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NITDA Director-General Stresses Urgency for Financial Institutions to Embrace AI and Data Analytics for Digital Payment Enhancement

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The Director-General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi, underscored the imperative for Nigerian Financial Institutions to adopt cutting-edge technologies such as Artificial Intelligence (AI) and Data Analytics to elevate digital payment systems.

This pivotal declaration took center stage at the Central Bank of Nigeria’s 2023 Payments System Management Department Retreat, where Inuwa accentuated the vital role of collaboration between NITDA, the Central Bank of Nigeria (CBN), and other tech stakeholders for fostering exponential growth in the financial sector.

Represented by Engr Ya’u Garba, the National Director of the National Centre for Artificial Intelligence and Robotics (NCAIR), Inuwa acknowledged the substantial contribution of Financial Technology (FinTech) in propelling Nigeria’s recent industry performance. He specifically highlighted the positive impact of FinTech in Environmental, Social, and Governance (ESG) sectors, attributing this success to the effective application of developmental regulations and enabling policies.

The Director-General urged a collective effort towards the seamless integration of emerging technologies, emphasizing that this collaboration is essential for positioning Nigeria at the forefront of the global digital payments landscape.

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Federal Government Takes Decisive Action, Revokes 924 Dormant Mining Licenses

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In a significant move aimed at revitalizing the mining sector, the Federal Government has revoked a total of 924 dormant licenses covering exploration, mining, small-scale mining, and quarrying activities. The announcement came during a press conference on Wednesday, led by the Minister of Solid Minerals Development, Dr. Dele Alake.

Dr. Alake underscored that the decision was made in accordance with constitutional provisions and after providing adequate notice to concerned parties through the official Gazette of the Federal Republic of Nigeria, No. 227, issued on December 27, 2023. He emphasized that license holders were given a 30-day window to rectify their dormant status, with 39 licensees either resuming operations or presenting valid reasons for their inactivity.

The revocation affects a range of licenses, including 528 exploration licenses, 20 mining leases, 101 quarry licenses, and 273 Small Scale Mining Licenses (SSML). Dr. Alake stressed that the action followed due process and aligns with…

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Nigerian tech ecosystem leads Artificial Intelligence (AI) innovation race at GITEX AFRICA’s Artificial Intelligence (AI) Everything Expo launch

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Nigerian start-ups are leading an epic AI innovation race with innovative digital solutions solving cross-continental challenges, as the very best from Africa’s largest economy take centre stage at the rising Silicon Valley’s largest tech and start-up event in Morocco next month.

 

From AI-powered diabetic care, to SaaS (Software as a Service) platforms boosting agriculture profitability, Nigerian tech is shaping the future of Africa’s burgeoning digital economy, enticing global investors with tantalising venture opportunities at the AI Everything Expo by GITEX AFRICA 2024, the continent’s largest tech and start-up event, from 29-31 May in Marrakech.

Nigeria’s bold initiatives establishing the country as a dominant force in AI and tech talent development will be amplified by strong venture capital demand and interest at GITEX AFRICA’s AI Everything showcase, the continent’s most progressive power forum for AI exploration and deep tech innovation.

That demand will be intensified by the incredible AI growth opportunity in Nigeria;…

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Billionaire Bitcoin Merchant Establishes Free Music Recording Studio in Enugu to Empower Artists

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In a bid to tackle the financial hurdles hindering the rise of emerging artists, particularly in Nigeria’s Eastern region, a prominent figure, Gaius Chibueze, popularly known as Bitcoin Chief, has taken a remarkable step. Recognizing the pivotal role of studio expenses in stifling talent, Chibueze has unveiled a state-of-the-art music studio in Enugu, offering recording and mastering services entirely free of charge.

The initiative comes as a response to the prevalent challenge faced by budding musicians, where the high costs associated with studio sessions and production often serve as a barrier to entry into the global music scene. With Nigeria boasting a burgeoning entertainment industry that commands international acclaim, the inability of talented individuals to access essential resources has remained a persistent issue.

Chibueze, an astute entrepreneur known for his ventures in the Bitcoin market, aims to address this disparity by providing a platform that nurtures creativity without financial constraints. His…

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NASENI, Nasarawa State, Firm to Establish Tractor Manufacturing Plant in North-Central Geo-political Zone

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…As Governor A.A Sule Visits NASENI to Facilitate Discussions on the Project

The National Agency for Science and Engineering Infrastructure (NASENI), is set to collaborate with Nasarawa state government and Bobtrack Tractors, a division of Saint Bob Motors Limited to start the manufacturing and assembling of tractors in the north-central geo-political zone.

The facilities and infrastructure available at one of NASENI’s Institutes, Agricultural Machinery and Equipment Development Institute (AMEDI), Lafia, Nasarawa state will be used for assembling and manufacturing of the tractors.

According to the Executive Vice Chairman/Chief Executive Officer, NASENI, Mr. Khalil Suleiman Halilu, the project which is aimed at creating wealth and jobs for Nigerian youths is in line with President Tinubu’s Renewed Hope Agenda of ensuring food security and promotion of mechanized farming and agro-business in the country. Halilu disclosed this when the Executive Governor of Nasarawa State, Engr. Abdulahi A. Sule led a delegation comprising of Bob…

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Shaping the future of banking in Africa with EFT Corporation

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Last year, the World Economic Forum called Africa the “world leader” in digital and mobile banking. There’s no doubt that banking in Africa has undergone significant changes in the last few years and that it will continue to change and grow in the coming years.

 

How can business leaders prepare for this? How has the landscape shifted? And, most importantly, what opportunities does this create?

 

The Banking on the Future with EFT Corporation Conference, taking place from 13 to 15 May 2024 in Victoria Falls, will bring together C-suite executives from more than 70 of Africa’s premier banks to address these pivotal conversations. Attendees can anticipate indispensable insights from keynote speakers as well as valuable networking opportunities.

 

As a leader in the digital payment ecosystem, EFT Corporation (EFTCorp) aims to provide a comprehensive exploration of the digital banking landscape in Africa and the transformative potential it holds for businesses and communities…

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Revna Biosciences: A Beacon of Excellence with Dual International Organization for Standardization (ISO) Accreditations in Ghana and West Africa

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Revna Biosciences (www.RevnaBio.com) has carved a niche for itself in Ghana and West Africa by being the first facility in the region to secure dual ISO accreditations: ISO 15189:2022 for clinical diagnostics and ISO 20387:2018 for biobanking. This milestone is a testament to RevnaBio’s unwavering commitment to championing precision medicine by propelling molecular diagnostics and therapeutic discovery in the region.

 

A Pledge to Quality and Patient Care

The American Association for Laboratory Accreditation (A2LA) has bestowed the ISO 15189:2022 accreditation upon Revna Biosciences, acknowledging its dedication to delivering top-tier clinical testing services. The accreditation process entailed a rigorous on-site evaluation by A2LA’s assessors, verifying the facility’s compliance with strict standards of precision, reliability, and patient confidentiality.

Revna Biosciences’ accreditation encompasses an extensive array of human sample tests, including those involving urine, swabs, blood, bone marrow, tissue samples, and plasma. With a specialization in bacteriology, virology, and molecular pathology,…

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PalmPay is recognised by the GSMA as a key contributor to the growth of the African Mobile Money industry in State of the Industry Report

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PalmPay (www.PalmPay.com), a leading pan-African fintech, has been highlighted by the GSMA in the recently released ‘The State of the Industry Report on Mobile Money 2024’  as a key player driving the adoption of mobile money in Nigeria.

 

In the report, GSMA praised PalmPay as a “prominent non-MNO-led mobile money provider with a significant market share in Nigeria” and a top driver of financial inclusion in Africa’s $912 billion mobile money industry.

 

Commenting on the report, Sofia Zab, Global Chief Marketing Officer, PalmPay, commented:

 

“This recognition underscores our commitment to drive financial inclusion and economic empowerment across the continent.

 

This recognition underscores our commitment to drive financial inclusion and economic empowerment across the continent

“By leveraging the increase in smartphone adoption, PalmPay made a significant contribution to growing the use of mobile money in Nigeria.  Our easy-to-use and comprehensive digital and financial superapp not only provides access to…

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Africa’s Downstream Opportunities Take the Forefront as African Refiners and Distributors Association (ARDA) Executive Secretary Joins African Energy Week (AEW) 2024

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The Executive Secretary of the African Refiners and Distributors Association (ARDA), Anibor Kragha, will speak at the African Energy Week (AEW): Invest in African Energy conference – taking place from November 4–8 in Cape Town. Kragha’s return to the conference will not only improve the understanding of the state of play of Africa’s downstream industry but draw insight into strategies for addressing challenges to the sector’s development.

 

Africa is advancing its downstream infrastructure under efforts to scale-up energy security continent-wide. As the sole pan-African organization representing the African downstream sector, ARDA is at the forefront of this expansion, advocating for increased investment in infrastructure development and modernization and promoting greater participation by local companies. With African petroleum demand set to increase from current estimates of 4.1 million barrels per day (bpd) to over 5.3 million bpd by 2040, strengthening refining capacity and distribution is…

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