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9PSB CEO says Financial Inclusion, Key Facilitator to Poverty Reduction and Economic Prosperity

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L-r: Cyril Okoroigwe, Managing Director, Regtech Africa; Fasasi Sarafadeen Atanda, National President, Association of Mobile Money and Bank Agents in Nigeria (AMMBAN); Branka Mracajac, Managing Director and Chief Executive Officer, 9 Payment Service Bank (9PSB); Chuma Qwalela, Head of Strategy and Business Integration, Rand Mutual (RMA), Johannesburg, South Africa; Chika Reginald Nwosu, Managing Director, Palmpay, and Olusanmi Lawal, Director, Partnership Regtech Africa, Graham –at the 2024 Regtech Africa Conference and Awards held recently at Oriental Hotel, Victoria Island, Lagos.
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9 Payment Service Bank (9PSB), Nigeria’s digital payment service bank, focused on financial inclusion, has re-emphasized that financial inclusion is the key enabler to poverty reduction and economic prosperity in Africa at the Regtech Africa Conference held recently in Lagos.

The event themed: Harnessing Partnerships for Africa’s Prosperity – Bridging the Data Trust Gap, is a convergence of financial experts and thought leaders in the digital financial service industry across Africa, aimed at sharing knowledge and proffering strategies to increase data trust in the last mile digital financial service delivery.

Delivering a keynote presentation, the Managing Director, and Chief Executive Officer, 9 Payment Service Bank (9PSB), Branka Mracajac stated that financial inclusion remains a key focus in Nigeria and in Africa.

It plays significant role in reducing poverty and fostering prosperity of the people. Achieving the desired results requires conscious effort by players in the industry to make financial products and services available, accessible, and affordable for all unbanked and underserved individuals and businesses, regardless of their age, gender, geographical region, and social economic status.

It also aims at empowering people with knowledge through financial literacy programmes and providing them with tools such as savings account and other payment options to participate in formal financial systems.

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“A survey conducted in Nigeria in 2008 by EFinA revealed that about 53 per cent of adult were excluded from financial services, furthermore, financial inclusion as a vehicle for economic development have notable positive impact in Nigeria, it decreased the exclusion rate from the initial 53 per cent of about 40 million of adults to 36 per cent which today means about 29 million of adult Nigerians. 59 per cent of households in

Nigeria are income providers, while most of the income providers are women, unfortunately, they are the ones that are mostly excluded from formal financial services, since Nigeria has about 26 per cent of adult Nigerians that are financially excluded, the target for this year as mandated by the Central Bank of Nigeria is to attain 25 per cent inclusion figure,” Mracajac added.

‘As we strive to grow financial inclusion, lack of access to financial services, low financial literacy among the populace, prohibitive cost of financial services and lack of trust in financial institutions are standing as roadblocks.

Therefore, stakeholders and various industry players should begin to adopt localization of financial literacy and education, reduce minimal cost of accessibility for the people, simplified products, and processes. She remarked.

The 2024 RegTech Africa Conference had a line-up of stellar speakers, case studies, panel discussions, engaging discussions, unique presentations providing access to a wealth of industry-leading knowledge, sharing best practices and experiences, spotlighting trends, information exchange, cutting-edge insights, and outlooks with actionable takeaways.

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Atte, Nigerian Develops AI Algorithm for Hair Transplants

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Atte Ayodeji, a Nigerian computer scientist,has developed an artificial intelligence algorithm capable of detecting, counting, grouping and generating healthy hair follicles during hair transplant procedures, an innovation that earned him the Best Innovative Technology award.

Atte, Nigerian Develops AI Algorithm for Hair Transplants

Atte Ayodeji

Ayodeji also graduated with a Distinction in his Master of Science (MSc) in Computer Science from Birmingham City University on Friday, adding another milestone to an impressive academic year.

Beyond his award-winning hair transplant innovation, the Nigerian researcher developed a system and framework on Explainable Artificial Intelligence (XAI) as a professional responsibility in the diagnosis of lung cancer.

His dissertation received a silver award at the PGXPO2026 Winter, further highlighting the impact of his research in applying artificial intelligence to healthcare.

Sunday Dare, special adviser on Media and Public Communication to President Tinubu,  celebrated Ayodeji’s achievements in a post on X, recalling how he first met him in 2019 during his National Youth Service.

“In 2019 when I became a Minister of the Republic, I met a young man of medium height, genteel with penetrating eyes: Atte Ayodeji. His words rarely come out and he could easily be passed by unnoticed. But I noticed him especially when my SA Kemi Areola brought him to me asking my approval for him to do his Youth Service in my office. I approved. From then on he was unstoppable. His brilliance shown and he developed skills beyond his frame.”

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Highlighting Ayodeji’s recent accomplishments, Dare congratulated him saying, “Congratulations Atte. I am proud of you!”

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FG to Abolish Subsidies in Power Sector in 2027 – Minister

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Mr. Joseph Tegbe, minister of Power, has said that the federal government plans to end power sector subsidies from 2027 and that there are no immediate plans for tariff increases.

FG to Abolish Subsidies in Power Sector in 2027 – Minister

Mr. Joseph Tegbe, minister of Power

The minister told journalists during the media interactive session at the weekend that the government has announced plans to phase out electricity subsidy payments from 2027 as part of efforts to address mounting liabilities in the power sector.

He explained that the planned removal forms part of the broader reforms aimed at ensuring the long-term sustainability of the electricity sector, while tackling the financial challenges confronting the industry.

According to the minister, despite the planned subsidy withdrawal, there are no immediate plans to increase electricity tariffs, reassuring consumers that the government is not considering a tariff hike in the short term.


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AfCFTA Urges Africa to Stop Exporting Raw Materials

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Patience Okala, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office has urged African countries to stop exporting raw materials and instead focus on adding value to its natural resources if it is to fully harness the opportunities offered by the African Continental Free Trade Area.

She stated this on Thursday at the Streamsowers & Köhn 20th Anniversary Business Forum, where she stressed that value addition and beneficiation are essential to Africa’s industrialisation and long-term economic growth.

According to a statement issued on Friday by the Nigeria AfCFTA Coordination Office, she said the AfCFTA goes beyond the elimination of tariffs, serving as a framework for industrialisation, value addition, and job creation across the continent.

“AfCFTA is not only about tariffs; it is also about value addition. Africa has to stop exporting raw materials. We need to add value and ensure that beneficiation is done on the continent,” she said.

Okala also said Africa’s economic transformation would depend on the effective implementation of the AfCFTA rather than on the signing of trade agreements alone.

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“We have moved beyond negotiations. The success of AfCFTA will be measured by the extent to which businesses can access new markets, trade seamlessly across borders, and benefit from the opportunities created by the agreement,” she said.

She noted that Nigeria had intensified efforts to implement the agreement under the leadership of the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, including the development of simplified AfCFTA guides in six languages to help businesses understand and take advantage of opportunities under the trade pact.

Okala called for stronger collaboration among governments, regulators, and the private sector to eliminate barriers to trade and investment and build a truly integrated African market.

“As we move from policy to implementation, our collective responsibility is to ensure that the opportunities created by AfCFTA become practical realities for businesses, particularly MSMEs, women-owned enterprises, and young entrepreneurs across the continent,” she said.

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