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SON Commences Online Security Screening System
The Standards Organisation of Nigeria (SON) says full implementation of the online security screening system of its Conformity Assessment Programme (SONCAP) to forestall the forgery of SONCAP certificates has started.
Our correspondent reports that some people were caught last June, falsifying the SONCAP certificates last year, facilitating the entry of some unwholesome goods into the country.
The Director General of SON, Dr John Akanya, told newsmen that full implementation of the SONCAP online security screening system would reduce human interaction with stakeholders to the barest minimum.
“The SONCAP certificates are supposed to be issued here to enable the importer obtain a letter of credit for importation and it is in the process that the forgery takes place.
He said that already some stakeholders had gained access to the online system, adding that more stakeholders would be linked to allow for more transparency in the process.
He said the stakeholders to be linked to the system for better monitoring and verification of the SONCAP certificate include banks, importers, exporters, SONCAP managers at ports, security agencies, Customs, among others.
“This system will also make data gathering to be easier for planning purposes and as the process is on going every step of the way can be checked and verified,” he said.
Akanya said that this year SON would improve strategies for creation of awareness on standardisation and quality assurance, particularly on the Mandatory Conformity Assessment Programme (MANCAP) for locally manufactured goods.
“Most local manufacturers do not know much about the MANCAP and how they can obtain the Nigerian Industrial Standards (NIS) mark on their products.
“We will create a lot of awareness because if the locally manufactured goods are of good quality the tendency to import fake products will be reduced,” he said.
He said that SON would also strengthen its testing capacity through upgrading of equipment in its existing laboratories such as food chemistry, microbiology, Vitamin A, electrical/electronic screening and calibration.
Others are paint and allied products, civil and mechanical testing as well as textile/leather laboratories spread across the country.
“This year, we will also consolidate our spread to 30 states of the federation though improved human and material capacity development.
“And to strengthen the recently created regional offices for more effective supe’rvision of state offices,” he said.
Akanya said that SON would also embark on massive standards elaboration though adoption, adaptation, review and creation of new standards.
He said there would also be increased quality assurance activities through regular factory visits, market survey, surveillance activities at ports and land borders as well as standards enforcement nationwide.
Cornerstone of Financial Services
A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.
According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.
“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.
The survey was conducted in early 2026 and the findings released in March.
Stablecoin Boon or Bane?
Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.
With a market cap of $1.56 billion, it is considered a major regulated player in the market.
No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.
Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.
Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.
In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.
The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.
The Asian city-state is one of the platform’s biggest growth markets.
The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.
The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.
Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.
Ripple converts dollars into XRP and then back into pounds.
If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.
That is a bridge Ripple will have to cross if it gets to that point.
Tokenisation Partners
Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.
Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.
The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.
Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.
Infrastructure Rules
In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.
“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”
No surprise that this is precisely where Ripple is placing much of its focus.
