Connect with us

Technology

Interswitch, Microsoft, Pioneer Blockchain Technology for SMEs in Nigeria

Published

on

By Modupe Gbadeyanka

An opportunity for Nigerians to enjoy the full benefits of blockchain technology has opened courtesy the partnership between Interswitch Group and Microsoft.

At media parley last week, both parties unveiled an innovative blockchain-based supply chain financing service in the country.

This novel initiative brings together entrepreneurs, major financial institutions and corporates organizations, all on a single platform to provide end-to-end visibility that will ensure fast and seamless trade financing in supply chain operations.

The Interswitch Blockchain Service (Supply Chain Finance Module), built and hosted using the Microsoft Azure Blockchain technology, provides a proven security, compliance and scalable cloud platform that accelerates and supports the next generation of blockchain applications.

According to the Group Managing Director and Chief Executive Officer at Interswitch, Mr Mitchell Elegbe, “In our 15 years of operation, we have experienced the bottlenecks associated with the existing corporate-based financing infrastructure in Nigeria.

“This is why we are happy to partner with Microsoft, by leveraging the advanced technology of the Microsoft Azure Blockchain, to prove the possibility of building a distributed ledger that is practical, viable and has the propensity to solve some of Nigeria’s most difficult financial and logistic problems.”

With the launch of the Interswitch Blockchain Service (Supply Chain Finance Module), small to middle-sized businesses can access more funding in a shorter time (up to three weeks) from participating banks such as United Bank for Africa Plc (UBA), Guaranty Trust Bank Plc (GTB) and Zenith Bank Plc and enjoy increased sales cycles from participating corporations such as the Dangote Group.

While the application of blockchain is usually associated with cryptocurrency, the Interswitch Blockchain service does not deploy the use of cryptocurrency in its application. Transaction enquiries and verifications will be handled by authorized officials from participating entities, without the incentives of a cryptocurrency.

Michael Glaros, Principal Program Manager, Microsoft Azure Blockchain at Microsoft Corporation, said: “We are excited about this partnership with Interswitch. This will be the first enterprise-grade blockchain service in Nigeria, and one of only a handful of production blockchain applications in use by banks and corporates globally. The blockchain technology is still in its infancy in Nigeria and we are happy to pioneer its deployment in partnership with Interswitch, an innovative and forward-thinking company which has evolved its business around financial technology”

The Interswitch Blockchain Service, armed with a single version of the truth across the supply chain, allows Nigerian lenders and suppliers to identify and build relationships with high performing entrepreneurs. This will help empower people to create more jobs, more wealth, and a more prosperous Africa.

“Interswitch, in collaboration with Microsoft, has built a platform that will allow anyone to build blockchain-based solutions easily and more cost effectively. It is truly blockchain for everyone with lower costs and shorter time,” Mr Mitchell concluded.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Expert Reveals Top Cyber Threats Organisations Will Encounter in 2026

Published

on

Cyber Threats

By Adedapo Adesanya

Organisations in 2026 face a cybersecurity landscape markedly different from previous years, driven by rapid artificial intelligence adoption, entrenched remote work models, and increasingly interconnected digital systems, with experts warning that these shifts have expanded attack surfaces faster than many security teams can effectively monitor.

According to the World Economic Forum’s Global Cybersecurity Outlook 2026, AI-related vulnerabilities now rank among the most urgent concerns, with 87 per cent of cybersecurity professionals worldwide highlighting them as a top risk.

In a note shared with Business Post, Mr Danny Mitchell, Cybersecurity Writer at Heimdal, said artificial intelligence presents a “category shift” in cyber risk.

“Attackers are manipulating the logic systems that increasingly run critical business processes,” he explained, noting that AI models controlling loan decisions or infrastructure have become high-value targets. Machine learning systems can be poisoned with corrupted training data or manipulated through adversarial inputs, often without immediate detection.

Mr Mitchell also warned that AI-powered phishing and fraud are growing more sophisticated. Deepfake technology and advanced language models now produce convincing emails, voice calls and videos that evade traditional detection.

“The sophistication of modern phishing means organisations can no longer rely solely on employee awareness training,” he said, urging multi-channel verification for sensitive transactions.

Supply chain vulnerabilities remain another major threat. Modern software ecosystems rely on numerous vendors and open-source components, each representing a potential entry point.

“Most organisations lack complete visibility into their software supply chain,” Mr Mitchell said, adding that attackers frequently exploit trusted vendors or update mechanisms to bypass perimeter defences.

Meanwhile, unpatched software vulnerabilities continue to expose organisations to risk, as attackers use automated tools to scan for weaknesses within hours of public disclosure. Legacy systems and critical infrastructure are especially difficult to secure.

Ransomware operations have also evolved, with criminals spending weeks inside networks before launching attacks.

“Modern ransomware operations function like businesses,” Mitchell observed, employing double extortion tactics to maximise pressure on victims.

Mr Mitchell concluded that the common thread across 2026 threats is complexity, noting that organisations need to abandon the idea that they can defend against everything equally, as this approach spreads resources too thin and leaves critical assets exposed.

“You cannot protect what you don’t know exists,” he said, urging organisations to prioritise visibility, map dependencies, and focus resources on the most critical assets.

Continue Reading

Technology

NCC Begins Review of National Telecommunications Policy After 26 Years

Published

on

Nigerian Communications Commission NCC

By Adedapo Adesanya

The Nigerian Communications Commission (NCC) has commenced a comprehensive review of the National Telecommunications Policy 2000 (NTP), 26 years after its approval, citing rapid technological advancements and shifting market dynamics as the primary catalysts for the reform.

In a consultation paper released to the public, the commission said it is seeking input from stakeholders, including telecom operators, tech companies, legal experts, and the general public, on proposed revisions designed to reposition Nigeria’s telecommunications framework to match current digital demands. Submissions are expected by March 20, 2026.

The NTP 2000 marked a turning point in Nigeria’s telecom landscape. It replaced the 1998 policy, introducing full liberalisation and a unified regulatory framework under the NCC, and paved the way for the licensing of GSM operators such as MTN, Econet (now Airtel), and Globacom in 2001 and 2002.

Prior to the NTP, the sector was dominated by Nigerian Telecommunications Limited (NITEL), a government-owned monopoly plagued by obsolete equipment, low teledensity, and poor service. At the time, Nigeria had fewer than 400,000 telephone lines for the entire country.

However, the NCC noted that just as the 1998 policy was overtaken by global developments, the 2000 framework has become structurally misaligned with today’s telecom reality, which encompasses broadband, 5G networks, satellite internet, artificial intelligence, and a thriving digital economy worth billions of dollars.

“The rapid pace of technological change and emerging digital services necessitate a comprehensive update to ensure the policy continues to support economic growth while protecting critical infrastructure,” the Commission stated.

The review will target multiple chapters of the policy. Key revisions include: Enhancements on online safety, content moderation, digital services regulation, and improved internet exchange protocols; a modern framework for satellite harmonisation, coexistence with terrestrial networks, and clearer spectrum allocation to boost service quality, and policies to address fiscal support, reduce multiple taxation, and lower operational costs for operators.

The NCC is also proposing entirely new sections to the policy to address emerging priorities. Among the key initiatives are clear broadband objectives aimed at achieving 70 per cent national broadband penetration, with a focus on extending connectivity beyond urban centres to reach rural communities.

The review also seeks to formally recognise telecom infrastructure, including fibre optic cables and network masts, as Critical National Infrastructure to prevent vandalism and enhance security.

In addition, the commission is targeting the harmonisation of Right-of-Way charges across federal, state, and local governments, alongside the introduction of a one-stop permitting process for telecom deployment, designed to reduce bureaucratic delays and lower operational costs for operators.

According to the NCC, the review aims to make fast and affordable internet widely accessible. “The old framework was largely voice-centric. Today, data is the currency of the digital economy,” the commission said, highlighting the need to close the urban-rural broadband divide.

The consultation process is intended to gather diverse perspectives to ensure the updated policy reflects current technological trends, market realities, and consumer needs. By doing so, the NCC hopes to maintain the telecommunications sector’s role as a key driver of economic growth and digital inclusion.

Continue Reading

Technology

FG to Scrutinise MTN’s $2.2bn Full Take Over of IHS Towers

Published

on

IHS Towers

By Adedapo Adesanya

The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, says the Nigerian government is assessing MTN Group’s acquisition of IHS Towers to ensure the deal aligns with Nigeria’s telecommunications development goals.

On Tuesday, MTN Group said it has agreed to acquire the remaining 75.3 per cent stake in IHS Holding Limited in an all-cash deal valued at $2.2 billion. The deal will be funded through the rollover of MTN’s existing stake of around 24 per cent in IHS, as well as about $1.1 billion in cash from MTN, roughly $1.1 billion from IHS’s balance sheet, and the rollover of no more than existing IHS debt.

Mr Tijani, in a statement, said the administration of President Bola Tinubu has spent the past two years strengthening the telecom sector through policy clarity, regulatory support, and engagement with industry stakeholders, boosting investor confidence and sector performance.

“Recent financial results from key operators show improved profitability, increased investment in telecoms infrastructure, and operational stability across the sector,” he said.

“These gains reflect the resilience of the industry and the impact of government reforms.”

The minister added that telecommunications infrastructure is critical for national security, economic growth, financial services, innovation, and social inclusion.

“We will undertake a thorough assessment of this development with relevant regulatory authorities to review its impact on the sector,” Mr Tijani said.

He added that the review aims to ensure market consolidation or structural changes, protect consumers, safeguard investments, and preserve the long-term sustainability of the telecom industry.

Mr Tijani also said the government remains committed to maintaining a stable and forward-looking policy environment to keep Nigeria’s telecommunications sector strong and sustainable, in line with the administration’s broader digital economy vision.

Upon completion, the transaction will see MTN transition from being a minority shareholder in IHS to a full owner. It will also see IHS exit from the New York Stock Exchange and become a wholly owned subsidiary of MTN.

For MTN, the deal represents a decisive shift as data demand surges and digital infrastructure becomes increasingly strategic with a booming digitally-oriented youth population on the continent.

Continue Reading

Trending