Since its inception in 2009, AIT has extensively been deploying cutting-edge educational delivery technologies and systems to support teaching and learning in all its undergraduate and postgraduate programmes.
As one of the ECOWAS sub-region’s top education centres, AIT is home to thousands of Nigerians and other West African students.
The AIT has consistently ranked as the top private University in Ghana and one of leading educational institutions in West Africa. It has unswervingly come top at the UMB Ghana Tertiary Awards. In 2020 for instance, AIT won three most prestigious awards including: The Most Outstanding Institution in COVID-19 Times Award, The Best Technology University Award and the Best Educator of The Year. The university has kept the flag flying producing top-notch graduates gradually occupying strategic positions as leaders across diverse sectors of Africa and global economy.
Benefit from AIT’s decades of leadership as a Tertiary Institution
There are several potential benefits for Nigerian students attending AIT in Ghana. Some of these benefits include:
Quality Education:AIT is known for providing quality education in various fields of study. The institution offers programs that are aligned with industry standards and taught by experienced faculty members. Nigerian students can benefit from the academic excellence and practical training offered at AIT.
International Exposure: Studying at AIT provides Nigerian students with the opportunity to gain international exposure. Interacting with students from different countries and cultures can broaden their perspectives and enhance their global awareness. This exposure can be valuable for personal growth and can also boost career prospects in an increasingly interconnected world.
Regional Networking: Ghana is situated in West Africa, and attending AIT allows Nigerian students to network with their counterparts from neighboring countries in the region. Building connections with students and professionals from Ghana and other West African nations can open up future collaborative opportunities and contribute to a stronger regional network.
Cultural Exchange: Ghana has a rich cultural heritage, and studying at AIT provides Nigerian students with the chance to immerse themselves in a different cultural environment. They can learn about Ghanaian traditions, customs, and way of life, fostering cross-cultural understanding and appreciation. This exposure can enhance their cultural competence, which is increasingly valued in today’s globalized world.
Affordability: Compared to some educational institutions in Nigeria and other countries, AIT offers relatively affordable tuition fees and living expenses. This can make it a more accessible option for Nigerian students seeking quality education abroad without significant financial burden.
Enhanced Employability:AIT’s academic programs are designed to equip students with practical skills and knowledge relevant to their chosen fields. The institution has collaborations with industry partners, providing opportunities for internships, projects, and industry exposure. Nigerian students who graduate from AIT may have an advantage in the job market due to the institution’s reputation and industry connections.
Alumni Network:AIT has a growing network of alumni across various industries and sectors. Nigerian students who graduate from AIT can benefit from this network, gaining access to potential mentors, job opportunities, and professional support. Alumni networks often provide a strong support system, and being part of the AIT alumni community can be advantageous for career growth and lifelong learning.
It’s important for prospective Nigerian students to conduct thorough research and consider their individual goals and circumstances when evaluating the benefits of attending AIT or any other educational institution abroad. For over 20 years, AIT has been helping to build Africa’s knowledge and skill sets.
Studying at AIT provides Nigerian students with the opportunity to gain international exposure. Interacting with students from different countries and cultures can broaden their perspectives and enhance their global awareness. This exposure can be valuable for personal growth and can also boost career prospects in an increasingly interconnected world.
Nigeria’s President, Bola Ahmed Tinubu, recently embarked on a state visit to France, aiming to bolster Nigeria’s visibility within the European Union and foster bilateral trade relations. This strategic move holds the potential for creating a significant economic partnership between the two nations.
President Tinubu’s visit included a range of activities focused on advancing Nigeria’s economic interests and forging stronger ties with France. A key highlight of the visit was the State Banquet held in Paris, hosted by President Emmanuel Macron. The banquet provided an ideal setting for President Tinubu to engage with prominent Heads of State and influential dignitaries, ultimately facilitating diplomatic relations and showcasing Nigeria’s commitment to international collaboration.
Reflecting on the visit, President Tinubu expressed his satisfaction, stating, “I had a great time with other Heads of State and important dignitaries at the State Banquet hosted by President Emmanuel Macron in Paris, France, this evening. President Macron and his wife, First Lady Brigitte Macron were both gracious and warm, making the event a very pleasant experience.” The President’s positive remarks highlight the amicable atmosphere and the fruitful interactions among attendees.
Undoubtedly, the state visit serves as a crucial step towards strengthening bilateral trade relations between Nigeria and the European Union. President Tinubu’s active participation in international events, such as the State Banquet, demonstrates Nigeria’s determination to position itself as an attractive investment destination and encourages European businesses to explore mutually beneficial opportunities within Nigeria.
By fostering dialogue on trade and economic cooperation, the visit has set the stage for potential collaborations and partnerships. President Tinubu’s presence alongside global leaders at the State Banquet further emphasized Nigeria’s commitment to nurturing favorable relationships with member states of the European Union.
President Bola Ahmed Tinubu’s visit to France marks a significant milestone in Nigeria’s endeavors to strengthen bilateral trade relations with the European Union. The President’s engagement with international leaders, combined with the warm reception received at the State Banquet, showcases Nigeria’s potential as an investment destination and its dedication to fostering economic cooperation.
As Nigeria moves forward, it is crucial to sustain the momentum generated during this visit. Continued active participation in international events and engagement with key stakeholders will be vital in enhancing Nigeria’s position within the European Union, fostering favorable conditions for bilateral trade, and driving economic growth.
Coure has always been an IT firm for years. How has the journey been?
COURE Software & Systems Limited (“COURE”) is a Platform Services Provider with a focus on the provision of accurate, secure and relevant data to improve its clients’ business processes and operations. We started out in the US in 1998 at a time when the internet and modern technology, as we know it, were taking off. At that time, we were focused on networking and physical systems integration. Over the years, the shifts in technology and the need to be scalable beyond billing for individual man hours caused us to migrate our technology services first to web and application development, then to what we currently provide today, which are platforms that leverage standardized and aggregated data to enable and enhance the operational efficiency of our clients.
It has been an exciting 25-year journey of change and transformation! Our flagship solutions, ANQ and HUB, have been enabling the telecom, fintech, banking and various other sectors to increase their value and service provision to their customers. Our development teams consist of analysts, UI/UX experts, programmers, product managers and network engineers all of whom have many years of experience in the design, development and support of clean, functional and aesthetically appealing applications and solutions.
Do you think that the Nigerian IT space is evolving in terms of digitization?
The IT space is constantly evolving with the advancement of digital technology such as cloud computing, AI, IoT, blockchain, etc. Nigeria has not been left out of this. The trend towards digital transformation, automation and artificial intelligence is accelerating, particularly in the wake of the COVID-19 pandemic. In the past, there were a lot of manual processes in business, and while automation was being implemented via IT, the pace was average. The pandemic accelerated digitization in Nigeria and across the world as businesses and people had to survive without close contact. Many businesses were forced to shut down. For those that were better prepared, their adoption of digital technology and new ways of working became an advantage, and customers embraced online and digital service delivery. The IT industry continues to develop innovative solutions to make life easier for people and to help businesses harness the power of digital technology to improve operations, products, services, and customer reach.
Can you consider yourself as a fintech firm?
COURE is a platform services provider with key partners in the telco, financial, and technology space. Through our platforms, we are able to aggregate various types of data, analyze the data, and create services that provide value to these organizations and generate revenue for them. This makes us an enabler of fintech firms as opposed to being one ourselves.
Tell us more about your ANQ Platform?
Our ANQ (All Number Query) is a lookup platform that provides quick and easy access to information which enables our clients support their customers in areas such as Fraud prevention, Routing and KYC (Know Your Customer) using various number and data sources. Our partnership with data owners and access to large volumes of diversified data along with our processing capacity and intelligent algorithms enables us apply real-time analytics to data that is being searched against and provide information to businesses to aid their decision-making.
Tell us more about your fraud prevention solutions?
Our fraud prevention solution adopts strategies, technologies, and processes to protect individuals, businesses, and organizations from fraudulent activities such as payment fraud, account takeover, and identity theft. Using intelligent algorithms, we check and flag fraudulent transactions before approval. Our algorithm takes into consideration numerous data points and provides a risk level rating for the transaction, thus minimizing losses, optimizing efficiencies, and protecting customers from fraud. This service helps achieve a faster and more effective fraud detection process leading to reduced financial loss, increased customer retention, protection of brand and reputation.
CEO , Coure Technologies Limited, Lagos
Are they only for banks and fintechs?
Our solutions cater to a cross-section of organizations that provide services to end customers. This includes banks, fintechs, lenders, payment services companies, telco service providers, retailers and value-added service providers. Fraud can affect any organization that deals with sensitive data or valuable assets. Many businesses outside of the financial sector invest in fraud prevention solutions to protect themselves against financial losses, maintain customer trust, and avoid legal and financial penalties. The same applies to KYC, Routing and Communication. These are all services that are relevant for organizations that provide services to end consumers.
Your Hub Platform is one of a kind. Do you think that SMEs can deploy it? If yes, how?
Our HUB platform is what is called a CPaaS – Communication Platform as a Service. It enables Aggregators and VAS providers in the telecom industry integrate with the Telcos, then safely and accurately deliver messages between the applications through the Telcos and onward to the end customer and back. Message types include Bulk SMS, USSD, Whatsapp and RCS (Rich Communication Services). It also addresses a number of industry issues and concerns such as the management of Sender ID’s and Short codes.
HUB is a ready-to-use platform for SMEs to create and manage their services, content, and subscriptions. The platform allows for hosting, management, and delivery of VAS services to Aggregators or Operators on behalf of the Service Provider. HUB was specifically built to address some of our local and African peculiarities. It is easy to use for SME’s as there is no local installation required, and for most of the services, the client can login via our web interface to enable management and delivery of their services. In the event the client already has a local system that they want to integrate into HUB, we have API’s which they can leverage to be up and running in a short time. HUB enables them to integrate once and have access to all the Telcos and multiple aggregators based on their preference thus simplifying their onboarding process. HUB’s messaging capabilities such as Whatsapp and RCS, help SMEs build better relationships with their customers, improve customer experience, reduce customer support calls, and improve communication security. They can also benefit greatly from using bulk SMS and USSD services as part of their marketing and communication strategies. These services offer a cost-effective and efficient way to engage with customers, provide information, and increase sales.
What are the challenges you face in Nigeria?
Given the insecurity challenges and the economic hardship in the country, we have witnessed the loss of talent across many sectors of the economy including the technology sector. This has made it paramount that we adopt an aggressive recruitment and talent retention strategy in a bid to forestall the negative impacts of this trend affecting our business.
“HUB was specifically built to address some of our local and African peculiarities. HUB is very easy to use for SME’s as there is no local installation required and for most of the services, the clients can login via our web interface to enable management and delivery of their services.”
Do you have a presence in other ECOWAS countries?
Our routing service is present in most African countries including Nigeria, South Africa, Ghana, Kenya, Tanzania, Côte D’Ivoire, Benin, Senegal, Tunisia, Morocco, and Egypt. Our 2023 roll-out plan includes expansion to key regions within the continent with a focus on Ghana, Uganda and South Africa.
How do you do your Data Monetization?
COURE partners with data owners in the telco, banking and payment service sectors to aggregate and centralize data that can be analyzed to extract intelligent insights, and in an automated and real-time manner, provide those insights to service providers for decision-making. This offers data owners the opportunity to monetize their data which would otherwise sit idle. It also enables users to gain secure access to their data across different service providers, making it easier for them to use third-party applications which require these data. This presents a mutually beneficial business relationship between COURE, a proven platform provider, data owners, and end customers. In providing these analytics, COURE is careful to adhere to global data privacy laws and security standards, being an NDPR-certified organization.
How can the Public Sector leverage your solutions?
COURE’s services and solutions are relevant for public sector use. The HUB CPaaS (Communication Platform as a Service) offers an opportunity for such organizations to improve communication with citizens, enhance security, streamline billing, provide real-time transaction notifications, and gain valuable insights through data analytics. The service is currently used by a number of public sector entities including the CBN. Our fraud prevention solutions can also help public sector entities protect against fraud and cyber threats. This is especially important when handling sensitive information, such as personal data or financial information.
What do we expect from you this 2023?
This year 2023, COURE will be commemorating its 25th year of existence. This is a remarkable milestone for us and represents a pivotal point in our journey. We will also be expanding our services to other countries on the continent as well as adding a 3rd platform to our suite, the OpenBanking platform. The OpenBanking platform offers financial data owners the opportunity to monetize their data by making it available to third-party financial services securely and efficiently via APIs, and in alignment with the CBN’s Open Banking Initiative. We have already partnered with some banks to pilot the solution and are excited about the ease and convenience that customers will enjoy when they use applications that leverage these APIs. Needless to say, we expect great times ahead!
“Given the insecurity challenges and the economic hardship in the country, we have witnessed the loss of talent across many sectors of the economy including the technology sector. This has made it paramount that we adopt an aggressive recruitment and talent retention strategy in a bid to forestall the negative impacts of this trend affecting our business.”
COURE Software & Systems Limited (“COURE”), an indigenous information technology (IT) firm located in Lagos, will be marking 25 years of existence, 15 of which have been spent deploying IT solutions and services in Nigeria and other African countries. From telecoms to financial to the public sector, the company has made tremendous strides in various sectors of the economy.
Speaking to the media, COURE’s CEO, Uche Onwudiwe described the company as, “a platform services provider with a focus on the provision of accurate, secure and relevant data to improve its clients’ business processes and operations.” He reflected on the journey so far, noting that the company “started out in the US in 1998 at a time when the internet and modern technology, as we know it, were taking off. At that time, we were focused on networking and physical systems integration.”
COURE’s CEO, Uche Onwudiwe
“Over the years, the shifts in technology and the need to be scalable beyond billing for individual man hours caused us to migrate our technology services first to web and application development, then to what we currently provide today, which are platforms that leverage standardized and aggregated data to enable and enhance the operational efficiency of our clients. It has been an exciting 25-year journey of change and transformation! Our flagship solutions, ANQ and HUB, have been enabling the telecom, fintech, banking and various other sectors to increase their value to their customers. Our development teams consist of analysts, UI/UX experts, programmers, product managers and network engineers all of whom have many years of experience in the design, development and support of clean, functional and aesthetically appealing applications and solutions.”
On their strides in many critical sectors, COURE Chief Executive Officer added that “COURE has established key partnerships in the telco, banking, fintech, payments and public sector spaces. Through our platforms, we are able to aggregate various types of data, analyze the data, and create services that provide value to these organizations and generate revenue for them. This makes us an enabler of fintech firms as opposed to being one ourselves.”CC
“Our ANQ (All Number Query) is a lookup platform that provides quick and easy access to information which enables our clients support their customers in areas such as Fraud prevention, Routing and KYC (Know Your Customer) using various number and data sources. Our partnership with data owners and access to large volumes of diversified data along with our processing capacity and intelligent algorithms enables us apply real-time analytics to data that is being searched against and provide information to businesses to aid their decision-making.”
“Our HUB platform is what is called a CPaaS – Communication Platform as a Service. It enables Aggregators and Value-Added Service (VAS) providers in the telecom industry to integrate with the Telcos, then safely and accurately deliver messages between the applications through the Telcos and onward to the end customer and back. Message types include Bulk SMS, USSD, Whatsapp and RCS (Rich Communication Services). It also addresses a number of industry issues and concerns such as the management of Sender IDs and Short codes. HUB is a ready-to-use platform for SMEs to create and manage their services, content, and subscriptions. It is convenient and requires no local installation.”
Throughout the years, the IT organization has faced various challenges. Onwudiwe commented on some of these challenges, citing as an example, the loss of talented IT resources across the sector. He stated that due to the insecurity and economic hardships in the country, the technology sector has experienced a loss of talent, many of whom have fled the country in search of supposedly greener pastures. This has made it crucial for COURE to implement a proactive recruitment and talent retention strategy to prevent the negative effects of this trend from affecting its business.
The organization has grown in leaps and bounds, having extended its partnership reach to many African countries. Onwudiwe noted that, “Our routing services are present in most African countries including Nigeria, South Africa, Ghana, Kenya, Tanzania, Côte D’Ivoire, Benin, Senegal, Tunisia, Morocco, and Egypt. Our 2023 roll-out plan includes expansion to key regions within the continent with a focus on Ghana, Uganda and South Africa. ”
In addition to its expansion plans, COURE will be adding a 3rd platform to its suite, the OpenBanking platform, in alignment with the CBN’s Open Banking Initiative. The OpenBanking platform offers financial data owners the opportunity to monetize their data by making it available to third-party financial services securely and efficiently via APIs. He noted that they have already partnered with some banks to pilot the solution and are excited about the ease and convenience that customers will enjoy when they use applications that leverage these services. He expressed optimism about the future, noting that they expect great times ahead!
“Our HUB platform is what is called a CPaaS – Communication Platform as a Service. It enables Aggregators and Value-Added Service (VAS) providers in the telecom industry to integrate with the Telcos, then safely and accurately deliver messages between the applications through the Telcos and onward to the end customer and back. Message types include Bulk SMS, USSD, Whatsapp and RCS (Rich Communication Services). It also addresses a number of industry issues and concerns such as the management of Sender IDs and Short codes. HUB is a ready-to-use platform for SMEs to create and manage their services, content, and subscriptions. It is convenient and requires no local installation.”
The Africa Investment Forum presented four renewable energy and sustainability projects worth nearly $1.5 billion to investors on the sidelines of the African Development Bank Group’s (www.AfDB.org) 2023 Annual Meetings.
The curated projects, which are drawn from all of Africa’s regions, are sourced from the Africa Investment Forum’s pipeline. They reflect gathering urgency in Africa, the world’s most vulnerable region to climate change, to accelerate climate action, including closing financing gaps by securing an ever-increasing share of global capital for the continent.
The African Development Bank’s 2023 Annual Meetings are being held under the theme, Mobilizing Private Sector Financing for Climate and Green Growth in Africa.
The investment roundtable, held in Sharm El Sheikh, attracted a range of private investors, including venture capital and private equity firms.
From hydropower to plastic recycling green projects showcase ample opportunities on the continent
The transactions included a hybrid hydrogen feedstock/ ammonia project in North Africa that will source 400 MW of renewable energy to produce—without Co2 emissions— 183 tons of hydrogen feedstock daily to generate 1,000 tons a day of green ammonia via electrolysis. Additional investment of $27 million is needed to move the project towards bankability.
The second transaction, in West Africa, is a 27 MW hydropower project that has successfully undergone feasibility assessments. It has also attracted funding support from a number of international entities and multilateral development agencies. Among projected benefits, the deal will service 700,000 households, generate 600 direct and indirect jobs over the life of the project, and reduce Co2 emissions by 81,000 tons each year. The project represents an increase of 10% in the country’s total electricity generation capacity.
The investment roundtable, held in Sharm El Sheikh, attracted a range of private investors, including venture capital and private equity firms
The investment roundtable also featured an opportunity to invest in a $73 million plastic recycling and sustainability company’s expansion drive into seven African countries across West, Central and Southern Africa. The project has attracted the interest of several funders of project preparation and technical assistance to conduct feasibility studies in the target countries. It promises important benefits: creation of 16,000 jobs as well as opportunities for 20,000 waste pickers in targeted countries. It will also divert 214,000 metric tons of plastic waste (PET,PP,PE) from landfill dumps and reduce carbon emissions by 149,000 metric tons. Currently only 10% of Africa’s plastics are recycled. The project resonated positively with growth capital investors that attended the roundtable.
The transaction incorporates important technological features, including cutting-edge processing lines and app-based collection and payment options. These features were viewed as enhancing the project’s scalability across Africa and the project resonated positively with growth capital investors that attended the roundtable..
The fourth transaction is an opportunity to invest in a $440 million Southern Africa hydropower independent power producer that will generate 544,000 MWh/year of energy. It will also include water distribution and flood prevention elements. Other benefits include 3,000 construction jobs through project completion. The transaction sponsors are seeking $12.5 million to finalize the project’s development phase.
Africa Investment Forum Senior Director, Chinelo Anohu, hosted the event. She said, “there is a need for the Africa Investment Forum on the continent. We can’t overemphasize both the convening power and the strength of the platform.” She said the transactions showcased represented only a small part of the platform portfolio.
In addition to the African Development Bank, representatives of the Africa Investment Forum founding partners Africa Finance Corporation, Africa50, Islamic Development Bank, Development Bank of Southern Africa, Trade and Development Bank and Afreximbank attended.
Investors present asked follow-up questions to learn more about the projects presented.
The event also included an update on the Africa Investment Forum’s current pipeline, comprising 90 deals valued at $62.9 billion and classified as either in the capital raise phase or the bankability phase.
The Africa Investment Forum’s flagship Market Days event, to be held in November 2023, will bring together international deal sponsors, investors and government leaders to showcase transactions that are ready to progress toward closure.
Championed by the African Development Bank and seven other founding partners (Africa50, Africa Finance Corporation, Afreximbank, Development Bank of Southern Africa, European Investment Bank, Islamic Development Bank and Trade and Development Bank), the Africa Investment Forum is Africa’s investment marketplace to accelerate transactions to close Africa’s investment gaps.
As African continent continues to experience rapid technological growth and increasing internet penetration, the Director General, National Information Technology Development Agency (NITDA), Kashifu Inuwa CCIE, has called on governments to be resilient in minimising the impact of cyberattacks on African Nations’ operations of critical infrastructure, national security, reputation, and economy.
Inuwa said this while speaking on ‘Strategies for Boosting Africa’s Cyber Resilience’ at the ongoing GISEC Global, a leading gathering ground for the cybersecurity community, in Dubai, United Arab Emirates.
The DG said that to protect citizens and assets and genuinely harness the benefits of increasingly complicated digital reality, Africa cannot afford to be apathetic towards cybersecurity. With the right strategies and approaches, Africa can enhance its cybersecurity posture and build resilience against cyberattacks.
“African nations must work collaboratively to build and implement robust, inclusive, and proactive cyber resilience methodologies and comprehensive approaches to the identification and mitigation of critical vulnerabilities. This includes encouraging the exchange of collective knowledge and intelligence on cyber threats and promoting international cooperation in responding to cybercrime,” he said.
The DG further cited Check Point Research Report of 2022 that says African countries experienced an average of 1,848 cyberattacks per week per organisation in 2022, compared to 1,164 globally. Nigeria, the most populous African country, accounted for the largest number of users, with over 100 million internet users, followed by Egypt with 76 million and South Africa with 41 million. However, these countries, along with Kenya, also account for 60% of the $4 billion annual cost of cybercrime in Africa.
According to Inuwa, “despite these challenges, Africa’s digital transformation projects are gaining momentum, with online shoppers reaching almost 390 million and social media users reaching over 380 million in 2022.
“This growing accessibility is due to increasing mobile device adoption and improved telecommunication systems. However, the increasing threat of cyberattacks puts our socio-economic security at risk locally and internationally.”
Inuwa added that it is imperative that all governments prioritise cybersecurity and take the necessary measures to strengthen their digital defenses to protect citizens from the threats posed by online attacks.
Citing Africa Center for Strategic Studies Report, Inuwa said “Only 15 African countries have completed national cybersecurity strategies, which lay out strategic objectives and assign government-wide responsibilities for cyber threat monitoring and response.”
To boost Africa’s cyber resilience, Inuwa said countries must adopt several key strategies including; understanding the current cybersecurity landscape in Africa; create and implement comprehensive and multi-stakeholder policies and legal frameworks to ensure accountability and incentivise investments in cybersecurity measures; and close the cybersecurity talent gap by investing in training and development programmes to equip our workforce with the necessary skills and knowledge to protect themselves and our organisations against cyber threats.
“We need to invest in the development of robust cybersecurity technologies such as firewalls, intrusion detection systems, and endpoint protection. These tools can help detect and prevent cyberattacks before they cause significant harm.
“Both the government and private sector must play a role in providing institutional support for cybersecurity, including the creation of dedicated cybersecurity agencies and units, as well as public-private partnerships that allow for the sharing of resources and expertise.
“We must prioritise regional partnerships and cross-border cooperation to combat cyber threats, as they do not respect geographical boundaries. This can include African countries working together to formulate and implement effective responses to cyberattacks and share best practices.
“Finally, national cyber-response plans and specialised Computer Emergency Response Teams (CERTs) for critical infrastructure sectors are essential in ensuring cyber resilience. These plans should outline the procedures and protocols,” he said.
Designed to cater to the African market, Keymaster VAULT is a secure, NFC-based hardware wallet that stores private keys offline, offering an affordable and user-friendly alternative to expensive and complicated traditional hardware wallets.
Leveraging the simplicity of Near Field Communication (NFC) technology, the Keymaster VAULT allows users to securely access their digital assets by merely tapping their NFC-enabled devices.
This eliminates complex installation processes, making the wallet an ideal choice for both cryptocurrency novices and experienced users. With offline storage of private keys, the wallet significantly reduces the risk of hacks and malware attacks associated with online storage.
“We wanted to create a wallet that combines the highest level of security with ease of use, making cryptocurrency storage accessible to a broader audience in Africa,” said Chidera Anyanebechi, General Manager of Hyperspace Technologies.
“The Keymaster VAULT not only provides an affordable solution but also offers enterprise clients the ability to leverage blockchain-based identity and access management, which we believe will be a game-changer in the industry”, Anyanebechi explained.
The Keymaster VAULT’s advanced encryption technology ensures the utmost security for users’ digital assets. Its compact design and portability make it a convenient choice for individuals and businesses looking to store their digital assets securely without breaking the bank or dealing with complicated setups.
“The African market has long been underserved when it comes to secure and affordable hardware wallet solutions,” added Anyanebechi. “We are excited to bring the Keymaster VAULT to our customers and empower them with a hardware wallet that not only protects their digital assets but also opens doors for innovative applications in blockchain-based identity and access management.”
The Keymaster VAULT is now available for purchase at https://keymaster.ng, giving cryptocurrency enthusiasts and enterprise clients across Africa a secure, affordable, and user-friendly hardware wallet solution
The Russian-Ukraine war and the lingering impact of the COVID-19 pandemic have severely weakened West African economies and currencies – but businesses and investors are looking to dollar assets to mitigate the damage.
As most West African economies are commodity-driven, any development within the global economy that affects the supply and/or demand of commodities imports and exports portends significant currency weakening effects on the economies.
Recent and ongoing global events have created massive demand destruction in crude oil, agricultural products and precious metals such as gold. Supply chains are also still to recover.
As a result, most West African currencies such as the Nigerian Naira (NGN) and the Ghanaian Cedis (GHC) have significantly weakened.
It is a major source of concern – and an ongoing challenge- for most Nigerian businesses and those in other West African countries.
Fiscal and monetary imbalances compound the problem.
The import-dependent nature of most West African markets implies huge demand for foreign exchange to pay import bills. Due to declining external reserves, the Central Banks are not able to promptly and adequately meet these demands.
There is also massive fiscal debt overhang in most West African markets. One of the effects is the need to borrow from bilateral and multilateral global lenders who demand deliberate local currency weakening by the local authorities by adjusting their official exchange rates accordingly to fight the demand for foreign currencies. Weaker local currencies makes it more expensive, and less attractive to convert to hard currencies.
These factors together have conspired to weaken West African currencies, and the outlook remains negative in the short to medium term. The loss of confidence in the local currencies means that they are no longer considered a stable store of value.
The import-dependent nature of most West African markets implies huge demand for foreign exchange to pay import bills
But businesses and investors have responded to hedge themselves and protect the value of their earnings and holdings in fast depreciating local currencies.
Investments in dollar denominated securities such as Eurobonds, dollar and other hard currency equities, debt instruments in the form of government and corporate bonds, as well as interest bearing US treasury instruments have become the preferred holdings for investors. And demand is expected to grow.
But not holding local currencies has implications for the local economies.
It further increases the demand for foreign currencies and continues to create the arbitrage gap between official and unofficial forex markets which create further arbitrage pressure on the local currencies. This places further exchange rate pressure until the governments implement the right monetary and fiscal policies which enable the local currencies to better reflect economic fundamentals.
Most West African governments have started taking the right steps in this direction by adjusting their official exchange rates and in some cases borrowing in United States Dollars to shore up their external reserves though it may take some time to materialise.
The Nigerian naira in particular has remained under intense pressure since the closely watched election last month.
There is a risk the naira will continue to depreciate in the next few months because of the major difficulties in turning around through economic reforms in an economy of its size. The expectation of weaker crude oil and natural gas prices will likely continue to pressure the currency.
There is also the challenge of remittances flow to Nigeria: many companies are no longer supporting these transactions. Most importantly, tech investments which represented a significant increase in foreign direct investments (FDI) have all but reduced drastically.
As a result of turbulent economic conditions, businesses are increasingly turning to advisors with extensive global know-how for expert advice.
Since the launch of RMB’s direct custody services in Nigeria and Ghana in 2019 and 2021 respectively, we have been advising local and foreign fund managers, pension funds, broker-dealers and banks.
RMB is the leading provider for West African investors seeking to invest in foreign markets through our insightful global custody solutions. We also support inbound investors seeking selective portfolio investment opportunities in emerging and frontier markets across the continent of Africa.
In line with its consumer-centric approach to telecoms regulation, the Nigerian Communications Commission (NCC) has directed mobile network operators (MNOs) to commence implementation of approved harmonised short codes (HSC) for providing certain services to telecom consumers in Nigeria.
The Commission has already set a deadline of May 17, 2023, for all mobile networks to fully migrate from hitherto diverse short codes to the harmonised codes.
The use of harmonised short codes is aimed at achieving uniformity in common short codes across networks. This means that the code for checking airtime balance is the same across all mobile networks for the same function, irrespective of the network a consumer uses.
With the new codes, the telecom consumers using the over 226 million active mobile lines in the country, can now use the same codes to access services across the networks.
Consequently, under the new harmonised short codes regime, 13 common short codes have been approved by the Commission. They include the following codes: 300 to be used as the harmonised code for Call Centre/Help Desk on all mobile networks; 301 for voice Mail Deposit; 302 for Voice Mail Retrieval; 303 for Borrow Services; 305 for STOP Service; 310 for Check Balance, and 311 for Credit Recharge.
Also, the common code for Data Plan across networks is now 312. In line with the new direction, 321 is for Share Services, while 323 is for Data Plan Balance. The code, 996, is now for Verification of Subscriber Identity Module (SIM) Registration/NIN-SIM Linkage. The code, 2442, is retained for Do-Not-Disturb (DND) unsolicited messaging complaint management, while the common code, 3232, is also retained for Porting Services, otherwise called Mobile Number Portability.
The old and new harmonised short codes will run concurrently up until the May 17, 2023, when all networks are expected to have fully migrated to full implementation of the new codes. The period between now and May 17, 2023 is provided by the NCC to enable telecom consumers to familiarise themselves with the new codes for various services.
The initiative, which is in line with NCC’s regulatory modernisation programme, is essentially to make life much easier for telecom consumers, as it is now easier for Nigerians to memorise single codes for various services across all mobile networks they may be using, thereby improving consumer quality of experience (QoE).
In addition, the new policy will provide opportunity for licensees in the Value-Added Services (VAS) segment of the telecoms sector to be able to use freed-up/old codes for other services, as well as enhance cohesive regulatory framework in keeping with world-class practices.
National Institute of Security Studies (NISS) has engaged the Nigerian Communications Commission (NCC) to advance strategic collaboration that would enhance the application of Information and Communication Technology (ICTs) towards improving national security.
Speaking during a visit to the Executive Vice Chairman of the Commission, Prof. Umar Garba Danbatta at the NCC’s Head Office in Abuja recently, the Institute’s Director, Research Estimates and Library Services, Dr. Adegboyega Karim said the visit was on a fact-finding mission to enrich ongoing research that focuses on globalization and regional integration for sustainable development in Africa.
Karim led to the Commission a team delegation of Executive Intelligence Management Course Sixteen Participants (EIM16), a study group with representations from various security agencies under the auspices of NISS, typically senior officers in security agencies, including the military, police, intelligence services, and other relevant agencies.
He noted that the Commission has made giant strides advancing the course of digital economy development in Nigeria, and that its regulatory processes provide a good opportunity for the collaboration to enable the group to research further into matters regarding telecommunications and national security.
Director, Special Duties of the Commission, Dr. Ikechukwu Adinde, who received the team on behalf of Danbatta, affirmed the readiness of the Commission to collaborate with the Institute and, indeed, any private and public institution that is focused on national development.
Reiterating on the advancements made in ICTs, Adinde said it is within this context that the Commission continued to promote the deployment of robust digital infrastructure capable of supporting and improving the security of lives and property.
“As a way of consolidating on the tremendous successes that had been recorded in the telecoms industry through effective regulatory regime emplaced by the Commission, the Federal Government has formulated a number of policies such as the Nigerian National Broadband Plan (NNBP) and the National Digital Economy Policy and Strategy (NDEPS), among others, which serve as a compass for our efforts at building a resilient digital economy that supports security,” he said.
Adinde enlightened the visiting delegation on NCC’s efforts towards ensuring adequate protection for telecoms facilities, across the nooks and crannies of the country where it is treated as Critical National Infrastructure (CNI), the building of Emergency Communications Centres (ECCs) across states and Federal Capital Territory (FCT) as well as series of collaborations with relevant agencies to ensure effective connectivity to individuals and institutions.
