E-Business
Blockchain, AI to Shape Fintech’s Future – Report

Advanced technologies like blockchain and artificial intelligence (AI) are driving growth in the financial technology (fintech) sector.
This is according to a report published yesterday by market analyst firm Frost & Sullivan titled FinTech: Growth Opportunities in the Global Market.
The report highlights emerging products and services, technology-enabled sub-segments, new business models, and innovations that are set to disrupt the industry.
Commenting on the African fintech front, Frost & Sullivan says the continent is known for innovations such as mPesa, one of the earliest mobile phone-based money transfer initiatives. It points out that the unique nature of challenges in Africa prompted many local participants to innovate.
In recent years, the region received funding from investors from other locations as well, indicating an interest among foreign players.
In Nigeria, Access Bank has established a fintech programme through African Fintech Foundry to strategically assess the emergence of new technologies in the industry, and to consider its regulatory implications.
Advanced technologies, digitisation and changing consumer demands are leading financial services companies to adopt a more consumer-centric approach, says Frost & Sullivan.
As a result, it adds, many companies have launched innovative products, services and solutions. The use of advanced technologies – which include cloud, platforms, Internet of things, AI, machine learning, blockchain and application programming interfaces – impact company operations and customer experience, says Frost & Sullivan.
It points out the application of technologies enhances the outcome of services and sub-segments like fintech platforms, robo-advisory, insurtech, regtech and paytech, which are expected to grow rapidly.
While it is early days for quantum computing, Frost notes, the use cases and experiments are extremely encouraging.
“With the number of connected devices expected to reach 40 billion by 2022, big data will significantly increase the need for cloud storage, analytics, AI and machine learning within the financial sector,” says Deepali Sathe, Frost & Sullivan’s ICT senior industry analyst.
“The impact will be seen across banking, wealth management and insurance, and we can expect a significant shift in how the industry operates. New business models and innovative products and services from neo-banks, insuretech and wealthtech companies will drive the change in the entire industry.”
Sathe points out that factors hindering market growth include issues related to security of data, the regulatory environment and prevailing confusion, lack of skilled personnel to apply advanced technologies, and a slow pace of change.
“The industry is gearing up to meet these challenges by working together in order to create a more cohesive ecosystem, including liaising with regulators to ensure greater clarity.”
E-Business
INEC Sets Up AI Division to Strengthen Electoral System

Independent National Electoral Commission (INEC) has announced the establishment of an Artificial Intelligence (AI) Division within its ICT Department.
This marks a significant stride toward enhancing electoral integrity, efficiency, and innovation in Nigeria’s democratic process.
This decision was reached at the Commission’s regular weekly meeting held in Abuja, following a series of consultations and engagements on the global and continental impact of AI on elections.
In a statement issued by Sam Olumekun, national commissioner and chairman of the Information and Voter Education Committee, INEC underscored that the growing relevance of AI in electoral matters necessitated a proactive institutional framework to manage both the risks and opportunities it presents.
“Our interactions with electoral bodies across Africa highlighted both the risks of AI—such as fake news and content manipulation—and the vast potential it holds for data-driven decision-making, risk mitigation, automated voter services, and geo-spatial intelligence for logistics,” Olumekun noted.
According to him, the newly created division will centralise the Commission’s AI efforts, ensuring a harmonized approach to deploying intelligent systems that enhance decision-making, improve voter engagement, and boost the credibility of the electoral process.
“The creation of this division puts the Commission at the forefront of institutionalizing AI capabilities in electoral management.
It is also part of our ongoing reforms in areas where administrative action is sufficient to drive change,” he said.
He added that the AI Division will help INEC better coordinate its existing technological investments while providing safeguards against the misuse of AI technologies.
“We are positioning ourselves to maximise the positive impact of AI while mitigating its negative implications. This step strengthens the credibility and transparency of elections in Nigeria,” Olumekun concluded.
The initiative, INEC emphasised, reflects its commitment to embracing innovation in safeguarding democracy and improving electoral services nationwide.
E-Business
CAC, NIBSS Unveil Platform for Data Access to Private Firms

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.
E-Business
FG Launches Online Citizenship, Business Management Platform

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.
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