Technology
Osinbajo Advocates Closing Entrepreneurial Gap with Technology, Innovation
By Adedapo Adesanya
Nigeria’s Vice President, Mr Yemi Osinbajo, has reiterated the need to close the entrepreneurial gap with the rapid growth of innovation and technology recorded over the years globally.
This was the view of the Vice President in a pre-recorded speech at a weekend ceremony in Lagos to mark the 20th anniversary of Interswitch, a leading fintech company in Nigeria and Africa.
He said there are even more exciting new frontiers to be explored and harnessed by Nigeria’s talented and enterprising young entrepreneurs.
Speaking at the ceremony Saturday evening, Mr Osinbajo noted that “as innovation and technology open exciting new frontiers in medicine and healthcare, we can rest assured that Nigeria will not lag behind.”
Noting that “innovative disruptions thrive on natural and human occasioned gaps within the system,” the VP added that many of such are in Africa.
According to the Vice President, “this is why our continent is undoubtedly the next and possibly the last frontier.”
“All across the continent, there are yawning gaps waiting to be plugged by innovative ideas and entrepreneurial efforts. It is exciting to see how sprightly young people, particularly, are rising to the challenge and the accelerated pace of creative disruptions in their wake,” he added.
Speaking further on the incredible talents and potential of Nigeria and Africa’s young people to drive socio-economic growth, the VP stated that, “in 2021 alone, African tech startups raised over $ 4 billion in funding, with over 564 startups across the continent solving critical problems in almost every sector.
“Within the next two decades, Africa’s workforce will be the largest in the world. They are skilled, and they are coming. As a result, more innovative disruptors will yet emerge to plug more of these gaps.”
Mr Osinbajo further said the President Buhari administration would continue to provide the enabling environment for young entrepreneurs and businesses to thrive.
“Our responsibility as a government has been to meet them halfway and perhaps outpace them with corresponding creativity in the provision of forward-thinking regulatory frameworks and adequate infrastructure. I can assure you that no effort is being spared in this regard.
“Nevertheless, there is still so much to be done; and a lot of ground to cover. I have no doubt, though, that we are up to the task,” he emphasised.
The VP observed that “it is through innovative disruptions that humans have managed to resolve their most complex challenges and stay ahead of the survival curve.
“Oftentimes, these ideas are championed by mavericks who find better, safer, and more cost-effective ways for us to live, do business, and govern; slight tweaks that improve our overall experience, and complete overhauls that lead us into new paths altogether.”
On what he described as ‘two rigorous decades of accelerated change,’ since Interswitch was founded 20 years ago, he noted that it was “incredible that what began as a novel idea to facilitate seamless payments across Africa has in barely two decades become something of an icon of technology and innovation literally pioneering Africa’s ongoing Fintech revolution.”
The Vice President described Interswitch “as a leading company at the forefront of agency banking and financial inclusion in Nigeria,” which “also operates the largest and fastest growing private sector-led domestic card scheme in the world.”
He further noted, “It is, therefore, a testament to the quality of the talent and courage of the founders of Interswitch that they saw the future clearly and predicted the potential of a nascent technology for scale and application.”
Situating Interswitch further in the innovative disruption that has since transformed Nigeria’s fintech space, Mr Osinbajo recalled that “in 2002, only 569 million people were connected to the Internet worldwide. Nigeria, as a whole, had less than 200,000 people with Internet access. In fact, PayPal, one of the pioneering electronic payment companies in the internet age, was barely four years old at the time.”
Since then, Africa’s domestic e-payments market has grown by 20 per cent annually in the last two years and is projected to hit around $40 billion in 2025, the Vice President said.
“It is estimated that around half of all future digital payments will come from Nigeria, Egypt, South Africa, Ghana, and Kenya, with Nigeria experiencing the fastest growth at 35 per cent per year. A lot of this is, of course, owed to the trailblazing efforts of Interswitch. Your rapid expansion, already serving customers in over 23 African Markets, is an ample demonstration of growing vitality.”
Technology
Telco Ownership Changes Above 10% Now Subject to NCC Approval
By Adedapo Adesanya
The Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC) have introduced a new regulatory requirement mandating prior approval for significant changes in the ownership structure of telecommunications companies operating in Nigeria.
This was contained in a statement jointly signed by the Director of Public Affairs at the NCC, Mrs Nnenna Ukoha and Head of Public Affairs at the Corporate Affairs Commission, Mr Rasheed Mahe.
According to a joint press release issued by the two agencies, the directive, which takes immediate effect, requires all licensed telecom operators seeking to transfer ownership or control of shares amounting to 10 per cent or more of their total share capital to first obtain a Letter of No Objection from the NCC before such transactions can be registered by the CAC.
The statement reads in part, “The directive, which takes immediate effect, requires all licensed communications companies seeking to transfer ownership or control of shares amounting to 10 per cent or more of their total share capital to obtain a Letter of No Objection from the NCC before such transactions can be registered with the CAC.
“The requirement is in line with the provisions of Section 90 of the Nigerian Communications Act 2003, Regulation 28(2) of the Competition Practices Regulations 2007, and Regulation 42 of the Licensing Regulations 2019, which empower the NCC to monitor transactions involving licensees and ensure fair competition within the sector.
“Under the new arrangement, the CAC will only process and register requests for changes in shareholding structures of telecommunications companies where the transaction involves 10 per cent or more of the company’s shares and is accompanied by evidence of prior approval from the NCC.
“According to the two regulatory agencies, the measure is aimed at strengthening oversight of significant ownership changes, preventing anti-competitive practices, and preserving a fair and competitive communications market. It is also expected to enhance transparency, boost investor confidence, provide greater regulatory certainty, and support the long-term stability and sustainability of Nigeria’s telecommunications industry.
The NCC and CAC reaffirmed their commitment to fostering a transparent, stable, and investor-friendly business environment. Both agencies pledged continued collaboration to promote fair market practices, strengthen regulatory compliance, and ensure the orderly development of Nigeria’s communications sector.”
Technology
Rising Cyber Threats Could Undermine Business Sustainability, Profitability—ISSAN
By Modupe Gbadeyanka
The relevant stakeholders have been urged to take urgent action to curb the rising sophistication of cyber threats, which could undermine business sustainability and profitability.
This call was made by the Information Security Society of Africa – Nigeria (ISSAN) during its monthly meeting held in collaboration with MAXUT Consulting.
The group noted that identity theft, mobile fraud, ransomware, and social engineering attacks are threats to organisations, especially those who may struggle to protect information assets, maintain operational resilience, and address vulnerabilities before they can be exploited.
The president of ISSAN, Mr David Isiavwe, who doubles as the Executive Director for Risk Management at Nova Bank, stressed that cybercriminals are deploying increasingly sophisticated attack methods targeting individuals, businesses, critical national infrastructure, and strategic assets.
Among the threats highlighted were identity theft, Business Email Compromise (BEC), phishing, ransomware, WhatsApp account hijacking, Distributed Denial-of-Service (DDoS) attacks, payment card fraud, cryptocurrency-related attacks, and other forms of social engineering.
According to him, the increasing frequency and sophistication of cyberattacks mean cybersecurity can no longer be viewed solely as an IT issue but as a critical business and national security priority.
To address these challenges, he urged organisations to adopt proactive risk management practices, implement continuous monitoring systems, promptly address vulnerabilities, and invest in regular cybersecurity awareness programmes for employees and customers.
Also, the importance of leveraging emerging technologies such as Artificial Intelligence (AI), Machine Learning (ML), and automation to enhance threat detection and response capabilities was emphasised.
“No organisation can successfully confront today’s cyber threats in isolation. Information sharing, collaboration, and collective vigilance remain essential to protecting our digital ecosystem and safeguarding public trust,” the ISSAN leader said at the event, which featured a technical presentation titled, Confronting the New Mobile Threat Landscape: Beyond User Authentication.
ISSAN reaffirmed its commitment to promoting cybersecurity awareness, capacity building, information sharing, and industry collaboration to strengthen Nigeria’s cyber resilience and support a secure digital economy.
Technology
Zoho Launches Nathu La Server
By Modupe Gbadeyanka
A designed-in-house server known as Nathu La has been launched by a global technology company, Zoho Corporation.
Nathu La is engineered with hardware-rooted security at every layer of the stack. Its indigenous IP-driven approach reduces dependency on external entities for security audits, firmware updates, and licensing continuity.
The solution aligns with open-source software principles and reflects Zoho’s broader commitment to building sustainable, secure, and scalable digital infrastructure. It also supports the growing global focus on digital sovereignty, local innovation ecosystems, and high-performance computing capabilities.
The platform was introduced by the company as part of a pivotal step in its journey towards building its full technology stack, from the hardware layer to software applications.
With Nathu La, Zoho has achieved equivalent performance with 12-18 per cent lower power consumption and 20-30 per cent lower total cost of ownership (TCO), thereby reducing inference costs.
The Nathu La server, comprising Intel® Xeon® 6 processors, was developed collaboratively with Intel, leveraging their enablement capabilities and technical expertise.
The design philosophy behind Nathu La is rooted in the Open Compute Project (OCP), emphasising modularity, thermal efficiency, and ease of maintenance. This enables Zoho’s data centres to significantly reduce total cost of ownership and power consumption.
Zoho plans to host its applications on the Nathu La server platform, enabling the company to optimise the full software-hardware stack for its specific workloads, reduce costs, improve performance, and strengthen data governance for its global customers. This will also help bring down inference costs for Zoho’s AI usage.
The Nathu La server motherboard and chassis platform is the result of five years of R&D across hardware, firmware, and systems management. Based on Intel® Xeon® 6 Processors, the server is designed to optimise performance for virtualisation (VM), High Performance Computing (HPC), AI inference, and storage applications. This results in improved performance of Zoho applications for end users.
The server features customised power delivery subsystems, an in-house DC-SCM (Data Centre Secure Control Module) design, and modular chassis options compatible with diverse end-user environments, offering flexibility across deployment types.
All modular components – including the DC-SCM and NIC (Network Interface Card) – were designed in-house by Zoho’s hardware engineering team and assembled through electronics manufacturing partners, enabling tighter integration and quality control across the platform. Over five patents have been filed covering advanced thermal management and cost-optimised server architecture designs.
“Zoho Corporation has invested in building its own technology stack from the ground up over the last three decades. The Nathu La server launch is in line with that goal.
“With our strategy of using contextual, right-sized models, running on our own platform, on our own servers, in our own data centres, we are compounding the benefits accrued from owning and operating our entire technology stack. This ensures that our solutions are more sustainable and accessible for businesses.
“These long-term R&D investments we are making at every layer of the stack are aimed at delivering customer value,” the Country Head for Zoho Nigeria, Mr Kehinde Ogundare, stated.
In 2020, Zoho established a small R&D team in Nagpur, a Tier 2 town in India, focused on projects such as server design and systems engineering.
Members of the Nathu La R&D team include hires from SETU – short for Students’ Engagement for Transformative Upskilling – an initiative designed to build a pipeline of industry-ready engineers, with a focus on advanced learning in Electronics System Design and Manufacturing (ESDM).
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