E-Business
Nigeria Ripe for Automated Self Cheque System
Encouraged by the deep penetration of ATM in the country, Mr. Yele Okeremi, the Managing Director and Chief Executive Officer of Precise Financial Systems (PFS) has declared that self-service cheque deposit and management is inevitable in Nigeria, saying that the country’s financial market is mature enough for the system.
According to him, the condition needed to achieve self service cheque deposit system is minimal IT knowledge and personal confidence that the system will deliver what it deposits into depositors accounts. “As we can see, ATM penetration in Nigeria has been high, therefore, it follows that if we make the system easy and friendly for users, the people will embrace and love it. As a matter of fact, self service cheque deposit and management is
inevitable in Nigeria,” he said.
He added that since banks need to look inwards, find means of reaching and serving their customers in an excellent manner, and still maintain a very lean structure, the concept of self service as it has been designed, would enable the banks to provide convenience retail banking services for customers.
On the fear of fraud, Okeremi argued that the automated self cheque processing will not become an easy target for cheque fraudsters. He explained that the DEPOTEL, the self service cheque deposit system developed by PFS makes it more difficult to perpetrate frauds or game the system.
“There are two conditions precedent to successful fraud and corruption as the case may be. They are monopoly of knowledge or information and concentration of discretion at the disposal of one person or a group of people. Our system has eliminated both possibilities. Therefore, you have a safer and more transparent system than the conventional management of cheque transactions now. We have a system that is capable of identifying more than 97% of fraudulent activities or gaming than the conventional means,” he explained.
According to him, DEPOTEL attempts to eliminate all known cheque frauds dynamics today. He said the beauty of a system is in its agility and this totally depends on the competence and knowledge of its designers and developers. PFS the knowledge of the processes involved and the agility to quickly respond to new discoveries as they arise and we shall continue to improve as new patterns unfold.
However, he noted that though the introduction of several electronic channels has given options to users to effect payment using any channels that suits them at a particular point in time, cheques remain a viable means of effecting payment in modern societies. While addressing the problem of cheque fraud in the system, Okeremi noted that cheque frauds remain a major concern particularly in Nigeria.
“But I’m glad to say that so much has been achieved towards reducing, if not eliminating cheque frauds in the system. If you look at cheque frauds in historical perspectives in Nigeria, you will see several types and variants of cheque frauds ranging from outright forgery of cheque leaves and cheque cloning to cheque transaction suppression, signature and mandate forgeries, cheque alterations and clearing cheques substitution to cheque diversions. I hope to be able to explain the intricacies and dynamics of these various frauds in detail sometimes in the future.”
He warned that while some of these frauds can be handled by the introduction of technology, some of them still require caution and due diligence on the part of banks. He, therefore, listed two major factors that have ensured to reduce cheque frauds considerably.
These are the introduction of the Nigeria Cheque Standards, which stipulates the minimum standards for physical and chemical composition of cheque leaves across all banks in the country coupled with the effort of Nigerian Inter Bank Settlement System (NIBSS) at reducing the number of clearing days of both local and upcountry clearing cheques.
According to Okeremi the combined effect of these two factors has frustrated the efforts of fraudsters. In fact, the most common cheque frauds that remain alive today are cheque substitutions and attempted cheque cloning.
“I have spent considerable time as a consultant, working with the banking industry and I can confidently tell you that we are moving closer by the day to nailing down the issues involved in these issues and eliminating them”, he said.
Cheque substitution frauds will be almost, if not eliminated when banks begin to process their outward cheques in a decentralized manner at the point of transaction, thereby being in a position to capture the names of the beneficiaries of individual cheques and submitting same to NIBSS in their individual capture files.
“This will guarantee that every bank will have access to all details of the transactions in their individual posting files even before seeing the physical instruments,” Okeremi further explained.
E-Business
Galaxy Backbone Celebrates the Federal Government’s Paperless Civil Service Milestone

Galaxy Backbone (GBB) aligns with and celebrates the successful announcement by the Office of the Head of the Civil Service of the Federation on the achievement of a Paperless Civil Service, a significant milestone in Nigeria’s public sector reform and digital transformation agenda.

The milestone was formally highlighted at a press briefing led by the Head of the Civil Service of the Federation, Mrs. Didi Esther Walson-Jack, who commended Galaxy Backbone for its sustained support and contribution throughout the implementation of the programme.
GBB has played a critical role in enabling this transition by providing secure, scalable, and shared digital infrastructure that supports the digitisation of government processes across Ministries, Departments and Agencies (MDAs). Through the 1Government Cloud, MDAs have been empowered to migrate from paper-based workflows to digital platforms, improving efficiency, collaboration, data security, and service delivery across the Federal Civil Service.
In addition, GovMail, GBB’s secure government email platform, has strengthened official communication, enhanced records management, and reinforced cybersecurity standards—key pillars in sustaining a paperless operating environment.
Galaxy Backbone acknowledges the collective efforts of the Office of the Head of the Civil Service of the Federation, Permanent Secretaries, Directors of ICT, consultants, partners, and dedicated public servants whose commitment and collaboration ensured the smooth delivery of this initiative.
The Managing Director/Chief Executive Officer of Galaxy Backbone, Prof. Ibrahim Adeyanju, was represented at the press briefing by Akintayo Bamisaye, Acting Group Head, Research, Digital Innovation and Skills Department (RDIS).
GBB describes the achievement as a strong close to 2025 and reaffirms its commitment to supporting the Federal Government in building a modern, efficient, and digitally enabled public service.
E-Business
Jumia CEO says Black Friday Signals Nigeria’s E-Commerce Maturity

At the close of 2025, Temidayo Ojo, the CEO of Jumia Nigeria, reflected on a year-end shopping season that points to the growing maturity of the country’s e-commerce market. “Black Friday is no longer a single, short-lived spike in activity,” he said.

“It has become a familiar, anticipated moment in the retail calendar, where consumers shop deliberately and with confidence.”
Preliminary KPIs for the two months ended November 30, 2025, show strong year-on-year growth in both orders and Gross Merchandise Value (GMV), with GMV growth outpacing order growth. This indicates that customers are placing fuller, more considered baskets rather than shopping in fragmented transactions. Nigeria ranked among Jumia Group’s better-performing markets, with engagement remaining steady throughout the Black Friday period rather than spiking briefly and tapering off.
A key factor behind this performance is the growing familiarity of consumers with online shopping. Customers are increasingly leveraging platform features such as saved carts, brand stores, and price comparison tools to plan purchases in advance. This trend suggests that digital commerce is becoming embedded in everyday habits rather than being viewed as a one-off event.
Ojo also highlighted the role of Jumia’s JForce network in connecting digital commerce to local communities. “Our agents are critical to ensuring that customers across Nigeria, including secondary cities and smaller communities, have access to variety, consistent pricing, and reliable delivery,” he said. “During peak periods like Black Friday, JForce agents can respond faster, serve more customers efficiently, and build stronger local relationships. This isn’t just a distribution channel—it’s a pathway to sustainable income and inclusion.”
Reflecting on the overall performance, the CEO concluded: “What we’re seeing this year-end is steady engagement across categories, stronger consumer confidence, and partners like our JForce agents benefiting from increased activity.
“It confirms that Nigeria’s e-commerce ecosystem is maturing, growing in a more structured and resilient way. As the December Holiday Sale continues, we expect these patterns of familiarity, trust, and participation to sustain momentum and drive both commerce and community impact across the country.”
E-Business
Galaxy Backbone Tops FG’s Website Performance Ranking

Galaxy Backbone Limited (GBB) has been ranked first overall in the 2025 Federal Government Website Performance Scorecard.

This is a landmark achievement for Nigeria’s digital economy.
The ranking, conducted by the Bureau of Public Service Reforms (BPSR), is the definitive benchmark for digital excellence and transparency across all Ministries, Departments, and Agencies (MDAs).
Professor Ibrahim Adepoju Adeyanju, managing director and CEO of Galaxy Backbone, received the award during a ceremony in Abuja.
He described the feat as a validation of the agency’s“Nigeria First”data sovereignty strategy and its relentless pursuit of service excellence.
This recognition comes as the Federal Government intensifies its push to achieve a fully paperless civil service by December 31, 2025.
GBB has been the primary architect of this transition through its 1Gov Enterprise Content Management (ECM) platform, which now hosts the operations of almost all federal MDAs.
The award adds to a growing list of accolades for Galaxy Backbone in 2025, following its recent win of the “International Standard Excellence Award for Best IT Service Provider.”
As the central hub for government shared services, GBB’s performance serves as a blueprint for other agencies currently undergoing digital transformation.
With its expanded fiber-optic backbone now covering over 13 states and its secure cloud solutions, Galaxy Backbone remains the cornerstone of Nigeria’s vision to become a leading digital nation by the end of the decade.
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