Tech

Again, Nigeria’s interbank electronic payments rise in August with transactions worth N33.2 trillion

Published

2 years ago

September 10, 2022

Nigeria’s interbank electronic payments have hit an all-time high e-payments value recorded in August with transactions worth N33.2 trillion.

According to data released by the Nigeria Inter-Bank Settlement Systems (NIBSS), the transactions were performed through the Instant Payment platform (NIP). This brings the total value of e-payment deals in the last 8 months to N238.7 trillion

The NIBSS in August announced that there has been a 40% increase in e-payments in Nigeria between January and July this year.

The volume rose to 448 million in August, showing a 10.6% increase over 405 million recorded in July.

There has been a surge in the rate of financial inclusion in Nigeria. The EFInA Access to Financial Services in Nigeria 2020 Survey shows that 51% of Nigerian adults are using formal financial services, such as banks, a microfinance bank, mobile money, insurance, or pension accounts, up from 49% in 2018.

The recent increase in electronic transactions is an indication that more Nigerians are embracing the cashless policy of the Central Bank of Nigeria (CBN).

Related Topics:Featured Interbank payment Nigeria

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Tech

Dubai’s cybersecurity firm CyberKnight sets up business in Africa

Published

10 hours ago

May 17, 2024

Akanimoh Etim

Dubai-based cybersecurity company, CyberKnight, has expanded its business into Africa by opening an office in Egypt.

CyberKnight, a cybersecurity advisory and value-added-distributor (VAD), which has its international headquarters in Dubai with a strong presence across the Middle East, announced its expansion into Africa on Friday with the appointment of Naoufal Mzali as the Regional Sales Director for the continent to spearhead its business development efforts on the continent.

As the newly appointed Regional Sales Director for Levant, Egypt & Africa, Mzali will lead the charge in strengthening CyberKnight’s presence in the territory and fostering growth in the African cybersecurity market, the company said in a statement.

“With over 17 years of experience in technology and cybersecurity, his strong engineering background, coupled with a successful track record in sales, makes Naoufal an asset to the CyberKnight team.”

A statement signed by Mzali to welcome CyberKnight into Africa said:

“We are excited to enter this new chapter of growth with CyberKnight’s on-the-ground expansion into Africa.

“Since the company’s inception, we have been doing business opportunistically in multiple African countries from our HQ in Dubai.

“This underscores our commitment to delivering best-of-breed cybersecurity expertise to enterprise and government customers, as well as strategic partners across Africa.

“Moving forward, we will be building teams across the continent, starting with North Africa.”

Tech

Google relaunches Hustle Academy with AI focus to empower African SMBs

Published

1 day ago

May 16, 2024

Akanimoh Etim

Google has relaunched the 2024 cohort of its Hustle Academy, a programme dedicated to accelerating the growth of small and medium-sized businesses (SMBs) in Sub-Saharan Africa.

Making the announcement on Thursday, Google said it is opening of applications for the Hustle Academy with a special focus on using Artificial Intelligence (AI) to provide comprehensive business education, mentorship, and networking opportunities to SMBs.

According to Kristy Grant, Head of B2B marketing for Sub-Saharan Africa at Google, the 2024 cohort of the programme introduces a significant upgrade – business-focused AI training integrated directly into the curriculum.

“This year, the new AI modules focus on data-driven decisions, optimising operations, and building AI-powered marketing strategies,” Grant said.

“AI holds immense potential for African small and medium-sized businesses SMBs, enabling them to drive innovation, increase efficiency, and unlock new levels of economic growth.

“The Hustle Academy has supported over 10,000 businesses who have gone ahead to raise funding and create jobs since inception.

“By incorporating AI into our curriculum, we aim to further amplify this impact, equipping SMBs to harness AI technologies for improved business performance and economic progress,” Grant emphasized.

She added that applications for the 2024 Hustle Academy cohort are open to SMBs in Kenya, Nigeria, and South Africa.