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E-Financial

Nigeria Marks 25th Anniversary of world Web with Affordable Internet Access

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Omobola Johnson, Minister of Communications Technology
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An innovative and interactive new drive to empower affordable Internet access will today unite the Nigerian government as well as key members of the Nigerian ICT industry with technology leaders from across Africa and the rest of the world on the eve of the 25th anniversary of the Web.

25 years after Web inventor Sir Tim Berners-Lee submitted his proposal for the World Wide Web (March 12, 1989), the world’s broadest technology sector coalition, the Alliance for Affordable Internet (A4AI), is bringing together government ministers, technology innovators, researchers and campaigners to drive forward the policy change, dialogue and investment needed to put internet access in the hands of millions across Africa.

The forum will aim to consolidate support for, as well as build upon ongoing efforts to increase broadband penetration in Nigeria five-fold to 30 percent by 2018.

The Nigerian government has signed a Memorandum of Understanding with A4AI and participants at the forum include Mrs. Omobola Johnson, minister of Communication Technology.

The forum will also see the launch of a new multi-stakeholder coalition that will contribute to the development of policies intended to bring in a new era of widespread and affordable internet access.

As laid out in the recently published Nigerian National Broadband Plan, the existing challenges to greater Internet and broadband access in Nigeria will be tackled head-on by: Incentivizing the deployment of a national fiber optic network across the entire country; Developing a framework that ensures the potential benefits of open access and infrastructure sharing are realized.

Others are: addressing high cost points such as spectrum prices and the cost of physical attacks on infrastructure; and Increasing citizen awareness about the possible benefits of the internet and how to use it.

According to the World Bank, eighty-four percent of Nigerians live on less than two dollars per day and 63 percent live on less than $1.25 per day. A prepaid mobile broadband user subsisting on $2 per day who wanted to use 1GB of data per month would have to spend 22 percent of their monthly income to do so.

At present, one third of Nigerians use the Internet, up from 28 percent in 2011 and 24 percent in 2010. However, the broadband penetration rate is only 6 percent.

In Nigeria, fixed broadband currently costs 39 percent of average monthly income, with a 500MB pre-paid mobile broadband plan averaging 13 percent.

The Alliance for Affordable Internet and its 55 members, whose global sponsors are Google, Omidyar Network, the UK’s Department for International Development and the US Agency for International Development, will work hand-in-hand with the Nigerian government and sector stakeholders to support the Government in the implementation of its vision for affordable broadband access to all Nigerians.

Johnson said: “We welcome the opportunity to align ourselves with other forward looking governments and members of the Global ICT industry as well the ‘unified voice and coordinated focus’ that is represented by the A4AI. We are also extremely pleased to note the common approach to tackling the problems of providing ubiquitous, affordable access to the Internet for all Nigerian citizens as is represented by our recently launched Nigerian National Broadband Plan. We view this forum as extremely timely and a key part of our consolidating internal as well as external support for the changes needed to accelerate the needed improvements in our National Broadband network”.

Sonia Jorge, executive director of A4AI said: “On the 25th anniversary of the Web, we are working to unlock the power of the internet in Africa and place it in the hands of those for whom it remains out of reach. Nigeria is one of the fastest growing markets in Africa but overcoming the challenges to increased access will not be solved by a single solution or player. Through collaboration we need to create policy and regulatory environments that reduce cost structures for providers, users and potential users of the internet environments that stimulates investment, increase affordability and encourage internet use. In Nigeria, A4AI will be focusing on reaching rural communities and those living below the poverty line, so all Nigerian women and men can realize the benefits of the Web.”

Funke Opeke, CEO of Main One said: “Main One is delighted to see the Alliance focus on Nigeria with the launch here in October 2013, followed by this forum in Abuja today. We  are in agreement that the emphasis on collaboration and open access in Nigeria’s broadband plan will need to be actualized to ensure affordable internet delivery and look forward to working with other industry players and government to make the vision of affordable Internet a reality for all Nigerians.”

A4AI has grown rapidly as an coalition since its launch in October 2013, achieving a membership of over 50 organisations in just four months.

Global sponsors Google, Omidyar Network, the UK’s Department for International Development and the US Agency for International Development have been joined by a host of governments, technology companies and civil society organisations from developed and developing countries.

The group is co-ordinated by the World Wide Web Foundation, Sir Tim Berners-Lee, founded by Web inventor. 

It will work in a number of countries across Africa, Asia and Latin America, and has already signed a memorandum of understanding with the governments of Ghana and Nigeria.

A4AI is advocating for open, competitive and innovative broadband markets with a focus on achieving the UN Broadband Commission Broadband Target of entry-level broadband services priced at less than 5% of average monthly income.


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E-Financial

NIA Puts Industry Written Premium @ N1.5trn in 2024

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Nigerian insurance industry has recorded a gross written premium of N1.562 trillion in the 2024 financial year. Mr Kunle Ahmed, Chairman, Nigerian Insurers Association, disclosed this during the 54th Annual General Meeting of the Nigerian Insurers Association (NIA) in Lagos.

Ahmed said that this represented a 56 per cent increase over the N1.003 trillion generated in 2023.

According to him, the industry’s total assets rose to N3.9 trillion, a 46.1 per cent increase from N2.67 trillion in 2023.

He said: “The Nigerian insurance industry in 2024 experienced notable developments, shaped by regulatory changes, economic conditions, and evolving market dynamics. “Available data indicated robust growth in gross premiums.

The industry reported a gross written premium of N1.562 trillion, a 56 per cent increase over the N1.003 trillion recorded in 2023. “Non-life business accounted for N1.1 trillion, while life business generated N470 billion.

“The industry’s total assets expanded significantly to N3.9 trillion, a 46.1 per cent rise from N2.67 trillion in 2023. “Market capitalisation also grew substantially, reaching N1.2 trillion, a 41 per cent increase from N850 billion in 2022.”

Ahmed further disclosed that the net claims paid by the industry stood at N622 billion, with the non-life segment accounting for N437 billion and the life segment for N185 billion.

He said within the non-life sector, fire, oil and gas insurance lines were key drivers of revenue growth, with all non-life products demonstrating strong quarter-on-quarter increases.


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E-Financial

UN and Sterling One Foundation Lead Coalition Ahead of ASIS 2025

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L–R: Mohamed Malick Fall, Assistant Secretary-General and United Nations Resident and Humanitarian Coordinator in Nigeria; Olapeju Ibekwe, CEO, Sterling One Foundation; and Abubakar Sulieman, MD/CEO, Sterling Bank, at the recently held Africa Social Impact Summit 2025 World Press Conference at the United Nations House, Abuja.
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Ahead of the Africa Social Impact Summit (ASIS) 2025, scheduled for July 10 and 11 in Lagos, co-conveners Sterling One Foundation and the United Nations in Nigeria held a high-level press briefing at the United Nations House in Abuja.

L–R: Mohamed Malick Fall, Assistant Secretary-General and United Nations Resident and Humanitarian Coordinator in Nigeria; Olapeju Ibekwe, CEO, Sterling One Foundation; and Abubakar Sulieman, MD/CEO, Sterling Bank, at the recently held Africa Social Impact Summit 2025 World Press Conference at the United Nations House, Abuja.

The event brought together development partners, policymakers, and the media to outline expectations for the upcoming summit and reflect on Africa’s role in defining local responses to global challenges.

Since its launch in 2022, ASIS has grown into a key platform for regional development collaboration. From eight founding partners, the summit now brings together over 40 institutions working across climate, healthcare, education, finance, governance, and digital inclusion. This expansion points to a growing shift: African institutions are pushing to set the agenda, not wait to be handed one.

The 2025 summit, themed “Scaling Action for the SDGs: Bold Solutions for Climate Resilience and Policy Innovation,”will focus on strengthening sub-national development, rethinking finance flows, and tackling structural inequalities through long-term investment and reform.

Speaking at the press briefing, Mohamed M. Malick Fall, Assistant Secretary-General and United Nations Resident and Humanitarian Coordinator in Nigeria, reinforced the urgency of this year’s convening.

“The climate crisis is eroding decades of development across Africa, displacing communities, disrupting education and health systems, and undermining economic stability. But lasting solutions must come from those living the impact daily.

“As co-conveners of the summit, and with this year’s theme Scaling Action: Bold Solutions for Climate Resilience and Policy Innovation, ASIS offers a platform for African institutions to lead and for global partners to respond with investment, policy reform, and serious commitment.”

In a presentation on the summit’s evolving impact, Olapeju Ibekwe, CEO, Sterling One Foundation, reflected on the summit’s trajectory:

“ASIS has never been about convening for its own sake. Each summit marks a deliberate step to mobilize capital, shift policy, and advance African-led solutions. Already, we have seen over 100 million dollars unlocked through coalition efforts.

“That scale is not accidental. It is the product of systems thinking, partnership, and a commitment to putting Africa’s priorities at the center of global development conversations.”

In his remarks, Abubakar Suleiman, MD/CEO, Sterling Bank, emphasized the private sector’s enduring role in the ASIS journey: “Sterling Bank has been a strategic partner to ASIS from the very beginning.

“As global development funding becomes more constrained, it is increasingly clear that the private sector must help drive scalable solutions.

“Our engagement with ASIS reflects a belief that impact is not a side effort but core to building resilient economies and inclusive growth.”

Other partners in the room echoed the need for bold, cross-sector investment in areas such as health systems, youth employment, education access, and digital infrastructure.

ASIS boasts a coalition of over 40 institutions that includes Afreximbank, Coca-Cola, United Nations Global Compact Network Nigeria, Sterling Bank, and other theme and technical partners, with Lagos State as the host city.

Interested participants are encouraged to register at theimpactsummit.org


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Flutterwave Named in 2025 TIME100 Most Influential Companies List

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Flutterwave, Africa’s leading payments technology company,  has been named in the TIME100 Most Influential Companies List of 2025, marking its second appearance on the prestigious global ranking.

Flutterwave Named in 2025 TIME100 Most Influential Companies List

Previously honoured in 2021, Flutterwave joins industry giants such as Amazon, Netflix, and OpenAI in the TITANS category of the fifth-annual list, which recognizes companies driving significant global impact.

The selection process, led by TIME editors, evaluated nominees based on innovation, ambition, impact, and success, highlighting Flutterwave’s transformative role in the fintech sector.

Founded in 2016, Flutterwave has grown into a powerhouse facilitating seamless payments across Africa and beyond, empowering businesses and individuals in the digital economy.

Its solutions span critical sectors such as cross-border remittances, e-commerce, travel, payroll, and hospitality.

The company’s 2021 TIME100 recognition followed its impactful campaign to help businesses pivot online during the COVID-19 pandemic.

This year’s inclusion underscores Flutterwave’s sustained influence, with its technology now reaching over 34 African countries and expanding into new markets such as Bahrain, Turkey, and Saudi Arabia, supporting a leading global ride-hailing company’s operations.

Flutterwave’s flagship remittance product, SendApp by Flutterwave, has gained significant traction in the US, UK, and EU, offering faster and more affordable money transfers for the African diaspora.

In 2024, the company secured 20 additional licenses in the US, bringing its total to 34 and achieving near-complete coverage through strategic partnerships.

Flutterwave’s focus on profitability and market expansion, coupled with a strengthened executive team, has fuelled its growth, with nearly half of its customers receiving payments in new markets last year.

Olugbenga Agboola,  founder and CEO, Flutterwave, expressed pride in the recognition, stating, “Being recognized by TIME once again is a true honour. It’s a testament to our team’s incredible work. We’re shaping Africa’s financial future and connecting the continent to the world.”

The accolade follows other recent honours, including topping Fast Company’s 2024 Most Innovative Companies list for Europe, the Middle East, and Africa, and earning a second consecutive ranking in the FXC Top 100 Cross-Border Payment Companies.

The TIME100 listing solidifies Flutterwave’s position as a global fintech leader, bridging Africa to the world through innovative payment solutions.

As the company continues to expand its reach and refine its growth strategy, its influence in transforming the financial landscape remains undeniable, setting a benchmark for innovation and connectivity in the digital economy.


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