News
ATMs: Job Losses, Scam Slow Patronage

Transactions on Automated Teller Machines (ATMs) shrank at its fastest pace in three months March to May this year highlighting the severe toll of the worsening economic situation in the country, Nigeria CommunicationsWeek can now reveal.
Record from Interswitch Nigeria Limited, a major switching platform showed transactions at just 84 million down from 87 million in April.
The figure in April was also lower compared to March when Nigerians executed 98 million transactions on the ATMs.
There are currently 10,121 ATMs which are computerized telecommunications devices that provide the clients of financial institutions with access to financial transactions in a public space without the need for cashiers.
Nigeria CommunicationsWeek gathered that the poor state of the economy characterized by job losses and credit crisis was responsible for the steady decline in the volume of transactions.
Mr. Mitchel Elegbe, managing director, InterSwitch said that the drop in transaction is a reflection of slow pace of business activities in the country which has affected people’s disposal income.
InterSwitch Limited is a major electronic transaction switching and payment processing company with a business footprint that covers the provision of shared, integrated message broker solutions for financial transactions, e-commerce, telecoms value-added services and e-billing in the Nigerian environment.
According to Elegbe, most people who have lost their jobs as a result of general economic downturn no longer have money in their bank accounts from where transactions could be carried out on the ATMs.
Nodding in agreement, Mr. Peter Iwegbu, general manager, Technology, Access Bank, also said that security and scam related issues have contributed to the downward movement of transactions.
Iwegbu cited the case of his relation that lost some money to ATM scam which made her to also lose confidence on the super machine.
He added that the decommissioning of offsite ATMs in line with the Central Bank of Nigeria (CBN) directive on the issue also has a role to play.
Like Elegbe, he said that the situation is not peculiar to transactions on the ATM but has also affected other sectors of the economy.
Other factors according to them is the migration process in the card usage as most banks have shut out magnetic stripe cardholders from using the cards on their machines.
It would be recalled that Central Bank of Nigeria directed banks to migrate from the traditional magnetic stripe cards to EMV standard chip and Pin cards.
The regulatory body had fixed December last year as terminal date for completion of the migration, since then banks no longer issue the old technology cards but still process such cards till they expire.
But, recently some banks’ ATMs have stopped accepting magnetic stripe cards while accepting only Europay MasterCard and Visa (EMV) standard chip and pin cards.
As they spoke however, an official of a major ATM Consortium that spoke to Nigeria CommunicationsWeek said that the business has been good and that his company is yet to witness reduction in the volume of transaction on its network.
ATMs were introduced to decongest the banking halls and offer customers cash at every nook and corner of the country.
For instance, a customer can withdraw money for his or her purchase from the ATM.
This also means you can travel anywhere without cash. If the location has an ATM and you have your ATM card, you can access your money instantly.
The first ATM was invented and patented in 1939 by Luther Simjian but it was an unsuccessful prototype that led the way to the first modern ATM, created by James Goodfellow in 1966.
Because the ability to connect to the bank via computer was not yet available, access to these machines was only given to few bank customers. The first ATM to use a card with a magnetic strip was patented in 1977. Even though the machines existed this early, it was not until the end of the 1980s that ATMs became common place in modern banking.
News
AfCFTA Urges Africa to Stop Exporting Raw Materials

Patience Okala, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office has urged African countries to stop exporting raw materials and instead focus on adding value to its natural resources if it is to fully harness the opportunities offered by the African Continental Free Trade Area.

She stated this on Thursday at the Streamsowers & Köhn 20th Anniversary Business Forum, where she stressed that value addition and beneficiation are essential to Africa’s industrialisation and long-term economic growth.
According to a statement issued on Friday by the Nigeria AfCFTA Coordination Office, she said the AfCFTA goes beyond the elimination of tariffs, serving as a framework for industrialisation, value addition, and job creation across the continent.
“AfCFTA is not only about tariffs; it is also about value addition. Africa has to stop exporting raw materials. We need to add value and ensure that beneficiation is done on the continent,” she said.
Okala also said Africa’s economic transformation would depend on the effective implementation of the AfCFTA rather than on the signing of trade agreements alone.
“We have moved beyond negotiations. The success of AfCFTA will be measured by the extent to which businesses can access new markets, trade seamlessly across borders, and benefit from the opportunities created by the agreement,” she said.
She noted that Nigeria had intensified efforts to implement the agreement under the leadership of the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, including the development of simplified AfCFTA guides in six languages to help businesses understand and take advantage of opportunities under the trade pact.
Okala called for stronger collaboration among governments, regulators, and the private sector to eliminate barriers to trade and investment and build a truly integrated African market.
“As we move from policy to implementation, our collective responsibility is to ensure that the opportunities created by AfCFTA become practical realities for businesses, particularly MSMEs, women-owned enterprises, and young entrepreneurs across the continent,” she said.
News
Cisco Explores AI for Nigeria Farmers

Cisco is exploring artificial intelligence (AI)-powered solutions to support smallholder farmers in Nigeria, as part of efforts to expand digital inclusion and technology adoption.

The initiative focuses on improving agricultural productivity through accessible, data-driven tools.
The move aligns with growing collaboration between Nigeria and the United States under the Commercial and Investment Partnership, which prioritises the digital economy, agriculture and infrastructure.
Speaking at the 2026 World Business Chicago, Brian Tippens, chief social impact and inclusion Officer at Cisco, said the company is assessing practical AI applications to help farmers combine local knowledge with data insights.
He said Cisco is exploring tools such as AI-enabled WhatsApp communities, geospatial mapping and weather intelligence to support day-to-day farming decisions.
The approach reflects a shift towards low-cost, mobile-first solutions suited to rural environments.
Tippens added that the Cisco Foundation is investing in early-stage startups developing technologies for local agricultural challenges.
Industry analysts note that AI adoption in emerging markets depends on locally relevant solutions, rather than large-scale enterprise deployments alone.
Beyond agriculture, Cisco plans to expand digital skills development in Nigeria through programmes such as the Cisco Networking Academy’s One Million Learners initiative.
Tippens said the programme also supports partnerships with organisations working with persons with disabilities, including those developing tools for people with visual impairments.
He added that Cisco’s social impact strategy aims to improve access to technology and promote inclusion, including in conflict-affected regions such as Borno State.
Cisco’s initiatives form part of broader efforts to link digital skills, connectivity and AI adoption to economic development in Nigeria.
News
FG launches AI capacity-building programme for 11,700 unity schools teachers

Federal Government has launched a nationwide Artificial Intelligence (AI) capacity-building programme for teachers in Federal Unity Colleges, with about 11,700 educators set to acquire digital skills aimed at improving classroom instruction and preparing students for a technology-driven future.

The initiative advanced with the signing of the Terms of Reference (ToR) between the Federal Ministry of Education and ICEDT Consult Limited, paving the way for the nationwide implementation of the AI Teacher Capacity Development Programme.
The programme, to be implemented through the ministry’s Education Support Services Department, is part of the Federal Government’s efforts to modernise Nigeria’s education sector, strengthen teacher professionalism and equip students with skills required in the digital economy under President Bola Tinubu’s Renewed Hope Agenda.
Speaking during the signing ceremony in Abuja, the Director of the Education Support Services Department, Gabriel Amudipe, described the initiative as a strategic investment in Nigeria’s teaching workforce and the future of education.
He said the nationwide rollout followed the successful completion of a pilot phase conducted in selected Federal Unity Colleges.
According to him, the implementation model developed by ICEDT Consult Limited will ensure effective coordination and quality delivery of the programme across the country’s six geopolitical zones.
Amudipe urged officials responsible for monitoring the project to ensure strict compliance with the implementation guidelines and maintain the standards achieved during the pilot phase.
“The ministry remains committed to supporting innovative initiatives that strengthen teacher professionalism, improve learning outcomes and promote the responsible integration of emerging technologies into education,” he said.
Earlier, the Deputy Director of the Education Support Services Department, Oladele Fapohunda, described the programme as a strategic intervention designed to deepen digital innovation across Federal Unity Colleges.
He stressed that collaboration among all stakeholders would be essential to achieving the objectives of the initiative nationwide.
Also speaking, the Head of Strategic Partnerships and Learning Scientist at ICEDT Consult Limited, Dr Abdulrahman Orosanya, said the Federal Government approved the national rollout after the successful pilot implementation in six Federal Unity Colleges representing Nigeria’s six geopolitical zones.
According to Orosanya, the pilot demonstrated the potential of Artificial Intelligence to improve lesson planning, classroom delivery, assessment methods and teachers’ productivity.
He said the nationwide implementation would strengthen teachers’ digital competencies, improve instructional delivery and support the government’s vision of building a technology-driven education system capable of producing globally competitive graduates equipped with 21st-century skills.
The ceremony ended with the formal signing of the Terms of Reference by officials of the Federal Ministry of Education and ICEDT Consult Limited, signalling the commencement of preparations for full implementation across all Federal Unity Colleges.
The ministry said the programme would directly train about 11,700 teachers, while thousands of students across the country’s Federal Unity Colleges are expected to benefit through improved classroom instruction, increased digital innovation and the responsible application of Artificial Intelligence in teaching and learning.
It reaffirmed its commitment to working with relevant stakeholders to modernise Nigeria’s education system, improve teacher quality and deliver inclusive, equitable and future-ready education nationwide.
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