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Experts Extol Glo Xchange as a Boost to Nigerian Economy

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Mohammed Jameel, COO, Globacom
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Two of Nigeria’s foremost financial analysts have applauded Nigeria’s biggest Mobile Money Agent Network, Glo Xchange, recently launched by Globacom, the country’s national telecom carrier.

Glo Xchange was launched in partnership with four mobile money operators, FirstMonie, Stanbic IBTC, Ecobank and Zenith Bank.

Bismarck Rewane, renowned financial consultant and Chief Executive Officer of Financial Derivatives Company Limited, and Dr. Ayo Teriba, macroeconomics expert and CEO of Economic Associates, who spoke at the formal launch of Glo Xchange in Lagos, described the initiative as a direly needed ingredient for accelerating mobile money explosion in Nigeria.

Rewane said the initiative is consistent with the Central Bank of Nigeria’s policy thrust of developing and sustaining an efficient payment system that will drive an increase in the velocity of money and consequently, stimulate economic growth.

He described Nigeria as a mineral-rich and commodity-dependent economy with a nominal GDP of $510bn.

According to him, it is 12 times the size of Kenya’s economy which has profited massively from mobile money service.

He said Nigeria is the largest economy in Africa and the 26th largest in the world.

Rewane said, however, that the economy is largely cash-based, a situation which he said constitutes a barrier to rapid growth.

He said therefore that, initiatives such as Glo Xchange that help to enhance the cashless policy of the CBN, or that help to improve the velocity of money is bound to have a resounding positive impact on economic growth.

Expatiating further, Rewane said the potential GDP growth rate in Nigeria is 11 percent, whereas the actual GDP growth rate as discerned from the rebasing exercise recently carried out by the Federal Government is six percent.

He said since people don’t live on potential but actuals, it is of utmost importance to implement policies that will help Nigeria to actualize the potential growth rate.

One veritable way of achieving this, he said, is to capture the money lying outside the formal sector.

According to him, over 46 per cent of Nigerian adults currently have no access to financial services.

He said Mobile money is a strong tool for financial inclusion of this huge category of Nigerians, stressing that initiatives such as Glo Xchange, which will help with the acceleration of mobile money service is therefore highly commendable.

He added that Glo Xchange will contribute to the efficiency of Nigeria’s payment systems, lead to more efficient transactions and open a floodgate of opportunities for a lot of stakeholders from the top to the bottom of the mobile money value chain. 

Dr. Teriba on his part noted that while Mobile Money service has been in Nigeria for over three years, it has failed to grow as expected because of certain reasons, including lack of an efficient and expansive agent network.

“Usually for such a service as mobile money, the bigger the network, the higher the chances of an explosion, and by extension, the bigger the benefits accruable to all the stakeholders, from the banks down to the customers,” he said.

He added that Glo Xchange, with the nationwide network of agents as unveiled by Globacom, is just the ingredient the industry has been waiting for.

He noted that the potential for growth for the initiative is immense as the platform is open to other banks to plug into.

He implored Nigerians looking for employment opportunities to see the avenues created by the initiative and utilize them for self-enhancement.

Globacom said it aims to recruit over 500,000 Mobile Money Agents within the next 5 to 6 years who will earn excellent commission monthly on sales. The recruitment of the agents has already started.


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Nigeria’s Internet Usage Hits 1.24m Terabytes – NCC

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Nigerian Communications Commission (NCC) has said that Nigeria’s internet usage reached a record 1.24 million terabytes in November 2025.

Nigeria’s Internet Usage Hits 1.24m Terabytes – NCC

According to the latest data from the NCC, the figure rose modestly from 1.235 million terabytes in October, reflecting steady growth in digital activity across the country.

Broadband penetration in Nigeria crossed the halfway mark in November 2025, reaching 50.58 per cent, up from 45.61 per cent in January, the telecoms regulator reported.

The figure, however, falls short of the 70 per cent coverage target outlined in the National Broadband Plan 2020–2025, which expires this month.

The country had roughly 109 million broadband subscriptions by November. Growth has been uneven, hindered by infrastructure and regulatory constraints, including frequent fibre-optic vandalism that triggers 30 to 43 network cuts daily, high right-of-way fees, and declining subscriber numbers earlier in the year.

Expansion of mobile networks, particularly 3G and 4G services, alongside limited 5G rollouts in urban centres, affordable smartphones, and competitive data plans, has driven uptake.

Investments in the National Communications Backbone and private-sector initiatives have also improved access, especially in underserved areas.

While Nigeria is gradually improving digital inclusion, achieving the original broadband plan remains challenging due to high infrastructure costs, coverage limitations, and deployment hurdles.

The NCC maintains that continued investment in mobile networks and broadband infrastructure will sustain gradual growth in the sector.

Commenting on the development, some Nigerian analysts attributed the surge to the broader mobile and broadband adoption and the growing appetite for streaming, online learning and other digital services.

According to the analysts, the figures suggest that internet connectivity is no longer a luxury but a necessity for both business and leisure, underscoring the slow but steady expansion of Nigeria’s digital economy.


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NCC Ranked Among Top 3 MDAs for Best Website Performance in 2025

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Bureau of Public Service Reforms (BPSR) has named the Nigerian Communications Commission (NCC) among the top three Ministries, Departments and Agencies (MDAs) of the Federal Government with the Best Ranking in Website Performance for 2025.

NCC Ranked Among Top 3 MDAs for Best Website Performance in 2025

L-R: Head Special Projects, Nigerian Export Promotion Council (NEPC), Salamatu Andu; Executive Commissioner, Technical Services, Nigerian Communication Commission (NCC), Engr. Abaraham Oshadame; Director General Bureau of Public Service Reforms (BPSR), Head Customer Support Service, Galaxy Backbone, Rosemary Ehize; Secretary to the ES. Nigerian Content Development and Monitoring Board, Tahir Aminu at the BPSR award ceremony for top four MDAs in BPSR Website Performance and Ranking 2025 at the BPSR office on Tuesday, 23rd December, 2025.

This is coming barely three weeks after the telecom regulator was recognized as one of the top five best-performing Federal Government agencies for 2025 by the Presidential Enabling Business Environment Council (PEBEC) – a testament to the Commission’s consistency in investment in technology for ensuring efficient service delivery.

In the BPSR 2024/2025 scorecard ranking of agencies’ websites, the NCC came second in the ranking, trailing behind Galaxy Backbone Limited, which came first while the Nigeria Export Promotion Council (NEPC) clinched the third position, from a pool of 235 MDAs, whose website were evaluated.

BPSR deployed 14 evaluation criteria in include MDA’s website compliance with .gov.ng domain name, appearance and aesthetics (look and feel) of the website, content, relevance to MDAs mandate/government policy and the website’ structure.

Others include website’s responsiveness (device compatibility), security, load time, usability/ease of navigation, availability/uptime, functionality, interactivity, accessibility and capacity building.

The recognition was announced at the official release of Federal Government 2024/2025 Scorecard Ranking for MDAs’ Website held at the Federal Ministry of Finance Auditorium in Abuja on Monday (December 22, 2025) while the award presentation took place at BPSR’s Office on Tuesday (December 23, 2025).

The award, which is an important index metric of the National e-Government Masterplan for determining the Nigeria e-Government Status, was received by the Commission in recognition of its commitment to maintaining a world-class website that enhances service delivery to the citizens.

Receiving the award on behalf of the Executive Vice Chairman of the NCC, Dr. Aminu Maida, the NCC’s Executive Commissioner, Technical Services, Abraham Oshadami, appreciated the BPSR for the recognition, describing the award as “another encouragement for the Commission to be a better public service institution leveraging digital platforms such as our web presence to enhance public service delivery to our various stakeholders, thereby implementing the Federal Government’s Ease of Doing Business policy direction.”

While presenting the award to the NCC, alongside other two agencies, BPSR’s Director-General, Mr. Dasuki Arabi, commended the top three for their proactive decisions in maintaining world-class websites, which are compliant with the Federal Government’s policy direction in effective and efficient service delivery to the citizens.

According to the DG, the 2024/2025 MDA’s websites’ ranking represents a collective effort of federal public institutions in Nigeria to be transparent, accountable and open in governance, as well as a confirmation to align with global best practices in service delivery to the citizens.

Developed about six years ago, Arabi said as a result of the annual ranking, more public institutions have indicated readiness to embrace reforms, and align with the policy direction of the current administration’s Renewed Hope agenda on improve governance for effective service delivery, as introduced by His Excellency President Bola Ahmed Tinubu.

“The ideals of harnessing and deploying technological tools for service delivery has become imperative following the COVID pandemic, and distortions of socio-economic system of nations, culminating in the evolution of competitiveness, cost effectiveness, and agile governance.

“As engine room of governance, it behoves on us in the public service to perform our statutory duties and we must put in place technological innovations and standardized websites to operate services as well as deliver service needs to citizens,” he said.

The Scorecard exercise, he said, is part of the BPSR reform broader function of conducting research on reform implementation efforts and presenting ‘best practice’ models to the entire Public Service, and to among others, improve access to government information, facilitate seamless financial transaction, eliminate corruption and cyber theft, as well as facilitate access to government services.

Speaking on the rigorous nature of the exercise that produced the top three winners, the DG said “in the past few weeks members of the Scorecard Jury drawn from inter-Ministerial Agencies, had worked tirelessly to mill websites of selected MDAs through a rigorous process of enduring criteria for the ranking and the outcome had also passed through a quality assurance mechanism to validate the outcome.”


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Oyedele Dismisses Claims Bank Accounts Without TIN Will Be Frozen

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Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has dismissed reports that bank accounts not linked to a Tax Identification Number (TIN) will be frozen or automatically debited from January 1, 2026.

Oyedele Dismisses Claims Bank Accounts Without TIN Will Be Frozen

Taiwo Oyedele

Oyedele described the claims as false and misleading, warning Nigerians against panic over misinformation surrounding recent tax and financial reforms.

In a post on his X handle Tuesday morning, he wrote: “Don’t let anyone manipulate you. Your bank account is safe. Misinformation makes you panic and fear a reform that is designed to help you.

“When they tell you that your account will be frozen or automatically debited from January 2026, ask them for the evidence in the new law. Be wise.”

He stressed that no provision in the new tax laws authorises the freezing of bank accounts, adding that the rumours are part of widespread misrepresentation of the reforms.

The committee chairman reiterated that the reforms are intended to simplify Nigeria’s tax system and ease the burden on ordinary citizens, not to impose punitive measures on bank customers.


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