E-Business
Blockchain Technology to Add $29Bn to Nigeria’s GDP by 2030

Areport by Enhancing Financial Innovation & Access (EFInA) has revealed, that by limiting the barriers currently confronting financial inclusion in Nigeria, blockchain technology will contribute no lesser than $29 billion to the country’s Gross Domestic Product (GDP) by 2030.

According to a recent statement issued by Henry Chukwu, EFInA Programme Specialist in charge of its Digital Financial Services, the report entitled ‘Potential of Blockchain for Financial Inclusion in Nigeria’ revealed that blockchain has the potential to revolutionise the Nigerian economy as it offers creditable packages that can enhance the possibility of achieving the National Financial Inclusion Strategy of 80 per cent that was set for 2020, but never materialised.
Driving financial inclusion in Nigeria has been highlighted by the Central Bank of Nigeria (CBN) as a key objective.
As financial inclusion in Nigeria stands at 64 per cent, falling short of the National Financial Inclusion Strategy of 80% set for 2020, Blockchain technology has the potential to revolutionise the Nigerian economy and increase Nigeria’s GDP by $29 billion by 2030, mainly by instilling trust in business, government transactions, and processes.”
“The report highlights that blockchain-enabled solutions can support progress towards Nigeria’s financial inclusion targets and address some of the key challenges around financial inclusion such as lack of formal ID, high transaction charges, and lack of transparency,” the statement reads in part.
EFInA further stated that blockchain technology, if effectively explored in Nigeria, can create ‘Enabling Identity Management’ and also fast-track access to finance and land titling & registration outside of cryptocurrency, adding that, ‘circulars recently released by Central Bank of Nigeria (CBN) and SEC indicate that blockchain technology is on Nigerian policy makers’ radar as cryptocurrency falls into different categories.
EFInA stressed that due to its potential to support governmental intervention schemes for those in underserved areas and enable efficiency in cross-border remittances, the CBN has announced plans to launch a Central Bank Digital Currency.
“To ensure that the potential of cryptocurrency and blockchain technology is realised in Nigeria, a collaborative effort among multiple stakeholder groups is essential – Regulators, Financial Service Providers, Development Institutions, and Donors /Financial Sector Development organisations. These stakeholder groups must find ways to communicate and collaborate to spur innovation-friendly policies and ensure we take a risk-balanced approach in implementing emerging technology in Nigeria.”
It added that “other countries have leveraged public-private partnerships and adopted blockchain technology to drive inclusion and efficiency in their financial systems. For instance, the South African Reserve Bank, in collaboration with ConsenSys (a fintech) and the national banking community, leveraged blockchain to reduce the transaction processing time by 75 per cent while increasing trust, confidentiality, and scalability in their financial system.”
E-Business
Firm Spots Rising Scam Activity Around the 2026 World Cup, from Bogus Tickets to $500,000 “grant” Emails

Millions of football fans around the world are gearing up for the World Cup, and cybercriminals are seizing the moment to exploit the heightened interest.

Experts at Kaspersky have uncovered various types of scams that mimic official tournament resources or leverage the event for unsafe purposes, putting users’ data and finances at significant risk.
On one of the fraudulent websites discovered, users are offered the option to buy tickets for FIFA World Cup matches, with payments accepted in almost any currency.
However, after completing the fake registration and payment steps, users risk not only losing money from their bank cards but also exposing sensitive personal data to attackers.
The site uses the official colour scheme of the 2026 tournament to mislead users. In addition, the scammers offer ways to contact them, either directly on the site or via messaging apps.
Another website offers users the chance to purchase “official merchandise” for the 2026 tournament, featuring images of mascot plush toys and T-shirts, with a wide selection available for “purchase.” To make the offer more enticing, the site highlights steep discounts. Additionally, to appear more credible, the scammers have added a “Trusted store” badge at the bottom of the page, along with a registration form that requests personal and banking details.
Another attack scenario involves fraudulent email campaigns, in which attackers attempt to trick users into sending money or click a phishing link. To increase the chances of engagement, the emails feature compelling subject lines and persuasive messaging.
In one of the examples identified, fans received emails allegedly sent by official representatives of the event regarding a fake decision from a dispute resolution chamber. The link provided in the email leads to a phishing page.
In some cases, users are targeted with scam emails claiming they have “won” a $500,000 grant to cover tickets, flights, and accommodation, followed by instructions to contact the sender to claim the “prize” funds. Kaspersky also reports email spam and unsolicited ads related to the sale of competition-themed merchandise and souvenirs, some of them might turn out to be a scam.
“Unfortunately, major sporting events that attract large audiences are never overlooked by scammers. Seemingly harmless or even appealing emails can often conceal not only dangerous links and malicious attachments.
In some cases, careless interaction with such messages can lead to serious device infections. We recommend that users ignore any suspicious emails and websites to protect their financial assets and keep their devices and personal data secure,” says Anna Lazaricheva, senior spam analyst at Kaspersky.
E-Business
NDPC Warns of Offshore Data Risks as 90 Percent of Country’s Data is Hosted Abroad

Nigeria Data Protection Commission (NDPC) has raised concerns over data sovereignty, national security as well as loss of economic value, as over 90 per cent of Nigeria’s data is hosted abroad.

Pic credit…247digitize.com
Vincent Olatunji, national commissioner/CEO, NDPC, stressed the importance of safeguarding Nigeria’s digital economy through strong data protection and privacy frameworks.
He spoke while while delivering a keynote address at the IoT West Africa Conference, where he stated that the trend poses significant risks to Nigeria’s control over its digital assets.
He further described the situation as precarious for the nation’s sovereignty, and called for urgent investment in local data infrastructure.
Olatunji, highlighted data sovereignty, the growing role of data centres, and regulatory expectations under the Nigeria Data Protection Act, 2023, noting both the benefits of compliance and the risks of non-compliance. Olatunji underscored that data centres are now critical infrastructure for Nigeria’s digital transformation.
While decrying that over 90 percent of the Nigeria’s data is hosted abroad which is precarious for the nation’s sovereignty he encouraged for more investment in the sector as it is projected to reach $1.9 billion by 2031.
Also speaking, Kashifu Inuwa, the director-general of the National Information Technology Development Agency (NITDA), said policy is emerging as the key driver of Nigeria’s digital transformation, particularly in shaping the development of the Lagos-Abuja digital corridor.
“While infrastructure responds to demand, policy creates the enabling environment for sustainable growth,”
Inuwa who was represented by Aristotle Onumo, director, stakeholders management and partnership at the IoT West Africa Conference in Lagos, on the theme “The Lagos-Abuja Digital Corridor: Building Africa’s Next Data Centre and Cloud Hub.”
Inuwa emphasised that while infrastructure responds to demand, policy remains the critical driver that creates an enabling environment for sustainable digital growth.
He explained that Nigeria’s broadband policy, which stipulates minimum speeds of 10 Mbps for rural areas and 25 Mbps for urban centres, provides a strategic framework for prioritising infrastructure deployment along the Lagos-Abuja digital corridor.
He cautioned, however, that without deliberate collaboration and partnership between government, the private sector, and civil society, widespread infrastructure rollout would remain challenging. “Collaboration is the pathway that massifies impact, while partnership harnesses collective intelligence. No one can achieve this in isolation,” he said.
Inuwa also spoke on the Nigerian Sovereign Cloud Project; a flagship initiative aimed at strengthening indigenous cloud service providers and preventing the dominance of Nigeria’s digital infrastructure by foreign hyperscale operators.
By scaling local infrastructure to meet global standards, the project seeks to domesticate data hosting, reduce operational costs, and improve access to cloud services across the country.
E-Business
Opay Plans IPO in US, Targets $4Bn in Valuation

Opay, a financial technology (fintech) firm, is working with Citigroup Inc., Deutsche Bank AG, and JPMorgan Chase & Co. for an initial public offering (IPO).

According to a report by Bloomberg on Friday, sources said the platform, backed by SoftBank Group Corp., is considering a listing in the United States and is targeting a valuation of about $4 billion.
They added that the company could proceed with the share sale later this year, although the timing and size of the offering are yet to be finalised.
Opay is one of Africa’s fastest-growing fintech firms, offering mobile payments, transfers, and other financial services across Nigeria.
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The fintech company, Citi, Deutsche Bank, and JPMorgan have not publicly commented on the IPO plans.
Like Opay, Flutterwave, a major fintech company in Africa is planning an IPO.
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