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Toriola Says Converting Data to Wisdom is Key to Transforming SMEs in Nigeria

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Olutokun Toriola, Chief Executive Officer, MTN Nigeria, has shed light on how digitization and smart use of data can help SMEs transform business and improve access to capital.

Olatokun Toriola, Chief Executive Officer (CEO), MTN Nigeria

He stated this at the Sparkle’s webinar for SMEs, themed: “Simplifying Support for Small Businesses”, held on February 7, 2022

More than 95% of registered businesses around the world are small and medium-sized enterprises (SMEs). Africa is no different.

According to the World Bank, they provide for more than half of all jobs and account for more than a third of the combined GDP of emerging market economies.

Getting access to credit, however, is an uphill task for most of these SMEs. It is now widely established that lack of access to finance is the most significant constraint on the growth of small enterprises. In developing economies, the estimated annual credit gap could be as much as US$5.2trn.

Speaking on access to funding for SMEs at the webinar, Toriola urged SMEs to take advantage of the data presented to them through telecommunication companies and financial systems as means to access capital.

“Data is abundant in both the telecommunications and financial ecosystems. The person that is going to make magic out of this is the person that can turn data into wisdom because the data is out there and not many people have successfully been able to transform and beneficially structure this data.

“If we convert data into wisdom, then I think we can create a magic formula that can transform the SME world and fix the problem about access to capital.”

MTN Nigeria is committed to enabling the growth of small businesses by offering solutions to improve organizational effectiveness and productivity.

According to Toriola, “MTN Nigeria provides access to knowledge and information through easily affordable, sometimes free tools and learning programs through SMS automated port training programs. In addition to that, we also try to provide access to infrastructure with specifically designed packages for SMEs, such as cost-effective voice and data solutions as well as collaborations with global ICT partners.”

Toriola was joined by CEO, Flour Mills of Nigeria Group, Boye Olusanya, CEO, Access Bank Plc, Herbert Wigwe, Deputy Director, Enterprise Development Centre, Pan-Atlantic University, Nneka Okekearu; Senior Vice President, CEMEA at Visa, Otto Abasi Williams and Chief Executive Officer and Founder of Sparkle, Uzoma Dozie.


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Oluwaseun Dania Named Among Top 50 Most Influential People of African Descent for Philanthropy & Social Impact

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Visionary entrepreneur, multi-sectoral leader, and tireless advocate for sustainable development, Oluwaseun Dania has been named one of the Top 50 Most Influential People of African Descent (MIPAD) in the Philanthropy & Social Impact category.

This prestigious global recognition, organised in support of the United Nations’ International Decade for People of African Descent, celebrates individuals creating meaningful change through purpose-driven leadership.

Dania, the CEO of Crello, a cross-border B2B fintech platform, and Alpha-Geek Technologies, a digital innovation firm, is a serial entrepreneur whose impact spans finance, technology, agriculture, energy, and philanthropy. His inclusion in the 2025 MIPAD honours list is a resounding acknowledgement of his lifelong dedication to empowering communities, advancing sustainability, and leveraging innovation for good.

From Tech to Soil: A Holistic Vision for Impact

Dania’s work in agriculture, through his venture Westnova Farms, focuses on transforming local farming ecosystems using innovative agricultural practices that support food security, economic growth, and environmental conservation. His dedication to green innovation and regenerative agriculture reflects his belief in building future-proof solutions from the ground up.

In the oil and gas/energy sector, Dania is widely respected for his expertise in Health, Safety & Environment (HSE) and sustainable energy policy. He is a sought-after voice on issues surrounding energy transition, corporate responsibility, and green compliance frameworks, particularly across sub-Saharan Africa.

Tech-Driven Philanthropy That Transforms Lives

As founder of the Oluwaseun Dania International Foundation, he leads bold initiatives that impact lives across Nigeria; most notably, teaching children in remote communities to create NFTs through digital art, producing an award-winning film confronting the drug crisis, and building an eco-friendly school from recycled pet bottles to deliver free education.

“This honour from MIPAD goes beyond personal achievement; it reflects the power of a collective mission to uplift, inspire, and transform,” Dania stated. “Whether through fintech, agriculture, or sustainability, I believe that every innovation must answer a social need.”

Global Recognition, African Roots

Previously recognised by the Friendship Ambassadors Foundation and profiled in Marquis Who’s Who, Dania has become a leading force in Africa’s digital and social renaissance.

He holds over 30 certifications across cybersecurity, engineering, compliance, and enterprise architecture, and is a member of respected global institutions including the Forbes Business Council.

The 2025 MIPAD honorees will be celebrated during United Nations General Assembly (UNGA) Week in New York City in September 2025, spotlighting global changemakers of African descent who are redefining leadership through equity, innovation, and action.


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GBB Reaffirms Commitment to Driving Public Sector Innovation @ the 5th Public Service Innovation Competition Awards

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Mohammed Sani Ibrahim, ED, Finance & Corporate Services, Galaxy Backbone
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Galaxy Backbone (GBB), Nigeria’s digital infrastructure and shared services provider, joined other key government institutions at the 5th Public Service Innovation Competition Award Ceremony, organized by the Office of the Head of the Civil Service of the Federation (OHCSF).

The event, which held in Abuja, celebrated groundbreaking ideas from Ministries, Departments, and Agencies (MDAs) that are reimagining public service delivery through innovation.

The ceremony, which attracted notable dignitaries including the Chief Host herself, The Head of the Civil Service of the Federation, Mrs Didi Esther Walson-Jack, OON mni. Others include, former Heads of Service, Dame Amal Pepple and Mr. Danladi Kifasi, and the Chairman of the House Committee on Public Service, Hon. Sani Bala, showcased the vibrancy and ingenuity of Nigeria’s Civil Servants.

Delivering a goodwill message on behalf of the MD/CEO of Galaxy Backbone, Mr. Sani Ibrahim, Executive Director, Finance & Corporate Services, underscored the importance of inter-agency collaboration, digital literacy, and innovative thinking as pillars for national development.

He emphasized that GBB remains deeply committed to supporting initiatives like the Innovation Competition, which foster a culture of creativity, problem-solving, and transformation across the public sector.

“Innovation is no longer a luxury — it is essential to building a responsive, efficient, and digitally enabled government. At Galaxy Backbone, we are proud to align with this vision through our Integrated Digital Transformation Strategy (IDTS), which drives digital infrastructure, innovation, data security, and capacity building across MDAs,” he stated.

The 2025 edition of the competition saw an outstanding 155 entries, with 132 individuals pitching innovative ideas and 66 thematic teams presenting implementable solutions designed to enhance service delivery and governance.

Themed around streamlining bureaucratic processes, succession planning, employee welfare, and change management, this year’s event reaffirmed the role of innovation in shaping a future-ready public service.

Galaxy Backbone recognizes the critical role of digital transformation in empowering civil servants to create lasting impact. By supporting platforms such as the Public Service Innovation Competition, GBB reinforces its commitment to equipping the public sector with the tools, skills, and digital infrastructure necessary for Nigeria’s progress.

As part of this commitment, GBB will also be providing mentorship for all the winners of the innovation challenge, helping them refine their ideas, scale implementation, and drive sustainable transformation across the public service.

As the country advances on its journey toward e-governance and efficient service delivery, GBB continues to stand as a strategic partner in building a connected, innovative, and digitally skilled public service.


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Onafriq and Circle Partner to Revolutionize Cross-Border Payments in Africa with USDC

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Onafriq, Africa’s largest payments gateway, and Circle, stablecoin market leader and issuer of USDC, today announced their strategic partnership aimed at transforming cross-border payments and digital financial services.

This collaboration marks a significant step towards compliantly leveraging stablecoins and blockchain infrastructure to boost Onafriq’s payment network, positioning it at the forefront of the digital payment’s revolution for real-world financial applications.

Currently, over 80 percent of intra-African payments are routed through correspondent banks outside the continent and settled in foreign currencies such as the US dollar or Euro. This results in a staggering US$5 billion in transaction fees annually and undermines economic integration efforts.

Onafriq and Circle are working together to change this paradigm by piloting the use of USDC-powered settlement solutions into Onafriq’s network, which connects over 500 wallets and 200 million bank accounts in more than 40 African markets.

Onafriq’s founder and CEO, Dare Okoudjou, said: “Our partnership with Circle is an important milestone, reinforcing Onafriq’s commitment to harnessing technology to remove complexity from cross-border payments. By integrating USDC, we aim to simplify financial transactions for institutions and individuals, reduce costs, and strengthen trust.

This collaboration underscores our vision to democratise access to payments and drive financial inclusion across the globe. We’re not just envisioning the future of payments – we’re actively building it.”

Miriam Kiwan, Vice President, Middle East & Africa at Circle, said: “The emerging markets that Onafriq serves hold tremendous potential for digital asset innovation, particularly in the adoption of stablecoins for cross-border payments.

“Our partnership with Onafriq aligns perfectly with Circle’s mission to promote financial inclusion and improve efficiency in areas where traditional banking has often been costly and inaccessible.

“Together, we aim to transform how money moves across borders, offering secure and transparent digital payment rails that enhance economic empowerment and connectivity.”

This collaboration is a major step toward a more inclusive and self-reliant pan-African financial system. It signals a new phase in the modernisation of African payment rails – one where blockchain technology is applied responsibly, in lockstep with regulators and financial institutions, to build a faster, more efficient, and economically empowering future for the continent.


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