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Africa & Global Payments Innovation Jury Meet in Nigeria at Interswitch Connect

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The Africa Payments Innovation Jury revealed that‎ businesses on the Continent are attempting to bridge the gap between the banked and the underbanked population, driving payments innovation across the continent; despite the daunting challenge of regulation and funding.

This was popular view of speakers at the inaugural launch of payment/tech conference, tagged Interswitch Connect held in Lagos.

The Global Payments Innovation Jury is the recognised body looking into payments innovation at the global level.
 
This year, for the first time, a dedicated Africa Payments Innovation Jury, consisting of 25 industry leaders from 14 markets, was formed to contribute to a research report into African payments and fintech innovation trends.
 
They looked at 2017 global snapshot of payment innovations and Asian countries were rated as the home to most payments innovation over the next two years, a position that it has held since the inaugural 2008 Jury.
 
Europe was ranked second, followed by Africa, North America and Latin America.
 
When it came to deciding where to build a new payments business 81% of the Africa Jury voted for the continent as the ideal location.
 
“The Africa Jury demonstrated the clear view that, despite the challenges associated in creating and running a payments business on the continent, the potential for growth is high and is likely to only increase.
 
“Indeed, to be rated ahead of North America is a striking result given the African fintech and payments landscape,” said John Chaplin, Chairman of the Africa Payments Innovation Jury.
 
The Africa Jury also showed a preference for investment in consumer focused businesses, with 58% choosing (Business to Consumer) B2C businesses over (Business to Business) B2B.
 
This is in marked contrast to the global position where there is a 55% rating in favour of B2B, which in regions such as Europe rises to 75%.
 
“Despite the cost and difficulty involved in building large customer bases, the Africa Jury prefers B2C largely because of the growth potential from bringing the currently underbanked population into the electronic payment world,”
 
“B2B will become more important over time but many African businesses are still in the informal sector which limits their potential for now,” said John Chaplin.

The Africa Jury addressed the Venture capital funding shortages and reported a significant lower level of funding availability than the Global Jury reported for the rest of the world.
 
The Africa Jury felt that initial investment in a business can sometimes be obtained from angel investors, but this source of capital is less developed than in most other regions.
 
The relative scarcity of funding continues for Series A rounds when the lack of a well-structured and funded venture capital sector in many markets presents a major challenge for entrepreneurs.
 
However, for companies that can establish sustained growth and profitability there is considerable competition between private equity firms to provide investment.
 
“The lack of early stage funding can choke off many potentially promising business ventures. In order for a vibrant payments and fintech industry to develop in Africa, investors must consider the potential returns of early stage businesses that solve real problems”, said John Chaplin.
 
A sizeable majority (57%) of the Africa Jury felt that regulatory action is detrimental to payments innovation.
 
This is substantially more pessimistic than the Global Jury which had a 39% negative score.
 
However, 35% of the Africa Jury conceded that regulators were assisting innovation.
 
”There is an opportunity for payments regulators in Africa to up their game especially in relation to innovators and investors, and in licensing non-bank payments companies.
 
“This could really help to deliver the policy objectives of the regulators,” said John Chaplin.
 


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NRS Debunks Viral Claim of New Tax on Vehicle

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Nigeria Revenue Service (NRS) has denied reports that the federal government has introduced a new tax on vehicles.

NRS Debunks Viral Claim of New Tax on Vehicle

The clarification follows the circulation of a viral message online claiming that all vehicle owners would be required to start paying a new tax from July 1, 2026.

In a statement released on Sunday, the NRS said the information in the message is false and did not come from the agency or any official government institution.Nigeria Travel Guides

According to Dare Adekanmbi, spokesperson for the NRS, the viral message was designed to mislead the public. He explained that it was made to look genuine by using official government logos and formatting.

The message reportedly instructed owners of private, commercial, and corporate vehicles to pay an unspecified fee either online or through approved banks and agencies. It also included a website that was wrongly presented as an official government platform.

Adekanmbi stressed that the website mentioned is not connected to the government and warned Nigerians not to make any payments based on such information.

He said the NRS has not introduced any new vehicle tax and that any official policy or tax change would be properly announced through verified government channels.

The agency urged citizens to ignore the fake message and avoid falling victim to possible fraud. It also advised Nigerians to always confirm such information through trusted and official sources before taking any action.

The NRS further encouraged the public to follow its official communication platforms to stay informed about genuine tax policies, updates, and government directives.

 


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NCC to Intensify Crackdown on Illicit Network to Protect Copyrights

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National Copyright Commission (NCC) has reaffirmed that piracy remains a major threat to the nation’s creative economy, vowing to intensify its nationwide crackdown on illicit networks to protect intellectual property.

NCC to Intensify Crackdown on Illicit Network to Protect Copyrights

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Dr. John Asein, director-general of the NCC, disclosed this in a statement to mark the 2026 World Book and Copyright Day.

The commission noted that piracy remains a major threat, undermining legitimate enterprise and eroding the economic value of creative works.

Asein lamented that inadequate distribution systems and limited access to books also constrain the growth of readership.

He described the event as an important occasion, which showcased the enduring value of books as foundations of knowledge, instruments of cultural preservation, and drivers of national development.

He described the theme for this year’s celebration, ‘Read Books, Respect Copyright,’ as a call on Nigerians to embrace reading as a lifelong habit, while recognising that respect for copyright is essential to sustaining creativity and rewarding authors.

The commission noted that Nigeria’s book industry has evolved significantly, from the post-independence emergence of indigenous publishing to today’s digitally driven ecosystem.

“Nigerian authors continue to gain global recognition, while publishers are expanding capacity. However, challenges persist,” he said.

The commission commended the National Intellectual Property Policy and Strategy, describing it as a bold step toward repositioning intellectual property as a driver of economic transformation.

The policy, according to him, provides a roadmap for revamping the book sector for the benefit of authors and publishers, and is accessible at ippolicy.ng.

The NCC also reaffirmed its commitment to inclusive access through the Marrakesh Treaty, as reflected in the Copyright Act, 2022, enabling accessible formats such as Braille and audio texts.

It urged Nigerians to respect copyright and purchase books only from authorised sources.


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Fusewall Holdings Acquires 100% Stake in Coloplus, Expands Telecom Infrastructure Footprint

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Fusewall Holdings, founded by Azeez Amida, has announced the acquisition of a 100 percent equity stake in Coloplus Worldwide Service Limited, in a move aimed at strengthening its position in Nigeria’s telecommunications infrastructure space.

Fusewall Holdings Acquires 100% Stake in Coloplus, Expands Telecom Infrastructure Footprint

Fusewall Holdings

The deal marks a significant milestone in Fusewall’s broader strategy to build an integrated and future-ready platform across key sectors, particularly within the country’s fast-evolving digital economy.

The transaction was led by Amida, whose role in structuring and executing the deal was described as pivotal. According to the company, his leadership helped align stakeholders and navigate complex negotiations to ensure a successful close while positioning the business for long-term growth.

A spokesperson for Fusewall Holdings said the acquisition represents “a deliberate step forward” in the company’s expansion strategy, noting that the focus remains on building platforms that combine operational efficiency, resilience, and scale.

Coloplus brings a substantial operational footprint to the deal, including access to about 900 partner locations and roughly 20 owned sites. This combination of reach and infrastructure control is expected to give Fusewall a strategic advantage as it scales operations nationwide.

Fusewall said it plans to deploy capital, strengthen governance structures, and enhance operational execution as part of the integration process. The move is expected to improve service delivery, boost infrastructure reliability, and support expansion into underserved and high-demand areas.

The acquisition also aligns with the company’s broader ambition to help bridge Nigeria’s telecommunications infrastructure gap by expanding connectivity, improving network resilience, and advancing digital inclusion.

Fusewall Holdings said the deal reflects its commitment to disciplined execution and long-term value creation as it continues to grow its footprint in Nigeria’s digital ecosystem.


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