eSocialMint Inc., a tech startup based in Houston, is hoping to revolutionize social and professional events with its innovative new app.

Scheduled for launch in Nigeria at the end of the year, eSocialMint (eSM) offers a comprehensive platform that integrates features from popular apps like Facebook, TikTok, Zoom, WhatsApp, and Snapchat.

Designed to transform how events are conducted and experienced, eSM combines social media technology with advanced features such as virtual hologram technology.

Developed by IT architect Fisayo Olamigoke, eSM is available on both web and mobile devices. It offers a range of functionalities, including team events, social events, advertising, an eStore, and the unique “eSprayMe” feature.

This feature allows users to virtually spray money at events, replicating a popular Nigerian cultural practice while adhering to legal regulations.

Targeted at professionals, personal users, public institutions, and governmental bodies, eSM aims to save time and money by reducing the need for physical travel. With its cutting-edge technology and user-friendly interface, eSocialMint is poised to redefine the future of virtual interactions.

Kashifu Inuwa, the director general of the National Information Technology Development Agency (NITDA), has called for a concerted effort among industry players, government officials and experts to explore the transformative potential of Blockchain technology in asset management and economic development of the country.

The DG made this appeal at the Tokenised Economic Conference and Exhibitions themed; Tokenised Economy 2024; Real-World Assets Tokenisation, organised by Cyberchain in collaboration with the BAZE University and NITDA.

Recognising technology as an enabler for the nation’s GDP growth, the conference was a platform for industry professionals to share ideas and expertise in exploring opportunities in digital assets finance, capital markets, commodities, mortgage, bonds and real estate fractional ownership.

Giving his keynote address at the event, Inuwa outlined the benefits of tokenising physical and digital assets through Blockchain technology and emphasized its capacity to revolutionise asset management, exchange and security.

The DG who was represented at the event by the Director of e-Government and Digital Economy Development department, Engr. Salisu Kaka described tokenisation as converting traditional physical or digital assets into digital tokens recorded on a blockchain.

While explaining that tokens serve as digital representations of real assets, Inuwa mentioned that “when assets are tokenised, a Blockchain token is issued as a digital and legal representation of the real asset which allows assets to be sold, held and traded in a digital format, enhancing liquidity and accessibility.”

He further emphasised that the process of tokenisation involves choosing the asset to be tokenised, complying with legal and regulatory requirements, establishing secure custody solutions and blockchain networks and distributing tokens to potential investors through secure payment channels.

Laying reference to real estate investment markets which are plagued by inefficient transfer and record-keeping processes, Inuwa averred that tokenisation would mitigate the challenges by automating these processes.

“It offers several advantages over traditional real estate financing, such as automating processes, increasing liquidity, lowering investment barriers, and improving transparency. As a result, it is considered a promising development for the future of real estate markets,” he stated.

While stressing the need for Nigeria to position itself as the lead nation in the tokenised economy in Africa, he lauded the Lagos State’s plan to tokenise real estate and described it as a bold move that could set an example for other states to follow.

He added that tokenising other key sectors, including agriculture, oil and gas, securities, bonds and derivatives could further accelerate wealth creation and economic growth in the country.

Inuwa however noted that it was essential to establish a clear regulatory framework that would boost the confidence of investors as well as develop strong infrastructures that would support the tokenised economy.

He disclosed that since the launch of the National Blockchain Policy (NBP) and the inauguration of its steering committee, NITDA has been at the forefront of promoting the use of emerging technologies particularly blockchain technology by working closely with the blockchain ecosystem in promoting the adoption of the blockchain technology across all sectors of the country.

“Real-world asset tokenisation would offer a promising avenue for Nigeria to unlock its economic potential and improve the lives of its citizens. Nigeria has the potential to become a leader in the tokenised economy in Africa. By investing in infrastructure, education, and a supportive regulatory environment, Nigeria can unlock the full potential of tokenisation and drive economic growth.” he concluded.

In his remark, the Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama spoke on how tokenisation breaks down traditional barriers and makes investments in areas like real estate and art accessible to a wider range of people, regardless of their financial status.

He stated that the shift would allow for the diversification of investments and would encourage more people to participate in previously exclusive markets.

Noting that tokenisation is a process that converts real-world assets into digital tokens, he said “Through tokenisation, these highly qualified assets become more accessible to a broader audience, democratizing wealth and enabling more inclusive financial participation.”

In a move that promises to revolutionize access to digital services and financial inclusion for millions of Nigerians, S.Mobile has joined forces with MTN Nigeria.

This strategic partnership focuses on the distribution of MTN’s MoMo Payment Service Bank (PSB) and data bundles, offering a seamless gateway to financial services and connectivity.

The collaboration brings together two industry leaders with unique strengths. MTN Nigeria, the country’s largest telecom provider, boasts an extensive network and deep understanding of the Nigerian market. S.Mobile, known for its innovative digital solutions and commitment to financial inclusion, enhances the digital landscape with its user-friendly platforms. Together, they are poised to deliver unparalleled services to everyone, from individuals to businesses.

Boosting Financial Inclusion with MoMo PSB

A key aspect of this partnership is the promotion of MTN’s MoMo PSB, a groundbreaking initiative aimed at extending financial services to the unbanked and underbanked. By leveraging MTN’s vast network, MoMo PSB empowers users to access banking services, make transfers, settle bills, and save money directly from their mobile devices, eliminating the need for traditional bank accounts.

S.Mobile plays a crucial role by facilitating MoMo PSB adoption through its digital platforms and partner network. Integrating MoMo PSB simplifies participation in the formal financial system, especially for Nigerians in remote or underserved areas.  This move is expected to significantly boost financial inclusion across the country, enabling more people to manage their finances efficiently and securely.

Revolutionizing Data Bundle Distribution

Beyond MoMo PSB, the partnership focuses on distributing MTN data bundles through S.Mobile’s platforms. With internet usage skyrocketing in Nigeria, the demand for reliable and affordable data is paramount. This collaboration seeks to meet that demand by providing consumers with easy access to data bundles, ensuring uninterrupted connectivity for work, learning, and entertainment.

S.Mobile’s user-friendly interface allows customers to purchase data bundles directly, with real-time updates and instant delivery. This convenience is invaluable for businesses and individuals who rely on a steady internet connection. Integrating MTN’s data services enhances the digital experience for S.Mobile’s customers while driving data usage throughout the country.

A Win-Win Collaboration

This partnership benefits both companies and, more importantly, the millions of Nigerians who stand to gain from enhanced services. For MTN Nigeria, collaborating with S.Mobile represents an opportunity to further expand their reach and deepen their impact in the Nigerian market. S.Mobile’s distribution network and digital expertise  ensure wider accessibility of MTN’s services.

For S.Mobile, partnering with MTN strengthens its position as a key player in the Nigerian digital economy. Offering MoMo PSB and MTN data bundles attracts new customers, enhances service offerings, and fosters greater engagement on their platform. This also aligns with S.Mobile’s mission to empower Nigerians with the tools and services they need to thrive in a digital world.

Looking Ahead

As the S.Mobile and MTN Nigeria partnership takes off, both companies are optimistic about the future. They are committed to continuous innovation and improvement of services to meet evolving customer needs. This collaboration goes beyond business; it’s about empowering millions of Nigerians with the financial and digital tools they need to succeed.

The combined strengths of S.Mobile and MTN Nigeria set a new standard for service delivery, ensuring more Nigerians can access the financial services and connectivity they need. The CEO, Adonu Kingsley Ifeanyi, assures that they will continue to work together, and the impact of this partnership will be felt across the country, driving growth, innovation, and inclusion in the digital age.