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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

Government, Industrial Sectors became the Primary Targets for Cybercriminals in 2025 – Report

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According to the global report by Kaspersky Security Services ‘Anatomy of a Cyber World’, the government sector has emerged as the most targeted sector for the second consecutive year, accounting for 19% of all high-severity incidents in 2025.

The industrial sector closely followed at 17%, while the IT sector rose to third place with 15%, displacing finance from the top three targeted industries.

The ‘Anatomy of a Cyber World’ is a comprehensive global report drawing on incident statistics from Kaspersky Managed Detection and Response, Kaspersky Incident Response, Kaspersky Compromise Assessment and Kaspersky SOC Consulting.

This report sheds light on the most prevalent attacker tactics, techniques and tools, as well as the characteristics of detected incidents and their distribution across regions and industry sectors.

Building on these findings, the report reveals that government bodies continued to be the most targeted sector in 2025. A deeper examination of the root causes of attacks within this sector uncovers that Advanced Persistent Threats (APTs) were the most common, accounting for 33,3% of incidents.

This trend highlights the increasing sophistication of adversaries who persistently evolve their tactics to bypass automated protection. Additionally, 18,9% of government organisations experienced social engineering attacks, underscoring that employees remain a critical entry point for cyber threats.

This dual vulnerability, from both advanced persistent attackers and social engineering campaigns, underscores the need to strengthen not only technology but also organisational resilience.

Implementing measures such as role-based access control and limiting privileges can significantly reduce the impact of compromised accounts, particularly in large, distributed government environments.

The industrial sector presents a different but equally concerning profile. Threats in industrial environments are distributed with striking uniformity: APT-driven incidents constitute 17,8%, malware 14,9% and social engineering 13,9%.

This pattern suggests that industrial organisations attract a broad range of adversaries with different capabilities and objectives, rather than being primarily targeted by a single type of threat actor. Notably, confirmed cyber exercises like red teaming accounts for 22,8% of incidents in the sector, the highest share among the top three industries, reflecting growing investment in proactive security validation among industrial organisations.

In contrast, the IT sector shows a markedly different pattern. With 41% of incidents attributed to human-driven APT attacks, the highest rate across all sectors, IT organisations are clearly a priority target for sophisticated threat actors seeking to exploit trusted relationships and scale their impact through supply chains.

APT traces, which are artifacts from previous advanced persistent threat activity, were identified in an additional 17% of cases, while social engineering accounted for 11%. In contrast, red teaming represents only 9% of IT incidents, suggesting that proactive security testing remains underutilised relative to the sector’s actual threat exposure.

Interestingly, the finance sector was displaced from the top three targeted industries. According to the report, red teaming in this sector accounts for 36,1% of incidents, reflecting a mature, compliance-driven approach to proactive defence, while confirmed APT activity remains comparatively low at 11,5%.

This pattern indicates that sustained investment in security assessment can effectively enhance a company’s ability to identify vulnerabilities early, avoiding costly breaches and reducing the risk of significant damage to reputation and operations.

“Government, industrial and IT organisations consistently attract sophisticated adversaries because of the strategic value of what they hold, operate and connect to geopolitical intelligence, critical infrastructure and global supply chains respectively. The 2025 data confirms that these attacks are not opportunistic: they are targeted and often aimed at establishing persistent access.

Each of these sectors needs to operate on the assumption that determined attackers will find a way in, and focus their defences on early detection, rapid containment and minimising the window of exposure. So, proactive threat hunting, continuous monitoring and regular compromise assessments are no longer optional for organisations of any size across these industries,” comments Sergey Soldatov, Head of Security Operations at Kaspersky.

 


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4 Nigerian Startups Selected to Join Milestone 10th Google for Startups Accelerator Africa Cohort

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Four Nigerian technology startups – Bani, MasteryHive AI, Regxta, Termii – have been selected to join the 10th cohort of the Google for Startups Accelerator Africa.

4 Nigerian Startups Selected to Join Milestone 10th Google for Startups Accelerator Africa Cohort

Chosen from an exceptionally competitive pool of nearly 2,600 applications, these innovators are part of a final pan-African group of 15 companies. With an acceptance rate of less than 1%, their selection highlights the immense technical talent and resilience emerging from Nigeria’s digital ecosystem.

The selected Nigerian startups are utilizing Artificial Intelligence to address critical local and regional challenges:

Bani : A cross-border payments infrastructure platform eliminating settlement delays for African businesses trading globally.

MasteryHive AI : An AI-native platform automating transaction reconciliation, fraud detection, and AML monitoring.

Regxta : Combines alternative data-driven credit scoring with a hybrid digital-agent distribution model to deliver financial products to unbanked micro businesses.

Termii : An AI-native communications infrastructure platform ensuring reliable financial messaging for banks and fintechs.

African tech founders are actively solving fundamental infrastructural challenges, bridging gaps in financial inclusion, healthcare, and supply chains with complex AI. The continent’s venture ecosystem showed remarkable resilience by raising $3.9 billion in 2025. However, scaling deep-tech solutions requires specialized technical infrastructure, advanced cloud capabilities, and strategic mentorship to complement this capital. Accelerator programs provide these exact tools, ensuring local innovations can sustainably grow into businesses that power the continent’s digital economy.

Gbolade Emmanuel, CEO of Nigeria-based Termii, noted: “At Termii, we’re building AI-powered infrastructure that ensures financial transactions don’t fail, from login PINs to payment OTPs and fraud alerts. The Google Startup Accelerator is helping us accelerate our AI roadmap and scale globally, and even in the first week, access to technical support and insights has been incredibly valuable for our next phase of growth.”

“We are absolutely thrilled to welcome these exceptional founders into Class 10,” said Folarin Aiyegbusi, Head of Startup Ecosystem, Africa. “African startups are driving essential economic growth and social development. Our role is to serve as a supportive partner, providing these developers and founders with the technical infrastructure, mentorship, and global network they need to scale their solutions and amplify their real-world impact.”

Running from April 13th to June 19th, 2026, the hybrid program will provide the 15 startups with dedicated guidance from experienced mentors and industry experts, alongside hands-on technical workshops focused on AI and machine learning.

Since launching in 2018, the Google for Startups Accelerator Africa program has supported 106 startups from 17 African countries, empowering them to collectively raise over $263 million and create more than 2,800 jobs.

For more information on the full list of 15 startups participating in Class 10, please visit the Google Africa Blog at https://blog.google/intl/en-africa/company-news/meet-the-15-startups-joining-the-google-for-startups-accelerator-africa-class-10/.


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Nigeria’s Innovation Flywheel: Turning Early AI Uptake into Economic Acceleration

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By: Deen Yusuf, Managing Director, Microsoft Nigeria

Nigeria has never struggled with ingenuity. It is a place where innovation grows from necessity, and where developers, entrepreneurs, and problem solvers consistently push past limitations to build what does not yet exist.

Nigeria’s innovation flywheel: Turning early AI uptake into economic acceleration

Deen Yusuf, Managing Director, Microsoft Nigeria

But in the era of artificial intelligence, ingenuity alone is no longer enough. The nations that will lead are those that not only innovate, but also ensure AI reaches workers at every level of the economy, because innovation without diffusion is simply potential left on the shelf.

Yet research shows this diffusion is far from guaranteed. While global generative AI usage continues to rise, the adoption gap between the Global North and Global South is widening at almost twice the rate.

Even the United States, despite leading in frontier AI, has fallen behind smaller, highly digitized economies in workforce adoption.

It’s clear that access constraints, not a lack of creativity or ambition, pose the greatest threat to equitable AI progress. For Africa, and for Nigeria in particular, this risk cannot be ignored.

The barriers slowing Nigeria’s AI acceleration

Microsoft’s Global AI Adoption in 2025: A Widening Digital Divide report shows that though Nigeria’s appetite for innovation remains strong, the underlying systems required to translate that energy into mainstream adoption are underdeveloped. While startups, government institutions, researchers, and investors are actively exploring AI applications across multiple sectors, national adoption has risen only marginally, up just 0.6 percentage points, from 8.7 percent in the first half of 2025 to 9.3 percent in the second half of the year.

Access remains the most immediate constraint. Connectivity gaps, inconsistent speeds, and high data costs limit the everyday use of AI tools. With median mobile speeds of 46.78 Mbps and fixed broadband at 27.54 Mbps, Nigeria ranks below the global benchmarks needed for reliable, cloud-based AI services.

Skills shortages create a second barrier. While momentum is building, Nigeria still requires the specialized talent required to build, integrate, and manage advanced AI systems. Talent emigration further widens the gap.

Language and localization gaps compound the challenge. Most large language models leverage English-language training data, excluding many Nigerian languages and limiting the cultural relevance of AI tools in a country with rich linguistic diversity.

Finally, fragmented regulation slows progress. Overlapping mandates across agencies create uncertainty around governance, privacy, and security, fueling public hesitation and reinforcing fears around job displacement.

Learning from global AI leaders

The fastest-accelerating countries, including the UAE, Singapore, Norway, Ireland, France and Spain, share a clear blueprint: early investment in digital infrastructure, robust skilling ecosystems, and decisive government leadership.

The impact of this approach is evident in the UAE, where the AI Diffusion Report shows national adoption rising from 59.4 percent in the first half of 2025 to 64 percent in the latter half, a 4.6-percentage-point increase.

The Emirates’ AI advantage didn’t materialize overnight. It was built deliberately and with years of foresight. In October 2017, five full years before ChatGPT captured global attention, the UAE appointed the world’s first Minister of State for Artificial Intelligence. That same year, the country launched a national AI strategy covering nine priority sectors and establishing governance frameworks.

This sequencing proved consequential. When the current generative AI wave arrived, UAE residents encountered a familiar technology, one their government had been deploying in public services and discussing in national conversations for half a decade. The foundation was already in place.

Regulatory pragmatism has been a key driver of the UAE’s rise as a global AI leader. Early on, the country established sandbox environments that allowed controlled experimentation and learning. It then introduced targeted visa programs to attract and retain AI talent, ensuring the ecosystem could scale.

This was reinforced by principle-based guidelines that offered clear direction without stifling innovation or creating compliance paralysis.

Over time, this approach built trust in the most durable way possible: through proven outcomes and AI systems that deliver value in everyday transactions.

For Nigeria, a similar path begins with deliberate government action through initiatives such as 3MTT and Project Bridge.

These programs lay the groundwork for strengthening talent and infrastructure, expanding access and connectivity, and accelerating digitization across ministries, departments and agencies.

Professional bodies also have a critical role to play. Through training, workshops, and sector-specific guidance, they can demystify AI, correct misconceptions, and help workers understand its benefits.

Early adopters already show what is possible. Through its advanced analytics-driven marketing platform, Terragon Group is helping its clients achieve returns of up to 900 percent, while financial services group Access Holdings has significantly accelerated product development cycles using AI-driven tools.

Local language relevance is equally essential. South Korea’s surge in AI adoption, for example, rising from 25th to 18th in the global rankings, only accelerated once AI models became highly effective in Korean. Nigeria can follow this path by investing in indigenous language AI.

Initiatives such as Awarri and Paza, a recent collaboration with Microsoft Research, are starting to show how culturally rooted AI tools can expand access and inclusion.

Nigeria stands at a pivotal moment. The ingenuity is here; the ambition is here, and now the pathway is clear.

With focused investment in infrastructure, talent, localization, and forward-leaning governance, the country can move from early promise to broad-based AI participation, ensuring AI becomes a driver of inclusive growth and opportunity for every Nigerian.


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