The Nation Newspaper

Category: Technology

  • Firm builds sewage treatment plants for Air Force estate

    Firm builds sewage treatment plants for Air Force estate

    An indigenous firm, Biotech, has partnered to build state-of-the-art sewage treatment plants, lift stations, and sewer infrastructures for the Nigerian Air Force estate in Abuja. 

    The project was commissioned on Tuesday, June 11, by the Chief of Air Staff, Air Marshal Hassan Abubakar.

    Speaking during the event, the Chief Executive Officer of Biotech, Aanu Talabi, emphasised the importance of these new facilities in advancing a circular economy. 

    “The commissioning of these facilities symbolizes a significant step towards realizing a circular economy where waste is not merely disposed of but transformed into valuable resources. This approach will not only help in conserving our precious resources thereby reducing the demand for fresh water, promoting sustainable water management practices, while also mitigating the impacts of climate change.”

    Talabi highlighted the critical role of these facilities in ensuring a resilient future.

    He stated: “These sewage treatment plants and lift stations are not merely infrastructural additions, they are pivotal elements in our journey towards a sustainable and resilient future. The importance of these facilities cannot be overstated.

    Read Also: CBN reaffirms financial stability of banks

    “By effectively managing and treating wastewater, these plants will significantly reduce health risks associated with untreated sewage. This will lead to a healthier environment, thereby improving the overall well-being of the residents,” Talabi added, underscoring the health benefits.

    Furthermore, he noted the environmental advantages, saying: “Proper sewage treatment is crucial in protecting our natural water bodies from contamination. 

    This initiative will help in preserving our rivers, lakes, and groundwater, ensuring that our natural resources remain unpolluted and safe for future generations. For instance, in rocky areas, the permeability of the soil is often low.

    This means that water and effluent cannot easily seep into the ground, making conventional soakaways ineffective.”

    He also mentioned the project’s potential to foster economic growth within the estate. 

    “The efficient management of wastewater will support the estate’s growth by attracting more prestigious residents and businesses, fostering a vibrant community. This, in turn, will stimulate local economies and create job opportunities.”

    Air Marshal Hassan Abubakar urged residents of the estate to use the facilities responsibly and prevent vandalism. 

    “I want to remind us that the efficiency of this sewage system depends solely on how the residents handle it. Accordingly, I implore the residents of the Estate under the auspices of the NAF Valley Estate Residents’ Association to contribute their quota towards ensuring that we get the best value for the huge resources invested in this noble project by simply ensuring that non-biodegradable materials are not disposed of through the system.”

    He further emphasised the need for community vigilance: “It is therefore necessary that we sensitize our households in this regard. Additionally, I must appeal to the residents to be very vigilant to ensure that the pipes and other components of the system are not vandalized.”

  • Understanding Technology Product Selection Criteria

    Understanding Technology Product Selection Criteria

    By Abimbola Ogunjinmi (MNSE, MIEEE, PMP, MBA)

    Selecting the right technology products is a critical decision for any organization. It involves evaluating various criteria to ensure the chosen products meet both current and future business needs. This paper explores the key criteria involved in technology product selection, including features, functions, standard compliance, interoperability, upgradeability, scalability, durability, and total cost of ownership (TCO). By understanding and applying these criteria, government, businesses and organizations can make informed decisions that support their strategic goals and operational efficiency.

    The Role of Technology Products in Modern Business Operations

    Technology products are integral to the operations of modern businesses. From hardware and software to networking and telecommunications, the right technology solutions can significantly impact an organization’s productivity, efficiency, and competitiveness. Given the rapid pace of technological advancement, selecting the appropriate technology products requires a thorough understanding of various selection criteria. This piece aims to provide a comprehensive overview of these criteria to assist decision-makers in the evaluation process and avoid technology or product that will not deliver the desired value.

    Key Criteria for Technology Product Selection

    1. Features and Functions
      • Definition: Features are the specific attributes or capabilities of a product, while functions denote the tasks that the product can perform.
      • Importance: The features and functions of a technology product must align with the specific needs and requirements of the organization, ensuring the product can effectively support intended use cases and deliver desired outcomes.
      • Evaluation: Decision-makers should create a detailed list of required and desired features and functions, then assess how well each product meets these specifications.
    2. Standard Compliance
      • Definition: Standard compliance refers to the adherence of a technology product to industry standards and protocols.
      • Importance: Compliance with standards ensures compatibility with other products and systems, facilitates interoperability, and often guarantees a certain level of quality and reliability.
      • Evaluation: Review the product’s documentation and certifications to verify compliance with relevant industry standards (e.g., IEEE, ISO, PCI-DSS).
    3. Interoperability
      • Definition: Interoperability is the ability of a product to work seamlessly with other products, systems, and platforms.
      • Importance: High interoperability reduces integration challenges, enhances flexibility, and ensures smooth communication and data exchange between different systems.
      • Evaluation: Test the product in the existing IT environment to ensure it can integrate and operate with current systems without significant issues.
    4. Upgradeability
      • Definition: Upgradeability refers to the ease with which a product can be updated or enhanced with new features and capabilities.
      • Importance: Products that are easily upgradeable can adapt to changing needs and technological advancements, extending their useful life and protecting the investment.
      • Evaluation: Investigate the vendor’s upgrade policy, the frequency of updates, and the ease of implementing these upgrades.
    5. Scalability
      • Definition: Scalability is the capability of a product to handle increasing workloads or expand to accommodate growth.
      • Importance: Scalable products ensure that the technology can grow with the business, supporting increased demand without compromising performance.
      • Evaluation: Assess the product’s performance under varying loads and its capacity to scale vertically (adding resources) and horizontally (adding more units).
    6. Durability
      • Definition: Durability refers to the product’s ability to perform reliably over its expected lifespan.
      • Importance: Durable products require less frequent replacement and maintenance, leading to lower long-term costs and improved operational stability.
      • Evaluation: Examine the product’s build quality, materials used, and warranty terms to gauge its durability.
    7. Total Cost of Ownership (TCO)
      • Definition: TCO encompasses all costs associated with the purchase, implementation, operation, and maintenance of a technology product over its lifetime.
      • Importance: Understanding TCO helps in budgeting and financial planning, ensuring that all hidden and ongoing costs are accounted for.
      • Evaluation: Calculate initial purchase costs, installation and training expenses, maintenance fees, operational costs, and potential costs associated with downtime or system failures.
    8. Vendor Reputation and Support
      • Definition: The reputation of the vendor and the quality of their customer support services.
      • Importance: A reputable vendor with robust support services can provide assurance of product reliability, timely updates, and effective problem resolution.
      • Evaluation: Research the vendor’s history, read customer reviews, check for any industry awards or certifications, and evaluate the quality and responsiveness of their support services.
    9. Security
      • Definition: The ability of the product to protect against unauthorized access, data breaches, and other security threats.
      • Importance: Ensuring robust security measures are in place is critical to protecting sensitive data and maintaining compliance with regulations.
      • Evaluation: Assess the product’s security features, such as encryption, access controls, and compliance with security standards (e.g., GDPR, HIPAA). Conduct vulnerability assessments and penetration testing if possible.
    10. User Experience (UX)
      • Definition: The overall experience of the end-user when interacting with the product.
      • Importance: A product with a positive user experience can improve productivity, reduce training costs, and increase user satisfaction.
      • Evaluation: Test the product’s interface and usability, gather feedback from potential users, and ensure it aligns with the organization’s user experience standards.
    11. Flexibility and Customizability
      • Definition: The extent to which the product can be customized and adapted to meet specific needs and preferences.
      • Importance: Flexible and customizable products can better support unique business processes and workflows.
      • Evaluation: Evaluate the customization options available, such as configurable settings, APIs for integration, and the ability to develop custom modules or plugins.
    12. Innovation and Future-Proofing
      • Definition: The ability of the product to stay current with technological advancements and incorporate innovative features.
      • Importance: Investing in innovative and future-proof products can ensure long-term relevance and reduce the need for frequent replacements.
      • Evaluation: Consider the vendor’s roadmap for future development, their track record of innovation, and the product’s ability to integrate emerging technologies (e.g., AI, IoT).
    13. Compliance and Regulatory Requirements
      • Definition: The adherence of the product to relevant laws, regulations, and industry standards.
      • Importance: Compliance is essential to avoid legal penalties, protect consumer rights, and ensure operational continuity.
      • Evaluation: Verify the product’s compliance with applicable regulations (e.g., SOX, PCI-DSS), and consider consulting with legal and compliance experts.
    14. Environmental Impact
      • Definition: The ecological footprint of the product throughout its lifecycle.
      • Importance: Considering the environmental impact aligns with corporate social responsibility goals and can contribute to sustainability initiatives.
      • Evaluation: Assess the product’s energy efficiency, the sustainability of its materials, and the vendor’s policies on recycling and waste management.
    15. Integration with Existing Systems
      • Definition: The product’s ability to seamlessly integrate with the organization’s current technology infrastructure.
      • Importance: Smooth integration reduces operational disruption and ensures continuity of workflows and data flows.
      • Evaluation: Conduct compatibility tests, review integration documentation, and consult with IT staff to identify potential integration challenges.
    16. Training and Ease of Adoption
      • Definition: The resources required to train users and the ease with which the product can be adopted by the organization.
      • Importance: Effective training and ease of adoption minimize the learning curve, reduce resistance to change, and accelerate the time to value.
      • Evaluation: Review the availability and quality of training materials, evaluate the product’s learning curve, and consider conducting pilot programs to assess ease of adoption.
    17. Return on Investment (ROI)
      • Definition: The financial benefit gained from the product relative to its cost.
      • Importance: A clear understanding of ROI helps justify the investment and ensures that it aligns with the organization’s financial goals.
      • Evaluation: Calculate the expected ROI based on projected cost savings, efficiency gains, and revenue improvements. Use financial modeling and scenario analysis to support the evaluation.

    Conclusion

    Selecting the right technology products is a complex process that requires careful consideration of multiple criteria. By evaluating features, functions, standard compliance, interoperability, upgradeability, scalability, durability, and total cost of ownership, organizations can make informed decisions that align with their strategic objectives and operational requirements. This comprehensive approach ensures that the chosen technology products not only meet current needs but also provide flexibility and resilience for future challenges.

    Author:  Abimbola Ogunjinmi (MNSE, MIEEE, PMP, MBA)

  • RapidBTS Ltd pioneers cost-effective telecommunications solutions in Nigeria

    RapidBTS Ltd pioneers cost-effective telecommunications solutions in Nigeria

    RapidBTS Limited is introducing a range of telecommunications solutions aimed at improving connectivity and operational efficiency for businesses in Nigeria. Utilizing advanced technologies, the company offers various services designed to meet the needs of businesses of all sizes.

    According to Nonso Nwankwo, CEO of RapidBTS Limited, there is a pressing need for reliable and cost-effective telecommunications solutions in Nigeria. “Our goal is to address communication gaps and support businesses in achieving seamless connectivity,” Nwankwo stated.

    One of the key offerings from RapidBTS Limited is Voice over Internet Protocol (VoIP) technology, which allows businesses to make calls over the internet, reducing costs associated with traditional phone lines. This technology also provides features such as call forwarding and voicemail to email.

    “The telecommunications landscape in Nigeria is changing, and businesses require solutions that match their evolving needs,” Nwankwo explained. “We provide a range of products including VoIP and video conferencing systems, and customer service platforms to help businesses communicate more effectively.”

    RapidBTS’s video conferencing systems enable virtual meetings, allowing teams and clients to connect regardless of their location. These systems are designed to be user-friendly and reliable, supporting businesses in maintaining productivity and building relationships with stakeholders.

    Read Also: Huawei signs digital transformation deal with African Telecommunications Union

    The company also offers integrated contact center and Customer Relationship Management (CRM) platforms, aimed at enhancing customer service operations. These solutions help businesses manage customer inquiries, track interactions, and gain insights into customer behavior, with the goal of improving customer satisfaction and loyalty.

    RapidBTS provides a variety of business phone numbers, including local and toll-free options. These numbers are intended to enhance a company’s professional image and improve customer accessibility and engagement.

    Founded with the intention of redefining telecommunications in Nigeria, RapidBTS Limited has grown rapidly, focusing on innovation, reliability, and customer satisfaction.

    “We aim to continuously innovate and adapt to the needs of our clients,” Nwankwo added. “Effective communication is crucial for business success and we are committed to contributing to the economic development of Nigeria.”

  • Zoho announces early access to CRM for Everyone, Catalyst, Apptics

    Zoho announces early access to CRM for Everyone, Catalyst, Apptics

    Zoho Corporation, a leading global technology company, on Thursday, June 6, announced early access to Zoho CRM for Everyone, a new set of industry-first capabilities aimed at democratising CRM to all teams involved in customer operations activities.

    The company also unveiled significant enhancements to its offerings for professional developers and app development teams. These include early access to new services within Catalyst, the company’s pro-code full-stack development platform, and the general availability of Zoho Apptics, an application analytics solution that enables developers to track in-app usage and performance of apps.

    Kehinde Ogundare, Country Head, Zoho Nigeria during the announcement said: “Businesses are looking for unified solutions that help them optimise for value, maximise their competitive advantages, and tap into new market opportunities amid tough economic conditions.

    “At Zoho, we’re focused on continuously deepening our current offerings and expanding others to serve business needs. Zoho CRM for Everyone, for instance, is the first true democratisation of the CRM paradigm and helps unify all customer operations teams onto the CRM to deliver better customer experiences.

    “Likewise, the upgraded Catalyst and the privacy-focused Apptics solution work hand-in-hand to deliver an unmatched developer experience from concept to code, and deployment to analytics,” he said.

    Highlighting what customers need to know about “Zoho CRM for Everyone,” Ogundare said, “Zoho CRM is one of the top-selling products in Nigeria. The product recorded a 60% YoY growth in 2023 in the country.

    “Zoho CRM for Everyone allows sales teams, the primary custodian of customer relationships, to communicate and coordinate with other customer-facing teams from a single place—the CRM application—instead of holding fragmented discussions. It enables account managers, for example, to pull in a solutions engineer to coordinate a product demonstration for a customer.

    “A marketer can perform win-loss analysis for specific deals. A community specialist can manage advocacy engagements like case studies. They may all use different core applications for deep work but can now converge on the CRM for managing shared responsibilities towards the customer.

    “Besides opening up CRM access cross-functionally, Zoho CRM for Everyone also empowers every team to manage their own workflows autonomously within the corporate IT framework. The new capabilities stand to improve visibility for every stakeholder in the customer journey, mitigate gaps in coordination, reduce turnaround time, and improve the quality of the customer experience,” he said.

    He stated that for CRM for Everyone to be possible, the following capabilities have come together in Zoho CRM: “Team Modules and Requesters: Under team modules, business teams can create their own team-level data modules (in addition to organisation-level modules) by themselves while being governed by IT teams. Requesters is a new user profile in Zoho CRM that allows a team member to raise a request for colleagues in different teams and track the request status.

    “Refreshed User Experience: To enable this fundamental shift in usage, the interface of Zoho CRM has been redesigned for better usability across roles and functions. With this release, Zoho CRM is also making a major stride in accessibility with capabilities covering areas like vision, motor activity, and interactions.”

    Speaking on the New Custom App Development Capabilities in Catalyst, he said, “Building custom solutions out of a disparate mix of tools has consistently been a source of frustration for developers. Catalyst unifies pro-code development efforts and streamlines the entire lifecycle by abstracting away complexities, providing pre-built components, and offering a comprehensive suite of developer tools.

    “Catalyst’s newest offerings, available under early access, expand on developer logic, design, and delivery.

    “Catalyst seamlessly integrates with the Zoho ecosystem and third-party applications, enabling developers to leverage existing infrastructure and data sources. The platform stands out with its transparent and cost-effective pricing model, empowering organisations of all sizes by eliminating hidden fees and offering predictable, scalable pricing.”

    Read Also: Zoho announces 50 percent growth in Nigeria, partners StartupSouth

    He also highlighted some features of catalyst, “Signals: Routes events from sources like Zoho services, third-party sources, or custom applications to handlers (like Catalyst Functions, Circuits, etc.) using topics and subscriptions.

    “NoSQL Database: Allows users to store structured, semi-structured, and unstructured data while supporting diverse data types and scaling dynamically with high performance.

    “Slate: A fully managed frontend platform that lets developers easily build highly customised interfaces that leverage frameworks such as React.js, Next.js, Sveltekit, etc.

    “CI/CD Pipeline: Automates tests and builds for continuous delivery pipelines, streamlining development workflows for faster time-to-market.”

    Speaking on Zoho Apptics, Ogundare said that Zoho Apptics is an application analytics solution that enables developers to track the in-app usage and performance of applications built on iOS, macOS, Android, and other platforms.

    “Zoho Apptics delivers an extensive digital analytics platform designed for every stakeholder involved in application development and management. The solution consolidates analytics across app usage, performance, user engagement, and growth metrics into a centralised console, then synthesises these multifaceted data streams into actionable insights presented visually in dashboards and reports.

    “This unified view empowers organisations to make informed decisions, optimise app experiences, drive user engagement, and fuel sustainable growth throughout the application lifecycle. Apptics provides multi-platform analytics support, covering Android, iOS, macOS, tvOS, watchOS, iPadOS, Windows, React Native, Flutter, and Unity, with web analytics capabilities coming soon.

    “Apptics stands out by offering a unique capability to prompt Android and iOS users for app ratings and updates directly from the Apptics console. Integrated app store review management helps in streamlining the process of analysing user sentiment. Additionally, Zoho Apptics prioritises data privacy and security, exceeding industry best practices and regulatory compliance standards. User information is safeguarded behind encryption and access controls, ensuring analytics insights are leveraged responsibly without compromising individual privacy, he said.

    Ogundare concluded that starting from Thursday, June 6, early access to Zoho CRM for Everyone is available upon request for Zoho customers worldwide. Zoho will be releasing additional capabilities to CRM for everyone over several weeks during the early access phase.

    He noted that Catalyst offers a generous Free Tier that renews monthly, alongside options for a pay-as-you-go model and subscription-based pricing. The new features are now available for early access, and interested users can sign up by visiting Zoho’s Catalyst page. Apptics is globally available now and offers a free plan and a pro plan starting at NGN18600 per month when billed annually.

  • Google upgrades research tool with AI-powered features

    Google upgrades research tool with AI-powered features

    Google has announced a worldwide upgrade of its note-taking research assistant, NotebookLM with AI-powered features and expansion to over 200 new countries.

    The platform which was initially launched in June 2023, in close partnership with authors, students and educators, now uses Google’s multimodal LLM Gemini 1.5 Pro, Google’s most capable model which helps users do their best thinking by giving them a personalised AI, grounded in trusted information.

    According to Google, when users upload source documents that are central to their projects, NotebookLM instantly becomes an expert in the information that matters most to them by generating summaries and answer questions from uploaded documents.

    A statement from the tech giant said: “Our goal from the beginning with NotebookLM has been to create a tool to help you understand and explore complex material, make new connections from information, and get to your first draft faster.

    “You can upload sources — your research notes, interview transcripts, corporate documents — and instantly NotebookLM becomes an expert in the material that matters most to you.”

    Read Also: Google’s Hustle Academy re-launches with AI focus to empower African SMBs

    Speaking on the case studies from real users, it said: “We’ve been amazed by the range of uses that people are finding for NotebookLM. Because the product was developed in close partnership with authors, students and educators, we’ve seen many early adopters integrate it into research and writing workflows.

    “Best-selling author Walter Isaacson has been working with NotebookLM to analyze Marie Curie’s journals for research on his next book. We’ve seen similar enthusiasm from documentary and podcast researchers who need to sift through complex archives to generate scripts or story ideas. But the combination of Gemini 1.5 Pro’s advanced reasoning abilities and NotebookLM’s source-grounding architecture has unlocked many other potential applications:

    “In local governance, Palm Bay resident Thomas Gaume created a hyperlocal newsletter, aggregating city ordinances, land use data, zoning codes and council meeting minutes. NotebookLM empowered him to be a “one-person newsroom and publisher.”

    “NotebookLM’s ability to summarize and adapt interview transcripts is helping users identify patterns and themes in raw transcripts, saving hours of manual analysis. For example, consultant Victor Adefuye uses NotebookLM to analyze sales call transcripts for targeted training and coaching.

    “Nonprofits have deployed NotebookLM to help them identify needs in underserved communities and organize information for grant proposals.

    “We’ve also noticed some unexpected and playful use cases with the help of our 14,000-member Discord community, including novelists and fan-fiction authors managing complex storylines using NotebookLM, and our favorite: role-playing game enthusiasts consulting detailed descriptions of fantasy worlds for games like Dungeons and Dragons.

    According to the statement, the upgrade introduces several new features: which includes – NotebookLM which now supports Google Slides and web URLs as sources, along with Google Docs, PDFs and text files – Inline citations which now take you directly to supporting passages in your sources, so you can easily fact-check the AI response or dive deeper in the original text – and the Notebook guide which gives you a high-level understanding of your sources by converting them into useful formats like FAQs, Briefing Docs or Study Guides.

    With Gemini 1.5 Pro’s native multimodal capabilities, you can now ask questions about images, charts and diagrams in your sources. NotebookLM will even include citations to images as supporting evidence when relevant.

  • Zone debuts with decentralised PoS payment gateway

    Zone debuts with decentralised PoS payment gateway

    IN a bid to eliminate failure points, charge backs and chargeback fraud which are rife with online transactions, Africa’s fast-growing payment infrastructure company, Zone, has announced the arrival of its highly anticipated POS Payment Gateway product. 

    Built on the latest version of its next-gen payment infrastructure, it is powered by blockchain technology.

    Speaking with The Nation, CEO/co-founder, Zone, Obi Emetarom, said the platform is a decentralized network of banks and fintechs powered by blockchain and focused on enabling domestic and cross-border payments. 

    Following the success of its ATM transaction processing service, he said the roll-out of their PoS payment gateway further fulfils their promise of delivering reliable, frictionless and universally interoperable payments across multiple payment channels.

    He added the introduction of the payment gateway product brings a comprehensive payment processing solution to banks and fintechs that deploy PoS payment terminals. 

    “We promise transaction reliability through direct routing of transactions to issuers, same-day settlement for beneficiaries and their financial institutions and a robust framework eliminating chargebacks and chargeback fraud.     

    Also, as a CBN-licensed payment switch, we can implement direct transaction routing to issuers without violating regulatory guidelines on inter-bank payments,” he said.

    He went on to add that the gateway boasts a regulated layer-1 blockchain network, which guarantees security, reliability and transparency of every transaction. 

    “Its superior architecture endows the PoS payment gateway with several key features including, Direct Card Routing- which connects acquirers directly to issuers through its decentralised payment switching network. 

    “This architecture optimises the PoS transaction route and eliminates failure points thereby guaranteeing increased speed and reliability of each transaction for the benefit of merchants, agents and cardholders alike.

     “Its advanced payment gateway eliminates chargebacks and chargeback fraud on PoS terminals by auto-refunding customers for unsuccessful transactions and auto-declining fraudulent chargebacks in real-time, thereby building a foundation of trust and satisfaction among all parties involved.

    “Also, settlement of payments from PoS terminals is effected on the same day  and separately for each transaction, ensuring faster availability of funds for both agents and merchants alike, making it easy to determine when value has been received for every transaction.

    “Today marks a pivotal moment not just for us at Zone, but also for the financial institutions we enable, and the esteemed customers they serve. 

    Read Also: My agenda for the people of North Central Zone – Tinubu

    “Our PoS payment gateway product is a commitment to financial inclusion and to the digital future of all payments in Africa. With this new offering, we are excited to have taken yet another major step towards our vision for a world where individuals and businesses can make and receive instant payments to and from anyone in the world, through any payment method and in any currency,” he said.

     Zone’s PoS Payment Gateway emerges as a distinct solution that sets a new standard in the industry. 

    While a few leading fintechs have made some strides towards improving the quality of service specifically for their own PoS terminals, Zone’s offering goes a step further by making such improvements and related advanced features, accessible to all financial service providers in the industry. 

    This democratization of cutting-edge technology ensures that all institutions utilising Zone’s product for PoS-based transaction processing can now enjoy superior levels of transaction reliability, and operational efficiency while delivering delightful payment experiences to their own customers each and every time.

  • AI shaping future of B2B Payments in Africa

    AI shaping future of B2B Payments in Africa

    Artificial Intelligence (AI) is revolutionising industries globally and the landscape of Business-to-Business (B2B) payments in Africa is no exception. As African economies grow and digitalize, AI integration in B2B transactions promises to enhance efficiency, reduce costs, increase speed and security, and foster economic development.

    “AI is poised to transform B2B payments across the continent, driving inclusion down to the underserved and marginalized populations,” said Jegunmah O. Olasubomi, Co-Founder of WallX Africa. “This will give them the opportunity to participate in the formal financial system, improving their economic prospects and reducing poverty.”

    One of the most significant advantages of AI in B2B payments is its ability to streamline payment processes. Traditionally, B2B transactions involve multiple steps and considerable paperwork, leading to delays and inefficiencies. AI-driven systems can automate these processes, reducing the time and effort required to complete transactions.

    “Machine learning algorithms can analyze transaction data to predict the optimal payment times, ensuring that businesses maintain healthy cash flows and avoid late fees or missed payments,” Olasubomi noted.

    Security is a paramount concern in B2B transactions. AI technologies are enhancing security measures by detecting and preventing fraudulent activities more effectively than traditional methods. AI systems can monitor transactions in real-time, identifying patterns that may indicate fraud.

    “By analyzing large datasets, these systems can detect anomalies that human analysts might miss, providing an additional layer of security for businesses,” said Olasubomi.

    Credit risk assessment is crucial for B2B transactions, especially in Africa where access to credit information can be limited. AI can enhance credit risk assessments by analyzing a wide range of data points, including historical transaction data, social media activity, and economic indicators.

    “This allows for more accurate and comprehensive risk profiles, enabling businesses to make informed lending decisions and mitigate potential risks,” Olasubomi explained.

    Africa’s diverse economic landscape includes numerous countries with different currencies and regulatory environments, making cross-border payments complex and costly. AI can simplify these transactions by automating currency conversions and ensuring compliance with local regulations.

    “AI-driven platforms can optimize routing for cross-border payments, reducing transaction fees and processing times. This is particularly beneficial for small and medium-sized enterprises (SMEs) looking to expand their operations across the continent,” Olasubomi added.

    AI enables the personalization of financial services, tailored to the specific needs of businesses. By analyzing transaction histories and business profiles, AI can recommend customized financial products and services. “For instance, AI can suggest tailored financing options or provide insights into cash flow management. This level of personalization helps businesses optimize their financial operations and make strategic decisions,” said Olasubomi.

    AI has the potential to drive financial inclusion in Africa by making financial services more accessible to underserved businesses. Traditional financial institutions often overlook SMEs due to high risks and costs associated with servicing them. “AI can lower these barriers by providing cost-effective and scalable solutions for credit scoring, loan processing, and transaction monitoring. By enabling more businesses to access financial services, AI supports economic growth and development across the continent,” Olasubomi remarked.

    Read Also: Australia drops court case against ‘X’ over church stabbing videos

    The ability to make data-driven decisions is critical in today’s fast-paced business environment. AI-powered analytics provide real-time insights into financial operations, helping businesses monitor their performance and identify opportunities for improvement. “These insights can be crucial for strategic planning, allowing businesses to respond quickly to market changes and optimize their operations,” Olasubomi concluded.

    The integration of AI in B2B payments in Africa holds immense potential to transform the way businesses operate. By streamlining processes, enhancing security, improving credit risk assessments, facilitating secure cross-border payments, personalizing financial services, and driving financial inclusion, AI is set to revolutionize the B2B payment landscape. As African economies continue to grow and digitalize, embracing AI-driven solutions will be key to unlocking the continent’s economic potential and fostering a more connected, efficient, and inclusive business environment.

  • Accelerate Africa Unveils Ten Startups at ‘Invest in the Future II’ Investor Summit

    Accelerate Africa Unveils Ten Startups at ‘Invest in the Future II’ Investor Summit

    Accelerate Africa, a pre-seed and seed-stage accelerator programme, in partnership with Future Africa and Prosper Africa, has unveiled its first cohort of startups at its inaugural Demo Day and second Investor Summit, which took place last week in Lagos.

    Designed to inspire and engage African investors, founders, and ecosystem players, Invest in the Future provided an opportunity to showcase some of the Africa’s innovative solutions to its challenges. Panel sessions explored the investment landscape, opportunities to diversify from traditional asset classes, risk mitigation strategies, amongst other pertinent topics, as the continent seeks to aggregate and allocate more of its own venture-capital funding.

    Speaking at the event, Iyinoluwa Aboyeji, Co-founder, Accelerate Africa and Founding Partner, Future Africa, reiterated the need for local investors to seize the opportunities to enhance capital flows and contribute to Africa’s development. His words: “Africa has come of age! Now is the time for local investors to rise to meet the challenge of poor investment on the continent. Initially, we launched a pre-accelerator programme under the assumption that the most effective way to attract funding for African companies was to showcase them to American investors. While this approach proved successful for a period, we have observed the dwindling inflows and investor appetite for African startups.
    He added that they had now “decided to chart our own path by building an accelerator programme that can rival the best in the world. With this we are setting a new dawn for growth in Africa, declaring independence from Silicon Valley and telling the entire world that Africa has finally come of age. These startups are the seeds of billion-dollar African companies built to be global, from day one.”

    The Demo Day featured presentations from a select group of promising startups, offering attendees a firsthand look at groundbreaking ideas and disruptive innovations across fintech, proptech, agritech, logistics, auto tech, sports tech and data, among others, covering Egypt (1), Eswatini (1), Kenya (2), and Nigeria (6). The ten startups had the opportunity to pitch their ventures to potential investors, vying for support and funding to propel their businesses to new heights.

    Mia Von Koschitzky-Kimani, Co-Founder, Accelerate Africa and Managing Partner, Future Africa, in her own remarks, said, “As pillars of the programme, we concentrated on five key areas: business development and go-to-market strategies, effective storytelling, product development, team building, and fundraising, alongside other complementary business aspects. All of the startups worked incredibly hard over the eight-week period, demonstrating remarkable dedication, as they made significant advancements in their ventures. Hearing their testimonials today, I firmly believe that Accelerate Africa not only met, but surpassed their expectations, though the ultimate test will be in how much investment they receive over the coming months.”

    Distinguished speakers and experts in attendance included Nicolas Brathwaite, Founding Managing Partner of Celesta VC; Tope Awotona, CEO of Calendly; Abubakar Sulaiman, CEO of Sterling Bank; Yomi Awobokun, Managing Partner of CE-IV; Yvonne Ike, Head of Sub-Saharan Africa at Bank of America; Kazeem Oladepo, Chief Operations Officer of IHS Towers; Rashidat Adebisi, Chief Client Officer at AXA Mansard; Sadiq Usman, Director of Group Strategy and Stakeholder Relations at Flour Mills of Nigeria; and Bode Abifarin, former Chief Operations Officer at Flutterwave and Board Member, Women in Tech, Nigeria. Each reiterated the importance of local investors championing growth on the continent.

    Read Also: MAN, others partner on summit

    On the keynote fireside chat with Nicholas Brathwaite and Tope Awotona, Oji Udezue, Venture Partner, Accelerate Africa, raised salient questions about investing in Africa, handling the mental struggles of entrepreneurship, the need for grit and tenacity, building for global relevance from Africa, and fundamental shifts in the world of venture, given the current trends in technology and artificial intelligence.

    “We believe that global companies can be launched from this continent. Our mission at Accelerate Africa is to intensify success and cultivate an ecosystem of venture capitalists who can bet on us with what we call, ‘patient and dedicated capital’ – to help catapult investment in startups on the continent.”
    In response to his final question about advice to entrepreneurs and startups, Nicolas Brathwaite, Founding Managing Partner of Celesta VC, answered, “Look for big problems to solve and find a great team to help you solve them. Find people who share your vision; partner with people who have intellectual capital and significant domain expertise. Do not be afraid to hire people who are much smarter than you”.

    In her remarks, Chinyere Inya, Head of Programmes, Ops, and Partnerships, Accelerate Africa and Partner and Head of Platform, Future Africa, said: “We have so many people to thank for bringing this vision to life and making the accelerator programme possible – from the 25+ advisors who led weekly one-on-one sessions and workshops on core topics, with our startups, to the fireside-chat guests that joined us every week, and the vendors, service providers, and support staff. We look forward to having many of them come back for future cohorts as we aim to build a sustainable institution that outlives us all.”

    Tope Awotona, CEO of Calendly, also replied, “Dream big, start small. The one thing entrepreneurs need is to know their customers better than anyone else. At the same time, cultivate connections with fellow entrepreneurs who are at similar stages or further along, as they can offer valuable support.”
    After a series of panels and pitches, the demo day and summit concluded with cocktails and networking for investors, entrepreneurs, and industry experts, fostering discussions on the opportunities for ecosystem players.

    Some of the start-ups included but not limited to Nnamdi Emefo of Afriskaut who is powering the world’s discovery of Africa’s top sports talent using proprietary data and Al. His co-founders include Buggu Ussa, Joshua Osazuwa, Ogunkola Obafemi, Eby Emenike. There is also Mwenda Mugendi from Kenya, whose outfit, AgRails collects, organises, and builds Al-powered data systems that enable organisations to respond to and price Africa’s climate risk and opportunities in real-time. Another is Remi Dada, a Nigerian, who sector is PropTech and is building the Airbnb for workspaces. They simplify discovery, setup, and management of offices for mid to large teams in Africa.

    Others were Yinka lyinolakan who is building conversational Al that speaks and understands African languages. His co-founders were Shona Olálérè and Soji Akinlabi. Moka Lantum, another Kenyan, whose outfit, CheckUps, is making quality healthcare affordable and accessible to the uninsured and underserved via micropayments from earnings, bank deposits or mobile money. Henry Okafor, a Nigerian, whose baby, Flickwheels, is a comprehensive automotive suite that helps vehicle owners efficiently care for and maintain their vehicles, through on-demand auto repair credits, vetted auto technicians and automated vehicle repair tracking. His co-founder: Paul Edwards. Sandile Dlamini, from Eswatini, is unlocking payday to be everyday for low-income workers via WhatsApp. They work with organisations employing blue-collar workers to provide access their wages without having to wait until payday for emergency expenses.

  • Tech for change: Selfless hearts foundation awards over 300 youths scholarships

    Tech for change: Selfless hearts foundation awards over 300 youths scholarships

    In a groundbreaking move to advance tech education, the Selfless Hearts Foundation has awarded full-ride scholarships to over 300 young participants through its transformative program, the Selfless Techathon 1.0.

    “The Selfless Techathon 1.0 is not just a series of classes; it is a transformative journey designed to empower aspiring technologists,” said Miss Chelsea Jegede, Founder of the Selfless Hearts Foundation. 

    The programme kicked off with an inspiring launch event at the Wave Beach Hall on April 20, 2024, where hundreds of eager participants gathered to embark on a shared quest for knowledge.

    The initiative provides comprehensive training in UI/UX design, data analytics, web development, branding, artificial intelligence, cybersecurity, product design, and tech motivation.

    From the insightful orientation to electrifying networking sessions, every moment was imbued with a sense of purpose and possibility. Participants from diverse backgrounds came together, united by a common goal — to harness the power of technology to create meaningful solutions.

    One of the highlights of the Techathon launch was the panel session, a kaleidoscope of insights where industry titans shared their wisdom. Participants had the opportunity to meet one-on-one with industry experts, including the Group CEO of Wakanow, Mr. Bayo Adedeji, who is also a headline sponsor. “These sessions ignited sparks of inspiration in every attendee, offering invaluable perspectives on the future of technology and innovation,” Jegede noted.

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    Following the launch, participants engaged in virtual classes held every weekend, ensuring flexible learning schedules. To optimize the learning experience, a physical workshop is held once a month, providing an opportunity for hands-on learning, reviews, special classes, tech motivation, collaboration, and networking.

    “These sessions culminate in a hackathon, a thrilling competition where participants form teams to develop tech-based solutions,” Jegede explained. “Top performers will be rewarded with internships and exclusive master classes, propelling them further on their professional journey and growth.”

    The Selfless Techathon 1.0 stands as one of the most significant tech education initiatives to date, with overwhelmingly positive responses from participants. Such acts of empowerment should be encouraged and supported by individuals and organizations alike. There is a clarion call for sponsors and collaborators to join this noble cause, ensuring that the torch of innovation and education continues to burn brightly.

    “In a world increasingly driven by technology, the Selfless Techathon 1.0 is not just a program; it is a beacon of hope and opportunity, nurturing the next generation of tech leaders,” Jegede concluded.

  • FG, private sector partnering to subsidise CNG conversion of vehicles – CEO Portland Gas, Mohammed

    FG, private sector partnering to subsidise CNG conversion of vehicles – CEO Portland Gas, Mohammed

    The private sector is partnering with the Presidential CNG Initiative (Pi-CNG) to ensure subsidised conversion of vehicles from PMS to CNG.

    The Chief Executive Officer of Portland Gas Limited, Folajimi Mohammed, stated this at the inauguration of All-One Compressed Natural Gas (CNG) Reverse-Engineering, Training, Filling and Conversation Centre established by the National Agency for Science and Engineering Infrastructure (NASENI) in conjunction with Portland Gas Limited in Abuja.

    “One of the President’s first initiatives was the Initiative (Pi-CNG), which was the initiative to introduce the Compressed Natural Gas. So Portland Gas-NASENI has been working in partnership with the Pi-CNG.

    ” They will be tasked with introducing and supplying the conversion kits and we are hopeful that the conversion kits will be supplied to us using a subsidized price while we make sure that it’s available and cheap for every average Nigerian.

    “The immediate intervention we need right now is for us the private sector to partner with the government in terms of subsidized kits that will be given to us,” he said.

    Mohammed is optimistic that with the take off of the reverse engineering plant in partnership with NASENI, conversion kits would be manufactured locally, which would significantly reduce the impact of the cost of conversion on Nigerians.

    He noted that CNG offers a sustainable and economically viable alternative to traditional petroleum products, with the potential to bring transformative changes to the country.

    “On average, a petrol vehicle consumes about 60 liters of Premium Motor Spirit (PMS) to travel 250 kilometers, costing approximately N37,020 given current fuel prices. In contrast, a CNG vehicle requires about 18 standard cubic meters (scm) of gas for the same distance, costing around N3,600

    “For a 250 km drive, this translates to a significant cost saving, highlighting the economic benefits of CNG over PMS. CNG and hybrid vehicles offer better efficiency and lower emissions and by embracing CNG, we not only reduce our transportation costs but also contribute to a cleaner environment.”

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    Mohammed commended President Bola Tinubu for recently commissioning three new upstream gas facilities which he said would significantly boost the nation’s gas production capabilities and provide the foundation for expanding CNG infrastructure.

    He said Portland is also collaborating with KIA Motors to promote the adoption of CNG vehicles in Nigeria by developing and distributing CNG hybrid models. Additionally, he said, to retrofit hybrid CNG vehicles right from the assembling point and push those advanced vehicles into the market.

    According to him: “This initiative will ensure that Nigerians have access to affordable, efficient, and environmentally friendly transportation options making it easier for Nigerians to transition to this cleaner energy alternative.”