General News
ALTECH in Fight against Telecom Capital Flight
In the last ten years, telecommunications business in Nigeria has been branded the fastest growing business in Africa and the world, with an investment turnover of $18 billion (N2.8 trillion) from Foreign Direct Investment (FDI) however, investigations have shown that only about 20 per cent of such amount remained in Nigeria as the greater part of the money left the shores of Nigeria through capital flight.
The blamed, as it has always been, could be deduced from poor internal manufacturing base of the country and the non-patronage of locally manufactured products while local content development paradigm remains allusive.
Since Global System for Mobile communications (GSM) was introduced to Nigeria, one area that mostly hurts the industry and the country at large is the inability of the government to ensure all transactions related to printing of recharge card vouchers and other associated plastic cards are wholly localized.
Sola Bajomo, business development manager, ALTECH West Africa Limited, the largest recharged card manufacturing company in West Africa, while speaking to Nigeria CommunicationsWeek at the just concluded CardExpo 2012 said telecoms return on investments (RoI) would continue to depreciate if the situation lingers.
Vouchers are valuable in mobile phones and internet usage. For definition purpose, a voucher is a bond worth a certain monetary value and which may be spent only for specific reasons or on specific goods. Examples include (but are not limited to) housing, travel, and food vouchers.
The term voucher is also a synonym for receipt and is often used to refer to receipts used as evidence of, for example, the declaration that a service has been performed or that expenditure has been made.
In telecom business, voucher is a recharge number sold to a customer to recharge their SIM card with money and to extend the card’s availability period. Vouchers are typically sold at retail outlets, such as phone stores run by the mobile operator or by distributors, grocery stores, and gas stations.
They are the prevalent form of recharge for prepaid mobile phone. For instance, in countries such as Italy and Spain well over 90% of consumers use vouchers and the UK where over 60% buy vouchers at retail.
In other countries such as the United States, Ireland, and many Nordic countries, there is a growing trend of customers using Card Not Present recharge options such as online payments, or by using their mobile handsets to call the operator and recharge with a representative (CSR) or through their IVR (Interactive Voice Response) system. A growing number of prepaid mobile operators such as Meteor in Ireland and T-Mobile USAare offering the option to send an SMS (text to pay), or use handset applications such as WAP or BREW technology. in the northern times
For internet purposes, a voucher can also be used online in the form of an e-voucher. These types of vouchers can be entered when shopping online and the relevant vouchers value added to your order. It can take the form of any code.
Many companies have opted to use voucher codes for the last few years but with a massive incline in use towards the end of 2008/early 2009.
There are many internet websites devoted to promoting these deals and vouchers online, as well as Facebook groups offering items such as student discounts and 2-for-1 restaurant voucher deals.
Apparently, there are a small number of sites that use a disreputable method of click to reveal method for dropping cookies on the consumer’s computer, which has led to the introduction of guidelines for voucher use in Internet Marketing.
More so, most video game special editions come with a voucher for exclusive content in-game. For example, the Gran Turismo 5 Collector’s Edition comes with a voucher for 5 exclusive DLC “Chrome Line” cars for the full game.
Also, pre-ordering games at certain shops may get you vouchers to content only available if you pre-order at that store.
That is the more reason, Nigeria must ensure the gains accruable from this business can be harnessed to better the worth of the people, particularly the army of youths seeking employment. Even in tourism, vouchers are used as proof of a named customer’s right to take a service at a specific time and place. Service providers collect them to return to the tour operator or travel agent that has sent that customer, to prove they have given the service. So, the life of a voucher is as below:
Also, voucher serves as an accounting document representing an internal intent to make a payment to an external entity, such as a vendor or service provider.
A voucher is produced usually after receiving a vendor invoice, after the invoice is successfully matched to a purchase order.
It usually contains detailed information regarding the payee, the monetary amount of the payment, a description of the transaction, and more. In accounts payable systems, a process called a “payment run” is executed to generate payments corresponding to the unpaid vouchers. These payments can then be released or held at the discretion of an accounts payable supervisor or the company controller.
Any documentary evidence supporting account entries, establishing the arithmetic accuracy of the transaction, may also be referred to as a voucher—for example, a bill, invoice, receipt, salary and wages sheet, memorandum of association, counterfoil of paying-in slip, counterfoil of cheque book, trust deed, etc.
That’s why ALTECH West Africa limited with a 70 per cent market share in recharged cards in Nigeria deserves commendation for her effort in combating the flight as witnessed today.
The company’s 70 000 square feet manufacturing facility has an annual capacity of 1.2 billion paper products and has the capacity to print and deliver over 1 million plastic cards per month to private and corporate clients. The plastic card plant can manufacture and personalise various types of cards including smart cards with contact, contactless and magstripe and is certified by VISA, Interswitch and eTranzact.
The company also provides e-Security Solutions in affiliation with Symantec, Verisign and eiQSecureVue.
Interestingly, the paper printing facility is equipped with the latest technology and has an installed capacity of 100 million paper product per month. We have the capability to print high quality secure and non secure paper products. “Our paper production facility is segregated into secure and non secure section to provide our different clients with the highest level of security.
“At the secure paper section, we can produce and personalize any type of card products that the customer desires with the highest level of quality and security. We incorporate features that are difficult to replicate, simulate, transpose and alter.
“Some of the features of that we can incorporate into the cards include: Hot-stamped holographic foil, 2D holographic foil, Magnetic stripe and we have the capability to incorporate variable data across the entire card to include PIN data, card serial numbers and expiry date,” Bajomo said.
She expressed the company’s concern on the level of capital flight in the country, stressing that the situation, “weakens the Naira and depletes Nigeria’s foreign”.
She believes that the sector can become better managed when steady power supply and other basic infrastructure are guaranteed.
General News
Moonshot Returns with a Defining Third Edition, Charting Africa’s Next Phase of Innovation
Moonshot, Africa’s flagship tech and innovation gathering, officially announces its third edition. Scheduled to take place from October 15 –16, 2025, at the Eko Convention Centre in Lagos, Nigeria, the future-shaping conference will convene over 4,000 participants and more than 120 speakers from over 15 countries, all focused on accelerating the trajectory of Africa’s tech-driven future.
This year’s theme, “Building Momentum: Africa’s Tech Ecosystem Positions Itself for Its Next Big Leap,” captures a critical moment for the continent’s tech landscape.
Following years of resilience through economic downturns and funding contractions, the ecosystem is maturing rapidly and sensibly redirecting focus toward sustainable, scalable growth. Moonshot 2025 will serve as a platform to consolidate these hard-won gains and align stakeholders around the next era of opportunity, across key tech verticals.
Headline sponsored by Sabi, a global trade and supply chain enabler, the agenda-setting conference has evolved into a continental platform for catalysing connections, unlocking capital, and amplifying bold ideas. Now in its third year, Moonshot serves as a dynamic hub, and a living museum, of Africa’s innovation journey, actively bridging past achievements with future ambitions.
Speaking about the event, Tomiwa Aladekomo, CEO of Big Cabal Media, said: “The last few years truly tested the resilience of Africa’s tech ecosystem, but they also undeniably sharpened it. The ups and downs in funding have given way to something far more intentional, with founders now building smarter and with clearer purpose.
Despite the challenges, African founders have persevered and thrived. Crucially, regulations have also matured, providing much-needed direction. What we’re witnessing now is genuine momentum, firmly grounded in strong fundamentals, propelled by clarity, and intensely focused on scale.
“Moonshot 2025 offers a vital space to reflect on our journey and to channel this momentum into meaningful progress for founders, investors, and the entire ecosystem”
This year’s edition will welcome a distinguished lineup of speakers, including Andrew Alli, Non-Executive Director, British International Investment (BII), Maxime Bayen, Operating Partner, Catalyst Fund, and Lexi Novitske, General Partner, Norrsken22, among others.
The event will also showcase its nine signature content tracks, now enhanced with refreshed programming designed to foster deeper, more impactful conversations. This include:
- FUEL: The Investor Conference: This track is significantly upgraded to improve deal-making and investment opportunities, with a stronger focus on attracting Limited Partners (LPs), Development Finance Institutions (DFIs), and first-time investors in Africa. It will feature structured deal rooms, curated pitch sessions, an investor’s guide to Africa, and dedicated spaces for peer exchange across the investor landscape.
- Startup Festival: Tailored for both early- and growth-stage founders, this festival will offer intensive workshops, operator-led sessions, and live startup showcases, including the TC Battlefield – it’s flagship pitch competition.
- Emerging Tech (AI): A dedicated space to explore the practical applications of artificial intelligence across various sectors on the continent, featuring product demos and insights from leading builders and researchers.
- Government & Policy Conference: This vital track will convene policymakers from across Africa to engage in discussions on crucial digital policy reforms and work towards tangible commitments to support innovation and scale across the continent.
Additional tracks, including Creative Economy, Climate Tech, Future of Commerce, Big Tech & Enterprise, and Entering Tech, will feature compelling conversations on critical topics such as financing infrastructure, workforce development, and fostering cross-sector collaboration.
Also speaking about the event, Anu Adedoyin, CEO and co-founder of Sabi said “This marks our third year as a proud partner of Moonshot, and the evolution of this conference mirrors the incredible growth and ambition of African tech.
“We believe in building robust foundations for digital commerce, and Moonshot is crucial for fostering the connections and clarity needed for founders to build smart, scalable solutions. We’re excited to see the tangible momentum this year’s event will generate for Africa’s next big leap.”
Proudly supported by platinum sponsors Flutterwave, Luno, Fincra, Raenest, Cardtonic, Roqqu, Opay, and Busha, the conference will build on the outcomes of previous editions, including a $120,000 ecosystem pledge at last year’s Tech Ecosystem Alliance roundtable.
Moonshot is powered by the leading tech publication in Africa, TechCabal, providing reporting, data and context that help investors and professionals globally understand where African tech is and where it is going.
FirstBank, the West African premier financial institution and financial inclusion services provider, has emerged as Nigeria’s Best Bank for Environmental, Social, and Governance (ESG) at the prestigious Euromoney Awards for Excellence 2025, held recently in London. This marks FirstBank’s second consecutive win in the ESG category, affirming its leadership in sustainable finance and responsible banking across Nigeria.
The Euromoney Awards for Excellence are regarded as one of the most coveted accolades in the global financial industry. The highly competitive selection process involves rigorous analysis and assessment, measuring performance against strategic and impact-oriented criteria.
The Bank earned the award through its deepened sustainability commitments embedded across its operations and community initiatives. In 2024, FirstBank screened 237 transactions worth over ₦3 trillion for sustainability risks, integrating ESG considerations into its credit framework.
Among its flagship sustainability initiatives, FirstBank commenced a tree planting campaign in partnership with Nigeria Conservation Foundation (NCF), planting over 30,000 trees in 16 locations across Nigeria. This was the first phase of its 50,000-tree initiative, projected to absorb approximately 720 tonnes of CO₂ by the end of 2025, contributing to climate resilience and supporting biodiversity preservation.
FirstBank has been proactive in gender inclusion through the Gender Market Strategy, disbursing over ₦43 billion FirstGem loans to women-led businesses in 2024. The Bank’s commitment to inclusive banking saw a significant increase in the worth of transactions facilitated by FirstMonie agents to over ₦9 trillion.
The Bank prioritises ESG/sustainability capacity building, evidenced by the training of over 9000 employees, and its webinars and workshops reaching over 2,000 SMEs and corporates. The bank’s investment in leadership for over 2,000 female employees through the FirstBank Women Network has demonstrated a dedicated structural commitment to cultivating a knowledgeable and diverse workforce catering to the dynamic ESG landscape.
Commenting on the award, the Chief Risk Officer of the Bank as well as the Chairman of the FirstBank Sustainability Committee, Patrick Akhidenor said, “We are honoured to receive this prestigious award for the second time in a row, which is a validation of our efforts to create a sustainable and inclusive future for all our stakeholders. Our approach to sustainability is hinged on three pillars: education, health and welfare; diversity and financial inclusion; responsible lending, procurement and climate initiatives”
He added: “We remain focused on driving impact through purposeful initiatives and inclusive growth, ensuring that our ESG efforts continue to create meaningful change in communities across Nigeria and beyond.”
The continued success in ESG and sustainability is driven by FirstBank’s vision to be Africa’s bank of first choice, leading with purpose, responsibility, and innovation.
Federal Government is increasing collaborations with China to digitalise Nigeria Customs Service operations. This past weekend, NCS strengthened its cooperation efforts through a high-level engagement with the General Administration of Customs of China (GACC).
The meeting, held in Beijing, China, brought together senior officers of the customs service and top officials from the GACC to explore bilateral knowledge exchange and capacity development in customs administration.
Abdullahi Maiwada, NCS Assistant Comptroller of Customs said that discussions were held with officials from the GACC International Cooperation Division, the Training and Education Centre and representatives of the Shanghai Customs College.
“The engagement focused on deepening cooperation in customs training methodologies, modernisation models and technology-driven solutions, especially as China plays a pivotal role in Nigeria’s international trade network,” said Maiwada.
He added that during the meeting, the Chinese customs authorities shared their structured training system, which incorporates virtual reality, 5G-enabled systems, and blended e-learning approaches. In 2024, GACC conducted over 8 000 physical training sessions and developed 360 online courses.
Discussions also highlighted Nigeria’s active participation in China-led customs development initiatives, with over 200 African customs officers, including 89 from Nigeria, having received training since 2023 across various areas, such as trade facilitation, anti-smuggling enforcement, food safety supervision and digital port operations.
The bilateral dialogue between the two customs agencies also heralded new areas of collaboration, including Nigeria’s participation in upcoming Customs Modernisation Courses and officer development training at the Shanghai Customs College.
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