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Experts Suggest Ways to Rejig Cashless

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Ms. Bunmie Jones and children
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After seeing the cashless economy get off on a shaky start, experts have canvassed the need for more government interventions to discourage cash transactions in every business segments of the economy, Nigeria CommunicationsWeek can report.

When the Central Bank of Nigeria (CBN), came up with the novel ‘Cashless’ policy in 2011, it was aimed at changing the spending culture of  Nigerians which is notoriously cash-transaction based with its attendant security challenges.

But six months into the project, most people are still dependant on cash for daily transactions.
Has the project failed six months into trial period? Or are there any measures of successes already credited to the policy?

Folake Ani-Mumuney, head, marketing and corporate communications at First Bank Nigeria Plc said there have been several benefits associated with the ‘Cashless’ policy, although there are still enough rooms for government intervention to make it a sustainable national programme.

Nigeria CommunicaionsWeek learnt that the bank has a good report on the ‘Cashless’ project. For instance, there has been a 200.16 per cent rise in eChannels transaction from December 2011 to May 2012.

“Before the introduction of the policy, we recorded a monthly average of about N3 Billion in eChannels transactions in 2011. But by end of May 2012 volume in eChannels transaction hit N10.6 Billion. That shows there are positives in the policy, although government still has a lot to do in terms to building a sustainable cashless policy,” said Ani-Mumuney.

She noted that the bank is committed to promoting cutting edge technology to serve the diverse needs of its’ teeming customers. “We are also in sync with the Cashless policy and presently, we are driving this policy in Lagos, and Nigeria at large, and this certainly makes our bank very fundamental to the nation’s goal of becoming one of the top 20 largest economies in the world by the year 2020.”

To achieve a frontline position in the cashless policy drive, the Bank took proactive measures by rolling out various e-transaction services and products even before the new CBN policy came on stream.

For instance, FirstBank’s online-real time banking services have been in place for almost a decade in addition to massive deployment of alternative delivery channels like POS, ATM and Internet banking, amongst other products.

“We were able to recognise on time that in the increasingly dynamic and sophisticated business environment, the future of banking will be driven by e-banking, hence we established a dedicated e-banking department many years ago,” said Ani-Mumuney.

Emezino Afiegbe, head, Card Business, concurred stating the bank’s card business segment  is focused on delivery world class solutions, hence it’s dealings are measured according to global best practices standard.

Nigeria CommunicationsWeek learnt that the bank is already looking to the mobile telephony platform with a view to reaching the millions of ‘unbanked Nigerians.’ To achieve this, it has introduced the FirstMobile product which complements the existing FirstOnline.

“FirstMobile is aimed at reaching out to the millions of unbanked population who already have or intend to own a mobile phone. The majority of mobile phone users who may be classified uneducated are numeric literates. We are aware of success of such projects elsewhere and we think that with the large mobile phone subscription figures, mobile banking will be a huge success in Nigeria,” said Afiegbe.

Nigeria is Africa’s leading mobile phone market with nearly 100 million active subscribers. It also has the continent’s largest internet users with 45 million connections by December 2011.

 


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The Nigeria Prize for Science & Innovation Records New Height as 2026 Edition Attracts 237 Entries

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(2nd Left) GM, External Relations and Sustainable Development, NLNG, Sophia Horsfall, presenting entries for The Nigeria Prize for Science and Innovation to the Chairman of the Prize’s Advisory Board, Prof. Barth Nnaji, at a press conference held in Lagos on Thursday.
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For the first time since it was established in 2004, the 2026 edition of The Nigeria Prize for Science and Innovation has recorded an historic milestone, attracting a record-breaking 237 entries.

The submissions were formally handed over to the Prize’s Advisory Board at a press conference in Lagos on Thursday, marking the start of the adjudication process.

The handover marks the beginning of the search for Nigeria’s most innovative scientific mind, under the theme “Innovations in ICT, Artificial Intelligence (AI), and Digital Technologies for Development.” The theme was a deliberate retention from the 2025 edition, which concluded without a winner after no entry met the required standard for selection.

Speaking at the press conference, Sophia Horsfall, NLNG’s General Manager, External Relations and Sustainable Development, said the continued focus on digital technologies reflects both global trends and Nigeria’s development priorities. She noted that the Prize remains a platform for identifying solutions with real-world relevance.

“In this fourth revolution, digital infrastructure is as foundational to our survival as electricity or water. For Nigeria, our economic sustainability depends on our ability to move beyond promising research and into undeniable innovation that delivers,” she said.

She added that global recognition for Nigerian innovation must be earned through stringent standards. “We believe that if a Nigerian discovery is to command global respect, it must withstand the highest levels of scrutiny. It is this conviction that guided the difficult decision seven months ago”.

While acknowledging the level of interest the theme continues to attract, Horsfall maintained that expectations remain uncompromising, noting that only solutions demonstrating real impact and scalability will be considered. She added that the decision not to award a winner in 2025 reflects this commitment and sets the benchmark for the current adjudication process.

Receiving the entries, Chairman of the Advisory Board, Barth Nnaji, described the handover as a decisive stage in the Prize’s selection process, emphasising that its credibility is anchored on strict standards of excellence. He reaffirmed that the Prize remains focused on identifying innovations that translate scientific insight into tangible socio-economic outcomes.

“Our refusal to award the prize in 2025 was not a dismissal of the hard work of Nigerian innovators; rather, it reinforces that The Nigeria Prize for Science and Innovation holds a gold standard of excellence,” he stated.

He further clarified that the outcome of the 2025 edition, in which no winner was declared, should be viewed within the context of the Prize’s rigorous evaluation framework, which demands novelty, depth, relevance, and demonstrable impact. He emphasized that all entries will continue to be subjected to the same high level of intellectual and technical scrutiny.

Professor Nnaji added that the Prize seeks solutions that directly address Nigeria’s real-world challenges. “Our broader objective is to identify work that brings tangible impact to the challenges Nigeria faces, whether through digital health technologies that serve rural populations or the use of AI in preserving our cultural heritage and languages.”

Other members of the Board are Chief Dr. Nike Akande, a two-time former Minister of Industry, and Professor Baba Yusuf Abubakar, a professor of quantitative genetics and animal breeding.

The Nigeria Prize for Science and Innovation, now in its 22nd year, is valued at $100,000 and remains arguably Africa’s most prestigious science award. The winning entry for the 2026 edition will be unveiled at a world press conference scheduled for September.


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FG, World Bank Launch $65m SPESSE Funding for 24,000 Nigerians

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Federal government, in partnership with the World Bank, has launched a fresh $65 million funding phase of the Sustainable Procurement, Environmental and Social Standards Enhancement (SPESSE) project aimed at benefiting more than 24,000 Nigerians through professional training and institutional capacity development.

FG, World Bank Launch $65m SPESSE Funding for 24,000 Nigerians

The initiative, coordinated by the National Universities Commission (NUC), is designed to strengthen procurement systems, environmental management and social standards across public and private institutions, while promoting transparency, accountability and sustainable development practices nationwide.

Abdullahi Ribadu, executive secretary of the Commission, disclosed this in Abuja during the signing of performance contracts for the additional SPESSE financing. He explained that the intervention builds on the gains of the initial $80 million SPESSE project, which became effective in 2021.

According to Ribadu, the programme has significantly improved institutional frameworks and developed professional expertise in key governance sectors. He noted that the initiative was introduced to address the shortage of qualified professionals in procurement, environmental management and social standards within both public and private institutions.

He said: “With the support of the World Bank and under the coordination of the NUC, six centres of excellence were established across the six geopolitical zones to provide sustainable capacity building in these critical sectors”.

Ribadu stated that the participating universities were selected through a transparent and competitive process based on institutional readiness, quality assurance and sustainability.

He added that the institutions have continued to produce skilled manpower capable of advancing transparency, environmental responsibility and inclusive national development.

He described the contract signing ceremony as a renewed commitment to accountability, sustainability and institutional excellence, noting that the centres have recorded major achievements, including the introduction of specialised academic programmes ranging from short courses to undergraduate and postgraduate degrees.

The NUC boss further disclosed that three of the six centres have already commenced PhD programmes, while the remaining centres are expected to begin by July 2026.

He added that under the new funding phase, the Commission targets at least 60 PhD graduates, enrolment of 60 foreign students, staff internships and expanded student exchange programmes with international institutions.

Also speaking, Adebowale Adedokun, director-general, Bureau of Public Procurement (BPP), said the project has so far trained more than 2,700 officers from both the public and private sectors to improve procurement competence nationwide.

He said the next phase would support the rollout of Nigeria’s electronic procurement system and expand online capacity-building programmes for policymakers and small and medium-scale enterprises involved in managing public funds.

On his part,  Ishtiak Siddique, World Bank Task Team Leader for SPESSE, revealed that more than 40,000 participants had benefited from training under the original project, with over 4,000 certified in procurement, environmental and social standards.

Siddique said the additional funding would focus on strengthening the capacity of federal, state and local government agencies to improve development outcomes and service delivery, stressing that sustainability remained central to ensuring continuity beyond donor support.

For her part, Prof. Folasade Ogunsola, Vice-Chancellor, University of Lagos,  reaffirmed the institution’s commitment to advancing professional capacity development under the SPESSE framework through postgraduate training, institutional ownership and international collaborations.


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Kaspersky Challenges IT Leaders with Next-generation Cyber Protection Simulations

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Kaspersky has expanded its Kaspersky Interactive Protection Simulation (KIPS) with new advanced cyberattack scenarios tailored specifically for IT organisations.

The update introduces realistic simulations of deepfake-enabled fraud, supply chain compromise, trusted relationship attacks and destructive wiper malware, helping businesses test their preparedness against today’s complex threat landscape.

IT companies remain one of the most attractive targets for cybercriminals. As attackers increasingly combine social engineering, supply chain manipulation and ransomware tactics, organisations require hands-on, strategic training that reflects real-world attack dynamics.

Kaspersky Interactive Protection Simulation is designed to bridge the communication gap between CISOs, IT teams and top management. By immersing participants in realistic cyber crisis scenarios, KIPS demonstrates the operational and business impact of attacks in an accessible, engaging format.

Real-world attacks in a realistic simulation environment

The updated IT-focused scenario in KIPS exposes participants to modern attack techniques observed by Kaspersky experts in active malicious campaigns targeting the IT sector.

Participants may face:

Binary Backdoor in the Build – a supply chain attack that compromises software during signing, packaging or distribution stages. Once deployed, the tampered product enables data theft, persistent remote access and the compromise of trusted customers downstream.

DeepFake Boss – a social engineering campaign leveraging AI-generated video and voice impersonations of corporate executives to manipulate finance teams into initiating unauthorised payments.

Trusted Relationship Attack (VPN) – exploitation of third-party access and remote connectivity tools to infiltrate corporate environments through contractors or service providers.

Wiper Attack (Babuk) – a destructive malware scenario based on leaked Babuk ransomware code. This scenario tests resilience against irreversible data corruption combined with ransomware deployment. In the simulation, if players fail to contain the attack in time, data becomes encrypted, forcing a complete rebuild from scratch.

IT companies can now choose between two dedicated attack scenarios, testing coordination, crisis management and decision-making under pressure. KIPS is available in both live (up to 100 participants) and online (up to 1,000 trainees) formats and provides detailed analytics on participants’ decisions, team coordination and benchmarking against previous sessions.

“To stay secure, organisations need a layered defence strategy that combines technology, processes and people. But investing in tools alone is not enough. Cyber resilience depends on awareness, coordination and the ability to respond effectively under pressure,” comments Svetlana Kalashnikova, Security Awareness expert at Kaspersky.

“Kaspersky Interactive Protection Simulation, a part of a comprehensive Security Awareness offering, helps organisations experience real-world attack scenarios in a controlled environment, strengthening decision-making, cross-team collaboration and executive understanding of cybersecurity risks. By transforming complex threats into practical learning experiences, we empower companies to build stronger, more resilient security cultures.”


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