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Local Insurers Cautioned on Off-shore Exploration

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Going by the rising cases of off-shore market exploration by Nigeria insurance companies, concerned industry watchers have cautioned operators on their drive, warning that there exist vast areas in the local market waiting to be covered.  David Olafinmiyan, veteran insurance broker expressed worry that Nigeria with a population of over 150million people and vast deposite of natural resources should not be chasing shadows in neigbouring African countries.  He challenged them to exploit the untapped areas of insurance fully before venturing into the west coast and other African countries. The veteran broker said he was particularly worried going by the applications currently pending at the secretariat of NAICOM, seeking to export insurance abroad.
He stated that the number of insurance companies which have invested in neighbouring West Africa countries is over ten adding that more are on the verge of doing so.  He urged operators to adhere to set standard concerning off shore investment, especially against past warning by the NAICOM boss Fola Daniel.
The insurance veteran explained that the problem with Nigeria insurance is that of awareness, charging operators to break the jinx and forge ahead rather than day dreaming in other developed economies. He stressed that if the local insurers can do this effectively, the sky was their limit. “It is embartrassing to see our insurers going to African countries that are smaller than some states of the federation.. The population of Lagos state, for instance is bigger than some of these countries. Besides, the number of vehicles on our road is enough to sustain any serious minded operator.” he said. The veteran lamented that while over 80 percent of insurance companies in Nigeria are yet to have branches in all the states of the federation, they are all scrambling to invest in the off-shore market.
He emphasized therefore that the attraction should really be in developing insurance at the grassroots and not outside investment.  He added that some of the countries which our operators are rushing to are not as big as one state in Nigeria.  “What is the attraction in investing in a country of 5million people when Lagos State alone is more populated than such country?” he asked.
Olafinmihan challenged operators on awareness and a full exploitation of all the areas opened in the compulsory insurance.  He said the compulsory insurance which operators should look deeply into are motor insurance and insurance of public buildings, and story buildings under constructions.  He explained that out of the number of vehicles plying our roads, less than 30percent of them are properly insured, noting that this situation becomes worrisome against the background that government which is supposed to lead by example hardly insures its vehicle.
The same, he said is true of public building which are not insured contrary to the provisions of the Insurance Act 2003. 
Olafinmihan tasked the regulators as well as the National Assembly to enact laws forbidding the local underwriters from exporting insurance to other African countries without consolidating on the home market.

 


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Identy.io Targets Nigeria, Kenya in Its Africa Expansion Strategy

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Nigeria and Kenya are the next target markets for Identy.io, a global provider of digital identities, as it expands into Africa. Facial, fingerprint, and palm identification are among the safe, mobile biometrics that the company specialises in.

According to Indenty.io, its platform runs locally on smartphones, eliminating cloud storage while maintaining security and privacy.

It goes to say this is achieved by leveraging standard smartphones for fingerprint and face scans, the company aims to bridge the continent’s digital divide, where a significant number of adults still lack basic identification.

To spearhead this rollout, the firm has appointed a specialised regional leadership team, including industry veterans from Nigeria’s Bank Verification Number programme, to integrate their automated Biometric Identification System into national digital public infrastructure.

The company says the significance of this move lies in the departure from traditional, “clunky” biometric models.

Historically, digital ID enrollment in Sub-Saharan Africa has been throttled by the high cost of specialised scanners and the logistical nightmare of deploying them to rural areas.

Identy.io notes that its approach shifts the heavy lifting to mobile software.

Identy.io is positioning itself to capture a market the World Bank’s Identification for Development initiative identifies as critical for financial inclusion.

If successful, this could accelerate government-to-person payments and healthcare access in regions where coverage currently sits below 70%.

“We are transforming the traditional industry model, which often relies on expensive and inflexible digital infrastructure,” says Antony Vendhan, Co-founder of Identy.io. “This allows our clients to reach underserved communities by providing individuals with multimodal access to secure their digital identities.”

The company will face established players like IDEMIA and Thales, who have long dominated government contracts.

Furthermore, Identy.io will face competition from up-and-coming regional fintech identity firms such as Smile ID, which already has a significant presence in Know Your Customer services throughout Africa.

To gain an edge, Identy.io has aligned itself with Modular Open Source Identity Platform (MOSIP).

By being listed on the MOSIP marketplace, the company says its tech becomes “plug-and-play” for governments building open-source national ID systems, a growing trend among nations wary of “vendor lock-in.”

While the primary focus remains on Nigeria and Kenya, Identy.io’s long-term roadmap includes a phased rollout to other emerging markets.

 


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Russia Blocks WhatsApp, Pushes State App Max as Alternative Amid Telegram Clampdown

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Russia has confirmed the blocking of popular messaging platform WhatsApp, directing its citizens to switch to the state-backed Max messenger, in a move escalating restrictions on foreign digital services.

Russia Blocks WhatsApp, Pushes State App Max as Alternative Amid Telegram Clampdown

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The decision, announced by Kremlin spokesperson Dmitry Peskov on Thursday, stems from WhatsApp’s parent company Meta’s alleged failure to comply with Russian laws, though specifics were not disclosed. This action follows days after authorities intensified curbs on Telegram, another widely used app among millions, including military personnel, officials and state media.

Peskov described Max as “an affordable alternative on the market for citizens, a developing national messenger,” emphasising its role in replacing non-compliant foreign platforms. WhatsApp, owned by Meta—which also operates the already banned Facebook and Instagram—responded sharply, accusing Moscow of attempting a full block to force users onto a “state-owned surveillance app.” The company stated: “Trying to isolate over 100 million users from private and secure communication is a backwards step and can only lead to less safety for people in Russia,” vowing continued efforts to reconnect users.

The block is not isolated. Earlier this week, Roskomnadzor, Russia’s communications regulator, announced further restrictions on Telegram for refusing to remove “criminal and terrorist” content, throttling its performance nationwide. Telegram founder Pavel Durov countered that such pressures would not deter the platform’s commitment to “freedom of speech and privacy.” This builds on prior measures, including August 2025 restrictions on video and voice calls on both WhatsApp and Telegram to combat criminal activity, which WhatsApp then decried as access limits.

Max, developed by VK and launched in beta in March 2025, positions itself as a WeChat-like super-app with messaging, voice/video calls, group chats up to 1,000 users, cloud storage, end-to-end encryption for private chats, payments via Russia’s Faster Payment System, and integrations for government services and identity verification. Since September 2025, it has been pre-installed on all new smartphones, tablets and smart TVs sold in Russia, alongside the RuStore app store, as part of a broader “sovereign internet” strategy to monitor communications and replace Western tech amid geopolitical tensions.

Users report partial WhatsApp access via VPNs, but Russian authorities have ramped up countermeasures, restricting 439 VPN providers and enacting a September 2025 law banning ads for bypass tools while deeming VPN use an “aggravating circumstance” in crimes. Fines for individuals deliberately accessing blocked content via VPNs reach 5,000 rubles (about $64). Critics warn these steps enhance state surveillance, while state media insists Max requires fewer user data permissions than rivals.

The clampdown reflects Moscow’s long-running push for digital control, with over 60 percent of VPN users previously accessing banned social media. As Russia promotes domestic alternatives, the moves could reshape communication for its 100 million-plus messaging users, raising global concerns over privacy and internet freedom.


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Nigeria Market Powers Jumia’s Momentum as E-commerce Platform Demand Accelerates

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Nigeria powered Jumia Technologies AG’s strongest growth in 2025, cementing its position as the company’s most important market as rising consumer demand, SME activity and logistics expansion boosted performance across the e-commerce platform.

In the fourth quarter of 2025, Jumia’s Nigeria operations recorded a 50% year-on-year increase in Gross Merchandise Value (GMV) and a 33% rise in orders. The performance highlighted growing adoption of online shopping and Jumia’s increasing relevance to African consumers.

Nigeria’s momentum helped drive 36% year-on-year GMV growth and 34% revenue growth across the group in the quarter, alongside a 26% increase in quarterly active customers. Growth was supported by stronger customer retention and higher order frequency.

Beyond sales growth, Jumia said its Nigeria operations are delivering wider economic impact. The platform supports thousands of local SMEs, enabling them to reach customers nationwide, while continued investment in fulfilment centres and last-mile delivery is creating income opportunities for logistics partners and sales agents.

Efficiency gains were also evident. Fulfilment costs per order declined 12% year-on-year, contributing to a 39% reduction in operating losses and a 47% drop in adjusted EBITDA losses in the fourth quarter. Cash used in operating activities fell sharply to $1.7 million, compared with $26.5 million a year earlier, while liquidity stood at $77.8 million at year-end.

Temidayo Ojo, Chief Executive Officer of Jumia Nigeria, said the results reflect growing trust from consumers and businesses. “Nigeria is central to Jumia’s growth,” Ojo said. “Each order supports local sellers, delivery partners and jobs, while improving access to affordable products for consumers.”

For the full year, Jumia reported 14% GMV growth and 13% revenue growth, with losses narrowing significantly. Looking ahead, the company expects Nigeria to remain a key growth driver as it targets 27–32% GMV growth in 2026 and aims to reach adjusted EBITDA breakeven by the fourth quarter of 2026.

 


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