E-Business
From Farming to Forex: How Technology Has Changed the Face of Investing
By Nikola Grozdanovic, Senior Writer at FXTM
Not too long ago, when an individual wanted to save or invest money, they were limited to a handful of options. In the early days of our ancestors, farming and land underpinned wealth and a bank account was considered a luxury.
Even after industrialization took hold, we were still fairly limited; with most individuals opting to invest in a bank account, property or even in a box under the bed.
Information around investing was scant and financial education required a huge commitment of time and resources. If we wanted financial advice we had to rely on advisors (if we could afford them), community members, or go it alone.
Nikola Grozdanovic, Senior Writer for FXTM, a global award-winning forex broker, explores how our options have become significantly broader in terms of the types of products we can invest in and the way we do it.
We can now participate in anything from Forex trading to buying Crypto Currencies with our mobile devices or a laptop.
Technology has allowed people to get completely involved with the process of investing, from choosing a portfolio of shares to becoming a forex trader.
However, we are still a long way from a world where everyone can participate in the formal financial arena.
According to Worldbank.org, two billion people worldwide do not have a bank account or access to a financial institution via a mobile phone, or any other device.
However, between 2011 and 2014, 700 million adults became account holders, and the unbanked population fell by 20%, down from 2.5 billion.
The growth of mobile technology, and the fact that mobile phones are becoming cheaper, has helped literally billions to have access to products and services that they were previously excluded from.
Technology has influenced almost every aspect of our lives, but perhaps the most useful of the developments are in the financial space. We not only have access to many more investment options, we even have robots that can make decisions for us, fondly known as Robo- Advisors. They are not actually robots but clever computer programmes that ask you about your life, income and investment attitudes – and based on your answers, they will generate a report that suggests suitable investment options for you. Lukman Otunuga, a Market Analyst at FXTM says “When trading the foreign exchange market, investors can use Expert Advisor which are programs that allow automation of the analysis and trading. Forex brokers have recognised that novice traders have the desire to trade, but lack experience.”
An Expert Advisor (EA) is essentially an automated trading algorithm that allows traders to code the parameters of their trading strategies.
These highly complex but simple-to-use tools assist traders to refine their trading strategies and gain a greater potential advantage over the markets. Traders that have opted to use EAs have honed their skills over time and eventually become strategy managers, allowing suitable traders alike to copy their trades for a fee.
Copy trading as it is called, is a form of social investing. It allows traders to build a network of followers in which they would share market projections to create trading strategies. Followers can duplicate trades made, while onlookers could receive first-hand insights into how trading strategies are formed.
This creates a hybrid scenario for an investor – using both technology and another human to help them invest. There has been a long-standing debate about whether humans or machines are better suited for making investment decisions or delivering a service.
However, the key argument here is not who delivers a better service but rather, how the service deals with human behaviour. Human behaviour is random, but by employing big data analytics and algorithms we can spot trends and discard the noise that can undermine decisions.
The real power of technology will come when it is seen not only as a mechanism for enabling access to services, but when it facilitates a positive user experience and drives meaningful engagement with the vendor. In other words, the technology enables a more social and human experience.
Nigeria has a rich history of social investing. Collective investment schemes known as eSUSU are known to almost all individuals who want to save for a goal. Over 70% of people in emerging markets do not have a formal bank account, so they have devised their own ways to save money.
The most popular are the Rotating Savings and Credit Associations (ROSCAs). They function by taking monthly deposits from each member of a group and then payout the entire amount to one member of the group. The recipient of the collective sum is based on a predetermined rotation, ensuring each participant will eventually receive a payout.
It is estimated that over 40 million people in Nigeria participate in some form of social investing. Of course, when there are humans involved with money there is always a margin for error; blind trust that the people handling your money will play by the rules is a default – a condition of participation.
Banks have seen the enormous potential of getting these informal savings plans onto a technology platform and have invested significant capital to achieve this.
While technology has changed the face of investing and allowed more people to engage in the formal financial sector, we are still a long way from full inclusion.
Accessibility and knowledge still remain a major obstacle for the bulk of emerging market individuals. Institutions fully recognise that optimising the technology experience is key to seamless service delivery and the much-desired total customer experience. This explains the huge investment in IT infrastructure by financial institutions in recent times.
Otunuga says “all financial service industries have raised their games in the technology space. FXTM has spent a lot of resources on their mobile trading apps and we invest heavily in keeping up to date with innovations in the industry. Reliable, fast and engaging technology is what keeps our clients coming back and we are acutely aware of the role it plays in our success as a broker.”
We will continue to see rapid growth in financial technology, but it would and should not come at the expense of the individual. In fact, the smart money will be on solutions that seamlessly embrace and involve the user for the benefit of both parties. It is an exciting time for both the consumer and the service provider, and it would seem that the only barriers we now face, exist within the limits of our creativity.
TeKnowledge and Equinix announced a partnership to accelerate secure hybrid and multi-cloud adoption and enable AI-ready digital infrastructure across the region.
Nigeria’s digital transformation is accelerating rapidly, with the digital economy being a significant contributor to the country’s gross domestic product (GDP).
As demand for cloud services, AI adoption, digital payments and data-driven innovation continues to accelerate across West Africa, the partnership is positioned to advance the region’s digital transformation.
By combining Equinix’s in-country and global data centre infrastructure and secure interconnection capabilities with TeKnowledge’s expertise in designing, deploying and managing AI, data, customer experience and cybersecurity solutions, organisations can accelerate innovation while maintaining data residency and sovereignty requirements.
Together, the organisations empower enterprises and government institutions to bridge the gap between digital ambition and execution through secure, high-performance digital environments built on local infrastructure and delivered by local talent.
Speaking, CEO and President, TeKnowledge, Aileen Allkins, said: “Organisations across Africa are increasingly looking to modernise their infrastructure while maintaining the performance, security, and compliance required to support growth.
Through our partnership with Equinix, we are combining world-class digital infrastructure with deep local expertise to help customers accelerate cloud adoption, strengthen resilience, and unlock new opportunities through AI and emerging technologies.”
Managing Director of Equinix West Africa, Wole Abu, expressed delight at partnering with TeKnowledge to bring together Equinix’s globally interconnected platform, spanning over 280 data centres and 10,000 customers worldwide.
Uche Chigbo, coordinating director of Operations, National Identity Management Commission, (NIMC), has said the newly enacted NIMC Act strengthens data protection and privacy, expands identity coverage to include everyone in Nigeria and Nigerians in the diaspora, and provides the legal framework for a secure and trusted digital identity ecosystem.
She said the new law replaces the 2007 NIMC Act, which had become outdated due to rapid technological advancements, evolving cybersecurity threats, the growth of the digital economy, and the enactment of the Nigeria Data Protection Act.
According to her, the updated legislation better positions the Commission to deliver Nigeria’s digital identity agenda and improve access to government and private sector services.
“The Act itself has taken in a whole lot of things to make sure that NIMC is well-positioned to be able to deliver on the identity agenda and program of Nigeria. The area of universal coverage was expanded within the Act so that NIMC can enroll everybody that is within the soil of Nigeria—male, female, children, whether they are IDPs or orphans or whatever it is, and even Nigerians in diaspora.
“There is quite a lot within the Act that over the few days and weeks, even with my Director-General’s courtesy visit, we are trying to sensitize and educate the general public, and also bring awareness to this new Act so that people will know what are the rights that exist within it, what are the obligations, what are the stronger enforcement and penalties that has also been expanded within the Act, and then what are also the regulatory autonomy that has been given to NIMC to make sure that they drive the digital identity ecosystem in Nigeria,” she explained.
“There’s a lot of provisions and changes with the new Act. Um, the NIMC 2007 Act has been operating for close to 19 years now. So, we can see that, um, you can actually say it’s almost obsolete. And then with a lot of technological advancements in the world now, with the enactment of the Nigeria Data Protection Act, and then with also a lot of evolving security challenges, cybersecurity challenges, as well as the ever-growing digital economy, it became very necessary that a comprehensive review of the NIMC Act should be done.
So, that 2007 Act has been repealed and a new NIMC 2026 Act is in place,” she explained.
Chigbo clarified that the National Identification Number (NIN) is Nigeria’s unique identifier and the only valid means of identification for accessing government services.
She added that it enables secure identity verification and improves access to services.
“NIN has been designated as the unique identifier in Nigeria and then by the government of Nigeria establishing it as the only valid means of identification for assessing government services. So, NIN, it’s positioned to be a valuable tool for empowering citizens and legal residents to facilitate access to service delivery in Nigeria. And it’s also a tool for people to be able to prove their identity as they go about their daily businesses,” she said.
Speaking on identity harmonisation across government agencies, Chigbo said NIMC is integrating identity databases to enable Nigerians to access services seamlessly using the National Identification Number (NIN), while other agencies continue to issue functional identities for specific purposes.
“There’s a distinction between a foundational identity and a functional identity. NIMC provides the foundational identity, which answers the question, ‘Who are you?’ Are you a Nigerian or a legal resident? Who are you? That’s what NIMC is providing. All these other agencies that you have mentioned, they provide functional ID, which is an ID that relies on the foundational ID, where they have established who you are and then they are now trying to answer the question, ‘Are you now eligible to have these services? Are you now eligible to benefit from this transaction or scheme?’ So, those are two different distinctions.”
However, Chigbo said NIMC’s mandate is to harmonise and integrate identity systems across government, with the amended Act designating the Commission as the sole repository for biometric data.
“However, NIMC mandate is to make sure that we harmonize and integrate with all these agencies so that you’re one and the same person in any of the databases or registries that you have. The Act that has been expanded and amended also positions NIMC as the only repository for biometric data capture so that we can have effective identity management and coordination in Nigeria.
“So, that harmonization is already happening, the integration is already happening,” she stated.
She also disclosed that NIMC has introduced an online modification portal that allows Nigerians to begin the process of correcting or updating their personal information from the comfort of their homes or offices.
“But also, NIMC we have a modification portal that enables you to sit in the comfort of your home or office to be able to start the process of correction or updates of your data. We already have a self-service modification portal that allows you to make corrections,” she disclosed.
On the cost of obtaining a NIN, Chigbo clarified that enrolment and issuance of the National Identification Number are free.
She, however, noted that some other identity-related services attract approved fees, which are published on the NIMC website and paid electronically through the government Remita platform.
“Enrollment for the issuance of the National Identification Number, NIN, is free. There are other services, identity services that NIMC provide. Those ones have their charges, and those fees and charges are publicized on the NIMC website so that people can see what those charges are. And NIMC does not collect cash. Our transactions and the charges are paid electronically through the government Remita platform,” she said.
International Monetary Fund (IMF) has retained Nigeria’s economic growth forecast at 4.1 per cent for 2026, while warning that rising prices of essential goods could worsen poverty and food insecurity in the country.
IMF
The IMF made the projection in its July 2026 World Economic Outlook (WEO) Update, released on Wednesday.
According to the report, Nigeria’s Gross Domestic Product (GDP) is projected to grow by 4.1 per cent in 2026 and improve to 4.3 per cent in 2027, with both forecasts unchanged from the Fund’s April outlook.
The IMF also maintained its growth projections for sub-Saharan Africa at 4.3 per cent in 2026 and 4.5 per cent in 2027.
The Fund said Nigeria’s economic outlook continued to benefit from improved macroeconomic stability and favourable terms of trade but cautioned that the rising cost of essential commodities remained a major concern.
“Nigeria is supported by improved macroeconomic stability and favourable terms-of-trade effects, though higher prices for essentials are expected to further aggravate poverty and food insecurity,” the report stated.
The IMF noted that economic performance across sub-Saharan Africa would remain uneven, reflecting differences in policy implementation, reform progress and countries’ exposure to external shocks.
It added that oil-importing and non-resource-intensive economies would likely face increased pressure from rising food and energy prices, while some larger economies continued to benefit from earlier macroeconomic reforms.
Globally, the IMF revised its 2026 growth forecast downward to 3.0 per cent from the 3.1 per cent projected in April but raised its 2027 forecast to 3.4 per cent.
According to the Fund, the downgrade for 2026 reflects the impact of the ongoing conflict in the Middle East, although stronger demand driven by advances in artificial intelligence and technology adoption has helped cushion some of the adverse effects.
Despite the resilience of the global economy, the IMF warned that risks remained tilted to the downside.
It identified renewed trade tensions, geopolitical conflicts and tighter global financial conditions as key threats to economic growth.
The Fund urged governments to rebuild fiscal buffers through credible fiscal consolidation, improved revenue mobilisation, stronger tax administration, efficient public spending and increased investment in infrastructure, skills development and targeted social protection programmes.
It also advised commodity-exporting countries to avoid excessive public spending during periods of high commodity prices.
“Economies benefiting from commodity windfalls and the upturn in the global technology cycle should avoid procyclical spending and save or redeploy gains within a credible medium-term fiscal framework anchored in debt sustainability,” the report stated.
The IMF further called on policymakers to accelerate structural reforms aimed at boosting productivity, strengthening labour markets, expanding digital and physical infrastructure, promoting predictable trade policies and enhancing international cooperation to support sustainable economic growth.
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