E-Business
IFIN Launches the First of its Kind Instant Islamic Financing Platform
Islamic FinTech provider, IFIN (Islamic Finance Initiation Network), has launched the first of its kind, real economy, and automated Islamic financing platform. The secure, innovative technology connects retailers and Islamic finance providers, enabling them to offer consumers instant access to Islamic financing for purchases, at the point of sale.
IFIN’s cloud-based platform reduces the traditional Islamic financing process from several days to just a few minutes and is set to revolutionise the in-store shopping experience. IFIN’s platform eliminates the need for customers to visit their bank branch in order to secure a finance, allowing them to do so as soon as they have made their purchasing decision in the store.
IFIN platform provides retailers with the opportunity to boost their sales and increase customer loyalty by enhancing the payment options for their customers. The platform serves a wide range of goods and service providers, including car dealerships, furniture showrooms, electronics stores, travel agents, healthcare providers, private schools and academic institutions.
Similarly, IFIN’s cutting-edge, secure and fully automated platform enables Islamic financial institutions to substantially expand their distribution network to hundreds or even thousands of retailers and extend their operations beyond the traditional branch model and usual banking working hours and days, thus allowing them to continue booking new financing even on weekends and banking holidays, with utmost simplicity and without any major investment.
Research undertaken in the Sultanate of Oman and the Kingdom of Saudi Arabia, by independent research company, Nielsen on behalf of IFIN, reveals a substantial market opportunity for both financial institutions and retailers. According to the research findings, almost 90% of consumers in both countries are either ‘interested’ or ‘very interested’ in the IFIN offering.
IFIN is a joint venture between two Islamic finance pioneers – Path Solutions, the world’s leading provider of Islamic finance technology, and IFAAS (Islamic Finance Advisory & Assurance Services), a leading international advisory firm dedicated to Islamic finance.
The founder and CEO of IFIN, Dr. Shaher Abbas said “We are very proud to bring the first of its kind FinTech solution to the Islamic financial services industry. The end-to-end digitalisation of the financing process allows Islamic financial institutions to significantly reduce their costs, enhance their profitability and expand their outreach to be where their customers are, without laying another brick.
“On the other hand, with the whole financing process taking only 10 minutes to be completed, retailers can boost their sales, expand their product offering and provide their customers with the unique shopping and financing experience that IFIN brings. IFIN plans to expand in 20 countries over the next 5 years to capture a market potentially worth over $600 billion”.
Mohammed Kateeb, Chairman and CEO of Path Solutions added, “We are delighted that, by using our cumulative knowledge in Islamic finance technology and through our collaboration with IFAAS, we have developed an industry-leading solution that will deliver real impact to Islamic financial institutions, retailers and customers.
“We have known and understood the industry challenges very thoroughly and developed a practical solution not only to meet those challenges but also to help take the industry to the next level”.
Farrukh Raza, IFAAS Group CEO, also commented on the launch saying, “Our experience and insight of the industry has enabled us to develop a much-needed FinTech with Path Solutions to lay down the foundation of a digital Islamic finance industry that serves the real economy and supports the development of communities”.
The Nigeria Internet Registration Association (NiRA) presents its report on .ng domain name registration and renewal statistics for the first quarter of 2025, highlighting the continued expansion of Nigeria’s digital footprint. The data underscores a consistent and significant adoption of the nation’s Country Code Top-Level Domain (ccTLD), reinforcing its pivotal role in the burgeoning Nigerian digital economy.
During the period spanning January to March 2025, a total of 40,791 .ng domain names were recorded. This figure comprises 22,236 new registrations and 18,555 renewals, indicating a healthy balance between the acquisition of new digital identities and the sustained commitment of existing domain name holders to their online presence.
Analysis of the registration trends within the quarter reveals a notable upward trajectory, with a 13.92% increase in domain name registrations observed between February and March 2025.
This growth signifies an increasing recognition of the importance of a localized online identity by a diverse range of stakeholders, including individuals, startups, Small and Medium-sized Enterprises (SMEs), and larger organizations.
Notably, the .com.ng extension continues to be the dominant choice, accounting for over 60% of both new registrations and renewals. This reaffirms its status as the preferred domain name extension for Nigerian businesses seeking to establish a credible and locally relevant online brand presence while maintaining global accessibility. The sustained popularity of .com.ng underscores its perceived value among Nigerian entrepreneurs and enterprises seeking to secure their digital real estate.
This upward trajectory isn’t happening by chance. The Nigeria Internet Registration Association (NiRA) has remained intentional in its drive for digital inclusion and domain adoption. Through public education, training via the .ng Academy, outreach campaigns, and partnerships with stakeholders across the tech ecosystem, NiRA has consistently advocated for the importance of owning a local domain. The current standing of .ng as the second most registered ccTLD in Africa reflects the efficacy of these efforts.
Digital adoption in Nigeria is no longer just about being online—it’s about owning your digital identity. And with a .ng domain, Nigerians are better positioned to assert that identity, connect with local and international audiences, and gain better control over their digital footprints.
As we look toward the rest of 2025, the Q1 results serve as a strong signal: more people are embracing the digital future, and the .ng domain is increasingly becoming their first step.
National Identity Management Commission (NIMC) of Nigeria has launched a new digital identity verification tool called the NIN Authentication (NINAuth) application.
The initiative, which forms part of President Bola Tinubu’s Renewed Hope Agenda, aims to strengthen the country’s national digital identity management framework.
The launch builds upon Nigeria’s comprehensive unified digital identity system that has been transforming access to financial services and government programs.
The NINAuth application introduces several key features focused on data security and privacy.
The platform requires explicit user consent before sharing identity information for Know Your Customer (KYC) processes, giving individuals greater control over their personal data.
The system provides seamless access to various government services, including SIM card registration, immigration applications, passport processing, tax filings, and financial transactions.
The development follows significant investment in Nigeria’s digital identity infrastructure, including a $45.5 million support from the World Bank as part of the Digital Identification for Development (ID4D) project.
As the official service for integration with NIMC’s backend infrastructure, NINAuth enables secure verification processes across ministries, departments, and agencies (MDAs).
The application is available for download on both the Google Play Store and Apple iOS App Store for users of the National Identification Number (NIN).
The rollout represents a significant milestone in Nigeria’s ongoing efforts to digitize government services and strengthen identity verification processes.
“NINAuth is a cutting-edge suite of services including web, API, and mobile verification designed to enhance data security, protect privacy, and simplify access to government services,” said Dr. Kayode Adegoke, Head of Corporate Communications at NIMC.
“The platform introduces a robust layer of protection, empowering individuals with greater control over their personal information.”
The implementation supports the objectives of the recently established Nigeria Digital Identification for Development Project Ecosystem Steering Committee, which oversees the country’s digital identity initiatives.
President Bola Ahmed Tinubu has approved the launch of the NINAuth app and directed its use for verification and authentication across all MDAs.
The application provides a secure single sign-on solution for accessing government services and social protection programs while maintaining strict data privacy controls.
The centralized approach to digital identity management represents a significant step forward in Nigeria’s digital transformation journey and its commitment to modernizing government services.
Nigerian Copyright Commission (NCC) has set in motion a machinery to checkmate the booming copyright piracy market in the country.
Copyright piracy is said to cost Nigeria an annual loss estimated at billions of naira.
Despite the absence of a coordinated or official statistics to gauge the quantum of loss, John Asein, director general, NCC, said as far back as 2019, Nigeria lost N918 trillion ($3 billion) annually to digital piracy.
The financial damages severely impact local businesses and innovation efforts.
The commission, in collaboration with the World Intellectual Property Organisation (WIPO), has started a project to develop strategies and tools to address the menace.
Speaking at a stakeholders’ meeting on the WIPO project to address online copyright piracy in Nigeria, Asein said digital technologies have unlocked tremendous opportunities for the creative and innovation sectors.
The NCC boss said technology also poses serious challenges, including online piracy, which he said is growing rapidly.
He said: “Pirate sites continue to emerge rapidly, with statistics indicating a 6.7 per cent increase in user visits. A significant percentage of these users are students aged between 18 and 24, with social media and messaging platforms becoming major gateways for accessing pirated content.”
He added: “No industry is immune. The most affected sectors include television (43.6 per cent), publishing (27.5 per cent), film (12.9 per cent), music (7.0 per cent), and software (6.2 per cent).
“Far beyond mere statistics, the victims are no longer only foreign right owners. Many Nigerians in these sectors have also been bruised and their creative enterprises ruined.”
Lagos Slush’D 2025 To Promote Creativity among Start-ups
Stakeholders Seek Strengthening of Digital Infrastructure @ IoT West Africa
Airtel Introduces Full Shopping Experience Within My Airtel App
Jumia Expands Delivery Service to Nigeria
Q1 2025 .ng Domain Name Statistics Reflect Nigeria’s Advancing Digital Landscape
Telecom3 days agoNigeria to Receive $3Bn Telecoms Infrastructure in June – Minister
Telecom3 days agoLegend Internet Debuts Nigeria’s First Fibre-to-the-room Service
E-Business3 days agoWhy Even the Most Experienced can Fall Victim of AI Phishing Attacks
E-Financial3 days agoCBN Issues Advisory on Scammers Flaunting Fake Contracts
E-Business3 days agoNIPOST Partners KLM on Global Mail Delivery
News3 days agoBritish High Commission Reaffirms Strong Ties with Nigeria
Telecom3 days agoNASENI Commends President Tinubu’s Push for Local Industry Growth
News3 days agoNERC Orders DisCos to Compensate Band A Customers in 557 Streets