E-Business
From Farming to Forex: How Technology Has Changed the Face of Investing
By Nikola Grozdanovic, Senior Writer at FXTM
Not too long ago, when an individual wanted to save or invest money, they were limited to a handful of options. In the early days of our ancestors, farming and land underpinned wealth and a bank account was considered a luxury.
Even after industrialization took hold, we were still fairly limited; with most individuals opting to invest in a bank account, property or even in a box under the bed.
Information around investing was scant and financial education required a huge commitment of time and resources. If we wanted financial advice we had to rely on advisors (if we could afford them), community members, or go it alone.
Nikola Grozdanovic, Senior Writer for FXTM, a global award-winning forex broker, explores how our options have become significantly broader in terms of the types of products we can invest in and the way we do it.
We can now participate in anything from Forex trading to buying Crypto Currencies with our mobile devices or a laptop.
Technology has allowed people to get completely involved with the process of investing, from choosing a portfolio of shares to becoming a forex trader.
However, we are still a long way from a world where everyone can participate in the formal financial arena.
According to Worldbank.org, two billion people worldwide do not have a bank account or access to a financial institution via a mobile phone, or any other device.
However, between 2011 and 2014, 700 million adults became account holders, and the unbanked population fell by 20%, down from 2.5 billion.
The growth of mobile technology, and the fact that mobile phones are becoming cheaper, has helped literally billions to have access to products and services that they were previously excluded from.
Technology has influenced almost every aspect of our lives, but perhaps the most useful of the developments are in the financial space. We not only have access to many more investment options, we even have robots that can make decisions for us, fondly known as Robo- Advisors. They are not actually robots but clever computer programmes that ask you about your life, income and investment attitudes – and based on your answers, they will generate a report that suggests suitable investment options for you. Lukman Otunuga, a Market Analyst at FXTM says “When trading the foreign exchange market, investors can use Expert Advisor which are programs that allow automation of the analysis and trading. Forex brokers have recognised that novice traders have the desire to trade, but lack experience.”
An Expert Advisor (EA) is essentially an automated trading algorithm that allows traders to code the parameters of their trading strategies.
These highly complex but simple-to-use tools assist traders to refine their trading strategies and gain a greater potential advantage over the markets. Traders that have opted to use EAs have honed their skills over time and eventually become strategy managers, allowing suitable traders alike to copy their trades for a fee.
Copy trading as it is called, is a form of social investing. It allows traders to build a network of followers in which they would share market projections to create trading strategies. Followers can duplicate trades made, while onlookers could receive first-hand insights into how trading strategies are formed.
This creates a hybrid scenario for an investor – using both technology and another human to help them invest. There has been a long-standing debate about whether humans or machines are better suited for making investment decisions or delivering a service.
However, the key argument here is not who delivers a better service but rather, how the service deals with human behaviour. Human behaviour is random, but by employing big data analytics and algorithms we can spot trends and discard the noise that can undermine decisions.
The real power of technology will come when it is seen not only as a mechanism for enabling access to services, but when it facilitates a positive user experience and drives meaningful engagement with the vendor. In other words, the technology enables a more social and human experience.
Nigeria has a rich history of social investing. Collective investment schemes known as eSUSU are known to almost all individuals who want to save for a goal. Over 70% of people in emerging markets do not have a formal bank account, so they have devised their own ways to save money.
The most popular are the Rotating Savings and Credit Associations (ROSCAs). They function by taking monthly deposits from each member of a group and then payout the entire amount to one member of the group. The recipient of the collective sum is based on a predetermined rotation, ensuring each participant will eventually receive a payout.
It is estimated that over 40 million people in Nigeria participate in some form of social investing. Of course, when there are humans involved with money there is always a margin for error; blind trust that the people handling your money will play by the rules is a default – a condition of participation.
Banks have seen the enormous potential of getting these informal savings plans onto a technology platform and have invested significant capital to achieve this.
While technology has changed the face of investing and allowed more people to engage in the formal financial sector, we are still a long way from full inclusion.
Accessibility and knowledge still remain a major obstacle for the bulk of emerging market individuals. Institutions fully recognise that optimising the technology experience is key to seamless service delivery and the much-desired total customer experience. This explains the huge investment in IT infrastructure by financial institutions in recent times.
Otunuga says “all financial service industries have raised their games in the technology space. FXTM has spent a lot of resources on their mobile trading apps and we invest heavily in keeping up to date with innovations in the industry. Reliable, fast and engaging technology is what keeps our clients coming back and we are acutely aware of the role it plays in our success as a broker.”
We will continue to see rapid growth in financial technology, but it would and should not come at the expense of the individual. In fact, the smart money will be on solutions that seamlessly embrace and involve the user for the benefit of both parties. It is an exciting time for both the consumer and the service provider, and it would seem that the only barriers we now face, exist within the limits of our creativity.
SystemSpecs Holdings Ltd unveiled at the weekend the rebranding of its subsidiary Deelaa to Whatadeal, launching an ambitious digital commerce platform poised to transform travel, events, and e-commerce across Africa.
John Obaro, group managing director, SystemSpecs, and Fela Bank-Olemoh, managing director of Whatadeal
The announcement comes amid a surging demand for integrated digital services in Nigeria and beyond, as the continent’s e-commerce and travel sector stand on the cusp of exponential growth.
The launch event, held in Lagos, demonstrated SystemSpecs’ vision for a seamless, value-centric consumer experience.
This strategic rebrand follows the company’s acquisition of Knit Technologies, amalgamating cutting-edge innovation and industry expertise into Whatadeal—one of four subsidiaries under the SystemSpecs umbrella.
John Obaro, group managing director, SystemSpecs, emphasized that the transformation reflects an unwavering commitment to technological advancement and customer empowerment.
“Whatadeal transcends a mere rebranding—it embodies a dynamic ecosystem designed to deliver unparalleled value and memorable experiences,” Obaro told reporters.
He elaborated, “Our ambition is to ensure that whether you’re organizing an event, procuring tickets, or seeking the finest deals, Whatadeal is your definitive destination. We are also in advanced discussions with leading travel industry players to curate exceptional travel experiences across Nigeria.”
Originally introduced in 2022 as an e-ticketing and marketplace platform, Deelaa catered to both businesses and consumers.
Its evolution into Whatadeal responds to shifting market dynamics, offering an integrated solution for booking flights, securing event tickets, and shopping online.
The platform will be powered by Remita, SystemSpecs’ acclaimed electronic payment and collection system, which underpinned Nigeria’s Treasury Single Account initiative—one of the most extensive implementations of its kind in Africa.
Steering this venture is Fela Bank-Olemoh, managing director of Whatadeal and a SystemSpecs stalwart since 1998.
With over two decades of expertise spanning technology, marketing, and public service, Bank-Olemoh brings a formidable pedigree to the role.
He founded MediaVision Limited, a preeminent sports marketing firm in Nigeria, before serving as Special Adviser on Education to the Lagos State Governor from 2015 to 2019 and later as Senior Special Assistant on Education Interventions to Nigeria’s President from 2019 to 2023.
Bank-Olemoh articulated the platform’s ethos: “At Whatadeal, we hold that exceptional experiences and valuable offers should be effortless, not convoluted. Our mission extends beyond merely facilitating deals—we are cultivating an ecosystem that nurtures engagement, trust, and enduring value for our customers.”
He added, “Whether you’re arranging travel, acquiring event tickets, or purchasing essentials, you deserve an intuitive, rewarding experience that consistently delivers excellence. Whatadeal is dedicated to realizing that vision.”
SystemSpecs aims to establish Whatadeal as the preeminent one-stop platform for African consumers, blending convenience with competitive offerings.
With its fusion of Knit Technologies’ innovations and Remita’s robust infrastructure, Whatadeal is poised to redefine digital commerce on the continent.
How much do you trust your device memory? Definitely more than you should. According to the statistics only 33% of users back up their data regularly, and more than 77% of people have already experienced data loss.
An annual tradition which started as a simple reddit post back in 2011, World Backup Day is celebrated on 31st March 2025 to provide a reminder of the importance of backing up data. To mark the occasion, Kaspersky shares practical advice on how to create new beneficial digital habits to ensure your backups are safe.
The first question that should be taken into consideration is: what exactly needs to be backed up? The answer seems to be lying on the surface.
The more you back up – the better. Work-related documents, family photos, financial info, health records, logins and passwords, and even content shared within messengers. In fact, all of this needs to be backed up using reliable storage methods.
There are several reasons why it is recommended to copy as much data as you can.
First of all, the device on which the information is stored may simply be lost, stolen or damaged. For example, UK’s South Western Railway reports that at least 5 smartphones are lost per day on its network, which is almost 1800 devices per year.
Among other potential threats to data safety are ransomware attacks. This is a type of malware that blocks a computer and then demand a ransom for its release. In some cases, even paying the ransom does not help to restore data on an infected device.
Despite these substantial risks, in everyday life it’s almost impossible (and to some extent pointless) to back up everything. Our devices contain gigabytes of information, most of which has no value. Creating backup storages of such a scale is time-consuming and expensive.
The main advice is to rank data correctly. Try to assort the items needing to be backed up by evaluating their relevance, recency and recovery options.
If a file, record or password is outdated or may be replaced by a newer version, backup may be safely ignored. If it is a new or highly valuable piece of information, backing up is necessary and preferably there should be more than one copy.
The art of backup
The next step towards data loss prevention is finding the suitable backup method to select. Obviously, it depends on multiple factors: type of data, type of device, pricing, user’s personal preferences and habits.
The most popular backup options are generally cloud or external storage services. Both of these methods have their pros and cons. For example, cloud services give you instant access to information wherever you are, but they require regular subscription payments.
At the same time, external hard drives are reliable storages which only require one payment, but access to information on these devices is only possible when they are at hand.
Therefore, cloud storage is regarded as the perfect option for storing files and photos which should always be available in a few clicks, while external storage services are suitable for data archives and huge files, such as movies or videos which you rarely use. Overall statistics show that nowadays most people choose cloud technology as their main storage option.
Specific data such as passwords, ID or financial details require even more secure storage methods.
Among the potential solutions password manager is an option that protects sensitive personal information, prevents its loss and provides immediate access to it at any time. Automatic filling of authentication and banking data means users do not have to memorise important information and reliably protects data from being compromised.
While choosing backup and storage options it’s highly recommended to consider all the aspects. To get backing up into a real habit, the method should not only be reliable and effective, but also suitable and convenient for you personally.
Enhanced protection
As it has been already mentioned, single manual backup might not be enough to protect data from being lost. World Backup Day is the right time to remember that data might be vulnerable and take some proactive steps to secure it. Kaspersky has created some tips on how to do it effectively:
- Follow the rule 3-2-1. One of the most popular backup strategies is to have at least 3 copies of important data, store it on 2 different storage types, and make at least 1 copy off-side (cloud or external physical location).
- Set up automatic backups. Most devices and services have a preinstalled backup function, which automatically creates a backup if you forget to make a copy in time.
- Use a reliable security solution. Comprehensive digital protection with a specific anti-ransomware protection mechanism, such as in Kaspersky Premium, prevents device infection and protects your data from both local and remote-access ransomware attacks.
- Make regular checks. It’s necessary to test your backups workability on a regular basis to notice the malfunction in time and fix it.
Dr. Olubunmi Tunji-Ojo, minister of Interior, has announced the launch of an Online Visa Approval Center to eliminate bureaucratic bottlenecks and reduce corruption in the visa application process.
Commissioned by the President in December, the new system ensures that applicants no longer need to visit a visa office, know anyone in the system, or lobby for approvals.
At a stakeholders’ sensitisation workshop on the implementation of the Nigeria Visa Policy (NVP) 2025, yesterday in Abuja, Dr. Tunji-Ojo said the visa is considered a very important document by the government because it is an instrument of migration management and an instrument of economic development.
The minister explained that Nigeria has to strike a delicate balance between national security and, of course, the ease of migration.
“And we think that it’s something that we can do and something we will do.
“We don’t have a physical Visa Approval Center. If you apply for a Nigerian visa anywhere in the world, you do so online. We process it here in Nigeria, and if approved, you receive your e-visa in your email,” he explained.
To enhance efficiency, the government has set a 48-hour deadline for processing e-visas.
“It is unprofessional and unacceptable for the Nigeria Immigration Service not to approve or provide feedback within 48 hours,” the minister stated.
“It breaks my heart that people need to lobby to even get visas to Nigeria. It shouldn’t be so. It shouldn’t be.
“For anybody that is qualified, for anybody that wants to do legitimate activities in Nigeria, such people should be able to come to Nigeria easily. And this is why we are opening our space. Mr. President is interested in foreign direct investments.”
Further, he said Nigeria is interested in partnering with the rest of the world to develop its economy but, “We can’t do that when we allow bottlenecks to hold us down. So these reforms, basically, are aimed at opening our space, enhancing national security, and we hope that the primary responsibilities of the visa scheme will be achieved.”
Kemi Nandap, controller general, Nigeria Immigration Service (NIS), said the NIS would fully digitize its e-visa platform and reduce visa classifications from 79 to 44 to enhance accessibility, transparency, and efficiency in the new visa policy.
She said, “At the core of this policy is the new e-visa platform—a fully digitized, centralized system that revolutionizes how foreign nationals interact with our country’s entry procedures. As part of this transformation, the Nigerian Visa Policy 2024 underwent a comprehensive review, resulting in a significant reduction in visa classifications from 79 to 44.
“These categories have been logically grouped to simplify procedures, reduce complexities, and greatly improve the user experience. Importantly, we have maintained the original purpose and intent of each visa class throughout this reform.”
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