News
FirstBank Joins Forces with Telcos on Mobile Money Service

First Bank of Nigeria Plc, Nigeria’s financial powerhouse has penned Memorandum of Understanding (MoU) with three telecommunication companies to provide seamless mobile money services as part of the drive to promote the cashless policy of the Central Bank of Nigeria (CBN), Nigeria CommunicationsWeek gathered.
The telcos; Etisalat Nigeria, Globacom Nigeria Limited and Airtel Nigeria Limited will ride on FirstBank’s robust banking infrastructure to provide seamless mobile money services to millions of Nigerians.
Mobile money is the use of mobile phones to remotely access bank accounts, primarily for account inquiry, mobile transfer, retail payments, micro insurance, savings remittances, mobile top-up, utility bill payments and government collections among others.
All the four companies promised to combine their strengths to provide secure, convenient and user-friendly mobile banking services to the unbanked through the use of mobile phones.
Bisi Onasanya, managing director/chief executive officer, FirstBank, said mobile banking is hinged on three planks which are defined in terms of financial inclusion for the unbanked and the underbanked, person to person transaction in terms of sending and receiving money as well as retail payment for the purchase of goods and services.
He added that: “With over 600 branches and thousands of business partner outlets in strategic proximity to the people, coupled with over 1,500 ATMs including cash deposit ATMs, cardless and biometric ATMs, over 5million active accounts and more than 1,200 Point of Sale terminals, FirstBank has always been at the forefront of innovative financial services solutions.
In addition to the mobile money services, Onasanya said FirstBank has in place a world-class IT infrastructure to drive its e-payment services across transaction touch points. These services, according to him, include: Internet banking services, FirstOnline, FirstBank Visa Gold Credit Card, Automated Teller Machines (ATMs), Point of Sale Terminals (POS) FirstBank MasterCard, FirstBank Classic Card, FirstBank Naira MasterCard and Cash Deposit ATMs amongst others.
Onasanya assured that FirstBank will continue to lead the innovation drive in mobile banking through progressive and robust upgrades that will enable mobile money customers perform actions such as salary lodgement, pension and other types of payments and disbursements. He affirmed that with a rich heritage, dependability and innovative dynamism, FirstBank is naturally the best partner for any telecom company to provide this novel initiative.
In their various responses, the three telecom companies expressed their pride to be part of this historic event with FirstBank; a partnership that underscores the central role by the partnering organizations in the futuristic cashlite economy.
News
Nigeria Spends $470m on AI-powered Surveillance Devices- Report

Nigeria has emerged as the largest investor in artificial intelligence-driven surveillance systems on the continent, committing over $470 million to advanced monitoring technologies, according to a new report.

Pic credit…bokysee.com
The study found that Nigeria, alongside 10 other African countries, has collectively spent no less than $2.1 billion on AI-powered surveillance infrastructure.
AI-powered surveillance devices represent a significant shift from passive recording to active, real-time monitoring and threat detection
The study, described as the most comprehensive account of smart city surveillance in Africa, examined deployments in Algeria, Egypt, Kenya, Mauritius, Mozambique, Nigeria, Rwanda, Senegal, Uganda, Zambia and Zimbabwe.
These investments include facial recognition systems and automatic number plate recognition tools aimed at strengthening security and urban monitoring.
The report, titled “Smart City Surveillance in Africa: Mapping Chinese AI Surveillance Across 11 Countries,” was produced by the Institute of Development Studies and released in March 2026.
It highlights Nigeria’s position at the forefront of adopting smart surveillance technologies, reflecting a broader trend across Africa where governments are increasingly turning to AI solutions to address security challenges and improve urban management.
“This level of expenditure translates into an average spend in the region of $240m per country.
“Nigeria alone has documented public expenditure of $470m AI-enabled facial recognition and ANPR, making it the continent’s largest buyer of smart city surveillance technologies,” the report stated.
“In all cases, we know that the real total is significantly higher because surveillance spending is often secret; no figures were available for two of the 11 countries studied; the public accounts for the other nine countries were incomplete; and this study included only 11 of Africa’s 55 countries,” the researchers noted.
The report said most of the surveillance infrastructure deployed across the countries was supplied by Chinese firms and financed through soft loans from Chinese banks.
“The Chinese safe city surveillance package is typically financed by soft loans from Chinese banks.
“A typical package involves a loan of $250m from Eximbank tied to the purchase of surveillance cameras from Hikvision and a command and control centre built and serviced by Huawei or ZTE,” it said.
The report explained that the packages usually include thousands of smart closed-circuit television cameras capable of transmitting geo-located facial recognition and vehicle number plate data in real time.
“The Chinese safe city package typically includes installing thousands of smart CCTV surveillance cameras, which transmit geo-located facial recognition and car number plate data in real time for analysis using artificial intelligence at dedicated data centres that serve as command and control facilities for police and security operatives,” the report added.
The study further revealed that China supplied smart city surveillance technologies to all 11 countries reviewed, while South Korea and Russia supplied three countries each, and the United Arab Emirates supplied two.
It added that the actual spending across the region could be significantly higher due to secrecy around surveillance budgets and incomplete public financial records.
News
Metaverse Collapses, Horizon Worlds Shuts Down on Quest

The metaverse, championed by Meta (formerly Facebook) in 2021, has largely collapsed due to low user adoption, technical limitations, and massive financial losses exceeding $80 billion.

Mark Zuckerberg
Meta is shutting down its flagship VR platform, Horizon Worlds, in June 2026, marking a major shift toward AI and mobile-first strategies.
The app will be removed from the Quest store on March 31 and discontinued in VR by June 15, continuing only as a mobile service.
Horizon Worlds, launched in 2021, was central to Meta’s rebranding from Facebook and its vision of a fully immersive virtual environment.
Despite billions in investment and high-profile partnerships, the platform failed to attract a large user base and struggled with design limitations and weak engagement.
Reality Labs, the division behind the metaverse push, has accumulated nearly$80 billion in losses since 2020, including more than$6 billion in a single quarter.
Recent layoffs affecting around 10 percent of the VR workforce, along with the shutdown of related projects, underscore a broader pullback.
Competition and shifting priorities have accelerated the decline.
Rival platforms such as VRChat maintained stronger communities, while Meta increasingly redirected resources toward AI and hardware, including its Ray-Ban smart glasses.
Although Meta says it remains committed to VR, the closure of Horizon Worlds signals a strategic reset.
The company is repositioning its future around AI-driven products, marking a decisive shift away from its earlier metaverse vision.
News
FG Plans New HIV Prevention Injection in 8 States, FCT

Federal government has commenced is to roll out a new long-acting HIV prevention drug, Lenacapavir, in selected states as part of efforts to reduce new infections and end AIDS as a public health threat by 2030.

Dr Iziaq Salako, minister of State for Health and Social Welfare, who disclosed this during a media briefing in Abuja, on Monday said the injectable drug will be deployed in eight states and the FCT.
The states are Anambra, Ebonyi, Gombe, Kwara, Akwa Ibom, Cross River and Benue.
Lenacapavir, a twice-yearly injectable pre-exposure prophylaxis (PrEP), is designed for HIV-negative individuals at substantial risk of infection.
Dr Salako said its introduction marks a significant shift from daily oral prevention options, particularly for individuals who struggle with adherence.
The Minister explained that Nigeria’s adoption of the drug followed its selection by the Global Fund as one of nine early adopter countries, after expressing interest in 2025.
He further said about 52,000 doses have already been secured to support the initial phase, with the first batch delivered and preparations underway for facility-level deployment.
He, however, stressed that the drug is strictly preventive and not a treatment for people living with HIV, warning against misconceptions that could encourage risky behaviour.
“This is not a cure or a licence for unsafe practices. It is an additional layer of protection for those at higher risk,” he said.
The minister explained that the rollout would begin on a controlled scale to allow close monitoring of safety outcomes and effectiveness before expanding nationwide.
He noted that implementation would be guided by the National Pre-Exposure Prophylaxis Implementation Plan covering 2025 to 2028, with focus on service delivery, supply chain management, financing and community engagement.
Adebobola Bashorun, national coordinator of the National AIDS, Viral Hepatitis and Sexually Transmitted Infections Control Programme, said the rollout strategy was informed by data and stakeholder collaboration.
He added that the injectable would complement, not replace, existing prevention methods such as oral PrEP and other long-acting options.
According to him, early observations show minimal side effects, mostly mild pain at the injection site.
Dr Temitope Ilori, director-general, National Agency for the Control of AIDS, described the development as a major boost to HIV prevention strategy, especially among high-risk populations.
She cautioned that the drug does not protect against other sexually transmitted infections or unintended pregnancies and is not recommended for pregnant women.
Similarly, Charles Nzelu, director of Public Health, said the innovation could significantly improve adherence to prevention programmes, given its twice-yearly dosage, but emphasised the need to sustain other preventive measures.
International partners also expressed support for the initiative while Josephine Aseme, chairperson of the Nigeria Key Population Health and Rights Network, described the injectable as long-awaited and potentially transformative for vulnerable groups.
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