E-Financial
Nigeria Marks 25th Anniversary of world Web with Affordable Internet Access
An innovative and interactive new drive to empower affordable Internet access will today unite the Nigerian government as well as key members of the Nigerian ICT industry with technology leaders from across Africa and the rest of the world on the eve of the 25th anniversary of the Web.
25 years after Web inventor Sir Tim Berners-Lee submitted his proposal for the World Wide Web (March 12, 1989), the world’s broadest technology sector coalition, the Alliance for Affordable Internet (A4AI), is bringing together government ministers, technology innovators, researchers and campaigners to drive forward the policy change, dialogue and investment needed to put internet access in the hands of millions across Africa.
The forum will aim to consolidate support for, as well as build upon ongoing efforts to increase broadband penetration in Nigeria five-fold to 30 percent by 2018.
The Nigerian government has signed a Memorandum of Understanding with A4AI and participants at the forum include Mrs. Omobola Johnson, minister of Communication Technology.
The forum will also see the launch of a new multi-stakeholder coalition that will contribute to the development of policies intended to bring in a new era of widespread and affordable internet access.
As laid out in the recently published Nigerian National Broadband Plan, the existing challenges to greater Internet and broadband access in Nigeria will be tackled head-on by: Incentivizing the deployment of a national fiber optic network across the entire country; Developing a framework that ensures the potential benefits of open access and infrastructure sharing are realized.
Others are: addressing high cost points such as spectrum prices and the cost of physical attacks on infrastructure; and Increasing citizen awareness about the possible benefits of the internet and how to use it.
According to the World Bank, eighty-four percent of Nigerians live on less than two dollars per day and 63 percent live on less than $1.25 per day. A prepaid mobile broadband user subsisting on $2 per day who wanted to use 1GB of data per month would have to spend 22 percent of their monthly income to do so.
At present, one third of Nigerians use the Internet, up from 28 percent in 2011 and 24 percent in 2010. However, the broadband penetration rate is only 6 percent.
In Nigeria, fixed broadband currently costs 39 percent of average monthly income, with a 500MB pre-paid mobile broadband plan averaging 13 percent.
The Alliance for Affordable Internet and its 55 members, whose global sponsors are Google, Omidyar Network, the UK’s Department for International Development and the US Agency for International Development, will work hand-in-hand with the Nigerian government and sector stakeholders to support the Government in the implementation of its vision for affordable broadband access to all Nigerians.
Johnson said: “We welcome the opportunity to align ourselves with other forward looking governments and members of the Global ICT industry as well the ‘unified voice and coordinated focus’ that is represented by the A4AI. We are also extremely pleased to note the common approach to tackling the problems of providing ubiquitous, affordable access to the Internet for all Nigerian citizens as is represented by our recently launched Nigerian National Broadband Plan. We view this forum as extremely timely and a key part of our consolidating internal as well as external support for the changes needed to accelerate the needed improvements in our National Broadband network”.
Sonia Jorge, executive director of A4AI said: “On the 25th anniversary of the Web, we are working to unlock the power of the internet in Africa and place it in the hands of those for whom it remains out of reach. Nigeria is one of the fastest growing markets in Africa but overcoming the challenges to increased access will not be solved by a single solution or player. Through collaboration we need to create policy and regulatory environments that reduce cost structures for providers, users and potential users of the internet environments that stimulates investment, increase affordability and encourage internet use. In Nigeria, A4AI will be focusing on reaching rural communities and those living below the poverty line, so all Nigerian women and men can realize the benefits of the Web.”
Funke Opeke, CEO of Main One said: “Main One is delighted to see the Alliance focus on Nigeria with the launch here in October 2013, followed by this forum in Abuja today. We are in agreement that the emphasis on collaboration and open access in Nigeria’s broadband plan will need to be actualized to ensure affordable internet delivery and look forward to working with other industry players and government to make the vision of affordable Internet a reality for all Nigerians.”
A4AI has grown rapidly as an coalition since its launch in October 2013, achieving a membership of over 50 organisations in just four months.
Global sponsors Google, Omidyar Network, the UK’s Department for International Development and the US Agency for International Development have been joined by a host of governments, technology companies and civil society organisations from developed and developing countries.
The group is co-ordinated by the World Wide Web Foundation, Sir Tim Berners-Lee, founded by Web inventor.
It will work in a number of countries across Africa, Asia and Latin America, and has already signed a memorandum of understanding with the governments of Ghana and Nigeria.
A4AI is advocating for open, competitive and innovative broadband markets with a focus on achieving the UN Broadband Commission Broadband Target of entry-level broadband services priced at less than 5% of average monthly income.
Tradewyse Concepts Limited (TCL), Nigeria-based technology solution provider has launched a product called “vetandpay” to address the issues of trust and fraud in online business transactions in the country.
Dr Kalu Ibe, founder and chief executive officer, Tradewyse Concepts Limited
Dr Kalu Ibe, founder and chief executive officer, Tradewyse Concepts Limited, stated that the software was proudly developed by a team of Nigerians.
Speaking at the product dedication ceremony in Abuja, Ibe explained that the app aims to reduce corruption by restoring trust and integrity. He added that it would inspire confidence in both business and the broader transactional environment in Nigeria.
“Today, I present vetandpay.ng, powered by Vetandpay Technologies Ltd, Africa’s foremost escrow company, a subsidiary of TCL,” Ibe said.
“What started as a spark two years ago is now shining brightly over Nigeria’s transactional space, bringing healing with its rays.”
He outlined the various escrow services offered, including auto purchase escrow, procurement escrow, service-based escrow, e-commerce escrow, and property escrow, with more services expected to be added.
Ibe emphasised that the service is available to Nigerians both at home and abroad, promising zero losses in all business transactions when using vetandpay.
Through its Corporate Social Responsibility (CSR) programme, TCL plans to initiate a comprehensive tech training programme for teenagers in Nigerian schools. Ibe highlighted that the initiative aims to equip young people with technological skills, preparing them to enter the digital economy and drive innovation.
Ntufam Ugbo, project director, commented that vetandpay is transforming the business landscape in Nigeria by building trust between buyers and sellers.
“What vetandpay does is act as a middleman between the buyer and the seller,” she said.
Mrs Rachel Samuel, head of Customer Service at vetandpay, described the platform as a secure payment solution designed to eliminate fraud in online transactions.
“Our basic goal is to address the issue of receiving something different from what was ordered,” she explained.
Referring to a report by the Federal Trade Commission, Samuel pointed out that consumers lost over 8.8 billion dollars to fraud in 2022, a 30 per cent increase from the previous year. She noted that with vetandpay, both parties to a business transaction could have peace of mind and zero losses.
She encouraged Nigerians to embrace the services provided by the platform by downloading the vetandpay app and using the technology to secure their transactions.
‘‘Today marks the beginning of a new era in secure online transactions. Whether you are a business owner, freelancer, or everyday buyer, vetandpay is here to protect your hard-earned money,” Samuel concluded.
Nigeria has approached the World Bank for a fresh $10.50m loan to enhance the Central Bank of Nigeria’s (CBN) technical capacity and modernise the country’s domestic payment infrastructure.
Olayemi Cardoso, Governor, Central Bank of Nigeria
According to information on the World Bank website on Thursday, the proposed CBN Technical Assistance Facility seeks to support integrating innovative technologies and data science into the CBN’s supervisory processes.
This is expected to help the apex bank tackle long-standing and emerging challenges in Nigeria’s rapidly evolving financial landscape while improving the domestic payment infrastructure for remittances.
The project, currently at the concept review stage, will focus on three key areas. Firstly, it aims to strengthen the CBN’s institutional capacity to keep pace with technological advancements through a robust governance framework, expert advisory support, peer-to-peer central bank exchanges, and modernisation of the CBN’s internal processes to align with the digital era.
Secondly, it will enhance the CBN’s supervisory capacity through technology and data improvements. This involves funding modern technical solutions, including Supervisory Technology systems, to improve data accuracy, operational efficiency, and risk-based supervision.
Thirdly, it aims to modernise domestic payment systems for remittances to improve their safety and reliability.
It will explore innovative methods to attract informal remittance flows into formal channels while conducting annual surveys on remittance households and fostering peer-to-peer learning for knowledge exchange.
According to the World Bank, the objective of this project is “to strengthen technology-enabled, data-driven, risk-based supervision at the CBN and improve domestic payment infrastructure for remittances in Nigeria.”
The project aligns with the government’s pursuit of a cashless economy and the increasing adoption of digital financial services in Nigeria.
The scheme, which has a commitment amount of $10.50m, is scheduled for board presentation approval on June 12, 2025. The implementing agency is the Central Bank of Nigeria.
Sterling Bank has called for the cancellation of bank transfer fees by major banks, announcing it will no longer take any money for itself for any local online transactions by its customers.
The announcement, made on April 1st, initially sparked widespread arguments, with many assuming it was a marketing prank tied to April Fools’ Day.
However, Sterling Bank, in a statement, has confirmed that it is not a stunt, that the zero-transfer-fee policy was real, and effective immediately.
With this move, Sterling becomes the first major Nigerian bank to take a definitive stand against the long-standing practice of charging customers for everyday digital transfers, an issue that has grown increasingly contentious as digital banking adoption deepens.
“We believe access to your own money shouldn’t come with a penalty,” said Obinna Ukachukwu, growth executive leading the Consumer and Business Banking Directorate, Sterling Bank
“This is more than a financial decision, it’s a values-based one. It reflects our commitment to making banking fair, inclusive, and truly customer focused.
“We’re not yet the biggest bank in Nigeria, but we’ve been the boldest,” Ukachukwu added.
“Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words,” it sated.
Under the new policy, Sterling customers will enjoy free transfers for all local transactions conducted via the bank’s mobile app. This translates into significant savings, particularly for individuals and new small business owners who make frequent daily transfers.
The bank’s latest move has been met with widespread public approval, sparking positive reactions across social media and placing pressure on industry peers to follow suit.
We’re proud to lead this change,” Ukachukwu added. “We hope it inspires others to think differently about what customers truly need from their banks, not just in services, but in values.”
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