E-Business
Innovectives Partners Mastercard on SME-in-a-Box Cashless Solution
Innovectives Limited, Nigeria’s fintech firm has said it is excited to work with the amazing team at Mastercard and partner fintechs to unlock rapid growth through digitization for small businesses in emerging markets with SME-in-a-Box cashless solution.
Mastercard has launched a new low-cost payments solution that enables small business owners to move their businesses online and accept a range of digital payments from their customers.
The “SME-in-a-Box” solution is powered by Mastercard’s payment technologies and that of its StartPath fintech partners, including onboarding technology provider Signzy and Mastercard’s network of Tap on Phone partners.
It is also powered in Nigeria by leading fintech, Innovectives.
The solution will aid small and micro merchants across the country in expanding their customer base via digital platforms and enable sustainable revenue growth.
The unique offering enables business owners to access a wide range of financial services quickly and easily through a single intuitive app compatible with all Android mobile devices.
The app’s functionality supports contactless payments, Quick Response (QR) code payments, and can generate e-payment links for remote payments.
The platform can be leveraged by partners including banks, Payment Service Providers and Mobile Network Operators through application programming interfaces (APIs) or a white label app to rapidly take the solution to market
Olubusola Osilaja, group executive director, Platforms and Partnership – Innovectives said, “Merchants across emerging markets are the backbone of these economies and are eager to do more. However, many of them are limited in accessing supportive financing and business support. In combination with the impact created due to the pandemic, the need to support SMEs is more stringent than ever before.
“We are leveraging our strength in banking, payment and lending technologies, along with a deep understanding of retail merchant networks to deliver SME-in-Box. We are excited to work with the amazing team at Mastercard and partner fintechs to unlock rapid growth through digitization for small businesses in emerging markets,” Osilaja said.
Mastercard has made a global commitment to bring 1 billion people into the digital economy by 2025. This includes 50 million small businesses and 25 million women entrepreneurs.
As part of its response to the COVID-19 pandemic, Mastercard has pledged $250 million in financial, technology, product, and insights support over the next five years to small businesses across the globe, supporting the financial security and vitality of businesses and their workers.
SME-in-a-Box offers a low-cost acceptance service that can run on smart phones and is powered by Mastercard Payment Gateway Services. It also delivers speed and simplicity with remote digital onboarding services from Mastercard’s StartPath partners.
In addition, through its Simplify Commerce offering, Mastercard will enable SMEs with a plug-&-play e-commerce store builder with an instant online checkout. SMEs can access a virtual card and get access to business tools through Mastercard’s partner ZOHO as well as get access to educational tools. These capabilities have been packaged as a bundled solution combined with special incentives to drive adoption and support business owners to tackle challenges during COVID-19.
Gaurang Shah, senior vice president, Product Management, Digital Payments & Labs, Middle East and Africa – Mastercard, commented: “The SME market represents 90 per cent of businesses in Nigeria, and has been deeply impacted by the pandemic.
“We recognize the overwhelming pressure that small business owners are currently facing and are committed to supporting them through COVID-19 and beyond by bringing our tools at a low cost and rapid time to market. The SME-in-a-Box offering provides SME owners with a quick and simple way to digitize their business and build a platform for sustained future growth.”
E-Business
Microsoft to Boost AI Growth with $80Bn Investment
Microsoft has announced plans to invest $80 billion in the 2025 fiscal year to expand its data centre infrastructure.
The investment will focus on supporting the training of artificial intelligence (AI) models and the deployment of AI and cloud-based applications.
The company disclosed this initiative in a blog post on Friday, emphasising its commitment to advancing AI and cloud technology.
Since OpenAI launched ChatGPT in 2022, investment in AI has surged as businesses across sectors strive to integrate artificial intelligence into their products and services.
AI requires enormous computing power, pushing demand for specialised data centres that enable tech companies to link thousands of chips together in clusters.
Before now, Microsoft has invested billions of dollars to enhance its AI infrastructure, broadening its data centre network.
Analysts project Microsoft’s fiscal 2025 capital expenditure, including capital leases, to reach $84.24 billion, according to Visible Alpha.
The company’s capital expenditure in the first quarter of the fiscal year rose by 5.3% to $20 billion.
As the primary backer of OpenAI, the tech giant is considered a leading player among Big Tech companies in the AI race, owing to its exclusive partnership with the AI chatbot developer.
More than half of Microsoft’s $80 billion investment will be allocated to the United States, Brad Smith, vice chair and president noted in the blog post.
“Today, the United States leads the global AI race due to the investment of private capital and innovations by American companies of all sizes, from dynamic start-ups to well-established enterprises,” Smith remarked.
E-Business
NDPC to Impose Heavy Fines on Defaulting Data Processors, Controllers this Year
Nigeria Data Protection Commission (NDPC) has announced plans to significantly ramp up enforcement and impose substantial fines on data controllers and processors that violate the Nigeria Data Protection Act (NDPA) of 2023.
This was disclosed by Dr Vincent Olatunji, national commissioner/CEO of the Commission, in a video message outlining the Commission’s 2025 agenda, shared on the agency’s social media platforms.
A statement issued by the Communications Division of the Commission on Friday quoted Dr Olatunji as saying that, “For data controllers and processors, there is going to be massive enforcement. We have never really issued any fine, but going forward, you’ll hear us giving heavy penalties.”
He assured Nigerians that their data rights, as guaranteed by the NDPA, will be fully protected, and defaulting data controllers and processors will face strict consequences.
The Commissioner highlighted the NDPC’s extensive engagements with stakeholders across public and private sectors to promote awareness and compliance with the Commission’s mandate.
The efforts, he said, have resulted in the signing of Memorandums of Understanding (MOUs) with key organisations, including the National Insurance Commission (NAICOM), National Lottery Regulatory Commission (NLRC), the Data Privacy Office of Canada, and the Dubai International Financial Centre Authority (DIFC), among others.
Dr Olatunji also shared that the NDPC will advance to the second phase of its Strategic Roadmap and Action Plan (NDP-SRAP 2023-2027) in 2025.
This phase is expected to create job opportunities within Nigeria’s data protection and privacy ecosystem, particularly for young people.
The Commission has been actively training Nigerians in data protection and privacy, creating a pool of globally competitive experts within the data protection sector in 2025.
“There are a lot of data controllers and processors that are looking for people to work with them. Now those that we have trained in 2024, those we have certified, we are going to do more this year to actually launch them to the job market where they can really work with data controllers and processors,” he said.
Additionally, the NDPC will continue nationwide efforts to promote data protection awareness.
The Commission aims to educate citizens about their rights and the importance of data privacy while reminding data controllers and processors of their obligations under the NDP Act.
Dr Olatunji emphasised that these initiatives are part of the broader goal to embed a culture of data protection and privacy in Nigeria.
As part of its international engagement efforts, Nigeria will host the “Network of African Data Protection Authorities Conference” in May 2025, with over 40 nations with existing data protection laws expected to attend.
According to Dr Olatunji, this global event will position Nigeria as a leader in the data protection ecosystem, and bring significant economic benefits to the country.
The NDPC reiterated its commitment to ensuring data protection and privacy become integral to Nigeria’s digital landscape, building trust and fostering economic growth, the statement added.
E-Business
NIPOST Reports 275 Percent Revenue Growth in 2024
Nigeria Postal Service (NIPOST), achieved a 275 percent increase in revenue for the year 2024, according to Tola Odeyemi, postmaster general.
At the beginning of the year, NIPOST set an ambitious target of generating N10 billion in revenue.
Although specific figures for the end of the year were not disclosed, the reported increase suggests a significant recovery for the postal service, which had previously faced consistent decline.
Odeyemi, who made the disclosure while listing NIPOST’s achievements for the year recently, attributed the growth to a series of reforms aimed at enhancing service quality and eliminating revenue leakages
The NIPOST boss detailed the steps taken to boost revenue, noting the implementation of Point of Sale (PoS) terminals in high-transaction areas, which has streamlined payment processes and improved customer experience.
She said, “One of the major achievements for us in 2024 has been a 275% increase in revenue from 2023. We achieved this by plugging a lot of the revenue leakages that we have by deploying PoS terminals for payment in our high transaction areas, as well as ensuring that our quality of service goes up.”
Looking ahead, Odeyemi outlined NIPOST’s plans to sustain this growth trajectory.
She said the organisation has embarked on renovations and upgrades of key locations in Abuja, Lagos, and Kaduna, alongside enhancements to the Postal Institute, which is central to the agency’s change management initiatives.
Furthermore, she stated that NIPOST is gearing up for several major developments in 2025, including the rollout of a national addressing system and digital postcode services, specialised logistics for agriculture and healthcare, and a relaunch of its financial services.
“There will be infrastructure upgrades, which will take place across the Federation and there will be an increase in access to government services through your local NIPOST location,” she said.
- News1 day ago
WHO Declares New COVID Outbreak in China Global Health Emergency
- News1 day ago
SpaceX Announces Starship’s First Satellite Deployment Test
- Telecom1 day ago
Subscribers’ Group Threatens to Sue Telcos over Proposed Tariff Hike
- E-Business1 day ago
Microsoft to Boost AI Growth with $80Bn Investment
- News1 day ago
Zinox Demands Apology from Falana over Alleged Defamation, Reputational Damage
- Telecom1 day ago
Firm Highlights Skills Development to Drive Data Center Expertise and Sustainability
- E-Financial1 day ago
SEC to Intensify Crackdown on Ponzi Schemes this Year
- News1 day ago
21 Bank Accounts Frozen by Abuja Court Over Alleged Money Laundering