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Technology Experts Warn, Traditional Banking to End 2025

Technology experts have predicted that by year 2025 to 2030, a market economy could readily emerge without banks, as we have traditionally known them.
Consequently, they urged banks in the region to embrace technology and redefine their operations models to meet the emerging demographic and social change or lose relevance, as more core banking services would be delivered outside the regulated banking industry.
The experts warned that the current shape and makeup of the banking industry in Africa and particularly in Nigeria is inevitably going to change.
The sheer scope and speed of evolution in customer behaviour, technology, changing market dynamics and aggressive non-bank competitors such as telcos and technology companies mean banking in the future cannot simply be a continuation of banking as it has been.
Scores of industry stakeholders including bankers, financial analysts, media, risks analysts and financial technologists who gathered in Lagos at the eNNovators Breakfast Series (EBS) 10, organised by financial technology magazine agreed that for banks to continue to be relevant, management of the banks should invest heavily in technology, rediscover and reassert their roles in society and connect with millennial generation aspirations.
Experts at the interactive knowledge-sharing EBS, which has as its theme 2025: the End of Banking as We Know IT agreed that Central Banks across Africa require a radical orientation. They informed that Central Banks need to change their mindset and approach, as currently banking regulators appear to be focused on tactical responses and their strategic objectives for the future of banks and banking are clouded by political expediency and the ‘too big to fail’ debate.
Emmanuel Agha, CEO of Innovectives, an e-payment company, who presented the lead paper, which is a summary of PricewaterHouseCoopers’ research on “The future shape of banking – time for reformation of banking institutions”, explained that banks are facing rapid and irreversible changes of which the current models are no longer sustainable into the future.
According to him, while the PwC paper did not looking at the end of banking as a grouping of services focused on meeting financial needs, it is imperative to look at the end of banking and banks as we currently know them.
He warned that a failure to adapt could also mean the end of some regulatory bodies and instruments.
Agha explained that the substitution of non-bank providers of banking services is a challenge, which does not reflect in banking regulatory frameworks, or yet – fully at least – in policy and regulatory change agendas.
The Innovectives CEO argued that, “the challenges and dilemmas posed by the parallel changes in technology, customers and revolution are not confined to the incumbent banks or even the non-bank pretenders. Banking policy and regulatory community would face its own challenges and struggle for relevance”.
Quoting from the research, Agha painted a future with three fundamental hypotheses. The first is a future in which core banking service delivered outside of the regulated banking industry. The second is a situation where banks still have advantages but – to be part of the future – they need to invest heavily, rediscover and reassert their core role in society, and secure the ongoing support of policymakers.
The third harped on regulators, regulation and the need to radically change orientation, realignment “from policing to protecting and with public policy shifting its focus – to some extent – from institutions to markets and services”.
Also speaking, Chinenye Mba-Uzoukwu, managing partner, Grand Central, who presented supporting paper noted that bankers today are challenged intellectually and managerially to respond to a socio-economic formation undergoing radical change.
According to him, “A banker is challenged to claim a role in the emerging dispensation or be shunted aside by the more professional group outside the sector. He faces the task of redefining his roles and relationship; his competition and alliances; his goals and mission. His key resources in this new dispensation are information technology”.
He stated that one might state unequivocally that the extent to which “a financial institution commits to, and implement a pervasive deployment of IT tools and strategies will be the primary indices for accessing growth and longevity in the new dispensation”.
He therefore identified several drivers of the new dispensation to include convergence, ubiquity, omniscient, elastic, infinite and speed.
Others are diversity, personalization, free, fragility and openness.
In his reaction, ‘Deremi Atanda, executive director, SystemSpecs Limited, argued that technology will continue to be a major disruptor across all industries, particularly in banking.
Atanda said technology itself now rides on social trends as against technology leading social trends as it was largely before now.
He also warned the regulator that technology innovation especially those that emerge based on social trends can hardly be legislated.
He said there would be a deeper interface and partnership between the banking industry and technology providers. According to him, more banks will exit being “IT Businesses” and leverage multi-layered and multi-partner technology services collaborations. Besides, he predicted that it would become increasingly difficult for banking brands to present themselves strictly as banks because technology firms are already presenting themselves as banks.
He disclosed that major technology innovations will be birthed in the banking environment, which will lead the redefinition of banking, and these will attract global attention and promotion of these local technologies to the global landscape.
“Disaggregation of the banking industry will continue to be accelerated with the emergence of smaller trust units that offer multiple services of which “transformed contemporary banking” will just be one of their services,” he submitted.
Also, Niyi Ajao, executive director, Technology and Operations, Nigerian Inter-Bank Settlement System (NIBSS), said managing a transformation programme of this scale would be a huge challenge for most of the banks in the region.
He however explained that banks do not need to do all of this in-house, since at least some of the innovation and technology work can be achieved through partnerships.
Collins Onuegbu, executive vice chairman, Signal Alliance, said banks have to invest heavily in customer service and operational innovation, at least at the pace and standards set by telcos and technology companies that are gearing up to provide banking services. “The banks must change their mindset. They must stop treating their customers just as numbers,” he warned.
News
Moniepoint Launches Second Cohort of DreamDevs Initiative to Double Down on Africa’s Tech Talent Pipeline

Moniepoint Inc, Africa’s leading digital financial services provider, has announced the opening of applications for the second cohort of its flagship DreamDevs initiative, a transformative program designed to bridge the tech talent gap in Africa by equipping recent graduates with industry-ready skills and real-world experience.

With applications open to graduates across Nigeria, DreamDevs is designed as a national talent search for the next generation of world-class engineers. Each year, just 20 high-potential candidates are selected into an intensive bootcamp, with the strongest performers progressing into internship and full-time roles at Moniepoint. Last year’s cohort delivered four hires – three interns and one full-time engineer – validating the programme’s role as a high-impact talent pipeline.
Targeting graduates from technology, computer science, engineering, and related fields with foundational programming knowledge in HTML, CSS, and JavaScript, DreamDevs offers a rigorous nine-week boot camp that immerses participants via hands-on training from leading software engineers. Standout performers will secure six-month internship placements at Moniepoint, with potential progression to full-time employment based on performance.
“The results from our first cohort validated our belief that with the right training and support, Africa’s young tech talent can compete globally,” says Felix Ike, Co-Founder and Chief Technology Officer at Moniepoint Inc. “This year, we’re doubling down on our commitment by aiming to convert half of our participants into full-time employees. For us, DreamDevs is all about creating sustainable career pathways that drive Africa’s digital economy forward.”
The initiative aligns with Moniepoint’s broader vision of using technology to power the dreams of millions and engineer financial happiness across Africa. It complements the company’s existing talent development programs, including HatchDev – a collaboration with NITHub Unilag that produces 500 specialised developers annually across software engineering, intelligent systems, and IoT/embedded systems as well as its hugely popular, Women-in-Tech which is now in its fifth year.
The initiative is also in tandem with the Federal Government’s 3 Million Technical Talent (3MTT) programme, for which Moniepoint serves as a key sponsor. While the 3MTT programme focuses on mass technical skills training across Nigeria, DreamDevs provides a specialised pathway that takes graduates from foundational training through to employment, creating a complete talent development ecosystem.
“We’re proud to support the government’s vision of building three million technical talents while also creating direct employment opportunities through initiatives like DreamDevs. This multi-faceted approach ensures we’re contributing to national goals while simultaneously addressing our industry’s immediate talent needs.
“By investing in young people and providing them with practical experience, startup incubation support, and product development opportunities, we are not only creating high-impact jobs and driving sustainable economic growth across the continent,” Ike said.
For Victor Adepoju, a member of the first cohort and now a Backend Engineer at Moniepoint, “The organisation of the program was top-notch. The training covered a wide range of topics and provided a solid foundation I could continue to build on. I learned a great deal about cloud technologies, particularly Google Cloud Platform. The program also emphasised valuable soft skills, including planning, organisation, and prioritisation, which have been very useful in my day-to-day work.”
Selection will be based on technical aptitude, learning potential, and alignment with Moniepoint’s values of innovation and excellence. Interested and qualified recent graduates are encouraged to apply before the January 20th deadline via the official portal at dreamdevs.moniepoint.com.
News
Nigeria, Others Lag Behind as Egypt Tops Africa in AI Readiness

Nigeria and other Sub-Saharan Africa countries rank ninth out of nine global regions as Egypt has emerged as Africa’s leading country in artificial intelligence readiness, ranking first on the continent and 51st globally in the 2025 Government AI Readiness Index published by Oxford Insights.

The impressive ranking has been lauded as underscoring North Africa’s growing influence in the global AI race.
According to Egypt’s Ministry of Communications and Information Technology (MCIT), the country scored 57.5 points out of 100, climbing 14 places from 65th in 2024.
The Nile nation also ranked fourth in the Middle East and North Africa (MENA) region, behind Saudi Arabia, Israel and the United Arab Emirates.
The Oxford Insights index assesses 195 governments using 69 indicators across six pillars, including policy capacity, governance, AI infrastructure, public sector adoption, development and diffusion, and resilience.
Egypt topped the Policy Capacity pillar globally with a perfect score of 100, tying with the UK, Serbia and Australia, an indicator of strong national AI policymaking and institutional readiness.
Oxford Insights noted that countries such as Egypt are “expanding the use of AI across national priorities while shaping policies to strengthen domestic AI ecosystems,” although gaps in infrastructure and talent development remain in some contexts.
MCIT minister Amr Talaat attributed Egypt’s strong performance to deliberate government action.
“This achievement reflects our efforts to integrate artificial intelligence into public services and accelerate digital transformation through Egypt’s second National AI Strategy. We are positioning Egypt as a regional AI hub while ensuring AI delivers real economic and social value,” he said.
Launched for 2025–2030, Egypt’s National AI Strategy targets sectors such as healthcare, justice and public administration, while aiming to train 30 000 AI specialists by 2030 and raise AI’s contribution to GDP to 7.7%.
Talaat also highlighted Egypt’s cybersecurity credentials when he highlighted that the country ranked among the top 12 globally in the ITU’s Global Cyber security Index.
Regionally, the results expose sharp contrasts across Africa. Sub-Saharan Africa ranks ninth out of nine global regions, with an average score of 28.04, reflecting persistent gaps in AI infrastructure and public sector adoption.
However, countries such as Kenya, South Africa, Mauritius and Nigeria lead the sub-region, while Rwanda and Ethiopia are gaining momentum through innovation hubs and policy reforms.
In contrast, the MENA region ranks fifth globally, buoyed by significant investment in AI infrastructure and policy capacity, particularly in Gulf states.
News
SERAP Sues INEC Over Alleged ₦55.9Bn Election Funds Diversion

Socio-Economic Rights and Accountability Project (SERAP) has dragged the Independent National Electoral Commission (INEC) to court over the alleged failure to account for ₦55.9 billion reportedly meant for the procurement of election materials for the 2019 general elections.

The grave allegations are documented in the latest annual report published by the Auditor-General on 9 September 2025.
In the suit number FHC/ABJ/CS/38/2026 filed last Friday at the Federal High Court in Abuja, SERAP is seeking: “an order of mandamus to direct and compel INEC to account for the missing or diverted N55.9 billion meant to buy smart card readers, ballot papers, and other election materials for the 2019 general elections.”
SERAP is also seeking: “an order of mandamus to direct and compel INEC to disclose the names of all contractors paid the N55.9 billion for the procurement of smart card readers, ballot papers, result sheets, and other election materials for the 2019 general elections, including the names of their directors and shareholders.”
In the suit, SERAP is arguing that: “INEC must operate without corruption if the commission is to ensure free and fair elections in the country and uphold Nigerians’ right to participation.”
SERAP is also arguing that, “INEC cannot ensure impartial administration of future elections if these allegations are not satisfactorily addressed, perpetrators including the contractors involved are not prosecuted and the proceeds of corruption are not fully recovered.”
According to SERAP, “INEC cannot properly carry out its constitutional and statutory responsibilities to conduct free and fair elections in the country if it continues to fail to uphold the basic principles of transparency, accountability and the rule of law.”
SERAP is also arguing that, “These allegations also constitute abuse of public office and show the urgent need by INEC to commit to transparency, accountability, clean governance and the rule of law.”
SERAP also said, “Allegations of corruption in the supply of smart card readers, ballot papers, result sheets and other election materials directly undermine Nigerians’ right to participate in elections that are free, fair, transparent, and credible.”
The lawsuit filed on behalf of SERAP by its lawyers, Kolawole Oluwadare, Kehinde Oyewumi, and Andrew Nwankwo, read in part: “These grim allegations by the Auditor-General suggest a grave violation of the public trust, the Nigerian Constitution 1999 [as amended] and international anticorruption standards.”
“According to the recently published 2022 audited report by the Auditor General of the Federation (AGF), the Independent National Electoral Commission (INEC) ‘irregularly paid’ over N5.3 billion [N5,312,238,499.39] ‘to a contractor for the supply of Smart Card Readers for the 2019 general elections’.
“The contract was awarded without prior approval from the Bureau of Public Procurement (BPP) and the Federal Executive Council. The payment was also ‘made without any document. There was no evidence of supplies to the commission.’”
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