Finance
NITDA saves over N10bn for FG in past one year, says DG
Proper regulation makes development easier to achieve. As such, the National Information Development Agency, NITDA, has renewed emphasis on regulation and developed standards and guidelines for different aspects of the ICT sector.
In line with the moves, the Agency has put the necessary machinery in place to ensure compliance as compliance with boost efforts towards saving costs and expanding digital inclusion agenda of the Government.
The efforts are yielding results as the Agency has saved over N10billion for the Federal Government in the past one year.
This was contained in a goodwill message by the Director General of NITDA, Dr. Isa Pantami, to the Nigeria Computer Society, NCS, 27th National Conference, taking place in Ibadan, Oyo State.
The DG said that as the clearing house for Information Technology Projects in Nigeria, Ministries, Departments and Agencies (MDAs) of the government now come to us for the clearance of their ICT projects.
The DG who was represented by the Director of IT Infrastructure Solutions (ITIS) Department of the Agency, Dr Agu Collins Agu, said that the efforts were to eliminate duplication, ensure there is value for money and that the projects are sustainable.
“All the MDAs have been provided with a copy of the template and the IT clearance process will help in building standardized IT infrastructures as well as efficient IT systems and services. It will reduce the cost of IT investments and will ensure commensurate value is derived from every IT investment. Eventually, these efforts will spur innovations and enhance MDAs responsiveness to their obligations.
“…Through this clearance process we have saved the government over N10 billion within the last year. The process has also enabled us to support the development of local content”, he said.
The DG regretted that Nigeria loses a significant amount of foreign exchange annually from the importation of ICT goods and services.
Sadly, a large proportion of this is spent on software imports. “We are working hard to reverse this trend and indigenous ICT businesses, including the many who are members of CPN, stand to benefit greatly from a local content policy that encourages the development of local ICT products and services”, Dr. Pantami said.
He reiterated that Local Content Development and Promotion was chosen as one of the pillars of NITDA’s Roadmap because they understand the importance of indigenous entrepreneurs to the growth of the sector.
“We already have Local Content Guidelines and are actively enforcing them. We have issued guidelines for government websites and are currently supervising the repatriation of all government regulated and generated data.
“The Federal Government issued Executive Orders #3 and #5 to support the development of local content in the country and we are supporting the Federal Government in the enforcement of these orders. On the one hand, we are creating a market for our local OEMs by ensuring that government institutions give a preference to local products in their procurement process” he told the gathering of IT Professionals at the conference.
On the other hand, Dr. Pantami said, NITDA has also increased the level of regulation of these OEMs to ensure that they meet global best practice standards and provide readily accessible after-sales support for their customers.
On cybersecurity, the DG said that efforts are in top gears to prevent espionage as a result of the ICT products and services that both private and public organisations utilize.
“We want to ensure that this does not happen in Nigeria and we intend to achieve this by strengthening our capacity to respond to cyber threats. A Cybersecurity department was created to focus on this sector. We have been proactive in securing the Nigerian Cyberspace and this ensured that the Wannacry Ransomware and similar global threats did not affect us in Nigeria. We are also currently embarking on a massive cybersecurity awareness programme across the country”, the goodwill message reads.
Also, the Agency has engagements with most of the MDAs as part of efforts to promote Government Digital Services which the DG said falls in line with the Conference theme: ‘Digital Inclusion: Opportunities, Challenges and Strategies’.
“This Conference is addressing a very important issue that affects the penetration of ICT in Nigeria, he said, emphasising the need for deliberate strategies to foster digital inclusion across the country.
Source: TechEconomy.ng
The International Monetary Fund has urged Nigeria to revise its ₦54.99 trillion 2025 budget downward in response to weakening oil revenues.
It also recommends continued tight monetary policy and high interest rates until inflation further slows.
These suggestions may appear sound within orthodox economic models, but for most Nigerians, they are a recipe for deeper suffering.
Yes, inflation has decelerated—from an average of 31% in 2024 to 22.97% by May 2025. But that improvement hasn’t reached the dinner table.
Food prices remain brutal. Over 33% of Nigerians are officially unemployed, and more than 130 million people live in multidimensional poverty.
Behind every number is a family skipping meals, a child pulled out of school, or a shopkeeper forced to shutter their store.
One of the most damaging constraints in today’s economy isn’t the lack of money—it’s the inability to access it. Most banks avoid lending to those who need credit most.
When they do, they slap on interest rates of 27% to 30% and demand collateral far exceeding the value of the loan. It’s a system that locks out the very people who could drive recovery.
Credit is the oxygen of an economy. Without it, farmers don’t plant, factories sit idle, and markets shrink.
Former U.S. Federal Reserve Chair Ben Bernanke—an expert on financial crises—once observed that the core problem isn’t always overspending, but when capable people can’t borrow. Nigeria is falling squarely into that trap.
There is a way out. By reallocating just 3% of the national budget—₦1.65 trillion—the government could establish a national loan guarantee fund.
This fund would cover the first ₦10 million in loan risk per borrower, giving commercial banks the confidence to extend credit to those who actually produce.
With an average loan size of ₦1 million, such a move could unlock financing for 1.65 million small-scale farmers, cooperatives, and traders. Even if just two-thirds of those efforts succeed, that’s over a million new jobs.
The revenue return is clear. Increased employment expands the tax base. New businesses generate more goods, services, and local demand. Social safety nets face less pressure. That ₦1.65 trillion doesn’t vanish—it circulates, stimulates, and ultimately strengthens the economy.
Meanwhile, the IMF’s warning about Nigeria’s fiscal deficit possibly rising from 4.1% to 4.7% of GDP amounts to a difference of roughly ₦660 billion. That figure is modest compared to the trillions lost annually to inefficiencies and leakages.
It’s also less than what a single thriving sector—such as agriculture, construction, or telecoms—can contribute if properly enabled.
If austerity deepens poverty and chokes productivity, then even those advocating restraint today will soon label the country “unstable” tomorrow. But the burden won’t fall on spreadsheets. It will fall on people.
Nigeria doesn’t need to blindly follow rigid templates drawn up in distant boardrooms. It needs a tailored approach that empowers its own citizens.
The economy cannot grow if credit is frozen. The people cannot thrive without opportunity. And the nation cannot progress on fiscal neatness alone.
We don’t need applause from global observers. We need access—for those ready to build, employ, feed, and innovate. Let’s open the gates, not seal them.
Abidemi Adebamiwa is the Managing Editor @ Newspot Nigeria
Improved efforts at collaboration among financial service providers, telecommunication operators, and tech Startups, with conscious effort geared at consumer awareness, have been proffered as key remedies to the challenge of financial inclusion in the country.
This is the viewpoint of stakeholders that gathered for the second edition of Payment Forum Nigeria (PAFON 2.0) held recently in Lagos.
Delivering a keynote address on the theme, “Bridging the Customer Experience Gap for Financial Inclusion Using AI”, Ebehijie Momoh (Mrs.), the managing director and chief executive officer of AfriGoPay Financial Services Limited, said that with 64% of Nigerian adults being financial included the country has made immense progress in that regards.
She said that between 2012 till date, the country has recorded robust regulatory reforms, especially the launch of the Bank Verification Number (BVN) in 2014 making it easier to identify and track customers across different banks.
“This initiative enhanced the credibility of the financial sector and increased confidence in formal banking systems.
The growth in adoption of smartphones has also helped the financial sector to leapfrog financial inclusion. Nigeria has 142.16 mobile internet subscriptions with an average consumption of ~7.04GB / month as of January 2025. If you juxtapose it to the 15.9% decline in shipments of feature phones to 18.8 million units in Africa as at Q1 2024, you will understand that the uptake in smartphones has helped us a great deal.
Mrs. Momoh who spoke through Mr. Munachi Duru, the head of Innovation and Strategic Partnership at AfriGoPay, said the adoption of artificial intelligence banking gave birth to solutions like smile identity, a leading KYC verification provider launches facial recognition capabilities in Nigeria as neobanks and commercial banks are deploying AI-based KYC verification tools, enabling cheaper and efficient customer acquisition and servicing.
In her goodwill message, Mrs. Uche Uzoebo, MD/CEO, Shared Agent Network Expansion Facilities Limited (SANEF) Limited said that with progress made in accelerating financial inclusion to unbanked and underbanked communities in Nigeria, SANEF has leveraged Artificial Intelligence (AI) as the next step to advancement in financial services in the country.
She noted that as technology evolves rapidly within the financial ecosystem, Financial Inclusion must continue to be at the center of the nation’s progress.
According to her, agent banking has been a game-changer in expanding financial inclusion across Nigeria. “By deploying agents in underserved areas, we have brought financial services and banking products such as account opening, cash in, cash out, bill payment, transfers and other services closer to the unbanked and underserved.”
Speaking during a panel session, Mr. Ibirogba Oluwagunwa, chairman, Lagos State Chapter of the Association of Mobile Money & Bank Agents in Nigeria (AMMBAN), spoke of lack of collaboration and slow institutional drive towards AI as key barriers hindering digital inclusion.
He harped on the need for information sharing among fintech operators, and improved free flow of information to consumers. “The human barrier angle needs to be addressed. Fintechs need to be pushed to move forward, AI cannot operate itself.”
In his contribution, Mr. Chika Nwosu, managing director of PalmPay, reiterated the need to reach the consumers with simple format communication and education style.
He said operators should create awareness and design consumer-centric approach in developing any products. This will not only draw the consumers towards the product, but also generate trust and ease the use of such products.
Focusing on the use of AI to ensure reach, inclusion and security, Azure Application and AI Specialist at Microsoft UK, Olusoji Solomon Adeyemo, spoke on the need for AI and Blockchain in the bid to extend services to rural communities and the unbanked.
According to him, “AI, Blockchain and CBDs are shaping the future of payment, and there is a serious need for education. We need to align with global trends in new tech adoption.”
While noting that AI can ensure reach, Adeyomo said blockchain will also create digital identity that is exclusive and will promote digital financial inclusion.
In her position, Oluwabunmi Ogunyemi, the customer support lead at Moniepoint MFB, proffered physical and digital meet with customers, even in rural areas, as a viable means of inclusivity.
Also speaking, Olusegun Afolabi, the co-founder of Face Technologies UK Ltd., called for improved collaborations among stakeholders in the financial sector.
According to him, the fintech companies must also embrace effective identification solutions, focusing on biometrics and card technologies to ensure topnotch security for users.
Earlier in his opening remarks, Mr. Peter Oluka, co-Convener of the Forum, noted that the financial inclusion journey in the country has come to a crucial juncture where over 30 million adults are still financially excluded, many of whom reside in rural areas or belong to vulnerable demographics.
He noted that despite 12% growth in access to formal financial services between 2020 and 2023, as recorded by the EFInA Access to Financial Services Survey 2023, challenges still exist that hinders the unlocking of the potentials of digital payments to drive inclusive growth in Nigeria.
He further posited: “As digital infrastructure grows and fintech innovation accelerates, we must channel these advancements toward building a more inclusive, secure, and trusted financial ecosystem. This is not just about transactions — it’s about empowerment, opportunity, and economic participation for all.
Nodding in agreement, Mr. Chike Onwuegbuchi, co-Convener, PAFON, reiterated the need for all stakeholders in the financial payment industry, including regulators, to participate in forums as PAFON, to map out, growth strategies with consumers and other strata of the ecosystem.
He promised to invite security stakeholders, such as the EFCC and others in subsequent editions of the event. This will help give insight into security concerns in deployment of products and services in rural and unbanked communities.
Payments Forum Nigeria (PAFON) is a platform dedicated to shaping the future of digital payments and financial services in our country.
Finance
Flutterwave Powers Local Businesses in Ghana Through Pay With Bank Transfer
Reporter: Ikenna Ugwu
Flutterwave, a leading payments technology company in Africa, has broadened its reach in Ghana through the integration of Pay With Bank Transfer, done in partnership with Affinity Bank.
With over 115 million bank transfer payments recorded in Ghana in 2023, this move will ensure that Flutterwave businesses in Ghana can now receive payments seamlessly and securely through a rapidly growing payment method. While Mobile Money leads as the preferred payment type for everyday transactions in Ghana, the recent growth in transactions for Pay With Bank Transfer symbolizes the expanding payment options available for Ghanaian businesses.
Flutterwave has a track record of driving innovation in the African finance ecosystem, and this new development promises versatility, thereby expanding the pool of customers available to businesses. As a preferred payment method, it also promises faster payments while providing access to a more secure process of transacting which benefits both the sender and the receiver (business).
“We are excited to extend our services to the Ghanaian market” says Olugbenga Agboola, Flutterwave Founder & CEO“At Flutterwave, we are driven by the vision of building Africa’s economy. By making payment options like Pay With Bank Transfer available for everyday use, we are expanding access to payments and enabling local businesses to thrive in the economy”
By establishing this strategic partnership, Flutterwave aims to drive the adoption of the Pay With Bank Transfer option in Ghana, using virtual accounts to allow for secure and transparent payments. This will provide enterprises and small businesses with a simpler way to receive payments and give their customers a seamless process of making payments.
Geoffrey Fiador, Manager, Country Operations and Partnerships, at Flutterwave stated: “By delivering essential payment options like Pay With Bank Transfer for businesses in Ghana, we’re providing an easy way for them to increase their revenue opportunities to grow their businesses. ”
This announcement comes at the heels of Flutterwave’s recent approval by the Bank of Ghana to provide inward remittance services. With a track record of success across Africa, Flutterwave continues to be a trusted partner for businesses in over 34 countries, providing the tools and expertise necessary for success in the dynamic African market.
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