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Strengthening Fintech Ecosystem through Partnerships

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“Alone we can do so little; together we can do so much.” This statement aptly describes the success achieved in the financial and payment landscape in Nigeria through the strategic partnership between fintechs and banks in the financial services industry.

Years ago, daring criminals would unleash mayhem on unsuspecting victims coming from banking halls and dispossess them of their valuables.  This was because consumers had to move around with cash.

At the time, the majority of the people living in both urban and rural areas were unbanked and did not have access to financial products and services.

But as technology evolved and the digitalization of businesses became imperative to fit current realities, banks had to re-evaluate their service model and operational strategies. The need to transition into a digital wholesale banking system was inevitable.

The adoption of technology in service delivery such as banking, e-commerce, logistics etc. has contributed to the growth of fintech companies. With collaboration, fintechs have increasingly developed solutions that have been deployed across industries to enhance payment collection, efficiency and fund security. These partnerships between the fintechs and industry players have helped to accelerate product innovation, drive growth and provide top-notch solutions across the board.

The partnership between the fintech and the banking community has brought about innovative solutions such as funds transfer, on-demand bank statement, instant transaction alerts, payment authorization, loan request and disbursement, etc. Thanks to these innovative payment solutions, bank customers and account holders do not have to visit the banks often as they can initiate and complete transactions from the comfort of their homes.

Also, fintechs have leveraged partnerships with other service providers, such as power distribution companies (DISCOs), telecoms companies, ride-hailing services and utility companies to strengthen the payment ecosystem. These partnerships have further deepened financial inclusion and increased adoption of digital payment solutions, enhanced access to loans and other financial services such as funds transfer, bill payments, DSTV subscription, airtime recharge, and so on. These partnerships have helped the service providers collect payment seamlessly as well as allowing the customers to pay with ease.

Following these partnerships, Nigeria has witnessed an increase in the adoption of electronic payments over the last few years. Data shows the value of transactions via digital payment platforms, Nigeria Interbank Settlement System Instant Payment System (NIP) and Point of Sales (PoS) terminals rose to N60.34 trillion in the first quarter of 2021. That was a 12.55% increase when compared to the N53.61 trillion achieved in the fourth quarter of 2020.

Taking into cognizance that strategic partnerships help to strengthen payment solutions and are pivotal to economic growth, Africa’s leading digital payment and e-commerce company, Interswitch Group, has collaborated with several companies across industries to provide the broadest set of financial solutions to financial institutions across Africa.

Since its inception, Interswitch has been providing the switching infrastructure that connects different banks in Nigeria to reconcile inter-bank payments and settlements. Its solutions are also used to deliver the technology used for Automated Teller Machines (ATM) and PoS.

Following the acquisition of a minority stake by Visa in Interswitch in 2019, Interswitch is today the most valuable African Fintech business with a valuation in excess of $1 billion hence its recognition as a Unicorn. The partnership with Visa, allowed Fintech Unicorn to expand its digital payment solutions across the continent.

Beyond partnerships with brands, Interswitch has also partnered with governments across the continent to integrate its digital payment solutions to expand its inter-bank settlement capacities. These partnerships have enhanced the digital payment ecosystem, helped shape the much-needed financial transformation as well as boosted the African economy.

According to Tomi Ogunlesi, Group Head, Corporate Marketing, “Over the years, we have been making major strides in delivering world-class financial solutions to customers across the world. Through strategic partnerships, Interswitch has also reached major milestones and deepened access to financial services.”

In furtherance of its commitment to help strengthen the financial services industry, Interswitch recently revamped its developer console to improve the experiences of partners, developers and merchants who seek to integrate with their solutions.

Essentially, this platform enables developers to try out their products before going to the market. The new Interswitch APIs enable developers to create innovative tools and products and provides self-service integration, giving developers the ability to access Interswitch’s product APIs, authentication parameters, sandbox, production keys, documentation and seamless project management.

Indeed, the fusion between Fintechs, banks and other service providers as strategic partners would not only enable them to deliver satisfactory services to their numerous customers, it will help grow the payment ecosystem and also contribute immensely to the growth of the Nigerian economy.

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OPay, Coinbase, Others Crash as Cloudflare Suffers Another Glitch

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Daudu Gotring OPay

By Adedapo Adesanya

Cloudflare Incorporated, a business providing cloud-based services to various enterprises, said in a note on Friday it is investigating issues with its Dashboard and related Application Programming Interfaces (APIs).

Numerous companies and services, including payments platform like OPay as well as Canva, Coinbase Global Incorporated, Investing.com , Shopify Incorporated, and Zoom Video Communications Incorporated, all appeared to crash, with some seeing “500 internal server error” and “Please check your internet connection and try again”.

The global outage has left many users unable to access these key services as this disruption has not only affected individuals but also businesses relying on these platforms for their operations.

Customers using the Dashboard or Cloudflare APIs are impacted as requests might fail and errors may be displayed, the company said on its status page.

In its latest update, Cloudflare added that “a fix has been implemented,” with the firm monitoring the results.

Users from all over the world have taken to social media platform X (formerly Twitter) to voice their frustrations over the issue.

This is Cloudflare’s second major disruption in nearly a month, following another incident in November that affected services like Spotify and ChatGPT.

At the last outage, Cloudflare’s services were largely restored within three hours, and fully restored after approximately five hours.

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Google Unveils AI Skilling Blueprint for Africa

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Google AI Skilling Blueprint for Africa

By Modupe Gbadeyanka

As part of broader Africa-focused Artificial Intelligence (AI) initiatives, Google has launched the AI Skilling Blueprint for Africa, designed to help governments build a future-proof workforce.

The programme provides governments with a comprehensive, step-by-step guide to formulate national skilling strategies. It focuses on developing three critical cohorts: AI Learners, who will gain foundational AI literacy; AI Implementers, professionals upskilled to integrate AI tools into their work; and AI Innovators, deep technical experts dedicated to building the next generation of AI solutions.

Africa is home to the world’s youngest and fastest-growing population. The continent shows immense potential for AI-driven economic growth.

However, new research highlights a significant challenge: while optimism for AI is exceptionally high, reaching 95 per cent in Nigeria and 76 per cent in South Africa, 55 per cent of firms across the continent report needing AI talent more than financing. Closing this skills gap is key to unlocking Africa’s opportunity.

Google’s Vice President of Government Affairs and Public Policy, Doron Avni, explained that, “The AI Skilling Blueprint provides a clear roadmap for governments to build the workforce of the future.

“By also investing in AI-ready data and expert local organisations and partners, we are helping build the interconnected ecosystem needed for a prosperous, AI-driven future for the continent.”

As part of its broader initiatives, Google also announced $2.25 million to support projects building trustworthy public data sets for AI by the UN Economic Commission for Africa (UNECA), the UN Department of Economic and Social Affairs (UN DESA) and PARIS21.

This contribution will help national statistical offices modernize their infrastructure and empower decision-makers with the reliable data they need to address challenges from food security to economic growth.

“For Africa to drive sustainable development, evidence-based policymaking is indispensable. This requires accessible, reliable, and AI-ready data.

“This effort is a crucial step forward. By building a Regional Data Commons, we can empower African institutions with the data and tools they need to make strategic choices that will drive growth and prosperity,” the Executive Secretary of the UN Economic Commission for Africa, Claver Gatete, said.

Finally, building on its $7.5 million Google.org Skilling Fund commitment, Google announced the first set of expert social impact organizations who will receive funding to execute on projects consistent with its skilling mission, including FATE Foundation and the African Institute for Mathematical Sciences (AIMS), which will embed advanced AI curricula into universities; and JA Africa and CyberSafe Foundation, which will advance crucial work in online safety and digital literacy.

“We are incredibly proud to partner with the African Institute of Management Sciences on the Advanced AI UpSkilling Project, with support from Google.org. This groundbreaking initiative is a direct response to the urgent need for deep AI competencies in Africa, empowering tertiary institutions, lecturers, and students in Nigeria, Ghana, Kenya, and South Africa.

“This strategic support aligns perfectly with FATE Foundation’s mission to foster innovation and sustainable economic growth across the continent, ensuring Africa is fully equipped to lead in the global technological future,” the Executive Director for FATE Foundation, Adenike Adeyemi, stated.

“We live in an age defined by rapid technological change and our mission at JA Africa is to ensure that African youth are not left behind. However, even as we engage our youth in more digital programs and encourage AI literacy, we are fully aware of the harmful effects of unchecked online exposure and, therefore, invest equally in protecting their data, physical safety and mental wellbeing.

“Through this support from Google.org, we will give young people the tools, knowledge, and confidence they need to navigate the digital world safely and responsibly,” the chief executive of Junior Achievement Africa, Simi Nwogugu, remarked.

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Zoho Updates All-in-One Business Software Platform Zoho One

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Zoho One Update

By Modupe Gbadeyanka

Global technology firm, Zoho, has enhanced its all-in-one business software platform known as Zoho One with improve security, and deeper intelligence across all over 50 applications.

The company improved the user interface, placing context at the centre of the user journey and removes traditional boundaries between applications.

Spaces now organise tools by purpose—such as Personal, Organisation, and Department-specific groups—enabling employees to access what they need without switching between apps. A centralised search bar spans the entire ecosystem, allowing users to find information or trigger workflows instantly.

An enhanced Action Panel provides a full view of upcoming meetings, unread messages, pending tasks, and other key updates, helping employees remain informed regardless of which app they are using.

The updated Dashboard consolidates data from Zoho and third-party apps into one central hub that can be customised using pre-existing or bespoke widgets.

The platform also introduced Vani, a new visual-first collaboration space that supports brainstorming, planning, and creation through diagrams, whiteboards, mind maps, and integrated video calling.

A central integrations panel enables administrators to monitor and configure all connections. Foundational integrations bring application-specific portals—Zoho or third-party—into a single unified portal. Practical tasks such as domain verification and authentication can now be configured more easily.

The new Smart Offboarding feature introduces outcome-based integrations, allowing organisations to transfer department ownership, manage employee device data, and determine data access rights within a single workflow, ensuring smooth transitions.

Also, Zia, Zoho’s AI assistant, is now accessible throughout Zoho One, providing unified intelligence that supports decision-making and improves productivity. Zia can aggregate and contextualise information from various platforms, including third-party systems such as Google Workspace, and present it as clear, actionable insight.

Zia Hubs, the platform’s intelligent content management system, now has a dedicated space where contracts, meeting recordings, and other important assets are automatically organised. Through Zia Search, employees can quickly surface relevant information without navigating multiple locations.

In addition, Ask Zia, available from the bottom toolbar, enables prompt-based searches across Zoho One, providing quick visibility into schedules, tasks, recent interactions, and other key details.

Commenting on the changes, the Country Head for Zoho Nigeria, Mr Kehinde Ogundare, said, “The Zoho One update reflects how work has evolved from using individual applications to operating within a unified platform.

“Zoho One customers are not simply licensing apps; they are choosing a solution that allows Zoho to handle the technology while they focus on productivity. The enhancements announced today deliver a cohesive experience built on unified integrations, context, and data.”

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