E-Business
PoS Transactions Drop in January by N16Bn

The value of transactions carried out over Point of Sale (PoS) terminals in the country dropped by N16 billion in January this year compared to the figure achieved in December 2016, as Nigerians slowed shopping after the frenzy of the yuletide.
A report by Nigeria Inter-Bank Settlement System (NIBSS) the industry Payments Terminal Service Aggregator (PTSA), stated that value of transactions over the platform in December 2016 was N108 billion dropping to N91 billion in January this year.
More so, volume of transactions was also affected as volume in December recorded 8.9million compared to 7.9 million it recorded in January this year.
Financial technology experts described the situation as normal in view of the fact that December is a festive period when Nigerians make a lot of purchases for the Christmas and New Year celebrations.
“But in January not much shopping is done at this period as people have exhausted their cash during the festivity. This is the reason for the drop in both transaction value and volume on the PoS platform,” they said.
Tunde Ogungbade, managing director, Global Accelerex Limited, commended Central Bank of Nigeria (CBN) for formulating policies that are increasing the deployment of PoS in the country.
“The CBN has done a great job working with the industry players, especially, the Payment Terminal Service Providers (PTSPs) that have played a significant role in Nigeria with adoption of PoS terminals through the Cashless and Cash lite Initiative that started in 2011. The association of PTSPs of Nigeria, for example, has been engaged from time to time to contribute and provide input on policies.”
“It is my view that the current policies are good; nevertheless, there is always room for improvement. For example, a new policy for migration from MSC to Interchange Fees is a welcomed development that will be a major driver for industry growth. Global Accelerex will continue to work with regulators and other players to ensure rapid adoption of policies,” he said.
He however, attributed the lopsided growth observed in the use of PoS in major cities of the country e.g. Lagos, Abuja, Port Harcourt against other states and cities to the economic activities in those regions vis-à-vis the major city.
“In addition, the cashless campaign done across the nation focused more on major metropolis than the hinterland. Furthermore, the level of awareness in major cities has fueled more rapid adoption in the major cities. For example, Lagos, Abuja, and Port Harcourt constitute a huge part of all the POS transaction that are done in Nigeria, though other areas are steadily growing. We have started observing growth and adoption in other cities, for example, Owerri in Imo State, Gombe State and Delta State etc.,” he added.
Reacting to this development, Mrs. Regha Onajite, chief executive officer, Electronic Payment Providers Association of Nigeria (EPPAN) said that a lot of people have not really embraced the PoS but, that is not a challenge.
“The PoS is only a channel for electronic payment. We have so many other channels like the Mpos, mobile, ATMS, web/online, instant payments etc. so the PoS is one of many other choices.”
“The CBN and the operators should focus on awareness creation for further adoption. During the early days of the Cashless initiative, E-PPAN under the aegis of the CBN and the support of the financial institutions had massive awareness campaign especially below the line campaign in addition to what the banks, the central bank and other providers were doing with above the line campaign to promote the understanding and adoption of electronic payments channels. This I will say has to be sustained.”
E-Business
Kaigama,Catholic Archbishop of Abuja Warns against Misuse of AI

Ignatius Kaigama, Catholic Archbishop of Abuja, has warned that the misuse of artificial intelligence (AI) could pose serious risks if technological innovations are not guided by strong ethical principles.

Artificial intelligence is a branch of computer science focused on creating machines or software capable of simulating human cognitive processes.
Kaigama gave the warning on Sunday during his homily at St. Anthony Mary Claret Pastoral Area, Zuba, in the Federal Capital Territory,
He said that while artificial intelligence has enormous potential to improve lives, its irresponsible use could have harmful consequences.
Citing the teachings of Pope Leo XIV, the Archbishop said scientific and technological advances should serve humanity, uphold human dignity and promote the common good.
“We witness the misuse of human freedom, the unethical application of science and medicine, and now, in Artificial Intelligence,” he said.
The Catholic prelate also warned against what he described as an increasing pursuit of material wealth at the expense of moral values, saying greed and the love of money continue to contribute to many of society’s problems.
According to him, the excessive pursuit of wealth has diverted many people from the values of truth, justice and service, weakening the moral fabric of society.
E-Business
TeKnowledge, Equinix Partner to Advance Nigerian Digital Infrastructure

TeKnowledge and Equinix announced a partnership to accelerate secure hybrid and multi-cloud adoption and enable AI-ready digital infrastructure across the region.

Nigeria’s digital transformation is accelerating rapidly, with the digital economy being a significant contributor to the country’s gross domestic product (GDP).
As demand for cloud services, AI adoption, digital payments and data-driven innovation continues to accelerate across West Africa, the partnership is positioned to advance the region’s digital transformation.
By combining Equinix’s in-country and global data centre infrastructure and secure interconnection capabilities with TeKnowledge’s expertise in designing, deploying and managing AI, data, customer experience and cybersecurity solutions, organisations can accelerate innovation while maintaining data residency and sovereignty requirements.
Together, the organisations empower enterprises and government institutions to bridge the gap between digital ambition and execution through secure, high-performance digital environments built on local infrastructure and delivered by local talent.
Speaking, CEO and President, TeKnowledge, Aileen Allkins, said: “Organisations across Africa are increasingly looking to modernise their infrastructure while maintaining the performance, security, and compliance required to support growth.
Through our partnership with Equinix, we are combining world-class digital infrastructure with deep local expertise to help customers accelerate cloud adoption, strengthen resilience, and unlock new opportunities through AI and emerging technologies.”
Managing Director of Equinix West Africa, Wole Abu, expressed delight at partnering with TeKnowledge to bring together Equinix’s globally interconnected platform, spanning over 280 data centres and 10,000 customers worldwide.
E-Business
New NIMC Act Strengthens Data Protection, Privacy – Director

Uche Chigbo, coordinating director of Operations, National Identity Management Commission, (NIMC), has said the newly enacted NIMC Act strengthens data protection and privacy, expands identity coverage to include everyone in Nigeria and Nigerians in the diaspora, and provides the legal framework for a secure and trusted digital identity ecosystem.

She said the new law replaces the 2007 NIMC Act, which had become outdated due to rapid technological advancements, evolving cybersecurity threats, the growth of the digital economy, and the enactment of the Nigeria Data Protection Act.
According to her, the updated legislation better positions the Commission to deliver Nigeria’s digital identity agenda and improve access to government and private sector services.
“The Act itself has taken in a whole lot of things to make sure that NIMC is well-positioned to be able to deliver on the identity agenda and program of Nigeria. The area of universal coverage was expanded within the Act so that NIMC can enroll everybody that is within the soil of Nigeria—male, female, children, whether they are IDPs or orphans or whatever it is, and even Nigerians in diaspora.
“There is quite a lot within the Act that over the few days and weeks, even with my Director-General’s courtesy visit, we are trying to sensitize and educate the general public, and also bring awareness to this new Act so that people will know what are the rights that exist within it, what are the obligations, what are the stronger enforcement and penalties that has also been expanded within the Act, and then what are also the regulatory autonomy that has been given to NIMC to make sure that they drive the digital identity ecosystem in Nigeria,” she explained.
“There’s a lot of provisions and changes with the new Act. Um, the NIMC 2007 Act has been operating for close to 19 years now. So, we can see that, um, you can actually say it’s almost obsolete. And then with a lot of technological advancements in the world now, with the enactment of the Nigeria Data Protection Act, and then with also a lot of evolving security challenges, cybersecurity challenges, as well as the ever-growing digital economy, it became very necessary that a comprehensive review of the NIMC Act should be done.
So, that 2007 Act has been repealed and a new NIMC 2026 Act is in place,” she explained.
Chigbo clarified that the National Identification Number (NIN) is Nigeria’s unique identifier and the only valid means of identification for accessing government services.
She added that it enables secure identity verification and improves access to services.
“NIN has been designated as the unique identifier in Nigeria and then by the government of Nigeria establishing it as the only valid means of identification for assessing government services. So, NIN, it’s positioned to be a valuable tool for empowering citizens and legal residents to facilitate access to service delivery in Nigeria. And it’s also a tool for people to be able to prove their identity as they go about their daily businesses,” she said.
Speaking on identity harmonisation across government agencies, Chigbo said NIMC is integrating identity databases to enable Nigerians to access services seamlessly using the National Identification Number (NIN), while other agencies continue to issue functional identities for specific purposes.
“There’s a distinction between a foundational identity and a functional identity. NIMC provides the foundational identity, which answers the question, ‘Who are you?’ Are you a Nigerian or a legal resident? Who are you? That’s what NIMC is providing. All these other agencies that you have mentioned, they provide functional ID, which is an ID that relies on the foundational ID, where they have established who you are and then they are now trying to answer the question, ‘Are you now eligible to have these services? Are you now eligible to benefit from this transaction or scheme?’ So, those are two different distinctions.”
However, Chigbo said NIMC’s mandate is to harmonise and integrate identity systems across government, with the amended Act designating the Commission as the sole repository for biometric data.
“However, NIMC mandate is to make sure that we harmonize and integrate with all these agencies so that you’re one and the same person in any of the databases or registries that you have. The Act that has been expanded and amended also positions NIMC as the only repository for biometric data capture so that we can have effective identity management and coordination in Nigeria.
“So, that harmonization is already happening, the integration is already happening,” she stated.
She also disclosed that NIMC has introduced an online modification portal that allows Nigerians to begin the process of correcting or updating their personal information from the comfort of their homes or offices.
“But also, NIMC we have a modification portal that enables you to sit in the comfort of your home or office to be able to start the process of correction or updates of your data. We already have a self-service modification portal that allows you to make corrections,” she disclosed.
On the cost of obtaining a NIN, Chigbo clarified that enrolment and issuance of the National Identification Number are free.
She, however, noted that some other identity-related services attract approved fees, which are published on the NIMC website and paid electronically through the government Remita platform.
“Enrollment for the issuance of the National Identification Number, NIN, is free. There are other services, identity services that NIMC provide. Those ones have their charges, and those fees and charges are publicized on the NIMC website so that people can see what those charges are. And NIMC does not collect cash. Our transactions and the charges are paid electronically through the government Remita platform,” she said.
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