Technology
Interswitch, Finastra Partner for Improved Services
By Ahmed Rahma
Africa’s leading technology-driven company focused on the digitization of payments in Africa, Interswitch, on Monday strengthened its partnership with Finastra.
The collaboration was to provide innovative world-class technology-based solutions for digital payments, corporate banking, treasury and trade finance to financial institutions in Africa.
With this strategic partnership, Interswitch becomes Finastra’s lead technology partner in the Nigerian market, enabling the latter to bring the broadest set of financial software solutions to financial institutions in the country and across the continent.
According to the Group Chief Executive Officer of Interswitch, Mr Mitchell Elegbe, the company is committed to continually exploring opportunities, including partnerships, with leading brands such as Finastra, to deliver world-class technology, innovative products and digital solutions to African financial institutions.
“Our partnership with Finastra is consistent with our strategic growth plan and we both share the vision of deepening access to financial services by providing world-class technology and innovative solutions.
“The partnership enables Finastra to seamlessly deploy its technology in this market.
“For Interswitch, we will be leveraging our proven success and expertise in delivering transaction banking solutions to support Finastra in localizing and implementing their technology in this region,” Mr Elegbe said.
On his part, the Head of Partner Ecosystem MEA & CIS at Finastra, Mr Hamid Nirouzad, stated that, “Interswitch has a proven track record of delivering solutions to commercial banks, as well as a strong understanding of the local banking landscape across Nigeria and sub-Saharan Africa.
“Finastra is committed to providing its solutions to financial institutions across the world, and partnerships such as this result in successful projects, with rapid delivery at a reasonable cost.”
The collaboration positions Interswitch as the go-to business for financial solutions, including treasury and trade solutions to banks and other financial institutions in Africa. Two of the Finastra solutions now available via Interswitch include Fusion Kondor and Fusion Trade Innovation.
Fusion Kondor is Finastra’s treasury solution provides a low-risk system for bank treasury operations to grow and expand their businesses at the pace and complexity level required.
In addition, it enables increased automation, improved efficiencies and reduced costs through the removal of fragmented data sets and tighter integration.
Finastra’s Fusion Trade Innovation provides market-leading functionality for digital trade and supply chain finance. It provides banks with the electronic submission and processing of information required by customs, uses risk-based inspections and promotes efficiency in product-specific inspections.
By Modupe Gbadeyanka
The Governor of Lagos State, Mr Babajide Sanwo-Olu, has declared that Africa’s rise in technology is unstoppable, noting that his state will continue to play a prominent role in the ecosystem.
The Lagos Governor made this declaration at the GITEX Africa Digital Summit in Morocco, where the state government sponsored 25 startups in partnership with the Dubai World Trade Centre to demonstrate its commitment to fostering innovation and entrepreneurship.
GITEX Africa Morocco is Africa’s largest and most influential tech and startup event, renowned for showcasing technological advancements, innovations, and digital transformation.
The event provided a platform for Nigerian startups to pitch their ideas, connect with investors, and network with industry leaders on a global scale.
The small firms sponsored by the state government included Pocket Food, Access Tech, Printivo, Startup Lagos, Eko Institute of Technology, Kirgawa, Qore, Imperial EdTech, Bunce, Etaps, and Innovia Labs.
Mr Sanwo-Olu, who also attended the summit with the delegation, highlighted the remarkable growth of Africa’s tech start-up sector and emphasised that Nigerian tech start-ups surpassed the $4 billion mark in 2022, with Lagos playing a leading role in the continent’s digital transformation.
He said that from Nairobi to Cape Town and Rwanda to Morocco, the continent was emerging as a global tech hub, attracting local and international investments.
He then called for continued collaboration between the public and private sectors to harness Africa’s limitless potential.
GITEX Africa Morocco brings together the brightest minds, entrepreneurs, and investors worldwide to explore Africa’s rapidly advancing tech landscape.
With a focus on AI, Cybersecurity, Fintech, Cloud Computing, and Connectivity, the event offers invaluable insights and opportunities to shape inclusive digital societies and drive technological advancements across various sectors.
The Special Adviser to the Governor of Lagos, Tunbosun Alake; the Commissioner for Science and Technology, Mr Hakeem Fahm; and the Permanent Secretary in the Ministry of Science and Technology, Mrs Ibilola Kasunmu, were among the delegation.
The Lagos team and startups were also supported by the Eko Innovation Centre, an innovation hub focused on driving the growth of startups and promoting digital transformation in Nigeria.
By Modupe Gbadeyanka
All is now set for unveiling the State of Web 3.0 in Africa report by a dynamic blockchain technology company, Emurgo Africa.
The study, the first on the continent, aims to fill a knowledge gap by examining the potential of these technologies to advance social and economic development in Africa.
It presents a detailed view of the current landscape and prospects of Web 3.0 technologies in the region, featuring real-world use cases, possibilities and obstacles connected with their adoption.
It was gathered that work explored various aspects of Web 3.0, such as decentralized finance (DeFi), blockchain technology, digital identity, smart contracts, and data privacy.
It also looked into the regulatory environment, infrastructure, and access to technology in the target nations, identifying areas for development that will facilitate the growth and adoption of Web 3.0 technologies.
The chief executive of Emurgo Africa, Mr Ahmed M. Amer, while commenting on the reports, which would be released on June 23, 2023, at a media conference in Nairobi, Kenya, said, “The future of Web 3.0 technologies in Africa is bright, with the potential to drive unprecedented social, financial and economic development across the continent.
“This report emphasizes the critical importance of collaboration between stakeholders, policymakers, and regulators in fully realizing the transformative power of Web 3.0 technologies in Africa.”
Expected at the unveiling are industry leaders, policymakers and the press, as well as key figures from prominent blockchain investors, developers and ecosystem players, including NODO, CVVC, GreenHouse Capital, PwC and Cardano.
Web 3.0 technologies are gradually becoming popular in Africa, and this report by Emurgo Africa will highlight the rapidly-evolving landscape, providing an in-depth analysis of their impact, opportunities, and challenges and offering recommendations for fostering growth and measurable impact.
The system can potentially bring transformative change to industries such as trade and industry, financial services and lending, supply chain management and logistics and healthcare provision and accessibility.
Factors such as regulatory clarity, infrastructure development, and collaboration between stakeholders will play a significant role in these technologies’ widespread use and successful implementation.
Key findings from the report include the immense opportunities for the African continent through the adoption of Web 3.0 technologies, a staggering 1,668 per cent increase in investment in blockchain technology in Africa between 2021 and 2022, and the crucial importance of collaboration between industry stakeholders, policymakers, and regulators in fostering an environment conducive to the growth of Web 3.0 technologies.
By Adedapo Adesanya
A new study showed that Nigeria was among those that pledged to uphold free Internet according to a 2021 United Nations resolution but yet imposed restrictions.
The UN resolution on human rights on the internet aims to protect and promote human rights online, but some supporting countries have broken their word, according to a study by Cybersecurity company Surfshark, analysing UN countries’ stances in the 2021 UN Human Rights Council (HRC) Resolution on the promotion, protection, and enjoyment of human rights on the internet.
It was conducted by comparing countries’ stances with data from Surfshark’s Internet Shutdown Tracker, Surfshark was able to identify 5 African countries that claimed to support the resolution but “broke their word” by imposing internet restrictions.
On Nigeria’s end, it had one ongoing restriction at the time of the resolution’s adoption but has had no new restrictions since then.
Nigeria had banned Twitter a month before the adoption, and the restriction lasted until January 2022.
The federal government suspended Twitter on June 4, 2021, after it removed a post from President Muhammadu Buhari that threatened to punish regional secessionists.
The FG told the nation’s telecommunication companies to block access to users in Nigeria, leading users to fall to the use of Virtual Private Networks (VPNs). It was not until January 13, 2022, that the suspension was lifted.
Other African countries that supported the 2021 UN resolution but “broke their word” were Sudan, Burkina Faso, Mauritania, and Somalia.
The report noted that Sudan has “broken its word” the most in Africa, with nine internet disruptions that took place after the country supported the 2021 resolution, the first one happening amid the 2021 military coup.
Burkina Faso comes in second, with four restrictions since the resolution’s adoption in 2021. The country’s 2022 restriction on Facebook is still in place today. Mauritania and Somalia both had one internet restriction since supporting the resolution. Mauritania restricted mobile internet amid a prison riot, and Somalia had an internet blackout after the parliament voted to remove the prime minister.
Speaking on this, Gabriele Racaityte-Krasauske, Surfshark spokeswoman, said, “In today’s world, internet shutdowns have become a major concern. Authoritarian governments frequently employ them as a means to manipulate the public and stifle free speech. The UN resolution on human rights on the internet aims to make countries openly condemn these shutdowns and other ways of restricting online speech.”
“However, it’s concerning that even though 5 African countries publicly supported the resolution, they still imposed internet restrictions. It’s important to promote an open and accessible internet and pressure countries to uphold their commitments regarding human rights online,” she said.
Nine countries from other continents also “broke their word”: India, Cuba, Uzbekistan, Pakistan, Russia, Brazil, Armenia, Indonesia, and Ukraine.
Surfshark’s Internet Shutdown Tracker reveals that there were a total of 58 internet disruptions in these 14 countries during or after the adoption of the resolution.
India stands out as the country that has “broken its word” the most, with 19 internet disruptions since the resolution’s adoption in 2021, adding that if it included the Jammu and Kashmir region, this number would be even higher.
The Human Rights Council convenes at least three regular sessions annually. The upcoming 53rd session is scheduled for the summer of 2023.
“While the agenda of the specific resolution is currently unknown, Surfshark will keep an eye out for any updates regarding upcoming UN resolutions on human rights on the internet,” the firm noted.
