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LBS Described Digital Transformation in Banking, Others as Fueling Nigeria’s Economic Evolution

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The Lagos Business School (LBS) has described digital transformation in banking, finance, and taxation as “an interconnected force” fuelling Nigeria’s economic evolution. The Dean, Lagos Business School, Professor Olayinka David-West, stated this at the 35th annual conference of the Finance Correspondents Association of Nigeria (FICAN) held over the weekend in Lagos under the theme, “Bracing for the Digital Economy in Nigeria: Taxation, Banking and Finance.”

The conference saw industry stakeholders, including the Federal Inland Revenue Service (FIRS), Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC) and leading banks converging to share insights and shape the country’s digital economy roadmap.

David-West, who was represented by Prof. Akintola Owolabi, Department of Cost and Management Accounting at LBS, emphasised the need for Nigeria to embark on a transformative digital journey that can redefine its economy and significantly improve the quality of life for its citizens.

She said: “Seamless digital payment systems underpin efficient tax collection; widening financial inclusion expands the taxable base; and transaction data powers evidence-based policy and enforcement.”

David-West also noted that the country’s e-commerce market is expected to exceed $16 billion by 2030, supported by pioneering platforms like Jumia and Konga.

She affirmed that the strategic vision at LBS aligns closely with advancing digital transformation and promoting financial inclusion, aiming to develop the leaders needed to navigate and drive this emerging landscape.

The LBS Dean said: “Nigeria’s digital economy is undergoing remarkable growth, energised by a young and dynamic population alongside rapid digital adoption. According to the Nigerian Communications Commission’s 2024 report, internet penetration has reached 43.5 per cent, with over 163 million Nigerians online as of March 2024.

The telecommunications sector contributes around 18 to 20 per cent to Nigeria’s GDP, highlighting the vital role of information and communication technology (ICT) as a driving force in the economy.”

She pointed out that, “this digital revolution transcends statistics; it reshapes commerce, services, and livelihoods. Our burgeoning e-commerce market, projected to exceed $16 billion by 2030, is fuelled by trailblazing platforms like Jumia and Konga.

“Innovative logistics startups such as Kwik and GIGL illustrate how digital technologies spawn entirely new value chains, enhancing efficiencies and expanding economic opportunities. Such developments promise exponential employment gains, diversification away from oil dependence, and transformative service delivery across sectors.”

According to her, with Nigeria’s fintech ecosystem attracting over $2 billion in investments in 2024, thus sustaining its position as the continent’s financial technology powerhouse, the country’s financial sector “is both a driver and beneficiary of the digital revolution.”

David-West highlighted how digital payments and mobile money services can serve as a foundation for formalising vast informal sectors, enhancing tax compliance, and integrating businesses into formal financial systems.

She, however, said: “Several challenges remain that require immediate attention, including infrastructure deficits such as unreliable electricity and limited broadband access in rural areas, as well as a shortage of digital skills that restrict economic participation.

“It is essential for regulators to carefully navigate the balance between fostering innovation and ensuring consumer protection amid rapid technological advancements.”

In his address, the chairman of the Finance Correspondents Association of Nigeria (FICAN), Mr. Chima Titus Nwokoji, said: “This year, our conference theme is both timely and urgent, focusing on the digital economy, taxation, banking, and finance. Globally, the digital economy has evolved from being merely a promising frontier to a critical backbone of modern growth.

“In Nigeria and across Africa, we find ourselves on the brink of a significant transformation driven by data, digital payments, artificial intelligence, and cross-border innovation.”

He noted that “Current statistics underscore our potential: the ICT sector contributed 18.3 per cent to Nigeria’s GDP in the second quarter of 2025, and digital payment transactions exceeded N600 trillion in the first half of the same year, showcasing a 22 per cent year-on-year growth. Mobile money usage has surpassed 73 million, successfully reaching rural communities that were previously excluded.

“To further solidify these advancements, the Central Bank of Nigeria has introduced the Payment System Vision 2020, a comprehensive blueprint for our digital future, incorporating AI, blockchain settlements, and cross-border payments enabled by the African Continental Free Trade Area.”

He pointed out that no robust digital economy can flourish without an equitable and effective tax Framework.”


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General News

NIMC Disowns Fake NIN Portal

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National Identity Management Commission (NIMC) has warned Nigerians to disregard a viral online flyer claiming that a free portal has been opened for the correction of National Identification Number (NIN) data.

NIMC Disowns Fake NIN Portal

In a statement posted on its official X (formerly Twitter) handle, the commission described the flyer as fake and cautioned the public against using any links associated with it.

“The public is hereby advised not to use the above for modifying their NIN data. All modifications should only be done via the official channel,” NIMC stated, directing users to its authorised self-service portal.

The misleading flyer, which has circulated widely on social media, carries the logos of NIMC and the federal government, falsely claiming that authorities had launched a special correction portal in response to a “high level of complain.”

It lists services such as name, gender, and date of birth corrections, and provides links redirecting users to a suspicious “gvly.xyz” domain—an address the commission says is not affiliated with any government platform.

NIMC noted that the flyer has since been marked “FAKE” in red, indicating it is being recirculated as part of efforts to debunk the misinformation.

The Commission reiterated that all NIN data modifications can only be carried out through its official self-service platform, urging Nigerians to remain vigilant and avoid falling victim to online scams.


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Moniepoint Acquires Orda Africa to Transform Africa’s $50Bn Restaurant Sector

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Moniepoint Inc. (“Moniepoint” or the “Company”), Africa’s all-in-one financial ecosystem platform for individuals, businesses and their customers, today announced the acquisition of Orda Africa (“Orda”), a leading cloud-based restaurant management platform operating in Nigeria.

Moniepoint Acquires Orda Africa to Transform Africa's $50bn Restaurant Sector

Moniepoint

Under the terms of this acquisition, Orda will become part of the Moniebook platform, Moniepoint’s all-in-one Point-of-Sale (POS) and business management platform. Since launching its business management tools product in 2025, Moniebook has rapidly become the go-to platform for thousands of African businesses seeking integrated financial and operational tools, seamlessly unifying payments and bookkeeping in one platform.

With Orda, restaurant owners can now gain access to this proven ecosystem that creates unprecedented opportunities to scale operations, optimize performance, and access credit, as well as the extensive reach of Moniepoint which has powered growth for millions of African businesses.

The acquisition comes as Africa’s food service industry experiences unprecedented growth, with the sector valued at $50 billion and Nigeria’s market alone projected to reach $19.31 billion by 2030, growing at 11.73% annually. With Orda’s restaurant-focused capabilities now part of the Moniepoint ecosystem, the platform is well-positioned to capture this opportunity.

Founded in 2015 by Tosin Eniolorunda and Felix Ike, today Moniepoint has grown into one of Nigeria’s leading distributors of financial services as well as a trusted platform for many of the country’s MSMEs especially in the informal sector.

The company has considerably expanded its offerings to include digital payments, business and personal banking, credit, cross-border payments, and business management tools with a customer base exceeding 20 million active businesses and personal banking customers and processes over US$250 billion in digital payments transaction value annually.

Tosin Eniolorunda, Co-Founder and Group CEO of Moniepoint Inc., said: “The food industry isn’t just about feeding people, it’s a major source of jobs and daily survival for many Africans. It highlights how vital the informal sector is, not just for the economy, but for everyday life across the continent.

Data has shown us that Africa’s restaurant sector is one of the continent’s most dynamic economic engines, yet the majority of food businesses still operate with manual processes and fragmented tools. By bringing Orda into Moniepoint, we are giving restaurant owners what they deserve: one simple platform that handles everything from managing their kitchen to growing their business. Our goal remains to create financial happiness for Africans, giving them the tools to reach their full potential and that’s exactly what we’ve built here.”

Founded in 2020, Orda was built to give Africa’s small and independent restaurants the tools they need to run more efficiently, providing a purpose-built software to businesses that had long operated without it.

Guy Futi, CEO of Orda, reassured existing customers: “Orda has found the perfect home in Moniepoint. We have spent years building deep expertise in restaurant operations, but we have always known that to truly transform the industry, we needed to connect that expertise with comprehensive financial infrastructure.

“That’s exactly what this integration delivers. For our customers, we are assuring a smooth transition with no disruption to the platform and retained access to the support you are used to. What changes is your access to opportunities.

“Over the coming weeks, being part of Moniepoint means you’ll have more tools, more reach, and more ways to grow your business than ever before”

Combining their respective strengths, Moniepoint and Orda deliver a purpose-built solution that empowers food businesses at every scale to manage orders, track inventory, pay suppliers, and access working capital, all in one seamless experience.

This move represents a demonstrated commitment to building a dedicated financial infrastructure designed around the unique complexity of Africa’s food economy.

For the millions of food entrepreneurs across the continent, from the everyday buka owner to the high-end restaurateur, this acquisition means less time managing multiple tools or carrying out arduous manual work and more time doing what they do best – feeding Africa.


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Tech Firms Sack over 45,000 so Far in 2026

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More than 45,000 jobs have been cut across the global technology sector in the first few months of 2026, according to data from RationalFX, signalling that the industry is still adjusting after a period of aggressive hiring rather than returning to a full growth phase.

Tech Firms Sack over 45,000 so Far in 2026

“In 2025, automation, artificial intelligence, and sustained cost-discipline measures drove much of the downsizing, with entire departments restructured or eliminated in favour of leaner, AI-assisted workflows. This trend has continued full steam into 2026,” said Alan Cohen, analyst at RationalFX.

According to the report, if the current rate of redundancies is sustained, total layoffs in 2026 could surpass the 245,000 recorded in 2025.

The majority of these layoffs have been concentrated in the United States, with major companies continuing to trim their workforce despite stable core operations.

Amazon has announced approximately 16,000 job cuts this year, while Block has also reduced thousands of roles as it tightens operations and shifts focus towards artificial intelligence.

There are indications that further reductions may follow.

Meta is reportedly considering additional layoffs as it increases investment in AI infrastructure, while PayPal and Klarna are reassessing spending and hiring strategies amid ongoing uncertainty.

Established technology firms are also undergoing restructuring. Dell has reduced its workforce by around 11,000 over the past year as part of a broader reorganisation, while Salesforce has cut approximately 1,000 roles in 2026 while aligning its teams more closely with AI-driven products.

Outside the United States, layoffs have been smaller in scale but more geographically dispersed.

Australia has reported around 2,650 job cuts so far this year, followed by Sweden with roughly 1,923 and Netherlands with about 1,700.

Other markets have also been affected. Israel and India have recorded approximately 1,539 and 1,520 layoffs respectively, with Israel’s startup ecosystem particularly sensitive to tighter funding conditions, while in India, both startups and larger IT firms have reduced headcount as global client spending slows.

In Singapore, around 1,016 layoffs have been reported, reflecting a softer hiring environment across Asia’s major technology hubs, where companies are adopting a more cautious approach amid uneven demand.

Across Europe, job cuts have been comparatively limited but still noticeable.

The United Kingdom has recorded around 1,000 layoffs, while Czech Republic and Germany have seen smaller reductions.

The broader trend suggests that technology companies are shifting towards leaner operations and more defined priorities following years of expansion. Increasing investment in automation and artificial intelligence is also reshaping the types of roles in demand.

For employees, the impact is becoming increasingly visible, with hiring slowing and becoming more selective. While opportunities remain, companies are taking a more measured approach to recruitment compared to the rapid expansion seen in previous years.

 

Further credit… .storyboard18.com

 


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