Ukheshe & EFT Corporation announce market shifting Fintech Transaction

Ukheshe & EFT Corporation announce market shifting Fintech Transaction

 

Landmark deal positions new group for market dominance

 

In a significant move for the African fintech ecosystem, Ukheshe International has acquired 100% of  EFT Corporation Limited (EFTCorp) from parent Loita Transaction Services (LXS), a pan-African payment solutions  and financial switching provider. This transaction follows on Ukheshe’s  2022 acquisition of Masterpass in South Africa and the closing of their funding partnership with Development Partners International (DPI) in 2023.

 

This is a major milestone in both companies’ commitment to innovation and growth, underscoring a shared vision of transforming financial services across the continent.

 

Ukheshe Technologies and EFTCorp will continue to operate as separate entities and maintain their respective brand identities for the foreseeable future. The transaction sees EFTcorp’s management and founding CEO Stephen Enderby remaining to drive the next phase of growth.

 

EFTCorp, is a 23 year old pioneer of digital payments in 35 African markets supporting over 100 banks & processors. EFTCorp is renowned for its core switching skills and issuer processor technology. Ukheshe’s offerings encompass a comprehensive range of end-to-end digital services that assist in digitising banking partners. The deal allows the wider group to access new technologies and opportunities in a diverse market, enhancing exposure to different customers, projects, and business opportunities across  Africa and the Middle East.

 

Ukheshe’s expertise in digital onboarding, KYC, digital wallets, and various payment channels will open new opportunities to digitise EFTCorp’s traditional customers who rely on established electronic payment processing systems. The partnership ensures EFTCorp’s customers will continue to engage with a trusted brand while gaining access to an expanded suite of innovative digital services through Ukheshe.

 

Commenting on the transaction, Ukheshe’s co-founder and CEO, Clayton Hayward, says, “The market is ripe for consolidation and disruption, bringing together these like-minded executive teams & our great products positions us to dominate the African continent as  the preferred banking solutions partner”

 

The acquisition bolsters the group’s aim to scale and innovate while extending a footprint across markets in Africa and beyond, ultimately delivering increased value to customers, shareholders, and partners.

 

EFTCorp’s CEO, Stephen Enderby, says, “I have been looking for a partner to help support and grow EFTCorp’s digital strategy. Together with Ukheshe we combine great products and extensive executive depth to achieve our growth ambitions. As a group we continue to look for complementary acquisitions and investment opportunities across the continent and Middle East.”

 

James Griffiths, Partner at DPI added “We’re thrilled to have supported Ukheshe in this acquisition, which underscores our confidence in Ukheshe’s innovative vision, strong leadership and exciting growth potential. We’re looking forward to the accelerated growth which this major milestone brings the business.”

BISHOP ISAAC IDAHOSA CONGRATULATES KANO GOVERNOR ON SUPREME COURT VICTORY

BISHOP ISAAC IDAHOSA CONGRATULATES KANO GOVERNOR ON SUPREME COURT VICTORY

 

 

In a resounding celebration of justice and democracy, Bishop Isaac Idahosa, who was the former Vice Presidential Candidate of NNPP extends heartfelt congratulations to His Excellency Engr Abba Kabir Yusuf, the Governor of Kano State, on his well-deserved triumph at the Supreme Court.

Reflecting on the recent judicial decision, Bishop Isaac Idahosa expressed his joy and solidarity, stating, “I want to rejoice with the executive Governor of Kano State, H.E Engr Abba Kabir Yusuf, and members of his cabinet on the secured victory at the Supreme Court last week. This is a testament that the citizens of Kano truly voted for him, a fact I have always been confident about.”

Highlighting Governor Abba Kabir Yusuf’s commitment to the people, Bishop Idahosa continued, “I have always known that H.E Engr Abba Kabir Yusuf is a man of the people, evident in his remarkable political, economic, and infrastructural strides. I didn’t expect anything less from the Supreme Court. This judgment has not only vindicated the will of the people but has also showcased hope for the masses in terms of the judiciary.”

This historic resolution underscores the strength of Kano State’s democratic processes and reaffirms confidence in the judiciary. With this victory, His Excellency Engr Abba Kabir Yusuf and his team are poised to continue their dedicated service to the people of Kano with renewed determination

Emma Clems

..

“I have always known that H.E Engr Abba Kabir Yusuf is a man of the people, evident in his remarkable political, economic, and infrastructural strides. I didn’t expect anything less from the Supreme Court. This judgment has not only vindicated the will of the people but has also showcased hope for the masses in terms of the judiciary.”

 

 

NEWS REPORT: The Role of Family Succession in Nigeria’s Business Landscape

NEWS REPORT: The Role of Family Succession in Nigeria’s Business Landscape

 

 

In a noteworthy shift of leadership dynamics, prominent Nigerian family businesses are witnessing a seamless transition to the next generation, as second-generation executives step up to helm their ancestral enterprises.

Orange Drug Nigeria, an iconic lifestyle and pharmaceutical group, founded by Sir Tony Ezenna, has embraced the leadership of Sir Ezenna’s three older children. As the founder enjoys his retirement at his Bourdilion castle in Ikoyi, Lagos, the younger generation injects youthful energy and innovation into the operations of Orange Drug.

Similarly, the Dangote Group, led by Africa’s wealthiest man, Aliko Dangote, sees a succession plan in action as his three daughters—Halima, Fatima, and Mariya—work alongside their father at the corporate headquarters in Ikoyi, Lagos. Understudying their legendary father, they contribute to the group’s diverse business portfolio.

Mike Adenuga’s daughter, Bella, takes the reins at Glo by proxy, reflecting a trend where younger family members assume key roles in sustaining the success of their family businesses.

In another case, business mogul Tony Elumelu is preparing his daughter, Oge, for a leadership role in Heir Holdings. Oge is set to join the family business upon completing her studies at the London School of Economics.

This trend extends beyond individual cases to include renowned family businesses globally. Heineken, Samsung, BMW, Toyota, and Mercedes Benz are all examples of family businesses that have expanded their footprint to become global conglomerates, contributing significantly to their home countries’ economic development.

Industry observers and analysts emphasize the importance of fostering a culture of succession planning in Nigerian family businesses. The call is for the younger generation to actively engage in and contribute to their family enterprises, recognizing the potential for these businesses to evolve into global players.

For Nigeria to assert its position in the global economy, experts argue that nurturing family-owned businesses is crucial. These businesses, evolving into global entities, have the potential to drive an economic renaissance in the country.

As the next generation assumes leadership roles in family businesses, there is optimism that their innovative approaches and global perspectives will contribute to sustained growth and economic development.

NCC’s Executive Vice Chairman Affirms Support for WATRA’s Telecom Regulation Leadership in West Africa

NCC’s Executive Vice Chairman Affirms Support for WATRA’s Telecom Regulation Leadership in West Africa

 

 

In a resounding commitment to fostering collaboration and strategic leadership in West Africa’s telecommunications sector, Dr. Aminu Maida, the Executive Vice Chairman of the Nigerian Communications Commission (NCC), assured the West African Telecommunications Regulators Assembly (WATRA) of unwavering support during a meeting held yesterday.

Dr. Maida, addressing key representatives at the WATRA assembly, reaffirmed the NCC’s commitment to playing a pivotal role in shaping the regulatory landscape of the telecoms sector within the sub-region. The Executive Vice Chairman’s assurance comes as a testament to the NCC’s dedication to promoting effective regulation and cooperation among West African nations in the ever-evolving telecommunications landscape.

Engr. Aliyu Aboki, the Executive Secretary of WATRA, extended congratulations to Dr. Aminu Maida on his appointment and commended his proactive approach to leadership. Aboki highlighted several notable achievements during Dr. Maida’s tenure, including the development of an updated strategic plan for WATRA. This plan encompasses cutting-edge digital collaboration initiatives among member states, marking a significant step forward in regional cooperation.

In addition to the strategic plan, Engr. Aboki pointed out the successful re-introduction of Guinea Bissau, Gambia, and Niger into WATRA, underscoring the Assembly’s commitment to inclusivity and expanding its regional impact.

The collaborative efforts between the NCC and WATRA aim to strengthen the regulatory framework, foster technological advancements, and enhance telecommunications services across West Africa. The hashtag #nccconnectingnigeria and #WATRA reflects the shared commitment to connectivity and collaboration within the region.

Nigerian Communication Commission’s Executive Vice Chairman Advocates Data-Driven Approach and Compliance During Zonal Office Visit

Nigerian Communication Commission’s Executive Vice Chairman Advocates Data-Driven Approach and Compliance During Zonal Office Visit

 

 

In a strategic move aimed at enhancing operational efficiency, Dr. Aminu Maida, the Executive Vice Chairman of the Nigerian Communication Commission (NCC), embarked on a familiarisation visit to the NCC Ibadan Zonal Office in Oyo State today. As part of a comprehensive series of visits to Zonal Offices, Dr. Maida emphasized the pivotal role of optimizing the Commission’s human assets to achieve overarching goals.

During his visit, Dr. Maida underscored the Commission’s commitment to adopting a data-driven approach in decision-making and regulatory services. “Data would drive the work that we do. It would help us to know what the issues are, especially from a consumer perspective, and thus provide us a guide on where and how we should intervene,” stated Dr. Aminu Maida.

In a clear directive, he conveyed the importance of meticulous compliance under his leadership. Dr. Maida highlighted that licensees entering agreements with the Commission must be held accountable for the terms they have committed to. This commitment to compliance is expected to strengthen the regulatory framework and ensure the integrity of agreements entered into by the NCC.

The Executive Vice Chairman’s visit not only serves as a platform for fostering closer ties with the NCC Ibadan Zonal Office but also signals a renewed focus on leveraging data for informed decision-making and reinforcing regulatory adherence within the telecommunications sector.

Empowering Africa’s Youth: HabariPay’s Squad Launches “Take on Squad Hackathon 1.0” for Innovative Minds

Empowering Africa’s Youth: HabariPay’s Squad Launches “Take on Squad Hackathon 1.0” for Innovative Minds

In pursuit of its mission to empower businesses and young innovators across Africa, HabariPay’s Squad is thrilled to unveil its inaugural hackathon, “Take on Squad Hackathon 1.0.” This dynamic social coding event is set to take place on January 19th and 20th, 2024, at the GTCO Training Complex, Tayo’s Plaza, Abeokuta, Ogun State.

Take on Squad Hackathon 1.0 targets young innovators in Nigerian universities and tertiary institutions, challenging competing teams to craft innovative solutions for both local communities and broader society. This hackathon aims to positively impact young Nigerians by providing a platform for aspiring entrepreneurs and innovators to develop transformative technological skills, collaboratively creating practical, innovative tech solutions and refining coding abilities. Participants will have exclusive access to leverage Squad’s cutting-edge APIs to execute their ideas.

This two-day event promises excitement, featuring intense coding sessions on day one, followed by product demos, panel discussions, and the winners’ announcement on day two. The team with the most innovative idea will be awarded N2.5 million, the first runner-up N1.5 million, and the third-placed team N1 million. Additionally, the top three teams will have the unique opportunity to join the Squad Hackademy, receiving mentorship and access to internships and job opportunities facilitated by Squad.

Eduofon Japhet, Managing Director of HabariPay Ltd, shared thoughts on the inaugural Take on Squad Hackathon, stating, “We strongly believe in the power of young minds to drive positive change in society. This is reflected in our approach to providing simple, innovative solutions to everyday problems faced by small and mid-sized businesses across Africa with Squad.”

Registration is ongoing for the Take on Squad Hackathon 1.0. Interested teams (of not more than four members per team) are welcome to apply at Squad Hackathon Registration.

  Take on Squad Hackathon 1.0 targets young innovators in Nigerian universities and tertiary institutions, challenging competing teams to craft innovative solutions for both local communities and broader society. This hackathon aims to positively impact young Nigerians by providing a platform for aspiring entrepreneurs and innovators to develop transformative technological skills, collaboratively creating practical, innovative tech solutions and refining coding abilities. Participants will have exclusive access to leverage Squad’s cutting-edge APIs to execute their ideas.Habari Pay post N1.3 billion profits in 6 months, up 300% - Nairametrics

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President Tinubu Strongly Condemns Kidnappings and Bandit Attacks, Emphasizes Education as Antidote

President Tinubu Strongly Condemns Kidnappings and Bandit Attacks, Emphasizes Education as Antidote

 

In a decisive stance, President Bola Tinubu has vehemently condemned the recent surge in kidnappings and bandit attacks, characterizing the situation as disturbing, ungodly, and sinister.

Addressing a delegation from the esteemed Islamic Movement, Jam’iyyatu Ansaridden, at the State House in Abuja, President Tinubu assured that security agencies were promptly addressing the challenge. He pledged the rollout of necessary resources, policies, and plans to extensively educate Nigerian youths, emphasizing education as the key solution to the nation’s troubles.

President Tinubu underscored, “There is no weapon against poverty as potent as learning. We are committed to changing the lives of our people, promoting peace, stability, and economic prosperity. Our focus is on comprehensive education for our children, involving teachers and institutions relevant to the country’s future.” He stressed the significance of knowledge and its role in generating hope for mankind.

Furthermore, the President highlighted the importance of fostering updated knowledge through existing Islamic learning institutions, especially for Northern Nigerian youths, to accelerate development not only in the region but also throughout Nigeria and Africa. Urging special prayers and proper education for youths, he asserted that kidnapping and banditry go against the principles of God, emphasizing that peace is indispensable for eliminating poverty and fostering economic growth.

President Tinubu concluded by calling for concerted efforts to work towards peace, which he deemed essential for a better economy. In response, Sheikh Muhammad Lamine Niass, the leader of Jam’iyyatu Ansaridden, encouraged the President to persist in implementing reform initiatives. Affirming their commitment to promoting peace and tolerance, he assured continued prayers for Nigeria’s peaceful development.

Nugi Technologies and Cross River State Government Unveil Transformative Partnership

Nugi Technologies and Cross River State Government Unveil Transformative Partnership

Nugi Technologies, a leading force in the tech industry, proudly announces a groundbreaking partnership with the Cross River State Government, marking a significant milestone in the pursuit of technological advancement and innovation.

Last year, Nugi Technologies initiated a strategic collaboration with the Cross River State Government, aiming to propel technology to unprecedented heights. Today, the fruits of this alliance are unveiled, promising to redefine the technological landscape and position Cross River as a digital economic powerhouse.

Ugi Austin, CEO of Nugi Technologies, expresses immense pride in the entire Nugi team, acknowledging their commitment, dedication, and innovative spirit that have led to this momentous achievement.

The shared vision between Nugi Technologies and the Cross River State Government is to establish Cross River as a vibrant hub for technology and innovation. This initiative aims to unlock the state’s immense potential, attract top tech talent, and cultivate an environment conducive to creativity and growth, ultimately driving local revenue for the state.

This partnership signifies a pivotal moment in the journey towards progress and endless possibilities. Together, Nugi Technologies and the Cross River State Government are poised to accomplish remarkable feats in technology, innovation, and economic development.

Ugi Austin, CEO of Nugi Technologies, expresses immense pride in the entire Nugi team, acknowledging their commitment, dedication, and innovative spirit that have led to this momentous achievement.

Embracing the Power of Artificial Intelligence (AI) in Photography (By Amine Djouahra)

Embracing the Power of Artificial Intelligence (AI) in Photography (By Amine Djouahra)
AI allows photographers to transform their photos with just a few adjustments, enhancing colours, recovering details, and creating vibrant images that truly capture the magic of the moment

 
From the emergence of text-based diffusion models that can bring images to life with just a description, to the remarkable capabilities of advanced artificial intelligence (AI) image generators, the boundaries of what we can achieve in photography are expanding like never before.  Just few years ago, a professional photographer would spend more time on the photo editing process than on the photoshoot itself. Hours and hours were spent behind a computer, ensuring that each image reflected the essence of what the photographer intended. The colours, the focus, the details – all these elements took time to perfect.AI allows photographers to transform their photos with just a few adjustments, enhancing colours, recovering details, and creating vibrant images that truly capture the magic of the moment. Moreover, AI-powered editing tools excel in removing unwanted elements, sharpening details, and reducing image noise, making them invaluable aids in producing impeccable photographs. AI does much of the work before the editing process even starts, cutting down enormously on time and labour.And it’s not just for professionals. We’ve all been there – experiencing an amazing sunset or a bright, perfectly rounded full moon – and the photo we snap doesn’t do any justice. Whatever your level, the AI incorporated into many modern cameras has been a game-changer, allowing even amateur photographers to produce professional-quality images.As AI technology continues to evolve, we can expect even more exciting developments in the world of photography. These are some of the advancements we’re already seeing:

  • Intelligent Auto-Focus with Advanced Subject Tracking – Deep Learning Auto-Focus (AF) exemplifies how AI is revolutionising photography. Powered by machine-learning algorithms, it analyses images and predicts the optimal focus points. Whether capturing fast-paced sports events, wildlife in action, or vibrant street scenes, it locks onto subjects, ensuring sharp focus and the preservation of crucial moments. Eye and head detection AF allows photographers to capture sharp images of people, even in the most challenging conditions.
  • Colour and Image Enhancement – AI-powered editing tools offer photographers the remarkable capability to enhance colours in photographs. With sophisticated algorithms, these tools detect colour imbalances and automatically adjust tones and hues, creating visually appealing images. Other intelligent features enhance various aspects of your photograph, from automatically removing unwanted elements like blemishes to sharpening details and even reducing image noise caused by low-light conditions.
  • Creative Assistance and Inspiration – AI in photography is about more than mere automation and enhancement; it serves as a source of creative assistance. These algorithms can generate artistic styles, apply filters, and offer composition and cropping suggestions, inspiring photographers to explore new horizons of creativity.
  • Personalised and Adaptive Learning – Another exceptional feature of AI is its capacity to learn and adapt based on user preferences and behaviour, improving its performance over time. AI algorithms can analyse a photographer’s unique editing style, colour choices, and other preferences to provide personalised recommendations and automated adjustments, streamlining the creative process.

Despite valid concerns surrounding the emergence of AI-generated images and related processes, it’s important to acknowledge the incredible opportunities that AI offers. Instead of fearing the displacement of human photographers, we should embrace the possibilities of AI and find ways to complement human expertise with its capabilities. For instance, while AI algorithms can indeed produce high-quality images, they lack the distinctive perspective, creativity, and emotional depth that human photographers bring to their work. By combining the strengths of AI with human creativity and vision, we can achieve remarkable results.The advent of AI presents opportunities for product and process development. It’s essential to approach this technology with an open mind, appreciating its advantages while preserving the irreplaceable touch of human ingenuity in creative endeavours. By striking a harmonious balance between AI and human contributions, we can revolutionise the field of photography and beyond, enriching our lives with innovative and captivating creations.By harnessing the potential of machine-learning algorithms, the world of photography is on an incredible journey toward even more advanced capabilities. We’ve barely scraped the surface of AI’s potential when it comes to photography, and an exciting journey lies ahead!

President Tinubu Outlines Vision for Nigeria’s Development at Governor Uzodinma’s Second-Term Inauguration

President Tinubu Outlines Vision for Nigeria’s Development at Governor Uzodinma’s Second-Term Inauguration

 

In a significant address delivered during the second-term inauguration of Governor Hope Uzodinma in Owerri, President Bola Tinubu emphasized his administration’s commitment to prioritizing education, healthcare, industrialization, and investments. The president, noting his vision for a financially robust and prosperous country, assured citizens that challenges arising from essential reforms were actively being addressed.

President Tinubu, recognizing the concerns of the populace, acknowledged the impact of past fiscal mismanagement, referring to it as wasteful spending, particularly in the guise of subsidies. Despite the shared burden, he expressed optimism, assuring Nigerians of better times ahead. The president pledged a significant focus on education, industrialization, and healthcare, promising increased attention to training healthcare professionals.

Commending Governor Uzodinma’s leadership in Imo State, President Tinubu hailed him as the “real hope” of the state. Acknowledging the discernment of the people in re-electing Governor Uzodinma, the president underscored the importance of unity, cooperation, and internal security in fostering peace and prosperity. He assured the governor of the federal government’s support for the rapid development of Imo State.

In response, Governor Uzodinma, after taking the oath of office administered by the Imo State Chief Judge, Justice Theresa Chukwuemeka-Chikeka, outlined his commitment to an extraordinary second term marked by innovative policy execution. He highlighted achievements in addressing challenges in the civil service, education, and healthcare sectors, as well as tackling unemployment through youth empowerment initiatives.

Looking ahead, Governor Uzodinma outlined priorities for the next four years, emphasizing a focus on shared prosperity through extensive infrastructural expansion. The governor revealed a 10-year development plan aimed at making Imo State self-sufficient and resilient. He detailed efforts to provide digital and portable skills, including artificial intelligence, to empower the youth and drive economic growth.

As the political landscape unfolds, President Tinubu and Governor Uzodinma’s joint commitment signals a renewed focus on development and progress for Nigeria.