General News

Mobile Money is Not Game for Banks – Asolo

Published

13 years ago

February 22, 2013

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Peter Asolo is chief executive officer, PetVini Global Concept Limited, a mobile payment solution provider – cross-border remittances and m-commerce.

Asolo was an assistant general manager, GistMe Communications limited, a sister company of Sage Metrix Company of USA where he was in charge of the Mobile Payment and e-Solution deployments to banks.

He later moved to FinBank as the product manager, FlashmeCash, the pioneer mobile banking/payment product in Nigeria.

Asolo spoke to peter ugwu highlighting the ingenuities lacking at the present mobile money scheme in Nigeria and the way forward.

Challenges Surrounding Mobile Money
Having done some innovative projects in regards to mobile money, which include the first mobile wallet in Africa, which allows you to transfer money and the receiver can withdraw the money using ATM card; I can tell you vividly that mobile money is visible.

But we have a lot of challenges and as we must look for solutions to them there are underlying factors we must put into consideration.

This is Nigeria. If I am talking to a Briton in England, I will tell them different strategies than I will tell a Nigerian.

Because I have been to the 36 states of this country and went to the rural areas. And I have hands-on experience, working collaboratively with the Microfinance banks and have seen several corporative societies liaising with them.

So, I know what it means when you say that you are targeting the rural population. You are talking of people that are able to save as much as N100 or N50 per day.

However, if anybody walks into the banking hall today and fills a deposit slip for N50, I am sure the cashier will laugh at him, and this is what we want to achieve. So, it is not a game for the banks, rather it solely concerns the mobile operators. But the mobile operators cannot do it all alone.

They need experienced hands, specialties, who knew the terrains. Experts who can tell you about strategy that can work, probably in Kogi State.

For instance, if you want to do mobile payment in Anyingba, Kogi State, you need to know the core product(s) in the area. There are three core products there; I am not from Kogi State, but in the course of my moving around to know those areas I discovered that such products, namely, cashew nuts, palm kernel and soya beans are selling there, which is different from what is obtainable in Akwa Ibom State.

When you get to Akwa Ibom, you start looking at what to use as incentives, which is quite different from the other parts of the country.

It is very important we understand this. So, in reality we have to use home-groomed technologies, ideologies and strategies to win our home-groomed challenges, but that is not the case in the country today.

The mobile operators we are seeing presently, most of them bought their applications from abroad running into millions of dollars and you want to use it to carry out business with people who may not pay more than N5 per transaction. There are issues already.

However, these issues can be resolved by engaging the third party organisations, who are experts in mobile money management system.

Are They Agents?
They are not really agents. For every successful project, there is what we call catalyst. These people are catalysts that will make the success of the project become faster, because they have the experiences.

They have been to the bushes; so they know, if I go to Bayelsa to sell mobile money, as an instant, I have to cue-in into the system there.

One thing is clear, CBN talks about financial inclusion, if they take it serious they will not only generate employment, but reduce poverty among Nigerians by enabling micro-savings.

Through that process, you start talking about micro-credit. From micro-credits we start talking of micro-products. And when products are being carried out in the rural area you will find out that the entire production in Nigeria, in terms of Gross Domestic Product (GDP), will increase.

Ostensibly, as the GDP increases, the living standard of Nigerians will increase.

It is a very simple arithmetic in increasing the living standard, increasing GDP equals to people plus opportunity saved which is equally to production equals to investment and once investment is there forget it, life will improve and there will be incentives for savings. And gradually you are moving away from solely dependence on crude oil.

Microfinance Banks, Capitalization and Mobile Money
On the aphorism that microfinance banks’ capitals determine the kind of business they will do, as an economist, financial expert and as a consultant I defer.

I kept telling people that you do not use textbook knowledge to drive business. Nigerians believe so much in textbook theories and that is why we keep having a lot of failures in our economic projects.

From personal experience, there was a time I was prospecting for the entire microfinance banks in Anambra State for one of our projects. I found out that the microfinance bank that has the smallest office has the highest number of depositors.

That is the microfinance bank that does not have air conditioner in their offices. They have the highest number of depositors, because that bank was able to understand its market.

Microfinance bank market is not for a man that earns N10 million per annum; it is for the micro-savers, the isusu people, how do you integrate them into financial inclusion. How do you bring them into insurance? Save N100 per day?

And in that process, how do you enable them to carry out the commercialised agriculture with their savings. And to enable you recoup your money at the end of the day is that he sells off the agricultural products.

How do you plan for all these? That is what we should be talking about now as the ideal thing.

The micro-savers constitute over 60% of Nigeria’s population. So if you say you want to improve on the GDP, production coming from these people to go up to 50 %, indirectly you are shooting up the GDP of the Federal Government of Nigeria to over 50% increase.

With that you will able to have funds for other projects and investment opportunities created while people live better lives. Through that, you reduce crime and problems in the society.

Local Technologies in Mobile Money Implementation
Nigerians are thinking and are bringing out a lot of technologies that will solve the issues in mobile payment.

Mobile payment operators are not buying into these technologies rather they prefer to go abroad and purchase foreign technologies. Now, if you buy from abroad, the technologies sell as high as $1million, which is not less than N150 million.

The same technology you are buying for N150 million that you cannot customise and adapt successfully in our local market situation.

When I say market, I mean the ‘Nkwo’, ‘orie’, ‘Eke’ markets in the East, the Oba’s markets in the Western part of Nigeria, and other local markets in the North, they cannot work there; whereas you have same technology that can perform better in the same market and sold for less than N20 million.

They will not buy that because it is made in Nigeria. It does not make sense. By the time we start patronising locally produced technologies then things will get better.

Another thing we should look at is when there are challenges or opportunities for maintenance, the source codes are not usually within reach.

You have to wait, make calls; the time waste is there, you have to wait for the supposedly experts who will probably wait for visa, how will business improve under that condition? Will your customers be waiting for over two weeks?

We have developed that notion that if I am coming to present a technology to a company and not accompanied by a White man, we assume that the technology is inferior.

The country should move beyond that. I go for presentations today and I tell the companies that I have only White partners who can produce the hardware, but the software is here. I do them myself, source the code and other things involved; I do not have to wait for technical experts to come and do the work when challenges arise.

Definitely technical matters will arise, because we are dealing with technology. If you have issues with the machines, I ought to be there in about 20 minutes or my staff, to fix the challenge and allow business continues…

…But That May Be Pointing At Lack Of Confidence Or Trust On The Locally Produced Technologies?
In fact, any Nigerian company that is patronising foreign companies should first ask themselves the question of trust.

There is more affinity when you patronise local companies; you know my house, my company, and you know what to do in a given occasion, even security wise. But when you go and bring in a White man, for all I know, that man may be working as an intelligent officer in one of the intelligent agencies in his country.

A lot of espionage is going on in this country that we are not monitoring. But we wouldn’t know we have allowed these people to infiltrate our ranks.

They send these technologies to us we set it up and begin to use it as they have instructed us. We do not know what they are doing behind the walls. But in Nigeria I do not have another country that I will call my own.

Integration of Local Content in Technology-Drive Policies
Well, when we refer to CBN, technology and local content, it all depends on local content policy-makers.

If CBN looks at it that today, these things are not working, we need local experts to chart a course for the mobile payment then they will be thinking right.

But one will be surprised that CBN will overlook this. There is an urgent need to integrate competent individuals in the formulation of certain economic blueprints for the country.

Role of Banks in the Mobile Money Scheme
The banks need to call-in experts; local experts. Enough of the international this and that; we need people who understand the market. This is a local market, business and local challenge.

Thus, when the local experts are intimated and incorporated into the system, they will provide charitable frameworks for them. From that framework they can look at their investment pattern and strategy formulation.

Many believe the country is not ready for mobile money, but the truth is that we are very ripe for it.

The country is ready for any new thing especially that will enable the poor man put food on the table in his house.

That is why I said that banks or the policy makers should consider that farmer whose interest is how to make his farmer get enlarged and increase productivity. They will embrace any platform that will support that.

That is why I spoke about grants being given by international agencies, they are not used for the purposes they were received; rather you see them taking flights to America to organise or attend training.

Are you going to America to train on fishing in Baylesa or how to grow cocoa in Ondo State? No! At the end of the day, they squander the money.

This must stop. They must come to the local front and take develop pilot schemes in the various areas.

They can say, we want to grow cocoa in a part of Ondo State for three years, give us grant. And the money is used on that. When the neighbouring towns see appreciable gains from that, they will queue into it…

Volatility of Communities and Projects
Let’s face the fact, and like I said earlier, I have gone round the 36 States of this country. I do not see any volatility anywhere that people are rioting against their stomach. Nobody fights his tummy.

The moment they discover that the said project is going to favour them, they will support you. I have been to the creeks in Ondo, Akwa Ibom and Bayelsa; personal experience shows me that there is threat anywhere. There may be Boko Haram attacks in the North, but if the Federal Government should intensify effort, move in to identify the solution, it will abate or die completely. But that does not mean we should hide under some pretence not to do the right thing. You have to empower those people and stem down the weight of violence.

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Court Declares ARCON’s N60Bn Fine against Facebook Nigeria Illegal

Published

23 hours ago

July 8, 2026

Ebere Melum-Nwogbo

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Justice Yellim Bogoro of the Federal High Court in Lagos has declared the N60 billion fine imposed by the Advertising Regulatory Council of Nigeria (ARCON) on Facebook Nigeria Operations Limited Illegal.

Justice Bogoro stated that ARCON regulator exceeded its legal authority and breached the company’s constitutional right to a fair hearing.

He, who made the declaration while delivering judgment in Suit marked, FHC/L/CS/2205/2024, declared ARCON’s Notice of Violation/Demand for Compliance dated 21 October 2024, unconstitutional, unlawful, null, and void, and barred the agency from taking further steps to enforce it.

The judge also held that ARCON lacked the statutory power to impose fines for alleged criminal violations under the Advertising Regulatory Council of Nigeria Act, 2022, without first obtaining a conviction from a court or other competent tribunal.

The dispute arose from ARCON’s claim that Facebook Nigeria displayed advertisements on Facebook and Instagram to Nigerian audiences without prior approval from the Advertising Standards Panel, contrary to provisions of the ARCON Act and the Nigerian Code of Advertising.

Following these alleged breaches, the regulator ordered the company to cease displaying the advertisements and imposed an N60 billion penalty.

Apparently dissatisfied with the development, Facebook Nigeria, through Mofesomo Tayo-Oyetibo (SAN), its lawyer, challenged the action, arguing that ARCON lacked the legal authority to determine criminal liability or impose punitive sanctions via an administrative notice without allowing the company to defend itself.

The company also argued that it does not own or operate Facebook or Instagram, claiming both platforms are owned and controlled by Meta Platforms Inc., a separate foreign entity.

But ARCON, represented by Akinlolu Kehinde (SAN), contended that Facebook Nigeria acts as Meta’s operation in Nigeria and should therefore be held responsible for regulatory violations related to advertisements on the platforms.

The regulator further argued that the notice was simply a compliance directive, allowing the company the option to comply, pay the specified violation fee, or face prosecution.

However, Justice Bogoro dismissed the regulator’s arguments.

The judge stated that Facebook Nigeria is a distinct legal entity from Meta Platforms Inc. and that ARCON failed to present credible evidence showing that the Nigerian company owns, operates, or controls Facebook or Instagram.

The court maintained that the argument that Facebook Nigeria represents Meta’s interests in Nigeria was insufficient to establish liability for the alleged advertising infractions.

Regarding fair hearing, the court ruled that ARCON violated Section 36 of the Constitution by accusing the company of misconduct and imposing a N60 billion fine without first hearing its defence.

Justice Bogoro also held that Section 57(4) of the ARCON Act explicitly requires the regulator to provide a fair hearing before imposing any penalty.

The court further found that the alleged violations were criminal because Section 34 of the ARCON Act designates the unlawful exposure of advertisements as an offence.

The judge also held that, since the Act stated that punishment can only be imposed “upon conviction,” ARCON had no authority to impose the N60 billion fine through an administrative process.

He insisted that, regardless of what ARCON called it, the demand was a fine that could only be imposed by a court following proper judicial procedures.

As a result, the court invalidated the Notice of Violation/Demand for Compliance.

It declared ARCON lacked authority to impose fines for breaches of Sections 34(3), 54, or other criminal provisions of the ARCON Act.

Justice Bogoro also issued a perpetual injunction preventing ARCON, its officers, agents, and associates from enforcing the October 21, 2024 notice against Facebook Nigeria.

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History as Abia Unveil Nigeria’s First Manu-Tech UniPod @ MOUAU

Published

23 hours ago

July 8, 2026

Ebere Melum-Nwogbo

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Abia State has inaugurated of the country’s first Manufacturing Technology University Innovation Pod (Manu-Tech UniPod) at the Michael Okpara University of Agriculture, Umudike (MOUAU).

History as Abia Unveil Nigeria’s First Manu-Tech UniPod @ MOUAU

Dr. Maruf Olatunji Alausa, minister of Education and Governor Alex Chioma Otti at the event

The inauguration marks a significant milestone in efforts to promote innovation, research commercialisation, and industrial development.

The landmark facility, established through a partnership between the federal government of Nigeria, the United Nations Development Programme (UNDP), the Tertiary Education Trust Fund (TETFund) and the Abia State Government under the National Innovation and Digital Transformation Partnership Programme (NIDTPP), is designed to transform academic research into commercially viable products, foster entrepreneurship, promote industrial competitiveness and create sustainable jobs.

Representing Senator Kashim Shettima, Vice President, Dr. Maruf Olatunji Alausa, minister of Education, described the project as a strategic investment in Nigeria’s future, saying it reinforces the Federal Government’s commitment to repositioning higher education as a catalyst for innovation, research commercialisation, entrepreneurship and job creation.

He stressed that Nigerian universities must evolve beyond conventional teaching and research to become centres for enterprise development, technology transfer and industrial competitiveness.

Speaking at the inauguration, Governor Alex Chioma Otti, declared that Abia is entering a new era where science, innovation and enterprise will power economic prosperity and position the state as Nigeria’s leading hub for manufacturing and technological advancement.

Delivering his keynote address titled “Science Meets Enterprise,” Governor Otti described the UniPod as a transformational investment that bridges the gap between academia and industry, noting that development flourishes through purposeful partnerships.

He said the decision of the Federal Government and the UNDP to site Nigeria’s first Manu-Tech UniPod in Abia reflects the confidence they have in the state’s enormous economic potential.

“The siting of the Manu-Tech UniPod in Abia speaks eloquently to the institutional faith the UNDP and the Federal Government of Nigeria have reposed in our dear State and the potential it holds as an engine of growth and economic prosperity in the region,” the Governor stated.

Governor Otti explained that the innovation facility will accelerate product development, industrial-scale manufacturing, renewable energy integration and entrepreneurship while equipping more than 500,000 students and researchers with technological and innovation skills over the coming years.

He expressed optimism that the project would unlock unprecedented opportunities for Aba’s renowned manufacturing ecosystem by improving product quality, branding, competitiveness and access to regional and global markets.

According to him, the UniPod will redirect research in tertiary institutions from theoretical publications to practical solutions capable of addressing everyday challenges in agriculture, healthcare, manufacturing and other productive sectors.

“The expectation is that research efforts henceforth will be directed at answering questions with practical, everyday applications,”

Governor Otti said, adding that improved research outcomes would reduce the mortality rate of Micro, Small and Medium Enterprises (MSMEs), strengthen investor confidence and stimulate sustainable economic growth across Abia and the South-East.

The Governor reaffirmed his administration’s commitment to innovation-driven development, stating that government fully supported the project because it aligns perfectly with its economic transformation agenda built on quality infrastructure, security, skilled manpower and strategic partnerships.

He also announced that the operationalisation of the UniPod would accelerate the implementation of other joint initiatives with the UNDP, including the expansion of the Jubilee Fellows Programme, the Aba Export Growth Lab, energy investment initiatives, industrial competitiveness programmes and the establishment of community innovation centres across the state.

Highlighting the opportunities presented by the African Continental Free Trade Area (AfCFTA), Governor Otti noted that businesses in Abia now have access to a market of over 1.4 billion consumers across Africa.

“The hour of big dreams and great ambitions has arrived. If we fully harness the potential of this Manu-Tech University Innovation Pod, our challenge will no longer be finding markets but building the capacity to serve customers across Africa and the world,” he declared.

In her remarks, Ms. Ahunna Eziakonwa, United Nations assistant secretary-general and UNDP regional director for Africa, commenced her official mission to Nigeria with the inauguration of the facility, underscoring the importance of strategic partnerships in driving inclusive and sustainable development.

Also speaking, Ms. Elsie Attafuah, UNDP resident representative in Nigeria, described the UniPod as part of a broader national innovation ecosystem designed to connect education, research, enterprise and manufacturing while enabling universities to become drivers of economic growth and global competitiveness.

She commended President Bola Ahmed Tinubu, Vice President Kashim Shettima, the Federal Ministry of Education, TETFund and the Abia State Government for their commitment to innovation-led development, while particularly praising Governor Otti for his vision of transforming Abia into Nigeria’s foremost manufacturing and industrial innovation hub.

Earlier, Professor Ursula Ngozi Akanwa, vice-chancellor of Michael Okpara University of Agriculture, Umudike, described the inauguration as a defining moment in the institution’s history, saying the project fulfils the University’s mandate of deploying science, technology and innovation to advance agriculture, manufacturing and enterprise.

She expressed appreciation to the Federal Government, the Federal Ministry of Education, UNDP, TETFund and the Abia State Government for selecting MOUAU to host Nigeria’s first Manufacturing Technology University Innovation Pod.

The inauguration attracted top government officials, development partners, academia and industry stakeholders, including: Dr. Emmanuel Meribeole, secretary to the State Government; Pastor Caleb Ajagba, chief of Staff to the Governor, members of the State Executive Council, traditional rulers and other dignitaries.

The Manu-Tech UniPod is expected to provide students, researchers and entrepreneurs with access to advanced manufacturing technologies, prototyping facilities, business incubation support and industry mentorship, enabling innovative ideas to be transformed into market-ready products and positioning Abia at the forefront of Nigeria’s industrial revolution.

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KPMG Urges Africa’s Most Innovative Tech Entrepreneurs to Enter the Global Tech Innovator 2026 Competition

Published

23 hours ago

July 8, 2026

Chike Onwuegbuchi

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KPMG Private Enterprise is inviting Africa’s most promising technology companies to apply for the KPMG Private Enterprise Global Tech Innovator 2026 competition. This competition offers innovators the opportunity to represent the continent on the global stage in Lisbon, Portugal.

Now in its sixth year, the competition brings together some of the brightest minds in technology innovation. If you are ready to demonstrate how your technology can make a difference in the world, this could be your moment to challenge the status quo, introduce transformative solutions through your unique lens, and help shape the future.

Eligible businesses from the 13 One Africa member firm countries across Southern Africa, East Africa, and West Africa are encouraged to submit their applications before Sunday, 2 August 2026.

Participants will compete through national and regional rounds, with winners advancing to the global stage where they will pitch alongside some of the world’s most innovative technology companies. Applications will be assessed on innovation, entrepreneurial spirit, growth potential, customer focus, and risk awareness by a panel of industry experts from within and outside KPMG.

Sandeep Main, Partner, Tax & Regulatory Services and Africa Head of Private Enterprise, said, “Africa continues to produce remarkable entrepreneurs who are solving complex challenges through innovation and technology.

“The Global Tech Innovator competition provides these businesses with a unique opportunity to showcase their solutions, build valuable connections, and gain exposure to investors, industry leaders, and potential partners on a global stage.

“We encourage eligible startups and scaleups from across Africa to enter and demonstrate the incredible innovation emerging from our continent.”

Beyond the competition itself, finalists will gain valuable exposure to business leaders, investors, industry experts, and fellow innovators from around the world. The overall winner will earn the title of KPMG Private Enterprise Global Tech Innovator 2026.

Applications are now open and close on 2 August 2026. To learn more about the competition, eligibility requirements, and how to apply, visit the KPMG Private Enterprise Global Tech Innovator competition webpage.

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