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Experts Highlight Blockchain, AI, eCommerce Potentials for Africa @ AfriTECH 4.0

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L-r: Lovelyn Okafor, country head, Newmark Group; Biram Fall, Regional General Manager, QNET Sub-Saharan Africa; Chike Onwuegbuchi, co-convener, AfriTECH & ATAEx Awards; Mrs. Ebehijie Momoh, CEO, AfriGoPay Financial Services Limited; Dr. Akeem Ajisafe, CEO of Transblue Limited, and Peter Oluka, co-convener of AfriTECH & ATAEx Awards.
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Technology experts at the Africa Tech Alliance Forum (AfriTECH 4.0) held in Lagos State-Nigeria, recently, highlighted the transformative potential of blockchain and AI in positioning Africa as a global technology leader.

Kashifu Inuwa Abdullahi, the director-general of the National Information Technology Development Agency (NITDA), in his keynote address, titled “Blockchain Technology & AI: Positioning Africa for the Future,” emphasized Africa’s unique position to leverage these technologies for economic and social development.

With mobile penetration at about 80% and a rapidly growing youth population, Africa, he noted, is fertile ground for digital transformation, noting that Blockchain and AI offer unparalleled opportunities to propel Africa into the future as a leader in the global digital economy.

“Both blockchain and artificial intelligence are powerful technologies that offer Africa unprecedented opportunities. By strategically integrating these technologies, we can propel Africa forward as a dynamic leader in the global digital economy,” he said.

Abdullahi who was represented at the event by Mrs. Rita Shoremi, Head, Startup Innovations and IT solutions, NITDA, South West Zone, outlined the potential of blockchain to address challenges in financial inclusion, governance, and property rights across the continent arguing that with over 57% of Africans unbanked, blockchain can extend financial services to underserved regions, adding an estimated $300 billion to Africa’s GDP by 2025.

“Africa stands at a unique juncture. Our continent has seen remarkable digital growth, with mobile phone penetration reaching 80% across sub-Saharan Africa according to a World Bank, 2022 report.

“Africa is also home to one of the world’s fastest-growing youth populations, over 60% of whom are under the age of 25 by a UN Population Data of 2022. These dynamics offer a fertile ground for digital transformation, and emerging technologies like blockchain and AI have the potential to redefine key sectors that fuel Africa’s economy,” Abdullahi stated.

To fully capitalize on blockchain and AI, Abdullahi emphasized the need for supportive policies, strategic partnerships, and youth empowerment and noted that NITDA’s eight-pillar strategy aligns with Nigeria’s goals for digital literacy, infrastructure access, and global research collaboration, with a goal of achieving 70% digital literacy by 2027.

In his presentation titled “Navigating The Future of Technology In Africa: The Intersection of AI, Blockchain, Cryptocurrency and Cybersecurity,” Dr. Obadare Peter Adewale, the chief visionary officer, Digital Encode Limited, examined adoption trends, industry impact, and the key challenges across these technologies.

Taking an overview of Emerging Technologies in Africa, Obadare who was represented by Oluwakayode Olatunji, CISO and Group Head of Information Security at Digital Encode Limited stated that Africa’s digital transformation is accelerating in key sectors like fintech, healthtech, and agritech that are adopting cutting-edge technologies such as AI, blockchain, and cryptocurrencies.

According to him, whereas mobile penetration, cloud computing, and increasing internet access are driving the growth of these technologies, these innovations come with risks and threats associated with cyberattacks, fraud, and data breaches and cautioned that a robust cybersecurity framework is crucial for sustainable digital transformation.

On his part, Mr. Biram Fall, the Regional General Manager, QNET Sub-Saharan Africa, said that with over 350 million unbanked adults, there is a significant potential of financial inclusion and digital solutions for Africa, and a vast opportunity to expand access to financial security, event through electronic commerce (eCommerce).

Speaking as a lead presenter at the AfriTECH 4.0, Mr Fall stated that financial inclusion transforms lives by providing essential financial tools like savings accounts, credit, and insurance, which foster economic independence.

Highlighting the importance of the Forum’s theme, “Harnessing Fintech Solutions for Financial Inclusion & eCommerce Growth,” he said”: “The demand for financial inclusion aligns with a projected $75 billion e-commerce market in Africa by 2025, driven by rising internet access and smartphone adoption. However, limited banking infrastructure and high cash dependency hinder digital engagement,” he said.

He disclosed that QNET’s initiatives, such as its “Fit Green” financial literacy programme, have trained over 1,500 young Nigerians, promoting financial self-sufficiency and entrepreneurship through an e-commerce-driven direct-selling model active in over 100 countries.

“Our e-commerce driven direct-selling model provides income-generating opportunities in over 100 countries, promoting entrepreneurship and self-sufficiency in low-income regions. True progress requires collaboration.

Prof. Ibrahim Adeyanju, the Managing Director/Chief Executive Officer of Galaxy Backbone, underscored the importance of building sustainable digital infrastructure to fuel Africa’s economic transformation.

Presenting a paper titled: Building Digital Infrastructure for a Sustainable Digital Economy, through a representative, Mr. Nnamdi Onoh, Field Service Engineer at Galaxy Backbone, Prof. Adeyanju noted that technology has the potential to redefine Africa’s economic trajectory, and that at Galaxy Backbone, they are dedicated to building the foundational digital infrastructure that supports this vision.

According to him, “Africa’s digital journey presents immense opportunities, but it requires robust, scalable, and sustainable infrastructure to enable economic growth. Galaxy Backbone’s mission aligns directly with these goals, as we work to provide the infrastructure and connectivity that powers government services, businesses, and communities across Nigeria.”

He said that today, digital infrastructure is much more than just technology but about creating resilient systems that empower citizens, foster economic empowerment, and drive inclusive growth. “Our investments in state-of-the-art data centres, fibre optic networks, state of the art SOC and secure cloud solutions have created a backbone that supports Nigeria’s public sector and enables interconnectivity among MDAs,” he said.

Nodding in agreement, Mrs. Ebehijie Momoh, the chief executive officer of AfriGoPay Financial Services Limited, said that the company, working with Nigerian banks and the Central Bank, aims to reduce payment processing costs, thus supporting the nation’s financial inclusion goals

Momoh noted that with a population exceeding 220 million and mobile penetration reaching a notable 90%, Nigeria is well-positioned for a digital transformation that supports a burgeoning economy, adding that over 103 million Nigerians, or 45.5% of the population, are now internet users, underscoring the potential for digital growth.

“According to a 2023 report, the country’s financial inclusion rate rose to 64%, an impressive increase from the 50s just two years prior. This growth is driven in part by the Central Bank of Nigeria’s (CBN) initiatives focused on financial inclusion, fostering an environment where more Nigerians can access essential financial services,” she said.

The AfriGoPay Chief Executive expressed delight that Nigeria’s digital payments landscape is also experiencing rapid expansion, with 2023 alone seeing an estimated $730 billion in transactions and noted that the advent of domestic payment solutions, like the recently launched AfriGo card, represents a home-grown option that facilitates cashless payments.

“The AfriGo card, developed in collaboration with Nigerian banks and the CBN, is designed to reduce costs by processing transactions in local currency instead of foreign exchange, thus supporting the nation’s financial inclusion goals.

AfriTECH 4.0 attracted both physical and virtual attendees from Nigeria, Kenya, Egypt, United Kingdom, United States, South Africa, amongst others.

 


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NIA Questions Legality of Reps’ Financial Probe

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The Nigerian Insurers Association has urged the House Committee on Capital Market and Institutions to respect the constitutional separation of powers as it carries out a probe on over 20 insurance firms.

In a statement on Tuesday night, the Director General/Chief Executive Officer of NIA, Mrs Bola Odukale, said the decision of NIA and the affected firms to approach the court was to seek clarity on the constitutional limits of the House Committee’s probe.

It would be recalled that the House of Representatives on Monday is investigating no fewer than 25 insurance companies operating in the country for various financial infractions spanning financial reporting, claims settlement, premium remittance, and issuance of policies.

The Chairman, House Sub-Committee on Capital Market and Institutions, Kwamoti Laori, during a meeting with the management of the insurance companies at the National Assembly Complex in Abuja, said the meeting was convened following the receipt of a petition on infractions by the insurance companies.

In the statement, Odukale said, “The Association wishes to state unequivocally that all actions taken by the NIA and the affected member companies in response to the Committee’s invitations and pronouncements were based entirely on legal advice by its Solicitors. It was on the firm instruction of legal counsel that recourse was made to the courts.

“The objective of approaching the Court is to seek judicial guidance on the legality, propriety, and constitutional limits of the Committee’s intervention in order to safeguard institutional integrity, uphold regulatory independence, and ensure that legislative oversight remains within the bounds of law.

“The Court action seeks to determine whether the current posture of the Committee reflects an exercise of legislative judgment, which, by constitutional design, is the exclusive province of statutory regulators, such as the National Insurance Commission, Securities and Exchange Commission, Nigerian Exchange, Financial Reporting Council, Nigeria Data Protection Commission, and the National Information Technology Development Agency.

“This raises serious questions about legislative overreach and an erosion of the doctrine of separation of powers, a cornerstone of Nigeria’s constitutional democracy.”

Odukale maintained that the NIA was committed to lawful and constructive engagement with all arms of government, provided that such engagement respects the autonomy of statutory regulators and the boundaries established by the Constitution.

“The NIA will continue to provide its full support to all member companies while upholding the principles of legal compliance and sector-wide integrity,” Odukale concluded.

17 of the companies that went to court were represented by their lawyer, Mr Abimbola Kayode, at the meeting with the committee.


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Horn of Africa Leaders Seek Enhanced Digital Integration for Increased Regional Growth

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Finance ministers and development partners from the Horn of Africa have called for enhanced digital integration to boost trade, drive economic growth and promote regional stability during the 25th Ministerial Meeting of the Horn of Africa Initiative (HoAI).

Held in Nairobi, on July 14, the meeting was co-chaired by the African Development Bank’s Vice President for Regional Development, Integration and Business Delivery, Nnenna Nwabufo and Somalia’s Minister of Finance, Bihi Iman Egeh. Discussions underscored the critical role of digital integration in reducing trade barriers, boosting government service delivery and creating employment — particularly for the region’s youth.

“Digital technologies are shaping today’s economy and tomorrow’s industries. By embedding these technologies into our programs, we can not only improve inclusion but also leapfrog outdated development models,” said Nwabufo.

She called for digital integration a “central enabler” in each of the Horn of Africa Initiative’s pillars – trade, infrastructure, resilience, and human capital,

Learning through experience

Drawing from global and regional success stories, speakers highlighted the transformative potential of technology-led development. The ministers pointed to the Philippines as a strong example, where ICT has generated millions of jobs in business process outsourcing. Similarly, Kenya’s fintech innovation—especially the success of M-PESA—was cited as a model for scaling digital financial services across the region.

Participants urged governments to proactively foster digital ecosystems by capitalizing on the demographic dividend, identifying infrastructure upgrades, tighter regulatory reforms, and digital skills trainings as priorities to enable broader participation in the digital economy.

Minister Egeh reiterated the need for more coordinated regional efforts to create the enabling environment required for accelerated digital integration and expansion. He referenced the HoAI Digital Policy Matrix, adopted in 2023 which provides a blueprint on how to address key obstacles to achieving effective digital integration across the region.

Barack Makokha, Kenya’s Cabinet Secretary for National Treasury, underscored the importance of regionally-aligned public private partnerships and advocated for blended financing to reduce investment risk and expand digital access in underserved areas.

World Bank Vice President for Eastern and Southern Africa, Ndiame Diop, called for a comprehensive multi-pronged approach, combining cross-border coordination, large-scale financing, robust policy support, and digital infrastructure investments. He pointed out that such measures could transform digital integration into, “a powerful engine of economic transformation” for the Horn of Africa—ensuring no one is left behind in the digital era.

The meeting concluded with a shared recognition that sustained political will and the determination to implement a multifaceted approach are essential to unlocking the region’s economic potential and driving long-term growth.

The event also welcomed observers from the East African Community, Agence française de développement, and Shelter Afrique, reflecting strong regional and international backing for the HoAI in the development community.


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CSCS Inaugurates Custodian Portal to Enhance Digital Access, Operational Efficiency

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Central Securities Clearing System Plc (CSCS), Nigeria’s capital market infrastructure provider, has launched its Custodian Portal, a user-centric digital solution designed to optimise custodian operations through intuitive, secure and efficient features.

Haruna Jalo-Waziri, Chief Executive Officer (CEO), CSCS, announced this in a statement on Monday.

The CSCS is a Public Limited Company with a diversified shareholder base, which serves as the Central Securities Depository for the Nigerian Capital Market.

It serves as the Central Depository for Equities, Commercial Papers, Corporate Bonds, Sub-National Bonds, certain Sovereign Bonds like the FGN Sukuk and the FGN Savings Bond, Equity-traded Funds, Real Estate Investment Trusts, Mutual funds and Commodities.

Jalo-Waziri said that the custodian portal offered a streamlined experience for market participants with powerful tools that facilitate comprehensive portfolio and trade management, document tracking, share transfer operations, client symbol search, and real-time access to vital data.

He explained that the portal, designed to operate through a flexible subscription-based model, empowered users to manage their records effortlessly and securely through convenient payment channels such as GTPay and Paystack.

According to him, “Digital transformation remains at the core of our strategy to enhance the efficiency, transparency and accessibility of Nigeria’s capital market services.

“The custodian portal is a significant leap in that direction, offering custodians a centralised platform to manage critical processes in real-time.

“We are excited about the value this innovation brings to our stakeholders, and we will continue to evolve the platform in line with users’ needs and industry trends.”

The CEO also explained that the portal was designed with user experience in mind with feature tools like portfolio viewing and downloads in PDF or Excel format.

He further said that it also featured tracking of stock movements across date ranges, inbox messaging and request tracking, as well as robust user management capabilities including role assignment and status tracking.

Similarly, the Divisional Head, Business Technology and Digital Innovation, CSCS Plc, Tobe Nnadozie, said that the portal aligned with CSCS’s drive to automate the market.

“In addition to the normal features, the platform is a part of an omnichannel platform for custodians, and includes API services.

“It also connects to the market-wide workflow, which CSCS has built to ensure secured communication and approvals across all major stakeholders in the market.

“The platform is well secured with best-of-breed cybersecurity solutions and our SOC,” he said.

The Custodian Portal reinforces CSCS’s commitment to leveraging technology to streamline back-office functions and support a more agile, data-driven capital market ecosystem.

All custodians in the Nigerian capital market have now been successfully on-boarded on the Custodian Portal, marking a significant milestone in CSCS’s ongoing drive to enhance collaboration, standardise operational processes, and promote digital adoption across the market.


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