Author: Akin Naphtal

In a recent announcement by the newly appointed Minister of Communications and Digital Economy, Bosun Tijani, he has revealed that the Federal Government has secured about half a billion dollars to initiate a local funding programme. Speaking about the initiative during a dinner organized by friends, Tijani said it is aimed at boosting innovation and entrepreneurship within the country’s digital sector. “We’ve got access to about half a billion dollars to start local funding,” he said. While outlining the government’s plan to domicile local funding in Nigeria and ensure that it benefits true Nigerian businesses, he added that the ministry…

The competition regulator in Kenya has given Moniepoint Inc. the green light to acquire Kopo Kopo, a Kenya-based company offering payment services and credit to businesses. Following the approval by Competition Authority of Kenya (CA), Moniepoint (formerly TeamApt) will expand its services to Kenya continuing its growth plans across the continent. Moniepoint Inc, which runs one of the largest business payments and banking platforms in Nigeria, is said to be keen on expanding to new markets that have a mature banking or payments infrastructure. Moniepoint declined to offer details of the deal, however, group CEO Tosin Eniolorunda said: “We have…

Google has announced a number of security-related enhancements to Google Workspace products, including GMail and Drive, some of which will take advantage of AI to automate certain tasks. It’s important to understand that these tools are still in development or various stages of testing, but Google plans to add these updates later this year and in early 2024. For starters, Google wants to enhance its zero trust model, a concept the company helped develop. Google defines zero trust as, “a cloud security model designed to secure modern organizations by removing implicit trust and enforcing strict identity authentication and authorization. Under…

Telkom’s AI system called Izwe.AI is changing the way customer service works. It takes spoken words in English and local languages and turns them into written text. Izwe.AI, which means ‘nation”, is special because it can understand how people with South African accents speak. According to Dr Mmaki Jantjies, Telkom’s Innovation and Transformation Officer, Izwe.AI was developed to celebrate African languages. Most language technologies are designed for different languages and not much effort has been put into supporting the specific languages of South Africa. “So from translation perspective, it’s so important for us because a simple example: In call centres,…

MTN South Africa has announced the expansion of its innovative eSIM functionality to prepaid customers, a game-changing feature that enhances the way customers connect and communicate. The eSIM, which is a digital version of the physical SIM card, is now available to all customers and will provide seamless connectivity and linkability to a range of devices. With the expansion of the eSIM functionality, MTN is reinforcing its commitment to delivering exceptional customer experiences and staying at the forefront of digital innovation in the telecommunications industry. This advanced technology eliminates the need for physical SIM cards and unlocks a host of…

Google has launched the “Google for Startups Accelerator: AI First” accelerator program aimed at supporting African startups to use Artificial Intelligence (AI) to solve local challenges. According to Google, the program recognizes the transformative role AI is playing across different industries. The 10-week equity-free program is open to startups up to series A stage based in Africa or building Africa-centered solutions with AI and machine learning. Participants will benefit from access to Google’s AI expertise, technical resources including up to $350k Google Cloud Credits, mentorship from seasoned AI professionals, and networking opportunities with fellow African startups and potential investors. Speaking…

According to a report by the Financial Institution Training Centre (FITC), fraudulent loans with a value of N5.46 billion accounted for 94.35% of total losses associated with fraudulent activities recorded by commercial banks in the second quarter (Q2) of 2023. Per the FITC Fraud and Forgeries report, 24 commercial banks in Nigeria lost a total of N5.79 billion to fraud activities representing a 1,125.03% increase in losses compared with the N472 million lost in Q1 2023. The total figure – N5.79 billion, showed a significant increase in the total amount involved in fraud cases during Q2 2023 compared to Q1.…

The Nigerian Communications Commission (NCC) has shared that Nigeria accounts for 82% of the total telecom subscriptions in Africa. This indicates that a significant portion of the continent’s telecommunications users are based in Nigeria, showcasing the country’s substantial presence in the African telecom market. This was revealed by the Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), Prof Umar Danbatta during the Emerging Technology Forum’s report for the Telecommunications Industry in Abuja. The EVC also revealed that Nigeria accounts for 29% of the continent’s internet consumption. These figures position Nigeria as the 11th country worldwide in terms of…

Nigerian logistics startup, Kobo360, has announced the appointment of Cikü Mugambi as the new CEO of the company. This is coming after the resignation of Obi Ozor as CEO. Obi Ozor, who is also a Co-founder of Kobo360, was appointed as the new Commissioner of Transportation in Enugu State. Ayo Fashina was also named the company’s new Chief Operations Officer (COO), while Founder of Guaranty Trust Bank, Fola Adeola was appointed the new Chairman of the Board of Directors. Cikü Mugambi previously held the position of Chief Operating Officer at Kobo360 since joining the company in 2021. Before then she…

QuantGate Systems Inc the pioneering Artificial Intelligence (AI) and Machine Learning (ML) fintech solution company, is delighted to announce the appointment of Allan Bezanson as its new Chief Executive Officer from September 1, 2023. With an outstanding history of driving businesses to success in equities, private equity, investment, and AI, Bezanson’s appointment signifies a turning point for QuantGate. His wealth of experience and significant impact underscore his pivotal role in revolutionizing market decision-making through cutting-edge AI and big-data processing. Bezanson’s track record exemplifies his impact on the financial realm. Notably, as an early investor and Board member at the A.I.…