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Closing the Gap in Social Inequality with Education, Employment and Entrepreneurship

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By Dayo Aderugbo

For most developed countries, the youths remain an important focus in areas such as economic development, sustainability and nation building. When organisations and the government drive conversations and activities around social investments, these discourse are usually focused on empowering young people as they hold the power to drive growth across all levels of the economy both locally and internationally.

In a country like Nigeria, with lots of liquid resources and just about 2.11 trillion Naira in circulation as at May 2019 according to the CBN, the standard of living for the average citizen does not exactly reflect the volume of Nigeria’s asset. There is an existing gap in connecting education, employment and entrepreneurship within the youths, creating a great layer of social inequality.

Globally, more than 200 million young people are either unemployed, or they have jobs, but continue to live in poverty due to low income. This social and economic inequality is a challenge shared by many countries.

Infact, it is estimated that 1% of the world’s population will own two thirds of its wealth. This level of inequality stifles growth and creates disharmony. It significantly affects disadvantaged young people who often can’t access the skills and opportunities needed to close this income gap.

The question for us now is how do we build a sustainable development agenda, spearheaded by young people now and in the future. How do we invest in them and equip them to learn, earn and grow?

Achieving a more developed and sustainable society as a nation, calls for youth inclusion in closing the obvious existing inequality and prosperity gap. Heavy and consistent investment in the youth through education employment and entrepreneurship will contribute greatly to tackling this challenge.

Youths are often referred to social actors with the abilities to bring revolutionary changes and improvement in any society so there is a need to implement long term strategies to invest in future economies. Active youthful engagement in the labour market is a necessary prerequisite to generating a young people pool of resources for both government and private entities.

In Standard Chartered Bank, we believe that education, employment and entrepreneurship are three key pillars through which young people can be empowered. We do this through our Future Makers project, which seeks to tackle the issue of inequality and promote greater economic inclusion for young people in our communities. We encourage young people especially from low income households to take part in programmes focused on education, employability and entrepreneurship.

Our strong ambition is focused on raising USD50 million through fundraising and Bank-matching between 2019 and 2023 to empower the next generation of young people. We also realized that the success of some of our existing community programmes are projective to include expanding our goal to education programme for girls, incorporating financial education into all of our programmes and developing new global community programmes in employability and entrepreneurship.

We must not also forget the entrepreneurs in our communities, who remain valuable assets. There is a need to inspire and encourage them to their greatest potential as they possess what it takes to change the dynamics of how we live and work. Their innovations may improve standards of living and also create wealth.

Despite the strides made in technology, the “gender digital divide” remains a major concern. There is significant difference in access to technology and financial services for women owned enterprises than men.

In Nigeria, female population comprises of 49.34 per cent of the total population of Nigeria. With fewer income generating opportunities for the population at large, this leaves nearly half of the Nigerian population constituting women deprived of economic empowerment through employment, professional growth and livelihood opportunities. For us at Standard Chartered, this just isn’t good enough.

Similar to several emerging markets like Pakistan and Brazil, Nigeria is currently passing through a demographic transition, which has resulted in an increase in the working-age population i.e. youths comprising nearly half of the population, as a share of the total population.

To reap the ‘demographic dividend’ of this change, the economy needs to provide education and create productive and remunerative employment for young workforce entrants. Moreover, innovation through digitisation and entrepreneurship is a crucial and workable element in human capital development.

The bank has recently launched the Women in Tech Incubator programme (WiT) to help close this divide. WiT Tech targets female-led entrepreneurial teams and we provide them with training, mentorship and seed funding.

The incubators includes mentorship with the Bank’s own staff, connecting Women in Tech to other prominent brands like Google and Apple, and providing a platform for them to engage with experts so they could learn how to grow their business. The programme creates tangible and measurable impact to ensure that female entrepreneurs have the right opportunities to grow and nurture their business.

We are optimistic about the impact this programme will have on the socio-economic empowerment of female led entrepreneurs in Nigeria. The support the beneficiaries will get will go a long way in ensuring the sustainability of the businesses while creating employment for more women and youths in the country.

“This initiative builds on the Bank’s track record of increasing women’s access to entrepreneurial finance, employability and supporting adolescent girls and women through financing and capacity building.”

From our standpoint, the development and sustenance of a good economy in any nation is dependent on the level of quality education, employment and entrepreneurship opportunities especially available to young people.

Conscious steps must be taken towards equipping the youth regardless of class and economic status, with access to opportunities needed to realize their full potential to foster greater economic inclusion.

 

(Dayo Aderugbo is the Head of Corporate Affairs, Brand & Marketing Standard Chartered Bank for Nigeria and West Africa)


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Identy.io Targets Nigeria, Kenya in Its Africa Expansion Strategy

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Nigeria and Kenya are the next target markets for Identy.io, a global provider of digital identities, as it expands into Africa. Facial, fingerprint, and palm identification are among the safe, mobile biometrics that the company specialises in.

According to Indenty.io, its platform runs locally on smartphones, eliminating cloud storage while maintaining security and privacy.

It goes to say this is achieved by leveraging standard smartphones for fingerprint and face scans, the company aims to bridge the continent’s digital divide, where a significant number of adults still lack basic identification.

To spearhead this rollout, the firm has appointed a specialised regional leadership team, including industry veterans from Nigeria’s Bank Verification Number programme, to integrate their automated Biometric Identification System into national digital public infrastructure.

The company says the significance of this move lies in the departure from traditional, “clunky” biometric models.

Historically, digital ID enrollment in Sub-Saharan Africa has been throttled by the high cost of specialised scanners and the logistical nightmare of deploying them to rural areas.

Identy.io notes that its approach shifts the heavy lifting to mobile software.

Identy.io is positioning itself to capture a market the World Bank’s Identification for Development initiative identifies as critical for financial inclusion.

If successful, this could accelerate government-to-person payments and healthcare access in regions where coverage currently sits below 70%.

“We are transforming the traditional industry model, which often relies on expensive and inflexible digital infrastructure,” says Antony Vendhan, Co-founder of Identy.io. “This allows our clients to reach underserved communities by providing individuals with multimodal access to secure their digital identities.”

The company will face established players like IDEMIA and Thales, who have long dominated government contracts.

Furthermore, Identy.io will face competition from up-and-coming regional fintech identity firms such as Smile ID, which already has a significant presence in Know Your Customer services throughout Africa.

To gain an edge, Identy.io has aligned itself with Modular Open Source Identity Platform (MOSIP).

By being listed on the MOSIP marketplace, the company says its tech becomes “plug-and-play” for governments building open-source national ID systems, a growing trend among nations wary of “vendor lock-in.”

While the primary focus remains on Nigeria and Kenya, Identy.io’s long-term roadmap includes a phased rollout to other emerging markets.

 


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Russia Blocks WhatsApp, Pushes State App Max as Alternative Amid Telegram Clampdown

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Russia has confirmed the blocking of popular messaging platform WhatsApp, directing its citizens to switch to the state-backed Max messenger, in a move escalating restrictions on foreign digital services.

Russia Blocks WhatsApp, Pushes State App Max as Alternative Amid Telegram Clampdown

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The decision, announced by Kremlin spokesperson Dmitry Peskov on Thursday, stems from WhatsApp’s parent company Meta’s alleged failure to comply with Russian laws, though specifics were not disclosed. This action follows days after authorities intensified curbs on Telegram, another widely used app among millions, including military personnel, officials and state media.

Peskov described Max as “an affordable alternative on the market for citizens, a developing national messenger,” emphasising its role in replacing non-compliant foreign platforms. WhatsApp, owned by Meta—which also operates the already banned Facebook and Instagram—responded sharply, accusing Moscow of attempting a full block to force users onto a “state-owned surveillance app.” The company stated: “Trying to isolate over 100 million users from private and secure communication is a backwards step and can only lead to less safety for people in Russia,” vowing continued efforts to reconnect users.

The block is not isolated. Earlier this week, Roskomnadzor, Russia’s communications regulator, announced further restrictions on Telegram for refusing to remove “criminal and terrorist” content, throttling its performance nationwide. Telegram founder Pavel Durov countered that such pressures would not deter the platform’s commitment to “freedom of speech and privacy.” This builds on prior measures, including August 2025 restrictions on video and voice calls on both WhatsApp and Telegram to combat criminal activity, which WhatsApp then decried as access limits.

Max, developed by VK and launched in beta in March 2025, positions itself as a WeChat-like super-app with messaging, voice/video calls, group chats up to 1,000 users, cloud storage, end-to-end encryption for private chats, payments via Russia’s Faster Payment System, and integrations for government services and identity verification. Since September 2025, it has been pre-installed on all new smartphones, tablets and smart TVs sold in Russia, alongside the RuStore app store, as part of a broader “sovereign internet” strategy to monitor communications and replace Western tech amid geopolitical tensions.

Users report partial WhatsApp access via VPNs, but Russian authorities have ramped up countermeasures, restricting 439 VPN providers and enacting a September 2025 law banning ads for bypass tools while deeming VPN use an “aggravating circumstance” in crimes. Fines for individuals deliberately accessing blocked content via VPNs reach 5,000 rubles (about $64). Critics warn these steps enhance state surveillance, while state media insists Max requires fewer user data permissions than rivals.

The clampdown reflects Moscow’s long-running push for digital control, with over 60 percent of VPN users previously accessing banned social media. As Russia promotes domestic alternatives, the moves could reshape communication for its 100 million-plus messaging users, raising global concerns over privacy and internet freedom.


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Nigeria Market Powers Jumia’s Momentum as E-commerce Platform Demand Accelerates

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Nigeria powered Jumia Technologies AG’s strongest growth in 2025, cementing its position as the company’s most important market as rising consumer demand, SME activity and logistics expansion boosted performance across the e-commerce platform.

In the fourth quarter of 2025, Jumia’s Nigeria operations recorded a 50% year-on-year increase in Gross Merchandise Value (GMV) and a 33% rise in orders. The performance highlighted growing adoption of online shopping and Jumia’s increasing relevance to African consumers.

Nigeria’s momentum helped drive 36% year-on-year GMV growth and 34% revenue growth across the group in the quarter, alongside a 26% increase in quarterly active customers. Growth was supported by stronger customer retention and higher order frequency.

Beyond sales growth, Jumia said its Nigeria operations are delivering wider economic impact. The platform supports thousands of local SMEs, enabling them to reach customers nationwide, while continued investment in fulfilment centres and last-mile delivery is creating income opportunities for logistics partners and sales agents.

Efficiency gains were also evident. Fulfilment costs per order declined 12% year-on-year, contributing to a 39% reduction in operating losses and a 47% drop in adjusted EBITDA losses in the fourth quarter. Cash used in operating activities fell sharply to $1.7 million, compared with $26.5 million a year earlier, while liquidity stood at $77.8 million at year-end.

Temidayo Ojo, Chief Executive Officer of Jumia Nigeria, said the results reflect growing trust from consumers and businesses. “Nigeria is central to Jumia’s growth,” Ojo said. “Each order supports local sellers, delivery partners and jobs, while improving access to affordable products for consumers.”

For the full year, Jumia reported 14% GMV growth and 13% revenue growth, with losses narrowing significantly. Looking ahead, the company expects Nigeria to remain a key growth driver as it targets 27–32% GMV growth in 2026 and aims to reach adjusted EBITDA breakeven by the fourth quarter of 2026.

 


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