General News
Nigeria can Easily Transit to eTransactions – Chuma Ezirim

Chuma Ezirim is head, eBusiness group in First Bank Plc that is in charge of developing and managing eChannels and Card business in the bank. He holds a B.Sc in Industrial Chemistry, University of Nigeria, Nsukka and M.Sc. (in the same field), University of Ibadan. He also has a MBA from Nsukka. He is also alumnus of the prestigious Lagos Business School. Ezirim, pioneered the introduction and use of the Smartcard Payment System in Afribank Nigeria Plc as a young banking officer and served in the steering and marketing committees of the Nigeria Smartcard Scheme, where the broad product strategies for the scheme were set. He also has broad experiences from Prudent Bank, where within two years, he took the bank from 27th to the number one position in the Valucard Scheme. Ezirim, was also an assistant general manager at Skye Bank, from where he joined First Bank in November, 2010. He works directly with the group managing director of First Bank to reposition eBusiness as an important source of earnings diversification for the bank. He spoke with miebi senge, excepts:
Overview of Cashless Lagos
I am sure that we all know the objectives behind the cashless policy. We think that the policy is coming at the right time considering all that is happening in the country and I am happy that all the stakeholders have embraced that policy and then of course they are also committed to its success. Last year the Central Bank of Nigeria (CBN) recognized the need to bring all stakeholders in the payment industry together to look at ways of reducing the amount of cash in the country and that concern was based on the risks of carrying cash and of course the cost involved in managing cash. There is also the convenience associated with using electronic payment channels to make payments.
The pilot started in Lagos on January 1 and we have had some hiccups, which are being addressed by the relevant stakeholders. CBN has also recognized the challenges in terms of rolling out the scheme; that is why they have moved implementation of the service fees to April 1, 2012 in Lagos. Between now and the end of March, all stakeholders would have had the opportunity of addressing some of these challenges.
In terms of awareness, the CBN and other stakeholders also are doing very good job in sensitizing the public. There have been several town hall meetings with key stakeholders like traders, artisans, religious groups, etc, where the policy was extensively discussed and demonstrations of the alternative channels like POS terminal were made. The sessions have been largely successful.
We think that it is still too early to start assessing performance of the policy but the good thing we have noticed is that there is a whole lot of awareness. We are getting calls from our corporate and retail customers asking us to come and talk to them about the policy, including organizing awareness sessions with their key distributors and suppliers.
Breaking Tradition of Moving Cash Around
The truth is that we cannot eliminate cash. Even in advanced markets, we still find that cash transactions account for more than 50 per cent of transactions in those markets so we cannot totally eliminate cash. The challenge we have in Nigeria is that we have a situation where we have more than 90 per cent of our transactions done with cash. For us, that is a challenge, with huge implications on key performance indices in our economy. I will like to look at it from the point of view of all key stakeholders – the economy, business, banking industry and then of course, the customers. Three things the policy aims at addressing; one is safety, convenience and cost.
For the economy, for instance the CBN spends so much printing cash. Even the cost of managing the distribution or the circulation is also a major cost.
Studies have shown that if you are able to improve on the efficiency of your payment system, it could lead to savings, which could be as much as one per cent of the GDP of a country. For me that is an achievable goal. This industry spent over 90billion in 2009 managing cash. If we can even reduce that amount by half there would be a saving that translates into investments in infrastructure to improve the quality of services we render to customers. It would also lead to reduction in the cost of funds.
For the business we know that today security is a major concern in this country. Why would a business accept cash in the office or shop, with all the attendant risks. The bad thing about cash is that once it is lost, it is lost. For me, safety is also a major issue for businesses. For those that are into retail businesses like supermarkets, it is a major issue.
For the customers, you are looking at the convenience of carrying and transacting with cash. Why would I want to carry a Ghana must go bag when access to that sum of cash is in my wallet? We know that people attack homes because of cash that is kept at home.
Are we going to make progress with this policy? The answer is yes. This country has also proved with mobile phones that though we might not be numerate but we’re not illiterates. We have over 90 million active mobile phone subscribers now in Nigeria. The truth is that if you are able to use a mobile phone, you should be able to use cards to settle for your transactions at the POS terminal or withdraw money from the ATM. It is easier to use cards than mobile phones.
I think that this country has all it takes to move from paper based transactions to e-based transactions.
Meeting Point Between Banks and Mobile Money Operators
Mobile money is one of the schemes that would support the cashless policy. There are several players in the industry and what the CBN has done is to licence some operators to operate mobile payment schemes. I know that their operations also affect this policy in the sense that instead of just depending on PoS terminals, ATMs, etc for transactions, you use your mobile phone. I think that the scheme would complement what we are doing at least in addressing some of the cash challenges we have and reaching the under-banked and unbanked.
FirstBank and the Cashless Policy
I am sure you are aware that we are the clear leader in the Nigerian payment industry. FirstBank processes about 31 per cent of transactions on the InterSwitch network. One out of every three Verve cards in the market today is a FirstBank First card. We have the highest number of active ATMs in the market. We have the highest number of active PoS terminals in the market. We have the highest number of mobile banking subscribers in the market.
I can go on and on. The truth is that we are well prepared from the acceptance point of view; we have more devices out there than any other player in this market.
In terms of cards, we have issued more cards than any other player in this market. So when we are talking of cashless policy, FirstBank has a major role to play.
The other way to look at it in terms of level of preparedness is that today we are the only bank in Nigeria where you could walk in as a customer and a card would be issued to you and activated within 15 minutes. A customer can walk into a First Bank branch, open an account and be issued a card within 15 minutes, which is also activated on the spot. We have completely eliminated the use of PIN mailers in card issuance. We also have very robust mobile and online banking platforms.
Investment in Cashless Policy
Our investment in e-channels has been on for several years and is still on-going. What we are trying to do now is to look at our processes and increase our presence in some locations by deploying more ATMs, more PoS terminals and enhancing our mobile internet banking platforms. These are basically what we are doing now. I might not be able to tell you how much we have spent in specific terms because these are investments we have made over time.
Job Loss with cashless Policy?
There would not be loss of jobs with the cashless policy. Efficiency enhances productivity. There would be cost savings and more money for people to invest in other productive sectors.
Assurance to customers
All the stakeholders with the support of the CBN have invested a lot in terms of resources and efforts in ensuring that this policy works. Most of the challenges that we have in the industry are being addressed. We are very optimistic and committed to achieving the objectives of the cashless policy.
Nigeria as hub of Cashless in Sub-Sahara Africa
Yes, Nigeria can be a financial service hub in Africa. It is a matter of planning and allocation of the right resources. The CBN is very committed to this, and working closely with banks to ensure that we deploy very efficient and secure electronic payment systems in the country. My Group Managing Director is personally driving all our alternative payment service delivery initiatives in the bank.
General News
SSDC Warns Businesses against Cyber, Election-Related Risks

Security Skills Development Company (SSDC) has released its 2026 Security Outlook, highlighting four major security challenges expected to shape Nigeria’s business and operating environment as the country moves closer to the 2027 general election.

The report, developed from a nationwide survey and expert contributions at the recently concluded Security Thought Leadership Roundtable, identifies internal security threats, protection of national assets, cyber risks and election-related instability as the most significant concerns facing organisations and institutions in the coming year.
According to SSDC, findings from the survey and stakeholder discussions reveal growing concern over the increasing complexity of security challenges and their potential impact on business continuity, economic stability and public confidence.
A substantial number of respondents identified internal threats within organisations as an emerging risk, pointing to the need for stronger corporate governance, workforce integrity measures and structured risk management systems.
Security experts at the roundtable noted that weaknesses in critical public infrastructure and national assets could have far-reaching consequences for the economy and national development if not adequately addressed.
The report also highlights cybercrime as a persistent and evolving threat to both public and private sector institutions.
Participants stressed the importance of strengthening cyber resilience through proactive monitoring, investment in technology-driven safeguards and improved security awareness.
Another key concern raised in the outlook is what SSDC described as the “2027 Election Shadow.” Many respondents expressed concerns about the possibility of heightened political tension as the election season approaches, warning that uncertainty and security disruptions could affect business operations, investment decisions and overall economic confidence.
Speaking on the report’s findings, Mike Igbodipe, managing director, SSDC, called for a more strategic approach to security management across both public and private sectors.
He said organisations must move beyond reactive security measures and integrate security considerations into their broader strategic planning and decision-making processes. He also advocated the development of a gold-standard, locally certified training programme for security professionals tailored to Nigeria’s unique security environment.
SSDC, a security training and consulting firm focused on advancing professional standards in Nigeria’s security sector and strengthening industrial resilience through capacity building and strategic expertise, said the Security Outlook forms part of its ongoing thought leadership initiative aimed at promoting informed dialogue on national security, institutional resilience and risk management.
The company reaffirmed its commitment to supporting stakeholders through research, training and strategic advisory services designed to improve preparedness and response to emerging security challenges.
General News
Moniepoint DreamDevs Bootcamp Graduates Second Cohort to Strengthen Homegrown Talent Pipeline

Moniepoint Inc., Africa’s leading digital financial services provider, has officially graduated the second cohort of its flagship DreamDevs Bootcamp, marking a significant milestone in the company’s ongoing effort to build world-class engineering talent from the ground up.

The graduation was celebrated at a Demo Day event held in Lagos, themed “Training Done! Demo Up!”, where participants presented capstone projects built to real-world engineering standards.
The graduation comes at a crucial time for Africa’s tech ecosystem. Although Nigeria’s tech talent is growing, it isn’t sufficient, especially at the mid-to-senior engineering level, where demand far exceeds supply. By 2030, the global shortage of software developers could reach 85 million, leading to economic losses of $5.5 trillion. For a continent developing its digital infrastructure, this is critical. Moniepoint’s DreamDevs Bootcamp is a strategic response to these challenges.
The nine-week curriculum, created by Moniepoint’s Engineering Unit in partnership with Semicolon, covered Java Object-Oriented Programming, Data Structures and Algorithms, Software Testing, MySQL, Spring Boot APIs, System Design, Docker, Messaging Queues, Frontend UI, and Cloud Infrastructure. Participants received programme stipends and mentorship from experienced Moniepoint software engineers, gaining valuable exposure to the production environment of one of Africa’s fastest-growing fintech firms.
During the Demo Day presentation, the participants paired into 9 teams were excited to showcase how they have deployed knowledge and skills gained during the course of the bootcamp into real and useful solutions in real estate, hospital management, event management, food and agriculture.
Commenting, Felix Ike, Co-Founder and Chief Technology Officer of Moniepoint, said, “DreamDevs is a structural investment in Nigeria’s digital economy, not a recruitment exercise, not a pipeline built solely to serve Moniepoint’s hiring needs. That said, we are proud that some graduates from our first cohort are already active members of our engineering team, proof that when young African engineers are given the right training and the right environment, they can compete at the highest level”.
Felix added that “Engineering excellence is not a naturally occurring phenomenon. It is a curated and intentionally built process that requires the right systems, the right resources, and sufficient time to take hold. Building that process and making it accessible to the brightest young engineers on this continent is a responsibility we have chosen to own.
Africa’s digital economy is attracting significant global capital, yet the talent infrastructure required to sustain that growth remains underdeveloped. The DreamDevs Bootcamp and our other capacity-building initiatives across some of Nigeria’s public universities demonstrate Moniepoint’s commitment to this responsibility.
The initiative also aligns with Nigeria’s broader national agenda on technology skills development. Moniepoint serves as a key sponsor of the Federal Government’s 3 Million Technical Talent (3MTT) programme, which focuses on mass technical skills training across the country. While 3MTT addresses the scale challenge, DreamDevs provides depth, offering a specialised, end-to-end pathway from foundational training through to employment within Moniepoint’s complete development ecosystem.
As Nigerian fintechs deepen their infrastructure ambitions, the ability to grow engineering capacity that feeds these aspirations requires an urgent industry intervention, as Moniepoint is demonstrating to address Africa’s engineering talent challenge.
General News
NITDA, Benin’s Digital Agency Strengthen Ties on Digital Transformation

The National Information Technology Development Agency (NITDA) and Agence des Systèmes d’Information et du Numérique (ASIN), the Information Systems and Digital Agency of the Republic of Benin, have moved to strengthen bilateral cooperation on digital transformation, digital public infrastructure, and innovation-driven governance.

The commitment was reaffirmed during a courtesy visit by the Beninese delegation to NITDA’s corporate headquarters in Abuja, where discussions centred on deepening bilateral cooperation, sharing best practices, and advancing digital development across the region.
Speaking during the engagement, the Director General of NITDA, Kashifu Inuwa, represented by the Director of Stakeholder Management and Partnerships, Dr. Aristotle Onumo, said regional collaboration remains critical to advancing Africa’s digital economy and building resilient digital ecosystems capable of supporting sustainable growth.
He noted that NITDA is committed to driving Nigeria’s digital transformation through the development of policies, standards, and strategic frameworks designed to modernise governance and improve service delivery across the public sector.
According to him, the agency has developed several foundational frameworks, including the Enterprise Governance Framework, Digital Transformation Framework, and Software Quality Assurance Framework, to guide Ministries, Departments, and Agencies (MDAs) in their digital transformation journeys.
“Our goal is to move government institutions beyond basic digitalisation to full digital transformation, and ultimately, to build an intelligent, data-driven government powered by emerging technologies such as artificial intelligence,” he said.
Inuwa also disclosed that since 2018, NITDA has reviewed over ₦1.5 trillion worth of government IT projects to ensure compliance, technical alignment, and value for money.
He said the intervention has helped the Federal Government save more than ₦300 billion by eliminating duplication, promoting shared services, and improving the success rate of digital projects across ministries, departments, and agencies.
On digital public infrastructure, he revealed that Nigeria has transitioned from fragmented agency-to-agency data exchanges to a more integrated and citizen-centred digital ecosystem through the Nigerian Data Exchange (NGDX) platform.
He explained that the platform provides a federated and centralised framework for seamless data exchange among government institutions while preserving the autonomy of individual information systems.
According to him, the proposed e-Government and Digital Economy Bill will provide the legal backing needed to strengthen the platform and institutionalise digital collaboration across government.
The DG further highlighted NITDA’s Strategic Roadmap and Action Plan (SRAP 2.0) 2024–2027, which aligns with the Federal Government’s Renewed Hope Agenda and focuses on critical areas such as digital literacy, research and development, cybersecurity, innovation, inclusive access, and strategic partnerships.
Earlier, the Head of International Partnerships at ASIN, Tildy Erlong, said the delegation’s visit followed a recent Smart Africa workshop in Abuja and was aimed at strengthening institutional ties and learning from Nigeria’s digital transformation experience.
She described ASIN as the operational agency under Benin Republic’s digital ministry, responsible for implementing strategic digital development projects across the country in collaboration with key institutions, including the national identity agency, ANIP, and the cybersecurity agency, CENIN.
Erlong highlighted Benin’s achievements in digital public infrastructure, noting that about 98 per cent of the country’s population—approximately 13.6 million citizens—has been enrolled on its digital identity platform.
She added that more than 60 government agencies and service institutions are connected through Benin’s XROAD interoperability platform, enabling the delivery of over 250 digital services to citizens.
According to her, Benin is also prioritising digital inclusion, open-source systems, and the deployment of artificial intelligence to improve service delivery in sectors such as healthcare, education, and justice.
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