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Chief Commercial Officer of Itex, Adekunle Adebiyi Highlights Role of Fintech in Financial Inclusion

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Adekunle Adebiyi, Chief Commercial Officer at Itex Integrated Services Ltd, spoke extensively on the impact of fintech and Nigeria’s financial inclusion goals, in a recent interview on popular Lagos radio station, Nigeria Info FM.

Adebiyi shed light on the role of fintech in the country’s financial inclusion strategy, and how a focus on rural distribution can help reach more unbanked Nigerians. “Fintechs work with traditional banks to improve the sustainability and accessibility of the services they offer to the public.

“Because of this, distribution is crucial if we are to reach Nigerians without bank accounts. Rural areas, where more unbanked people reside, must become the focus instead of metropolitan and semi-urban areas.

“As a country, we have made progress toward financial inclusion, but if we are to meet our goal, we must use financial technology.”

Rural communities continue to suffer as banks cut operational costs by reducing the number of ATMs and branches, focusing instead on getting more customers to embrace digital banking through smartphones. Yet, 40 percent of adults living in rural areas have no formal bank account and limited smartphone access.

Thankfully, PoS terminals and mobile money agents are increasing, providing financial services and, in some cases, acting as an agent through which the unbanked can open tier 1 bank accounts requiring only passport photographs.

It was important to understand that traditional banking and fintech were both sides of the same coin. “Traditional banking and financial technology are not on either side of the divide; I see a convergence. Fintech is about using technology to enhance the process of financing, making it easier, accessible and sustainable.

For example, Itex has made buying electric bills easier; with a mobile device you can top up and pay for power without leaving the comfort of your home, that’s the effect of financial technology.”

Although Nigeria has the largest economy in Africa and is home to five of Africa’s seven unicorns, its target for financial inclusion as stated in the National Financial Inclusion Strategy (Revised) in 2018 had a goal to reach 80% financial inclusion in the year 2020, but only 64% of Nigerian adults were financially included by the end of 2020.

According to World Bank’s 2021 Global Findex, Nigeria was one of seven nations that contributed to half of the world’s unbanked population. By the end of 2021, the number of financially excluded persons in Nigeria was estimated to be 38 million, even though the gap between banked and unbanked people has been closing since 2011.

These numbers are not surprising given that 47.25 per cent of the Nigerian population live in rural areas and cannot get efficient financial services because most traditional banks do not have extensive branch networks.

However, Nigeria is progressively narrowing the gap between the banked and unbanked, and the Central Bank of Nigeria’s goal for financial inclusion no longer feels like a far-off dream since the rise of fintech and agent banking in the financial sector.

Following the COVID-19 pandemic, digital financial transactions increased by 325 per cent to ₦704.04 trillion in 2020 from ₦165.8 trillion in 2019.

According to NIBSS data as of August 2022, the volume of financial transactions in a month had reached an all-time high, totalling ₦238.7 trillion. Nigerians may support the CBN’s cashless strategy, but that does not necessarily mean that the unbanked have increased access to these financial services. As a result, fintech is crucial in Nigeria’s effort to achieve financial inclusion.

The Central bank of Nigeria has set a target to reach 95 per cent financial inclusion by 2040. With innovations spearheaded by fintech, an increase in mobile money operators, the recent increase in Nigeria’s financial inclusion rate, and collaboration among stakeholders, the projection is not nearly as unachievable as it may have seemed years ago.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Elon Musk Accuses South Africa of Racism over Starlink Licence Block

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Elon Musk, CEO of SpaceX and owner of X,  on Sunday criticised his birth country’s government, claiming that Starlink is being denied an operating licence on the basis that he is not black.

Elon Musk Accuses South Africa of Racism over Starlink Licence Block

In a series of posts on his X handle, the South Africa-born billionaire referenced ongoing regulatory hurdles tied to the country’s Broad-Based Black Economic Empowerment policies.

He claimed the post-apartheid rules require telecommunications licensees to have at least 30 per cent ownership by historically disadvantaged groups, primarily Black South Africans, women, and people with disabilities.

He wrote, “South Africa won’t allow Starlink to be licensed, even though I was born there, simply because I am not black!

“We were offered many times the opportunity to bribe our way to a license by pretending that a black guy runs Starlink SA, but I have refused to do so on principle.

“Racism should not be rewarded no matter to which race it is applied. Shame on the racist politicians in South Africa.

“They should be shown no respect whatsoever anywhere in the world and shunned for being unashamedly racists!”

The dispute centres on licensing requirements enforced by the Independent Communications Authority of South Africa.

Starlink has not formally received a licence and has argued that current telecom regulations do not fully recognise Equity Equivalent Investment Programmes, alternatives to direct ownership transfers that allow companies to invest in skills development, infrastructure, or community projects instead.

South African officials have, over the years, repeatedly dismissed claims of racism, citing other foreign investors operating in the country.

They argued that the company has not submitted a complete formal application compliant with existing rules.

“Sir, that’s not true and you know it! It’s got nothing to do with your skin colour. Starlink is welcome to operate in South Africa provided there’s compliance with local laws.

“This is a global international trade and investment principle. There are over 600 USA companies investing and operating in #SouthAfrica…all complying and thriving! @Microsoft just announced additional investments yesterday,” South Africa’s Head of Public Diplomacy, Clayson Monyela, said in March 2025, when Musk initially raised the allegation.

Replying again via X on Sunday, he wrote, “@elonmusk watching the more than 600 USA companies investing more in, complying with #SouthAfrican laws and thriving. Zero drama!!.”


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Digital Realty, IXPN Expand Peering Network with New Internet Exchange Point of Presence in Nigeria

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Digital Realty, the world’s largest cloud and carrier-neutral data center platform, today announced the activation of a new internet exchange point of presence (PoP) for the Internet Exchange Point of Nigeria (IXPN) at its newly commissioned data center in Ibeju-Lekki, Lagos.

This development marks a significant milestone in strengthening Nigeria’s digital infrastructure and elevating West Africa’s connectivity.

Building on IXPN’s existing PoP at Digital Realty’s campus located in Victoria Island, the newly activated PoP at the company’s Lekki data center extends IXPN’s reach, offering access from 12 data centers across Nigeria. IXPN is now uniquely available in all major data centers in Lagos, further positioning Lagos as a hub for local and regional interconnectivity.

Strategically located, Digital Realty’s Lekki data center serves as the landing point for the 2Africa subsea cable system, one of the world’s most expansive subsea cable projects, linking over 46 locations throughout Africa, Europe, the Middle East, and Asia.

This can deliver reliable, high-speed connectivity and can help enhance Nigeria’s role in the global digital economy. With the opening of Digital Realty’s Lekki data center alongside its campus in Victoria Island, Digital Realty became the first carrier-neutral data center provider in Lagos to operate two campuses, offering enhanced resilience and disaster recovery options for the industry.

With improved access to IXPN at the Digital Realty’s Lekki campus, networks and service providers can benefit from expanded, resilient public peering options. These enhancements can reduce latency, improve efficiency, support robust data exchange for content providers and cloud platforms, and enable enterprises to meet growing demands both locally and internationally.

This activation at our Lekki campus represents a deepening of Digital Realty commitment to connecting the local and regional digital economy to global networks,” said Ike Nnamani, Managing Director, Digital Realty in Nigeria. “By integrating IXPN’s exchange point, we are delivering resilient peering that enables lower latency and can increase operational efficiency for our customers.”

For IXPN, the move supports its expanding community of over 130 peering members – spanning ISPs, global content, and cloud operators – delivering greater resilience and more efficient local internet traffic exchange.

“Expanding IXPN to Digital Realty’s Lekki campus is a significant step in our journey to enhance connectivity across Nigeria,” said Muhammed Rudman, CEO, IXPN. “Our members are expected to benefit from faster, low-latency pathways, allowing broader digital inclusion and fueling Nigeria’s digital economy,” Rudman continued.

IXPN continues to play a pivotal role in localising internet traffic, a key factor in performance improvements and cost reductions. Peak domestic internet traffic at IXPN surpassed 1 terabit per second (Tbps) in April 2025 and grew to over 2 Tbps by March 2026, demonstrating IXPN’s significant role in local traffic exchange. Industry data shows that keeping traffic local reduces latency, boosts connectivity speeds, and delivers substantial annual savings for ISPs and content providers.

 


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SpaceX Hints at Home‑Built Chip Module for Starlink Mobile

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SpaceX is signaling plans to develop its own radio‑frequency chip modules for the Starlink Mobile satellite‑to‑phone service, according to a new job posting for a Senior RF Front‑End Module Design Engineer.

SpaceX Hints at Home‑Built Chip Module for Starlink Mobile

What SpaceX Is Developing
The role is focused on designing “multi‑chip modules” containing RF front‑end components—such as antennas, signal tuners, and power amplifiers—that work alongside the modem in smartphones to transmit and receive 5G, LTE, and Wi‑Fi signals efficiently.

The engineer will integrate these RF modules into mass‑production printed circuit board assemblies and optimise yield and design for high‑volume manufacturing, indicating that SpaceX intends to take tighter control over the phone‑side radio hardware.

Link to Starlink Mobile Upgrade
The hiring move dovetails with SpaceX’s broader push to upgrade Starlink Mobile using valuable radio spectrum it acquired from EchoStar (parent of Boost Mobile), which the company plans to activate via next‑generation satellites launching in mid‑2027.

With that spectrum, SpaceX aims to boost downlink speeds for Starlink Mobile users to up to about 150 Mbps, a significant jump from the current roughly 4 Mbps, enabling 5G‑like connectivity directly from its satellites orbiting over 300 km above Earth.

Device‑Maker and Chip‑Partner Efforts
SpaceX has acknowledged that it will need about two years for phone manufacturers to adopt new chipsets tuned to the EchoStar spectrum bands, and at Mobile World Congress a SpaceX executive said the company is working closely with device and modem makers to enable the service on as many handsets as quickly as possible.

There are also reports that Samsung is developing a modem for the service, suggesting that SpaceX will combine its own RF‑front‑end modules with third‑party modems to deliver a full satellite‑to‑phone stack optimized for its low‑Earth‑orbit constellation.

Current Status of Starlink Mobile
Starlink Mobile today is offered mainly as a paid add‑on on T‑Mobile, while it is free on some of the carrier’s premium plans, and will later expand to Boost Mobile and prepaid carrier US Mobile.

Meanwhile, AT&T and Verizon are pursuing rival satellite‑to‑phone services via Texas‑based AST SpaceMobile, underscoring that direct‑to‑device connectivity is becoming a key battleground in the global telecom‑satellite convergence race.


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