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Yele Okeremi charges government to take the lead to make Nigerian fintech attain global leadership

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Mr. Yele Okeremi, Managing Director of Precise Financial Systems (PFS), has said that unless the Nigerian government pays attention to the trends and developments in the country’s fintech ecosystem, the growth would be limited.

Speaking during his appearance on C-Suite Café, a podcast initiated by veteran journalist and brand strategist, Ikem Okuhu, Okeremi said only the government can provide the needed leverage for the sector to become leaders globally.

Citing example with China, he said it took the country’s government to push their local payment platform to become one of the prime payment gateways in the world.

“If we are going to achieve the kind of goals that I have in mind, then, naturally the government must take certain positions. Take a look at Union Pay today.

“Union Pay started as China Union Pay. But today, Union Pay cards are accepted everywhere in the world. It was not magic. It happened as s result of the deliberate strategy of the Chinese government.

“The card business was dominated by Mastercard and Visa. American Express was popular in the United States. But today, Union Pay have become global. So, why couldn’t Verve have become global?”

The fintech guru said the people behind Verve had a sellable technology, but could not withstand the headwinds of global competition.

He decried the situation where Nigeria uses cards issued by foreign companies for local payments, “Who does the kinds of things we do here? For local payments, we are issuing Mastercard and Visa when we have Verve? I think these are issues that we need to take a look at,” he stated.

Nigeria, he observed has all it takes to take its fintech products global, and the government should pay greater attention to ensure this becomes a reality.

“We have a huge market here, and we have the resources. The assets for creating wealth are the market and the natural resources. Nigeria has both. But the private sector can do so much, but until the government provides the needed support and policy leverage, there the private sector will achieve limited successes, and until you have the support of your sovereign, you will never be able to fly,” Okeremi canvassed.

He lamented the situation whereby people who have never been involved in wealth creation populate the country’s political leadership space, and advocated a reversal to a system in which certain critical political leadership positions are reserved for certain prequalified people deemed to have proven track record of successes in those fields.

Okeremi disagreed with the notion that some of the fintech’s companies labelled unicorns are Nigerian companies, saying that most of them had pivoted to foreign ownership because of their desire to scale and attract funding.

For instance, I am one of the founding fathers of Interswitch, and ordinarily, had the environment done what was needed to have been done, Interswit would have blossomed. But they recognized that the environment was not giving them what they wanted, so they took the easy way to get value – have alliances and sell to foreign interests.

But that’s not what I have fought for, and I am not going to blame anybody that has done that? I doubt if I should, because I might be able to withstand the pressures, which they cannot withstand.

“But the question is, ‘should we continue on this trajectory as a people? It is a picture of a people that are going nowhere, and that trajectory must reverse.

“We must realise that we have the capacity to do anything that anybody anywhere in the world can do, and even if we do not have the capacity at this particular point in time, we have more than enough capacity to learn and understudy and replicate,” he submitted

He also advocated for the government to pick outstanding Nigerian fintech players and push them into the global space through deliberate creation of narratives that will engender global acceptance.

He advocated that Nigeria should seek the entrenchment of the leadership that understands that the true meaning of wealth is not cash but the capacity to create from nothing.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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NCC Blames NOGASA for Abuja Outage

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Nigerian Communications Commission (NCC) has blamed the actions of the National Oil and Gas Suppliers Association (NOGASA), for the recent telecom blackout experienced in the Abuja area.

NCC Blames NOGASA for Abuja Outage

NCC

A statement issued on Friday by the Head, Public Relations, NCC, Mrs. Nnenna Ukoha, while acknowledging the challenges and impact of the degraded Quality of Service (QoS) in the area on subscriber experience, stated: “The challenges are a result of the activities of the National Oil and Gas Suppliers Association (NOGASA), which disrupted diesel supplies to sites with the attendant telecommunications services outages in Abuja.”

She however disclosed that the telecommunications sector regulator is committed to ensuring restoration of seamless communication services to the affected area, and all Nigerians at large, and recognizes the importance of reliable power supply for the provision of optimal telecommunication services.

“The Commission is collaborating with major stakeholders and licensees to address these challenges, largely caused by disruption to diesel supply affecting IHS Nigeria Limited, the colocation provider responsible for powering Airtel and MTN base stations in the affected areas.

“The NCC is actively engaging with relevant stakeholders to address the diesel supply issues and explore sustainable solutions.

“The Commission urges all parties to work together to collaboratively resolve these challenges swiftly by removing the diesel supply bottlenecks affecting critical telecommunications infrastructure, arising from NOGASA’s actions.

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“In the face of these challenges, we reiterate our commitment to fostering a conducive environment for the growth and sustainability of telecommunications services in Nigeria.

“We are taking proactive steps to facilitate dialogues between the impacted service providers and other stakeholders to promptly resolve the diesel supply concerns that have negatively impacted service quality.”

While assuring that the Commission remains dedicated to effectively managing the situation and will keep the public updated on progress towards restoring full telecommunication services in Abuja, Mrs. Ukoha appreciated subscribers for their patience.

“We thank telecommunications subscribers for their understanding and patience during this period and reaffirm our commitment to delivering high-quality telecommunications services nationwide,” she said.


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NITDA Charts Path for Kano as Innovation Hub

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Mallam Kashifu Inuwa Abdullahi, Director-General of the National Information Technology Development Agency (NITDA), has called for a fundamental shift in Kano State’s economic strategy, urging stakeholders to embrace innovation, technology and collaboration as the drivers of growth in the 21st century.

NITDA Charts Path for Kano as Innovation Hub

Mallam Kashifu Inuwa Abdullahi, Director-General of the National Information Technology Development Agency (NITDA)

This is contained in a press statement e-authored by the Director of Corporate Communications & External Relations at NITDA, Hajia Hadiza Umar.

Speaking at the Kano Startup Weekend, Mallam Abdullahi acknowledged Kano’s long-standing reputation as the commercial nerve centre of Northern Nigeria and the wider Sahelian region, noting that its history of trade, enterprise and human capital provided a solid foundation for future growth.

Abdullahi emphasised that while these strengths powered Kano’s success for centuries, the modern economy now offered even greater opportunities through innovation and technology.

He described innovation as the process of transforming ideas into impactful solutions through commercialization, stressing that when ideas were effectively deployed, they created value, solved societal challenges and generated sustainable economic growth.

He noted that Kano’s large market, strategic location and vibrant entrepreneurial culture placed it in a strong position to take advantage of innovation-driven opportunities.

According to him, “Innovation is the process of taking an idea from inception to impact. Invention on its own is a cost centre, but when you commercialise an idea, when you turn it into a product or service that solves a real problem and creates value, that is when you begin to drive economic growth and inclusion.”

He noted that the state hosted numerous degree-awarding institutions across federal, state and private ownership, providing a strong base for human capital development.

However, the NITDA DG expressed concern that these institutions often operated in isolation from industry, with research outputs rarely translating into commercial or industrial applications.

He explained that innovation did not happen in silos and stressed the need for a strong, interconnected ecosystem that brought together academia, industry, startups, entrepreneurs and government.

According to him, universities should conduct research informed by industry needs, industries should leverage research to improve productivity and competitiveness, and startups should serve as the bridge that converted ideas into market-ready solutions.

The NITDA boss further encouraged entrepreneurs to leverage technology to build businesses that could grow beyond local markets, explaining that innovation-driven enterprises had the power to scale rapidly, create jobs and position Kano competitively at both national and global levels.

According to him, digital platforms and emerging technologies now made it easier for startups to reach wider markets and develop solutions that were previously unimaginable.

“You can start your business here in Kano, but your thinking must be global from day one. Technology has removed barriers. With the right skills and platforms, a startup in Kano can build solutions that serve not just Nigeria, but the world,” he noted.

Highlighting NITDA’s ongoing interventions, its Director-General outlined the Agency’s commitment to building national innovation capacity through targeted human capital development programmes.

He cited the Digital Literacy for All (DL4ALL) initiative, which aimed to equip Nigerians across all segments of society with essential digital skills, and the 3 Million Technical Talents (3MTT) programme, designed to produce a pipeline of globally competitive technical professionals in areas such as software development, data analysis and emerging technologies.

He said, “Through DL4ALL, we are ensuring that Nigerians at all levels have the basic digital skills needed to participate in the digital economy, while 3MTT is deliberately building a pipeline of globally competitive technical talents who can drive innovation, create jobs and attract investment.”

Abdullahi explained that these programmes were key pillars of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritised skills development, innovation, job creation and inclusive economic growth as pathways to national prosperity.

According to him, empowering Nigerians with digital and technical skills was essential for building a resilient economy capable of competing in the global digital landscape.

“President Tinubu’s Renewed Hope Agenda is about investing in people, empowering them with relevant skills and creating opportunities for inclusive growth.

“At NITDA, we are using digital skills and innovation as tools to translate that vision into real economic impact for Nigerians,” he said.

The NITDA boss urged all stakeholders in Kano to work together to build a functional innovation ecosystem that could unlock the state’s vast potential and expressed confidence that with the right mindset, strong collaboration and sustained investment in digital skills and innovation, Kano could reclaim its historic leadership role and emerge as a major innovation and entrepreneurship hub in Nigeria and beyond.


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Minister Claims Bandits Exploit Poor Network, Bounce Calls Off Multiple Towers

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Bosun Tijani, minister of Communications, Innovation and Digital Economy, yesterday claimed that bandits and terrorists are able to communicate and coordinate their activities with ease because they exploit gaps in the country’s telecommunications network.

Minister Claims Bandits Exploit Poor Network, Bounce Calls Off Multiple Towers

Bosun Tijani, minister of Communications, Innovation and Digital Economy,

Tijani, who spoke  Politics Today, a Channels Television’s programme, on Friday, Tijani said the criminals exploit gaps in the country’s telecommunications network.

He also claimed the bandits use advanced technology to bounce calls across multiple towers in areas with poor connectivity.

“They weren’t using the normal towers; they bounced calls off multiple towers, which is why they favor areas that are largely unconnected,” he said.

When asked about reports that unregistered or fraudulently registered SIM cards are still in use despite the Bank Verification Number (BVN) and the National Identification Number (NIN)–Subscriber Identity Module linkage policies, Tijani said the issue is technically complex and the reports are not fully verified.

“Whether it’s fact or not, I do not know where you’re getting that from, and I do not know who has evidence that there are people with unregistered SIMs,” he added.

The minister stated that the federal government is investing in telecom towers in underserved regions, upgrading the country’s communication satellites to improve coverage, and expanding fiber-optic networks to strengthen the country’s digital infrastructure.

“If our towers are not working, our satellites will work. Nigeria is the only country in West Africa with communication satellites, and we are bringing new satellites to upgrade their capabilities,” Tijani said.

He added that these initiatives aim to ensure better connectivity for Nigerians while closing loopholes that criminals exploit, thereby enhancing national security.

The minister’s comments come amid rising concerns over insecurity in several parts of the North, where banditry, kidnapping, and terrorism have escalated in recent years.

There are also reports of bandits flaunting ransom payments on social media platforms such as TikTok, raising alarm among authorities and the public


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