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Nokwary Technologies Wins 2020 Ecobank Fintech Challenge

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Nokwary Technologies

By Dipo Olowookere

The 2020 edition of the Ecobank Fintech Challenge has been clinched by Ghanaian firm, Nokwary Technologies, after impressing the judges the most from the 10 finalists picked for the event.

With the win, the company, after being inducted into the Ecobank Fintech Fellowship programme to explore commercial partnerships with the pan-African banking giant, will get the $10,000 cash prize.

Nokwary is a fintech that uses artificial intelligence (AI) to promote financial inclusion. Its AI-Powered banking solution offers an opportunity for users to carry out transactions in a language to which they are familiar with using popular social media channels like WhatsApp.

At the event live-streamed from Ghana, Ukheshe Payment Solutions and Growth Factor Technologies were the first and second runners-up respectively and received $7,000 and $5,000 apiece for the efforts.

Ukheshe, a South African firm, provides a bridge between the card and the cash economy. It has created the world’s first card acceptance platform that allows unbanked merchants/traders to accept and make digital payments.

For Growth Factor, a company based in Ghana, it provides trade financing solutions designed for Micro-Small/Medium Entities (MSMEs) in order to encourage financial inclusion and growth. Its Nvoicia solution solves cash flow issues caused by delayed payments for SMEs, by enabling them to get paid in 24hrs when dealing with credit clients.

Commenting on the event, the Group CEO of Ecobank, Mr Ade Ayeyemi, congratulated the winners for their innovation and welcomed all the 2020 fellows.

He said, “The quality of the products and pitches we saw in the final this year was amazing. Clearly, it is evident that banking in Africa is moving onto a new dimension with these Fintechs leading the way; that is why we are so proud to have had them in this year’s competition and are excited to engage further with them over the next year.

“It is our expectation that we will build a few lasting partnerships which will help improve the lives of Africans all over the continent.”

On his part, the CEO and co-founder of Nokwary Technologies, Mr Dennis Asamoah Owusu, expressed his excitement for the victory, saying, “I was beyond excited.

“Our company is rather young and to be recognized like this on such a stage was really exciting as well as a validation for our focus on creating inclusive technology right from the start.

“It is also very encouraging to note that a major bank like Ecobank places such a premium on inclusion and is willing to back and promote innovative and cutting-edge technologies towards that purpose.

“We are looking to work together with Ecobank to bring an AI-first digital banking platform over WhatsApp, as well as other innovative solutions to Ecobank’s customers.”

This year’s finalists made it through an extremely competitive pool of over 600 applicants across Africa, Europe, North America and Asia.

All 10 finalists have officially been inducted into the Ecobank Fintech Fellowship, a one-year program which will give them the opportunity to explore opportunities for commercial partnerships with the Ecobank Group and to possibly launch and scale products across the lender’s 33-country markets in the continent.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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Airtel Africa, MTN Group to Share Network Infrastructure in Nigeria, Uganda

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mtn airtel africa network sharing

By Aduragbemi Omiyale

Two of the major telecommunications companies in Africa, Airtel Africa Plc and MTN Group, have entered into agreements to share network infrastructure in Uganda and Nigeria.

The idea behind this is to cost operating costs and improve network coverage for quality mobile services to millions of customers, particularly in remote areas.

However, this would be carried out in compliance with local regulatory and statutory requirements.

The initiative is part of a growing global trend toward network sharing. By collaborating, telecoms operators can explore innovative and pro-competitive solutions to improve service quality while managing costs more effectively.

The sharing of infrastructure has the potential to enable the delivery of world-class, reliable mobile services to more and more customers across Africa.

Already, MTN and Airtel Africa are exploring various opportunities in other markets, including Congo-Brazzaville, Rwanda and Zambia.

Among the types of agreements considered are RAN sharing and those aimed at establishing commercial and technical agreements for fibre infrastructure sharing and, if necessary, the construction of fibre networks.

“As we compete fiercely in the market on the strength of our brand, services and our offerings we are building common infrastructure, within the permissible regulatory framework, to provide a more robust and extensive digital highway to drive digital and financial inclusion at the same time avoiding duplication of expensive infrastructure to drive operational efficiencies and benefits for our customers,” the chief executive of Airtel Africa, Mr Sunil Taldar, said.

His counterpart at MTN Group, Mr Ralph Mupita, while commenting on the development, said, “As MTN, we are driven by the vision of delivering digital solutions that drive Africa’s progress.

“We continue to see strong structural demand for digital and financial services across our markets. To meet this demand, we continue to invest in coverage and capacity to ensure high-quality connectivity for our customers.

“That said, there are opportunities within regulatory frameworks for sharing resources to drive higher efficiencies and improve returns.”

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MTN Nigeria Revolutionises Urban Living With MyLagosApp

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MyLagosApp MyCityApp

By Aduragbemi Omiyale

A mobile application, MyLagosApp, designed to provide real-time updates on events, entertainment, hospitality, transport services and government-related payments, has been launched by MTN Nigeria in partnership with the Lagos State Government.

The digital platform was created by the Software Lab in MTN, according to the Chief Information Officer of MTN Nigeria, Shoyinka Shodunke, and is embedded with global security standards and practices with ISO 27001 certification.

At the launch of the app last Thursday, it was emphasised that security was a key priority in the design and development of the app to ensure the protection of user data and secure access to the app’s features and functionalities.

MyLagosApp, currently entitled MyCityApp on the app store, is available for download on both Android and iOS platforms. Users have been encouraged to download it to experience firsthand how urban living in Lagos has been transformed with the app.

The Deputy Governor of Lagos, Mr Obafemi Hamzat, while speaking at the unveiling of the app, reinforced the government’s commitment to leveraging technology for enhanced city management and connectivity.

He described it as a demonstration of the administration’s dedication to enhancing the lives of citizens through technological innovation.

“I commend the collaboration between MTN Nigeria and the Lagos State Government, alongside other key stakeholders, for making this vision a reality.

“This partnership is a testament to the power of technology in bridging the gap between the public and private sectors to drive innovation and improve lives.

“The app serves as a vital link between the government and the people, simplifying access to public services, providing real-time updates, and promoting transparency and accountability in governance.

“Whether you need to navigate government processes, access essential city services, or stay informed about key developments, MyLagosApp places all the information you need right at your fingertips,” Mr Hamzat said on behalf of Governor Babajide Sanwo-Olu.

On his part, the chief executive of MTN Nigeria, Mr Karl Toriola, said, “As we embrace the future of e-governance, digital entertainment and commercial innovation, initiatives like this are essential in making Lagos a truly smart city, and we are proud to partner with the Lagos State Government to drive digital transformation and enhance urban living.

“With the launch of MyLagosApp, we are leveraging technology to simplify access to essential services, improve connectivity, and create a smarter, more efficient Lagos for residents and visitors alike.”

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Data Privacy: Nigeria Launches Investigation into TikTok, Truecaller

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New Truecaller Logo

By Adedapo Adesanya

The Nigeria Data Protection Commission (NDPC) has launched an investigation into the data processing practices of Tiktok and Truecaller, amid growing concerns over potential privacy violations.

This was disclosed, the chief executive of NDPC, Mr Vincent Olatunji, at a press conference in Abuja, where he also announced the issuance of the Nigeria Data Protection Act – General Application and Implementation Directive (NDPC act – GAID 2025).

According to Mr Olatunji, the commission is particularly concerned about how these platforms handle Nigerian users’ personal data, including potential breaches of consent, data sharing with third parties, and overall compliance with the Nigeria Data Protection Act (NDPA), 2023.

He said the NDPC is actively investigating the data processing activities of Tiktok and Truecaller to ensure their compliance with Nigeria’s data protection laws.

He noted that the goal was to safeguard the privacy rights of Nigerians and hold organizations accountable for how they collect, store, and use personal data.

The investigation follows increasing scrutiny of global technology companies over data privacy concerns, particularly regarding how personal information is processed, stored, and transmitted beyond national borders.

The NDPC act – GAID, 2025 provides a comprehensive framework for the implementation of Nigeria’s data protection law, setting out specific guidelines for compliance, enforcement mechanisms, and obligations for both private and public sector organisations.

He emphasized that the directive aims to strengthen Nigeria’s digital economy by fostering trust in data governance while ensuring that individuals’ rights to privacy are upheld in line with international best practices.

Mr Olatunji further reiterated that companies operating in Nigeria must align with the country’s data protection regulations or face regulatory actions, including fines and potential restrictions on their operations.

The NDPC has called on the public to report any data privacy violations and reaffirmed its commitment to transparency and due process in its investigations.

The agency stated that reporting data breaches have become easier with dedicated channels of reaching out to the commission from its official website.

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