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Fintech: An Access Route to Unbanked Populations in Africa

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With a rapidly growing population and a younger generation of tech-savvy workers, Africa is poised to become the next global market leader.

Today, the continent’s population is over 1.4 billion. The advancement in technology, propelled by the urgent need to reconcile demand and supply has led Africa to work towards being increasingly competitive on the international scene.

Despite tremendous advancements in trade and improved financial accessibility and communication technologies, a huge part of the continent is still unbanked.

The circuit of internet accessibility and reliability is growing exponentially on the continent, but nevertheless, the majority of consumers still don’t have access to bank services. The reality is even worse when it is gender compared.

The UN Women data shows that approximately 1.3 billion women in the world are unbanked, of which ¾ of that population has never owned a bank account. There is no doubt that, to ensure traceability for microeconomic aggregates, it is important to be able to account for the population which constitutes that economic projection through their financial flows.

This has also been a huge impediment to e-commerce. Despite their willingness to operate on every corner of a given territory or continent at large, our population, especially women are still held back by this challenge.

Africa’s large unbanked population is mainly caused by poor infrastructures (transportation networks, communication networks), low literacy rate (that is the ability to understand and use certain services and technologies), government red tapes and myriads of technological barriers. Companies like Jumia, the leading e-commerce platform in Africa, however, have learned how to bypass this setback with services such as JumiaPay.

Data from penser, a specialist consulting firm focused on the payments and Fintech industry, outline that sub-Saharan Africa alone has the tremendous potential to house Fintech and e-commerce, as well as ensure their survival and continuity over time. This explains why the e-commerce leader in Africa, Jumia, founded mechanisms to overcome bottleneck challenges, as well as geographical and technological means to satisfy its ever-growing market in Africa.

With its presence in 12 African countries and the advent of the COVID -19, the market for e-commerce and Fintech was both challenged and faced significant changes. It was both a time to re-think and, re-invent the new normal of e-commerce for our unbanked population with limited resources, which is o also faced with geographical and sanitary barriers.

Generally, e-commerce greatly prospers in territories where the greater part of the consuming population has access to first; national IDs or any official document which will permit them to obtain or have access to banking systems (bank accounts, access to credits, bank cards etc); but also, most especially in areas where the population is ready to embrace new technologies and where the government has made available the necessary infrastructures and policies to welcome such companies.

The particularity with Africa at large is that e-commerce or Fintechs don’t only have to face government barriers, but internet penetration, geographical possibilities, education and also limited financial resources (of populations) to subscribe to these services.

In recent years, a more effective approach was developed by Jumia, that of mobile payments to replace payment on delivery. This did not only revolutionise the e-commerce sector but also how Fintech could better apprehend the problem of accessibility to the unbanked population.

As more people are beginning to use smartphones on the continent, it becomes easier for them to profit from online banking services without necessarily vising a bank. With JumiaPay, the main Fintech incorporated the technology of Jumia, customers can now recharge their phones, pay utility bills, make hotel reservations, book a ride, order food from their favourite restaurants and more.

Forging innovation yet challenging future ahead

This innovation comes at an important time as cash on delivery becomes more challenging and difficult to monitor. Also, it has created unprecedented access to unbanked populations in Africa, which reached its climax during the Covid-19 era as government barriers didn’t permit people to continue trading using the traditional methods (physical exchanges, supermarket purchasing just to name a few). The service gives users a high secured mode of payment, which puts them at the centre of every operation.

Once on the app, users can access it via their fingerprint or pattern lock. Also, no payment is completed on the app without sending an OTP (One Time Password) via a registered phone number or email. That way, the customer can be assured no unwanted transactions can be performed.

Furtherance, customers get an email for every transaction performed on the app, ensuring traceability, trust and accountability for all. These features have permitted more unbanked population to embrace Fintech services, but also to permit those who never wanted to let go of physical money to trust mobile money services. In this way, customers can follow their money online while reducing the stress on former banking systems.

Creating regulations that work for all

Over the past decade, Africa has gradually become the global leader in mobile financial services. This has been proven within the start-up ecosystem, which was largely driven by Fintechs, accounting for about 25% of funding attracted by start-ups in 2020[5].

Although this success is unevenly distributed on the continent with major markets in Nigeria, Egypt, South Africa and Kenya, regulators (governments and non-governmental) in emerging markets (Ivory Coast, Ghana, Senegal, Cameroon) are showing a strong commitment to the growing sector.

Fintechs have helped to boost financial inclusion on a continent where there are only five bank branches per 100.000 people, compared to 13 in other parts of the world. The Africa Financial industry summit for example has since called for an enabling environment and harmonised financial regulations to create sustainable innovation culture which will help Fintech firms expand their footprint in Africa.

Moreover, financial institutions such as commercial banks are now embracing Fintechs and partnerships with them, as the relationship is mutually beneficial: Fintechs need banks to scale and banks benefit from their innovation and service offerings as in the case of Jumia Pay.

Regulators are beginning to engage earlier with them, enabling the right environment to test their products and systems and offering support in risk management. They oversee consumer protection and protect depositors and financial stability by ensuring that they’re truly beneficial to consumers. This has been the case with countries like Morocco and Tunisia which are trying to catch up with the trend of Fintechs as an element of development.

A promising Africa for a sustainable and equitable development

Conclusively, Financial technology has never been this important and crucial during an era of sanitary challenges (that is Covid-19), as it has considerably helped in eliminating the need for cash and allowed customers to maintain physical distance from cashiers to reduce the risk of spreading the virus.

It has also helped SMEs that provide at home services to stay in operation, as their customer base could pay for goods and services remotely as in the case of Jumia pay. It is thus important that regulators (governmental and non-governmental), and the population, in general, be able to quickly embrace Fintechs.

Fintech is transforming the banking world and traditional business models and there is a clear growth potential for it in Africa, overwhelming regulatory hurdles remain a challenge which can be overcome, but it remains an essential part of all our futures, thus the need for governments, regulators, investors and entrepreneurs to work in symbiosis.

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Rebuilding the Nigerian Dream: How NOA is Forging a New Social Contract

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Victor Benjamin YP4T

By Victor Benjamin

For years, a pervasive sense of disillusionment has shadowed the vibrant spirit of Nigeria. Eroding trust in governance, fueled by misinformation and a disconnect between policy and public understanding, has cast a long shadow over national progress. However, a significant shift is underway, spearheaded by the National Orientation Agency (NOA). Under the astute leadership of Mallam Lanre Issa-Onilu, NOA is actively working to mend these fractures, acting as a crucial bridge between government aspirations and the people’s commitment. This vital mission aligns seamlessly with President Bola Tinubu’s administration, which profoundly recognizes that the success of any government policy ultimately hinges on the psychological and emotional investment of its citizens.

The Tinubu government isn’t merely observing NOA’s efforts; it’s actively championing them. The administration understands that Nigeria’s journey towards prosperity isn’t solely about economic reforms or administrative directives. It’s fundamentally about fostering a collective embrace of national values and civic duties by every Nigerian. This holistic approach forms the bedrock of a renewed national consciousness, aiming to ignite a sense of ownership and shared responsibility for the country’s destiny.

A cornerstone of this ambitious agenda is the forthcoming National Values Charter, an initiative poised to redefine the relationship between the government and its citizens. Expected to be formally unveiled by President Bola Tinubu himself, this Charter is designed as a foundational social contract. It will meticulously articulate the responsibilities of both the government and its citizens in the arduous yet rewarding task of nation-building.

The Charter will enshrine the “Nigerian Promise”—the government’s unwavering commitment to core principles such as equality, democracy, entrepreneurship, peace, inclusivity, freedom, and meritocracy. This promise outlines the vision for a just and equitable society where opportunities abound for all. Complementing this, the Charter will also introduce a comprehensive “Citizen’s Code.” This code will serve as a clarion call to all Nigerians, urging them to embrace fundamental virtues like discipline, duty of care, tolerance, ethical leadership, accountability, environmental awareness, and resilience. By clearly defining both rights and responsibilities, this comprehensive approach aims to cultivate a deeper sense of belonging and dignity among Nigerians, fostering a citizenry that is not only aware of its entitlements but also deeply committed to its obligations.

In direct support of President Tinubu’s audacious economic reforms and the overarching “Renewed Hope Agenda,” NOA has rolled out several impactful initiatives, designed to demystify complex policies and showcase tangible progress.

One such crucial initiative is The Explainer. Launched in early 2024, this weekly policy-focused publication serves as an invaluable tool for simplifying complex economic shifts. It breaks down intricate topics such as the fuel subsidy removal and exchange rate unification, translating economic jargon into accessible language. The Explainer illuminates how these market-driven reforms are strategically designed to stimulate national productivity, unlock doors for private investment, and enhance Nigeria’s global competitiveness. It clarifies the potential long-term benefits for ordinary Nigerians, including job creation, increased investor confidence, and improved public services. Crucially, the publication also proactively addresses public concerns and immediate challenges, countering the pervasive tide of misinformation and building a much-needed bridge of understanding between the government and its citizens.

Beyond explanation, NOA is diligently working to showcase tangible progress and flip the narrative of cynicism that often plagues public discourse. The agency actively promotes positive stories of ordinary Nigerians who are directly benefiting from recent reforms. This includes heartwarming examples such as students accessing loans from the Nigeria Education Loan Fund, a critical initiative that restores hope and dignity to countless families striving for educational advancement. It also highlights vehicle owners successfully transitioning to Compressed Natural Gas (CNG) as a more affordable and sustainable energy source, and small business owners securing vital loans from the Bank of Industry to fuel their entrepreneurial dreams. NOA emphasizes consistent and transparent communication to counter negativity, demonstrating that “Hope Renewed” is not merely a slogan but is backed by concrete results, including vital improved infrastructure and a commitment to transparent governance through the discontinuation of opaque oil subsidy regimes.

NOA’s efforts extend far beyond direct policy explanations. The agency employs a wide and innovative array of channels to instill a profound sense of ownership and responsibility within the Nigerian populace.

In the digital realm, NOA leverages cutting-edge tools to enhance citizen engagement. The Mobiliser app, for instance, incorporates a vital “Say Something” feature that enables anonymous crime reporting, empowering citizens to contribute to public safety without fear. Furthermore, CLHEEAN, an innovative AI platform, provides real-time, accurate information on critical national issues, notably in local languages, making vital data accessible to a broader audience. CLHEEAN also facilitates anonymous reporting of criminal activities, reinforcing the commitment to a safer society. An interactive, AI-powered website with intelligent chat assistants and an AI engine dubbed “The Curator” further engages citizens, addressing their policy questions and providing access to national data, fostering an informed and participatory citizenry.

Complementing its digital outreach, NOA conducts extensive on-the-ground sensitisation campaigns nationwide. Dedicated NOA teams traverse the country, engaging communities on diverse issues ranging from human rights and tax reform to crucial security awareness and flood prevention. These campaigns utilize dynamic approaches such as roadshows, community forums, and interactive school sessions, ensuring that essential messages resonate and reach every segment of society, from bustling urban centers to remote rural communities.

Strategic partnerships form another critical pillar of NOA’s multi-faceted approach. The agency actively collaborates with the education sector to embed citizenship studies directly into the school curriculum, aiming to instill national values and civic pride in children from a tender age. This foundational approach seeks to mold future generations into responsible and patriotic citizens. NOA also partners with the Voice of Nigeria (VON) to combat the proliferation of misinformation and promote authentic Nigerian narratives, safeguarding the integrity of public discourse. Furthermore, a crucial partnership with the Economic and Financial Crimes Commission (EFCC) facilitates nationwide campaigns against cybercrime, promoting financial literacy and ethical entrepreneurship, particularly among vulnerable youth who are often susceptible to such illicit activities.

Through these comprehensive and multi-faceted approaches, the National Orientation Agency is not just informing Nigerians; it is striving to ensure they are emotionally and intellectually invested in the country’s growth. By fostering a culture of excellence, patriotism, and civic responsibility, NOA is fundamentally transforming how the government communicates with its people. Its ultimate aspiration is to build a just, united, and value-driven Nigeria—a nation built on shared purpose, collective agreement, and a renewed sense of hope.

Victor Benjamin is the West/South South Director of YP4T

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An Open Letter to Comrade Festus Osifo, National President, PENGASSAN

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Comrade Festus Osifo

By Concerned Members of PENGASSAN

Dear Comrade Festus Osifo,

It is with great concern, deep disappointment, and an unshakable sense of duty to over 523 members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) Branch, that we write to call the attention of the National Leadership of our great union to the continued assault on principles, transparency, and constitutional order within our Union—which has clearly infringed on the right of members to have a union that respects members’ viewpoints on those who will stand as their elected representatives.

We know our great union stands for justice and fairness to all members. But the recent imposition of an illegal Caretaker Committee (CTC) on our Branch without due process, consultation, or respect for the PENGASSAN Constitution is not just a disregard for our collective intelligence—it is a blatant subversion of the laws and values upon which PENGASSAN was built. As we know, the vision of our great union is to be the most influential trade union by providing excellent services to its members, building strong relationships with social partners and stakeholders, and positively influencing national decisions.

As a reminder, Comrade President, our Branch’s 3-year PENGASSAN tenure expired on May 27, 2025. In line with  our constitutional provisions and  best practices, a Branch Congress was duly convened on June 14, 2025, where a valid Electoral Committee (ELECO) was constituted to oversee elections. However, rather than supporting this transparent process, national leadership chose to unilaterally and undemocratically impose a Caretaker Committee chaired by your known associate, Comrade Tony Iziogba—a man with no mandate from the Branch Congress and no legitimacy under our Constitution.

“Your siding with illegal actions are in gross violation of the PENGASSAN constitutional provisions of : Rule 20.1 states clearly that elected officers hold office for a term of three years. Nowhere in this rule is it provided that a Caretaker Committee shall take over automatically after tenure expiration. Rule 31.4 provides that a Caretaker Committee may only be constituted after the dissolution of a BECOM through disciplinary procedures—not simply due to tenure expiration. Rule 32.7 mandates that an Ethical Practices, Grievance and Disciplinary Committee (EGDC) at the Branch level must consist of two elected BECOM members and three nominated members, chaired by the Branch IRO. None of these conditions were met in your Caretaker Committee setup.”

Schedules 3.3 and 3.5 clearly outline the process for resolving Branch disputes through the CWC and NEC—not by unilateral directives or external imposition. Rule 3.7, which speaks of inspiring discipline and professionalism, has been repeatedly ignored in this ongoing crisis.”

The issue we raise to the leadership of the Union is the even more troubling fact that a disciplinary letter was issued to comrades who dared to question the legitimacy of this illegal process—a direct attempt to silence dissent and criminalize free expression within a union that should be a bastion of democracy. This is not the first time our Branch has faced anti-democratic practices. When the NMDPRA Branch was first formed three years ago, it began not with an election but with an imposed caretaker committee. That committee handpicked successors without consulting members. Now, history is repeating itself. Comrade Ayo was imposed then. Now, Comrade Tony is being imposed again.

We concerned that members will not succumb to any intimidation or to recycling the same faces, ideas, and loyalties while ignoring the democratic rights of over 523 unionized staff. We are not asking for much. We simply demand what is just, constitutional, and democratic.

We, the concerned members, demand the reinstatement of the ELECO constituted at the June 14 Congress. We call for a hybrid Branch election that allows inclusive participation—especially for members across Nigeria who have never had a voice in the leadership of the Branch.

We, the concerned members, urge respect for the provisions of the 2022 PENGASSAN Constitution. End all harassment, intimidation, and victimization of members who speak out. Stop using national offices to reward loyalty and suppress dissent. And, most urgently, allow the will of the people—the 2/3 majority of Congress—to determine their own leadership.

We, the Concerned Members of PENGASSAN, know the Union is not your personal property, Comrade President. The Constitution is not subject to your discretion. And the voice of the Congress cannot be replaced by political convenience or backroom arrangements. In a nation grappling with democratic challenges, we had hoped our Union would set the example. Sadly, under your leadership, it is instead mimicking the worst of political suppression, godfatherism, and impunity.

The time for appeasement has passed. The time for silence has ended. The time for constitutional order, justice, and democracy is now. We will not relent. We will not be silenced. And we will never allow our Union to descend into a dictatorship of convenience.

In solidarity with hope for a better PENGASSAN, we stand for an end to dictatorship perpetrated by National leadership. Let’s NMDPRA Breathe.”

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The Nigeria Factor: Parallels to Systemic Failures Like the Titanic

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Saifullahi Attahir

Around 7:00 am, I was awakened by a call from one of my friends. He wanted me to inquire on his behalf about getting admission into a College of Health Sciences I attended about a decade ago. During our conversation, he told me about another contact he got from another school. Considering the security situation in that state, he could get admission into the final year, take the final professional exams, and be awarded a certified healthcare practitioner.

When I asked further about how possible this was, considering his lack of knowledge in that field, I found out he had studied another related healthcare course and was looking to switch. His answer was, “You know the ‘Nigeria factor.'” I was dumbstruck and not prepared for this update. I was naive, not expecting this level of decadence. How does it happen that a person could obtain a certificate in any health-related course without the required rigorous training and hands-on skills? I thought this could happen somewhere, but not in my beloved profession. Our love for shortcuts is going to ruin us. If this “Nigeria factor” continues, it will definitely consume us.

It wouldn’t be surprising if some of our elites don’t believe in being treated at our local facilities. How sure are you that such a quack isn’t in the teaching hospitals or the National Hospital Abuja? The system that allows them to get a certificate without the required training is the same system that could get them employed ahead of the competent and well-grounded ones. With the way things are going, I couldn’t completely blame those who could afford the best private hospitals or abroad clinics.

Eight years passed, and one man was incapable of rectifying this mess. It was a systematic and complex problem that requires collective efforts. Buhari wasn’t present when the candidate paid the highest sum to that school director or head of department to get admission. Buhari or Tinubu wasn’t present when the National Board of Examination failed to do the necessary checks before approving those candidates or verifying whether they attained the required training. Jonathan or Obasanjo wasn’t present when the agency responsible for recruitment employed such reckless individuals without due investigation of their accredited institution or their level of expertise.

We may argue that our universities are well-regulated and only produce competent individuals. However, universities only produce the senior nursing officers, medical doctors, senior pharmacists, radiographers, or medical laboratory scientists. What about those responsible for taking your blood sample or giving your child vaccine doses? I’m not questioning the entire workforce. Indeed, there were a lot of hard-working and competent personnel, but with the way things are moving, there was a lot more quackery.

If things like this can occur in the most regulated sector like healthcare, how sure are you of other professions? What guarantee do you have over the NAFDAC recommendation on certain products? How assured are we of the technicians managing our airline services and the local engineers constructing our bridges? The system that you seem smart enough to outmaneuver, driving a car without the necessary papers and licenses, might be the very system that produces some of your teachers, drivers, and law enforcement whom you entrust your life to. This creates a form of distrust in Nigeria.

I was interested in a documentary aired by the BBC about Heathrow Airport in the UK. Although it’s an international airport and one of the best globally, comparing the standardized system there could be absurd. Still, it’s obvious the British have a culture of meticulous attention to details and ensuring everything is done correctly with due process. It’s not surprising that there are the least number of automobile accidents, maternal mortalities, electricity power grid collapses, and flood disasters.

In a system where everyone took responsibility as if the success or failure of a task depended on them, life could have been nicer. But in our kind of society, we like the blame game too much. Every failure is attributed to the leaders at the top, sometimes ridiculously upon a single soul, the president. In the movie Titanic, it’s obvious the fateful accident of the mega ship was attributed to some technical errors done by the crew assistants, not just the captain alone.

Imagine a minor negligence that led to such a catastrophe and compare that to the thousands of such mistakes, even greater, that we commit daily in our various walks of life. The deliberate 15 minutes late you were could have been the cause of someone’s death. The intentional habit of switching your phone off on duty could have been the source of losing someone’s life. The lack of a proper checklist could have been the cause of a conflagration, a dam breakage, a bridge collapse, or a building collapse. Trying to do the right thing doesn’t cost more than doing otherwise. It builds your character, gives satisfaction, and pays in the long run.

How sustainable is this Nigeria?

Attahir wrote from Federal University Dutse. saifullahiattahir93@gmail.com

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