News
ATMs: Job Losses, Scam Slow Patronage

Transactions on Automated Teller Machines (ATMs) shrank at its fastest pace in three months March to May this year highlighting the severe toll of the worsening economic situation in the country, Nigeria CommunicationsWeek can now reveal.
Record from Interswitch Nigeria Limited, a major switching platform showed transactions at just 84 million down from 87 million in April.
The figure in April was also lower compared to March when Nigerians executed 98 million transactions on the ATMs.
There are currently 10,121 ATMs which are computerized telecommunications devices that provide the clients of financial institutions with access to financial transactions in a public space without the need for cashiers.
Nigeria CommunicationsWeek gathered that the poor state of the economy characterized by job losses and credit crisis was responsible for the steady decline in the volume of transactions.
Mr. Mitchel Elegbe, managing director, InterSwitch said that the drop in transaction is a reflection of slow pace of business activities in the country which has affected people’s disposal income.
InterSwitch Limited is a major electronic transaction switching and payment processing company with a business footprint that covers the provision of shared, integrated message broker solutions for financial transactions, e-commerce, telecoms value-added services and e-billing in the Nigerian environment.
According to Elegbe, most people who have lost their jobs as a result of general economic downturn no longer have money in their bank accounts from where transactions could be carried out on the ATMs.
Nodding in agreement, Mr. Peter Iwegbu, general manager, Technology, Access Bank, also said that security and scam related issues have contributed to the downward movement of transactions.
Iwegbu cited the case of his relation that lost some money to ATM scam which made her to also lose confidence on the super machine.
He added that the decommissioning of offsite ATMs in line with the Central Bank of Nigeria (CBN) directive on the issue also has a role to play.
Like Elegbe, he said that the situation is not peculiar to transactions on the ATM but has also affected other sectors of the economy.
Other factors according to them is the migration process in the card usage as most banks have shut out magnetic stripe cardholders from using the cards on their machines.
It would be recalled that Central Bank of Nigeria directed banks to migrate from the traditional magnetic stripe cards to EMV standard chip and Pin cards.
The regulatory body had fixed December last year as terminal date for completion of the migration, since then banks no longer issue the old technology cards but still process such cards till they expire.
But, recently some banks’ ATMs have stopped accepting magnetic stripe cards while accepting only Europay MasterCard and Visa (EMV) standard chip and pin cards.
As they spoke however, an official of a major ATM Consortium that spoke to Nigeria CommunicationsWeek said that the business has been good and that his company is yet to witness reduction in the volume of transaction on its network.
ATMs were introduced to decongest the banking halls and offer customers cash at every nook and corner of the country.
For instance, a customer can withdraw money for his or her purchase from the ATM.
This also means you can travel anywhere without cash. If the location has an ATM and you have your ATM card, you can access your money instantly.
The first ATM was invented and patented in 1939 by Luther Simjian but it was an unsuccessful prototype that led the way to the first modern ATM, created by James Goodfellow in 1966.
Because the ability to connect to the bank via computer was not yet available, access to these machines was only given to few bank customers. The first ATM to use a card with a magnetic strip was patented in 1977. Even though the machines existed this early, it was not until the end of the 1980s that ATMs became common place in modern banking.
News
Francis Okafor Stuns China, Emerges Second-Place Winner @ Tencent OpenClaw Hackathon

In a striking moment of global recognition for African talent in artificial intelligence, Shenzhen-based Nigerian technologist, Francis Okafor has emerged as the second-place winner at the 2026 Tencent OpenClaw Hackathon, a fiercely contested competition hosted by Chinese tech giant Tencent.

The achievement places the Nigerian engineer among the top innovators in one of the world’s most competitive technology hubs, Shenzhen, often described as China’s Silicon Valley.
Okafor’s journey to the podium was anything but scripted. Walking into Tencent’s facility on the day of the contest, he found a room already buzzing with elite programmers deep in preparation.
“Laptops open. Heads down. Some people setting up their system before the challenges even dropped,” he recalled, contrasting the scene with his own uncertainty at that moment. “And then there is me — a Nigerian looking around like, okay Francis, what exactly are you doing here?”
Rather than confidence, his first reaction was raw nerves. “I won’t lie, I had goose bumps. Not the inspirational kind,” he admitted, describing a quiet internal debate about whether he had wandered into territory far beyond his league. Yet that hesitation quickly gave way to experimentation, a hallmark of the hackathon spirit.
Earlier that same week, Tencent had rolled out OpenClaw integration into WeChat (known domestically as Weixin), exposing its massive user base to AI agent capabilities.
Okafor, a senior technology lead, artificial intelligence advocate, and global community organiser, had already been stress-testing the system and decided, on the spot, to build his entry around it. “I had been pushing it hard all week just to see what it could do… so when the challenges dropped I thought, you know what, let me use this thing as my weapon.”
That decision proved decisive. Competing against some of the most accomplished engineers in China’s hyper-competitive tech ecosystem, Okafor’s solution stood out for both ingenuity and execution. “It went far enough apparently,” he said with understated pride after securing second place.
Remarkably, he had entered without a grand plan. “I didn’t go in with a strategy. I went in for the thrill of it… Honestly I thought I would learn a few things and go home with a good story.” Instead, he left with a trophy, and a narrative that has resonated far beyond the competition hall.
Beyond personal triumph, Okafor emphasized the broader technological significance of the moment. Tencent released the WeChat OpenClaw plugin on the very morning of the event, effectively putting advanced AI agent tools into the hands of an estimated 1.4 billion users.
In his view, this signals a profound shift in how artificial intelligence will reach the public. The company, he observed, is “not just making AI accessible to developers… they are bridging it to everyone,” while using hackathons to identify innovators capable of pushing the technology forward, regardless of origin.
Okafor was acutely aware of his uniqueness in the room. “I was definitely the only African there and for sure stood out,” he noted. Yet what mattered was not nationality but capability. “Nobody cared about where I was from. They cared about what I built.”
His message to aspiring technologists, particularly those from underrepresented regions, is both simple and powerful: show up. “Enter things you think you have no business entering,” he urged. “The worst case is you learn something. The best case is you shock yourself.”
In an industry often defined by geography, capital, and institutional advantage, Okafor’s victory offers a compelling counter-narrative. Talent, preparation, and courage can still disrupt expectations, even in rooms that seem designed for someone else.
As he concluded in a line that has since captured widespread attention: Black excellence, he said, “doesn’t need a geography.”
News
CBN Pledges Deeper Synergy with EFCC in Enugu Operations

Economic and Financial Crimes Commission (EFCC) has urged the Central Bank of Nigeria (CBN) to deepen collaboration and provide faster operational support in Enugu State.

Zonal Director of the EFCC Enugu Zonal Directorate, Commander Daniel Isei, made the call during a courtesy visit to the CBN Branch Controller in Enugu, Mr Otutubuike Justice Agbaeze, on Tuesday.
The engagement forms part of ongoing efforts to boost inter-agency ties, enhance financial sector accountability, and fortify anti-money laundering initiatives nationwide.
Isei described the CBN as “our most critical partner in the fight against economic and financial crimes,” highlighting years of joint operations and the bank’s role in securing recovered assets.
“The CBN naturally stands out as one of our most critical partners… it serves as a secure repository for valuables recovered by the EFCC and it has greatly enhanced our operations,” he stated.
While commending past cooperation, Isei appealed for quicker responses to the EFCC’s frequent investigative requests from its Enugu office.
“We understand that these requests may be demanding, but timely responses are crucial, as time is of the essence in financial investigations. We therefore seek your continued indulgence in ensuring that our letters receive expeditious attention,” he added.
In response, Agbaeze reaffirmed CBN’s dedication to the partnership, pledging expert support and improved synergy “in the interest of financial system stability and national development.”
News
Firm Shares Tips for Updating Your Digital Habits for an AI-driven World

As smart devices with artificial intelligence (AI) tools, and always-on services become part of everyday life, the cybersecurity habits many people formed a few years ago may no longer be enough.

From AI-powered scams to social media trends that encourage users to upload personal details, the way people interact online is changing quickly. Ensuring that you stay secure now requires small, deliberate actions in your daily digital behaviour. Experts from Kaspersky, a global cybersecurity and digital privacy company, share the below advice to stay safe online.
- Be cautious with verification requests. Many scams now mimic legitimate verification processes, asking users to confirm accounts, update payment details, or approve login attempts. Because people are used to frequent security prompts, it is easy to respond automatically. Pause before sharing verification codes or personal information and independently verify requests through official websites or by contacting service providers directly.
- Cultivate healthy AI usage habits. AI agents, chatbots and multimedia-generating apps can be convenient and entertaining, but uploading high-resolution photos or personal information carries privacy implications. Facial images can function as biometric identifiers, and once shared with an online service, be it AI or a social network, control over how that data is stored or reused may be limited. Before using AI tools, review privacy policies, minimise the personal information they provide, and avoid uploading sensitive documents or confidential content.
- Do your homework on AI. For parents, the rise of AI assistants introduces another dimension. While AI tools can help in making education interactive and gamified, children may turn to AI tools for homework support or entertainment without fully understanding how their data is used or how to evaluate responses critically.
Open conversations about responsible AI use, privacy awareness, and the importance of not oversharing personal information can help children build safe digital habits from an early age.
- Audit your online subscriptions. Reducing digital exposure is another simple but often overlooked step. Over time, unused subscriptions, dormant accounts, and forgotten apps accumulate personal data and payment details. Regularly reviewing subscriptions, deleting unused accounts, and checking which apps have access to personal information can significantly reduce risks of this data being leaked.
- Secure your devices and home. Device longevity and smart home security also play an important role. Older devices that no longer receive security updates may contain unpatched vulnerabilities.
Ensure that smartphones, laptops, routers, and smart home devices are running the latest firmware and are protected with strong passwords and multi-factor authentication. Changing default passwords on connected devices and securing home Wi-Fi networks are essential steps in protecting both personal data and physical spaces.
As technology and AI becomes more integrated into daily life, security is less about dramatic measures and more about consistent, informed habits.
“Technology evolves quickly, and our online behaviour should keep pace,” says Brandon Muller, Technical Expert for the Middle East and Africa region at Kaspersky. “Take time to review privacy settings, app permissions, and connected third-party services, removing anything that is no longer needed. By being more deliberate about what we share, how we verify requests, and how we manage our devices, we can significantly reduce exposure to modern cyber risks while enjoying all the benefits of new technologies.”
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