Telecom
Yele Okeremi charges government to take the lead to make Nigerian fintech attain global leadership
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.
Lebara Nigeria has become a member of the Global System for Mobile Communications Association (GSMA) as it expands operations in the West African country.
The membership places Lebara Nigeria within a global network of more than 1,000 mobile operators, device manufacturers, technology companies and digital service providers.
Through the GSMA, the company will have access to industry research, technical standards, policy engagement and industry initiatives.
Lebara Nigeria said the move reflects its participation in the wider telecommunications ecosystem as it develops its operations in Nigeria’s mobile market.
Nigeria’s telecommunications sector plays a central role in the country’s digital economy, with more than 170 million active mobile subscriptions supporting services such as digital payments, e-commerce, education and healthcare.
Industry analysts say participation in international bodies such as the GSMA supports knowledge sharing and the adoption of industry standards.
Lebara Nigeria said GSMA membership will support its engagement with industry developments and policy discussions in the telecommunications sector.
The company said it remains focused on operating in Nigeria’s mobile telecommunications market as demand for connectivity continues to grow.
GSM Association is the advocacy and lobbying organization for the mobile communications industry, representing more than 1,000 mobile operators as full members and a further 400 companies in the broader mobile ecosystem as associate members.
Management of Vitel Wireless, mobile virtual network operator (MVNO), has distanced the company from a fraudulent scheme operating under the name: “Vitel Shares Services.”
In an official statement, the management clarified that Vitel Wireless is not selling shares or running any investment schemes.
They warned that the operators of “Vitel Shares Services” are using unauthorised websites, mobile applications, social media promotions, and bank accounts falsely linked to Vitel Wireless to mislead the public.
The statement reads: “The attention of Vitel Wireless has been drawn to a fraudulent scheme operating under the name ‘Vitel Shares Services.’
“We wish to state clearly that Vitel Wireless has no affiliation with Vitel Shares Services, or any platform claiming to offer Vitel shares, investments, or financial products through unofficial channels.
“We do not solicit investments through agents, social media, websites, apps, or third parties. Any platform claiming to offer Vitel Wireless shares or investments outside our official channels is fraudulent and should be treated as such.
“We urge the general public to remain vigilant and verify all information through official Vitel Wireless communication channels before making any payments or sharing personal data.”
Airtel Nigeria has concluded its second Customer Forum in Abuja, bringing together a large section of customers including high-volume data subscribers, 5G customers, and key stakeholders in another landmark engagement aimed at addressing concerns around data usage, transparency, and customer experience.
The forum themed “Understanding Your Data and Taking Control 2.0.” aimed to strengthen trust in Nigeria’s rapidly evolving telecommunications landscape. The session also featured inputs from representatives of the Nigerian Communications Commission (NCC).
Delivering the Keynote remarks, Dinesh Balsingh, CEO of Airtel Nigeria, who was represented by Femi Adeniran, Director, Corporate Communications and CSR, emphasised that trust remains the most valuable currency in telecommunications, and Airtel remains committed to strengthening customer confidence through transparency and continuous engagement.
He explained that discussions around data consumption have become increasingly important as digital lifestyles evolve, with smartphones, cloud services, video streaming and emerging artificial intelligence applications significantly influencing data usage patterns.
According to him, Airtel recently introduced the Airtel Data Calculator, an innovative tool designed to help customers estimate their data needs based on online activities such as multimedia streaming, video calls, social media usage, and gaming.
“The purpose of the Airtel Data Calculator is to provide greater visibility, support informed decision-making and place more information directly in the hands of customers. Because transparency should never be viewed as a compliance exercise. Transparency is good business,” he stated.
He further reassured customers that Airtel has no incentive to shortchange subscribers through inaccurate billing, forced spending or unnecessary data depletion, stressing that the company’s growth depends on customer satisfaction, loyalty and trust.
Adeniran also highlighted Airtel’s continued investments in network infrastructure, fibre capacity, digital platforms, artificial intelligence capabilities, customer service systems and workforce development, noting that these investments are aimed at improving service quality and enhancing customer experiences.
Oladokun Oye, Director, Customer Experience, Airtel Nigeria, while welcoming participants to the event, said the forum was created to provide customers with an open platform for education, engagement and problem-solving, noting that the customer remains at the centre of Airtel’s business.
“Data has become central to everyday life, powering work, education, commerce, entertainment, healthcare and countless opportunities. As data usage grows, so too does the desire for greater visibility and understanding.
Today’s conversation is part of an ongoing journey. A journey toward greater transparency. A journey toward deeper understanding. And a journey toward a better customer experience for every Airtel subscriber,” he said.
The forum also featured practical demonstrations on data consumption management, device settings, and usage habits that impact data usage. It also included an interactive session by which Airtel teams provided clarifications and offered feedback to customers.
The Abuja event follows the successful maiden edition held earlier this year in Lagos and aligns with broader industry efforts led by the Nigerian Communications Commission (NCC) to improve consumer awareness, transparency, and confidence within the telecommunications sector.
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