E-Business
Angst Over $2m Spent by Banks on None Core Banking Software
Indigenous software stakeholders have decried a trend in the country’s financial sector software consumption where banks spend as much as $2million to implement foreign none core banking software.
Nigeria CommunicationsWeek investigations have revealed that a bank in the country spent $2million to implement foreign software that is not its core banking application for a module.
Dr.Yele Okeremi, president, Institute of Software Practitioners of Nigeria (ISPON) in his response, said that if you look at 20 banks implementing at $2Million that is $40million for just one module. “The question is if we put $20million on the table which is half of the amount are we saying we cannot get two to three Nigerian firms to create alternatives to this software.
“If we leave our financial system in the hands of foreigners it opens us up as a government to crisis. Meaning that our financial system can be shut-down from overseas, that is the easiest way to topple a government. If anybody wants to topple any government, just shut-down the payment systems, if money cannot move from one person to another then you see that Nigerians can be very angry and if you are leaving this in the hands of foreigners it means we do not have national security.
“What smart countries are doing is to ensure that anything that is critical to their national security is domesticated.
When you look at our economy, a lot of thing is going on in oil and gas. How much have we domesticated and that is why the wealth of the nation is not in the hands of Nigerians. It is even bad for them to even have access, now we are giving them free control. These are issues that threaten national security but we don’t understand it.
“I’m not against importing software but, it is not right to import anything on a long term basis if you can do it competitively by yourself. Even when you import software it should be with the view to developing capability to domesticate it.
He added that: “it is not going to be possible to say people should not sale foreign software except if they can prove the country doesn’t need foreign software, which is impossible to prove just as long as people can prove that Nigeria has a need for it and Nigeria doesn’t have a solution at the moment then there is room for people to sale foreign software and anybody as far as I’m concerned that derives value using software is a member of ISPON.
However, the issue about local software should not be seen as ISPON challenge rather it should be seen as national challenge if the national leadership is smart. The idea we are discussing here are even issues of national security and sovereignty.
However, let us analysis whether some of the things we have or even the ones that we are importing are things we are capable of creating for ourselves in a comparative competitive manner, if we can find comparative advantage, meaning why should we be paying millions of dollars?
Bimbo Abioye, group managing director, FinTrak Software, said: “As developers of application in Nigeria, the challenge that we have is absence of regulation, despite coming up with products that are even better and have been successfully deployed where foreign options have failed still for whatever reasons operators would opt for foreign software.
“Even for mere travelling abroad for training, it is as small as that. For technical training which allows them to go shopping and collect estacode both in the private and public sectors.
“Where under heavens foreign solutions are to be acquired, technical training must happen in Nigeria. Because our hearts bleed when we see what happens and at eNigeria 2017 I made one comment, that Nigeria ranks among the poorest nations on earth despite the abundant resources and one index that was given to us is that Nigeria is also ranking first among the most foolish nations on earth.
“Because it is difficult to expect that when you spend $1billion every year enriching foreign nations, providing employment overseas, why won’t your youths be unemployed and they are finding job in Kidnapping and other crimes and nobody is immune from that.
“Where ever foreign software will be bought for whatever reason there should be software import tax which should be punitive as high as 35 per cent. When I go to Ghana they tax my software 33 per cent. We can use this fund to develop the ecosystem and provide single digit loan for software companies in Nigeria.
National Identity Management Commission (NIMC) has clarified that all its verification service platforms remain fully functional and accessible to all authorized partners, including security agencies.
Abisoye Coker-Odusote, DG, NIMC
In a statement on Thursday, the Commission firmly denied claims that it had denied the Police Service Commission (PSC) access to its verification server.
Dr. Kayode Adegoke, head of Corporate Communications, NIMC, described the reported “inability of the Police Service Commission to access the NIMC verification server” as misleading and inaccurate.
He suggested that any challenges faced by the PSC may be due to internal issues within the commission itself, not from NIMC’s end.
The statement reads: “To set the record straight, the NIMC granted verification access to all Nigerian Police formations for the verification of the National Identification Number (NIN). The NPF, PSC and other security agencies have been enjoying uninterrupted verification services for over five years.
“NIMC has provided top-notch verification services for recruitment into the Nigeria Police Force, as conducted by the PSC and at no time have there been any complaints or issues regarding NIN Verification by the NPF or PSC.
“The Commission has a robust and harmonious working relationship with the Nigerian Police Force and the Police Service Commission. The Information Communications and Technology (ICT) department of the Nigeria Police Force is actively managing the long-standing verification and integration service between the NIMC and all Nigeria Police formations.Entertainment tourism packages
“NIMC will continue to provide flawless verification services for the purpose of recruitment, security mapping, cybercrime control, and any other security matters.
“The framework by which NIMC provides services to the security agencies was recently restructured for standardization and effective implementation, following consultation with the Office of the National Security Adviser, and NPF has confirmed the verification services have continued to be available. We therefore believe that any service interruption experienced by PSC may be due to internal matters.
“NIMC is committed to providing excellent verification services to the PSC, NPF and all its partners but the terms and conditions inherent must be adhered to for uninterrupted flow of service.”
Nigerian government, through the Office of the National Security Adviser (ONSA) and the National Information Technology Development Agency (NITDA), has announced a strategic collaboration to strengthen cybersecurity and clean up the nation’s cyberspace.
Recognizing that cybercrime knows no borders, Nigeria also reaffirmed its commitment to fostering stronger global partnerships within the cybersecurity ecosystem.
This announcement was made during a press conference before the inaugural National Cybersecurity Conference, which is scheduled to take place in Abuja from July 9th to 11th, 2025.
Sa’ad Abubakar, national cybersecurity coordinator from the Office of National Security Advisor, said fighting cybercrime must take the whole of society and the whole of the government approach.
According to him, “Apart from the deterrent approach whereby government agencies such as Economic and Financial Crimes Commission (EFCC) arrest individuals, take them to court and prosecute them, the youth can be nurtured into better citizens who can showcase their capacity in better ways and be useful to the country.”
Similarly, Kashifu Abdullahi, director-general, NITDA, also stressed the need for collaborative efforts in fighting cybercrimes.
According to him “Then, in addition to that, we also want to build a stronger global collaboration with the global cyber security ecosystem, because when you look at cybercrime in general, it doesn’t respect the borders.
“Someone can commit a crime from Ghana using a Nigerian ID in the US. So you can look at him physically in a different jurisdiction, pretending to be in another jurisdiction, committing the crime in another jurisdiction.
“So without that kind of synergy and working together, it will be difficult to address these challenges. The third one is challenge. The third one is getting an alternative to cybercrime for our kids in Nigeria. We have this as a major challenge.”
Inuwa further highlighted the upcoming conference’s importance, noting that it would tackle key issues through workshops, discussions on emerging threats, cross-border cybersecurity collaboration strategies, and training programmes.
He also announced that the National Cybersecurity Conference 2025 would feature the Cybersecurity Excellence Awards, recognising top contributions in the field.
The DG extended an invitation to global partners to collaborate with Nigeria in building a safer digital future.
The press conference was attended by notable figures, including Ahmad Sa’ad Abubakar, National Coordinator of, the National Cybersecurity Coordination Centre (NCCC); Hanniel Jafar, Representative of the President, of Cyber Security Experts Association of Nigeria (CSEAN); Ankit Shukla, Managing Director, QNA Marketing Management LLC and members of the press and other stakeholders.
XIAN Telecom has acquired an 8% stake in pan-African e-commerce company Jumia Technologies, citing the platform’s fintech and logistics strengths as key drivers of its backing.
This marks the first major telecom investment in Jumia since MTN Group’s exit in 2020.
AXIAN, a fast-growing telecom and digital services provider with operations across Africa, disclosed the purchase in a Schedule 13D filing with the U.S. Securities and Exchange Commission.
While the financial terms were not disclosed, AXIAN Telecom CEO, Hassan Jaber, described the move as a strategic alignment with Jumia’s growth trajectory and digital ecosystem.
“Jumia’s achievements in digital retail and fintech, particularly through JumiaPay and its logistics network, make it a very attractive investment for us. We believe in Jumia’s potential to promote financial and economic inclusion, which aligns with our core values,” said Jaber.
Once dubbed the “Amazon of Africa,” Jumia became the first African-founded tech company to list on the New York Stock Exchange in 2019.
But years of underperformance, leadership changes, and competitive pressures dented investor confidence.
In October 2020, South Africa’s MTN Group offloaded its 18.9% stake for $138 million, well below the $698 million value it once held post-IPO.
Since then, Jumia has undergone a significant transformation. Under CEO Francis Dufay, appointed in 2022, the company exited low-performing markets like South Africa and Tunisia, cut costs, and doubled down on core markets – Nigeria, Kenya, Egypt, and Morocco.
The firm is now focused on high-growth verticals, including everyday essentials and digital financial services.
Jumia’s regional CEO for East Africa, Vinod Goel, recently revealed plans to scale up international brand offerings and open its logistics network to third-party businesses.
Jaber underscored that AXIAN Telecom’s investment signals renewed confidence in Jumia’s long-term potential.
The telecom firm’s CEO said the company views Jumia as a key player in advancing Africa’s digital economy, aligning with AXIAN’s mission through its fintech and digital infrastructure brands such as Yas and Mixx by Yas.
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