Technology experts at the Africa Tech Alliance Forum (AfriTECH 4.0) held in Lagos State-Nigeria, recently, highlighted the transformative potential of blockchain and AI in positioning Africa as a global technology leader.

Kashifu Inuwa Abdullahi, the director-general of the National Information Technology Development Agency (NITDA), in his keynote address, titled “Blockchain Technology & AI: Positioning Africa for the Future,” emphasized Africa’s unique position to leverage these technologies for economic and social development.

With mobile penetration at about 80% and a rapidly growing youth population, Africa, he noted, is fertile ground for digital transformation, noting that Blockchain and AI offer unparalleled opportunities to propel Africa into the future as a leader in the global digital economy.

“Both blockchain and artificial intelligence are powerful technologies that offer Africa unprecedented opportunities. By strategically integrating these technologies, we can propel Africa forward as a dynamic leader in the global digital economy,” he said.

Abdullahi who was represented at the event by Mrs. Rita Shoremi, Head, Startup Innovations and IT solutions, NITDA, South West Zone, outlined the potential of blockchain to address challenges in financial inclusion, governance, and property rights across the continent arguing that with over 57% of Africans unbanked, blockchain can extend financial services to underserved regions, adding an estimated $300 billion to Africa’s GDP by 2025.

“Africa stands at a unique juncture. Our continent has seen remarkable digital growth, with mobile phone penetration reaching 80% across sub-Saharan Africa according to a World Bank, 2022 report.

“Africa is also home to one of the world’s fastest-growing youth populations, over 60% of whom are under the age of 25 by a UN Population Data of 2022. These dynamics offer a fertile ground for digital transformation, and emerging technologies like blockchain and AI have the potential to redefine key sectors that fuel Africa’s economy,” Abdullahi stated.

To fully capitalize on blockchain and AI, Abdullahi emphasized the need for supportive policies, strategic partnerships, and youth empowerment and noted that NITDA’s eight-pillar strategy aligns with Nigeria’s goals for digital literacy, infrastructure access, and global research collaboration, with a goal of achieving 70% digital literacy by 2027.

In his presentation titled “Navigating The Future of Technology In Africa: The Intersection of AI, Blockchain, Cryptocurrency and Cybersecurity,” Dr. Obadare Peter Adewale, the chief visionary officer, Digital Encode Limited, examined adoption trends, industry impact, and the key challenges across these technologies.

Taking an overview of Emerging Technologies in Africa, Obadare who was represented by Oluwakayode Olatunji, CISO and Group Head of Information Security at Digital Encode Limited stated that Africa’s digital transformation is accelerating in key sectors like fintech, healthtech, and agritech that are adopting cutting-edge technologies such as AI, blockchain, and cryptocurrencies.

According to him, whereas mobile penetration, cloud computing, and increasing internet access are driving the growth of these technologies, these innovations come with risks and threats associated with cyberattacks, fraud, and data breaches and cautioned that a robust cybersecurity framework is crucial for sustainable digital transformation.

On his part, Mr. Biram Fall, the Regional General Manager, QNET Sub-Saharan Africa, said that with over 350 million unbanked adults, there is a significant potential of financial inclusion and digital solutions for Africa, and a vast opportunity to expand access to financial security, event through electronic commerce (eCommerce).

Speaking as a lead presenter at the AfriTECH 4.0, Mr Fall stated that financial inclusion transforms lives by providing essential financial tools like savings accounts, credit, and insurance, which foster economic independence.

Highlighting the importance of the Forum’s theme, “Harnessing Fintech Solutions for Financial Inclusion & eCommerce Growth,” he said”: “The demand for financial inclusion aligns with a projected $75 billion e-commerce market in Africa by 2025, driven by rising internet access and smartphone adoption. However, limited banking infrastructure and high cash dependency hinder digital engagement,” he said.

He disclosed that QNET’s initiatives, such as its “Fit Green” financial literacy programme, have trained over 1,500 young Nigerians, promoting financial self-sufficiency and entrepreneurship through an e-commerce-driven direct-selling model active in over 100 countries.

“Our e-commerce driven direct-selling model provides income-generating opportunities in over 100 countries, promoting entrepreneurship and self-sufficiency in low-income regions. True progress requires collaboration.

Prof. Ibrahim Adeyanju, the Managing Director/Chief Executive Officer of Galaxy Backbone, underscored the importance of building sustainable digital infrastructure to fuel Africa’s economic transformation.

Presenting a paper titled: Building Digital Infrastructure for a Sustainable Digital Economy, through a representative, Mr. Nnamdi Onoh, Field Service Engineer at Galaxy Backbone, Prof. Adeyanju noted that technology has the potential to redefine Africa’s economic trajectory, and that at Galaxy Backbone, they are dedicated to building the foundational digital infrastructure that supports this vision.

According to him, “Africa’s digital journey presents immense opportunities, but it requires robust, scalable, and sustainable infrastructure to enable economic growth. Galaxy Backbone’s mission aligns directly with these goals, as we work to provide the infrastructure and connectivity that powers government services, businesses, and communities across Nigeria.”

He said that today, digital infrastructure is much more than just technology but about creating resilient systems that empower citizens, foster economic empowerment, and drive inclusive growth. “Our investments in state-of-the-art data centres, fibre optic networks, state of the art SOC and secure cloud solutions have created a backbone that supports Nigeria’s public sector and enables interconnectivity among MDAs,” he said.

Nodding in agreement, Mrs. Ebehijie Momoh, the chief executive officer of AfriGoPay Financial Services Limited, said that the company, working with Nigerian banks and the Central Bank, aims to reduce payment processing costs, thus supporting the nation’s financial inclusion goals

Momoh noted that with a population exceeding 220 million and mobile penetration reaching a notable 90%, Nigeria is well-positioned for a digital transformation that supports a burgeoning economy, adding that over 103 million Nigerians, or 45.5% of the population, are now internet users, underscoring the potential for digital growth.

“According to a 2023 report, the country’s financial inclusion rate rose to 64%, an impressive increase from the 50s just two years prior. This growth is driven in part by the Central Bank of Nigeria’s (CBN) initiatives focused on financial inclusion, fostering an environment where more Nigerians can access essential financial services,” she said.

The AfriGoPay Chief Executive expressed delight that Nigeria’s digital payments landscape is also experiencing rapid expansion, with 2023 alone seeing an estimated $730 billion in transactions and noted that the advent of domestic payment solutions, like the recently launched AfriGo card, represents a home-grown option that facilitates cashless payments.

“The AfriGo card, developed in collaboration with Nigerian banks and the CBN, is designed to reduce costs by processing transactions in local currency instead of foreign exchange, thus supporting the nation’s financial inclusion goals.

AfriTECH 4.0 attracted both physical and virtual attendees from Nigeria, Kenya, Egypt, United Kingdom, United States, South Africa, amongst others.

In line with the present administration’s focus on Reforming the Economy for Sustained Inclusive Economic Growth, Accelerating Diversification through Industrialisation and Digitisation, and Improving Governance for Effective Service Delivery, the Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa CCIE, has called for increased collaboration among key players in the Fintech ecosystem to enhance financial literacy and promote financial inclusion for all citizens.

The DG made this statement at the 6th edition of the annual FirstBank FinTech Summit where he joined other key players in the ecosystem in a session titled: “Policy and Infrastructure: Navigating Financial Regulations for Fintech Innovations” held at the Lagos Continental Hotel, Victoria Island, Lagos State.

Inuwa emphasised that NITDA’s regulatory approach, based on a triple helix model, is not just about imposing standards but actively creating and supporting markets.

Outlining the objectives of the Regulatory Intelligence Framework developed by the agency to creating marketing values, enabling innovations, protecting consumers and effectively discharging services, Inuwa noted that priority was given to collaborations with the ecosystem in meeting these deliverables.

“To achieve this, we came up with a way which we call the participatory framework or policy dialogue for any regulation. This is because at the heart of everything we do is co-designing and co-creation,” he said.

Speaking on working with the ecosystem, he noted that collaboration was instrumental in successfully implementing Nigeria’s cashless policy which the agency did in partnership with the Central Bank of Nigeria (CBN).

“NITDA worked with CBN to come up with a cashless policy, which gave birth to the fintech industry we are talking about today.”

“This led to the banks to start upgrading their infrastructures, both hard and software, and the FinTech identified gaps and started coming up with solutions that can bridge the gaps left by the banks,” he added.

The DG however stated that the agency is working with the Federal Inland Revenue Service and some other stakeholders to develop guidelines for electronic invoicing which will create opportunities for the Fintech.

“As a regulator with a focus on facilitating financial inclusion, we need to strengthen unified regulations and policy-making, because if you make policies without having the implementers in the room, it will be difficult for them to implement, “ he averred.

He also elaborated on NITDA’s efforts to bridge the digital divide as an essential factor for financial inclusion, underscoring the launch of a National Digital Literacy Framework to integrate digital skills in formal education.

Highlighting the agency’s efforts at fostering digital literacy and cultivating talents, he disclosed that the agency has engaged in collaborations with the Ministry of Education in integrating digital literacy into curriculum and also, with the National Youth Service Corps (NYSC) in training over 17,000 Youth Corp members annually.

He added that the initiative is expected to provide basic digital literacy to millions, and aims to engage artisans, market women, senior citizens, and others from the informal sectors.

Inuwa further addressed Nigeria’s data sovereignty issues, particularly regarding reliance on foreign cloud services. He noted that building in-country cloud capabilities is vital for national security and for empowering local FinTechs. “Without operational sovereignty, we cannot fully control or secure our digital assets,” he stated, mentioning ongoing partnerships with hyperscale providers and local data centres to create cloud infrastructure within Nigeria.

He explained that the agency is working with other stakeholders in developing the cybersecurity architecture to achieve financial inclusion while asserting that infrastructures will be created, the unconnected will be connected and promoting digital literacy to foster trust on digital platforms.

Revealing that NITDA has several interventions and initiatives aimed at supporting the underserved and unserved areas in the country by building their digital capacities and skills, he urged the fintech to leverage these opportunities by infusing their financial literacy into them which will consequently drive a deeper financial inclusion for all.

“Nigeria has the infrastructure and with the right collaborations and continued focus on inclusive policies, we can make significant strides in bridging both digital and financial divides,” Inuwa concluded.

Other panelists who shared their insights and expertise at the session with the DG were the MD & CEO, NIBSS, Mr Premier Oiwoh, CEO, Lagos Lotteries & Gaming Authority, Mr Bashir Are and the Chief Information Officer, FirstBank of Nigeria, Mr Adewale Salami.