Technology
Nigeria’s Trove Finance Wins Ecobank Fintech Challenge 2021
By Adedapo Adesanya
Nigerian-based global share dealing app, Trove Finance, has emerged as the winner of the fourth edition of the annual Ecobank Fintech Challenge.
In a statement released on Thursday, the organisers said the winner was announced at the grand finale on December 9 streamed live from Accra in Ghana – and saw each of the five finalists pitching to the tech-savvy jury.
Trove Finance’s app enables African-based financial institutions and individuals to buy, sell and trade any publicly traded equity, bond or exchange-traded fund across the US, Chinese, Nigerian or other global stock markets, with as little as N1,000 (circa $2).
Trove Finance’s solution has plugged a gap by providing an easy-to-use digital investment platform that is widening investment participation and inclusion by providing a secure and cost-effective alternative to the current paper-based investment process which is largely provided by brokers charging exorbitant fees.
Speaking on the prize, Mr Ade Ayeyemi, Chief Executive Officer, Ecobank Group, said: “The array of fintech services and solutions entered in this year’s edition was of such a high standard that the jury faced a really difficult task whittling the hundreds of entrants down to the final five and, ultimately, selecting Trove Finance as the overall winner.
“We will be inducting all five finalists into Ecobank’s Fintech Fellowship, during which they will receive mentoring and networking support, can utilise our Banking Sandbox to access our automated processing interfaces (APIs) to further develop their propositions, and could potentially partner with Ecobank to roll it out across our 33-country footprint.
“The Ecobank Fintech Challenge furthers our vision of treating fintechs as potential commercial partners with whom we can engage to provide innovative solutions to our customers.”
On his part, Mr Oluwatomi Solanke, CEO of Trove, commented on the victory: “Winning the 2021 Ecobank Fintech Challenge is a real honour and publicly validates the huge potential of our app to widen asset ownership.
“I applaud the Ecobank Group for bringing African fintechs into the limelight through this competition and for providing us with continued support through its Fellowship programme.
“The opportunity to partner with Ecobank and roll out our app across 33 sub-Saharan African countries would provide the icing on the cake by massively accelerating our growth.”
OKO Finance, from Mali, came second with its affordable crop insurance products – distributed via mobile phone – for smallholder farmers in Mali. OKO insurance products are automated and instantly indemnify farmers when they are affected by adverse weather, thanks to the constant monitoring of weather conditions via satellite data.
Ghana’s Motito was third place with its solution promoting financial inclusion in Africa through a ‘buy-now-pay-later’ platform that enables small businesses to offer interest-free credit at the point of sale to customers.
The finalists of this year’s edition emerged from a hotly contested competition involving over 890 entrants from 44 countries.
In addition to their induction into the Ecobank Fintech Challenge Fellowship programme, the first, second and third-placed winners also received prizes of $15,000, $12,000 and $10,000 respectively.
Technology
Nigeria to Buy Two New Communication Satellites to Drive Digital Growth
By Adedapo Adesanya
Nigeria will purchase to new communication satellites to boost Nigeria’s digital infrastructure as part of efforts to achieve President Bola Tinubu’s plan to grow the economy to $1 trillion.
The Minister of Communications and Digital Economy, Mr Bosun Tijani, disclosed this on Wednesday in Abuja at a press conference to mark Global Privacy Day 2026, organised by the Nigerian Data Protection Commission (NPDC).
Mr Tijani said the approval marked a significant shift in Nigeria’s digital strategy, noting that the country currently stands out in West Africa for lacking active communication satellites, a gap the new assets are expected to address.
“As you know, Mr President has been very clear about his ambition to build a $1 trillion economy, and digital technology is central to achieving that vision,” adding that, “The President has now approved that we should procure two new satellites. Nigeria today is the only country in West Africa with non-communication satellites. And we have been given the go-ahead to procure two new ones, ensuring that we can use that satellite to connect.”
He also said progress had been made on the Federal Government’s flagship 90,000-kilometre fibre optic backbone project, which is aimed at expanding broadband access across the country. According to the minister, about 60 per cent of the fibre project has been completed, while funding for the remaining work has already been secured.
“The 90,000 kilometres fibre optic project is not a dream. About 60 per cent of the work has already been completed, and the funding for the project is secure. As we bring more Nigerians online, connectivity without protection is incomplete. Privacy is the foundation of trust, safety, and sustainability in the digital world.”
“The success of Nigeria’s digital economy will depend not just on infrastructure and talent, but on trust, and the NDPC remains central to building that trust,” the minister said.
Mr Tijani said the Tinubu administration was positioning digital technology as a key driver of inclusive growth, improved public service delivery, and long-term economic expansion, adding that investments were also being channelled into digital skills, rural connectivity, and institutional reforms.
He stressed that the expansion of connectivity must be matched with stronger data protection, especially as Nigeria’s young and digitally active population continues to grow.
Recall that Nigerian Communications Commission (NCC) recently granted licenses to three global internet service providers – Amazon’s Project Kuiper, BeetleSat-1, and and Germany-based Satelio IoT Services – as part of efforts to strengthen internet connectivity via satellite and to boost competition among existing internet service providers in the country.
Technology
DataPro Predicts Surge in Individual Claims, Constitutional Privacy Actions
By Dipo Olowookere
In 2026, there should be a surge in individual claims and constitutional privacy actions, a leading Data Protection Compliance Organisation (DPCO) in Nigeria, DataPro, has projected.
In a statement signed by its Head of Emerging Services, Ademikun Adeseyoju, the company noted that this means organisations must remain “litigation ready” by preserving processing records and strengthening internal controls.
In the disclosure to prepare for this year’s Privacy Week themed Privacy in the Age of Emerging Technologies: Trust, Ethics, and Innovation, it noted that 2026 would also be defined by board and executive ownership, as privacy will no longer be an IT-only concern but a standing governance issue requiring regular risk reports and dedicated budgets.
“DataPro anticipates intensity on sector-specific enforcement, with the NDPC (Nigeria Data Protection Commission) focusing on high-risk industries like fintech, healthcare, etc,” a part of the statement made available to Business Post on Wednesday said.
Giving a review of key milestones from the 2025 ecosystem, DataPro said the NDPC moved decisively into active enforcement, publicly naming non-compliant entities, particularly in the financial services sector.
It also said the year witnessed landmark court rulings, affirming that transparency in personal data handling is a constitutionally protected right, as courts awarded significant damages to data subjects for privacy breaches, signalling that organisational size no longer shields against accountability.
The firm noted that regulatory settlements with multinational technology firms have set a high bar for behavioural advertising and data processing standards in Nigeria.
In the cybersecurity landscape, the year under review experienced an unprecedented surge in cyber threats, as attackers shifted their focus from technical exploits to identity-driven campaigns, targeting valid credentials with high precision.
“This identity-centric threat environment has made robust access management a non-negotiable requirement for corporate resilience,” it stressed.
As for the 2026 Privacy Week, DataPro has lined up activities, with launch of the Privacy Pulse A year-in-review of Nigeria’s Data Protection Ecosystem on Thursday, January 29.
The next day, a webinar tagged Privacy Pulse to train attendees on the new mandatory bi-annual in-house audits and DPO certification requirements will hold and next Monday, there is an interactive quiz designed to test organizational response to identity-driven cyber campaigns.
A social media session answering complex privacy questions via concise 30-second videos is slated for Tuesday, February 3, and the next day, it is for a social media showcase where winners will be selected for their insights on building Trust, maintaining Ethics in AI, and fostering Innovation under the NDPA.
Technology
MTN Nigeria Suffers 9,218 Fibre Cuts in 2025
By Adedapo Adesanya
MTN Nigeria has revealed that it experienced 9,218 fibre cuts in 2025, causing widespread network disruptions across the country.
The telecommunications giant also reported that 211 sites were affected by theft and vandalism as of November 30, 2025, impacting essential services relied upon by customers daily.
The company recorded a total of 1,624,263 customer complaints, all of which were resolved across various service channels during the year. Despite these challenges, MTN reached 85 million subscribers by September 2025.
The chief executive of the telco, Mr Karl Toriola, made these revelations in his latest post on LinkedIn, acknowledging the company’s responsibility for network performance and its efforts to improve the customer experience.
He stated that the services fell short of customers’ expectations and clarified that some of these gaps were shaped by real operational challenges such as fibre cuts, theft, and vandalism.
“Their impact is felt directly by customers and reflected in what they tell us. We take responsibility for the signals we receive and for how we respond to the realities that shape the customer experience on our network,” he said.
Regardless, Mr Toriola added that, “There is progress to be proud of. And we clearly still have work to do.”
“We are not where we want to be yet, but our commitment to putting the customer at the centre of everything we do remains constant.”
As MTN prepares to celebrate its 25th anniversary in 2026, Mr Toriola reaffirmed the company’s dedication to listening to customers, responding quickly to issues, and driving consistent service improvements.
Some other milestones announced include addressing 1,624,263 customer complaints across all communication channels as well as receiving best network recognition from Ookla, getting back to profitability, and declaring interim dividends to shareholders.
The report comes in the wake of a February 2025 initiative by the Federal Ministry of Works and the Federal Ministry of Communications, Innovation, and Digital Economy, which established a joint standing committee on the protection of fibre optic cables in Nigeria.
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