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Mobile Phones to Ring Naira from June

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Mobile Money: the face of things to come
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Nigeria is at the threshold of Mobile Money Transfer and Payment (MMTP), a new revolution that is potentially more profound than the arrival of mobile phones in the country but this time sweeping and exponential, Nigeria CommunicationsWeek can now reveal.
Hailed as the next big thing, mobile payment industry will change the way consumers interact with financial services and make payments and the major plank will be the mobile phone.
With only 22 million bank accounts and less than10, 000 bank branches for 140 million citizens, mobile payments will reach over 80 million mobile phone holders and millions of others that do not have access to formal financial services in urban and rural areas.
Emmanuel Okoegwale, chief executive officer of Africa Center for Mobile Financial Inclusion (ACMFI) said that “mobile payment revolution that is currently sweeping across the African continent will berth in Nigeria in coming months if not weeks”
ACMFI is at the fore front of pioneering mobile financial inclusion in Nigeria and Africa and seeing the challenges ahead for potential players
According to Okoegwale, mobile financial services will include consumer accounts information, updates, alerts, bill payments, person to person transactions and remittances.
Central Bank of Nigeria (CBN) is expected in June this year to start issuing more mobile payment licenses to operators which are expected to leverage on the ubiquity of the mobile phone and the interoperability of the technology to provide easy to use and secure mechanism for millions of people nationwide.
MoneyBoxAfrica, a mobile saving and payment platform became the first M–payment licencee in the country in 2009 but is yet to activate the licence.
Nigeria CommunicationsWeek recalled that Mr. Abayomi Atoloye, acting director of Banking Operation at the apex bank had in January, said that the CBN has set up a payment policy and oversight office which is to recommend operators that would be granted licenses to handle all issues concerning mobile payment system.
Already queuing for the licenses are Eartholuem Networks promoted by Bola Adeyinka and Peter Afam Emeleogu and Mobile Media Info Tech limited (MMIT) led by Jide Akindele.
Others are Mtech Communications, leading mobile Value Added Services (VAS) company listed on the Nigerian Stock Exchange (NSE); Ingres Quality Rollout, a Telecom/IT consulting firm which specializes in Telecom/IT service delivery and infrastructure development led by Chidiebere Anosike; Pagatech piloted by team of Jay Alabraba, Tayo Oviosu, Aisha Bello and Phillip Uwamurogie and Celltrust which is based in Abuja and has Samuel Ucheagha overseeing its operations.
Others in the race for partnerships but not seeking licenses of their own are M-Naira promoted byJohn Enoh and MyPesa led by Femi Alla.
Nigeria CommunicationsWeek could not ascertain what the likes of Tagattitude led by Femi Akinware, UBA Bank and GTB are up to as at the time of going to press.
What is however clear is that each licensee must meet CBN conditions including having minimum paid up capital of N500 million.
It is also clear that some potentials players will be granted provisional approval in June to commence pilot projects to enable the CBN evaluate the workability of the system using global acceptable standards.
Okoegwale said that there is really huge market for mobile payment if operators can get it right.
“In Nigeria where electricity and transportation are unreliable, the mobile phone is a driving force for change – and not just for voice calls. Mobile phones can address one of the biggest cost barriers in the value chain” he added
The success of M-pesa in Kenya (over 2 million users) has demonstrated the strong compelling need for a platform that can empower Africans to make transaction cashless and without need to visit a bank.

 


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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.

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INTERPOL Report Shows AI Powers 55% of Cybercrimes in Africa Amid $484m Losses

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INTERPOL’s African Cyberthreat Assessment Report 2026 revealed that Artificial intelligence accounts for 55 per cent of reported cybercrimes across Africa and making attacks faster, more sophisticated and increasingly difficult to detect.

The report warns that the continent’s rapid digital transformation, marked by more than 1.1 billion mobile subscribers in 2025, is being matched by an equally rapid evolution in cybercrime, while fragmented legislation and limited AI readiness among law enforcement agencies continue to weaken responses.

The 40-page assessment, based on survey data from 36 African member countries, said cybercrime has shifted from isolated criminal activity to an industrialised, borderless ecosystem powered by AI.

According to the report, East Africa has become a hotspot for mobile money fraud and ransomware attacks targeting critical infrastructure, while business email compromise (BEC) and romance scams are widespread across Central and West Africa.

Southern Africa, it noted, has become an attractive target for international cybercriminals due to its high level of internet connectivity.

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The report also highlighted the growing financial impact of cybercrime across the continent, revealing that losses have more than doubled since 2024, rising from 192 million dollars to 484 million dollars.

It attributed the increase largely to AI-enabled scams, credential harvesting and automated social engineering attacks.

INTERPOL said online scams remained the most commonly reported form of cybercrime in 2025, with criminals exploiting mobile money platforms, social media and AI-generated content to deceive victims.

It added that 72 per cent of surveyed countries reported the existence of scam centres, with the highest concentration recorded in Southern and West Africa.

The report further identified digital sextortion and online harassment as persistent threats, driven increasingly by AI-generated deepfakes and synthetic media.

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According to data from TrendAI, one of INTERPOL’s partners, about 600,000 sextortion incidents were detected during the reporting period.

Business email compromise schemes have also become more sophisticated, with AI being used to generate highly convincing email communications.

The report said Africa-based threat actors are increasingly targeting victims in Europe and North America using cyber infrastructure spread across multiple jurisdictions.

INTERPOL warned that the absence of real-time information sharing between banks, telecommunications companies and law enforcement agencies has created significant vulnerabilities in tackling financial cybercrime.

It said cybercriminals are no longer relying solely on stolen credentials but are now creating AI-generated synthetic identities by combining genuine personal information with fabricated details.

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These synthetic identities, the report noted, have been used to bypass biometric verification systems, open bank accounts, obtain mobile loans and register SIM cards under false identities.

Neal Jetton, Director of INTERPOL’s Cybercrime Directorate, described cybercrime as one of the most significant criminal threats facing Africa.

“Cybercrime has emerged as one of the most significant criminal threats to the region. AI is automating every stage of a cyberattack from reconnaissance and phishing to extortion and evasion.

“However, we see that when countries work together, cybercriminal infrastructure can be identified, disrupted and dismantled,” he said.

Despite the growing threat, the report highlighted progress in strengthening cybersecurity across the continent.

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It disclosed that 17 African countries enacted or amended cybercrime legislation in 2025, while Senegal launched an online reporting platform to improve responses to online offences affecting children.

The report also noted that regional capacity-building initiatives are helping to improve long-term cyber resilience.

INTERPOL said four major cybercrime operations conducted in 2025, Operation Serengeti 2.0, Operation Contender 3.0, Operation Sentinel and Operation Red Card 2.0, resulted in more than 1,500 arrests, the seizure of hundreds of electronic devices and the recovery of over 100 million dollars.

To address the growing threat, the report recommended the adoption of standardised digital forensic capabilities, stronger cross-border collaboration, greater investment in AI literacy for law enforcement personnel and formal public-private partnerships to improve cybercrime prevention, detection and response.

The African Cyberthreat Assessment 2026 forms part of INTERPOL’s African Joint Operation against Cybercrime initiative, funded by the United Kingdom’s Foreign, Commonwealth and Development Office, with data contributions from Fortinet, Mastercard, the Shadowserver Foundation, S2W and TrendAI.

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Nigeria Expands Deep-tech Skills Pipeline

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Nigerian students will soon design, assemble, test and fly drones as part of their university education, following a partnership between Miva Open University and Abuja-based defence technology company Terra Industries.

The collaboration comes as Nigeria intensifies efforts to develop indigenous capabilities in advanced manufacturing and defence technology, with both organisations seeking to strengthen Africa’s pipeline of deep-tech talent.

The partnership will see students gain hands-on experience in drone engineering and related technologies through dedicated labs and industry collaboration.

The partners will establish robotics, drone and virtual reality laboratories across Miva’s study centres, beginning with a pilot facility in Abuja.

Students will also gain access to industry-led workshops, research opportunities, internships and mentorship in artificial intelligence, robotics, cybersecurity and autonomous systems.

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According to the partners, Terra’s engineering teams will work alongside Miva faculty to integrate hands-on hardware training into academic programmes, exposing students to real-world engineering challenges and building industry experience before graduation.

Nathan Nwachuku, co-founder and CEO of Terra Industries, said Africa’s technological future depends on developing engineers capable of building solutions for local challenges.

“The engineers who will build Africa’s future must learn by building. This partnership creates opportunities for students to work with the technologies shaping modern security, infrastructure and autonomous systems,” said Nwachuku.

Miva Open University said the initiative forms part of its commitment to experiential learning, adding that students will have the opportunity to “design, test and fly drones as part of their academic experience”.

The partnership builds on Terra’s expanding role in Nigeria’s defence technology sector. Earlier this year, the company signed a joint venture with the Defence Industries Corporation of Nigeria to localise the production of drones, robotics systems and cybersecurity infrastructure, supporting efforts to strengthen domestic manufacturing and reduce reliance on imports.

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Atte, Nigerian Develops AI Algorithm for Hair Transplants

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Atte Ayodeji, a Nigerian computer scientist,has developed an artificial intelligence algorithm capable of detecting, counting, grouping and generating healthy hair follicles during hair transplant procedures, an innovation that earned him the Best Innovative Technology award.

Atte, Nigerian Develops AI Algorithm for Hair Transplants

Atte Ayodeji

Ayodeji also graduated with a Distinction in his Master of Science (MSc) in Computer Science from Birmingham City University on Friday, adding another milestone to an impressive academic year.

Beyond his award-winning hair transplant innovation, the Nigerian researcher developed a system and framework on Explainable Artificial Intelligence (XAI) as a professional responsibility in the diagnosis of lung cancer.

His dissertation received a silver award at the PGXPO2026 Winter, further highlighting the impact of his research in applying artificial intelligence to healthcare.

Sunday Dare, special adviser on Media and Public Communication to President Tinubu,  celebrated Ayodeji’s achievements in a post on X, recalling how he first met him in 2019 during his National Youth Service.

“In 2019 when I became a Minister of the Republic, I met a young man of medium height, genteel with penetrating eyes: Atte Ayodeji. His words rarely come out and he could easily be passed by unnoticed. But I noticed him especially when my SA Kemi Areola brought him to me asking my approval for him to do his Youth Service in my office. I approved. From then on he was unstoppable. His brilliance shown and he developed skills beyond his frame.”

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Highlighting Ayodeji’s recent accomplishments, Dare congratulated him saying, “Congratulations Atte. I am proud of you!”

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