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The Guaranty Trust Holding Company Plc (GTCO), has recorded a 587.5% increase in its profit-before-tax as disclosed in the unaudited consolidated and separate financial statements for the period ended March 31, 2024. 
The result was released by GTCO to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE) respectively.
Segun Agbaje, the group chief executive Officer of GTCO PLC
The Group reported profit before tax of ₦509.3billion, representing an increase of 587.5% over ₦74.1billion recorded in the corresponding period ended March 2023.
The Group’s loan book (net) increased by 21.9% from ₦2.48trillion recorded as at December 2023 to ₦3.02trillion in March 2024, while deposit liabilities increased by 26.0% from ₦7.55trillion in December 2023 to ₦9.51trillion in March 2024.
The Group’s balance sheet remained well structured, diversified, and resilient with total assets and shareholders’ funds closing at ₦13.0trillion and ₦2.0trillion, respectively.
Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 24.9%, while asset quality was sustained as IFRS 9 stage 3 loans improved to 3.1% in March 2024 from 4.2% December 2023 and cost of risk (COR) closed at 0.4% from 4.5% in December 2023.
Commenting on the results, Mr. Segun Agbaje, the group chief executive officer of Guaranty Trust Holding Company Plc, said:
“Our first quarter results reflect the unfolding value of what we have created in all our business verticals through the Holding Company Structure – from Banking and Payments to Funds Management and Pension.
We are positioned to compete effectively on all fronts and fulfil all our customers’ needs under a unified, thriving financial ecosystem. Despite the challenging operating environment, we delivered a solid performance, recording significant growth across all financial and non-financial metrics, and we remain on track to meeting our full year guidance.”
Mr. Agbaje further said: “Looking ahead, we will continue to focus on strengthening our relationships with our loyal customers, supporting not just individuals and businesses but also our communities through our well-attested free business platforms as well as innovative products and services.
“We are confident in our credentials to lead the future of financial services in Africa and will not relent in our commitment to excellence whilst delivering long-term value to all stakeholders.”

Overall, the Group continues to post one of the best metrics in the Nigerian financial services industry in terms of key financial ratios i.e., pre-tax return on equity (ROAE) of 117.0%, pre-tax return on assets (ROAA) of 18.0%, full impact capital adequacy ratio (CAR) of 24.9% and cost-to-income ratio (CIR) of 16.3%.
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Meta is bringing fresh creativity and interaction to Instagram Stories with the launch of four new stickers: Add Yours Music, Frames, Reveal, and Cutouts. 
These stickers were developed for various storytelling styles, encouraging users to express themselves and connect with followers in new ways on Instagram.
Share Your Soundtrack with Add Yours Music, a new sticker that combines the enjoyment of the “Add Yours” feature with music integration. 
To use it, simply tap the Stickers icon in your story creation menu and select “Add Yours Music.” Browse Instagram’s extensive music library to choose a song that matches your mood, then tap “+ / Add Music” to include it in your story. 
Once your story is shared, your followers can contribute their own songs by using the “Add Yours” button, turning your story into a collaborative playlist.
Memories come into focus with the Frames sticker, which adds a nostalgic and interactive touch to your stories. To apply this feature, tap the Stickers icon and then select “Frames.” You can choose a special photo from your library to be framed, and optionally add a caption. 
The sticker automatically includes the date and time of the chosen photo. After posting your story, your friends can “develop” the image by shaking their phones or tapping the “shake to reveal” button, adding a playful element to unveiling the framed memory.
Create intrigue with the Reveal sticker, designed to spark curiosity among your followers. To use this feature, tap the Stickers icon and select “Reveal.” You’ll be prompted to provide a hint about the hidden content behind the blurred image. 
Preview how your story will appear to viewers using the option in the bottom left corner. Once your story is posted, your followers can only view the content by sending you a direct message (DM). No need to individually approve each DM for the story to be revealed.
Let the world see your creative potential with the Cutouts sticker, allowing you to convert everyday moments into unique and shareable elements. To create a sticker from your camera roll, tap the Stickers icon and then the scissors icon labeled “Cutouts.”
Choose a photo or video with a distinct subject from your gallery. The sticker will be automatically generated, and you can refine the object if needed. Remember, you can only select one object per sticker. Tap “Use Sticker” to incorporate your creation into your story or reel.
For existing Instagram photos, navigate to the desired image shared by public accounts, tap the three dots in the top right corner of the post, and select “Create Sticker” to turn it into a sticker for use in your stories. These dynamic stickers make the app more interesting with exciting new ways to engage your audience and enhance your storytelling experience on Instagram.
Cutouts allows you to save your creations for later use, making them easily accessible in your sticker tray. You can even share the joy of creativity by allowing others to reuse the cutout stickers you designed in their own reels and stories.
With these new sticker functionalities, users can enhance their storytelling through collaborative music selections, framed memories, interactive reveals, and custom-made cutouts.

So, start leveraging these stickers to boost engagement and connect with your followers on a deeper level.
 
The post Instagram Stories Gets New Stickers for Music, Memories, and More appeared first on Tech | Business | Economy.

United Bank for Africa (UBA) has inducted 398 young men and women from six African countries into its UBA Tribe through the Graduate Management Acceleration Programme (GMAP).
The induction ceremony, which was held on Thursday in Lagos, followed a six-month hands-on work and learning experience to develop their inherent potential after graduation.
UBA headquarters
The GMAP, according to UBA, is designed to select, develop, and build a pipeline of next-generation leaders and bankers who will be trained to “drive the bank’s vision to be the undisputed leading and dominant financial services institution in Africa”.
The inductees, according to a statement by the financial institution, are drawn from Nigeria, Ghana, Cameroun, Kenya, Tanzania, and Zambia.
Tony Elumelu, chairman of UBA
In his welcome address, Tony Elumelu, the chairperson of UBA Group, Tony congratulated the new inductees and expressed profound pride and admiration for their success, “having completed the intense capacity-building programme”.
Mr Elumelu was said to have highlighted the bank’s passion for youth empowerment in Africa while bridging the unemployment gap, which according to him, remains one of the greatest challenges of the continent.
The statement reads in part: “For me, these young UBA graduates are a testament to who we are: a truly pan-African group that invests in African talent. This milestone is more than just numbers. It signifies UBA’s commitment to youth empowerment.
“Unemployment is the greatest challenge we face – a tragic and cruel betrayal of a generation. We know governments alone cannot create all the jobs we need – so it is up to us, the African private sector, to partner with our government in improving lives and livelihoods.
“This is Africapitalism, and it is gratifying to see UBA play its part. UBA is dedicated to creating a positive impact, through the GMAP programme UBA is creating employment, boosting economic growth, and transforming lives across Africa”.
According to Mr Elumelu, the young professionals were trained and equipped for the future by UBA not just for a career in UBA, but wherever they end up, “because this is how we play our role as a Pan-African bank, in helping to empower the next generation.”
“We are helping to create employment and this for us is our driving force,” he added.
In his speech, Oliver Alawuba, UBA’s group managing director/chief executive officer, commended the graduating class for their unwavering commitment and emphasised the programme’s role in cultivating the next generation of UBA leaders.
“Your dedication, resilience, and unwavering commitment have been nothing short of inspiring. Each of you has demonstrated the qualities of a true UBA ambassador, and today, we celebrate not just your achievements but also the collective strength of our UBA family,” Mr Alawuba said.
He also recognised the support extended by families and friends throughout the programme.
“Their love, encouragement, and understanding have undoubtedly played a pivotal role in your success,” he said.
In the samevein, Modupe Akindele, the UBA’s group head, human resources, said the bank remains committed to nurturing talent and leadership within the organisation.
Ms Akindele noted that the GMAP programme, which marked its second graduation, will be a continuous initiative, as it culminates an intensive journey towards leadership excellence.
According to Ms Akindele, the programme has produced over 1,100 graduates, that is about 700 in 2023 and 398 new graduates.
“The fact remains that at UBA, we believe in equal opportunity for all, regardless of age, tribe, gender, or background; and so, we will continue to pursue our dream to nurture these young ones to their full potential,” she noted.
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Telecommunications experts across West Africa have discussed trends and innovations redefining telecoms infrastructure.
The experts also harped on the strategies that are crucial for the sustainability of telecommunications infrastructure to fast-track the regions digital economy.
Speaking at the second edition of the West Africa Telecoms Infrastructure Summit and Exhibition (WATISE), with the theme: ‘Shaping the future of the telecoms infrastructure industry: Trends and Insights for a Digital Economy’ and organized by TechnologyMirror, an online telecoms news and information platform, held in Lagos, Southwest Nigeria, the experts x-rayed critical issues relating to the survival of the telecoms industry using the Nigerian market as a reference point.
Leading the conversation, Dr Aminu Maida, the executive vice chairman of the Nigerian Communications Commission (NCC), in his keynote address which was on the theme of WATISE 2.0, noted that the journey towards a digital economy has a future that is paved with immense possibilities and profound challenges noting that:
“How we navigate this path will determine the role Nigeria plays in the global digital landscape.”
Maida who was represented by Engr Victor Adoga, the head of Next Generation Technology and Standard at the NCC, described telecommunications infrastructure as the backbone of the digital economy, facilitating seamless connectivity and supporting a range of services from basic voice calls to high-speed internet and cloud computing.
He stated that the rapid growth of the digital economy demands robust, scalable, and secure telecommunications infrastructure disclosing that there are several key trends that are poised to shape the future of telecom infrastructure.
According to Maida, the rollout of 5G networks is a transformative trend in telecoms infrastructure saying that 5G promises significantly higher speeds, lower latency, and greater capacity, facilitating new applications such as IoT (Internet of Things), autonomous vehicles, smart cities and advanced augmented reality.
He listed other emerging trends affecting the deployment of telecoms infrastructure across the region as Internet of Things, Fiber Optic Expansion, Data Localisation and Security, Regulatory Frameworks, Cybersecurity and Energy Efficiency and Sustainability.
He however suggested that the telecoms operators must take consider strategic actions to stay in business saying that collaboration which is partnerships between government, industry, and academia can drive innovation and development.
He added that Innovative Financing Models, Investment in Human Capital, Focus on Sustainability, Integration with AI and Machine Learning and Developing Smart Infrastructure noting also as crucial investing in rural telecom infrastructure and making digital literacy a key component of our educational programs.
Still speaking on the theme of WATISE 2.0, Mr Chidi Ajuzie, the chief executive officer of WTES Projects Limited, who joined virtually from Ethiopia said there is deluge of connectivity from submarine cable landings linking Nigeria to Europe and rest of the world.
According to him, while there is no centrally managed national transmission backbone, licensed Operators have, over the years, built transmission networks to meet their own needs, often duplicated on most routes.
He disclosed that the Universal Service Provision Fund (USPF) has carried out a detailed study to characterize basic telephony and ICT gaps in the country, identifying 97 clusters with varying population densities and a cumulative population of about 27.91 million that suffer from significant connectivity services gaps. Digital broadband gap is even more, estimated at over 100 million population.
Ajuzie stated that to reap the benefits of broadband, there is need to close the clear gaps existing in the metro middle- and last-mile segments of the connectivity value chain. New Connectivity will be required to bridge the gaps and meet the National Broadband targets.
In fireside chat on ‘Enhancing Rural Connectivity: Strategies for Expanding Telecom Infrastructure’ Tinuade Oguntuyi, head of Network and Solutions at Information and Communications Services Limited (ICSL) said that that rural areas need better network services for proper communication and development.
Oguntuyi, who anchored the fireside chat urged the government to support network service providers to reach more rural places as they are also full of great potentials for the growth of the nation.
Also speaking, Ahmad Tijani, a local content ICT advocate commended Federal Government projects to connect the rural dwellers and harped on the need to carry the local government leaders along.
Tijani who represented Dr. Adebunmi Adeola Akinbo, national secretary ICTLOCA, cited the challenge of data gathering which can be sorted by the local government, calling on the grassroots to add value to the nation growth.
In his welcome address, Isaiah Erhiawarien, the convener of WATISE, said that the second edition was a step towards ensuring a reliable telecoms infrastructure for the region, and thanked the Nigerian Communications Commission, Open Access Data Nigeria Limited, Digital Realty, ICSL, HyperSpace Limited and OneData Limited for believing in the dream of the organisers.
The post WATISE 2.0: Maida, Others Explore Emerging Trends Shaping Telecoms Infrastructure appeared first on Tech | Business | Economy.

The Policy Innovation Centre has launched its second edition ‘The Purple Book’, an advocacy tool to catalyze innovation and measurable progress towards advancing a gender-inclusive society in Nigeria.
This significant milestone was achieved during the 30th Nigerian Economic Summit (NES #30) Public Lecture and Founders’ Forum held at the Lagos Business School on Thursday.
The Policy Innovation Centre is an initiative of the Nigeria Economic Summit Group (NESG), a leading think tank in Africa, redefining evidence-based policy advocacy.
In his opening remark, Mr Niyi Yussuf, the chairman of NESG, stated that the Public Lecture reaffirmed the essentiality of Public Private Partnership in tackling the complex economic realities of vulnerable Nigerians.
He reiterated NESG’s unwavering commitment in driving reforms through rigorous research, economic and social programs, and inclusive summits, all aimed at shaping the socio-economic development of the society.
“Thirty year ago, at a critical juncture in our nation’s history, the NES was borne out of necessity when the winds of economic challenges blew fiercely, necessitating a platform for a robust public-private dialogue in Nigeria”.
During the unveiling of ‘The Purple Book’, Dr Osasuyi Dirisu, the executive director of Policy Innovation Centre, said that:
“The Purple Book serves as an advocacy tool that stakeholders, governments and organizations could use to achieve better policy implementation for gender and inclusion in Nigeria. It is also a curation of new evidence, contextually relevant solutions and recommendations from the Gender and Inclusion Summit. The Gender and Inclusion Summit was conceptualized in 2022 as an annual event to explore transformative ways to advance inclusion and gender-responsive governance in Africa.”
She stated further that “the Gender and Inclusion Summit served as a platform to amplify stakeholders’ voices about Gender Equality and Inclusion. ‘The Purple Book’ provides an opportunity for us all to move ‘From Voices to Action’ by reflecting on approaches to improve the Gender Equality profile of Nigeria.
The Purple Book is now available for download via the link here.
The post PIC Unveils ‘The Purple Book’ to Promote Gender Inclusion appeared first on Tech | Business | Economy.

Systems hold the key to every money that your business seeks. This is so because systems-centred businesses always get higher multiples and sustainable profits.
All problems that you experience in your business are largely caused by poorly performing systems or lack of them. For instance, poor recruiting systems will lead to staffing issues and all the problems that come with hiring the wrong fit.
The only way to fix them is by deliberately creating the right systems that will make your enterprise run seamlessly.
Create a system-dependent business
No business can experience growth without systems. Ralph Waldo Emerson, an American philosopher taught, “A good system shortens the road to the goals.” What are the systems that your business needs for growth? Can you list them?
The practical process for creating systems is to start from the most important ones like cash flow, sales/marketing, operations/administrations, and people management systems. Remember, systems development is a bit like eating a cow – you have to do it one bite at a time.
In setting up systems, create an action plan detailing who is doing what by when, and how. When properly created, systems allow team members to focus on areas where they can add the most value. Whatever you do, do not isolate your key people while developing the systems.
Get them involved. Why? People support what they help to create.
Develop a system-thinking mindset
System building begins with system thinking. As you know, you can’t create or build what you haven’t thought about. You must first think it to create it. This is a universal law.
System thinking is a way of thinking and viewing things and their functionalities from a broad perspective, to identify their needs and address them. With system thinking, it is easy to resolve problems and allows for real enterprise development. The goal of system thinking is to improve problem-solving by learning, understanding, and communication.
Your team needs to develop a systems-thinking mindset. First, you should keep thinking about your business and what happens in it as a collection of systems. This mindset changes everything.
The more you focus on systemizing the key recurring activities that happen within your organisation, the more valuable it will become. (I discussed in detail system building and system thinking in my books, “On Becoming An Entrepreneur”, and “Getting Set For Business”).
Keep your systems simple
After creating the relevant systems, ensure you keep it simple. Simplicity is the highest form of sophistication. With simplicity, you can maintain the momentum that sustains your results.
Does your team know where to look when they encounter a problem? When creating any system, let it be specific, clear, and detailed enough to allow the process to be followed without any gaps or ambiquities.
When done well, simple systems will help you to unlock the creative process inherent within your organization.
They also create space, and space opens doors to creativity, inspiration, and opportunity.
You will be limited by the systems you fail to create. You wouldn’t know how important a system is to your enterprise until you start experiencing recurring business hiccups that keep setting you back. Why not give your enterprise the growth it needs with the right systems?
Tony Ajah is a Business Growth Strategist, and the author of BUSINESS SENSE, and ON BECOMING AN ENTREPRENEUR. He maintains a personal blog, where he shares proven business ideas and principles for SMEs.
The post The Money is in Your Business Systems [Part 1] appeared first on Tech | Business | Economy.

The Joint Admissions and Matriculation Board [JAMB] released the results of the 2024 Unified Tertiary Matriculation Examination [UTME], for aspiring university students which recorded a 77% failure rate!
While over 1.9 million candidates participated in the computer-based test, only a minuscule 0.4%, translating to 8,401 individuals, achieved 300 or higher marks.
Professor Ishaq Oloyede, JAMB Registrar
This suggests an incredibly challenging test and emphasizes the need for strategic preparation for hopeful students aiming to secure admission into their desired tertiary institutions.
To assess the poor academic performance of a particular group of students, especially when the JAMB failure is chronic, it is imperative to review the constant variables, or the system at large, which such students are a product of – the education system.
In a pool of responses gathered by Techeconomy from secondary school teachers across Nigeria, evident in their replies was the urgent need to make the education sector of the country more effective.
One of the respondents, Richardson Igbasun in Enugu State noted that inefficiency in syllabus and teaching staff across schools has contributed significantly to the underwhelming performances in UTME.
Richardson also highlighted issues such as outdated curriculum and or syllabuses; use of non-professional teachers to set JAMB questions; irregular proper training for JAMB staff; proliferation of schools with quack teachers; prevalence of examination malpractices and unaddressed technical hitches during the exams as specific factors responsible for the poor performances.
Another respondent, Eunice Ukwajunor in Lagos State claimed that some accredited centers’ inefficiency has greatly affected students’ performances in UTME.
According to him, “Some centers reduced the examination time. They did this because more of their computers were faulty. Most students did not complete their exam before they were logged out:
JAMB Failure Rate
The respondents were almost divided on if the switch to the use of computers has contributed to the recent underperformance.
A better percentage (55.6%) believe that the switch has contributed to the reduced performance level while 44.4% are of the opinion that the switch to computer based exams for UTME should not have affected students.
Olanari Ogregade in Bayelsa State opines that the thoughts of getting rich rather than being educated, has contributed to the low study habits of students.
What must be done to reverse such JAMB failure rate?
The Unified Tertiary Matriculation Examination [UTME] has a national spread and is directed to students straight out of the secondary school system; thus, those who fail have recently been exposed to many years of formal education.
It is a fair presumption that the incumbents should have better chances of faring better in the exams. However, this has not been the case in recent years.
With students no longer taking responsibility for their learning, Ann Nwankwo, one of the respondents opines that students must begin to take charge of their learning.
“Schools should instil in students the need to take charge of their learning as well as afford time to cover the JAMB curriculum.
“The government needs to check her policies on education. Bring back the beauty of our educational system where teachers are treated as nation builders.
According to Darlington Arinze Edeh, schools must begin to set high standards for their students and motivate them to develop a good study habit. He also encouraged the use of past questions, both electronic and paper.
On the part of the government, Darlington believes that the government must regulate private schools and make sure they operate on high standards while also ensuring that public schools are ICT enabled.
Richardson, speaking on possible solutions, said:
“It is my candid opinion that JAMB, as an examination body, has outlived its purpose. It should be scrapped to allow higher institutions the opportunity to set admission examinations based on their individual expectations.”
JAMB CBT centre
Dr. Ojobeagu Austin Okechukwu believes that the problem is more personal than systemic. He suggests that students must begin to prioritize their education over social media.
“I’m pointing at the issue of using smartphones by the students to do social media. The use of smartphones is not a bad thing but students have placed pleasure before hard work.
“There should be time for everything. Instead of spending more time on the phone, students should spend more time on their books. Parents are to help their children also by persuading them to study their books.
The persistent UTME underwhelming performance signifies a stark reality: the forthcoming employment landscape for unskilled graduates in Nigeria will be fiercely competitive, leading those with subpar education to face dwindling job prospects over the next decade.
Without intervention to alter the prevailing trajectory, this bleak outlook will become the norm for all who fall short in the JAMB exams—a future fraught with frustration, economic hardship, and constrained possibilities.
The post The Possible Reasons for 77% JAMB Failure Rate in 2024 appeared first on Tech | Business | Economy.

Financial technology [FinTech] companies – Opay, Palmpay, Moniepoint and Kuda – were recently barred by the Nigerian authorities, from onboarding new customers.
Yes, there was confusion over who issued the directive. Some reports claimed it came from the Office of the National Security Adviser [ONSA], others said the Central Bank of Nigeria [CBN], issued the directive.
However, the CBN Act of 2007 of the Federal Republic of Nigeria charges the apex Bank with the overall control and administration of the monetary and financial sector policies of the Federal Government. So, there is no smoke without fire.
Another confusion: What prompted the ‘order’? Yet, some sections of the media reported that the FinTechs were affected in the ongoing clamp down on ‘cryptocurrency economy of Nigeria’ that has even negatively impacted the nation’s currency – the naira.
Cryptocurrency | Naira
On the other hands, words from the grapevine connected that the order for these FinTechs to temporarily halt their customer onboarding processes was linked to an ongoing audit of their Know-Your-Customer [KYC] in line with the ONSA’s scrutiny in recent months, over concerns around money laundering and terrorism financing in the country.
Heads of FinTech companies and [in banks] were summoned to Abuja to discuss issues around KYC.
Although, the CBN is yet publicly commented on the directive to the fintech firms, sources from three major FinTechs, who requested not to be mentioned as they were not permitted to speak, confirmed they have halted new account creation on their platform.
However, the source denied the directive of having anything to do with KYC.
“It’s just a regulation from the CBN, and we’ve complied. The real question is, why are FinTechs companies always targeted,” the source argued. “It has nothing to do with KYC; I am aware that the CBN communicated, but this particular issue dwells on accounts related to cryptocurrency transactions.”
The source argued that FinTechs have played significant roles in deepening financial inclusion in the country.
“We have deployed robust and reliable digital payment infrastructure that has facilitated an average monthly transaction value of $12bn for about 1.6 million businesses, just last year”, the source told our correspondent.
Also, a source at PalmPay, confirmed there was a CBN directive to FinTechs to reassess their KYC processes. This is causing a temporary pause in onboarding new customers.
She clarified that the KYC review, was a collaborative effort with the CBN, and FinTechs were awaiting further instructions without a specified timeline for resolution.
Another source at OPay, who also declined to be named, said they were following the CBN’s directive and could not comment further. “We don’t really have anything to say. It’s just a directive that we are following. The CBN has issued their directive. FinTech companies have faced increased regulatory scrutiny over their account opening processes.
The market for digital payments is huge as it includes digital trade transactions, mobile point-of-sale payments, and digital transfers.
ePayment
Digital investments in the FinTech space include robo-advisors and neobrokers while digital capital raising such as crowdfunding, crowd investing, crowd lending, and marketplace lending, have been deployed to increase financial inclusion in the country.
The market for digital assets like cryptocurrencies, NFTs, and DeFi, and the neobanking segment are part of the focus areas in the digital banking space.
Nigeria plays host to a strong and growing FinTech ecosystem, a feat largely driven by an increasing smartphone penetration, and a massive unbanked population.
It is also the leader in Africa FinTech startups and mainstream banks, providing innovative digital solutions and offerings ranging from banking services, alternative lending and digital credit, public revenue collection, electronic payments, investments and financial management, blockchain, digital currency, crowdfunding and alternative financing, to foreign exchange, remittance transactions among others.
However, the EFinA Access to Finance (A2F) survey report, indicated that formal financial inclusion in Nigeria, has grown significantly from 56% in 2022 to 64% in 2023.
The 2023 results show that 26% of Nigerian are financially excluded, down from 32% in 2020, demonstrating clear progress towards the Nigeria Financial Inclusion.
It must be noted that fundamentally, achieving the financial inclusion quest of Nigeria cannot be possible without the FinTechs. Ask the ordinary man in the street of his experience during the naira scarcity saga.
A LONG QUEUE OF CUSTOMERS AT AN AUTOMATIC TELLER MACHINE (ATM) AT IKORODU IN LAGOS ON MONDAY (2/5/16)3291/2/5/2016/BOA/HF/NAN
Reacting, Uju Ogubunka, the president of the Bank Customers Association of Nigeria, backed the CBN’s move to suspend new account opening on the affected platforms.
“Anything that can disrupt the system should not be permitted. If the platforms are being used for things that are against the regulations, I think the CBN decision is ok. I don’t see anything wrong with that. It behoves on the companies now to get their KYC right.
“Let them do what they are supposed to do. KYC applies to banks and other financial institutions that deposit money. It should also apply to them so that the regulators can understand what is going on and hold them accountable.”

Meanwhile, the main regulatory bodies of the FinTech sector in Nigeria include the CBN, the Nigerian Deposit Insurance Corporation (“NDIC”), the SEC, the Nigerian Communications Commission (“NCC”), the National Information Technology Agency (“NITDA”).
Others are; the National Insurance Commission (“NAICOM”), the Federal Competition and Consumer Protection Commission (“FCCPC”), the Corporate Affairs Commission (“CAC”), the Federal Inland Revenue Service (“FIRS”), the Nigeria Data Protection Commission (“NDPC”) and the National Office for Technology Acquisition and Promotion (“NOTAP”).
Yet, they the FinTech are not over-regulated?
Well, the extent of each regulator{s}’ supervisions will mostly depend on the transactions or services which the FinTech company is engaging in.
With the new order, the target may be affected, as the company processes about 100 new accounts every day.
It is thus, yet unclear, with the recent move of the apex bank, if its ambitious target to increase overall financial inclusion to 95 per cent of the adult population by 2024 will be achieved.
Time will tell.
The post FinTechs, Regulations and Nigeria’s Financial Inclusion Quest appeared first on Tech | Business | Economy.

Gebeya Inc., a leading Pan-African tech leadership company that specializes in Saas-enabled custom Talent Cloud innovation, and UNHCR, the UN Refugee Agency, in Ethiopia have officially launched a digital platform that will help refugees better market their skills and talents, unlocking professional opportunities in the digital economy.
Dubbed BoundlessSkills.com, this platform aims at connecting skilled refugees and members of the communities that host them, with potential employers.
Nearly 300 refugees have been fully onboarded on the platform since its inception in November 2023.
“We’re thrilled with the tremendous potential this initiative has already demonstrated in just a few months,” said Leul Girma, COO of Gebeya. “Thanks to support from visionary partners, we’re now mobilizing to match these skilled refugee professionals with rewarding career opportunities. And this is just the start. The digital economy offers a powerful pathway toward greater self-reliance for displaced populations. We’re eager to replicate and expand models like Boundless Skills Talent Cloud to help refugees safely access decent work opportunities online.”
The Boundless Skills partnership between Gebeya and UNHCR is made possible through the generous support of the Ministry of Foreign Affairs of the Netherlands through the PROSPECTS Opportunity Fund.
This partnership also aligns with the pledge by the Government of Ethiopia at the Global Refugee Forum 2023 to create economic opportunities for refugees and host communities.
“Solutions that ensure forcibly displaced populations in Ethiopia, including refugees, are included in the country’s economic sector remain critical,” said Margaret Atieno, UNHCR’s Deputy Representative in Ethiopia. “Despite their skills, professional experience and higher education degrees, displaced people struggle to access dignified work. Through this partnership, UNHCR and Gebeya are working to empower refugees to earn a living, to become self-reliant and contribute to the digital economy,” said Atieno.
The skill sets available on the platform include both technical and non-technical skills, ranging from software development and data analysis to digital marketing and customer care services.
To strengthen the impact of the Boundless Skills platform, Gebeya has partnered with various organizations including the Refugee Investment Network (RIN), an organization dedicated to creating solutions to global forced migration, which has the goal of successfully matching refugees with decent work opportunities, and the Amahoro Coalition working towards providing solutions for refugees through decent work opportunities.
In particular, Amahoro will be supporting the scaling of the talent pool by onboarding a pipeline of more than 2,000 skilled and qualified refugees across Gebeya’s Talent Cloud ecosystem.
Amaharo will then work to connect these pre-vetted refugee talents with jobs available through their network of private sector partners.
Ethiopia currently hosts close to 1 million refugees and asylum seekers, being the third main refugee host country in Africa.
Since meeting their goal to fully onboard 300 refugees by April 2024, the Boundless Skills Talent Cloud is now exploring possibilities to scale up to greater numbers across the continent soon.
Businesses and organizations interested in accessing hiring opportunities and getting involved on the Boundless Skills Talent Cloud.
The post Gebeya, UNHCR Launch New Platform for Businesses to Discover Refugee Talent appeared first on Tech | Business | Economy.

Imagine a country blessed with abundant solar energy potential averaging 4.8–5.4 kWh/m² of solar radiation per day.
Some estimates say the country could generate over 1,000 GW of solar power, while others say it could generate 427,000 MW.
As of October 2023, Nigeria’s electricity generation capacity to the national grid is almost 14,000 megawatts (MW) however; the actual power generation was less than 5,000 MW as at the time of this report, which is far low compared to the country’s population of over 200 million people.
Electricity infrastructure
So, even as a country with rich oil and gas reserves, a powerhouse on the African continent, yet plunged into darkness for millions of its citizens. This is the paradox that defines Nigeria’s current energy landscape.
According to the International Energy Agency, over 140 million Nigerians, a staggering 71% of the population, lack access to modern energy services.
This is not just the absence of light bulbs; it is the inability to access the very foundations of a healthy and prosperous life – electricity, clean cooking facilities, and modern fuels.
The consequences of this energy poverty are far-reaching. Without electricity, children struggle to study at night, healthcare facilities face crippling limitations, and businesses operate at a fraction of their potential.
Furthermore, the reliance on traditional fuels like firewood for cooking poses serious health risks, particularly for women and children exposed to harmful indoor air pollution.
This situation is even more perplexing when considering Nigeria’s economic might. As Africa’s largest economy, the country boasts vast natural resources, including its position as a leading global oil producer. This economic engine continues to rev, propelling a growing energy demand.
The Minister’s Argument
On April 29, Adebayo Adelabu, Nigeria’s power minister, warned of a nationwide blackout in three months if a proposed electricity price increase is not implemented.
“The entire sector will be grounded if we don’t increase the tariff. With what we have now in the next three months, the whole country will be in darkness if we don’t increase tariffs.”
The minister said this in Abuja on Monday, April 29, when he appeared before the Senate Committee on Power at an investigative hearing over the recent electricity tariff hike by the Nigerian Electricity Regulatory Commission (NERC).
“The increment will catapult us to the next level. We are also Nigerians, we are also feeling the impact. For this sector to be revived, the government needs to spend nothing less than 10 billion dollars annually in the next 10 years.
“This is because of the infrastructure requirement for the stability of the sector. But the government cannot afford that. And so we must make this sector attractive to investors and lenders.
He says the hike is needed to attract investment for improving the power grid, which the government cannot afford.
“For us to attract investors and investment, we must make the sector attractive, and the only way it can be made attractive is that there must be commercial pricing.
“If the value is still at N66 and the government is not paying subsidy, the investors will not come. But now that we have increased the tariff for A Band, interests are being shown by investors.”
With the energy sector sputtering in insufficient power generation, crumbling infrastructure, and a deeply entrenched energy poverty crisis, Nigerians stand at a crossroads. Will they continue to grapple with this paradox, or will they seize the opportunity to unlock their true energy potential? The answer lies in a multi-pronged approach that addresses the existing challenges head-on.
The New Challenge of Renewables

Investing in renewable energy sources like solar and wind power can lessen dependence on fossil fuels and provide cleaner, more sustainable solutions for remote communities. However, this path is not an easy one.
The vision of an equitable energy landscape comes at a cost, a significant one. According to UNCTAD, an estimated $5.8 trillion has to be invested annually for the 48 developing economies (including Nigeria), to surmount the new challenge of renewables.
The sum translates to over $120 billion per country and represents nearly a fifth (19%) of their GDP from 2023 to 2030. That further translates to roughly $1,271 per person every year.
Nigeria’s transition to renewable energy presents a unique challenge. The exact cost is difficult to pinpoint due to factors like current infrastructure, energy sources, and geography.
Estimates range widely, from tens to hundreds of billions of dollars, depending on the desired pace and scale of the shift.
Should Nigeria see this as a down payment on a brighter future or take up the even less challenging recommendation of the Minister, overlooking the chance for a more sustainable energy future?
The challenging economic factors preventing this energy shift have been discussed over time. Converting Nigerian currency for essential technology imports can be a bureaucratic hurdle.
Traditional financing structures might not be well-suited for the unique needs of this emerging sector.  Finding the right technology and the skilled people to implement it can be another hurdle.
Leveraging for Success
The good news?  These challenges are not insurmountable. By developing innovative financial tools and technical assistance programs, Nigeria can unlock the immense potential of renewables.
Streamlining currency exchange for renewable energy projects, or creating loan and grant programs specifically designed for this sector can become effective strategies.
By tackling these financial and technical obstacles, Nigeria can pave the way for a vibrant renewable energy sector. It is an investment in a cleaner, more sustainable future for the nation.
Furthermore, the cost of clean energy sources like solar and wind is falling– solar by 13% annually and wind by 9%. This is not a temporary dip; it is a long-term trend that is being fueled by advancements in technology and infrastructure.
With solar panels going on sale every year and becoming more accessible for homes and businesses alike according to the Center for Climate and Energy Solutions (C2ES), the infrastructure to support these clean sources expands, and the costs continue to tumble.
It is a virtuous cycle – more investment leads to lower costs, which in turn unlocks even greater investment.
Nigeria faces a double challenge: a booming population and a growing thirst for energy. As millions more Nigerians join the grid, the electricity demand will surge.
Nigeria can either embrace a clean energy transition or grapple with the consequences of an outdated system.
However, if the transition proves too costly in the short term, Nigeria must still find ways to become more energy efficient.
Think of it as tightening the belt while still aiming for a sustainable future.
One approach is to reduce dependence on non-renewable sources. This could involve promoting energy-saving appliances, encouraging responsible energy consumption habits, and exploring alternative energy sources like biogas.
Additionally, strengthening the entire energy sector is crucial. This means investing in grid improvements to minimize energy loss during transmission and distribution.

By adopting these strategies, Nigeria can buy crucial time while it works towards a more sustainable long-term solution.
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