should be paid to cybersecurity research and innovation by encouraging research and development in cybersecurity technologies, fostering innovation and the creation of solutions tailored to Nigeria’s unique cyber threat landscape. Offer grants, incentives, and funding opportunities to startups and researchers on cybersecurity-related projects.     

Another strategy is securing government systems and critical infrastructure, including energy, healthcare, and finance sectors, by implementing advanced security measures and regular security audits and fostering international collaboration to ensure cybersecurity efforts align with global best practices and standards.

Not to be left out is cross-border collaboration with neighbouring countries and international organisations to share threat intelligence and jointly combat transnational cyber threats that may affect Nigeria. This also includes secure software development and patch management to promote secure coding practices among developers and encourage organisations to prioritise timely software updates and security patches to address known vulnerabilities.

Then, promoting multi-factor authentication across all online platforms adds an extra layer of security and protects user accounts from unauthorised access. Addressing the rise of cyber threats in Nigeria requires public awareness, education, investment in cybersecurity infrastructure, regulatory frameworks, and international collaboration. By tackling these issues holistically, Nigeria can better protect its digital landscape and mitigate the economic and security risks associated with cyber threats.

As fintechs continue to lead the charge towards a more inclusive, technologically advanced financial sector, they find themselves navigating treacherous waters. Nosa Alekhuogie delves into the intricate relationship between the escalating inflation of forex and the fintech industry in Nigeria, exploring the challenges and innovative solutions that are shaping the future of financial technology in the country.

Nigeria’s fintech industry has been at the forefront of innovation and financial inclusion on the African continent. Nigeria was poised for a fintech revolution with a rapidly growing population and increasing internet penetration. However, in recent times, the country has been grappling with a severe inflation problem, which is exerting immense pressure on the economy.

Economic analysts have attributed this to the various government policies, including the removal of fuel subsidy earlier in May this year.

 Understanding forex inflation in Nigeria

According to the National Bureau of Statistics, Nigeria’s inflation rate has risen to its highest level in almost two decades. The country has faced various economic challenges over the years, but one of the most pressing issues has been inflation, particularly in foreign exchange. The Nigerian Naira has been steadily losing value against major global currencies, such as the US Dollar and the Euro.

The dollar is being sold for N1170/$1 at the parallel market while the official Investors and Exporters (I&E) window is exchanged at N808.27/$1, as the FMDQ reports. The depreciation of the naira is primarily linked to persistent dollar scarcity in the financial system, driven by increasing demand, particularly due to the recent inclusion of forty-three previously banned items by the Central Bank, leading to higher import bills.

This inflation has also been attributed to several factors, including reduced oil revenues (a significant source of foreign exchange for Nigeria) and macroeconomic instability.

Naira depreciation

The depreciation of the Nigerian naira has been rapid and substantial. Fintech companies in Nigeria, like any other businesses, rely on foreign exchange markets to access vital resources, make international payments, and secure partnerships. The continuous depreciation of the naira leads to increased costs for these fintechs, which must be managed effectively to maintain profitability.

The soaring inflation in Nigeria affects exchange rates and leads to a higher cost of living for the population. For fintech employees and consumers, this means reduced purchasing power and layoffs, which have been happening in some companies, indirectly impacting the sector’s growth. As costs rise for individuals and businesses, the adoption of fintech services may slow down, leading to lower revenues for these companies.

 Impact on fintech operations

The foreign exchange inflation directly affects the cost of conducting business for fintech companies in Nigeria. Many fintechs depend on international technology and software providers, and any increase in software licensing, subscription fees, or cloud services can be a significant burden. Additionally, fintechs often have international partnerships and need to pay in foreign currencies, which results in higher costs when converted to naira.

Fintech companies often rely on hardware and equipment from overseas. As the cost of importing such equipment increases due to exchange rate fluctuations, fintechs face supply chain disruptions. This can lead to delays in product development, scaling, and even increased downtime, impacting customer service and businesses.

For Nigerian fintech startups and businesses seeking investments, the inflation in foreign exchange rates poses a challenge. Investors may hesitate to inject capital into a market where the currency loses value quickly. This can reduce funding opportunities for fintech companies and limit their growth prospects.

Navigating regulatory, compliance challenges

The Central Bank of Nigeria (CBN) has introduced various measures to control the exchange rate and manage inflation. These measures include restrictions on access to foreign exchange and capital controls. While the intentions are to stabilise the economy, these policies have created regulatory and compliance challenges for fintech companies.

Fintech companies often need foreign exchange to settle international transactions, pay for licenses, and import equipment. With the CBN imposing restrictions on access to foreign exchange, fintechs are forced to navigate complex bureaucratic processes to obtain the necessary foreign currency and buy at exorbitant prices from the black market. This can be time-consuming and result in delays and inefficiencies in their operations.

As the CBN introduces new regulations to manage foreign exchange, fintechs must invest resources in understanding and complying with these rules. Failure to comply with the rules will result in heavy sanctions, and this diversion of resources from core business activities can slow down innovation and growth. Additionally, regulatory uncertainty can deter foreign investors and partners from engaging with Nigerian fintechs.

The need for innovation, adaptation

In the face of these challenges, Nigerian fintechs are demonstrating resilience and adaptability.

Fintech companies are diversifying their revenue streams to mitigate the impact of inflation. Many are offering additional services, such as cross-border payments and foreign exchange services, to cater to the changing needs of their customers and generate new revenue sources.

To manage the risks associated with exchange rate fluctuations, fintechs are investing in risk management strategies. This includes hedging against currency risk and monitoring the forex market to make informed decisions about when and how to exchange currencies.

Fintech companies are partnering with local financial institutions to navigate the regulatory challenges more effectively. Collaborating with banks can provide fintechs access to foreign exchange and help them comply with CBN regulations.

Government initiatives, stakeholders collaboration

The Nigerian government and various stakeholders are taking steps to address the challenges faced by the fintech industry.

Industry associations and fintech leaders are engaging with government officials to advocate for policies that support the sector’s growth. These efforts include discussions on regulatory reforms, incentives, and access to foreign exchange.

The government recognises the importance of fintech in driving financial inclusion and economic growth. Initiatives like the National Fintech Strategy and the Digital Economy Initiative aim to provide a conducive environment for fintech companies to thrive.

Conclusion

The inflation of foreign exchange in Nigeria is undoubtedly impacting fintechs in various ways, from increased operating costs to regulatory challenges. However, the industry is not without resilience and adaptability. Fintechs are diversifying their revenue streams, developing risk management strategies, and collaborating with local partners to overcome these challenges.

As the government and regulatory bodies continue to recognise the importance of fintech in Nigeria’s economic development, there is hope for improved policies and support in the future. Fintech companies in Nigeria will need to remain agile and innovative to navigate the changing economic landscape and continue their mission of driving financial inclusion and innovation in the country.

The rising inflation of the US dollar will pose challenges for fintech companies seeking financing and conducting cross-border operations. These challenges may lead to increased costs, reduced foreign investment, and a greater focus on currency risk management. However, fintechs have shown resilience and adaptability in the face of such challenges, and they are likely to continue seeking innovative solutions to navigate this evolving financial landscape.

The Nigerian government can take several measures to support fintech companies, especially in times of economic challenges such as rising inflation. 

There are some steps the government can consider.

Stable exchange rate policies: The Nigerian government can work with the Central Bank to implement stable exchange rate policies. This includes using monetary and fiscal policies to minimise excessive fluctuations in the naira’s exchange rate. Stable exchange rates provide certainty for fintechs that engage in cross-border transactions and rely on foreign exchange. A predictable environment encourages foreign investments and partnerships, fostering growth in the fintech sector.

Access to forex: It is well-known that foreign exchange is not readily available in the country, making business owners groan and struggle to stay afloat.

To ensure that fintechs have access to foreign exchange, the government can establish a streamlined and transparent process for obtaining foreign currency. This process should prioritise businesses with legitimate foreign exchange needs. Additionally, the government can consider setting up dedicated channels for fintech companies to access foreign exchange, such as those used for importing software licenses, technologies, and equipment.

Regulatory clarity: Regulatory clarity is crucial for fintech companies to operate with confidence. The government can work with relevant regulatory bodies to develop clear and consistent guidelines for fintech operations. This includes defining the licensing requirements, risk management, and consumer protection rules. A well-defined regulatory framework reduces ambiguity and encourages responsible innovation.

Support innovation: Governments can encourage innovation within the fintech sector by creating regulatory sandboxes. These sandboxes allow fintech companies to test new products and services with some regulatory flexibility. The government can balance fostering innovation and ensuring consumer protection by doing so. Regulatory sandboxes enable companies to experiment and develop solutions that can be later scaled safely.

Tax incentives: The government can provide tax incentives to encourage the growth of fintech companies. This might include tax breaks for research and development activities, reduced corporate income taxes for fintech startups, or exemptions from certain regulatory fees during the early stages of operation. Tax incentives can reduce the financial burden on startups and encourage investment in the sector.

Data protection and cybersecurity frameworks: Strong data protection and cybersecurity frameworks are vital for the fintech sector. The government can collaborate with fintechs to develop and enforce comprehensive data protection laws and regulations. This safeguards consumers’ financial data and enhances trust in fintech services. The government can work with fintechs to establish best practices for data security, including encryption standards and breach reporting requirements.

This Week In Tech

As fintechs continue to lead the charge towards a more inclusive, technologically advanced financial sector, they find themselves navigating treacherous waters. Nosa Alekhuogie delves into the intricate relationship between the escalating inflation of forex and the fintech industry in Nigeria, exploring the challenges and innovative solutions that are shaping the future of financial technology in the country.

Nigeria’s fintech industry has been at the forefront of innovation and financial inclusion on the African continent. Nigeria was poised for a fintech revolution with a rapidly growing population and increasing internet penetration. However, in recent times, the country has been grappling with a severe inflation problem, which is exerting immense pressure on the economy.

Economic analysts have attributed this to the various government policies, including the removal of fuel subsidy earlier in May this year.

Understanding forex inflation in Nigeria

According to the National Bureau of Statistics, Nigeria’s inflation rate has risen to its highest level in almost two decades. The country has faced various economic challenges over the years, but one of the most pressing issues has been inflation, particularly in foreign exchange. The Nigerian Naira has been steadily losing value against major global currencies, such as the US Dollar and the Euro.

The dollar is being sold for N1170/$1 at the parallel market while the official Investors and Exporters (I&E) window is exchanged at N808.27/$1, as the FMDQ reports. The depreciation of the naira is primarily linked to persistent dollar scarcity in the financial system, driven by increasing demand, particularly due to the recent inclusion of forty-three previously banned items by the Central Bank, leading to higher import bills.

This inflation has also been attributed to several factors, including reduced oil revenues (a significant source of foreign exchange for Nigeria) and macroeconomic instability.

Naira depreciation

The depreciation of the Nigerian naira has been rapid and substantial. Fintech companies in Nigeria, like any other businesses, rely on foreign exchange markets to access vital resources, make international payments, and secure partnerships. The continuous depreciation of the naira leads to increased costs for these fintechs, which must be managed effectively to maintain profitability.

The soaring inflation in Nigeria affects exchange rates and leads to a higher cost of living for the population. For fintech employees and consumers, this means reduced purchasing power and layoffs, which have been happening in some companies, indirectly impacting the sector’s growth. As costs rise for individuals and businesses, the adoption of fintech services may slow down, leading to lower revenues for these companies.

Impact on fintech operations

The foreign exchange inflation directly affects the cost of conducting business for fintech companies in Nigeria. Many fintechs depend on international technology and software providers, and any increase in software licensing, subscription fees, or cloud services can be a significant burden. Additionally, fintechs often have international partnerships and need to pay in foreign currencies, which results in higher costs when converted to naira.

Fintech companies often rely on hardware and equipment from overseas. As the cost of importing such equipment increases due to exchange rate fluctuations, fintechs face supply chain disruptions. This can lead to delays in product development, scaling, and even increased downtime, impacting customer service and businesses.

For Nigerian fintech startups and businesses seeking investments, the inflation in foreign exchange rates poses a challenge. Investors may hesitate to inject capital into a market where the currency loses value quickly. This can reduce funding opportunities for fintech companies and limit their growth prospects.

Navigating regulatory, compliance challenges

The Central Bank of Nigeria (CBN) has introduced various measures to control the exchange rate and manage inflation. These measures include restrictions on access to foreign exchange and capital controls. While the intentions are to stabilise the economy, these policies have created regulatory and compliance challenges for fintech companies.

Fintech companies often need foreign exchange to settle international transactions, pay for licenses, and import equipment. With the CBN imposing restrictions on access to foreign exchange, fintechs are forced to navigate complex bureaucratic processes to obtain the necessary foreign currency and buy at exorbitant prices from the black market. This can be time-consuming and result in delays and inefficiencies in their operations.

As the CBN introduces new regulations to manage foreign exchange, fintechs must invest resources in understanding and complying with these rules. Failure to comply with the rules will result in heavy sanctions, and this diversion of resources from core business activities can slow down innovation and growth. Additionally, regulatory uncertainty can deter foreign investors and partners from engaging with Nigerian fintechs.

The need for innovation, adaptation

In the face of these challenges, Nigerian fintechs are demonstrating resilience and adaptability.

Fintech companies are diversifying their revenue streams to mitigate the impact of inflation. Many are offering additional services, such as cross-border payments and foreign exchange services, to cater to the changing needs of their customers and generate new revenue sources.

To manage the risks associated with exchange rate fluctuations, fintechs are investing in risk management strategies. This includes hedging against currency risk and monitoring the forex market to make informed decisions about when and how to exchange currencies.

Fintech companies are partnering with local financial institutions to navigate the regulatory challenges more effectively. Collaborating with banks can provide fintechs access to foreign exchange and help them comply with CBN regulations.

Government initiatives, stakeholders collaboration

The Nigerian government and various stakeholders are taking steps to address the challenges faced by the fintech industry.

Industry associations and fintech leaders are engaging with government officials to advocate for policies that support the sector’s growth. These efforts include discussions on regulatory reforms, incentives, and access to foreign exchange.

The government recognises the importance of fintech in driving financial inclusion and economic growth. Initiatives like the National Fintech Strategy and the Digital Economy Initiative aim to provide a conducive environment for fintech companies to thrive.

Conclusion

The inflation of foreign exchange in Nigeria is undoubtedly impacting fintechs in various ways, from increased operating costs to regulatory challenges. However, the industry is not without resilience and adaptability. Fintechs are diversifying their revenue streams, developing risk management strategies, and collaborating with local partners to overcome these challenges.

As the government and regulatory bodies continue to recognise the importance of fintech in Nigeria’s economic development, there is hope for improved policies and support in the future. Fintech companies in Nigeria will need to remain agile and innovative to navigate the changing economic landscape and continue their mission of driving financial inclusion and innovation in the country.

The rising inflation of the US dollar will pose challenges for fintech companies seeking financing and conducting cross-border operations. These challenges may lead to increased costs, reduced foreign investment, and a greater focus on currency risk management. However, fintechs have shown resilience and adaptability in the face of such challenges, and they are likely to continue seeking innovative solutions to navigate this evolving financial landscape.

The Nigerian government can take several measures to support fintech companies, especially in times of economic challenges such as rising inflation.

There are some steps the government can consider.

Stable exchange rate policies: The Nigerian government can work with the Central Bank to implement stable exchange rate policies. This includes using monetary and fiscal policies to minimise excessive fluctuations in the naira’s exchange rate. Stable exchange rates provide certainty for fintechs that engage in cross-border transactions and rely on foreign exchange. A predictable environment encourages foreign investments and partnerships, fostering growth in the fintech sector.

Access to forex: It is well-known that foreign exchange is not readily available in the country, making business owners groan and struggle to stay afloat.

To ensure that fintechs have access to foreign exchange, the government can establish a streamlined and transparent process for obtaining foreign currency. This process should prioritise businesses with legitimate foreign exchange needs. Additionally, the government can consider setting up dedicated channels for fintech companies to access foreign exchange, such as those used for importing software licenses, technologies, and equipment.

Regulatory clarity: Regulatory clarity is crucial for fintech companies to operate with confidence. The government can work with relevant regulatory bodies to develop clear and consistent guidelines for fintech operations. This includes defining the licensing requirements, risk management, and consumer protection rules. A well-defined regulatory framework reduces ambiguity and encourages responsible innovation.

Support innovation: Governments can encourage innovation within the fintech sector by creating regulatory sandboxes. These sandboxes allow fintech companies to test new products and services with some regulatory flexibility. The government can balance fostering innovation and ensuring consumer protection by doing so. Regulatory sandboxes enable companies to experiment and develop solutions that can be later scaled safely.

Tax incentives: The government can provide tax incentives to encourage the growth of fintech companies. This might include tax breaks for research and development activities, reduced corporate income taxes for fintech startups, or exemptions from certain regulatory fees during the early stages of operation. Tax incentives can reduce the financial burden on startups and encourage investment in the sector.

Data protection and cybersecurity frameworks: Strong data protection and cybersecurity frameworks are vital for the fintech sector. The government can collaborate with fintechs to develop and enforce comprehensive data protection laws and regulations. This safeguards consumers’ financial data and enhances trust in fintech services. The government can work with fintechs to establish best practices for data security, including encryption standards and breach reporting requirements.

Daniel Benjamin, a Senior Software Engineer at SovTech and former lead mobile developer at Risevest, shares insights into his mobile app development journey, experiences in the Nigerian market, and thoughts on emerging trends. Nosa Alekhuogie presents the excerpts:

Can you describe your role as a mobile developer at Risevest? What projects have you been involved in recently?

At Risevest, I began by focusing on mobile app development and enhancing user interaction with our product. As time progressed, I advanced to the role of Mobile Lead. In this capacity, my duties expanded to not only managing the development of Risevest’s mobile apps but also overseeing the mobile team. As a manager, I prioritised equipping the team with essential resources, ensuring efficient task execution, and actively nurturing our engineers’ professional development.

I would say I played a key role in fostering the professional growth of our engineers. 

What significant contributions have you made that demonstrate your technical expertise and leadership abilities?

I facilitated critical technical discussions that significantly propelled the Risevest app from its state two years ago to its current advanced state. My role encompassed implementing substantial changes, including the introduction of a comprehensive design system, a major overhaul of the app’s codebase, and the successful integration of a more efficient product development process. Moreover, I assumed leadership of the team when our engineering lead transitioned. These efforts combined resulted in an impressive 30% acceleration in our team’s ability to deploy new features.

What emerging technologies or trends do you think will impact mobile app development in Nigeria and the world at large?

I foresee a growing trend in Nigeria towards the adoption of cross-platform frameworks such as React Native and Flutter. These frameworks are becoming increasingly popular due to their ability to save time and expedite the development process, and I anticipate this trend will continue to gain traction across the country.

Moreover, in Nigeria, there is a promising rise in AI-based apps and chatbots. As our economy expands, these applications have the potential to position Nigeria prominently in the tech landscape by providing innovative solutions and enhancing overall user experiences.

On a global scale, I anticipate a surge in Augmented Reality (AR) and Virtual Reality (VR) development. These technologies offer immersive experiences and find applications across diverse industries, including gaming, healthcare, and beyond.

Additionally, the rise of low-code and no-code development platforms is expected to continue globally. These platforms empower individuals with limited coding experience to create applications more easily and quickly, simplifying the development process and lowering the barrier to entry for aspiring developers.

The Internet of Things (IoT) technology is also set to expand on a global scale, connecting devices and enabling data-driven solutions across various sectors, such as smart cities, healthcare, agriculture, and more.

These emerging trends underscore the ever-evolving nature of the tech industry, presenting ample opportunities for innovation and growth, both within Nigeria and on the global stage.

Could you provide an example of a time you suggested or put into practice a novel technology or approach that enhanced a mobile application’s efficiency or quality?

The incorporation of a design system into our application not only quickened the development pace but also notably diminished instances of UI glitches and hurdles. Consequently, our app development process felt highly efficient, resembling the seamless assembly of Lego blocks, where each component effortlessly fell into position.

During a challenging period marked by numerous bugs and issues, I advocated for a comprehensive app rewrite. Although met with initial resistance, we eventually reached a compromise. We initiated a systematic approach: firstly, addressing and rectifying all existing bugs in the app, integrating robust bug monitoring systems like Sentry, and establishing a uniform coding style. Concurrently, we began the gradual process of rewriting the app.

This strategic approach yielded outstanding outcomes, leading to a remarkable reduction in our crash rate from 5.57% to an impressive 0.39%. It serves as a testament to how meticulous planning and phased implementation can drive substantial enhancements in app stability and performance.

Could you provide a brief summary of your current position at SovTech?

Currently, I hold the position of a Senior Software Engineer at SovTech. My focus revolves around contributing to Lissen, a music application based in the UK. I find the dynamic, fast-paced work environment highly engaging. My role demands flexibility, often switching between backend engineering one day and mobile engineering the next. This constant challenge has motivated me to consistently broaden my knowledge and skill set, turning each day into a valuable learning experience.

Could you share your insights and experiences regarding mobile app development in Nigerian?

My venture into the Nigerian market has encompassed a mix of challenges and gratifying moments. Each experience has been a valuable lesson, propelling me to overcome hurdles and progress in my professional expedition.

In my earlier years as a junior developer, I faced diverse scenarios. One notable incident involved a brief stint where the CTO requested pro-bono work. Upon declining, citing my status as a student, I was promptly let go. Additionally, tight and demanding deadlines were not uncommon. Yet, I have also been fortunate to work in nurturing environments that invested in my growth, providing courses, and fostering an atmosphere for excelling.

Overall, my journey in mobile app development has largely been positive. My advice to newcomers in the tech industry is to stand up for themselves and resist exploitation. Asserting your worth and setting boundaries is crucial. Always remember it does improve, and you possess the ability to carve your own path in this dynamic field.

How do you strategically prioritise and plan the integration of new technologies to align with the evolving needs of a business?

Operating in a startup environment necessitates achieving a delicate equilibrium. Despite an ideal approach for implementing a feature, finding the balance between perfection and practicality is key. Devoting three months to building a feature that users do not utilise can be a substantial drain on resources. Hence, the challenge lies in striking that middle ground where valuable functionality is efficiently delivered without excessive time spent on perfection. This approach enables startups to embody agility, promptly respond to user feedback, and maintain resource efficiency.

How do you optimise mobile apps for performance and responsiveness, especially in regions with varying internet connectivity, like Nigeria?

Consistently, my development methodology revolves around a “cache-first, network-after” approach. This involves prioritising the storage and retrieval of data from local cache or storage as the initial step, reserving network requests to fetch data from the server as a secondary option. This strategy effectively mitigates potential challenges arising from unreliable internet connectivity, enhancing the overall user experience.

Furthermore, I integrate network quality detection mechanisms. Depending on the detected network quality, I dynamically adjust the content loaded by the app. For instance, during poor network conditions, I opt for smaller media files, while in optimal network scenarios, I load larger media files. This adaptive approach ensures that users can access essential content even when faced with less-than-ideal network circumstances.

Additionally, a significant aspect of optimising app performance involves caching media files. Proactive downloading and caching of images, songs, and other media files help minimise repetitive downloads, leading to enhanced content load times and a smoother user experience.

What are the key security considerations when developing a mobile app, and how do you address them?

When developing an app, it is crucial to prioritise backend security since it forms the application’s core, managing vital business logic and data storage. If the backend is compromised, regardless of the strong measures taken on the mobile or frontend, the entire system is at risk. Engage a security expert, conduct regular audits, implement robust user input validation, utilise data encryption, enforce strong authentication and authorisation, and adhere to data privacy and compliance regulations to bolster backend security.

Additionally, user education is essential. Many users unknowingly share sensitive information like birthdates, BVN (Bank Verification Number), ATM PINs, etc., with unauthorised individuals. Continually educating users about these risks is critical, as it directly compromises their accounts. Advocate for best security practices, including creating strong passwords, activating two-factor authentication, and staying vigilant against phishing attempts.

How do you stay updated with the latest trends and technologies in the technology space?

Remaining dedicated to continuous learning and knowledge sharing is integral to my professional journey. Actively seeking opportunities to enhance my understanding of the rapidly evolving tech landscape is a priority, achieved through diverse avenues, whether virtual or in-person.

One significant aspect of staying informed is my active involvement in online discussions and forums. These digital platforms provide an excellent arena to connect with fellow professionals, exchange insights, and tap into a wealth of collective knowledge. Whether engaging in tech-focused communities, social media groups, or specialised forums, I contribute to and learn from these vibrant conversations. This dynamic exchange keeps me updated on emerging trends, innovative solutions, and the latest best practices in the field.

Moreover, I highly value face-to-face interactions within the tech community. Participating in meetups and tech conferences offers a unique chance to delve deeper into discussions, network with industry peers, and gain firsthand exposure to groundbreaking developments. These events are not only about acquiring knowledge but also about fostering a sense of camaraderie, sharing experiences, and collectively envisioning the future of technology.

Through these interactions, I gain invaluable insights into the latest innovations and developments shaping the tech world. Additionally, I am privileged to learn from the experiences of other companies and professionals. Real-world stories of challenges and successes inspire me to approach my work with fresh perspectives and a continuous thirst for improvement.

My commitment to staying informed and inspired by the ever-changing tech landscape is not just a professional obligation—it’s a genuine passion. It signifies a dedication to growth, adaptability, and the pursuit of excellence in an industry that thrives on innovation and collaboration.

Can you describe a complex project you led or were a key part of? What challenges did you face, and how did you overcome them?

The Lissen app stands as one of the most significant projects I have had the privilege to work on, primarily due to our deep involvement in the realm of music. Our app necessitates intricate interaction with users’ smartphone hardware, presenting a host of complex challenges.

Interacting with the hardware layer of mobile devices is a demanding endeavour. It involves navigating diverse operating systems and device-specific APIs and ensuring seamless compatibility across a broad spectrum of devices. It is not uncommon for our development team to grapple with hurdles and complexities that lead to late nights and intense problem-solving.

In this demanding environment, continuous education has become a fundamental aspect of our journey. Staying at the forefront of technology and consistently updating our knowledge base is not just a choice—it is a necessity. We are dedicated to comprehending the nuances of mobile hardware, striving for flawless functionality across various devices and operating systems.

Despite the challenging road filled with complexities, it is precisely this challenge that keeps us motivated and driven. Our commitment to providing a seamless music experience fuels our persistence and encourages us to see these challenges as opportunities for growth. Every obstacle we overcome every lesson we learn, brings us closer to achieving excellence in serving the music-loving community.

Seun Ayegbusi, Starting New Insurance Revolution in Nigeria

This week’s featured tech personality is Seun Ayegbusi, the visionary founder behind Insurpass. With a deep-rooted passion for digital insurance innovations and inclusive insurance models, Ayegbusi aims to propel Africa towards a brighter future aligned with the United Nations’ Sustainable Development Goals (SDGs).

Insurpass stands as a pioneering Open Insurance API, revolutionising the insurance landscape. It serves as a centralised platform that consolidates innovative and cost-effective insurance products from leading insurers. Through a singular API access, fintechs, banks, and digital platforms can seamlessly integrate these insurance products into their applications, extending valuable insurance services to their customer base, many of whom lack coverage.

The platform empowers companies across diverse sectors to seamlessly embed insurance products and crucial backend components into web, mobile apps, or Unstructured Supplementary Service Data (USSD) channels, utilising its Open Insurance API.

In its relentless pursuit to enhance insurance penetration and broaden financial inclusion, Insurpass dismantles barriers to insurance access in Nigeria. Leveraging its plug-and-play API infrastructure and embedded insurance model, it facilitates other service providers — including banks, health tech, edutech, and point-of-sale agent platforms — to seamlessly offer an array of insurance products within their own applications/platforms. This opens up opportunities for uninsured customers.

Insurpass’ offering enables partner companies to provide digital insurance services either as a core value proposition or as a value-added service. This strategic approach empowers them to enhance their existing services, driving revenue growth through commissions earned in collaboration with Insurpass. In 2021, the API-driven insurance infrastructure-as-a-service platform secured undisclosed investment funding from Tekedia Capital, a notable US-based investment syndicate focused on fueling Africa’s next category of leaders.

CutStruct Technology Selected for The Exclusive Techstars Toronto Accelerator Program

CutStruct, an innovative leader in construction technology, has announced its inclusion in the Techstars Toronto accelerator programme alongside 23 other outstanding companies across the world. With over 2,000 applications vying for this coveted opportunity, CutStruct’s selection is a testament to its groundbreaking solutions and potential to revolutionise the construction industry in Africa.

Techstars, renowned for nurturing and scaling visionary startups, offers CutStruct a unique opportunity to accelerate its growth and expand its reach. Becoming a part of the Techstars community grants CutStruct access to a global network of exceptional founders, influential investors, experienced mentors, and industry leaders. This invaluable network will provide guidance and expertise crucial for scaling the business.

At the core of CutStruct’s mission is the resolve to address long-standing challenges that have plagued the construction sector, such as lack of transparency in pricing, unproductive hours searching for credible vendors, and limited access to financing. To confront these issues head-on, CutStruct built a marketplace for construction materials. The platform seamlessly connects buyers with verified sellers of building materials, empowering them to boost productivity, cut costs, and adhere to budget constraints while building a solid track record. This record facilitates easier access to financing and enables data-driven decision-making. Whether you are a property developer searching for quality materials at competitive prices or a vendor looking to expand your market reach, CutStruct is the go-to solution.

Founder and CEO of CutStruct, John Oamen, stated, “We are thrilled to be selected for the Techstars Toronto accelerator program. This opportunity aligns us with founders, investors, and mentors who share our passion for innovation and are enthusiastic about the future of construction in Nigeria and Africa as a whole.”

180 Enugu Teachers Engage in Advanced STEM Training

In a concerted effort to fortify Science, Technology, Engineering, and Mathematics (STEM) education within public schools in Enugu, 180 teachers have embarked on an intensive six-month project-based STEM training program. This remarkable initiative is the product of a collaborative endeavour between the Teacher Aid Initiative (TAI) and the TY Danjuma Foundation, aiming to equip educators with advanced tools and methodologies to enhance their teaching approaches in STEM subjects.

The training commenced with a two-day immersive session attended by the participating teachers and esteemed figures from the educational sector. Notable attendees included representatives from the Enugu State Universal Basic Education Board (ENSUBEB), Post Primary Schools Management Board (PPSMB), Science Technical and Vocational Schools Management Board (STVSMB), Teachers Registration Council of Nigeria (TRCN), and other reputable educational institutions.

Aligned with the TY Danjuma Foundation’s mission, this initiative holds the potential to reshape the educational landscape. By immersing teachers in hands-on experiences and providing them with innovative STEM teaching tools, TAI and the TY Danjuma Foundation are laying the foundation for a more enriching and engaging learning experience for students across Enugu.

Rachael Samndi, Project Officer at TY Danjuma Foundation, said, “We are thrilled about our collaboration with the Teacher Aid Initiative. Together, we are committed to empowering teachers in Enugu State with the necessary skills and knowledge required for effective STEM instruction. We firmly believe that investing in teacher training is instrumental in enhancing educational outcomes.”

Adeola Ojeleye, founder of Teacher Aid Nigeria, added, “At TAI, our vision goes beyond just training. We aim to ignite a passion for STEM in our students, shaping them into future leaders and innovators. This initiative will not only enhance the development of children already inclined towards STEM but will also inspire countless others to envision a future in STEM-related careers.”

Recent statistics have highlighted a widening gap in STEM education across Africa, underscoring the urgent need to invest in initiatives that inspire and prepare the next generation for STEM careers. The collaboration between TAI and the TY Danjuma Foundation is a testament to their dedication to bridging this gap, fostering an environment where students learn and aspire to become future STEM leaders.

Nigeria Witnesses $56.7bn Crypto Transactions

According to a recent report by blockchain research firm Chainalysis, Nigeria experienced a noteworthy nine per cent year-over-year growth in cryptocurrency transactions, amounting to a substantial $56.7 billion from July 2022 to June 2023.

This surge in cryptocurrency interest in Nigeria is attributed to the devaluation of the naira, especially during extreme drops witnessed in June and July 2023. Nigeria grapples with an ongoing economic crisis, notably marked by an 18-year high inflation rate of 25.8 per cent last month.

“People are constantly looking for opportunities to hedge against the devaluation of the naira and the persistent economic decline since COVID,” said cofounder of the Nigerian cryptocurrency exchange Busha, Moyo Sodipo, in the report.

Despite prohibiting banks and financial institutions from engaging in or facilitating cryptocurrency transactions in Nigeria since 2021, the country’s young, tech-savvy population turned to alternatives such as peer-to-peer trading provided by cryptocurrency exchanges. This was a way to circumvent the restrictions imposed by the financial sector ban.

A recent survey affirmed Nigeria’s status as the most crypto-savvy country globally. In response to the surge in crypto activity, Nigeria’s financial regulator published a set of regulations for digital assets in the previous year, indicating the nation’s attempt to strike a balance between a complete crypto ban and unregulated use of crypto assets.

Nigeria’s young and tech-savvy population continues to embrace cryptocurrencies, notably through peer-to-peer trading offered by crypto exchanges, finding ways to adapt and thrive in the face of financial sector restrictions.

Abasi Ene-Obong Launches Syndicate Bio

Abasi Ene-Obong, the former cofounder and CEO of 54gene, an African genomics startup, has unveiled his latest venture, Syndicate Bio, a genomics company with a mission to advance global genomics science. This move follows Ene-Obong’s resignation as CEO of 54gene in August 2022, a departure that saw the company undergo significant restructuring, including laying off 100 employees, constituting 55 per cent of its workforce.

While the precise reasons behind Ene-Obong’s resignation from 54gene remain undisclosed, his new venture, Syndicate Bio, is primed to drive genomics and precision medicine initiatives, initially focusing on diverse regions, notably Africa. The company aims to collaborate with various stakeholders, including governments, pharmaceutical entities, academia, and others, to enhance local precision medicine efforts. Additionally, Syndicate Bio aims to generate invaluable datasets for drug discovery and development through these collaborations.

Taking to LinkedIn to announce the launch, Ene-Obong stated, “After a few months in stealth mode, I am happy to say that we have started Syndicate Bio to empower inclusive advancements in global genomics science.” 

Joining him are Jumi Popoola, appointed as the Chief Scientific Officer, and Estelle Dogbo, who takes on the role of Chief Operating Officer at Syndicate Bio.

The formation of Syndicate Bio represents a significant step towards advancing genomics globally, and with Ene-Obong’s extensive experience and expertise in the field, the venture is expected to make substantial contributions to the world of genomics and precision medicine. The industry watches with anticipation as Syndicate Bio begins its journey to transform genomics science on a global scale.

Google DeepMind’s AlphaMissense AI Advances Genetic Mutation Analysis

Scientists at Google DeepMind have unveiled a groundbreaking artificial intelligence program named AlphaMissense, designed to predict the potential harm or benign nature of millions of genetic mutations. This development is set to accelerate research and expedite the diagnosis of rare disorders within the medical community.

The program focuses on “missense mutations,” instances where a single letter is incorrectly spelt in the DNA code. While many of these mutations are harmless, some can disrupt protein functionality, potentially causing severe diseases such as cystic fibrosis, sickle-cell anaemia, cancer, and brain development issues.

Using AlphaMissense, researchers evaluated all 71 million single-letter mutations that could impact human proteins. Setting the program’s precision to 90 per cent, it accurately predicted that 57 per cent of missense mutations were likely harmless, while 32% were likely harmful. For the remaining mutations, the program expressed uncertainty regarding their impact.

In response to these findings, the team at Google DeepMind has released a free online catalogue of these predictions, aiding geneticists and clinicians in their research and diagnostics for patients with rare disorders.

AlphaMissense significantly outperforms existing “variant effect predictor” programs, enhancing the speed at which experts identify disease-driving mutations. Furthermore, the AI may identify previously unlinked mutations and guide doctors towards more effective treatments.

AlphaMissense is an adaptation of DeepMind’s AlphaFold program, which predicts the 3D structure of human proteins based on their chemical makeup. The AI learned common missense mutations by analysing DNA data from humans and closely related primates while familiarising itself with protein “language” through extensive study of protein sequences, enabling it to identify healthy protein structures.

By Ms. YAN Yuqing, Consul General of the People’s Republic of China in Lagos

Since I assumed my duties as the Consular General of the People’s Republic of China in Lagos for over three months, I have forged a deep friendship with people from all walks of life in Nigeria. Despite our differences in nationality, color, and race, I can feel that our hearts and minds are intertwined. Both Nigerian and Chinese people share the values of optimism, simplicity and kindness, and show similar national pride and identity, especially their strong sense and firm position of safeguarding national sovereignty and territorial integrity and opposing all secessionist forces, which makes me firmly believe that there is a deep soil of mutual understanding and support between the two peoples.

Recently, with the opening of the 78th session of the United Nations General Assembly, the voice of hyping the so-called “Taiwan’s inclusion in the UN” has begun to rise. In view of this, I think it is necessary to take this opportunity to sincerely introduce the historical truth of the Taiwan question to my Nigerian friends and set the record straight.
First, Taiwan has been an integral part of China’s territory since ancient times, with a clear historical background and sound legal basis.

Taiwan has belonged to China since ancient times. This statement has a sound basis in history and jurisprudence. A large number of historical records and annals document the development of Taiwan by the Chinese people in earlier periods.The State of Wu and Sun in the 3rd century and the royal court of the Sui Dynasty in the 7th century both sent more than 10,000 people to Taiwan.Starting from the Song and Yuan dynasties, the imperial central governments of China all set up administrative bodies to exercise jurisdiction over Penghu and Taiwan.

In 1624, Dutch colonialists invaded and occupied the southern part of Taiwan. In 1662, General Zheng Chenggong, hailed as a national hero, led an expedition and expelled them from the island. Subsequently, the Qing court gradually set up more administrative bodies in Taiwan. In 1684, a Taiwan prefecture administration was set up under the jurisdiction of Fujian Province. In 1885, Taiwan’s status was upgraded and it became the 20th province of China.

In July 1894, Japan launched a war of aggression against China, and the defeated Qing government was forced to cede Taiwan and the Penghu Islands to Japan next year. In 1943, the Cairo Declaration issued by China, the United States and the United Kingdom stated that all the territories Japan had stolen from China, such as Northeast China, Taiwan and the Penghu Islands, should be restored to China. In 1945, The Potsdam Proclamation reiterate this position. In September of the same year, Japan signed the instrument of surrender, in which it promised that it would faithfully fulfill the obligations laid down in the Potsdam Proclamation. On October 25 the Chinese government announced that it was resuming the exercise of sovereignty over Taiwan. From that point forward, China had recovered Taiwan de jure and de facto through a host of documents with international legal effect.

On October 1, 1949, the People’s Republic of China (PRC) was founded, becoming the successor to the Republic of China (1912-1949), and the Central People’s Government became the only legitimate government of the whole of China. The new government replaced the previous KMT regime in a situation where China, as a subject under international law, did not change and China’s sovereignty and inherent territory did not change. As a natural result, the government of the PRC should enjoy and exercise China’s full sovereignty, which includes its sovereignty over Taiwan.

As a result of the civil war in China in the late 1940s and the interference of external forces, the two sides of the Taiwan Straits have fallen into a state of protracted political confrontation. But the sovereignty and territory of China have never been divided and will never be divided, and Taiwan’s status as part of China’s territory has never changed and will never be allowed to change.

Understanding the basic fact that Taiwan is an integral part of China’s territory, the so-called view of “comparing the Taiwan question with the Ukraine crisis” is debunked. The Taiwan question is completely China’s internal affair, while the Ukraine conflict is a dispute between two sovereign states, and there is no comparison between the two.
Second, in today’s world, the One-China principle has been widely recognized by the international community. The trend of history is irreversible and the will of the people cannot be violated.

At its 26th session in October 1971, the United Nations General Assembly adopted Resolution 2758, which undertook “to restore all its rights to the People’s Republic of China and to recognize the representatives of its Government as the only legitimate representatives of China to the United Nations, and to expel forthwith the representatives of Chiang Kai-shek from the place which they unlawfully occupy at the United Nations and in all the organizations related to it”. It also spelled out that China has one single seat in the UN, so there is no such thing as “two Chinas” or “one China, one Taiwan”.

Resolution 2758 is a political document encapsulating the one-China principle whose legal authority leaves no room for doubt and has been acknowledged worldwide. Taiwan does not have any ground, reason, or right to join the UN, or any other international organization whose membership is confined to sovereign states.

The one-China principle represents the universal consensus of the international community; it is consistent with the basic norms of international relations.To date, 182 countries including Nigeria have established diplomatic relations with the PRC on the basis of the one-China principle. In recent years, more and more countries have chosen to rupture so-called “diplomatic ties” with Taiwan, reflecting that China’s determination to pursue national reunification has been widely recognized by the international community. In today’s world, reunification is in line with the trend of history and the right path, while ‘Taiwan independence’ secessionist forces is a historical trend against the will of the people and a dead end.
Third, at all times, China will firmly safeguard national sovereignty and territorial integrity, the great cause of reunification will be accomplished, while attempts at secession will surely come to fail.
Throughout China’s 5,000-year history, national reunification and opposition to secession have always been the common ideals and culture traditions of the Chinese nation.The truth of “united we stand, divided we fall” must be deeply felt by the Nigerian people. The secessionist forces led by the so-called “Republic of Oduduwa” and “Republic of Biafra” are constantly threatening the peace, prosperity and unity of Nigeria.
Only by achieving full national reunification can we heal the wounds left by history on our country. As Dr. Sun Yat-sen, the great pioneer of the China’s democratic revolution, said,“Unification is the hope of all Chinese people. If China can be unified, all Chinese will enjoy a happy life; if it cannot, all will suffer.”
The will of the Chinese government and people to safeguard national sovereignty and territorial integrity is unbreakable, and the complete reunification of the motherland is the common aspiration and sacred duty of all sons and daughters of the Chinese nation. China is ready for peaceful coexistence and common development with all countries, but will never allow any country or force to undermine China’s sovereignty and territorial integrity. The Taiwan question, which arose out of national weakness and disorder, will inevitably be resolved with national rejuvenation and is unstoppable. Provoking trouble on the Taiwan question and trying to undermine China’s great cause of reunification and the process of national rejuvenation are completely futile and doomed to failure.
Unity is a powerful force to overcome all difficulties and the light of hope for building consensus and promoting human progress. However, when unity comes from the lips of those who wish to divide the country, is a great blasphemy against the word. The wheel of the history of China’s reunification is rolling forward, and no one or any force can stop it.

The management and staff of Diamonds and Pearls Travels Limited are currently celebrating another feather to their enviable cap as the company recently bagged the award of “Best Outbound Tour Operator in Nigeria” for the year 2022

The award, according to the organizers, African Travel Quarterly, is in recognition of the company’s exceptional achievements and contribution to the travel and tourism industry in Nigeria, particularly in the field of Outbound tour operation.

The organisers further states that Diamonds and Pearls Travel has been found worthy of their selection dut to its unwavering dedication to excellence and innovative approach, as a trailblazer in the field of Outbound Travel.

The company received the award on Spetember 3, 2023 at the 19th Akwaaba African Travel Market which was held at the Eko Hotel and Suites, Victoria Island, Lagos, Nigeria.

Reacting to the award, co-founder of the Travel company, Mrs Wonuola Olatunde-Lamidi has this to say: “For us at Diamonds and Pearls Travels, we are extremely grateful to God for this recognition. We received this same award from ATQ News in 2022.

“When we receive awards, it means that people are watching us and our activities and actions mean something in the Nigerian travel ecosystem. It shows that we are doing a great job, it is also a reward for our hard work and sweat. For us, there is a bigger picture which is that, we cannot remain on the same level. We have to improve and do better than before.

” We must keep reinventing our brand, creating more travel products and we have to continue demystifying travel and open up new destinations for the Nigerian traveller. This also calls for expansion as we now have more customers from different parts of Nigeria and the world, requesting to join our group trips which is a travel product that is unique to us.

“Over the years, God has given us the grace to gather strangers who travel together, bond and have fun. We have customers flying out of Lagos and Abuja regularly for tourism, we are looking to expand into Port Harcourt and Kano.

“We are also experts in organising destination events like weddings, birthdays, company retreats and meetings. This is one area that we are looking to expand.

” In all, we give glory to God and look forward to more satisfied customers and fruitful years.”

Wonuola Olatunde-Lamidi is a multi award-winning Tour Operator who formed Diamonds and Pearls Travels with her husband, David Olatunde Lamidi in October 2010.

The award, called Travellers Award was instituted in 1996 by the publishers of Travellers Magazine ATQ News with the theme “Promoting Excellence in Travels”.

Nosa Alekhuogie

Zenith Bank Plc has announced its audited results for the half-year (H1) ended 30 June 2023, recording an astounding triple-digit growth of 139 per cent in gross earnings, from N404.8 billion reported in H1 2022 to N967.3 billion in H1 2023.

This was a clear demonstration of the financial institution’s resilience and strong market share despite a very challenging macroeconomic environment and persistent headwinds.

According to the bank’s audited half-year financial results presented to the Nigerian Exchange (NGX) yesterday, the triple-digit growth in the top line also spurred the bottom line as the Group recorded a 169 per cent year-on-year (YoY) increase in profit before tax, growing from N130 billion in H1 2022 to N350.4 billion in H1 2023.

Its profit after tax also grew by triple digits, growing by 162 per cent from N111.4 billion to N291.7 billion in the same period. The growth in gross earnings arose from both interest income and non-interest income. Interest income also grew by 72 per cent, from N241.7 billion in H1 2022, to N415.4 billion in H1 2023, while non-interest income grew by 246 per cent, from N149 billion to N515.7 billion.

The growth in interest income was attributed to the impact of both the growth and repricing of risk assets.  The liberalisation of the foreign exchange market during the period spurred the growth in non-interest income as revaluations gains improved significantly.

In terms of efficiency, the results showed that Zenith Bank’s cost-to-income ratio improved from 58 per cent to 38.5 per cent in the current period on the back of an enhanced income line.

The liberalisation of the foreign exchange market coupled with the heightened risk environment resulted in cost of risk growing from 1.4 per cent to 8.8 per cent just as its cost of funding also grew YoY from 1.4 per cent in H1 2022 to 2.6 per cent in H1 2023. because of the spike in interest rates between both periods as interest expense grew from N57 billion in H1 2022 to N153.6 billion in H1 2023.

In addition, its total assets grew by 31 per cent from N12.3 trillion to N16 trillion in December 2022, mainly driven by growth in customers’ deposits and the devaluation of the local currency. Customers’ deposits grew by 30 per cent, from N9 trillion in December 2022, to N11.6 trillion in June 2023.

Loans and advances also grew by 32 per cent, from N4.12 trillion in December 2022, to N5.38 trillion in June 2023, partly due to the revaluation of the foreign currency denominated loans as well as growth in local currency loans. Non-performing loans ratio improved from 4.3 per cent to 3.9 per cent in December 2022, despite the deterioration of the macros and heightened risk environment because of the currency mix of risk assets, while capital adequacy ratio improved from 19.8 per cent to 22 per cent and liquidity ratio reduced from 75 per cent to 61 per cent in the current period.  Both prudential ratios were still well above regulatory thresholds.

“The reorganisation into a holding company structure has advanced, as the Group adds new verticals to its businesses and expand into new frontiers.  As the year progresses, the Group will continue to remain dynamic in anticipating and responding to the changes in the fiscal and monetary environments in order to sustain growth across all its business segments and markets,” the bank explained.

Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 14th consecutive year, in the 2023 Top 1000 World Banks Ranking published by The Banker Magazine; Best Commercial Bank, Nigeria, for three consecutive years from 2021 to 2023, in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022 and 2023; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best in Corporate Governance’ Financial Services’ Africa, for four successive years from 2020 to 2023, by the Ethical Boardroom; Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards.

Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021 and Retail Bank of the Year, for three consecutive years from 2020 to 2022, at the ������ƵDay Banks and Other Financial Institutions (BAFI) Awards. Similarly, Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.

In this interview, Olusola Dada, the Managing Director of Sovereign Finance Company Limited, sheds light on the potential impact of the government’s exchange rate unification policy, the firm’s expanding profile, and the pressing need for financial inclusion, among other topics. Nosa Alekhuogie presents excerpts:

How does Sovereign Finance Company Limited distinguish itself from other financial service providers in Nigeria?

Sovereign Finance Company Limited was conceived as a premier financial services conglomerate, equipped to not only meet but exceed our clients’ financial needs, fostering sustainable wealth creation. Our distinction lies in delivering innovative financial and investment solutions tailored to various sectors of the Nigerian economy, grounded in industry expertise and operational excellence. Our commitment to expanding financial inclusion drives us to offer customised solutions and products targeting diverse markets and customer expectations. We firmly believe that broadening financial access is a crucial step in reducing poverty in our nation. Our financial services cater to individuals, SMEs, and High Net Worth individuals, with a focus on building enduring wealth for present and future generations.

How does the firm plan to navigate the unique challenges and opportunities within the diverse sectors of the Nigerian economy?

At Sovereign Finance Company Limited, our strategy centres on a deep understanding of each sector’s intricacies, allowing us to tailor financial solutions that add value. We embrace innovation and harness data-driven insights to adapt swiftly to evolving business landscapes. We take pride in being a catalyst for growth by offering inventive investment products and services empowering individuals and businesses to contribute productively to our nation’s economic stability. Nigeria’s financial services sector is evolving rapidly, and we evolve with it.

Nigeria’s financial services sector is evolving. How does your company stay ahead regarding technological advancements and customer expectations?

We pride ourselves on being at the forefront of financial innovation driven by technological prowess. We actively integrate technological advancements into our financial solutions, ensuring streamlined and seamless processes, elevated customer experiences, and industry leadership. Embracing technology is fundamental to our business model, with investments in cutting-edge solutions that enhance customer experiences, streamline operations, and provide real-time insights. This proactive approach allows us to anticipate and meet evolving customer expectations.

What steps has the company taken to ensure compliance with regulatory guidelines while providing innovative financial solutions?

Sovereign Finance adheres to a rigorous risk management framework and complies with all regulatory guidelines. Our operations prioritise professionalism and customer-centricity, ensuring our innovative financial solutions meet regulatory standards while addressing diverse customer needs.

How does Sovereign Finance plan to sustain its ‘pre-eminence’ in the industry?

Our aim is to sustain our pre-eminence by maintaining a focus on operational excellence, delivering innovative financial solutions, and upholding our core values of Character, Innovation, Trust, and Customer Service. We continuously adapt to the evolving financial landscape, remaining at the forefront of financial innovation in Nigeria. Our vision is fortified by the assembly of top investment experts with outstanding experience, bringing creative solutions to our customers’ financial needs.

Our approach centres on harmonising the convenience of technology with the personalised guidance of experts. While digital platforms empower clients to access services seamlessly, our advisors remain readily available to provide human insights, expert advice, and reassurance. In an era of cyber threats, ensuring data security is crucial.

How does Sovereign Finance Limited maintain robust cybersecurity measures while offering online financial services?

Cybersecurity is a non-negotiable priority. We have made extensive investments in state-of-the-art encryption, multi-factor authentication, and continuous monitoring systems. Our dedicated cybersecurity team ensures that client data remains impervious to breaches. Our technology roadmap is designed for agility, enabling us to adapt swiftly to disruptions. Regular stress testing and scenario simulations prepare us to safeguard our clients’ financial stability.

The World Bank has hailed the government’s exchange rate unification policy. Despite the promising outlook, what advice do you have for the government?

Three crucial steps come to mind immediately. Firstly, addressing system leakages is essential to ensure the success of exchange rate unification. Implementing stringent measures to curb illicit financial flows is crucial to maintaining stability in the unified exchange rate. Additionally, combating the theft of crude oil and improving security are vital, as they pose significant risks to economic activities, particularly in the farming, tourism, and logistics sectors. The government must prioritize security enhancement and create a conducive environment for businesses to thrive. With increased liquidity in the system, there is a risk of inflationary pressures. To counter this, the government should subsidise food production and agricultural activities, stabilising food prices and controlling inflation while consistently implementing appropriate monetary policy measures.

What specific benefits do you see for SMEs with a unified exchange rate?

The exchange rate unification policy will bring enhanced transparency, predictability, and risk management to the market, simplifying transactions and enhancing planning capabilities. This will increase SME competitiveness and attract more foreign direct investments. At Sovereign Finance Company Limited, we believe that exchange rate unification will instil confidence in investors, eliminating market distortions and creating a level playing field for SMEs.

How will the company support SMEs through exchange rate unification?

Recognising the vital role that SMEs play in nation-building, Sovereign Finance Company Limited remains committed to supporting them during this period of uncertainty. We are prepared to assist SMEs in accessing funding facilities that may become available due to improved liquidity and government intervention measures, ensuring they have the necessary funds for business sustainability and growth.

Could you share how Sovereign Finance Limited’s technology infrastructure ensured seamless operations and client service during such unprecedented times?

The pandemic underscored the resilience of our digital framework. Cloud-based systems enabled remote work, while robust online platforms ensured clients could access services uninterrupted. This experience reaffirmed the importance of our tech-driven approach. Looking ahead, we envision embracing the evolution of technology. We are exploring AI-driven predictive analytics and blockchain-based solutions to elevate our risk management capabilities. By staying at the forefront of innovation, we aim to set new benchmarks for risk mitigation in Nigeria’s financial landscape.

In line with its vision to provide everyone with easy access to anything in their city, leading multi-category app, Glovo has entered into a strategic partnership with Nigeria’s largest supermarket retailer, Shoprite. Through this alliance designed to offer a simple, fast and convenient experience for consumers to buy groceries online, customers can now order all their daily essentials including freshly prepared meals, fresh fruits, and vegetables from Shoprite on Glovo. Thanks to Glovo’s fleet of couriers, products are delivered to customers within an hour after the order is placed.

The partnership which was signed in May covers all Shoprite stores where Glovo is active – Lagos, Abuja & Ibadan, with plans to expand to other cities in the coming months. This move drastically changed the game in the local commerce industry, further elevating Glovo’s standing in the Nigerian market, just two years after its arrival on the scene.

Tosin Olukoya, Strategy Manager, Retail Supermarkets Nigeria, noted that e-commerce has revolutionized retail and the supermarket wants to meet the ever-changing needs of the modern-day customer by making online shopping even easier through Glovo. “Shoprite is constantly looking for ways to deliver innovative services that make customers’ daily shopping experience easier. Leveraging Glovo’s global and local expertise in the quick commerce industry, we believe this partnership will offer fast and convenient home delivery service that allows us to address our customers needs in the digital age.” said Olukoya.

The Chief Strategy Officer for Retail Supermarkets Nigeria, Bunmi Adeleye, further stated that the business relationship with Glovo aligns with the ambition of Retail Supermarkets Nigeria to deliver convenience, quality and exceptional value to customers as well as the communities they operate in.

Speaking on the agreement, Kolawole Adeniyi, Head of Q-commerce for Glovo Nigeria said that the partnership aligns with Glovo’s vision to provide everyone with easy access to anything in their city. He said, “To deliver on our vision, we seek partnerships with top retailers with stores widespread across our active locations. Glovo is enjoying strong growth and has big ambitions. Our goal is to make grocery shopping faster, smoother and more convenient than ever before for the customer. Our partnership with Shoprite will allow us to do this, building on this new vertical and helping us drive growth further across Africa.”.

Also commenting, Lamide Akinola, General Manager, Glovo Nigeria said, “Our desire is to be the top-of-mind multicategory app and we look forward to enabling our consumer base to access Shoprite products from wherever they are. We believe that this partnership will help us achieve our broader strategy of being a one-stop-shop for all our customer’s deliveries.” she added.

Nosa Alekhuogie

Experts, among whom are chief executive officers of information and communications technology (ICT) firms, will be discussing technology innovation and making bold predictions of the sector at the forthcoming Nigeria ICT Impact CEO forum in Lagos.

The outcome of their deliberations will help governments at all levels make informed decisions, according to the organisers of the forum.

The Editor-in-Chief of ICT Watch Magazine, Tayo Adewusi, who is the organiser, said in a statement that the event would assess how technology influences business and project into the future.

The Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, is expected to be the special guest of honour at the event while Oyo State Governor, Seyi Makinde will billed as chairman.

The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta will deliver a keynote, while Ogun State Governor, Prince Dapo Abiodun, will be the guest governor.

Adewusi said the Africa Digital Awards, which is in its 11th year would be held simultaneously with the Nigeria ICT Impact CEO Forum, which is an established platform where distinguished individuals, government agencies and state governors who have contributed to ICT development, would be recognised and honoured. 

The Managing Director of Galaxy Backbone, Prof. Muhammed Abubakar is expected to present a paper on ‘Providing Concrete Examples of the Potential Use of Big Data for Monitoring the Indicators Associated with Sustainable Development Goals ((SDGs)’, while the CEO of VDT, Biodun Omoniyi, will deliver a paper on ‘Big Data and the Internet: How ISPs are Using Analytics to Help Customers’. 

Nosa Alekhuogie

Schoolap has been adopted into the Nigerian market through a strategic partnership with one of the biggest venture studios in the country, FirstFounders Inc.

The goal of the partnership between FirstFounders and Schoolapp, is to provide Nigerian students with exhaustive academic content according to the approved syllabus which they can access for free.

According to a statement from Schoolap, the educational content comes pre-loaded on a dedicated solar-powered tablet for learning purposes, thereby eliminating the limitation of electricity and data bundles. The tablets will be distributed through schools to both teachers and students to achieve a robust learning system that can only birth a new era of academic success in Nigeria and subsequently, Africa as a whole.

The partnership will address the mass failure recorded in this year’s West African School Certificate (WASC) examination, organised by the West African Examination Council (WAEC), and will also stress the need for quick actions in Nigeria’s educational sector, the statement further said.

Launched first in Congo, Schoolap has achieved some feats, including recording an impressive $2 million in annual revenue, winning the $50,000 seedstars award prize for the best online educational platform in 2019 alongside other awards, and also raising $500,000 in seed funding from the international Eutelsat Group. 

Edtech startups such as Schoolap aim to solve problems in the education sector with technology. They are pivotal in disrupting the often anemic educational system in nations around the world, especially in developing countries. 

Buki  Azaria Osunkeye, our featured tech personality this week, is an industry trailblazer. As the convener of the Tech Leaders Network Africa, she fosters a vibrant community of tech visionaries.

She is also a cofounder of Pora App, an innovative social networking platform that empowers people to connect with like-minded individuals globally, united by shared culture, values, and ethnicity. This inventive app is reshaping how people build connections in an interconnected world.

Moreover, Osunkeye’s entrepreneurial spirit shines through her involvement in various tech-enabled ventures. Plenti Africa, one of her brainchildren, is making a significant impact. Additionally, she in instrumental in steering Azaria Lagos, an e-commerce brand that champions local products and empowers womenpreneurs.

Osunkeye’s achievements paint a picture of a dynamic leader with a profound impact on both the tech landscape and the communities she engages with.

Osunkeye’s journey commenced as a client service executive at an advertising agency, where she worked on the Coca-Cola account. Through dedication and determination, she climbed the ranks and eventually became the head of product marketing at Sterling Bank. Throughout her extensive advertising career, Osunkeye managed marketing budgets exceeding $1 million and orchestrated campaigns for renowned brands such as Nokia, Sterling Bank, Meta Inc, Coca-Cola, UBA, Peak Milk, Virgin Atlantic, MTN, Whatsapp, British Airways, Guinness, Bloomberg TV, etc. She is a strategist and inventive thinker, showcasing her prowess in running ROI-driven performance marketing projects.

NCC: Nigeria Dominates African Telecom Sector with 82% Subscriptions

The Nigerian Communications Commission (NCC) says Nigeria is at the forefront of the African telecom landscape, constituting 82 per cent of telecom subscriptions across the continent.

Prof Umar Danbatta, NCC’As executive vice-chairman, disclosed this remarkable achievement during the inauguration of the Emerging Technology Forum for the Telecommunications Industry in Abuja. Furthermore, Nigeria’s influence extends to 29 per cent of Africa’s internet consumption.

Nigeria’s ascendancy continues, claiming 11th spot worldwide for internet penetration and the seventh position for mobile phone usage.

However, Danbatta admitted that Nigeria’s Network Readiness Index (NRI) remains comparatively low. This rating placed Nigeria at the 109th position out of 131 countries in 2022.

The NRI serves as a crucial metric for evaluating the role and influence of information and communication technology. It assesses the performance of economies based on technology infrastructure, governance, people, and impact.

The  forum is focused on delving into the foundations of network readiness, as highlighted by Danbatta. Emphasising the importance of prioritising network readiness for Nigeria’s societal and economic transformation, he noted the event’s role in bridging the gap between aspiration and realisation.

Speaking on behalf of Danbatta at the event, Engr. Abraham Oshadami, NCC’s director of spectrum administration said, “As agents of social and economic transformation in our nation, prioritising network readiness is not only a strategic necessity but a mandate. Throughout our deliberations, we will engage in thought-provoking forum discussions that explore the foundational pillars of NRI, through several presentations by renowned professionals in the technology landscape.”

LemFi Secures $33m in Funding to Transform Immigrant Remittance Payments

LemFi (formerly Lemonade Finance) has secured $33 million in Series A funding, embarking on a mission to revolutionise global remittance payments for immigrants. Spearheading the investment round is Left Lane Capital, with notable contributions from investors Y-Combinator, Zrosk, Global Founders Capital, and Olive Tree.

The primary objective of LemFi is to introduce streamlined international remittance services, catering to the African diaspora community residing in Canada. 

The company has now embraced the succinct identity of LemFi. This change is more than a mere rebranding as itsignifies a departure from the intricate process that once entailed weaving together various payment or money transfer platforms. These efforts often incurred transaction fees reaching as high as 8 per cent when sending funds back to their countries of origin.

LemFi’s vision extends beyond a mere financial platform; it aspires to facilitate seamless, fee-free money transactions for immigrants hailing from developing economies. However, LemFi operates within the confines of its UK license, focusing solely on developing wallets and safeguarding user funds, as opposed to engaging in lending practices akin to traditional banking institutions.

Cofounder of LemFi,  Rian Cochran, underlines the necessity of its services not only in North America and Europe but also globally. The company’s mission addresses the needs of diverse immigrant communities, akin to Africans living abroad, who require essential financial products and services. Presently, LemFi is actively pursuing EU licenses, positioning itself to extend its invaluable services to migrant workers and families residing within the European Union.

Irrespective of their origins, immigrants encounter common challenges, and one prevailing concern revolves around adapting to the financial systems of their new homelands.

Global Cybersecurity Awareness: NordVPN Study Reveals Decline in Online Privacy Knowledge

Recent research by cybersecurity firm NordVPN highlights a global decline in online privacy and cybersecurity awareness. Data from 25 key markets indicates that while people worldwide excel in recognising online risks (73%), their grasp of safe online practices and tools is lacking (52%).

The annual National Privacy Test (NPT), a worldwide survey, aims to assess cybersecurity awareness and educate about digital threats. This year, the survey collected 26,174 responses from 175 countries, underscoring its global importance.

NordVPN’s CTO, Marijus Briedis underscores the NPT’s role in fostering a privacy-conscious community that advocates for data protection. This initiative aligns with their vision for a safer digital landscape.

The global findings highlight strengths, including adept password creation (95%) and navigating dubious streaming offers (94%). People also understand limits on sharing sensitive data on social media (90%) and the risks associated with storing credit card details in browsers (88%).

However, only three per cent possess knowledge of tools that safeguard digital privacy, and merely 11 per cent understand ISP metadata collection. Globally, one per cent fall into the category of “cyber wanderers,” with minimal understanding of internet privacy and cybersecurity. In contrast, 15 per cent score 75-100 points, earning the label of knowledgeable “Cyber Stars.” 

Notably, the 30-54 age group showcases the strongest cybersecurity skills, housing the majority of Cyber Stars. Conversely, younger individuals, students, and those over 54 exhibit weaker performance.

Briedis identifies reasons for declining cybersecurity knowledge: the overwhelming volume of daily online activities, evolving tactics of cybercriminals, and the misconception that cybersecurity responsibility rests solely with service providers.

Secondary School Girls Unveil Innovative AI Robot “Kiki-Saggy”

A groundbreaking achievement has emerged from the Federal Government Girls’ College (FGGC) Sagamu in Ogun state as a group of ten secondary school girls unveiled their remarkable AI creation named “Okikiola-Sagamu.” Fondly referred to as Kiki-Saggy, this AI robot is the product of dedication and guidance from the school’s staff.

The ambitious AI robot project was a collaborative effort undertaken by students across senior and junior classes, spanning approximately seven months for completion. Kiki-Saggy’s capabilities encompass speech, ambulation, and gesticulation, a testament to the students’ ingenuity.

With a towering height of six feet and weighing 60kg, the robot impressively achieves a maximum speed of 10km per hour. The global introduction of ‘Kiki-Saggy’ not only showcases the potential harbored within Nigeria’s educational institutions but also emphasises the significance of nurturing youthful innovation.

Nonetheless, the triumph of the project also brings to light the hurdles surmounted by the students. From intricate technical challenges to hardware glitches, complex coding dilemmas, financial limitations, demanding drilling tasks, and seamless component integration, the girls navigated a diverse range of obstacles.

In order to cultivate and empower more young minds, it is imperative to foster an environment that encourages and nurtures such talents, ensuring they can consistently deliver groundbreaking innovations. As technology’s rapid advancement shapes the future, the enthusiasm of the nation’s youth and the proactive support of government entities illuminate the path towards progress.

According to the girls, the journey was fraught with a myriad of challenges ranging from intricate technical issues, hardware glitches, and complex coding conundrums to financial constraints, demanding hole drilling tasks, and the intricate process of integrating various components seamlessly.

Google CEO Sundar Pichai Leads AI-Driven Transformation in Healthcare

Spearheading a pivotal transformation in the healthcare realm, Sundar Pichai, the CEO of Google, is leveraging artificial intelligence (AI) technologies to reshape the landscape.

A recent revelation by Pichai unveils Google’s AI-powered ability to predict cardiovascular issues through the analysis of eye scans. This groundbreaking innovation holds the potential to supplant traditional diagnostic methods like X-rays, MRIs, and CT scans.

At the core of this innovation is the eye’s retina, which functions as a gateway to the body’s overall health. The fundus, situated at the inner back wall of the eye, harbours blood vessels that mirror the body’s well-being.

By examining this ocular data, doctors can glean crucial insights into a person’s cardiovascular health, including indicators like blood pressure, age, and smoking habits.

Google, in collaboration with Verily, harnessed the power of machine learning to analyse an extensive medical dataset, comprising over 300,000 patient profiles. This served as the foundation for their cardiovascular prediction model. Integrating metrics such as age and blood pressure with distinctive markers found within eye scans, neural networks identified patterns to forecast potential risks.

Beyond cardiovascular concerns, this AI breakthrough holds promise for early detection of various conditions like dementia, Alzheimer’s, multiple sclerosis, Parkinson’s, and even schizophrenia. It possesses the capability to identify health issues that may elude even seasoned specialists.

The eye’s retina, as highlighted, stands as a potent source of information about one’s overall health, reaffirming the transformative role of AI in revolutionising healthcare.

Emma Okonji and Nosa Alekhuogie

Following the hike in aviation fuel and the increase in the cost of operations, airline operators are of the view that an hour local flight within Nigeria could rise to N250, 000 anytime soon.

Spokesperson for Airline Operators of Nigeria (AON)and Chairman of United Nigeria Airlines, Obiora Okonkwo, said this yesterday, while speaking as a guest on the ‘Morning Show’ on ARISE NEWS Channel, the broadcast arm of ������Ƶ Newspapers.

According to him, the increase in cost of operations, could lead to an increase in air ticket, such that air passengers would pay as much as N250, 000 for air ticket from Lagos to Abuja.

“If you think tickets are expensive, then you probably don’t appreciate the sacrifices made by local operators. If we have to charge the fares, the way the costs are increasing every day, we should be paying not less than N250,000 from Lagos to Abuja,” Okonkwo said.

He stressed the need for local airlines to access foreign exchange through a designated window facilitated by the Central Bank of Nigeria (CBN).

He also called on the newly appointed Aviation Minister, Festus Keyamo, to collaborate with other governmental bodies to identify and rectify obstructive elements within the system, which a cording to him, is adding to the existing challenges.

Addressing the foreign exchange challenge, Okonkwo said: “You have naira and you can’t convert it to dollar. So, the solution to this is for our minister to understand that we need a special window with the CBN to access foreign exchange.”

He expressed concern over the unjustifiably high cost of aviation fuel, attributing the excess charges to speculative practices. He called on the Nigerian National Petroleum Company Limited (NNPC) to rise above board to stabilise the industry.

Recognising the significance of the aviation sector, Okonkwo advocated for its acknowledgement as an essential industry within Nigeria. He cautioned against any interference with the existing regulatory framework, stressing that stability and consistency were paramount. He urged the government and the new aviation minister to recognise the aviation industry as one of the essential industries in the country.

Okonkwo highlighted the currency disparity that local operators grapple with. He said earnings in naira must cover significant dollar-denominated expenses, making the industry particularly vulnerable to currency fluctuations. He therefore urged the minister not to tamper with the existing regulations and institutional structures. “The current minister should not interfere with the regulations. We had a very terrible past where the regulatory employees were given employment letters from the Federal Ministry of Aviation. That’s absurd and unacceptable,” Okonkwo said.

Nosa Alekhuogie

Nimbus Media Limited, a destination out-of-home-advertising company, in collaboration with Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has called for applications for the 2023 edition of the Nimbus Aid Project.

The transformative social impact initiative spearheaded by Nimbus, will provide 20 women-led businesses across Nigeria with over N40 million ($53,681) worth of advertising on Nimbus screens. Successful applicants will also benefit from various marketing and brand-building support from other project partners. 

Speaking on the partnership, Lagos State Manager, SMEDAN, Dr. Bunmi Kole-Dawodu, said:”Our partnership with the Nimbus Aid Project comes as a promising addition to SMEDAN’s plans for the year. We aim to significantly extend our impact on women-led enterprises beyond our previous efforts. With this collaboration, we are confident in achieving these objectives.”

CEO of Nimbus Media Limited, Wale Adegoke, said: “The Nimbus Aid Project reflects our commitment to driving positive change in our society. We believe in the power of media to uplift businesses and empower voices that need to be heard. By spotlighting women-led businesses through this initiative, we’re not only advancing gender equality but also fueling the engine of economic growth in Nigeria.

“This year, we are grateful for the support of prominent sponsors, including SMEDAN, LSETF, Marketing Edge Magazine, TechCabal, Techpoint Africa, News Central TV, Hervest, FBN Quest, Carpe Diem Solutions and others who share our vision of unlocking economic opportunities through entrepreneurship and gender equality.”

Kari Tukur, the Vice-President of Customer Solutions, East and West Africa, talks about fostering inclusive payment landscapes for financial transformation in Africa. Nosa Alekhuogie presents the excerpts:

Could you share Mastercard’s initiatives for advancing financial inclusion in Nigeria?

Mastercard is deeply dedicated to promoting financial inclusion throughout Africa, including Nigeria. We have introduced a range of programs and initiatives designed to enhance access to financial services, elevate financial literacy, and bolster the growth of small businesses and entrepreneurs. Our investment in technology is a critical driver of our efforts to advance financial inclusion. We are focused on leveraging emerging technologies, such as biometrics and mobile payments, to enhance the accessibility and security of financial services for individuals in Nigeria. These innovative solutions have the potential to break down barriers that hinder financial inclusion by simplifying access to financial services and facilitating seamless transactions. For example, Mastercard has partnered with Nigerian banks, merchants, and technology firms to enable contactless payments across various platforms. 

Our contactless payment solutions, including the tap on phone feature, enable swift and secure payments by allowing users to simply tap their contactless-enabled cards or mobile devices at payment terminals.

A key focal point for us is expanding access to digital payments. We collaborate closely with governments, banks, and other partners to ensure the availability of digital payment options in underserved regions across Africa, including Nigeria. Through strategic partnerships with organisations like MTN and Airtel, we provide data analytics and payment tools directly to local entrepreneurs’ phones, empowering them to manage their businesses more efficiently.

We are fully aware of the pivotal role that financial inclusion plays in promoting economic growth and creating more equitable societies in Africa. Through collaborative efforts with partners across the continent and investments in initiatives aimed at fostering financial inclusion, we are actively working to shape a more financially inclusive future for all Africans.

Could you explain Mastercard’s collaborations with local stakeholders, such as government agencies and financial institutions, to drive financial inclusion in Nigeria?

As a trusted network, we collaborate with private enterprises, government entities, and development agencies to conceive, nurture, and amplify simple yet locally relevant digital solutions. Our collaborative efforts aim to strengthen payment platforms and ecosystems, enhance financial literacy, and empower even the smallest businesses, propelling Africa’s digital transformation and creating a digital economy that benefits all individuals, everywhere.

We engage with governments as partners in developing critical infrastructure across various sectors in Africa, including transit, SMEs, disbursements, and acceptance. Through Mastercard’s Centre for Inclusive Growth, we actively support a range of initiatives that particularly benefit vulnerable communities. In Nigeria, Mastercard is actively promoting the adoption of low-cost digital acceptance solutions, such as contactless payment through tap-on-phone and Mastercard QR pay by link.

In addition to government collaborations, Mastercard partners with financial institutions like Accion Microfinance Bank (AMfB) to extend loans and savings products to low-income microentrepreneurs. Through a $12 million grant from the Mastercard Impact Fund and our partnership with Accion, we aspire to improve access to financial services for millions of individuals, including merchants, empowering them to expand their businesses. This collaboration not only addresses the financial needs of underserved individuals but also strengthens the capacity of financial service providers to cater to the unique requirements of vulnerable populations.

Moreover, Mastercard collaborates with fintech firms in Nigeria to drive financial inclusion. Our Mastercard Start Path programme, for instance, enables collaborations with fintech startups like MAX, a motorcycle-share company, to offer digital payment capabilities and installment plans. These collaborations enable traditionally unbanked individuals, such as motorcycle riders, to access financial services and build credit profiles over time.

An essential aspect of our initiatives is supporting small businesses and entrepreneurs. Our commitment to empowering these segments is evident through programmes like the Start Path accelerator, which offers valuable resources and support to startups operating in fintech and related sectors. This commitment underscores our dedication to driving economic growth in Africa.

Nigeria has a significant unbanked population. What specific strategies or products has Mastercard implemented to reach and serve this segment of the population?

Nigeria’s substantial unbanked population has prompted Mastercard to implement specific strategies and products that recognise the importance of financial inclusion for economic growth and development, particularly in Nigeria. To address the challenges faced by this segment of the population, Mastercard has executed targeted approaches.

A key initiative is the development of Community Pass, an interoperable digital platform aligned with our commitment to connecting one billion people to the digital economy by 2025. Community Pass addresses infrastructure obstacles associated with digitising rural communities, such as unreliable connectivity, limited smartphone ownership, and inconsistent identification. This platform facilitates digital access to markets, financial services, and real-time pricing information for smallholder farmers across Sub-Saharan Africa. Our dedicated digital platform, Mastercard Farm Pass, plays an essential role in enabling this access.

Another integral facet of Community Pass is the Wellness Pass feature, enabling the secure digitisation and storage of health records on a portable, offline chip. Our objective is to register 30 million individuals on the Community Pass platform by 2027, with a specific emphasis on enrolling 15 million people across Africa, including underserved and remote communities, particularly women. Through this initiative, we aim to enhance their access to digital commerce, agricultural markets, healthcare services, and humanitarian benefits by providing digital identities and an acceptance network. To date, we have empowered approximately 2.4 million individuals, predominantly smallholder farmers, to participate in the digital economy in Africa.

Mastercard’s role in this context includes partnerships with diverse stakeholders, including financial institutions, governments, and non-governmental organisations (NGOs). Through these collaborations, Mastercard facilitates technological solutions that enable financial institutions to deliver digital financial services to rural and semi-rural communities. For instance, our collaboration with financial institutions has led to the provision of mobile banking services, allowing users to conduct transactions using their mobile phones, eliminating the need for a physical bank branch.

How can partnerships between financial institutions, technology providers, and government entities contribute to accelerating digitisation efforts in rural and semi-rural areas of Nigeria?

The significance of partnerships between financial institutions, technology providers, and government entities in expediting digitisation efforts in rural and semi-rural areas of Nigeria cannot be overstated. These collaborations are pivotal in connecting small and medium-sized enterprises (SMEs) to the digital economy, driving digital innovations, and fostering transformative change. These partnerships align with Mastercard’s core pillars, encompassing the advancement of digital payment solutions for small businesses, strengthening financial security, delivering data-driven solutions, and ensuring the protection of the digital payment landscape, businesses, and customers.

As an illustration, the collaboration with NetPlus, a Nigerian startup participating in the Mastercard Start Path programme, has resulted in the introduction of a secure e-commerce solution. This partnership eliminates the need for consumers to carry cash for online purchases, enhancing financial security and enriching the digital payment landscape.

Furthermore, the collaborative effort between Mastercard and FCMB (First City Monument Bank) has introduced the Tap on Phone Payment Solution in Nigeria. This innovative program enables merchants to accept contactless payments using their Android smartphones or tablets, obviating the need for a separate hardware point-of-sale (POS) device. Since its launch, Tap on Phone has achieved remarkable success, attracting over 500,000 merchants across Nigeria, with a specific focus on reaching businesses in rural and semi-rural areas. This initiative reinforces digitisation endeavors in the country, underscoring the potency of collaborative endeavors in propelling financial inclusion and economic growth.

Nigeria has been on a digitisation journey in recent years. How has Mastercard contributed to this process and supported the country’s overall digitisation efforts?

Mastercard has played a significant role in Nigeria’s digitisation journey by contributing to the country’s overall digitisation efforts. The company has embraced partnerships and innovative approaches to drive growth in digital financial services, promote financial inclusion, and enhance the safety and security of online transactions.

Mastercard has also been at the forefront of embracing emerging technologies, platforms, and business models. The company has invested in digital wallets, account-to-account, and real-time payments, blockchain, open banking, and buy now, pay later solutions. These innovations have provided Nigerian consumers and businesses with a wider range of convenient and flexible payment options that go beyond traditional cards.

Furthermore, Mastercard has introduced omni-channel solutions to meet the evolving needs of Nigerian consumers and businesses. These solutions enable retailers, merchants, and small businesses to accept various digital payments, including e-commerce, QR codes, and contactless payments. By providing multiple ways to shop and pay, Mastercard supports the expectation of Nigerians to make purchases whenever and however they want.

Mastercard’s focus on innovation extends beyond payment technology. The company leverages its vast network and transaction insights to deliver peace of mind and trust through cybersecurity measures and to help businesses and governments make better decisions through data analytics. By continuously investing in emerging technologies, platforms, infrastructure, and fintech partnerships, Mastercard aims to provide a single platform capability across multiple use cases, improving operational efficiency and diversifying revenue for its partners.

In summary, Mastercard has contributed to Nigeria’s digitisation efforts by diversifying its payment capabilities, embracing emerging technologies, fostering partnerships, promoting financial inclusion, and providing innovative solutions for digital commerce. Through its initiatives and collaborations, Mastercard is driving growth in digital financial services and playing a pivotal role in shaping the fabric of commerce in Nigeria.

Looking ahead, what do you envision as the future trajectory of new payment technologies in Nigeria? Are there any emerging trends or developments that are likely to shape the payment ecosystem in the coming years?

The future trajectory of new payment technologies in Nigeria is expected to be transformative, driven by emerging technologies that are revolutionising the payment space. These advancements are bringing significant changes to how transactions are conducted, offering increased convenience, security, and personalisation. One key technology that will shape the payment ecosystem is blockchain and cryptocurrencies. Blockchain technology enables secure and transparent peer-to-peer transactions, while cryptocurrencies like Bitcoin and Ethereum provide decentralised payment systems. As these technologies gain wider acceptance globally, Nigeria is likely to see increased adoption and integration of blockchain-based payment systems and cryptocurrencies.

Mobile wallets and Near Field Communication (NFC) are also set to play a crucial role in the future of payment technologies in Nigeria. Mobile wallets on smartphones, combined with NFC technology, allow users to store payment credentials and make contactless payments with a simple tap or wave. With the increasing penetration of smartphones and the improvement of NFC infrastructure, mobile wallet adoption is expected to grow, transforming the way transactions are conducted in Nigeria.

Biometric authentication is another emerging trend that will shape the payment ecosystem in Nigeria. Technologies such as fingerprint, facial, and iris recognition enhance security and simplify the payment process by using unique biological traits for authentication. The use of biometrics for payment authorization can reduce fraud and provide a more convenient and seamless payment experience for consumers.

The integration of Internet of Things (IoT) payments is also on the horizon for Nigeria. IoT devices, such as connected cars and smartwatches, equipped with embedded payment technologies, will enable seamless and autonomous transactions. This means that Nigerians will be able to make payments without the need for traditional payment methods, as transactions will be seamlessly carried out through connected devices.

Voice-activated payments are another development that is likely to shape the payment ecosystem in Nigeria. Leveraging voice recognition technology, users can make purchases or send money through voice commands to virtual assistants. This offers a hands-free and convenient payment experience, further simplifying the payment process.

Artificial intelligence (AI) and machine learning technologies will play a significant role in enhancing payment systems in Nigeria. AI and machine learning can improve fraud detection, risk assessment, personalised offers, and customer support. AI-powered chatbots and virtual assistants can provide personalized payment assistance, while machine learning algorithms can analyse transaction data to detect fraudulent activities and enhance security. In conclusion, Nigeria can expect a future characterised by the adoption and integration of emerging payment technologies. Blockchain and cryptocurrencies, mobile wallets with NFC, biometric authentication, IoT payments, voice-activated payments, and AI-powered solutions will shape the digital payments landscape. These advancements will offer Nigerians innovative and efficient ways to conduct transactions, fostering convenience, security, and personalisation in the payment ecosystem.

 In your opinion, what are the key factors that need to be considered to sustain and accelerate the progress of financial inclusion in Nigeria?

To sustain and accelerate the progress of financial inclusion in Nigeria, several key factors need to be considered. Firstly, increasing access to financial services is crucial. This involves ensuring physical access to banking infrastructure, particularly in rural and underserved areas. Expanding the reach of branches and ATMs can provide individuals with convenient access to formal financial services. Additionally, promoting the use of digital financial services, such as mobile banking and digital wallets, can overcome physical barriers and reach a wider population.

Financial literacy and education play a vital role in empowering individuals to make informed financial decisions and effectively use financial services. Implementing comprehensive financial education programs and providing accessible resources can equip individuals with the necessary knowledge and skills to manage their finances, budget effectively, save, and borrow responsibly. By improving financial literacy, individuals can confidently participate in the formal financial system.

Tailored financial products and services are essential to meet the diverse needs of the population. Developing affordable and accessible savings accounts, microcredit facilities, insurance products, and investment options can address the specific requirements of individuals, small businesses, and farmers. By catering to their unique financial needs, tailored products can encourage greater financial inclusion and engagement.

Collaboration and partnerships among various stakeholders are critical for driving financial inclusion. This includes collaboration between government agencies, financial institutions, technology companies, and NGOs. By leveraging the expertise, resources, and networks of different entities, sustainable and scalable solutions can be developed and implemented. Public-private partnerships can also play a significant role in expanding financial services and reaching underserved communities.

Creating a supportive regulatory and policy environment is necessary to foster financial inclusion. Clear and inclusive regulations that promote competition, innovation, consumer protection, and data privacy are essential. Regulatory frameworks should encourage innovation in fintech and create an enabling environment for the development of digital financial services. By establishing favorable regulations, policymakers can facilitate the growth of inclusive financial services.

Investments in financial infrastructure are crucial for advancing financial inclusion. This includes building robust digital payment systems, ensuring reliable internet connectivity, and secure data storage facilities. Developing comprehensive financial infrastructure will enable the efficient delivery of financial services, particularly in remote areas. Prioritising infrastructure development and bridging the connectivity gap can ensure that financial services are accessible to all.

Building trust and ensuring security are paramount in promoting financial inclusion. Implementing robust cybersecurity measures, consumer protection regulations, and strong data privacy frameworks are essential. By safeguarding financial transactions and personal data, individuals and businesses can have confidence in participating actively in the formal financial system.

Lastly, it is crucial to prioritise the inclusion of marginalised groups. This includes women, rural communities, low-income earners, and people with disabilities. Tailored financial literacy programs, specific products, and targeted initiatives can address the unique challenges and barriers faced by these groups. By actively including marginalised populations, financial inclusion efforts become more comprehensive and equitable.

By considering these key factors, Nigeria can sustain and accelerate the progress of financial inclusion. Empowering individuals, promoting economic growth, and fostering a more inclusive and resilient financial system will contribute to a prosperous and equitable society.

With the rise of digital payment technologies, what challenges do consumers and businesses in Nigeria face in terms of security and fraud prevention? How can these challenges be addressed to ensure a safe and secure digital payment ecosystem?

With the rise of digital payment technologies in Nigeria, both consumers and businesses face significant challenges related to security and fraud prevention. The increasing adoption of digital payment methods exposes them to various cybersecurity risks, including data breaches, hacking, malware attacks, phishing, and identity theft.

To ensure a safe and secure digital payment ecosystem in Nigeria, several measures can be taken. First, education and awareness programs should be implemented to raise awareness about cybersecurity risks and fraud prevention measures. Providing resources, online courses, and workshops can help educate consumers and businesses about safe digital payment practices.

Second, strong security standards and practices need to be established. Mastercard has collaborated with organisations like the Global Cyber Alliance to help set baseline security controls and encryption protocols for secure digital payments. Encouraging the adoption of strong security controls, encryption protocols, and secure authentication methods will significantly enhance security levels.

Third, collaboration and partnerships between organisations, academic institutions, and government agencies play a crucial role. These partnerships can promote knowledge sharing, research, and the development of innovative solutions. Collaborative initiatives, such as the partnership between Saïd ������Ƶ School, University of Oxford, and Mastercard, can equip executives with the necessary cyber knowledge and tools to effectively tackle emerging threats.    

Fourth, investing in advanced fraud detection technologies and processes is essential. By detecting suspicious activities promptly, businesses can mitigate risks. Services like Mastercard’s Ethoca Alerts, which enable quick resolution of consumer disputes, can protect businesses from potential chargebacks and fraud-related losses.

Finally, conducting regular cybersecurity readiness assessments is vital. Initiatives like RiskRecon, in collaboration with small business associations and issuers, can provide free assessment services to identify vulnerabilities and offer tailored recommendations for improvement. This proactive approach assists businesses in strengthening their security practices.

By implementing these measures, Nigeria can establish a safe and secure digital payment ecosystem. Mitigating cybersecurity risks, raising awareness, promoting strong security practices, and fostering collaborations will help protect consumers and businesses, instilling confidence in digital transactions.

Nosa Alekhuogie

Experience Nigeria Fintech Week (NFW) is thrilled to unveil the esteemed sponsors and partners for NFW23, scheduled to hold from October 24-26, 2023. According to the organizers, this year’s event promises to be bigger and better, with the support of leading organisations driving innovation and growth in the Fintech industry.

Among confirmed sponsors are Zenith Bank; Mastercard; Alliance Law; Horizon Pay, a pioneering payment solutions provider; and UUBO, a leading commercial law firm renowned for its focus on innovation and technology.

Their sponsorship reflects their dedication to shaping the future of fintech in Nigeria.

Others partners include Banwo Ighodalo, top-tier law firm known for its exceptional legal services in various sectors, including fintech; Soft Alliance, a prominent technology solutions provider, VFD Group, a diversified financial services group; and AELEX, top-tier law firm.

The partners and sponsors bring their expertise and commitment to the forefront, emphasising the significance of collaboration between the financial sector and emerging fintech solutions.

Confirmed Ecosystem Partners include: The Nigeria Inter-Bank Settlement System (NIBSS); The Nigerian Communications Commission (NCC), while confirmed media partners include: TechCabal, Tech Economy, Proshare, SDM Communications, and Coinnewsextra (B2B) and business- to-consumer (B2C) partnerships and media engagement opportunities.

Nosa Alekhuogie

Sophos, a global leader in innovating and delivering cybersecurity as a service, has released new findings on CryptoRom scams, a subset of pig butchering schemes designed to trick users of dating apps into making fake crypto currency investments.

According to the report, since May this year, Sophos X-Ops has observed CryptoRom fraudsters refining their techniques, including adding an Artificial Intelligence (AI) chat tool, like ChatGPT, to their toolset. Scammers also expanded their coercion tactics by telling victims their crypto accounts were hacked and more upfront money is needed.

Sophos X-Ops additionally discovered that scammers were able to sneak seven new fake crypto currency investment apps into the official Apple App and Google Play stores, upping the potential for victims, the report said.

Analysing the report, the Principal Threat Researcher at Sophos, Sean Gallagher, said:

“Since OpenAI announced the release of ChatGPT, there has been broad speculation that cybercriminals may use the program for their own malicious activities. We can now say that, at least in the case of pig butchering scams, this is, in fact, happening. One of the main challenges for fraudsters with CryptoRom scams is carrying out convincing, sustained conversations of a romantic nature with targets; these conversations are mostly written by ‘keyboarders,’ who are primarily based out of Asia and have a language barrier. Using something like ChatGPT can be a more efficient and effective way to keep these conversations going, making the scams less labor intensive and more authentic. It also enables keyboarders to simultaneously engage with multiple victims at one time.”

THIS WEEK TECH

 This week’s featured tech personality is Bosun Tijani, the cofounder and CEO of CcHub – Nigeria’s pioneering open living lab and pre-incubation space. CcHub is a dynamic, multi-functional hub driving innovation across various disciplines.

He initiated the first visit of Mark Zuckerberg the founder and CEO of Meta (formerly Facebook), to Nigeria in August 2016 as part of efforts to place Africa on the global technology map.He has also hosted other global technology leaders in Nigeria, including former Twitter CEO Jack Dorsey in 2019.

Tijani’s impressive contributions didn’t stop there. Just two months ago, he expertly moderated a conversation with Bill Gates during his visit to Nigeria as part of the prestigious Pan-African Youth Innovation Forum 2023.

Across Africa, CcHUB’s impact has been profound. With a network of over 1100 startups nurtured through innovation-focused programmes, the hub has created more than 7,300 direct jobs through its portfolio companies. CcHUB’s influence extends to creating over 35,000 indirect jobs through its value chain. Remarkably, Tijani’s leadership has enabled the direct investment of over $10 million in startups, and the startups in their portfolio have collectively attracted over $150 million in external funding.

Tijani’s accomplishments have not gone unnoticed, as he was recognised by New Africa Magazine in 2017 as one of Africa’s 100 most influential people – a testament to his visionary leadership and dedication to fostering innovation on the continent.

Recently, CcHub made a significant stride in the edtech sector by launching a $15 million edtech accelerator developed in partnership with the Mastercard Foundation. The accelerator aims to support 72 startups in Nigeria and Kenya, and 24 startups from both countries have already been selected for this transformative initiative.

Tijani’s journey as a tech visionary and change-maker continues to shape the landscape of innovation in Africa, inspiring countless entrepreneurs and startups to push boundaries and create a brighter, tech-driven future.

Bankly Launches Microfinance Bank to Boost Financial Inclusion

Bankly, a leading fintech firm, has taken a significant step towards enhancing financial inclusion in the country by introducing Bankly Microfinance Bank.

Specialising in payment processing through point-of-sale terminals, Bankly’s Chief Executive Officer, Tomilola Majekodunmi, announced the bank’s unveiling as a major milestone in the company’s journey to provide accessible financial solutions to individuals and businesses throughout Nigeria.

With the establishment of Bankly Microfinance Bank, the company also introduced the ‘Group Savings’ feature within the Bankly App. This innovative feature revolves around the thrift collection system and group contributions.

The launch of the bank and the group savings feature further underscores Bankly’s commitment to easing financial processes and catering to the needs of everyday people in Nigeria. In 2020, the company expanded its offerings to agency banking, establishing a network of over 50,000 agents nationwide, providing access to financial services for more than twelve million individuals during the COVID-19 pandemic.

As a lifestyle bank, Bankly continues to prioritise delivering straightforward banking solutions to diverse customers, whether they are farmers looking to sell their produce or students in need of payment for essentials.

Bankly operates with full support from the Nigerian Interbank Settlement Systems and holds licenses from the Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation, demonstrating a strong commitment to compliance and customer protection in all its operations.

 FCCPC Delists Getloan, Joy Cash, Camelloan, Cashlawn, Others

The Federal Competition and Consumer Protection Commission (FCCPC) has issued a warning to loan apps, giving them five days to decide that they are operating in accordance with the industry’s guidelines. Failure to comply could result in sanctions and removal from app stores. Additionally, the FCCPC has requested Google to remove eighteen loan apps from the Play Store for violating its regulations.

The commission emphasised that adherence to its rules is mandatory, and any failure to comply would be considered a violation of the law. The 18 delisted loan apps were found to be operating without proper approval or violated the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending of 2022.

The list of loan apps that have been delisted includes Getloan, Joy Cash, Camelloan, Cashlawn, Nairaloan, Eagle Cash, Luckyloan, Cashme, Easynaira, Swiftcas, Crediting, Swiftkash, Hen Credit Loan, Nut Loan, Cash door, Cashpal, and Nairaeasy.

FCCPC clarified that only digital money lenders with proper regulatory approval can be on the Play Store. The commission will continue to engage with Google to ensure unapproved apps are unavailable on the platform.

All existing and approved digital money lenders are urged to provide evidence of compliance within the next five days. They are required to revalidate the information provided by filling out the DL Form 001 on the FCCPC website.

Kaspersky: Nigeria Witnessed 7% Increase in Ransomware Attacks 

According to data from the Kaspersky Security Network, Nigeria experienced a seven per cent rise in ransomware attack attempts on both individual and corporate users in the first half of 2023 compared to the same period in 2022. The cybersecurity firm highlighted that ransomware continues to be a major global and META region threat to information security. In 2022, the average ransomware attack cost was $4.54 million, and Kaspersky’s solution detected a staggering 74.2 million attempted ransomware attacks, a 20 per cent increase from the previous year.

International ransomware organisations continuously update their attack methods, with three main motivations driving them. First, they assess the likelihood of being caught while targeting a specific organisation. Second, they consider the potential ransom size. Lastly, they evaluate the technical complexity of the attack. Dmitry Galov, head of the Russian Kaspersky Global Research and Analysis Team (GReAT), explains that attackers reevaluate their intentions if even one of these characteristics does not align with their goals.

The sophistication and targeting of ransomware attacks are on the rise, affecting various organisations, including healthcare, educational institutions, service providers, and industrial enterprises.

Verve Enables Local Payments on Google Play Store for Nigerians

Google has joined forces with Verve, Africa’s largest domestic card scheme, to enhance digital transactions on the Google Play Store for Nigerians. Nigerians can now use their Verve cards to make purchases on the platform, bolstering the country’s digital ecosystem.

Under this collaboration, Google will process Verve transactions within Nigeria, allowing payments to be conducted in naira and recognised as local transactions by the country’s banking institutions. This streamlined approach empowers any Nigerian with an Android device and a Verve card to easily make purchases on the Google Play Store.

Anthea Crawford, Head of Retail and Payment Partnerships at Google Play expressed excitement about the partnership, saying, “We are thrilled to collaborate with Verve, expanding Google Play access for more Nigerians. Introducing local payments with Verve cards is a significant milestone, enabling more Nigerians to participate in the app economy and access the apps they need.”

The Managing Director of Verve International, Vincent Ogbunude, emphasised that integrating with Google Play is a significant step towards achieving Verve’s vision of promoting financial inclusion. 

By bringing digital content and services closer to Verve cardholders, this partnership bridges the digital divide and extends the reach of digital services to a larger segment of the Nigerian population.

With Verve’s widespread acceptance as a leading payment card scheme in Nigeria, this collaboration promotes inclusion by facilitating access to digital services for more Nigerians. Users can now easily add their Verve cards to their Google Play Account and make payments in naira without any hassle.

To use a Verve card on the Google Play Store, users can follow these simple steps: Open the Playstore, select the desired app to purchase, click the displayed amount, choose “add credit or debit card,” and enter their Verve card details when prompted. Alternatively, they can visit , log in with their Gmail account, click ‘Add a payment method’, enter their Verve card details, and save. Then, they can return to the Playstore to complete their purchase, and the card will be charged automatically.

This partnership simplifies payment processes for Google Play Store apps and services and contributes significantly to creating a more inclusive digital environment for Nigerians.

CcHub’s CEO Nominated for Ministerial Position

The CEO of Co-Creation HUB (CcHUB), Bosun Tijani, has been nominated as a minister. The nomination comes as a recognition of his achievements and leadership at CcHub, and he is now being considered for a significant position in the government.

The nomination was submitted along with a supplementary ministerial list, comprising nineteen individuals, by President Bola Tinubu’s chief of staff, Femi Gbajabiamila.

Reports suggest that the President is considering several Nigerian tech experts for ministerial roles, and among the potential choices are Tijani, Oswald Osaretin Guobadia, Olumide Soyombo, and Idris Alubankudi Saliu, as reported by various publications.

While the specific portfolio for the nominated individuals has not been disclosed, it is speculated that Tijani may be considered for a role in either the Ministry of Communications and Digital Economy or the Ministry of Science, Technology, and Innovation. However, these predictions remain unconfirmed, and the final decision on the ministerial role is yet to be made. Tinubu’s consideration of Tijani for a ministerial position is based on his impressive record as a tech entrepreneur.

Nosa Alekhuogie

The dwindling Crypto exchange landscape recently experienced a boost as the Chief Executive Officer of Tradefada, Mr. Oluwaseun Dania, announced the backing of PATRICIA Technologies with a significant investment.

Announcing the undisclosed amount of investment in a recent LinkedIn post, Dania noted that the investment in PATRICIA Technologies, a standout name among Africa’s premier crypto exchanges, is a pointer to the confidence investors have in Africa’s leading crypto exchanges.

In the post, he lauded Patricia Technologies for its unparalleled innovation and commendable representation of Nigeria and Africa on the global financial spectrum, stressing that despite the challenges faced by many in the fintech space, PATRICIA’s resilience and adaptability, particularly under the leadership of Hanu Fejiro Agbodje, have been a constant beacon of optimism for industry insiders.

 “While turbulence is a part of groundbreaking journeys, Patricia Technologies has consistently been a flagbearer of innovation, setting Nigeria and Africa alight on the global stage. Beyond just crypto, this is about steadfast resolve, audacious vision and pioneering the financial evolution in Africa,” he said.

Meanwhile, the strategic investment by Dania has been viewed by many as not just a financial commitment but a profound testament to his faith in PATRICIA’s team, their mission and their transformative capabilities.

Nosa Alekhuogie

Sammy Dove, a leading digital event management services startup in Nigeria, has called on event planners to take advantage of its seamless and hitch-free multimedia services, when planning their next event.

The startup combines project management process with digital pieces of equipment to deliver high-quality end-to-end digital event management services for corporate, entertainment and traditional settings.

With a vision to be Africa’s preferred event-as-a-content partner, and a mission to showcase innovative content that creates thrilling, engaging experiences and core values, the startup said it had delivered more than sixty events for twenty-four corporate institutions, social and religious groups including the Chartered Institute of Bankers of Nigeria (CIBN), Fintech Association of Nigeria (FintechNGR), Institute of Chartered Accountants of Nigeria (ICAN), National Identification and Registration Authority ( NiRA GDL), Africa Fintech Foundry  (AFF), Financial Institutions Training Centre, (FITC), Avant Garde Ltd, PMI Nigeria,

Chartered Institute of Personnel Management (CIPM), eMaginations,  Ednesial, Regtech Africa, among others.

The organisation is best known for event Livestream, sound, video and photo coverage, social media management, venue digitisation, lightning, branding, musical instrument, website development, graphic design and printing and other related digital event management services.