Six commercial banks in Nigeria have increased their spending on information and technology (IT) by 44.66 percent to N205.34 billion as more customers conducted electronic transactions, a report indicated. The six banks are: – Access Holdings PLC – GTCO – Zenith Bank – UBA – Stanbic IBTC Bank – Wema Bank These lenders saw their […]
The naira has continued its strengthening against the United States dollar. The Nigerian currency appreciated to N1,050/$ at the official market and N1,136/$ at the parallel market by the close of trading activities on Monday. Traders predicted the dollar’s fall to below N1,000 before the end of the week. Data from the FMDQ Exchange, a […]
IDEMIA Smart Identity and the National Identity Management Commission (NIMC) have agreed to renew their long-standing collaboration and upgrade NIMC’s biometric system to become the most advanced biometric system in the world, comparable only with Aadhaar in India. The original system was created to accommodate 100 million records but has now reached approximately 90 million records, necessitating this […]
Credit bureaus serve as crucial intermediaries in leveraging data to bridge the gap between formal and informal economies, enabling access to formal credit for previously excluded individuals and fostering economic expansion through trust-building financial transactions, while addressing challenges such as loan stacking through comprehensive data analysis, and promoting financial inclusion via advanced technologies and strategic […]
The federal government has increased its projected savings for this year after the recent rise in electricity tariffs for Band A customers to N1.5 trillion. Around 2.5 million meters will also be installed this year to address the metering gap nationwide and ensure accurate billing. On April 2, 2024, Bayo Onanuga, the special adviser to […]
The federal government of Nigeria, via the National Identity Management Commission (NIMC), has unveiled plans for a new national identity solution featuring payment functionality. This identity card serves various social and financial purposes. Confirming this development roughly a week ago, Mr. Kayode Adegoke, head of Corporate Communications at NIMC, stated that the collaboration with the […]
On Friday, Officer Cadet Owowoh Princess Oluchukwu made history as the first-ever Nigerian female officer to graduate from the Royal Military Academy Sandhurst (RMAS) in the UK. Princess, aged 24, was among 135 Officer Cadets who graduated during RMAS’ Sovereign’s Parade on Friday, April 12, 2024, in London. The parade commemorated the conclusion of 44 […]
In Nigeria’s ever-evolving financial technology (fintech) arena, the potency of collaboration via partnerships and ecosystems emerges as a driving force for revolutionary transformation. Based on Statista’s data, Nigeria housed 217 fintech startups in 2023, marking a noticeable surge compared to previous years, solidifying its position with one of the highest counts of fintech startups in […]
amidst the ongoing economic challenges in Nigeria, Olubunmi Abegunde, a prominent technology expert and CEO of Thamani Consulting, has advised Nigerian companies to embrace digital transformation in order to build resilience and succeed. He emphasizes that only those who embrace technology and digitalization will be able to navigate the economic difficulties effectively. Abegunde stresses that […]
The Nigerian Electricity Regulatory Commission (NERC) has taken punitive measures against Abuja Electricity Distribution Plc (AEDC) due to its failure to adhere to the Supplementary Order linked to the April 2024 Multi-Year Tariff Order 2024 for AEDC. AEDC has incurred a fine of ₦200,000,000 (Two Hundred Million Naira) for disregarding the prescribed customer band classifications […]
