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E-Business

How, Why Mobile Wallets Can Deepen Financial Inclusion

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Access to financial services opens doors for families, allowing them to smooth out consumption and invest in their futures through education and health.

 

Access to credit enables businesses to expand, creating jobs and reducing inequality.

 

Unfortunately, in Nigeria, financial Inclusion is a serious challenge as Enhancing Financial Innovation & Access (EFInA), a financial sector development organization that promotes financial inclusion in Nigeria recently said that 60.1 million Nigerians are currently financially excluded.

 

That is why the Central Bank of Nigeria’s (CBN) recently authorized commercial banks to commence full operation of mobile money wallets.

 

The move is expected to deepen financial inclusion in Nigeria and maintain the CBN’s commitment to actualise 80% of the target by 2020.

 

Sam Okojere and Ahmad Abdullahi, directors of Payments System Management Department and Banking Supervision Department respectively of the CBN, said, that the aim of the initiative is basically to complement growth in agent banking services under the Super Agent and the Shared Agent Network Expansion Facility (SANEF) initiative.

 

They also, said that the initiative is also being implemented in recognition of the increasing demand for no-frills mobile money services.

 

Mobile payment (also referred to as mobile money, mobile money transfer, and mobile wallet) generally refer to payment services operated under financial regulation and performed from or via a mobile device, that is mobile phone.

 

Mobile payment works in just three simple steps; To send or receive money to a friend: (1) Register with a money transfer service by setting up an account and making a deposit.

 

(2) Use the provided short text commands to text cash to your friend’s phone number or account id; and to (3) Receive funds by requesting and accepting payments via text message.

 

Though there are inherent dangers of mobile banking, including the risk of getting fake SMS messages and scams, the benefits are far greater.

 

For instance, there is the ability to access funds anywhere, anytime saves time, improves security and provides a means for saving and managing money more effectively than traditional methods.

 

But it also creates an effect that drives broader economic growth.

 

 


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Business

Amazon CEO Says AI will Reduce Number of Workers Needed

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Amazon’s management on Wednesday said that it expects that artificial intelligence software will reduce the number of office workers at the world’s largest online retailer.

Amazon CEO Says AI will Reduce Number of Workers Needed

Andy Jassy, chief executive, Amazon

“We will need fewer people doing some of the jobs that are being done today and more people doing other types of jobs,” Andy Jassy, chief executive, Amazon  wrote in an email to employees.

He said it was difficult to predict how the overall workforce will evolve, but in the next few years, it is expected that AI efficiency gains will lead to a reduction in the number of office workers.

According to earlier reports, Amazon employed around 1.5 million people worldwide, with approximately 350,000 office employees in various roles.

The Wall Street Journal reported that the company does not anticipate further large-scale layoffs, as seen in 2022 and 2023, in the near future.

Instead, it expects that vacant positions will not be refilled.

However, layoffs are not ruled out, according to sources familiar with the matter.

“Amazon is focusing on so-called AI agents, software capable of independently performing tasks. These agents could, for example, summarise information from the web and data sources, write software, translate languages and automate many time-consuming tasks,” Mr Jassy explained.

“Agents will be teammates that we can call on at various stages of our work,” he added, urging employees to experiment with AI whenever possible.

The impact of AI on the job market has been a concern for many years.

Recently, Spotify, the leader in music streaming, announced that teams requesting additional staff would first need to prove that AI could not perform the tasks.

The creators of the language-learning app Duolingo plan to gradually replace external workers with AI.

 

 

 

 


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E-Business

BPP Partners NDPC to Strengthen Data Protection

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Dr Adebowale Adedokun, director-general, Bureau of Public Procurement (BPP), has reaffirmed the bureau’s commitment to data protection in Nigeria.

BPP Partners NDPC to Strengthen Data Protection

He disclosed this in a statement at the weekend by Zira Nagga, head of Public Relations, BPP, following a courtesy visit by a delegation from the National Data Protection Commission (NDPC).

Adedokun stressed that data protection is vital to Nigeria’s economy and development, particularly in areas such as demography, health, education, and other key sectors.

He emphasised that no country should leave its data unprotected, as it plays a crucial role in future planning and national development.

“Data governs the world. It is essential to technological progress and must be protected for a country or business to be taken seriously,” he said.

Adedokun described the visit, aimed at fostering partnership on data policy implementation and protection, as timely and aligned with national goals.

He said the BPP would collaborate closely with the NDPC to boost data development, capacity building, and enhance the procurement system.

“The BPP will support compliance as part of the ‘Nigeria First’ Policy, although it is not a core procurement eligibility requirement,” he explained.

He suggested a hybrid training model to help build strong capacity in data protection, privacy awareness, and policy understanding.

According to him, a dynamic training approach will reduce logistics costs and improve public confidence in data safety and privacy.

Dr Vincent Olatunji, CEO, and national commissioner, NDPC, praised Adedokun and the BPP for supporting data protection initiatives.

He said the partnership supports President Bola Tinubu’s vision and will strengthen data privacy across Ministries, Departments, and Agencies (MDAs).

“The collaboration will create awareness and train BPP staff to ensure a firm grasp of data protection principles and policies,” he stated.

Olatunji said the NDPC would establish a working group to finalise a Memorandum of Understanding beneficial to both institutions.

He added that President Tinubu signed the NDPC into law on 12 June 2023 to uphold citizens’ rights and protect national and business data.

Olatunji also noted that strict legal measures were in place to enforce data protection and ensure full compliance nationwide.

Both agencies agreed to form a team to sign the MoU and focus on capacity building and data management in procurement and beyond.

 

 


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E-Business

FG Mulls Fibre Optic Layout to Bridge Internet Gaps

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President Bola Tinubu said that his administration has initiated a project to install fibre optic cables across the country, aimed at enhancing the socio-economic development of Nigeria.

FG Mulls Fibre Optic Layout to Bridge Internet Gaps

His plans were contained in a speech he delivered at a joint session of the National Assembly in commemoration of Democracy Day on Thursday, June 12.

He said the fibre optic layout is part of other projects being embarked on.

“In addition, we have embarked on an ambitious project to lay fibre optic cables across the nation, a transformative step toward bridging the digital divide and fostering greater connectivity.

“This initiative promises not only to enhance the speed and reliability of internet access but also to revolutionise how businesses operate, how students learn, and how communities stay connected,” Tinubu stated.

He maintained that by extending this critical infrastructure, his government is empowering entrepreneurs, enabling digital education, and providing the tools for our youth to compete in a globalised world.

In a most recent report on Internet connectivity, The ICIR pointed out how Nigeria has faced setbacks in its deployment of fibre optic cables and needs a transformation.

The challenges revolve around vandalism, inadequate coordination between road construction and telecom infrastructure, and varying right-of-way (RoW) charges across states.

Among industry experts, these issues impact network outages, increase repair costs, and hinder broadband expansion efforts.

It has also further threatened the digital economy, leading to slower Internet speeds, dropped calls, and unreliable connectivity among others.


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