By Adedapo Adesanya

The Lagos Chamber of Commerce and Industry (LCCI) has warned that while the approved tariff hike may ease production costs for telecommunications operators, low-income consumers will surely experience more pressure on their livelihood.

Recall that last week, the Nigerian Communications Commission (NCC) approved a 50 per cent hike on mobile phone calls, SMS, and internet data costs for the first time since 2013.

However, there have been reactions from consumers, with the LCCI joining to shout from the rooftop, calling for continuous engagement by stakeholders in the sector to create a win-win situation.

According to the Director General of the LCCI, Mrs Chinyere Almona, while telecommunications had become a critical part of lifestyle and businesses; the sector must remain competitive to deliver quality services.

She noted the emerging innovative landscape in food production, surveillance technology for security and exploits of artificial intelligence depended on a robust digital ecosystem.

Mrs Almona said the current environment in which the sector operated had become too expensive for their profitability.

She explained that factors such as rising energy costs, increasing price of network equipment, inflation, and currency depreciation placed heavy financial burdens on operators.

According to her, a combination of these factors led telecom providers to increase tariffs to mitigate the rising cost.

“The recent hike in telecoms tariff has attracted mixed reactions.

“While this hike may offer relief for the operators, it risks placing additional strain on consumers, particularly those in lower-income brackets,” the DG said in an interview with the News Agency of Nigeria (NAN), in Lagos.

She noted that a factor of consideration by most stakeholders was that Nigerian citizens and businesses deserved better services from the operators, adding that consumers deserved more robust regulation from government.

Mrs Almona said that in the quest for a one trillion-dollar economy, there was need for more investments in critical infrastructure.

This, she said, would drive the much-needed digital revolution for growth and development.

“A robust digital infrastructure will support innovation across all sectors of the Nigerian economy. Looking beyond the hike, the operators and regulators need to settle down into delivering quality services to drive operational cost efficiency for businesses and support the automation of government services.

“We reiterate our call for reducing human interface in the conduct of regulatory services like licensing of products, obtaining necessary permits, issuance of certifications, and port operations.”

Mrs Almona also noted that a significant item for inclusion in rebasing of Nigeria’s Gross Domestic Product (GDP) is activities in the Information and Communications Technology sector.

She said the sector recorded resilient growth during the COVID-19 pandemic and had also led other sectors in the post-pandemic recovery and stability.

She stated that this reality should attract more government attention and funding for the digital and creative industry.

“To remain competitive and continue to provide quality service, telecom operators must overcome significant challenges.

“Nigeria’s digital economy must be empowered to catalyse economic growth and be the driver of innovation and possibilities,” she said.

By Modupe Gbadeyanka

An innovative payment solution known as GMT Pay has been launched by FSL, the Web3 development studio behind the powerhouse Web3 lifestyle app STEPN.

GMT Pay is the first payment gateway for everyone to use Web3 earnings for everyday payments. It empowers users to earn through STEPN GO and other FSL products and seamlessly turn their GMT and GGT earnings into real-world purchases.

Central to GMT Pay is the GMT Giftcard, a virtual Mastercard available in denominations of $50, $100, $200, and $300.

Powered by Mastercard, the card allows users to make both online and offline payments at millions of merchants worldwide.

From shopping on Amazon and paying for Spotify to enjoying coffee at a local café, the GMT Giftcard offers unmatched accessibility and convenience. Additionally, the card is compatible with Apple Pay and Google Pay, enabling secure and seamless mobile transactions.

A statement from the company disclosed that GMT Pay is designed to be globally accessible, enabling users across different regions to benefit from its features.

While certain restrictions may apply, the platform is widely available, making it a significant step in FSL’s mission to integrate Web3 into everyday life.

The application bridges the gap between digital assets and everyday spending, making Web3 more accessible and practical for users worldwide.

Ahead of its public launch, the waitlist for GMT Pay is now open, giving early adopters priority access to this platform via fsl.com/gmtpay.

The co-founder of FSL, Yawn Rong, said, “Three years ago, the idea of a Web3 payments app felt like a distant dream.

“Today, it’s a reality. You can go for a run with STEPN GO, earn rewards, download GMT Pay, and seamlessly use your earnings to make real-world purchases. This is the evolution of Web3—bridging the gap between digital and physical worlds.”

Also, the chief executive of the firm, Shiti Manghani, said, “GMT Pay is the next step in empowering users to bring Web3 into their everyday lives. From fitness enthusiasts earning on STEPN GO to shoppers looking for global convenience, GMT Pay makes digital earnings useful in ways we couldn’t imagine just a few years ago.”

By Modupe Gbadeyanka

Interswitch has reaffirmed its commitment to nurturing innovation through its participation as a platinum sponsor of the InnovateAI Conference for the second consecutive year to reaffirm its dedication to leveraging Artificial Intelligence (AI) to enhance the nation’s digital payment ecosystem.

This year’s event is scheduled for February 21, 2025, at Landmark Event Centre, Lagos, with the theme Scaling AI Adoption in Nigeria: Catalysing Cross-Sectoral Innovation and Fostering Inclusive Growth.

Organised by AI-in-Nigeria, a company focused on localising and scaling AI across Nigeria, the summit is expected to attract over 3,000 participants, including AI enthusiasts, industry leaders, scholars, and innovators from Nigeria and across the world.

Intending participants have been urged to register for free at events.aiinnigeria.com/ to book a space for a transformative experience.

The conference is designed to promote knowledge sharing and showcase cutting-edge developments and will feature keynote addresses by thought leaders, who will explore strategies for scaling AI adoption across sectors such as fintech, financial services, public services, and oil and gas.

Panel discussions will examine the critical interplay between data, talent, and computing; the foundational elements for sustainable AI-driven innovation in Nigeria.

The event will also feature AI product demonstrations to highlight transformative solutions and practical applications, showcasing the potential of artificial intelligence to address real-world challenges and drive inclusive growth.

Speaking on the sponsorship, the Chief Data and AI Officer for Interswitch, Oluwadamilare Akinwunmi, said, “Interswitch is excited to sponsor the InnovateAI Conference for the second consecutive year.

“We recognise the transformative power of artificial intelligence in shaping Nigeria’s industries and the need for platforms like this to advance its adoption.

“Through our continued collaboration with stakeholders, we aim to spark insightful conversations, build new partnerships, and drive AI-powered solutions that will redefine the future of payments, commerce, and beyond.”