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From Cowries to Mobile Money

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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


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General News

FG Launches the Happy Woman App Platform

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Federal government has unveiled a new digital platform to connect millions of women to finance, skills training, and market opportunities, in what officials call the country’s largest technology-driven women’s inclusion initiative to date.

The Happy Woman App Platform, which was unveiled at the Presidential Villa in Abuja, would serve as a single interface for women to access funding facilities, business development support, governmental initiatives, and critical services.

The digital drive comes as Nigeria grapples with expanding gender gaps in financial access, with women much less likely than males to maintain bank accounts or obtain formal credit, limiting their capacity to grow informal enterprises they primarily run.

Yet women remain central to the economy, accounting for a large share of micro and small enterprises that contribute nearly half of the country’s GDP.

According to the Social Institutions and Gender Index, only about 35 percent of Nigerian women have a bank account at a financial institution, compared with 55 percent of men, underscoring the depth of persistent financial exclusion and the urgency of targeted interventions.

The launch coincided with the expansion of the Nigeria for Women Programme, which the administration now plans to scale nationwide to reach 25 million women.

President Bola Tinubu, represented by vice president Kashim Shettima, said the scale-up is central to Nigeria’s economic growth strategy.

“A nation that relegates its women is a nation bound for implosion,” he said, adding that women must be placed “at the centre of national planning and productivity.”

The expanded programme builds on a pilot phase in six states that reached over one million women, many organised into Women Affinity Groups to access grants, savings schemes and livelihood support.

The government says the new app will streamline beneficiary registration, payments and training, reducing leakages and improving delivery.


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Indigenous Firm Deploys 400,000 Smart Electricity Meters in 2025

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MOJEC International Limited has revealed that it deployed over 400,000 smart meters nationwide in 2025, representing a significant year-on-year growth for the indigenous smart meter manufacturer.

This performance reflected a 33.3 percent increase over the 300,000 meters deployed in 2024, highlighting the scale and acceleration of MOJEC’s metering operations.

Chantelle Abdul, group managing director, attributed the sustained impact to deliberate investments in infrastructure, people, and technology.

“MOJEC operates two state-of-the-art meter production facilities with a combined installed capacity of up to five million meters annually. This scale enables us not just to meet current demand, but to support Nigeria’s long-term metering and energy efficiency goals,” she said.

She further noted that MOJEC’s expansive installer ecosystem, comprising over 5,000 trained professionals nationwide, remains a critical enabler of its delivery advantage, ensuring speed, quality, and compliance across diverse terrains and markets.

The company stated that the deployment surge reflected growing confidence by Distribution Companies (DisCos) and sector stakeholders in MOJEC’s technical capacity, delivery speed, and end-to-end metering solutions.

According to Monday Ubogu, MOJEC’s head of installation, the scale and consistency of delivery set the company apart.

“Within the first three quarters of the year, MOJEC completed about 300,000 installations, accounting for roughly 40 percent of total installations nationwide during that period.

“The momentum continued into the final quarter with an additional 150,000 meters deployed, highlighting our operational depth and nationwide reach,” he said.

Ubogu added that MOJEC’s performance builds on decades of sector engagement, spanning key national metering initiatives including CAPMI, MAF, Vendor Financing, MAP Phases I & II, and NMMP 0, with the company having deployed nearly four million meters since the privatisation of NESI.

According to the company, a substantial portion of the deployment was driven by MOJEC Meter Asset Management Company (M3AC), the Group’s asset management subsidiary, which accounted for about 350,000 installations.

 


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Globacom Donates ₦1Bn to Lagos State Security Trust Fund

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In its bid to contribute its quota to the consolidation of security in Nigeria’s commercial capital, Lagos, telecommunications giant, Globacom, has thrown its weight behind the Lagos State Security Trust Fund (LSSTF) with a donation of ₦1 billion.

The generous donation was announced at a Private Sector Breakfast Meeting with CEOs, convened at the instance of the Executive Governor of Lagos State, Mr Babajide Sanwo-Olu, on Friday, January 30, 2026 and shows the company’s commitment to fostering public safety which would in turn, culminate in enhanced prosperity and social re-engineering in the state.

The donation, which is the biggest private-sector intervention from the telecommunications sector to the Fund in recent years, again shows that Globacom is a responsible, responsive and people-oriented corporate citizen.

Globacom disclosed that the intervention emphasized deeper collaboration between government and the state’s business community especially in relation to security, innovation and economic resilience—an agenda which the digital solutions company has unabashedly supported through sustained social investments.

The Executive Secretary/CEO of the Fund, Dr. Ayo Ogunsan, in his display of appreciation described Globacom’s largesse as “a powerful demonstration of corporate citizenship and a strategic investment in the stability of Lagos State,” saying since LSSTF was established to bridge funding gaps in security infrastructure, it desired voluntary contributions from corporate bodies and well-meaning collaborators.

Dr. Ogunsan promised that the ₦1 billion donation will significantly enhance the Fund’s capacity to address critical priorities for 2026, including multipurpose security helicopters and drones, Armoured Personnel Carriers (APCs), water cannons, digital communication equipment and Smart CCTV systems. These assets, he added, were germane to proactive policing, rapid response and intelligence-led operations across the state.

He therefore encouraged Lagosians to support businesses that invest in the safety and development of the state, saying, “When companies step forward to secure our environment, residents should reciprocate by patronizing them. Their support directly impacts the protection of lives, property and economic activity.”

A statement from Globacom explained that the donation was an expression of the company’s staunch belief in Nigeria’s future. “At Globacom, we see security not as a government burden alone, but as a shared responsibility. When people feel safe, enterprise grows, creativity flourishes and hope becomes practical. Our support for the LSSTF is about protecting the everyday dreams of millions of Lagosians,” he noted.

With this donation to the LSSTF, Globacom has furthered its tradition of investing directly in the conditions like safety, confidence and stability which help commerce to thrive. Consequent on the support, LSSTF is gingered to raise the bar of security thereby concretizing Lagos State’s position as Nigeria’s safest and most vibrant commercial hub.

This recent financial intervention from Globacom is in tandem with its avowed commitment to social responsibility that is practical, timely, scalable and aligned with national priorities.

The company’s interventions in the past decades have spanned relief efforts for flood-affected communities, support for displaced persons, advanced youth skills through structured training programmes, and investments in education, culture and digital inclusion.


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