Innovantics Limited, end-to-end custom-built software solutions provider, has won the best biometric banking solutions of the year award at this year’s Africa Beacon of ICT (ABoICT) Awards held in Lagos at the weekend.

The biometric banking solutions was implemented by Innovantics for UBA, Africa’s pan-African bank to solve difficult business problems.

At the award ceremony organized by Communication Week, publishers of Nigeria CommunicationsWeek, Innovantics was commended for its biometric authentication, facial recognition solutions.

The Africa’s Beacon of ICT Merit Awards Series is widely regarded as the most prestigious annual event available in the ICT industry in Nigeria.

This year, the theme “Artificial Intelligence (AI): The Good, The Complex and The Anticipated” and it drew top politicians and government functionaries as well captains in the ICT industry as well financial institutions

Commenting, Ken Nwogbo, editor-in-chief and founder, Nigeria CommunicationsWeek, said that that the award will provide Innovantics with encouragement to continue to deliver and sustain more innovations.

In accepting the award, Thomas Ashi, co-founder and Digital Transformation Lead at Innovantics, who led the implementation for UBA, said that “we are also focused on positioning Innovantics, as a prominent player in the solutions space. Offering specialised and customised solutions across our coverage areas.”

Armed with bachelor’s degree in Physics from the University of Calabar, and an MBA from the Lagos Business School, as well MSc in Data Science and Analytics from the University of North Carolina, Charlotte, USA, Ashi said “Our future depends on us, so let’s build it together”

Ashi over 17 years of working experience included a one-year stint with Shell Petroleum Development Company of Nigeria where he participated in the Shell Intensive Training Program for graduates, popularly known as SITP/1, specializing in Information Technology.

Afterwards, he spent two years with the Catholic Institute of West Africa, Port Harcourt, as a Systems Administrator, where he set up the school’s Wide Area Network and Internet Access, before proceeding to work for Diamond Bank Plc.

For more than 12 years, his roles in the Bank’s IT department span, Software Development, Business Process Engineering, Business Analysis and Project Management. While in Diamond Bank, Ashi was credited for developing the first local global trade solution for the Bank’s International Trade Business, a Money Market Solution, an IT helpdesk platform, and a host of other solutions. He also pioneered the implementation of a Business Process Management platform for the Bank which accelerated the bank’s retail expansion by over 1000%.

Access Holdings PLC, a leading financial services group, has echoed the need for ethical considerations in using Artificial Intelligence (AI), calling stakeholders in the financial industry to factor its sustainability implications.

This call to action was driven by a compelling keynote address delivered by Lanre Bamisebi, Executive Director of IT & Digitalisation at Access Holdings, at the Smart Banking Summit 2024 held in Kenya on Wednesday.

Speaking on the topic, “AI Guardians: Securing Compliance and Mitigating Risks,” Bamisebi’s keynote shed light on the imperative to strike a balance between innovation and responsibility as the banking sector and broader society embrace AI’s transformative potential.

“Artificial Intelligence has the power to revolutionise our societies. Over the years, this has become increasingly evident, offering unprecedented opportunities for growth, efficiency, and innovation. From enhancing customer service to optimising risk management, AI’s potential benefits in finance are vast.

However, as we embrace AI, we must also ensure that its deployment is ethical, secure, and compliant with regulatory standards to mitigate risks effectively,” he said.

As the transformative power of AI continues to fuel innovation, concerns remain about its negative impact on the environment. According to OpenAI researchers, since 2012, the amount of computing power required to train cutting-edge AI models has doubled every 3.4 months.

They also posit that by 2040, the emissions from the Information and Communications Technology (ICT) industry will reach 14 per cent of the global emissions, with the bulk of those emissions coming from ICT infrastructure, particularly data centres and communication networks.

Speaking to these concerns, Bamisebi said, “The exponential growth of AI adoption must be met with thoughtful consideration for its environmental footprint. As we harness the power of AI, we must prioritise sustainable practices to mitigate its energy consumption and carbon emissions, ensuring a harmonious coexistence between technological advancement and environmental preservation.

“We must embrace our roles as guardians, and place comprehensive regulatory frameworks, ethical standards, and continuous learning at the fore of our considerations so that we create a future that is safe, inclusive, and prosperous for all,” Bamisebi charged.

Themed ‘Navigating the Next: Africa’s Leap into Smart, Secure, and Inclusive Banking’, the summit was a pivotal gathering of leaders spearheading the digital evolution in the African banking and finance space.

Other contributors at the summit include Winnie Kaaka, Head of Product and Digital Banking, Access Bank Plc; Harry Hare, Co-Founder and Chairman, dx5; Moses Okundi, CIO/CTO, Absa; Tim Theuri, CISO, Safaricom/M-Pesa Africa; Daniel Adaramola, CISO, SunTrust Bank Nigeria Ltd; Steve Njenga, Founder and CEO, Metis Technology Solutions Ltd, and more.

By Maxim Makarchuk

The Nigerian luxury car market is experiencing remarkable growth despite the challenges posed by rising inflation and economic turbulence. This is unsurprising as the industry stands as a symbol of elegance, prestige, and affluence in Nigeria’s dynamic economic landscape.

According to Statista, revenue in the Nigerian luxury car market is projected to reach USD 32 million by the end of 2024. The industry is expected to have an annual growth rate (CAGR 2024-2028) of 14.75%, resulting in a projected market value of USD 55 million by 2028.

This exponential industry growth is driven by a potent mix of different factors, including changing customer desires, emerging trends, infrastructure development, and a shifting preference for sustainable luxury cars.

Aspiration amidst adversity

There’s an insatiable appetite for luxury goods, especially amongst the growing Nigerian middle class, who aspire despite the difficulties and see cars as a significant luxury good.

The country’s economic fluctuations are no match for the allure of luxury brands such as Mercedes-Benz, Lexus, Toyota and Land Rover, currently the leading brands with over 60% contribution to the luxury cars ads on Jiji.  Luxury goods consumers prioritise symbolic consumption to showcase their success.

Thus, luxury cars have become a statement of achievement, a tangible manifestation of one’s income power, and social standing in a competitive society where appearances matter.

Balance of performance, style, and affordability

In addition to the undiminishing desire for prestige and social distinction, Nigerians also want to balance style, comfort, performance, and budget. Consumers are increasingly looking for relatively affordable cars that provide a comfortable and luxurious driving experience while delivering durability, fuel efficiency, and high performance on the road.

For instance, the demand for SUVs in Nigeria is skyrocketing in recent years. This can be attributed to several factors, including customers’ desire for vehicles with more space and versatility, as well as options more suitable for the country’s challenging road conditions.

A diverse nation with varied tastes

The purchasing patterns in Nigeria have led to a rich diversity in the luxury car market, catering to a wide spectrum of demographics, tastes, lifestyles, and budgets. In response, luxury car dealers and other related businesses are continually emerging to meet the needs of their discerning clientele. Nigeria’s luxury car market is poised to continue its rising as a fast-growing, multi-diverse nation, meeting the specific expectations of its affluent customers.

Urbanisation

Infrastructure investment is also driving the growth of the luxury car market in Nigeria despite the rising inflation. Nigeria’s ambitious infrastructure projects are reshaping the automotive sector, creating an environment conducive to luxury car ownership.

Improved road networks and upscale residential developments are fueling the desire for high-end automobiles. A drive through the streets of Banana Island, Lagos, the upscale neighbourhood of Maitama, Abuja, and other upscale neighbourhoods exposes one to an array of luxury cars.

 The need for sustainability

The country is embracing sustainable luxury just like the rest of the world, and it’s a driving force behind customer preferences. Luxury car buyers in Nigeria are increasingly drawn to eco-friendly and fuel-efficient models that offer performance without harming the climate.

For instance, Tesla’s electric vehicles and BMW’s i3 are gaining popularity in the Nigerian luxury car market due to their sustainability features.

Stakeholders must therefore hasten the process of infrastructural provisions for EV charging points in the country to accommodate the growing adoption of EVs. A few charging stations exist like the NADDC stations in Lagos and Sokoto, as well as privately owned stations in-office and in-home.

Demand for luxury goods undeterred by rising inflation or other macroeconomic factors

The luxury goods companies can be considered inflation-proof as the consumer is willing to pay the premium.

While this strong standing may be challenged in the future if the inflation rate continues its hike, the high-end luxury market and major luxury brands remain less affected by the rates compared to the rest of the market.

Despite the economic challenges posed by inflation, the luxury car market in Nigeria stands as a beacon of resilience and aspiration. It continues to defy gravity as consumers, undeterred by economic fluctuations, prioritise status, comfort, and performance on the road.

Available data shows that Nigerians’ love for luxury automobiles shows no signs of slowing down. It’s no wonder why the car upgrades business is also in its booming season – old model, upgraded body.

With platforms like Cars45, Carmart, and Jiji making access to affordable cars easier for the common man, the industry is poised to continue its upward trajectory, defying odds and charting a course of steady growth.

For car dealers, investors, car loan financiers, and other automotive industry players, this is a wake-up call to double up efforts to be better prepared to meet the economic and industry shakeup expected with such rapid growth.

Maxim Makarchuk isChief Operating Officer, Jiji and Cars45