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Yele Okeremi charges government to take the lead to make Nigerian fintech attain global leadership

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Mr. Yele Okeremi, Managing Director of Precise Financial Systems (PFS), has said that unless the Nigerian government pays attention to the trends and developments in the country’s fintech ecosystem, the growth would be limited.

Speaking during his appearance on C-Suite Café, a podcast initiated by veteran journalist and brand strategist, Ikem Okuhu, Okeremi said only the government can provide the needed leverage for the sector to become leaders globally.

Citing example with China, he said it took the country’s government to push their local payment platform to become one of the prime payment gateways in the world.

“If we are going to achieve the kind of goals that I have in mind, then, naturally the government must take certain positions. Take a look at Union Pay today.

“Union Pay started as China Union Pay. But today, Union Pay cards are accepted everywhere in the world. It was not magic. It happened as s result of the deliberate strategy of the Chinese government.

“The card business was dominated by Mastercard and Visa. American Express was popular in the United States. But today, Union Pay have become global. So, why couldn’t Verve have become global?”

The fintech guru said the people behind Verve had a sellable technology, but could not withstand the headwinds of global competition.

He decried the situation where Nigeria uses cards issued by foreign companies for local payments, “Who does the kinds of things we do here? For local payments, we are issuing Mastercard and Visa when we have Verve? I think these are issues that we need to take a look at,” he stated.

Nigeria, he observed has all it takes to take its fintech products global, and the government should pay greater attention to ensure this becomes a reality.

“We have a huge market here, and we have the resources. The assets for creating wealth are the market and the natural resources. Nigeria has both. But the private sector can do so much, but until the government provides the needed support and policy leverage, there the private sector will achieve limited successes, and until you have the support of your sovereign, you will never be able to fly,” Okeremi canvassed.

He lamented the situation whereby people who have never been involved in wealth creation populate the country’s political leadership space, and advocated a reversal to a system in which certain critical political leadership positions are reserved for certain prequalified people deemed to have proven track record of successes in those fields.

Okeremi disagreed with the notion that some of the fintech’s companies labelled unicorns are Nigerian companies, saying that most of them had pivoted to foreign ownership because of their desire to scale and attract funding.

For instance, I am one of the founding fathers of Interswitch, and ordinarily, had the environment done what was needed to have been done, Interswit would have blossomed. But they recognized that the environment was not giving them what they wanted, so they took the easy way to get value – have alliances and sell to foreign interests.

But that’s not what I have fought for, and I am not going to blame anybody that has done that? I doubt if I should, because I might be able to withstand the pressures, which they cannot withstand.

“But the question is, ‘should we continue on this trajectory as a people? It is a picture of a people that are going nowhere, and that trajectory must reverse.

“We must realise that we have the capacity to do anything that anybody anywhere in the world can do, and even if we do not have the capacity at this particular point in time, we have more than enough capacity to learn and understudy and replicate,” he submitted

He also advocated for the government to pick outstanding Nigerian fintech players and push them into the global space through deliberate creation of narratives that will engender global acceptance.

He advocated that Nigeria should seek the entrenchment of the leadership that understands that the true meaning of wealth is not cash but the capacity to create from nothing.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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NIGCOMSAT Supports Startups Growth with the Launch of Accelerator 3.0

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The Nigerian Communications Satellite Limited (NIGCOMSAT) has unveiled Accelerator Cohort 3.0 as part of efforts to strengthen Nigeria’s space technology ecosystem and support the growth of local startups.

The initiative will be a major highlight of the 2026 Nigerian Satellite Week scheduled to hold on March 30 and 31 in Abuja, where key players in the satellite and digital infrastructure sectors are expected to converge.

In a statement signed by Stephen Kwande, the Head of Corporate Communications, the company described the new accelerator as its most direct investment in building long-term competitiveness within Nigeria’s space economy.

According to NIGCOMSAT, the programme is designed to support early-stage ventures working across satellite applications, last-mile connectivity, agriculture, logistics and other areas where space-based technology can drive impact.

The company said previous cohorts of the accelerator had already contributed to developing innovative solutions and building the human capacity needed to position Nigeria for the next phase of the global space industry.

“With Cohort 3.0, we are making it clear that the accelerator is not a pilot project but a permanent feature of how Nigeria develops its space-tech companies,” the statement said.

NIGCOMSAT noted that the Nigerian Satellite Week has grown into a major platform for policy discussions, partnerships and investment in the sector.

The 2026 edition is expected to attract top government officials, defence leaders, development finance institutions and technology entrepreneurs from across Africa.

Jane Egerton-Idehen, managing director of NIGCOMSAT, said the event also marks two decades of Nigeria’s journey in the space economy.

“Twenty years ago, Nigeria took a bold step to secure its place in space. What we are seeing today is the result of consistent effort and vision,” she said.

She added that the company is focused on shaping the next phase of growth through innovation, partnerships and investment in local talent.

NIGCOMSAT also highlighted recent milestones, including a Low Earth Orbit connectivity partnership with Eutelsat, improved revenue performance and increased global recognition in satellite operations.

Other activities lined up for the event include a Startup Demo Day, where selected African startups will pitch their ideas to investors, and a stakeholders’ forum to discuss policies and infrastructure needed to scale Nigeria’s satellite economy.

The company said the initiative reflects the growing role of satellite technology in national development, particularly in areas such as communications, security and digital services.

NIGCOMSAT, established in 2006 and wholly owned by the Federal Government, provides satellite-based services including telecommunications, broadcasting and broadband across Nigeria and parts of Africa.


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FG Unveils Digital Economy Research Fund Scheme

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The Federal Government has unveiled a N12bn Digital Economy Research Fund aimed at strengthening evidence-based policymaking and supporting Nigeria’s long-term digital transformation agenda.

Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, disclosed this in a statement issued on Saturday, announcing the launch of an expression of interest for the National Digital Economy Research Clusters.

“Today my heart is filled with deep joy as we announce the Expression of Interest for the National Digital Economy Research Clusters, a N12bn research funding scheme designed to place ideas, evidence, and research at the centre of Nigeria’s digital transformation,” the minister said.

According to him, the programme is being funded under Project BRIDGE, a federal initiative to deploy 90,000 kilometres of fibre optic backbone infrastructure across Nigeria to expand connectivity and enable a modern digital economy.

“This programme is being funded under Project BRIDGE, our initiative to deploy 90,000km of fibre optic backbone infrastructure across Nigeria to expand connectivity and enable a modern digital economy,” he said.

The minister noted that as the government expands digital infrastructure nationwide, research-backed approaches are required to ensure inclusive benefits.

“As we deepen our digital infrastructure coverage, thoughtful, evidence-based approaches are required to be deployed in society to ensure everyone benefits from this significant investment,” he added.

He observed that digital policy decisions are often shaped by market forces and political cycles rather than rigorous research and long-term thinking. “Too often, the ideas shaping digital policy come predominantly from markets and political cycles rather than from research, evidence, and long-term thinking,” the statement said.

Under the initiative, six national research clusters will be established across key pillars of the digital economy, including connectivity and meaningful use; digital public infrastructure and government services; digital skills and human capital development; digital economy and jobs; online trust and consumer protection; as well as artificial intelligence and emerging technologies.

The clusters will be led by up to 36 professors drawn from Nigerian universities, working alongside international academic partners, with more than 200 researchers, including postdoctoral fellows and PhD candidates, expected to generate policy-relevant research.

“For me, the goal goes beyond research output. We are looking for better policies that lead to stronger institutions and a more prosperous society,” the minister said.

He described the initiative as one of the ministry’s most meaningful programmes, noting that it is intended to produce ideas that will outlast any single administration. “Because nations that lead the future are not simply those that deploy infrastructure; they are the ones that cultivate ideas,” he said.

The ministry invited academic and research institutions interested in participating to review the Terms of Reference released alongside the EOI and submit proposals to lead or collaborate within the national research clusters.

It added that a press conference would be held in the coming week to provide further details and engagement opportunities for vice-chancellors and research institutions across the country.

 


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NCC Cracks Down: Telcos to Refund Users for Network Disruptions

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Nigerian Communications Commission (NCC) has directed Mobile Network Operators (MNOs) to compensate subscribers experiencing poor network service across the country.

NCC Cracks Down: Telcos to Refund Users for Network Disruptions

The Commission said the directive was part of efforts to ensure that consumers are not made to bear the burden of service failures when operators fall short of required standards.

Under the new regulation, telecom operators will be required to provide compensation directly to affected subscribers for breaches of Quality of Service (QoS) Key Performance Indicators (KPIs).

According to the NCC, the compensation will be issued in the form of airtime credits, calculated based on subscribers’ average usage and their presence within specific Local Government Areas where service disruptions occur.

The Commission emphasised that telecommunications services remain critical to economic activities, social interactions, and access to digital opportunities, noting that poor service delivery negatively impacts productivity and public confidence.

It explained that while regulatory fines have traditionally been used to sanction operators, the new approach prioritises consumer protection and strengthens accountability within the telecommunications sector.

The NCC added that the measure would complement existing efforts to monitor service quality and enforce compliance with performance standards.

In addition, the Commission directed tower companies responsible for telecom infrastructure, such as network masts, to reinvest fines imposed on them into infrastructure upgrades with measurable outcomes.

The regulator reiterated its commitment to ensuring that operators invest in network resilience, expand capacity, and improve infrastructure to meet growing demand.

It also pledged to continue deploying regulatory mechanisms that promote fairness, transparency, and accountability across the industry, while ensuring that subscribers receive the quality of service they deserve.


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