E-Business
Nigeria Ripe for Automated Self Cheque System
Encouraged by the deep penetration of ATM in the country, Mr. Yele Okeremi, the Managing Director and Chief Executive Officer of Precise Financial Systems (PFS) has declared that self-service cheque deposit and management is inevitable in Nigeria, saying that the country’s financial market is mature enough for the system.
According to him, the condition needed to achieve self service cheque deposit system is minimal IT knowledge and personal confidence that the system will deliver what it deposits into depositors accounts. “As we can see, ATM penetration in Nigeria has been high, therefore, it follows that if we make the system easy and friendly for users, the people will embrace and love it. As a matter of fact, self service cheque deposit and management is
inevitable in Nigeria,” he said.
He added that since banks need to look inwards, find means of reaching and serving their customers in an excellent manner, and still maintain a very lean structure, the concept of self service as it has been designed, would enable the banks to provide convenience retail banking services for customers.
On the fear of fraud, Okeremi argued that the automated self cheque processing will not become an easy target for cheque fraudsters. He explained that the DEPOTEL, the self service cheque deposit system developed by PFS makes it more difficult to perpetrate frauds or game the system.
“There are two conditions precedent to successful fraud and corruption as the case may be. They are monopoly of knowledge or information and concentration of discretion at the disposal of one person or a group of people. Our system has eliminated both possibilities. Therefore, you have a safer and more transparent system than the conventional management of cheque transactions now. We have a system that is capable of identifying more than 97% of fraudulent activities or gaming than the conventional means,” he explained.
According to him, DEPOTEL attempts to eliminate all known cheque frauds dynamics today. He said the beauty of a system is in its agility and this totally depends on the competence and knowledge of its designers and developers. PFS the knowledge of the processes involved and the agility to quickly respond to new discoveries as they arise and we shall continue to improve as new patterns unfold.
However, he noted that though the introduction of several electronic channels has given options to users to effect payment using any channels that suits them at a particular point in time, cheques remain a viable means of effecting payment in modern societies. While addressing the problem of cheque fraud in the system, Okeremi noted that cheque frauds remain a major concern particularly in Nigeria.
“But I’m glad to say that so much has been achieved towards reducing, if not eliminating cheque frauds in the system. If you look at cheque frauds in historical perspectives in Nigeria, you will see several types and variants of cheque frauds ranging from outright forgery of cheque leaves and cheque cloning to cheque transaction suppression, signature and mandate forgeries, cheque alterations and clearing cheques substitution to cheque diversions. I hope to be able to explain the intricacies and dynamics of these various frauds in detail sometimes in the future.”
He warned that while some of these frauds can be handled by the introduction of technology, some of them still require caution and due diligence on the part of banks. He, therefore, listed two major factors that have ensured to reduce cheque frauds considerably.
These are the introduction of the Nigeria Cheque Standards, which stipulates the minimum standards for physical and chemical composition of cheque leaves across all banks in the country coupled with the effort of Nigerian Inter Bank Settlement System (NIBSS) at reducing the number of clearing days of both local and upcountry clearing cheques.
According to Okeremi the combined effect of these two factors has frustrated the efforts of fraudsters. In fact, the most common cheque frauds that remain alive today are cheque substitutions and attempted cheque cloning.
“I have spent considerable time as a consultant, working with the banking industry and I can confidently tell you that we are moving closer by the day to nailing down the issues involved in these issues and eliminating them”, he said.
Cheque substitution frauds will be almost, if not eliminated when banks begin to process their outward cheques in a decentralized manner at the point of transaction, thereby being in a position to capture the names of the beneficiaries of individual cheques and submitting same to NIBSS in their individual capture files.
“This will guarantee that every bank will have access to all details of the transactions in their individual posting files even before seeing the physical instruments,” Okeremi further explained.
E-Business
Report Shows Start-ups Fuel Innovations in Africa

Bloomberg has released its second annual “25 African Startups to Watch” list, underscoring the growing influence of venture-backed innovation across the continent.

Published thursday, the list highlights companies building solutions in “environments where infrastructure or systems have failed to deliver.”
The featured start-ups build solutions to challenges such as accessing healthcare in Chad, moving goods in Kenya, securing loans in South Africa, and safeguarding borders in Nigeria.
Nigeria, South Africa and Kenya jointly lead with four companies each, reflecting the ongoing strength of Africa’s three most visible start-up ecosystems.
The 25 companies span 13 countries and sectors including healthcare, fintech, security, climate resilience, waste management, and transport.
Nigeria’s four startups are 10mg Health, Remedial Health, Sycamore and Terra Industries, covering areas from healthcare financing and pharmaceutical supply chain integrity to digital lending and defence technology.
South Africa’s contingent includes Omnisient, Amesect, AURA and Jem. Omnisient uses grocery purchase data and AI to extend credit to those outside traditional financial systems.
Kenya’s notable four include Zeraki, a school-data analytics platform partnering with Safaricom to reach secondary students across the country.
According to Bloomberg, a defining theme this year is the source of funding.
Nearly half of the total capital raised by these start-ups came from African investors, marking a shift from previous years when international capital predominantly drove early growth.
International backers such as 8VC, controlled by Palantir Technologies co-founder Joe Lonsdale, and Google continue to see value in investing in African companies, Bloomberg noted.
The report also highlights that start-ups across the continent almost doubled their debt fundraising in 2025, even as equity financing from venture capital firms declined.
Separately, the Start-up Ecosystem Report 2026 states that Kenya has overtaken Nigeria as Africa’s top startup investment destination, attracting $984 million in 2025.
Jennifer Zabasajja, Bloomberg Television’s chief Africa correspondent and anchor, highlighted the dual significance of the list, the variety of solutions being built and the growing role of African-sourced capital in backing them.
She noted that the list comes at a consequential moment, one shaped by global disruptions, from the conflict in Iran to sweeping cuts in US foreign healthcare assistance, that have made the case for African-owned capital more urgent than ever before.
E-Business
NDPC Raises Alarm: Fake News, Data Abuse Could Destroy Nigeria’s 2027 Elections

Nigeria Data Protection Commission has warned that the growing misuse of personal data and digital platforms could undermine Nigeria’s democratic process ahead of the 2027 general elections.

NDPC
The warning was delivered during the 2026 Press Week organised by the FCT Council of the Nigeria Union of Journalists in Abuja.
Speaking at the event, Vincent Olatunji, national commissioner and chief executive officer, NDPC, who was represented by Itunu Dosekun, head of Media Unit at the commission, said disinformation and unlawful exploitation of personal data posed serious threats to credible elections.
The event had the theme: “2027 Election: Defending Democracy in the Era of Disinformation.”
Dosekun said the struggle for credible elections was no longer confined to polling units, noting that digital platforms had become major channels for manipulated narratives, fake news, propaganda and AI-generated misinformation.
According to him, the rapid growth of social media platforms, messaging applications and data-driven political campaigns has created vulnerabilities capable of influencing voter perception and weakening public trust in democratic institutions.
He warned that the abuse of personal data for political profiling and psychological targeting had become one of the most dangerous threats facing democracies worldwide.
“The misuse of citizens’ personal information carries serious social implications, especially for vulnerable groups who may not fully understand how their data is harvested, processed and weaponised online,” he said.
Dosekun noted that coordinated disinformation campaigns could inflame ethnic tensions, spread fear and discourage civic participation, particularly among young Nigerians.
He described the Nigeria Data Protection Act, 2023, as a critical legal framework aimed at protecting citizens against unlawful data processing and digital exploitation.
According to him, the law gives Nigerians greater control over their personal information while placing obligations on organisations, institutions and political actors to handle data responsibly.
Dosekun also called for stronger collaboration among political parties, media organisations, technology firms, civil society groups and citizens to promote responsible digital behaviour ahead of the elections.
He stressed the role of journalists and media professionals in combating fake news, fact-checking information and safeguarding public discourse.
According to him, protecting personal data should not only be seen as a privacy issue but also as a democratic responsibility necessary for maintaining public confidence, national stability and electoral credibility.
Stakeholders at the event emphasised the need for improved digital literacy, stronger regulation and increased public awareness to prevent the abuse of digital platforms during future elections.
E-Business
Anthropic Raises $65 Bn to Expand AI Research, Innovation

Anthropic, artificial Intelligence company, has said that it has secured sixty-five billion dollars in a new funding round, raising the company’s valuation to about nine hundred and sixty-five billion dollars.

The development places the company ahead of its rival, OpenAI, maker of ChatGPT, which was valued at about eight hundred and fifty-two billion dollars earlier this year.
Anthropic, founded by former OpenAI employees and led by Dario Amodei, chief executive officer, has emerged as one of the leading firms in the global Artificial Intelligence industry.
The company is widely recognised for its advanced coding capabilities and generative AI models, particularly its AI assistant known as Claude.
Unlike some competitors focusing mainly on general consumers, Anthropic has concentrated on delivering AI solutions to enterprise and business clients.
The company also says it places strong emphasis on AI safety while expanding its products and services amid growing competition in the sector.
Krishna Rao, chief financial officer of Anthropic, said the new funding would support the company’s research efforts and help meet rising global demand for its AI technologies.
Reports indicate that the investment round attracted major Silicon Valley venture capital firms, including Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital.
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