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CBN to Engage Private Firms in Cash-less Campaign

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Sanusi Lamido Sanusi
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Central Bank of Nigeria (CBN) is to engage private firms in an attempt to rev up the cashless economy campaign which has been met with lethargy and sabotage, Nigeria CommunicationsWeek can now reveal.

Apparently piqued by a recent report Electronic Payment Providers Association of Nigeria (EPPAN) which stated that 92 per cent of Nigerians are unaware of the cashless policy, the apex bank is said to have to engage private consulting firms for technical advice and to provide solutions in the areas of consumer education.

Nigeria CommunicationsWeek recalled that the outcome of a research commissioned by E-PPAN; a non-profit organization representing the Nigerian e-payment industry and its body of stakeholders, indicated that despite the communication strategies and various fora that CBN have put in place to educate Nigerians on the cashless policy, only a handful of consumers at the lowest part of the market ladder are in tune with the trend. 

The report found that 48 per cent of respondents had never used their cards in the last six months for any type of shopping, while 81 per cent of the respondents had not used their cards for online transaction.

Onajite Regha, executive secretary of E-PPAN, said all the numerous newspapers adverts on Cashless Lagos only amounts to eight per cent of awareness for consumers.

The study further showed that about 68 per cent of consumers and 59 per cent of merchants surveyed thought Nigeria was not ready for a cashless economy, while the other 58 per cent consumers used their electronic payments in the last six months, the study found that 48 per cent of respondents used it only for withdrawing cash.

The source said CBN is not finding it funny with the remarks and attacks on its corporate image, particularly from economic experts who ought to be part of the campaign.

“Infact, CBN is not leaving any stone unturned in the cashless policy campaign. It has perfected plans to engage some private firms, who are thought out as credible and have engaged aggressive programmes in the recent past geared towards educating the public. 

“The challenge has been that those who are seen as supposed to help in educating the public have resorted to making impassive statements, especially such that agitate the system. So, in no distant time, the apex bank will be segmenting the country into possible six zones, just like the already existing geo-political zones.  

Although, the source who preferred anonymity could not list names of the companies due to security reasons, he however remarked that CBN had met with the private firms, mostly from e-payment and e-banking platform whose credentials are strong in the areas of consulting, training and workshops, conferences and exhibitions as well as specialized industry journal publication, research and e-payment solution project execution and management.

Before now, Tunde Lemo, the CBN’s deputy governor, Operations, had explained that the apex bank has since commenced aggressive campaign on the policy in Lagos through newspapers and television advertisements, as well as radio jingles in English, Pidgin English and vernacular, targeted at the market women.

The pilot scheme of the policy commenced in Lagos last January and is expected to be extended to the Abuja, Port Harcourt, Kano and Aba by January 2013.

The CBN has also granted partial exemption to revenue collection ministries, departments and agencies (MDAs) of the federal and state governments on lodgments for accounts operated by them, for the purpose of revenue collections only.

In same vein, the apex bank had exempted all donor agencies and embassies in the country from penalties and charges on cash withdrawal and deposits with regards to the cash-less policy project.

Lemo decried the absence of a unique national identity system in the country as a major challenge that may affect the policy.

“Part of what we are doing with electronic banking is also to eliminate corruption, terrorism. In Kenya, an average Kenyan is identified. There is a national identification for everybody, which is linked to your bank account and every other thing, including your international passport. But in Nigeria, that doesn’t exist yet, that is why you can rob Peter to pay Paul. You can dupe one bank today and reappear in another area under another name and then life continues.

“But what we intend to do with the Nigerian Identity Management System (NIMS) is that we will have every Nigerian registered with a unique identification that will be linked to your bank account, your voter card and every other thing you do, such that there will be a robust data bank that every bank can use.

“And when that happens, the benefit is that you will have a credit history. You can go to any bank and request for loan and at the press of the button, all the details of your commercial transactions will be screened and so the bank can take an informed decision on whether you are credit worthy or not. And that is what is used to unleash the opportunity in consumer credit all around the world,” he had explained

 

 


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E-Business

GenAI Adoption Among African workers Outpace Global Peers

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Africa’s workforce is embracing artificial intelligence (AI) at a faster pace than global peers, but pressure is mounting for organisations to ramp up digital skills development as generative AI (GenAI) begins reshaping roles across industries.

This is according to PwC’s Global Workforce Hopes and Fears Survey 2025, which shows a continent ready for AI-enabled transformation, but facing a narrowing window to prepare, through skills development initiatives.

The survey, covering nearly 50 000 workers worldwide and 1 753 across South Africa, Algeria, Kenya, Morocco and Nigeria, finds that African employees are already integrating AI into daily operations.

Sixty-four percent of respondents in Africa used AI tools in the past year, compared to 54% globally, and the sentiment is overwhelmingly positive. While only 17% report using GenAI every day, confidence in its benefits is high: 76% believe GenAI improves work quality, and 72% expect AI-driven productivity gains within three years.

In SA, executives are even more bullish, as 91% say AI has already lifted both productivity and work quality — a signal that leadership is pushing harder toward AI-enabled ways of working, notes the survey.

However, this optimism is coupled with rising concern about future readiness. Only 35% of African workers believe their skills will still be relevant three years from now. With GenAI expected to affect nearly half of all job roles, PwC warns that the continent’s workforce risks falling behind unless organisations accelerate large-scale reskilling.

Despite the pressures, employees are not standing still. PwC notes that African workers outperform their global peers in proactive learning, recording 15% higher participation in skills-building and receiving 6% more support from managers. This indicates that both workers and immediate supervisors recognise the pace of AI adoption and are pushing to adapt.

PwC Africa people and organisation leader, Dr Dayalan Govender, says the moment calls for decisive leadership. Organisations, he argues, must integrate AI into workforce strategies, accelerate digital adoption, and expand upskilling programmes at scale.

“Africa’s workforce is optimistic and ready for change, but leaders must accelerate digital adoption and invest in future-ready skills to convert this optimism into sustainable growth,” he says.

Beyond the technology shift, the survey captures a workforce hungry for growth but constrained by financial pressure. Many employees are preparing to make career moves: 45% plan to request a raise, and another 45% aim for a promotion in the next year. Yet household financial stability remains strained, with only a third of respondents reporting any money left over for savings.

Still, Africa’s workplaces continue to show strong foundations of trust and purpose — elements PwC believes will be critical in navigating GenAI disruption. More than 55% of workers trust management, and two-thirds say their work feels meaningful, both above global averages.

With AI adoption rising and employees motivated to reinvent their careers, PwC warns that the coming years will determine whether Africa’s early optimism translates into long-term competitiveness as GenAI transforms the world of work.

The report calls for embedding AI into workforce strategies to bridge the gap between optimism and practical adoption, scaling upskilling initiatives to prepare for GenAI disruption, and fostering trust and psychological safety to retain talent and drive innovation.

“For employers, these findings are a stark reminder that they can and should do more to help workers understand, adopt, and embrace AI’s transformative power.

“Employers may need to pay special attention to entry-level workers, nearly a third of whom say they’re worried to a large or very large extent about AI’s impact on their future, even as they’re also curious (47%) and optimistic (38%) about its long-term societal effects,” notes the report.


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Nigeria Records Highest Weekly Cyberattacks in Africa — Report

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Nigerian organisations are facing the highest volume of weekly cyberattacks in Africa, according to the newly released African Perspectives on Cyber Security Report 2025 by Check Point Software Technologies Ltd., a global leader in cybersecurity solutions.

Nigeria Records Highest Weekly Cyberattacks in Africa — Report

The report revealed that Nigerian firms experience an average of 4,200 attacks per week, significantly higher than the continental average of 3,153 and 60 per cent above the global average of 1,963 attacks per organisation.

The findings highlight a sharp rise in attacks across Africa, driven largely by artificial intelligence-enabled threats.

Kingsley Oseghale, country manager for West Africa at Check Point, said attackers are increasingly using AI to automate phishing, impersonation, and cloud exploitation.

“AI has become part of the attack surface,” Oseghale said. “Attackers are using it to automate phishing and identity theft at scale. The only effective response is prevention-first security that combines visibility, governance, and AI protection.”

The report noted that cybercriminals are exploiting exposed identities and misconfigured systems to target critical sectors, including finance, energy, telecoms, and government.

Identity-led intrusions, AI-generated phishing campaigns, and multi-vector ransomware are on the rise.

Across the continent, Check Point identified key trends in different markets. Nigeria is experiencing business email compromise and cloud exploitation; South Africa faces rising ransomware, smishing, and botnet infections such as Vo1d and XorDDoS; Kenya has seen ransomware targeting critical energy infrastructure; and Morocco has experienced coordinated government and education-sector disruptions via DDoS and website defacement attacks.

The report highlights five major shifts shaping Africa’s cyber risk in 2025.

Traditional ransomware has evolved into data-leak extortion, AI-generated deception is widespread, and identity has emerged as the new security perimeter.

Weak cybersecurity, the report warned, can now affect international market access under regulations such as the EU’s NIS2 Directive, making digital resilience an economic necessity.

The study urged African businesses and governments to adopt prevention-first security strategies, including continuous risk assessment, regulatory readiness, and public-private collaboration.

Oseghale emphasised that, as AI reshapes operations, cybersecurity must shift from reaction to prediction.

“The real challenge is not adopting new technology but securing the trust that underpins it,” he said.


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Jumia’s Data Shows Nigerians Turning to Digital Retail to Navigate Inflation Pressures

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As Black Friday 2025 unfolds across Nigeria, new insights from Jumia’s Q3 2025 financial results reveal that more Nigerians are relying on digital retail to navigate inflation and rising living costs.

The data points to a more deliberate, value-driven shopper, one using online platforms to stretch budgets, compare options quickly, and extract more value from each purchase.

Jumia reported a 30 percent year-on-year increase in physical goods orders, while Gross Merchandise Value for physical goods rose by 43 percent.

This stronger GMV growth highlights a clear behavioural shift: consumers are assembling higher-value baskets by combining essentials with premium or long-term household items. Online retail is serving as a tool for strategic planning, not just convenience.

According to Temidayo Ojo, Chief Executive Officer of Jumia Nigeria, Black Friday now plays a more critical economic role. “Households are using digital retail to defend purchasing power. They plan their lists, compare prices instantly, and rely on the reliability and convenience that e-commerce offers,” he said.

This year’s Black Friday trends show growing demand in categories that directly support daily living. Household essentials and FMCG products are seeing significant uptake as families stock up during price drops. Home and kitchen equipment is also experiencing stronger demand as shoppers prioritise practical, durable tools. Affordable fashion and beauty products are gaining momentum as discounts make them more accessible.

Consumer behaviour in the lead-up to the sales period further reinforces this shift. Jumia recorded a notable increase in “Add to Wishlist” and “Add to Cart” activity, signalling more planning and fewer impulse purchases. The gap between GMV and order growth indicates that customers are optimising baskets using bundles, vouchers, and promo combinations, behaviours uniquely suited to digital platforms.

With inflation intensifying the need for smarter buying, trust markers on Jumia, such as verified sellers, official brand stores, ratings, and clear return policies, are becoming more central to decision-making. Authenticity and durability now outweigh the appeal of the lowest price.

Jumia’s logistics footprint is making these benefits available nationwide. Its 30,000 sqm Isolo fulfilment centre, 480 pickup stations, and 62 logistics partners ensure that customers in secondary and peri-urban cities enjoy the same deals as those in major hubs, reducing travel burdens and adding financial value.

Overall, Jumia’s Q3 data and Black Friday trends show that Nigerians are turning to digital retail as a practical, strategic response to inflation, using e-commerce to manage budgets, preserve purchasing power, and make more informed buying decisions.


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