General News
How Digital Payment is Disrupting Traditional Payment System

By Adeniyi Ogunfowoke,
Digital payment is no doubt the future as more and more Nigerians embrace it. This is because whether we like it or not, the era of carrying or paying cash will soon come to an end.
The interesting thing here is that even in the rural areas, fintechs are setting up small shops where rural dwellers can send and receive money thus promoting financial inclusion and supporting the government’s cashless policy. This is perhaps why you don’t need a soothsayer to tell you that the traditional payment system is under threat.
There is still a lot of work to be done as Nigeria’s economy is still largely a cash-based economy despite the efforts of the Central Bank of Nigeria. Regardless, there has been so much progress. So, we will look at some of the progress being made and how the digital payment system encouraging Nigerians to carry little or no cash around to settle transactions.
Convenience
Your PayTv subscription was suddenly suspended while watching a top league match in the night. What will you do? You can’t visit a physical store to renew your subscription. The next reasonable thing to do is to grab your phone, download the Jumia One App and pay for your subscription. And immediately your payment is confirmed, it will be renewed. This process takes less than 5 minutes. It is very very convenient.
Safe and secure
Banks and fintech companies now understand the importance of assuring their customers of the security of their transactions. This is why they budget and spend millions of naira on ensuring that their systems are impenetrable. Today, in Nigeria, you can send and receive money, buy a prepaid card and pay for a transaction without worrying about losing your money. This is not the case with the traditional payment system where you are unsure of who would swap your money, and the number of hours spent counting money can be used for something else.
Supports the economy
Excess liquidity (too much cash) can raise inflation and impact the exchange rate, and interests rates. This is why the Central Bank of Nigeria usually have no choice than to mop-up cash so as to limit the cash exchanging hands. Also, this is the reason why the CBN place a limit on cash withdrawals and if you are going above that withdrawal barrier, there is a penalty. There is no doubt that digital payments support and grow the economy.
Payments are easily traceable
If you demand from your bank to see your bank statement, you will get it or alternatively, you log into your internet banking to see your statement. Also, if a transaction goes wrong, the mistake can easily be traced and appropriate corrections made. Any of these does not apply to cash transactions or the traditional payment system. You only need to lay a complaint.
Provision of discounts
Going digital can benefit the users in terms of discounts provided to them for various purchases. For example, for encouraging people to use a digital payment, Jumia Pay will give you 5% cash back. Such incentives and measures will help people be more digital-friendly.
General News
Moonshot Returns with a Defining Third Edition, Charting Africa’s Next Phase of Innovation

Moonshot, Africa’s flagship tech and innovation gathering, officially announces its third edition. Scheduled to take place from October 15 –16, 2025, at the Eko Convention Centre in Lagos, Nigeria, the future-shaping conference will convene over 4,000 participants and more than 120 speakers from over 15 countries, all focused on accelerating the trajectory of Africa’s tech-driven future.
This year’s theme, “Building Momentum: Africa’s Tech Ecosystem Positions Itself for Its Next Big Leap,” captures a critical moment for the continent’s tech landscape.
Following years of resilience through economic downturns and funding contractions, the ecosystem is maturing rapidly and sensibly redirecting focus toward sustainable, scalable growth. Moonshot 2025 will serve as a platform to consolidate these hard-won gains and align stakeholders around the next era of opportunity, across key tech verticals.
Headline sponsored by Sabi, a global trade and supply chain enabler, the agenda-setting conference has evolved into a continental platform for catalysing connections, unlocking capital, and amplifying bold ideas. Now in its third year, Moonshot serves as a dynamic hub, and a living museum, of Africa’s innovation journey, actively bridging past achievements with future ambitions.
Speaking about the event, Tomiwa Aladekomo, CEO of Big Cabal Media, said: “The last few years truly tested the resilience of Africa’s tech ecosystem, but they also undeniably sharpened it. The ups and downs in funding have given way to something far more intentional, with founders now building smarter and with clearer purpose.
Despite the challenges, African founders have persevered and thrived. Crucially, regulations have also matured, providing much-needed direction. What we’re witnessing now is genuine momentum, firmly grounded in strong fundamentals, propelled by clarity, and intensely focused on scale.
“Moonshot 2025 offers a vital space to reflect on our journey and to channel this momentum into meaningful progress for founders, investors, and the entire ecosystem”
This year’s edition will welcome a distinguished lineup of speakers, including Andrew Alli, Non-Executive Director, British International Investment (BII), Maxime Bayen, Operating Partner, Catalyst Fund, and Lexi Novitske, General Partner, Norrsken22, among others.
The event will also showcase its nine signature content tracks, now enhanced with refreshed programming designed to foster deeper, more impactful conversations. This include:
- FUEL: The Investor Conference: This track is significantly upgraded to improve deal-making and investment opportunities, with a stronger focus on attracting Limited Partners (LPs), Development Finance Institutions (DFIs), and first-time investors in Africa. It will feature structured deal rooms, curated pitch sessions, an investor’s guide to Africa, and dedicated spaces for peer exchange across the investor landscape.
- Startup Festival: Tailored for both early- and growth-stage founders, this festival will offer intensive workshops, operator-led sessions, and live startup showcases, including the TC Battlefield – it’s flagship pitch competition.
- Emerging Tech (AI): A dedicated space to explore the practical applications of artificial intelligence across various sectors on the continent, featuring product demos and insights from leading builders and researchers.
- Government & Policy Conference: This vital track will convene policymakers from across Africa to engage in discussions on crucial digital policy reforms and work towards tangible commitments to support innovation and scale across the continent.
Additional tracks, including Creative Economy, Climate Tech, Future of Commerce, Big Tech & Enterprise, and Entering Tech, will feature compelling conversations on critical topics such as financing infrastructure, workforce development, and fostering cross-sector collaboration.
Also speaking about the event, Anu Adedoyin, CEO and co-founder of Sabi said “This marks our third year as a proud partner of Moonshot, and the evolution of this conference mirrors the incredible growth and ambition of African tech.
“We believe in building robust foundations for digital commerce, and Moonshot is crucial for fostering the connections and clarity needed for founders to build smart, scalable solutions. We’re excited to see the tangible momentum this year’s event will generate for Africa’s next big leap.”
Proudly supported by platinum sponsors Flutterwave, Luno, Fincra, Raenest, Cardtonic, Roqqu, Opay, and Busha, the conference will build on the outcomes of previous editions, including a $120,000 ecosystem pledge at last year’s Tech Ecosystem Alliance roundtable.
Moonshot is powered by the leading tech publication in Africa, TechCabal, providing reporting, data and context that help investors and professionals globally understand where African tech is and where it is going.
General News
FG Collaborates with China to Digitalize Customs

Federal Government is increasing collaborations with China to digitalise Nigeria Customs Service operations. This past weekend, NCS strengthened its cooperation efforts through a high-level engagement with the General Administration of Customs of China (GACC).
The meeting, held in Beijing, China, brought together senior officers of the customs service and top officials from the GACC to explore bilateral knowledge exchange and capacity development in customs administration.
Abdullahi Maiwada, NCS Assistant Comptroller of Customs said that discussions were held with officials from the GACC International Cooperation Division, the Training and Education Centre and representatives of the Shanghai Customs College.
“The engagement focused on deepening cooperation in customs training methodologies, modernisation models and technology-driven solutions, especially as China plays a pivotal role in Nigeria’s international trade network,” said Maiwada.
He added that during the meeting, the Chinese customs authorities shared their structured training system, which incorporates virtual reality, 5G-enabled systems, and blended e-learning approaches. In 2024, GACC conducted over 8 000 physical training sessions and developed 360 online courses.
Discussions also highlighted Nigeria’s active participation in China-led customs development initiatives, with over 200 African customs officers, including 89 from Nigeria, having received training since 2023 across various areas, such as trade facilitation, anti-smuggling enforcement, food safety supervision and digital port operations.
The bilateral dialogue between the two customs agencies also heralded new areas of collaboration, including Nigeria’s participation in upcoming Customs Modernisation Courses and officer development training at the Shanghai Customs College.
General News
Tesla Taps Samsung for Next-Gen AI Chip Production in $16.5Bn Deal

Tesla CEO, Elon Musk has announced a $16.5 billion chip supply agreement with Samsung Electronics, a move expected to revive the South Korean company’s struggling foundry business.
The deal will see Samsung’s new chip factory in Taylor, Texas, manufacture Tesla’s next-generation AI6 chip.
Musk revealed that Tesla will help optimise production at the plant, located near his home, adding, “I will walk the line personally to accelerate the pace of progress.”
“The $16.5B figure is just the minimum — actual output will likely be several times higher,” Musk said in a post on X.
Samsung’s shares surged 6.8% to their highest level since September 2024 following the announcement, while Tesla stock gained 1.9% in premarket trading.
According to analysts, the Taylor facility previously struggled to attract major clients. The Tesla order marks a significant breakthrough, especially after reports in October 2024 revealed Samsung had delayed equipment deliveries due to a lack of customers.
Samsung currently produces Tesla’s AI4 chips for its Full Self-Driving system. While TSMC is set to make the AI5 chips, Samsung has now secured the more advanced AI6.
Though no specific timeline was shared, AI6 production is expected to begin in 2027 or 2028. Musk previously stated AI5 chips would be ready by late 2026.
Samsung, the world’s largest memory chipmaker, is working to expand its contract manufacturing business, which currently holds just 8% of the global market — far behind TSMC’s 67%.
The chip deal, running through 2033, had been initially announced without naming Tesla as the client. However, multiple sources confirmed the U.S. automaker as the buyer.
The partnership comes as Samsung faces intense pressure to compete in the booming AI chip sector. Earlier this month, the company projected a 56% drop in Q2 operating profit, with foundry losses exceeding $3.6 billion in the first half of the year.
Industry analysts say this deal could help reverse Samsung’s fortunes, offering a much-needed win in its race to stay competitive in a capital-intensive and technologically demanding field.
- E-Business2 days ago
Huawei Unveils AI Computing System to Challenge Nvidia’s Flagship Product
- E-Financial2 days ago
Union Bank Rewards Customers with ₦5 Million Each in Save and Win Palli Promo Season 4 Grand Finale
- E-Financial2 days ago
Edun, Finance Minister Inaugurates NDIC New Management
- News2 days ago
Lawyers Drags NLS to Court for Alleged Election Fraud, Data Violation
- General News2 days ago
New Tax Law Empowers NRS to Fine Offenders up to N10m
- Telecom1 day ago
Glo Boosts Network Capacity for Enhanced Customer Experience
- News1 day ago
Transcorp Power Posts Strong Half-Year Profit, Declares ₦11.25Bn Dividend
- Broadcasting2 days ago
Court Upholds AVRS Legal Rights to Licence Audiovisual Works in Hotels