News
Cashless: Experts Warn Against Corporate Greed
Financial experts have warned against the possible hijack of cashless policy of the Central Bank of Nigeria (CBN) by a few individuals or corporations and urged the apex bank to move against limits of transaction cost which could inhibit competitiveness and efficiency in the system, Nigeria CommunicationsWeek can report.
They however, reported a bit of cheering news for consumers and operators of the cashless regime indicating that Nigeria now accounts for the greater number of ATM machine deployments in Africa.
The growth in the ratio of automated teller machine debit card (ATM) customers, according to the experts, would increase from 10 million (in circulation) to about 100 million in the next five years due to ongoing policy drive to move the economy from cash transaction to e-channels.
Prof. Pat. Utomi, director of Lagos Business School, (LBS) at the one-day cashless conference: Payment thought leadership breakfast series1 held in Lagos at the weekend, urged the apex financial house to move against limits of transaction cost which could inhibit competitiveness and efficiency in the system.
“The transactional costs will limit the competitions. The use of transactional costs to roll out cash coupled with lack of trust in the system affect the process. The operators are yet to get it right in services; hence people encounter bottlenecks during transactions,” said Utomi.
Prof. Utomi warned against “first movers’ apparition; if not tamed the process would be hijacked by few individuals and corporations. A transparent and incorporation of interested players, technological enhancement, and massive education will boost public confidence.”
Chuma Ezirim, Group Head, eBusiness at First Bank stated that the introduction of cashless policy will propel the nation’s economic drive towards attainment of Vision 20 20-20 goal.
He opined that mobile money payment and other echannel transaction platforms are all technology driven and would open up Nigeria for global competitiveness. Ezirim noted that already Nigeria has become the leading economy in Africa with greater number of ATM deployments.
“Statistics available indicate that Nigeria tops the ATM market in Africa and that means fortune for the players in the industry. Going by the payment system, customers could do their normal basic financial transactions on a daily basis by making payments for goods and services or by engaging in person-to-person transfer directly on their GSM phones,” said Ezirim.
He advocated for a “changed management” system with the aim of educating the public, transactional costs reductions, and closing the gap between the middle class traders and the operators for understanding of the policy.
Tunde Lemo, deputy governor (operations) at the CBN admitted that it was not yet uhuru in implementation of the cashless economy policy. He stated that the CBN has established a performance monitoring office for effective surveillance of operators in the system. The aim is to monitor “efficiency, availability and sustainability of the e-payment scheme.”
Lemo also said the CBN was networking with other government agencies like NIPOST to link up rural dwellers where Point of Sale (PoS) machines are yet to be deployed.
Adeyinka Adeyemi, managing director, Intermarc Consulting ask that the CBN be magnanimous in providing incentives to encourage market players and consumers. Incentives should include internet facilities for the effective implementation of the scheme.
Nigeria CommunicationsWeek’s research indicated that despite the optimism by market operators, Nigeria still lags behind South Africa and other emerging economies on ATM deployment ratio-per-population density.
Comparatively, Nigeria has 10 ATM cards per 100 persons against South Africa’s 55 per 100.
Glovo, a multi-category tech company, has announced its integration into the generative AI ecosystem with the launch of its “Shopping Assistant” for ChatGPT and Claude. Users can now discover retail products, compare prices, and seamlessly order any item using natural conversational language with the AI systems.
The Glovo experience inside such platforms introduces a conversational commerce model that shifts from a search-based web to an intent-based web. Rather than navigating traditional app menus and filters, users can express needs, such as asking for a “last-minute gift for a coffee lover under ₦50,000”, and the assistant handles semantic search, location validation, and product curation.
A Seamless, Concierge-Like Experience
Once both platforms have been connected through either ChatGPT or Claude apps, the user will be able to have a multi-turn dialogue where the assistant remembers context and constraints, such as budget caps. Users receive a visual carousel of up to five highly customised product options available at local stores. Each product displays its image, name, store details and ratings, and price. While the search and discovery experience takes place directly on the Generative AI platforms, selecting a product via the “view on Glovo” button takes the user to the Glovo mobile or web app, where the payment and final purchase are exclusively completed.
Strategic Focus on Retail and Growth
Glovo is prioritising the retail and grocery sectors for this initial launch, capturing the established habit of using AI for product research. Generative AI has driven a significant jump in retail traffic globally, so this first-mover advantage aims to meet customers where they are meeting Gen AI daily, and ensure it captures high-intent organic traffic as search behaviours evolve.
“We’re always looking for ways to meet our customers where they already are. Being available on Claude and ChatGPT means people can discover what Glovo has to offer as part of a natural conversation, with no friction. Glovo has always been about being the everyday app that provides choice and convenience, and this is another step in that direction”, said Shiro Theuri, Chief Technology Officer at Glovo.
How to look for products in the Glovo app through ChatGPT or Claude
- The user must sync ChatGPT or Claude with the Glovo app with the plug-in.
- Once synced, the user must type in @glovo followed by their request.
- The AI platform displays a carousel with 5 available options for the user.
- If the user wants to purchase any of the products or continue searching within the Glovo app, they must click “View on Glovo”, which will redirect the user to the Glovo app or website.
- After the order is confirmed, the store will prepare the item(s) and the courier will head up to the pick-up location. The user will receive the order in minutes.
Southeast Asia cybercrime networks are expanding operations into Africa as crackdowns intensify in the subregion, according to a recent report from the United Nations Office on Drugs and Crime (UNODC).
The massive, unintended geographic shift triggered by intense pressure from international task forces in Myanmar and Cambodia,have seen highly sophisticated criminal networks now establishing footholds in major tech hubs across Kenya and Nigeria, transforming local technical talent into accomplices for industrial-scale digital theft as reported by https://streamlinefeed.co.ke/
This strategic migration represents a critical evolution in the $17 billion crypto scam economy.
Transnational scam syndicates are organized criminal networks that run industrial-scale online fraud using trapped or trafficked labor.
The UNODC has documented this diversification, noting that African nations are increasingly targeted as operational bases due to robust internet infrastructure and a surplus of unemployed tech workers.
In response, local authorities are engaged in a frantic game of catch-up against well-funded foreign cartels.
Recall that in 2025, UNODC, described the shift as part of a broader trend in which crime “spreads like a cancer,” into regions with weaker enforcement and limited digital safeguards.
The report pointed to the rapid proliferation of online fraud operations, including cryptocurrency scams and phishing schemes, moving from countries like Myanmar and Cambodia into new footholds in Africa—particularly Nigeria.
A recent case publicized June 12, 2025 by the WeChat public account West Africa Chinese Voice illustrates the trend: Nigeria’s Economic and Financial Crimes Commission (EFCC) arrested 177 Chinese nationals in Lagos and Abuja between December 2024 and January 2025.
The suspects were allegedly running scam centers under the guise of corporate offices, where local Nigerians were trained to carry out online investment frauds—many following the “pig-butchering” model, which builds trust with victims before luring them into fraudulent crypto investments.
Authorities seized hundreds of SIM cards, high-performance computers, and prewritten scam scripts during the raids
Ugochukwu Eze, a 47 year-old man, was on Thursday arraigned before a Federal High Court in Lagos for allegedly hacking into the server of SunTrust Bank to steal a total of N800m.
Ugochukwu also known as Amazon, was arraigned before the court by the operatives of the Department of State Security (DSS).
DSS accused Ugochukwu of fraudulently hacking into the server of SunTrust Bank to remove and divert the sum of N800 million into several accounts in other financial institutions.
M. Bajela,prosecuting counsel, DSS, in the charges filed before the court alleged that the defendant and others now at large, between 2023 and 2026, conspired among themselves and unlawfully and seriously hindered the function of Suntrust Bank Plc’s computer system server and in the process fraudulently diverted over N800 million belonging to the bank.
Ugochukwu was also accused of concealing and transferring various sums of money traced to the unlawful cyber-attacks to some account in some financial institutions.
The offences alleged to have been committed by the defendant according to the prosecutor contravened sections 5; 6(1) and 8 of Cybercrimes (Prohibition, Prevention etc) Act, 2024. And Sections 10, 20 and 18(2)(D) of the Money Laundering (Prevention and Prohibition) Act, 2022.
The defendant pleaded not guilty to the allegations.
Based on his plea of not guilty, the prosecutor asked the court for a trial date, and prayed the court to remand the defendant in the facility of the correctional services pending the time trial will commence.
However, E. Afrogha, defendant’s lawyer, told the court that she has filed her client’s bail application. adding that her client has been in the DSS custody for over a month.
But the prosecution counsel told the court that he has not been served with the bail application, not withstanding that his witnesses are available.
Based on the counsels’ submissions, Justice Friday Ogazi, presiding judge, adjourned the matter to August 24,2026 for hearing of the bail application.
The judge also ordered that the defendant be remanded in the custody of the Nigerian Correctional Services (NCS) pending the hearing of the bail application.
One of the counts against the defendant reads: “That you UGOCHUKWU EZE (AKA AMAZON) (M) (47 YEARS) sometime between 2023 and 2026 in Lagos, and other places within the jurisdiction of this honourable court, unlawfully seriously hindered the function of SunTrust Bank Plc’s computer system, and in the process fraudulently diverted over N800, 000,000.00 (Eight Hundred Million Naira) belonging to the said SunTrust Bank thereby committed an offence contrary to and punishable under Section 8 of the cybercrime (prohibition, prevention etc.) Act, 2024.”
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