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Nigerians Trust Phones More than Banks-Study

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Preliminary findings from a mobile perception survey have shown that Nigerians trust mobile phones more than banking institutions and suggested that mass banking through the mobile is imminent in the country.
The survey conducted by MobileMoneyAfrica, Africa’s leading resource for mobile financial inclusion was exclusively shared with Nigeria CommunicationsWeek.
Mobile perception survey, a five months study, due for final release by end of March drew from interviews and questionnaires conducted in the six states across the geopolitical zones of Nigeria.
According to the study, more than 65 percent of the semi urban and rural population that were interviewed completely choose to have mobile phones as the primary channel for financial services rather than visit a bank. Another 95 per cent choose not to go back home to pick their cheque book/ savings books but will go back to pick their phones if left at home.
Emmanuel Okoegwale, lead researcher said that the study is direct attestation of the growing influence of mobile money.
Nigeria CommunicationsWeek gathered that though mobile phone banking is yet to take root in Nigeria, the initiative is however expanding across the African continent from South Africa to Kenya and is putting the poor directly in control of their own finances like never before.
In Africa, traditional banking is not a viable option for many of the poor and those living in rural areas. High fees, low education and literacy, as well as long distances between banking facilities get in the way of simple transactions.
According to the Consultative Group to Assist the Poor (CGAP), an estimated 80 percent of those living in the United Nations-designated least developed countries (LDCs) are unbanked.  However, technologies like mobile phone banking are contributing to overcoming these constraints.
That is not to return a damning indictment on the banking institutions because the mobile perception survey found that 45 per cent of the study group is comfortable going to the bank branches to receive international remittances. Also 25 percent said that they can explore options likes ATM while 30 per cent said they will access remittances from post offices and approved agents if possible in their own domains.
Nigeria CommunicationsWeek gathered that the study also found that 72 percent of the people receiving remittances do not have an account and when asked why, they claimed that the amount usually received is for pressing needs which had to be disbursed as soon as possible.
Other said the currency in which they received do not encourage them to open an account and that the banks did not offer any incentive for them to open an account at the point of receiving.
On alternatives to sending low value remittances locally, only 25 per cent agreed to have received or send airtime as a means of value to be sold at a discount at a nearby airtime dealer outlet  while  majority expressed frustrations in monetizing values that were more than N3,000 ( for instance) airtime face value.
The final report promises to be very comprehensive and will guide the industry as financial institutions and mobile operators set to roll out mobile money services in coming months.
The outcomes also support the use of agents to reach the unbanked millions in Nigeria and placing Nigeria on same status with Kenya and Brazil. In Brazil alone, Lemon Bank operates with no single Bank Branch and reaching customers through 6,500 agents.
Okoegwale, the lead researcher has been actively involved in many mobile commerce initiatives local and internationally. Apart from promoting MobileMoneyAfrica, he also serves on the board of the world’s first open source mobile finance platform, FrontlineSMS credit in USA and serving alongside the likes of Witney Schneidman, co-chair of the Obama Africa Transition Team.
He is also an executive director at the mobile authentications solutions provider in West Africa, Tagattitude Nigeria. Drawing from his field experiences with his team of 300, he plans to take financial services to the door step of every Nigerian in coming months by championing ‘commoditizing’  of banks accounts in Nigeria.
He is a man who wants to put Nigeria in the Guinness Book of World Records by deploying the most extensive Human ATM network on the face of the earth, using gas stations, eateries, stores and merchants all over Nigeria.

 

 


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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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Firms Face Gaps Between AI Ambition and Execution

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Artificial intelligence (AI) will this year become a central pillar of leadership strategy, shaping how organisations plan to grow, compete and reinvent their operating models.

However, the gap between ambition and execution will remain one of the defining challenges of 2026.

This is one of the key findings of Accenture’s latest Pulse of Change report, which shows that global executives’ intent around AI is strong and accelerating.

The study is grounded in a global survey of 8 000 executives and employees, and is designed to measure AI adoption, strategy and workforce impact across industries and regions.

According to the report, across industries, leaders are no longer asking whether AI should be adopted. Instead, they are focused on how AI can be scaled to deliver measurable enterprise value, transform decision-making and unlock new revenue streams.

A total of 86% of surveyed C-suite executives plan to increase their AI investments in 2026, signalling that AI has moved from experimentation to a board-level growth priority, it notes.

Shifting AI priorities

One of the most notable changes highlighted in the report is how executives now view the purpose of AI.

“While early adoption focused heavily on automation and cost reduction, company leaders are increasingly positioning AI as a driver of growth,” it states.

“Nearly eight in 10 surveyed executives believe AI will contribute more to revenue generation than cost savings in the year ahead, reflecting a strategic pivot toward AI-enabled products, services and customer experiences.”

According to the study, daily AI usage among senior leaders has risen sharply, with 38% of surveyed executives now using AI tools every day, compared to 8% at the start of 2024. This signals that AI is no longer delegated solely to technology teams; it is becoming embedded in executive workflows, strategic planning and decision-making processes.

While leadership engagement with AI is deepening, the report suggests that enthusiasm at the top does not automatically translate into impact across the organisation.

Scaling AI remains elusive

Despite growing investment and executive confidence, only 32% of respondents report achieving sustained, enterprise-wide impact from AI. Most companies remain stuck in isolated use cases or pilot programmes that fail to scale meaningfully across business units, the report notes.

“Executives largely believe they have articulated a clear vision for AI-driven change, but employee perceptions tell a different story. Just 18% of workers strongly agree that leadership has communicated a compelling AI vision, and only one in five say they understand how AI will affect their role in the future.

“This disconnect suggests that while executives are planning ambitious AI transformations, those plans are not always translating into clarity or confidence on the ground.”

The result is a growing execution gap: leaders are moving faster in strategy than organisations are moving in practice.

Human-AI collaboration

Despite these challenges, the report reveals a strong foundation for progress. Employees largely recognise the benefits of AI, with 79% stating that AI has positively influenced their ability to learn new skills.

Many also associate AI with increased innovation and problem-solving capacity, indicating that resistance is less about fear of technology and more about lack of involvement in change design.

“However, comfort with advanced AI capabilities remains limited. Only 27% of surveyed employees say they are comfortable delegating tasks to AI agents, and regular AI usage among workers has declined slightly compared to previous months. This points to the need for executives to focus not just on deployment, but on trust, enablement and shared ownership of AI systems.”

For executives planning to scale AI in 2026, the message is clear: value will come from treating AI as a workforce transformation initiative, not just a technology investment, the report asserts.

“In the year ahead, AI success will be defined less by how much organisations spend and more by how effectively executives align people, processes and technology. Those who bridge the gap between executive intent and employee experience will be best positioned to turn AI from a strategic promise into a sustained competitive advantage.”

 


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New Horizons Invests N50m to Empower Almajiris with Skills

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New Horizons Nigeria has launched a N50 million initiative aimed at transforming 21 Almajiri children into skilled computer technicians within 90 days, to tackle youth unemployment and harness human potential.

The Almajiri-to-Tech programme, officially launched in Abuja on Monday, provides participants with full training, meals, clothing, tools, and logistics support, all fully funded.

Speaking at the launch, the Chief Executive Officer of New Horizons, Tim Akano, said the programme represents a new journey in the history of Nigeria by restoring the original purpose of the Almajiri system, which he described as “children sent out to seek knowledge.”

“The word Almajiri comes from an Arabic term meaning emigrant and seeker of knowledge. Historically, children were sent to learn morals, responsibility, and skills to add value to society,” Akano said.

He added that the disruption of this system during colonial times forced many children onto the streets, a challenge that persists today.

Akano highlighted the urgency of addressing the Almajiri issue, noting that there are an estimated 15 million Almajiris in the country, with a population growth rate of around three per cent annually.

“If we do not solve this problem as a country, we are sitting on a time bomb,” he warned.

According to him, the programme focuses on hands-on technical skills rather than theory. Trainees will learn to repair mobile phones, laptops, televisions, radios, standing fans, and other electronic devices, as well as build inverter batteries using recycled electronic waste.

“We are not teaching theory. We are teaching practical skills you can use to earn a living,” Akano said, stressing that the programme will not interfere with the participants’ Quranic education.

“We are still going to allow you, within the period of learning. Your learning computer here is not stopping your Quranic education.

“You still have time within our space here. Whenever you want to go and pray, you can pray, then come back to class,” the CEO stressed.

He added that participants will also receive daily meals, water, T-shirts identifying them as technicians-in-training, and access to all necessary tools and equipment throughout the 90-day programme.

Akano said the initiative is part of a larger mission by New Horizons Nigeria, which has spent the past 21 years training about 100,000 Nigerians annually in IT and related skills.

He said the new programme aims to “take human genius off the streets and convert it into human capital, enabling these youths to contribute meaningfully to the economy.”

He added that equipping Almajiris with skills could add 15 million people to Nigeria’s workforce and potentially increase the country’s GDP by as much as $20 billion, stressing that productivity depends on practical skills and opportunity.

“Everything that can be taught can be learned. If someone can memorize the Quran cover to cover, there is nothing that cannot be done. What they lack is information, opportunity, and infrastructure, and we are providing all of that,” Akano said.

Akano also stressed that the initiative is designed to inspire other organizations and government agencies to replicate similar programmes across the country.

“This is not just about 21 children; it is about showing Nigeria what is possible when resources meet intention and planning.

“If we succeed in empowering these Almajiris, we demonstrate that the country can turn social challenges into economic opportunities. It’s a blueprint for Nigeria’s future,” he said, noting that the initiative combines social reform, technical education, and economic empowerment.

Also speaking, one of the trainees, Fatima Umar, appreciated the organisers and promised to maximise the opportunity.

“We’ll make you proud of us. We have nothing to say here but to thank and appreciate you. May Almighty Allah continue to guide and protect you,” Umar said.


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IMF Upgrades Nigeria’s 2026 Growth Projection to 4.4%

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International Monetary Fund has upgraded Nigeria’s 2026 economic growth projection to 4.4 per cent, reflecting improved macroeconomic stability and sustained reforms.

IMF Upgrades Nigeria’s 2026 Growth Projection to 4.4%

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The January 2026 World Economic Outlook Update forecasts Nigeria’s growth trajectory at 4.1 per cent in 2024, 4.2 per cent in 2025, and 4.4 per cent in 2026—a 0.2 percentage point increase from the October 2025 estimate.

This aligns with sub-Saharan Africa’s projected 4.6 per cent expansion in 2026 and 2027, driven by regional stabilisation efforts.

Globally, the IMF anticipates 3.3 per cent growth amid resilient conditions tempered by trade policy shifts and technology investments. For Nigeria, declining energy prices—expected to fall seven per cent due to weak demand—pose risks, though OPEC+ coordination and China’s stockpiling provide support.

Despite the optimism, downside risks persist from Middle East and Ukraine tensions, protectionism, high debt, and fiscal deficits. The Fund recommends rebuilding fiscal buffers, ensuring central bank independence, and limiting temporary fiscal measures to maintain stability.

Nigeria’s success hinges on consistent reforms and resilience against domestic and global shocks, the IMF concluded.


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