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Union Bank Launches Tech, Innovation Hub, Others Too

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Nigeria’s 105-year old financial institution, Union Bank, has launched SpaceNXT, a technological and innovation hub, in Nigeria’s seat of commerce, Lagos.
Also, American global tech payments giant Visa, during the week, built an innovation studio in Kenya as it seeks to help Africans develop digital solutions.
Let’s us get into details.
The world is more advanced in terms of technology but equally more unsafe. Are you surprised?
76 percent of organisations suffered downtime and data loss in 2021, according to Acronis Cyber Protection Week Global Report 2022.
The report, published during the week by Ripples Nigeria, cited system crashes, human error and cyberattacks as major causes of data loss by organisations in the year under review.
Acronis, which is a global leader in cyber protection, noted that organisations needed to combat the growing threat by deploying integrated cyber protection solutions.
Banks are stepping out to drive social change in the country. What is new in this light?
Nigeria’s 105-year old financial institution, Union Bank, launched SpaceNXT, a technological and innovation hub, in Nigeria’s seat of commerce, Lagos.
The bank revealed this on Friday in a press release forwarded to Ripples Nigeria.
According to the bank, the development was “to promote innovation and encourage collaboration within the tech ecosystem in Nigeria.”
Fintech is still king. And, Africa is benefiting from the investment stream. What do we mean?
Nigerian fintech startup, ImaliPay, during the week, secured a $3 million seed in debt and equity round.
The round, according to details of the deal, will fund the startup’s plan as it seeks to offer financial services to underserved gig workers across Africa.
ImaliPay, as an organisation, leverages artificial intelligence (AI) and big data to offer tailored financial products that promote the inclusion of gig economy platforms and workers across Africa.
Like ImaliPay, like Sycamore. If startups are to throw parties after every raiser, everyday will be a fiesta. What is the gist?
Sycamore, a Nigerian peer-to-peer loan firm, also raised investment, though undisclosed at the time of press.
The round was led by White Hibiscus Capital (WHC), a US-based venture capital firm, and saw the participation of other private investors.
While also empathizing with the people of Russia, the company whose headquarters is in Santa Clara, California, sent a message of support to its thousands of employees domiciled in Russia.
How else do one emphasise that fintech is king? Explains why we are having more founders in the space than any other sub-sector. How much is $11M in Naira?
During the week, ZirooPay, a Lagos-based agency banking startup, raised an $11.4 million Series A round led by local VC, Zrosk Investment Administration.
The investment, according to the startup, will help it expand its product features as well as accelerate its team’s growth.
The agency banking startup is an app-based platform deploying fintech solutions to facilitate payments.
Egypt is not left out. The sentiment is the same. And, the trend can only continue.
An Egypt-based health-tech startup, O7Therapy, closed a USD2.1M seed round during the week.
The round, which was led by Hikma Ventures, saw the participation of other angel investors including C-Ventures, and Lotus Ventures.
The health-tech startup is a refined, scientific, and research-based online platform, established to support mental wellness by developing trusted protocols for data encryption and storage.

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NCC Assures Safe, Accessible Digital Space

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The Nigerian Communications Commission (NCC) has assured Nigerians of accessible, resilient and safe digital space in the nation’s digital economy.
The Executive Commissioner, Stakeholders Management, NCC, Rimini Makama, gave the assurance at the NCC’s Digital Economy Sensitisation Forum, with the theme, “Leaving No One Behind: Digital Access, Equity and Empowerment” in Abuja.
Makama said that the commission remained committed to ensuring that Nigeria’s national telecommunications infrastructure remained resilient, accessible and secure.
“Digital empoScientists Advocate Shared Responsibility To Boost Food Securitywerment must be inclusive. Without inclusion and equity, the benefits of the digital economy will remain unevenly distributed.
“The commission, through its Universal Service Provision Fund (USPF) and other initiatives, is actively extending digital opportunities to the unserved, underserved, physically challenged and vulnerable groups through several impactful programmes,” he said.
The Publicity Expert for the Association of Telecommunications Companies of Nigeria (ATCON), Dr Nihinlola Fefa, said that the association had been an advocate of cyber security awareness and sensitisation over the years.
“ATCON has been a very key stakeholder in the ICT and telecom industry. We have always advocated for cybersecurity awareness and sensitisation.
“We have been giving our own input over the years. We interface with all the telecom companies. We do a lot of studies, and we also give our contributions in so many ways,” she said.
She commended the Minister of Communications, Innovation and Digital Economy, Bosun Tijani, for deploying technology into rural communities.
According to her, though Nigeria is doing well in the area of cybersecurity, there is room for improvement.
“We are in a good position right now and we can do better from the government side,” she said.
Also speaking, the Head, IT and Cybersecurity, National Data Protection Commission (NDPC), Olorunisomo Isola, said that the commission had rolled out the necessary framework.

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Expert Tasks Nigerians On AI

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An economist, Dr Chinedu Amadi, has urged Nigerians to leverage the opportunities inherent in Artificial Intelligence (AI) to become competitive in the global business and social spaces.
Amadi, who is also the President, Organisation of Youth in International Trade and Commerce (OY-ITC), gave the urge during an interview with newsmen , in Abuja, Monday.
Amadi noted that humanity has always advanced by expanding its intelligence and capabilities through technology across different eras pointing out that AI now drives economic systems, social interactions and competitive advantage among nations globally.
“The world is entering a phase where humans and intelligent machines will share cognitive functions, so Nigeria should innovate or risk being sidelined in the emerging global digital order.
“The next frontier extends beyond AI tools to a deeper relationship between human consciousness and machine intelligence. This phase has the dawn of shared human machine cognition shaping future innovation and development worldwide,” he said.
Amadi noted that countries like the U.S., Japan and China already integrated AI into national planning, logistics and defence operations.
He warned that a deeper wave of collaboration between humans and intelligent systems is rapidly emerging
urging Nigeria and other African nations not to remain passive observers in this technological transition.
“Nigeria must innovate urgently or risk missing another major industrial revolution. Future global leadership will favour nations that create, regulate and ethically manage advanced technologies,” he added.
He said that the youthful population is viewed as a potential cognitive economy capable of driving digital creativity.
He advised policymakers and institutions to develop indigenous technologies, reflecting national priorities and moral values.
The president, however, noted that energy and agricultural sector can gain efficiency through predictive AI and advanced computation, adding that governance can also benefit from digital systems that strengthen transparency and curb corruption.
While noting that neural interfaces and quantum processing would soon merge human thought with computationAmadi said that the evolution demands ethical guidance, empathy and deeper human conscience in education system.
According to him, nations worldwide are racing to regulate AI and Nigeria also needs to define its strategic position.
“The future beyond AI will favour societies that balance innovation with wisdom and uphold human dignity,” he said.

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NIGCOMSAT Expands Nigeria’s Digital Broadcast Subsector By 35%

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The Nigerian Communications Satellite (NIGCOMSAT) Limited says the country’s digital broadcast subsector  has expanded by 35 per cent to 75 per cent utilisation in two years.
This, it said, represented a milestone in the country’s digital transformation drive.
The Managing Director, NIGCOMSAT, Mrs Jane Egerton-Idehen, made the remark  at a retreat with the theme: ‘Aligning for the Future: Innovation, Collaboration, and Sustainable Growth”, in Abuja, Monday.
According to her the theme reflects NIGCOMSAT’s commitment to driving Nigeria’s digital transformation and positioning itself as a global satellite industry leader.
She said one of the notable achievements in its broadcast segment was the Digital Switch Over (DSO) project, describing it as not just a technical milestone but also a national service.
“This growth is a testament to the organization’s improved service delivery and stronger engagement with partners and clients.
“The DSO project, a collaborative effort with the National Broadcasting Commission (NBC), is a key milestone in Nigeria’s digital transformation.
“NIGCOMSAT’s contribution to the project is enabling digital broadcasting penetration across the federation, cementing the organisation’s position at the centre of Nigeria’s digital transformation,” she said.
Egerton-Idehen said the achievements were expected to drive revenue growth, with target of three billion naira in annual revenue and eight billion naira in revenue within three years adding that the organisation’s expansion of broadband services and private sector partnership was key to achieving the goals.
“We cannot move boldly into the future without addressing the weight of the past. Our debt profile — both financial and operational — is a reality we must confront with strategy, discipline, and creativity.
“These are our headwinds. We acknowledge them openly because honesty is the first step toward transformation.,” Egerton-Idehen said.
She said in spite of challenges such as economic barriers and competition, the organisation remained optimistic about the future.
“We must out-innovate the market, deepen partnerships, and build a culture of solution-focused, profit-driven, and people-centered excellence.”
“The key initiatives include transitioning to software-defined satellites, expanding broadband services, and the NIGCOMSAT Accelerator for the Space Ecosystem.
“The organisation is prioritising public-private partnerships, branding, and communication, as well as investing in its people,” she said.
The Chief Executive Officer, Data Science Nigeria, Olubayo Adekanbi, said satellite-based economy could revolutionise key sectors such as agriculture, health, and education, creating new job opportunities and increasing productivity.
“By providing internet access to remote areas, satellite technology can bridge the digital divide and ensure no one is left behind.

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