E-Business
E-commerce Boosting the Shift from Cash to Digital Economy

The impact of e-commerce on the Nigerian economy is getting bigger and increasingly prominent by the day. E-commerce has not only given rise to a league of sophisticated digital consumers, but also a league of digital market entrepreneurs, and lately disrupting the informal retail sector, where activities of market aggregators like Alerzo are giving retailers improved market experience.

Giving credence to this is recent data by Nigeria Inter-Bank Settlement System Plc (NIBSS), which shows that e-commerce brands and fintechs are driving growth in agency banking with Point Of Sale (POS) transactions.
According to the body that tracks payment volumes and value through the Nigeria Instant Payment System and Point of Sales terminals, N53.83tn was transferred through the NIP system, while N1.15 trillion was processed through PoS terminals in the first two months of 2022. It said individuals used electronic channels 86.57% more in the first two months of 2022 than they did in the corresponding period of 2021.
Also, GSM Association, the global body for telecommunication companies, said mobile money transactions hit more than $1 trillion in 2021, with Nigeria and other countries in the Sub-Saharan region contributing N697.7bn to total mobile money value during the year. “Between 2012 and 2021, the number of active agents grew more than 10 times, from 534,000 to 5.6 million, unlocking access to financial services for the most underserved customers,” it said.
Industry analysts have observed this progressive shift away from cash transactions in the economy, which is largely driven by rising mobile internet penetration, investment by banks and other payment-based fintech companies in payment technology infrastructure. “You can’t separate the impact of the e-commerce community from the significant leap in internet based transactions recorded in recent months.
There’s a lot of investment going into this sector; e-commerce companies invest hugely in payment service to give their customers a complete brand experience. Not just that, such investment increases financial inclusion among Nigerians,” said Industry analyst Samuel Elegba.
The Nigerian informal retail sector is a huge market estimated at over $100b, however, transactions in the market are largely done in cash. With B2B e-commerce companies springing up to bridge the age-long digital gap in the sector, the expert said the rate of instant payment and PoS transactions could triple the current figures in the next six months.
“If you look at the channels responsible for the improved data by NIBSS, you will see that they are tools that are very much part of e-commerce services. With the recent rate of inroad by B2Bs into the informal market, these transaction figures will keep increasing monthly, and we could have more than triple the current number of transportations within the next six months.
“Like I do say, informal retail will contribute a lot to Nigeria’s digital economy due to the rate of transactions in that sector. Imagine our digital marketplace with just 20% of the cash transactions in the retail market brought onboard. Products like Alerzopay and others coming in, will surely lead to a major boost in the sector. The overall good in this is that the foundation for the digital economy boom is taking shape,” he said.
According to Per data from research consultancy, Briter, B2B ecommerce ventures in Africa secured more than $256 million in disclosed funding in 2021. Projecting the industry, Statista Digital Market Outlook said e-commerce penetration rate in Africa will continue to increase, and by 2025 reach around 40%, while the overall African market is expected to reach $180 billion by 2025.
E-Business
Report Shows Start-ups Fuel Innovations in Africa

Bloomberg has released its second annual “25 African Startups to Watch” list, underscoring the growing influence of venture-backed innovation across the continent.

Published thursday, the list highlights companies building solutions in “environments where infrastructure or systems have failed to deliver.”
The featured start-ups build solutions to challenges such as accessing healthcare in Chad, moving goods in Kenya, securing loans in South Africa, and safeguarding borders in Nigeria.
Nigeria, South Africa and Kenya jointly lead with four companies each, reflecting the ongoing strength of Africa’s three most visible start-up ecosystems.
The 25 companies span 13 countries and sectors including healthcare, fintech, security, climate resilience, waste management, and transport.
Nigeria’s four startups are 10mg Health, Remedial Health, Sycamore and Terra Industries, covering areas from healthcare financing and pharmaceutical supply chain integrity to digital lending and defence technology.
South Africa’s contingent includes Omnisient, Amesect, AURA and Jem. Omnisient uses grocery purchase data and AI to extend credit to those outside traditional financial systems.
Kenya’s notable four include Zeraki, a school-data analytics platform partnering with Safaricom to reach secondary students across the country.
According to Bloomberg, a defining theme this year is the source of funding.
Nearly half of the total capital raised by these start-ups came from African investors, marking a shift from previous years when international capital predominantly drove early growth.
International backers such as 8VC, controlled by Palantir Technologies co-founder Joe Lonsdale, and Google continue to see value in investing in African companies, Bloomberg noted.
The report also highlights that start-ups across the continent almost doubled their debt fundraising in 2025, even as equity financing from venture capital firms declined.
Separately, the Start-up Ecosystem Report 2026 states that Kenya has overtaken Nigeria as Africa’s top startup investment destination, attracting $984 million in 2025.
Jennifer Zabasajja, Bloomberg Television’s chief Africa correspondent and anchor, highlighted the dual significance of the list, the variety of solutions being built and the growing role of African-sourced capital in backing them.
She noted that the list comes at a consequential moment, one shaped by global disruptions, from the conflict in Iran to sweeping cuts in US foreign healthcare assistance, that have made the case for African-owned capital more urgent than ever before.
E-Business
NDPC Raises Alarm: Fake News, Data Abuse Could Destroy Nigeria’s 2027 Elections

Nigeria Data Protection Commission has warned that the growing misuse of personal data and digital platforms could undermine Nigeria’s democratic process ahead of the 2027 general elections.

NDPC
The warning was delivered during the 2026 Press Week organised by the FCT Council of the Nigeria Union of Journalists in Abuja.
Speaking at the event, Vincent Olatunji, national commissioner and chief executive officer, NDPC, who was represented by Itunu Dosekun, head of Media Unit at the commission, said disinformation and unlawful exploitation of personal data posed serious threats to credible elections.
The event had the theme: “2027 Election: Defending Democracy in the Era of Disinformation.”
Dosekun said the struggle for credible elections was no longer confined to polling units, noting that digital platforms had become major channels for manipulated narratives, fake news, propaganda and AI-generated misinformation.
According to him, the rapid growth of social media platforms, messaging applications and data-driven political campaigns has created vulnerabilities capable of influencing voter perception and weakening public trust in democratic institutions.
He warned that the abuse of personal data for political profiling and psychological targeting had become one of the most dangerous threats facing democracies worldwide.
“The misuse of citizens’ personal information carries serious social implications, especially for vulnerable groups who may not fully understand how their data is harvested, processed and weaponised online,” he said.
Dosekun noted that coordinated disinformation campaigns could inflame ethnic tensions, spread fear and discourage civic participation, particularly among young Nigerians.
He described the Nigeria Data Protection Act, 2023, as a critical legal framework aimed at protecting citizens against unlawful data processing and digital exploitation.
According to him, the law gives Nigerians greater control over their personal information while placing obligations on organisations, institutions and political actors to handle data responsibly.
Dosekun also called for stronger collaboration among political parties, media organisations, technology firms, civil society groups and citizens to promote responsible digital behaviour ahead of the elections.
He stressed the role of journalists and media professionals in combating fake news, fact-checking information and safeguarding public discourse.
According to him, protecting personal data should not only be seen as a privacy issue but also as a democratic responsibility necessary for maintaining public confidence, national stability and electoral credibility.
Stakeholders at the event emphasised the need for improved digital literacy, stronger regulation and increased public awareness to prevent the abuse of digital platforms during future elections.
E-Business
Anthropic Raises $65 Bn to Expand AI Research, Innovation

Anthropic, artificial Intelligence company, has said that it has secured sixty-five billion dollars in a new funding round, raising the company’s valuation to about nine hundred and sixty-five billion dollars.

The development places the company ahead of its rival, OpenAI, maker of ChatGPT, which was valued at about eight hundred and fifty-two billion dollars earlier this year.
Anthropic, founded by former OpenAI employees and led by Dario Amodei, chief executive officer, has emerged as one of the leading firms in the global Artificial Intelligence industry.
The company is widely recognised for its advanced coding capabilities and generative AI models, particularly its AI assistant known as Claude.
Unlike some competitors focusing mainly on general consumers, Anthropic has concentrated on delivering AI solutions to enterprise and business clients.
The company also says it places strong emphasis on AI safety while expanding its products and services amid growing competition in the sector.
Krishna Rao, chief financial officer of Anthropic, said the new funding would support the company’s research efforts and help meet rising global demand for its AI technologies.
Reports indicate that the investment round attracted major Silicon Valley venture capital firms, including Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital.
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