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Bolt Launches Vehicle Financing Programme for Drivers in Nigeria

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Africa’s leading ride-hailing platform, Bolt, has launched a vehicle financing programme that will enable drivers to own a car with low equity repayment.

This first-of-its-kind offering in Nigeria is part of Bolt’s commitment to improving earnings for drivers while allowing them to maintain flexibility as vehicle owners.

The vehicle financing programme was made possible through Bolt’s operative verification of driver identities and extensive data on driver activities in partnership with Sterling Bank’s Alternative Finance.

The programme will provide a better alternative for drivers who currently lease a car via the hire-purchase or rental model to drive on the Bolt platform.

“This initiative reiterates our continued commitment to helping our drivers earn more as our partners in moving Nigeria,” says Bolt Country Manager Femi Akin-Laguda.

‘‘Our drivers are vital to our business operations, and improving the earnings of every driver is fundamental to keeping the trust and loyalty that we have earned over the last couple of years.

As we expand our presence into more cities across the country, it is important to provide solutions that ensure working with Bolt is more flexible and profitable for drivers, which inherently improves the overall experience for our riders as well. More importantly, the vehicle financing programme will enable drivers to earn at their own pace either driving full time or part-time”.

In the pilot phase, existing Bolt drivers who meet specific performance benchmarks while driving with Bolt will be prioritised for vehicle financing.

These drivers will be able to enjoy upfront equity contributions as low as a 15% mark-up and minimum weekly-instalment payments. Other benefits from the plan may include a monthly fuel card, comprehensive insurance and vehicle tracking for new and preowned cars with a three to four-year repayment plan.

“At Sterling Alternative Finance, we understand that Nigeria is a predominantly cash-centric society; this sometimes cripples the purchasing power of the average Nigerian and in effect can have a negative impact on our economy.

Our mission is to improve the quality of life of Nigerians by providing a more sustainable, flexible, and convenient way to own vehicles. Through the Alt drive platform, Nigerians can now purchase new or pre-owned vehicles, pay steadily over a convenient number of years at no interest.” Temiloluwa Desalu, CMO for Sterling Alternative Finance

“We are very excited to be partnering with Africa’s leading ride-hailing platform, Bolt, to bring this service to their drivers, and we are confident of a long-lasting and truly rewarding alliance,” concluded Desalu.

Bolt continues to provide opportunities for people in emerging markets, ensuring that more drivers have access to its platform to earn more, especially in developing economies.

With more than 10,000 drivers, Bolt remains a leader in providing earning opportunities across Nigeria while providing safe, reliable, and affordable transportation options. This vehicle financing scheme is in collaboration with AltDrive.


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E-Business

NDPC, 60 DPAs Collaborate on Enforcing Privacy Rights in the Use of Al

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Nigeria Data Protection Commission (NDPC) has joined sixty (60) other Data Protection Authorities (DPAs) in endorsing the “Joint Statement on Al-Generated Imagery and the Protection of Privacy.”

NDPC, 60 DPAs Collaborate on Enforcing Privacy Rights in the Use of Al

NDPC

The Joint Statement was coordinated by the International Enforcement Cooperation Working Group (IEWG) of the Global Privacy Assembly.

This underscores the growing concerns regarding the privacy risks posed by Artificial Intelligence tools capable of generating realistic images and videos of identifiable individuals.

The Joint Statement highlights concerns over the misuse of Al-powered tools to create non-consensual imagery, defamatory content, and other harmful materials, particularly affecting children and vulnerable groups.

It calls on organisations to implement strong safeguards, ensure transparency, provide effective content removal mechanisms, and comply fully with applicable data protection laws.

The current effort forms part of a continuum of steps being taken by Nigeria to ensure the responsible use of Al. It will be recalled that the Honourable Minister of Communications, Innovation and Digital Economy, Dr ‘Bosun Tijani, led the initiative for the development of the National Al Strategy.

The NDPC also issued the General Application and Implementation Directive (GAID), which, amongst others, mandates privacy by design and privacy by default in the development and deployment of Al tools.

The National Commissioner/CEO of the NDPC, Dr Vincent Olatunji, has directed that the Nigeria Data Protection Act (NDP Act) Compliance Audit Returns (CAR) by data controllers and processors of major importance will serve as a yardstick for monitoring and evaluating responsible use of Al for data processing in Nigeria.


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Jumia Tech Week 2026 Begins with Tech Deals on Smartphones, Electronics, and Everyday Technology

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Jumia Nigeria has announced the launch of Jumia Tech Week 2026, a two-week campaign offering customers access to discounted technology products across key categories, including smartphones, computing, home entertainment, and wearable devices.

Starting from March 2 to March 15, Jumia Nigeria’s Tech Week 2026 is themed ‘Tech Products for Less’ – a deliberate commitment by the e-commerce giant to drive down the cost of technology products for Nigerian consumers. The campaign offers significant price reductions across key product categories, enabling more Nigerians to access the devices they need at prices that reflect the company’s dedication to affordability and consumer value.

Jumia Tech Week will feature deals across a wide range of product categories, including mobile phones, computer systems and accessories, televisions and audio equipment, gaming products, home appliances, portable power solutions, health technology,, and wearable devices.

Customers will also have access to curated recommendations, including top smartphone deals, must-have accessories, gaming essentials, and home technology upgrades.

According to Temidayo Ojo, CEO of Jumia Nigeria, the campaign reflects Jumia’s broader commitment to making everyday technology more accessible to Nigerians.

“Technology has become an essential part of everyday life, and access to the right devices enables more people to participate fully in the digital economy,” said Ojo. “At Jumia, we remain focused on expanding access and improving the shopping experience as we continue to build Nigeria’s everyday retail destination.”

The campaign will include a range of customer engagement initiatives such as flash sales, brand days, anchor deals and interactive activities designed to enhance the online shopping experience.

Special highlight periods, described as Explosion Days, will take place on March 6 and March 13, featuring limited-time offers across selected technology categories. Customers will also be able to participate in interactive activities, including product-based games, treasure hunts,, and live shopping sessions during the campaign period.

The campaign will feature participation from leading brands including Oraimo, Silver Crest, Samsung, Ecoflow, Nivea and Aeon, offering customers a wide selection of technology, household and lifestyle products. Early access promotions already begun during the teaser period from February 16 to March 1, allowing customers to preview selected deals ahead of the official launch.

Jumia Tech Week forms part of the company’s broader strategy to expand e-commerce adoption by improving access to essential products and enhancing the customer experience across its platform. As Nigeria’s e-commerce market continues to grow, Jumia remains focused on strengthening its product assortment, logistics capabilities, and digital experience to serve customers better nationwide.

Customers can participate in the campaign by using the Jumia mobile app or visiting the Jumia website and following the conversation online using #JumiaTechWeek.

 


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House Queries NDIC: ₦5m Max Payout for Failed Bank Depositors

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Nigeria Deposit Insurance Corporation (NDIC) pays between ₦2 million and ₦5 million as deposit insurance to customers of liquidated banks, Managing Director Thompson Oludare Sunday told the House Committee on Insurance and Actuarial Matters during 2026 budget defence.

House Queries NDIC: ₦5m Max Payout for Failed Bank Depositors

NDIC

House Spokesperson Akin Rotimi Jr sought details on depositor entitlements, citing Heritage Bank’s June 2024 collapse and public concerns over financial confidence.

Sunday explained NDIC’s mandate: banks pay risk-based premiums (now under 1%, down from 15/16 of 1%) to guarantee deposits. Coverage is ₦5 million for deposit money banks, primary mortgage banks (PMBs), and microfinance banks (MMOs); ₦2 million for other financial institutions.

Using BVN, NDIC auto-pays guaranteed sums without visits for amounts up to the limit. For Heritage, post-revocation, NDIC liquidated assets—selling buildings, recovering loans, realizing investments—and paid a second ₦24.63 billion dividend on January 6.

“Anything above ₦5 million or ₦2 million depends on recoveries,” Sunday said, noting ongoing asset sales and debt chases.

Committee Chairman Ahmed Jaha Babawo commended the clarity, noting the limit rose from ₦500,000 to ₦5 million recently. Over 90% of Heritage depositors got insured sums in under four days, meeting International Resolution Deposit (IRD) standards.

Babawo added liquidation dividends would be discussed in executive session.


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