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FG Urges for FinTech Advocacy to Sustain Digital Economy

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As Financial Technology (FinTech) proved to be a critical element in the advancement of digital economies globally through its enormous contribution to Gross Domestic Products (GDPs) as well as the alleviation of poverty, the Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa CCIE has said that there is need for continuous advocacy of Fintech for the sustainability of Nigeria’s digital economy.

Inuwa who represented Dr Ayo Bakare of the Agency’s Digital Economy Department (DED), said this while delivering his keynote address at the 2nd Africa Cashless Payment Systems Conference themed “Building Cashless Africa” in Abuja.

While describing FinTech as an important sector that needs to be passionately embraced, the NITDA boss stated that Fintech is one of the outstanding sectors where the impact of digital technology is felt in Africa.

Giving accolades to the Foreign Investment Network (FIN) and its partners for organising the event, Inuwa averred that the conference which brings professionals from the financial, technology, judiciary and government sectors together would ensure that information technology is adequately integrated into every sector, particularly the financial sector.

“The collaboration through this Conference allows FinTech companies, vendors of financial solutions, consumers, government, and academia to meet and deliberate on how Africa can develop and promote safe, secure, and seamless digital financial transactions across the continent with minimal disruptions”, he stated.

The DG expressed his confidence that digital financial solutions, cyber security, e-commerce and digital retail banking amongst many others would as the topics of discourse during the event would give new insights into strengthening the country’s cashless economy.

Without mincing words on the advantages of a cashless economy where information is readily available on all flows of income, revenue and expenditure, Inuwa stated that reducing the availability of cash in circulation would exterminate all forms of financial crimes in the country.

“Negative social vices such as theft, corruption, illegal transactions, money laundering, financial crime, and the like are reduced as the availability of cash in circulation reduces. The authentication of all transactions in a cashless payment system has brought transparency and built trust in the ecosystem”, he mentioned.

He asserted that cashless payment system in Africa will further promote the actualisation of the Sustainable Development Goals (SDGs) of eliminating poverty, empowering women and ensuring citizens have access to credit services.

According to Inuwa, “Africa’s revenue from Fintech alone hit between $4.5bn and $6bn in 2022 and Bloomberg report shows that Fintech in Nigeria accounted for $439m in the year 2021. And it is projected to increase by 23.69% in the year 2022. Furthermore, many Fintech Unicorns have emerged in Africa, of which 6 of them are from Nigeria”.

He added that Africa’s huge unbanked population is a major concern that requires urgent intervention and urged the government and Fintech companies to intensify efforts in absorbing them into the trending bandwagon of financial independence and growth.

While reiterating the Agency’s support to the Fintech industry through their developmental regulations with a focus on cyber security, data strategy, data protection, cloud computing and emerging technologies, Inuwa expressed faith that a cashless economy would bring development to Africa and the world.

“It is important for this gathering to note that cash is still a major dominator in African transactions. However, I have a strong conviction that Fintech has the ability to eradicate cash dominance in Africa. Having a secured cashless system will enhance faster and more effective African trade within the region and globally”, he stated.


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E-Business

NDPC, 60 DPAs Collaborate on Enforcing Privacy Rights in the Use of Al

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Nigeria Data Protection Commission (NDPC) has joined sixty (60) other Data Protection Authorities (DPAs) in endorsing the “Joint Statement on Al-Generated Imagery and the Protection of Privacy.”

NDPC, 60 DPAs Collaborate on Enforcing Privacy Rights in the Use of Al

NDPC

The Joint Statement was coordinated by the International Enforcement Cooperation Working Group (IEWG) of the Global Privacy Assembly.

This underscores the growing concerns regarding the privacy risks posed by Artificial Intelligence tools capable of generating realistic images and videos of identifiable individuals.

The Joint Statement highlights concerns over the misuse of Al-powered tools to create non-consensual imagery, defamatory content, and other harmful materials, particularly affecting children and vulnerable groups.

It calls on organisations to implement strong safeguards, ensure transparency, provide effective content removal mechanisms, and comply fully with applicable data protection laws.

The current effort forms part of a continuum of steps being taken by Nigeria to ensure the responsible use of Al. It will be recalled that the Honourable Minister of Communications, Innovation and Digital Economy, Dr ‘Bosun Tijani, led the initiative for the development of the National Al Strategy.

The NDPC also issued the General Application and Implementation Directive (GAID), which, amongst others, mandates privacy by design and privacy by default in the development and deployment of Al tools.

The National Commissioner/CEO of the NDPC, Dr Vincent Olatunji, has directed that the Nigeria Data Protection Act (NDP Act) Compliance Audit Returns (CAR) by data controllers and processors of major importance will serve as a yardstick for monitoring and evaluating responsible use of Al for data processing in Nigeria.


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Jumia Tech Week 2026 Begins with Tech Deals on Smartphones, Electronics, and Everyday Technology

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Jumia Nigeria has announced the launch of Jumia Tech Week 2026, a two-week campaign offering customers access to discounted technology products across key categories, including smartphones, computing, home entertainment, and wearable devices.

Starting from March 2 to March 15, Jumia Nigeria’s Tech Week 2026 is themed ‘Tech Products for Less’ – a deliberate commitment by the e-commerce giant to drive down the cost of technology products for Nigerian consumers. The campaign offers significant price reductions across key product categories, enabling more Nigerians to access the devices they need at prices that reflect the company’s dedication to affordability and consumer value.

Jumia Tech Week will feature deals across a wide range of product categories, including mobile phones, computer systems and accessories, televisions and audio equipment, gaming products, home appliances, portable power solutions, health technology,, and wearable devices.

Customers will also have access to curated recommendations, including top smartphone deals, must-have accessories, gaming essentials, and home technology upgrades.

According to Temidayo Ojo, CEO of Jumia Nigeria, the campaign reflects Jumia’s broader commitment to making everyday technology more accessible to Nigerians.

“Technology has become an essential part of everyday life, and access to the right devices enables more people to participate fully in the digital economy,” said Ojo. “At Jumia, we remain focused on expanding access and improving the shopping experience as we continue to build Nigeria’s everyday retail destination.”

The campaign will include a range of customer engagement initiatives such as flash sales, brand days, anchor deals and interactive activities designed to enhance the online shopping experience.

Special highlight periods, described as Explosion Days, will take place on March 6 and March 13, featuring limited-time offers across selected technology categories. Customers will also be able to participate in interactive activities, including product-based games, treasure hunts,, and live shopping sessions during the campaign period.

The campaign will feature participation from leading brands including Oraimo, Silver Crest, Samsung, Ecoflow, Nivea and Aeon, offering customers a wide selection of technology, household and lifestyle products. Early access promotions already begun during the teaser period from February 16 to March 1, allowing customers to preview selected deals ahead of the official launch.

Jumia Tech Week forms part of the company’s broader strategy to expand e-commerce adoption by improving access to essential products and enhancing the customer experience across its platform. As Nigeria’s e-commerce market continues to grow, Jumia remains focused on strengthening its product assortment, logistics capabilities, and digital experience to serve customers better nationwide.

Customers can participate in the campaign by using the Jumia mobile app or visiting the Jumia website and following the conversation online using #JumiaTechWeek.

 


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House Queries NDIC: ₦5m Max Payout for Failed Bank Depositors

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Nigeria Deposit Insurance Corporation (NDIC) pays between ₦2 million and ₦5 million as deposit insurance to customers of liquidated banks, Managing Director Thompson Oludare Sunday told the House Committee on Insurance and Actuarial Matters during 2026 budget defence.

House Queries NDIC: ₦5m Max Payout for Failed Bank Depositors

NDIC

House Spokesperson Akin Rotimi Jr sought details on depositor entitlements, citing Heritage Bank’s June 2024 collapse and public concerns over financial confidence.

Sunday explained NDIC’s mandate: banks pay risk-based premiums (now under 1%, down from 15/16 of 1%) to guarantee deposits. Coverage is ₦5 million for deposit money banks, primary mortgage banks (PMBs), and microfinance banks (MMOs); ₦2 million for other financial institutions.

Using BVN, NDIC auto-pays guaranteed sums without visits for amounts up to the limit. For Heritage, post-revocation, NDIC liquidated assets—selling buildings, recovering loans, realizing investments—and paid a second ₦24.63 billion dividend on January 6.

“Anything above ₦5 million or ₦2 million depends on recoveries,” Sunday said, noting ongoing asset sales and debt chases.

Committee Chairman Ahmed Jaha Babawo commended the clarity, noting the limit rose from ₦500,000 to ₦5 million recently. Over 90% of Heritage depositors got insured sums in under four days, meeting International Resolution Deposit (IRD) standards.

Babawo added liquidation dividends would be discussed in executive session.


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