Connect with us

General News

From Cowries to Mobile Money

Published

on

Kindly share this post

Great ancient African empires were regional kingdoms where trade and commerce where striving before the advent of colonialism. The great kingdoms of Africa from the Ashanti Empire (Modern Ghana) to Zulu Land (Southern Africa), were striving strong economic centers serving local and regional communities. Commodity trading and services where exchanged at reasonable and stable rates to meet the expansionist drive of the kingdom. Money had always been used all across the old world and Bible even recorded that at some point, tax was demanded from Jesus Christ in form of a gold coin. Many forms of currencies were in use all across Africa, ranging from shells, salts, cloths, grains, goats to even, human slaves! Though all forms of money tokens were existing all across Africa but the cowry was one of the early currency standards. Value was judged based on how many Bags of cowries that is in possession. Bill Gates would have required ware houses filled with bags of cowries to be the richest man in the world by cowry standards and western Union would actually need the logistics of UPS and DHL, combined, to remit money across the globe by the cowry standards. By the cowry standards, value is hard to determine since all you will require to become rich is to live by the sea side and visit the coastline on a consistent basis. The acceptance of cowries was strongly supported by religious beliefs of having power of fertility and it was on that basis that the acceptance was universal across the West African region without a need for regulatory approvals. Metals were later to be adopted and used across many economies in Africa. Metalworking has ancient beginnings in Africa. Bracelets, anklets and collars that were cast or hammered from copper were widely used for transactions and also as a means to store wealth. Coins later emerge in many territories across Africa as colonial powers became strong business partners all across Africa. The Austrian Maria Theresea ‘Thaler’ was one of the most used coins in the early stages and It was so popular that the supply could not meet the demand. The British Royal Mint also made coins for overseas trade in Africa in 1937, followed by other European colonial powers all across Africa. Coins has its own intrinsic value, some were made with silver or gold. Money evolved very quickly from coins and other commodity based value systems to Paper currency in Africa by the mid 2Oth century. Most African nations, though pre-independence where issuing paper based currencies for local trade and international trade. Paper based currencies gave rise to the use and adoption of other monetary instruments that are also acceptable as a means of legal tender by Government decrees or fiat. Paper based Money was strongly promoted as Banks begin to reach more provinces and commercial cities / towns in Africa. Electronic money in forms of credit/Debit Cards which is an offshoot of paper based money could not gain wide spread use in Africa because of limited points of acceptance, huge cost of infrastructure roll out and literacy levels in Africa. Welcome to the future. Mobile Money is changing the way people transact Business and Banking in some countries on the continent. Africa is home to millions of Mobile phone users and it has reached more people in Africa than Internet, Banking, ATM, Television and radio, combined together. Though still not documented or legalized as a form of legal In some parts of Africa, Mobile money is already striving informally in some countries where more than 5 percent of Airtime top ups are actually exchanged for money at corner stores and street vendors. It is only a matter of months and years before the MPESA bug catches up all around Africa


Kindly share this post

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

Continue Reading
Advertisement
Comments

General News

Myitura Launches Women-Focused Healthcare Financing Solutions to Bridge Access Gap

Published

on

Kindly share this post

In commemoration of Women’s Month, health-tech platform Myitura has released a new white paper addressing the critical gaps in healthcare financing for women in Nigeria.

Titled “Closing the Gap: Healthcare Financing for Women in Nigeria,” the report highlights how high out-of-pocket costs, limited insurance coverage, and socio-economic factors continue to prevent women from accessing timely healthcare.

According to the report, over 70% of healthcare expenses in Nigeria are paid out-of-pocket, disproportionately affecting women who often delay care due to financial and social constraints.

“When women can afford to take care of their health early, we don’t just save lives; we strengthen families, communities, and the economy,” said Chialuka Kelechi, MyItura’s Chief of Staff.

Key Insights from the White Paper:

  • Preventable conditions often escalate due to delayed care
  • Women are more likely to deprioritize their own health
  • Affordable, structured healthcare financing can significantly improve outcomes

Introducing a Women’s Health Initiative

As part of its commitment, Myitura is launching affordable women-focused health packages (powered by Mediloan), starting at ₦58,180, designed to encourage preventive care and early detection.

The package provides access to:

  • Fasting/Random Blood Sugar
  • Urinalysis
  • Electrolytes
  • Urea
  • Creatinine
  • Pap Smear Submitted slides
  • HIV I & II Rapid (Qualitative)
  • Hepatitis B Surface Antigen Screening (Rapid)
  • Hepatitis C Virus Screening (Rapid)
  • Abdominopelvic Ultrasound
  • Ongoing support via the Myitura platform

Access:

Women can access these packages by downloading the Myitura app, which makes healthcare more accessible and convenient.

Myitura is a health-tech platform focused on improving access to healthcare through financing, technology, and preventive care solutions.

 


Kindly share this post
Continue Reading

General News

DBI Unveils Nigeria Digital Economy Outlook 2026: Q1 Report Highlights Strategic Trends, Risks

Published

on

Kindly share this post

DigitalSENSE Business Intelligence (DBI), powered by ITREALMS Media, has launched the Nigeria Digital Economy Outlook 2026: Q1 Intelligence Report (Executive Edition), delivering vital insights for navigating Nigeria’s fast-paced digital landscape.

DBI Unveils Nigeria Digital Economy Outlook 2026: Q1 Report Highlights Strategic Trends, Risks

This executive summary spotlights trends, risks, and opportunities in telecommunications, fintech, digital infrastructure, policy shifts, and investment flows. It underscores digital transformation’s pivotal role in boosting economic growth, financial inclusion, and nationwide innovation.

DBI Publisher, Ogbuefi Remmy Nweke, emphasized its value for leaders: “This Executive Edition offers a sharp, strategic view of Nigeria’s digital economy during a pivotal moment. As the sector surges ahead, reliable intelligence is key to seizing opportunities and tackling risks.”

Key highlights include:

  • Broadband infrastructure expansion.

  • Surge in digital payments adoption.

  • Evolving regulations.

  • Investor pivot to sustainable, profitable ventures.

The report urges action on digital financial inclusion, infrastructure funding, skills training, and public sector digitization.

Freely accessible, the Executive Edition complements the premium Full Edition with in-depth analysis for executives and institutions. Stakeholders can request full access or briefings.

Media & Access Contacts:
Email: [email protected]
Website: www.itrealms.com.ng


Kindly share this post
Continue Reading

General News

NASENI Renewable Energy Industrial Park Underway as Construction Gains Momentum

Published

on

Kindly share this post

The on-going construction works at the National Agency for Science and Engineering Infrastructure, NASENI’s Renewable Energy Industrial Park, Gora, Nasarawa State is gathering momentum as the project is envisioned to address the country’s energy needs.

NASENI Renewable Energy Industrial Park Underway as Construction Gains Momentum

NASENI’s Renewable Energy Industrial Park, Gora, Nasarawa State

The project occupying a 40-hectare park designed as a multi-energy hub will help curb capital flight and save foreign exchange expenditure by enabling local production of key renewable energy components such as solar panels, mounting racks, wind systems and biomass technologies.

Speaking during an inspection visit on the project site on Tuesday, March 31, 2026, Special Adviser to the Executive Vice Chairman on Renewable Energy, Engr. Suyud Abdullahi Muhammad, who also serves as the Gora Project Manager, disclosed that the initiative is designed to significantly reduce Nigeria’s dependence on imported renewable energy equipment.

“There will be a wind assembly plant, small hydro power equipment production, and solar panel manufacturing; Renewable energy goes beyond just solar, and this park reflects that broader vision,” he said.

Abdullahi noted that the project aligns with NASENI’s goal of reducing energy poverty in Nigeria, where over 80 million citizens remain off-grid, while many connected to the national grid continue to experience inadequate power supply.

The Special Adviser also emphasised on the project’s industrialisation potential, highlighting its role in job creation and value chain development. The park is expected to generate 2,000 direct jobs, with an additional 50,000 indirect employment opportunities across supporting industries when completed.

“This initiative will localise the renewable energy value chain. Instead of relying on imports, Nigeria will begin to produce and eventually export these technologies, starting with the West African market and scaling up to the rest of the continent,” he added.

On sustainability and long-term viability, he revealed that the project is being executed in collaboration with private sector players, academia and other stakeholders, in line with NASENI’s “3Cs” principle of Creation, Collaboration and Commercialisation.

The ongoing construction is being handled by about 35 contracting firms, each handling specific components at varying levels of execution such as Multipurpose Halls for industrial productions, Research and Development (R&D) Centre, Knowledge Park, Energy Centre, Workshops, Researchers Lodge, Studio Apartments, Clinic, Restaurant, Wellness Centre, Solar Farm, Drivers Lounge, Gate House, Internal roads and drainage system and Fencing.

The Gora Renewable Energy Industrial Energy Park is considered a key component of the Federal Government’s Renewed Hope Agenda, aimed at strengthening local manufacturing, enhancing energy security and positioning Nigeria as a renewable energy hub in Africa.


Kindly share this post
Continue Reading

Trending