News
Cashless: Experts Warn Against Corporate Greed
Financial experts have warned against the possible hijack of cashless policy of the Central Bank of Nigeria (CBN) by a few individuals or corporations and urged the apex bank to move against limits of transaction cost which could inhibit competitiveness and efficiency in the system, Nigeria CommunicationsWeek can report.
They however, reported a bit of cheering news for consumers and operators of the cashless regime indicating that Nigeria now accounts for the greater number of ATM machine deployments in Africa.
The growth in the ratio of automated teller machine debit card (ATM) customers, according to the experts, would increase from 10 million (in circulation) to about 100 million in the next five years due to ongoing policy drive to move the economy from cash transaction to e-channels.
Prof. Pat. Utomi, director of Lagos Business School, (LBS) at the one-day cashless conference: Payment thought leadership breakfast series1 held in Lagos at the weekend, urged the apex financial house to move against limits of transaction cost which could inhibit competitiveness and efficiency in the system.
“The transactional costs will limit the competitions. The use of transactional costs to roll out cash coupled with lack of trust in the system affect the process. The operators are yet to get it right in services; hence people encounter bottlenecks during transactions,” said Utomi.
Prof. Utomi warned against “first movers’ apparition; if not tamed the process would be hijacked by few individuals and corporations. A transparent and incorporation of interested players, technological enhancement, and massive education will boost public confidence.”
Chuma Ezirim, Group Head, eBusiness at First Bank stated that the introduction of cashless policy will propel the nation’s economic drive towards attainment of Vision 20 20-20 goal.
He opined that mobile money payment and other echannel transaction platforms are all technology driven and would open up Nigeria for global competitiveness. Ezirim noted that already Nigeria has become the leading economy in Africa with greater number of ATM deployments.
“Statistics available indicate that Nigeria tops the ATM market in Africa and that means fortune for the players in the industry. Going by the payment system, customers could do their normal basic financial transactions on a daily basis by making payments for goods and services or by engaging in person-to-person transfer directly on their GSM phones,” said Ezirim.
He advocated for a “changed management” system with the aim of educating the public, transactional costs reductions, and closing the gap between the middle class traders and the operators for understanding of the policy.
Tunde Lemo, deputy governor (operations) at the CBN admitted that it was not yet uhuru in implementation of the cashless economy policy. He stated that the CBN has established a performance monitoring office for effective surveillance of operators in the system. The aim is to monitor “efficiency, availability and sustainability of the e-payment scheme.”
Lemo also said the CBN was networking with other government agencies like NIPOST to link up rural dwellers where Point of Sale (PoS) machines are yet to be deployed.
Adeyinka Adeyemi, managing director, Intermarc Consulting ask that the CBN be magnanimous in providing incentives to encourage market players and consumers. Incentives should include internet facilities for the effective implementation of the scheme.
Nigeria CommunicationsWeek’s research indicated that despite the optimism by market operators, Nigeria still lags behind South Africa and other emerging economies on ATM deployment ratio-per-population density.
Comparatively, Nigeria has 10 ATM cards per 100 persons against South Africa’s 55 per 100.
The World Bank Group has announced the 31-month debarments of United Aviation Services Limited (UNASEL), a transportation services company based in Nigeria, and Air Vice Marshal Alkali Mamu, its owner and president, “in connection with fraudulent practices under the Enhancing Niger Northeastern Connectivity Project,” according to a press release issued by the multilateral development bank.
The statement said that the project aims to enhance connectivity and road safety along the Zinder-Agadez Road section and improve access to basic socioeconomic infrastructure for selected communities in that road section.
However, according to the statement: “UNASEL and Mr. Mamu presented false experience documents in a prequalification application to qualify for a contract under the project. This was a fraudulent practice under the World Bank’s sanctions framework.”
“The debarments make UNASEL and Mr. Mamu ineligible to participate in projects and operations financed by Bank Group institutions. The debarments are part of two settlement agreements under which UNASEL and Mr. Mamu admit culpability for the underlying sanctionable practices,” it added.
The statement further said: “Per the Bank Group Sanctioning Guidelines, the settlement agreements provide for a reduced period of debarment in light of UNASEL and Mr. Mamu’s cooperation.
As a condition for release from sanction under the terms of the settlement agreements, UNASEL and Mr. Mamu commit to developing and implementing integrity compliance measures that reflect the relevant principles set out in the Bank Group Integrity Compliance Guidelines, and Mr. Mamu further agrees to complete corporate ethics training.
UNASEL and Mr. Mamu also commit to continue to fully cooperate with the Bank Group’s Integrity Vice Presidency.
“The debarments of UNA SEL and Mr. Mamu qualify for cross-debarment by other multilateral development banks under the Agreement for Mutual Enforcement of Debarment Decisions that was signed on April 9, 2010.”
Governor Peter Mbah of Enugu State, has approved the allocation of a parcel of land in Enugu, the state capital, for the establishment of a state-of-the-art Digital Fabrication Centre by the Industrial Training Fund.
Mbah announced this while receiving a delegation from the Industrial Training Fund on a courtesy visit to the Government House, Enugu.
The ITF disclosed this on Friday in a statement signed by its Director of Press and Public Relations, Thomas Ngor.
According to the statement, Mbah described the proposed project as timely and aligned with his administration’s vision of transforming Enugu into a leading destination for investment, innovation and technology-driven industrial development.
He noted that the future of economic prosperity lies in deliberate investments in human capital and emerging technologies, adding that the state has continued to create an enabling environment for innovation, enterprise and sustainable growth.
The governor explained that his administration has made technical education compulsory in the state’s basic education system, with emphasis on digital literacy, robotics and mechatronics to prepare learners for the future of work.
According to him, many traditional trades are now driven by digital technologies, making it imperative to equip young people with relevant technical competencies that will enable them to compete globally and contribute meaningfully to economic development.
Governor Mbah further disclosed that his administration has built smart schools across the state, equipped with robotics centres, mechatronics laboratories and other modern learning facilities, to prepare youths for the evolving global economy.
He noted that artificial intelligence is expected to contribute about $20tn to the global economy in the coming years.
He therefore stressed that the state must be intentional about upskilling its citizens, adding that the establishment of the ITF Digital Fabrication Centre will significantly strengthen the state’s drive to build a knowledge-based economy, foster innovation, promote local manufacturing and create employment opportunities for its growing youthful population.
Earlier, Afiz Ogun, the Director-General of the ITF, who led the delegation, said that upon his appointment by President Bola Tinubu, he was mandated to upskill Nigerian artisans to international standards.
He explained that the Fund subsequently repositioned its technical and vocational skills development efforts through strategic initiatives, including the Skill-Up Artisans Programme, which is designed to train, certify and license Nigerian artisans to international standards.
Ogun disclosed that the Fund had already established a Digital Fabrication Centre in Ikeja, Lagos, with the capacity to produce more than 400 different products. He therefore requested the allocation of land in Enugu State to establish a similar centre with the same production capacity.
According to him, the initiative is aimed at promoting industrialisation, reducing dependence on imports and preparing Nigerians for opportunities in the Fourth Industrial Revolution.
He also reaffirmed the Fund’s readiness to enter into public-private partnerships that will transform Nigeria’s artisanal ecosystem.
Ogun further noted that digital technologies, including artificial intelligence, robotics and computer-aided manufacturing, are rapidly transforming the global economy, making it imperative for Nigeria to deliberately invest in upskilling its workforce to remain globally competitive.
The ITF delegation was later conducted on a guided tour of facilities at one of the smart schools established by the Enugu State Government.
Glovo, a multi-category tech company, has announced its integration into the generative AI ecosystem with the launch of its “Shopping Assistant” for ChatGPT and Claude. Users can now discover retail products, compare prices, and seamlessly order any item using natural conversational language with the AI systems.
The Glovo experience inside such platforms introduces a conversational commerce model that shifts from a search-based web to an intent-based web. Rather than navigating traditional app menus and filters, users can express needs, such as asking for a “last-minute gift for a coffee lover under ₦50,000”, and the assistant handles semantic search, location validation, and product curation.
A Seamless, Concierge-Like Experience
Once both platforms have been connected through either ChatGPT or Claude apps, the user will be able to have a multi-turn dialogue where the assistant remembers context and constraints, such as budget caps. Users receive a visual carousel of up to five highly customised product options available at local stores. Each product displays its image, name, store details and ratings, and price. While the search and discovery experience takes place directly on the Generative AI platforms, selecting a product via the “view on Glovo” button takes the user to the Glovo mobile or web app, where the payment and final purchase are exclusively completed.
Strategic Focus on Retail and Growth
Glovo is prioritising the retail and grocery sectors for this initial launch, capturing the established habit of using AI for product research. Generative AI has driven a significant jump in retail traffic globally, so this first-mover advantage aims to meet customers where they are meeting Gen AI daily, and ensure it captures high-intent organic traffic as search behaviours evolve.
“We’re always looking for ways to meet our customers where they already are. Being available on Claude and ChatGPT means people can discover what Glovo has to offer as part of a natural conversation, with no friction. Glovo has always been about being the everyday app that provides choice and convenience, and this is another step in that direction”, said Shiro Theuri, Chief Technology Officer at Glovo.
How to look for products in the Glovo app through ChatGPT or Claude
- The user must sync ChatGPT or Claude with the Glovo app with the plug-in.
- Once synced, the user must type in @glovo followed by their request.
- The AI platform displays a carousel with 5 available options for the user.
- If the user wants to purchase any of the products or continue searching within the Glovo app, they must click “View on Glovo”, which will redirect the user to the Glovo app or website.
- After the order is confirmed, the store will prepare the item(s) and the courier will head up to the pick-up location. The user will receive the order in minutes.
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