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Unified Payments Bags E-payment Service Provider 2011 Award

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George Uriesi, managing director of FAAN,
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Unified Payments has emerged winner as E-payment Service Provider for 2011 in the just concluded Beacon of ICT Awards by Communication Media Limited, publishers of Nigeria CommunicationsWeek Magazine.

The event, which held penultimate week in Lagos, was chaired by Dr. Ernest Ndukwe, former Executive Vice Chairman, Nigeria Communications Commission and presently, Chairman, Open Media Group. Keynote lecture was by Jean-Luc Fort, Chief Executive Officer, OR Systems based in France.

According to the organizers of the awards, “The Beacon of ICT Award winners are chosen by Nigerians who recognize and appreciate the guiding lights of the organizations and individuals as well as the symbols of hope they raise. Since the ICT revolution in Nigeria, there have been great changes in Nigeria’s economic and social development, these changes would have been impossible without the diligence and commitment of some individuals and organizations.”

“That is why we instituted the Beacon of ICT Awards since 2010, as an annual industry-wide celebration to reward deserving talents, contributions and commitments to the growth of the industry.”

Unified Payments got the award for its contributions and exceptional value-added innovations to the growth of electronic payments landscape in Nigeria.

These contribution include but not limited to Unified Payments pioneering the issuance and acceptance of EMV Chip+PIN cards in Nigeria which lead to the reduction of ATM fraud related issues by over 90%; enabling Nigerian Banks to issue payment cards to Naira accountholders to be used for the first time ever globally; enabling Nigerian banks for first ever acceptance of foreign cards at their ATMs.

The company was also recognized for being the first Nigerian Principal member of a global payment scheme and the only Nigerian non-bank Principal member as well as the first EMV Third Party Processor in Nigeria.

Unified Payments, formally ValuCard, is a card-neutral and option neutral payments service provider owned by a consortium of 18 Nigerian banks. The company operates as a shared infrastructure for the banking community in Nigeria and payments service provider within and outside Nigeria with major business to include: Processing, Switching, Acquiring/Acceptance, Payment Terminal Services (PTSP) and Value-added services and solutions.

Responding on behalf of the other award winners in the corporate category, Agada Apochi, Chief Executive Officer, Unified Payments thanked the organizers for the good work they are doing in and for the industry through information and publicity and most especially for taking out time to honour individuals and corporates who have contributed to the growth and stability of the industry.

He went to promise that all the winners of the awards will continue to make quality contributions to the industry. In his words “I wish to promise on behalf of all the awardees, that we will continue to make quality contributions to the industry and justify the reason for our awards”. He said.

Unified Payments is winning the awards the third time running from the inaugural edition in 2010.


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E-Business

Schmidt, Ex Google Chief Says AI Risky in Terrorist Hands

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Eric Schmidt, former Google CEO
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Eric Schmidt, former Google CEO has expressed concerns about the extreme risks posed by artificial intelligence (AI) falling into the hands of terrorists or rogue states.

Schmidt, Ex Google Chief Says AI Risky in Terrorist Hands

Eric Schmidt, former Google CEO

He warned that nations such as North Korea, Iran, and Russia could adopt AI technologies to develop weapons capable of causing significant harm, including biological weapons.

Schmidt urged governments to oversee private tech companies, emphasising, “The real fears I have are not the ones most people discuss about AI, I talk about extreme risk.”

“I’m always worried about an ‘Osama Bin Laden’ scenario, where truly evil individuals take control of some aspect of modern life to harm innocent people,” he added.

With private companies driving AI advancements, he stressed the need for careful government monitoring and regulation. “It’s really important that governments understand what we’re doing and keep their eye on us,” he said.

His remarks followed a two-day AI summit in Paris, where the UK and the U.S. declined to sign a communiqué outlining the future direction of AI. The declaration on “inclusive and sustainable artificial intelligence for people and the planet” was endorsed by 57 countries, including India, China, the Vatican, the EU, and the African Union Commission.

The UK justified its decision, stating that the agreement lacked “practical clarity” on global AI governance and national security concerns.

Schmidt supports U.S. export controls restricting the sale of advanced AI microchips to certain countries, aiming to slow adversaries’ progress in AI research.

He also highlights the importance of international collaboration on AI safety, suggesting that cooperation with nations like China is essential to addressing global AI challenges.

 

 


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OpenAI CEO Rejects $97.4Bn Takeover Bid from Elon Musk

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Sam Altman, chief executive of ChatGPT-owner OpenAI
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Sam Altman, chief executive of ChatGPT-owner OpenAI, has firmly declared the company “not for sale” following a $97.4bn (£78.4bn) takeover bid from a consortium led by Elon Musk.

OpenAI CEO Rejects $97.4Bn Takeover Bid from Elon Musk

Elon Musk

Speaking at the AI Action Summit in Paris, Altman emphasised OpenAI’s mission to develop AGI (artificial general intelligence) for the benefit of humanity.

Marc Toberoff, attorney for Elon Musk, confirmed the bid submission on Monday.

In response, Altman humorously offered to buy Twitter for $9.74 billion on Musk’s platform.

Unlike many tech giants, OpenAI is not publicly traded but operates through a complex partnership between non-profit and for-profit entities.

Musk aims to return OpenAI to its non-profit roots, despite owning a rival firm, xAI.

Christie Pitts, a tech investor, expressed scepticism about Musk’s intentions, noting his competitive interests.

Altman echoed this sentiment, suggesting Musk’s move disregards OpenAI’s mission.

Altman, who holds no stock in OpenAI, advocates transforming the organisation into a fully for-profit company to raise more funds for AI research.

Although the board has the final say, the $97.4bn offer falls short of OpenAI’s previous $157bn valuation and rumoured $300bn in future funding talks.

Toberoff stated the consortium might increase their bid. Meanwhile, OpenAI is collaborating with Oracle, a Japanese investment firm, and an Emirati sovereign wealth fund on “The Stargate Project,” a $500 billion AI infrastructure initiative announced by President Donald Trump.

 

 

 

 


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Adobe Launches AI Video Tool to Compete with OpenAI

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Adobe yesterday released the first public version of an artificial intelligence tool that can generate video clips and revealed how much it will charge, but said it will not set pricing for major users such as studios until later this year.

The Firefly Video Model, as Adobe is calling the service, will compete against Sora, a model developed by ChatGPT creator OpenAI, and startup Runway, both of which currently offer video-generation services. Facebook owner Meta Platforms has also developed a video-generation AI model but has not given a timeline for when it will be released.

Adobe’s model differs from its rivals because it is geared toward generating clips that will fit into how film and television studios use Premiere Pro, its flagship video editing software.

To that end, many of the features that Adobe is emphasizing revolve around feeding existing shots into the video model and asking it to generate clips that fix or expand on shots that were taken on a real production set but that did not come out quite right.

Adobe said the service will generate five-second clips at 1080p resolution. While that is shorter than the clips of up to 20 seconds generated by OpenAI’s service, Adobe executives said the majority of individual clips in most productions are only three seconds.

Adobe said a user can generate 20 clips per month for $9.99 and 70 clips for $29.99. That compares with 50 videos for $20 per month with OpenAI’s plan at lower resolution and a $200 OpenAI plan that can handle longer, higher resolution videos.

Adobe is also working on a “Premium” pricing plan for studios and other high-volume video users and will release those pricing details later this year. Alexandru Costin, Adobe’s vice president of generative AI, said the company is working to generate 4K video and will remain focused on quality rather than longer clips.

“We actually think that great motion, great structure, great definition scheme, making the actual clip look like it was film, is more important than making a longer clip that’s unusable,” Costin told Reuters.

 


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