E-Business
Better Digital Payments Infrastructure is Facilitating Access to New Markets for Enterprise
By Doreen Lukandwa, Head, Commercial Strategy at Onafriq
Saying that small and medium-sized enterprises (SMEs) are the backbone of economies in East Africa is an understatement. SMEs make up the largest part of all registered entities in nearly every industry and sector in most East African countries, averaging between 60% to 90%, including micro-enterprises.
As the region continues to experience significant progress and development, the SME ecosystem plays a crucial role in creating employment opportunities, encouraging innovation and entrepreneurship, and diversifying economies.
However, only a few of these SMEs will grow into larger-sized firms or expand their reach into markets beyond the area they operate. This is mainly due to the constraints they face that limit their ability to expand and scale their business, such as inadequate financing and access to investment and financial services and insufficient integration into international capital markets.
Historically, the finance sector in East Africa has shown a preference for traditional banks, which have been restricted in terms of geographical reach and other factors. This has resulted in limited access to financial services for many merchants in the region, hindering economic growth and development. But this is changing.
The emergence of an increasingly robust digital payments infrastructure in East Africa presents an incredible opportunity for businesses to scale by opening up access to new markets in the region, across the continent, and around the globe.
Expanding the global footprint of enterprise
Africa accounts for 70% of the world’s $1 trillion in mobile money value, mainly due to the boom in digital instant payment solutions and inclusive interoperable payment systems across the continent. East Africa makes up the largest mobile money market on the continent, with transaction values worth $491 billion for 390 million registered accounts in 2022.
These booming, secure, efficient, and interconnected digital payment systems are transforming the business landscape by breaking down geographical barriers and broadening enterprises’ ability to collect and make payments to and from anywhere in the world.
Trailblazing fintech firms are revolutionising the digital payments space and helping enterprises solve their revenue collection and payments challenges, reducing operational costs and leaving them free to focus on operational efficiency.
Now, SMEs can scale their existing services into new African and global markets by capitalising on the growing digital payment infrastructure without the need to build their payment infrastructure or platforms. With just the right payment partner, businesses can expand into new territories by establishing a virtual financial presence, helping duplicate their services in the new market.
By leveraging the shared infrastructure and resources from their payment partner, enterprises can now mitigate risks while gaining access to local knowledge and networks.
Enabling enterprise to meet its full potential
The increased access to new markets for enterprises, facilitated by the digital payments space, enables their ability to scale up, compete with larger firms, and increase their growth potential.
By scaling effectively, East African SMEs can keep up with customer and market demands, improve their efficiencies and find new avenues of revenue growth without being held back by a lack of resources or infrastructure. It encourages innovation, which could see the development of new products and services, increase sales opportunities, and further their ability to serve more customers and expand into new markets.
As the rapid growth of digital payments technology continues, we can expect to see more enterprises take advantage of the increased access to new markets, resulting in the growth of SMEs across the region and subsequently driving the creation of better-paid jobs, economic growth and ensuring more competitive economies.
Corporate Affairs Commission (CAC) in partnership with the Nigeria Inter-Bank Settlement System (NIBSS) has unveiled a new Application Programming Interface (API) integration system to allow private firms access company data from the Commission’s database.
Hussaini Ishaq Magaji (SAN), registrar general of CAC, who spoke in Abuja at the unveiling said the system would give selected private organizations access to CAC services through technology-based companies, called “super agents.”
“This is a practical step to show that the Commission is committed to meeting the expectations of our customers,” he said.
Magaji explained that the integration allows the agents to retrieve data from the CAC database for use in specific client requests, outside the standard services provided by the Commission.
“Before now, only a few government agencies had this integration, especially those involved in investigations, anti-money laundering, and terrorism financing. Now, private companies that meet the criteria can also access it,” he said.
He said the system complies with the Nigerian Data Protection Act 2023, and information such as residential addresses, phone numbers, and dates of birth may be restricted.
“This is a call to law firms and companies with the right technology. We’ve started with NIPS because of their credibility. Embassies and banks can now authenticate company records directly through them.”
“There are prescribed fees. We already collect them on our portal, and now customers can also pay through these agents,” he explained.
He named NIPS, MoneyPoint, and OPE as some of the companies involved.
“OPE and MoneyPoint handle only registrations. But NIPS has moved further into validation and verification,” he said.
Ngover Ihyembe-Nwankwo, executive director at NIBSS, who represented Premier Oiwoh, managing director, said the service allows secure and efficient data verification.
“This is the result of years of effort to connect our systems with CAC. It will help users verify data within the limits of data protection laws,” she said.
She said the move is a way to lower costs and promote interoperability across the financial sector.
Ministry of Interior has announced the launch of a new Online Citizenship and Business Management Platform in line with the Renewed Hope Agenda of President Bola Tinubu.
A statement signed by Dr Magdalene Ajani, permanent secretary, Ministry of Interior’s said the initiative forms a key part of its ongoing reforms aimed at promoting transparency, enhancing operational efficiency, and significantly improving service delivery to the public.
The new digital platform is designed to streamline the application and processing of citizenship and business-related services, ensuring faster turnaround times and improved user experience.
The platform allows users to apply for and manage business permits, ensuring that both local and foreign businesses operate legally in Nigeria.
It includes an Expatriate Quota System to manage work permits for foreign employees, helping companies hire skilled workers while complying with Nigeria’s immigration laws.
The Citizenship Administration and Management System provides a streamlined online process for applying, tracking, and managing Nigerian citizenship applications and related services.
Members of the public, corporate entities, and other stakeholders are expected to access the platform through the ministry’s website: https://interior.gov.ng , Direct Portal Access: https://candb.interior.gov.ng , or contact candb-support@interior.gov.ng for support and inquiries.
“The Ministry of Interior remains committed to establishing a more efficient, transparent, and secure framework for citizenship administration, while continuously enhancing service delivery through digital transformation,” the statement read in part.
Fifty selected young unemployed Nigerians have completed a four-week intensive digital skills bootcamp under the Digital Literacy for All (DL4ALL) initiative, gaining practical training in Data Science, Artificial Intelligence (AI), and IT Essentials.
The programme, a collaborative effort between the National Information Technology Development Agency (NITDA) and Cisco, was hosted at NITDA’s South West Zonal Office in Victoria Island, Lagos.
Speaking on behalf of the Director General of NITDA, Kashifu Inuwa , the Head of the South West Zonal Office, Mrs. Chioma Okee-Agugwo, described the initiative as a vital component of Nigeria’s digital future. “This is not just a closing ceremony. It is the launchpad for new journeys—anchored in digital knowledge and powered by innovation,” she remarked.
According to the Director General, the initiative is rooted in NITDA’s Strategic Roadmap and Action Plan (SRAP 2.0) and reflects key focus areas including Digital Literacy, Emerging Technologies, and Youth Empowerment. It also aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which seeks to accelerate economic diversification through digitisation, innovation, and skills development.
Inuwa noted that the DL4ALL initiative forms part of Nigeria’s broader commitment to digital inclusion—ensuring that no one is left behind in the evolving digital economy. It also supports the ambitious goal of achieving 70% digital literacy by 2027, championed by the Honourable Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani. This national vision aims to equip millions of Nigerians with the skills required to thrive in a tech-driven world.
He further emphasized the importance of empowering youth with globally relevant skills. “They are no longer just consumers of technology. They are creators, innovators, and future employers,” he said.
The NITDA boss explained that throughout the bootcamp, participants engaged in hands-on learning experiences designed to build both technical proficiency and digital leadership capabilities.
“This is only the beginning,” he stated. “Through our zonal strategy, we are bringing innovation closer to local communities. This is how we democratise access and unlock Nigeria’s full digital potential.”
Inuwa expressed appreciation to Cisco for delivering high-impact training and called on stakeholders to continue investing in partnerships, people, and platforms that drive digital inclusion.
He asserted that the newly certified participants are now equipped to contribute meaningfully to Nigeria’s digital economy—armed with the skills to build solutions, secure infrastructure, and launch tech ventures that solve real-world problems.
At the end of the bootcamp, participants demonstrated their knowledge through impressive presentations that showcased the integration of skills acquired across Data Science, AI, and IT Essentials. Many spoke passionately about how the programme had expanded their technical competence and sparked a drive to create job opportunities—not only for themselves but also for others—as entrepreneurs and digital solution providers in their communities.
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