Nigeria’s NITDA advocates AI integration in payments for global recognition

November 24, 2023 Coin Telegraph

NITDA chief Kashifu Inuwa Abdullahi said it’s crucial to take proactive measures to harness AI benefits and mitigate threats.

In a bid for greater global recognition and domestic use of the Nigeria Payments System, the director-general (DG) of the National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi, has stressed the importance of collaboration between NITDA, the Central Bank of Nigeria (CBN) and financial institutions.

In an interview with Cointelegraph at the CBN’s 2023 Payments System Management Departmental Retreat program, Inuwa said collaboration is necessary to leverage emerging technologies such as artificial intelligence (AI) and data analytics to deepen digital payments.

Inuwa said financial technology (fintech) has shown it can help drive Nigeria’s performance in the industry and environmental, social and governance sectors, especially with the application of a developmental regulation approach and enabling policies co-created by the tech ecosystem.

*Image of the director-general of the National Information Technology Development Agency, Kashifu Inuwa Abdullahi.*

Inuwa said it’s important for measures to be deliberately taken to reap the benefits and forestall the impending threats of AI, and he emphasized that NITDA will be working collaboratively with the CBN, as with others, in regulating the AI space. He added that if the CBN adopts a particular technology, the potential to move quickly is high.

Asked about Nigeria’s strategy around the opportunities and threats posed by artificial intelligence, Inuwa explained that the federal government had noted the trajectory of AI models, which have seen growth proportions shift from linear to geometrical. He added that the government had, in the previous administration, started working on an artificial intelligence policy through the agency, which he said would be soon unveiled to the public.

This AI policy will serve as the foundation for outlining rules, and agencies like NITDA, tasked with implementation, will discuss strategies, frameworks and guidelines for adopting and deploying artificial intelligence. Inuwa noted:

“Although artificial intelligence is often regarded as a double-edged sword, the potential and benefits are tangible but not without a lot of threats, and that is apart from the biases that abound, notwithstanding, our regulatory approach has always been not to stifle innovation.”

Inuwa, while citing a list of other policies of the federal government for the industry, claimed that the initiatives are startup ecosystem-friendly.

Nigeria’s Minister of Communications, Innovation and Digital Economy, Bosun Tijani, recently unveiled the 3 Million Technical Talent (3MTT) program. This is intended to offer over 1 million applicants the chance to follow an introductory AI course.

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Nigeria and UK foundation launch Code Clubs for digital literacy

November 10, 2023 Coin Telegraph

Coin Telegraph

Nigeria’s communication ministry said the Code Clubs will introduce young participants to coding and digital technology and encourage them to deploy creative problem-solving in their everyday lives.

The Federal Government of Nigeria, through the Ministry of Communications, Innovation and Digital Economy, has entered into a partnership with a UK-based computing education charity, Raspberry Pi Foundation, to launch Code Clubs across Nigeria.

The initiative is crafted for students aged 7 to 17, and the Code Clubs represent a series of extracurricular artificial intelligence (AI) programming clubs aimed at fostering digitally literate and innovative young minds in Nigeria.

Announcing the program in a statement issued on Wednesday, Nov. 8, the ministry said the Code Clubs will introduce participants to the world of coding and digital technology and encourage them to deploy creative problem-solving in their everyday lives. These clubs, which will initially start from 17 knowledge exchange centers, will further expand to other locations across the six geopolitical zones of Nigeria.

Building a pipeline of technical talent is a lot easier when young people have early exposure to science and technology, so I am delighted to announce that we have partnered with the Raspberry Pi Foundation @RaspberryPi_org to set up Code Clubs across Nigeria, starting with 17… pic.twitter.com/x5lruL0HGW
— Dr. 'Bosun Tijani (@bosuntijani) November 8, 2023

Bosun Tijani, Minister of Communications, Innovation, and Digital Economy, emphasizes the importance of fostering a knowledge pipeline in Nigeria through free coding clubs in collaboration with the Raspberry Pi Foundation. The initiative aims to accelerate Nigeria’s digital economy by enhancing technical knowledge and talent development.

Within the collaboration, the Raspberry Pi Foundation will offer educators and young participants extensive toolkits, assistance, and directives. Simultaneously, the ministry will oversee the creation and functioning of Code Clubs nationwide through a partnership framework.

The partners, including individuals, educational entities, and enthusiastic organizations dedicated to advancing computing education, will be assisted with resources, support, and operational guidance by a specified central organization.

The ministry said the educational pathways offered to Code Club partners will encompass a diverse range of coding and technology-related topics, spanning Robotics and Electronics, Game Development, Algorithms and Problem Solving, Introduction to Coding, Basic Concepts, Web Development, Programming Languages, and Project-Based Learning.

In October, the Nigerian government unveiled a program providing 5 million naira ($6,444) grants to 45 AI-focused startups and researchers. This initiative is a component of the newly launched Nigeria Artificial Intelligence Research Scheme, aiming to promote the extensive application of AI for economic progress.

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Nigeria’s 3MTT program draws 1M+ applicants, introduces AI course

November 9, 2023 Coin Telegraph

Coin Telegraph

The training will unfold in three stages according to the government’s disclosed implementation strategy.

Nigeria’s Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, said the 3 Million Technical Talent (3MTT) program’s million applicants will undergo an introductory artificial intelligence (AI) course.

The minister shared this information on X (formerly known as Twitter) on Wednesday, adding that all applicants are being onboarded onto the platform before the selection of the initial cohort of 30,000 fellows.

Tijani said on Nov. 6 that program applications had surpassed a million and told applicants to expect further instructions via email. Those who received and confirmed the email are currently undergoing onboarding on the fellow platform.

Tijani said several applicants, already part of the onboarding process, are swiftly finishing the AI course. He noted:

“All 1m+ #3MTT applicants are being onboarded onto the fellow platform, directed to an intro to #AI course while awaiting news on the first cohort. It’s reassuring to see many completing the course rapidly. We are onto something, and I am excited watching it all unfold.”

Conversely, several program applicants haven’t received confirmation emails, as grievances in the minister’s post indicate. Some face challenges with registration confirmation due to a technical glitch and experiencing issues with one-time passwords (OTPs).

All the 1m+ applicants for #3MTT are being onboarded onto the fellow platform and sign posted to an intro to #AI course while they await news on the first cohort. It is reassuring to see many of them complete the course within hours. We are onto something and I am excited…
— Dr. 'Bosun Tijani (@bosuntijani) November 8, 2023

The training will unfold in three stages according to the government’s disclosed implementation strategy. The initial phase aims to involve 30,000 participants, the subsequent stage plans for 300,000, and the comprehensive program for three million is slated for the third phase.

The initial stage of the program, conducted in partnership with NITDA, will engage various stakeholders, encompassing fellows, training providers, partners, and placement organizations.

According to the minister, during the initial phase, participants will receive training in skills leveraging technology to enhance diverse roles, excluding direct tech creation. These skills encompass Digital Marketing, Project Management Software, Cloud Platforms Navigation, Data Analysis and Visualization, Search Engine Optimization (SEO), CRM Management, Accounting Software, Graphics Design, and UX/UI Design.

In October, the Nigerian government announced a grant of 5 million naira ($6,444) to 45 AI-focused startups and researchers. This initiative is part of the recently introduced Nigeria artificial intelligence Research Scheme, designed to facilitate the widespread utilization of AI to drive economic advancement.

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Patricia exchange CEO announces debt restructuring via convertible notes

October 21, 2023 Coin Telegraph

Coin Telegraph

Patricia's CEO also revealed that these shares will be managed by a Securities Exchange Commission (SEC)-licensed trusted third-party trustee to ensure complete transparency.

Following the launch of Patricia token (PTK) issued to customers to manage users’ debt by Patricia, a Nigerian cryptocurrency exchange, the chief executive officer of the exchange (CEO), Fejiro Hanu, has confirmed that customers now have the option to convert their owed funds into Patricia shares.

According to a statement from the CEO, this process forms an integral component of the firm’s strategy for fundraising and reorganizing its debts. In anticipation of the firm’s upcoming app relaunch and in preparation for its fundraising initiative, it is affording its users the opportunity to transform their debt tokens into convertible notes at a favorable discount in Patricia.

He also revealed that these shares will be managed by a Securities Exchange Commission (SEC)-licensed trusted third-party trustee to ensure complete transparency.

However, this option doesn’t seem to agree with some agitated users who took to a Patricia affiliated outlet to make their case heard but met no one. In a video making rounds on X social platform (formerly known as Twitter) the agitated users are seen hanging around the empty building and making statements reflecting their dissatisfaction with the situation of things.

So that Patricia bitcoin guy took people’s money and ran away?

People are at their offices rn asking for their money and everywhere is locked. Omo! pic.twitter.com/aZV70U8niD
— Sabi Radio (@TheSabiRadio) October 18, 2023

Speaking with Cointelegraph, Hanu stated that the video content is misleading and mischievous as the firm runs a full remote structure. He stated that the office in the video is an innovation hub set up and announced in 2022, to offer free working spaces to developers and crypto enthusiasts as Patricia does not actively operate from that office.

When asked about the current solution for users who are still unable to withdraw their funds, Hanu stated that the Patricia app that is about to relaunch is currently at Beta testing, and invites were extended to customers to experience the app before opening to the public. Few customers who opted for the testing process are currently getting their PUTX redeemed.

According to Hanu, Patricia users have also notified customers of the plan to redeem their balances in batches as soon as the firm reopens.

This development follows the company’s previous disclosure of a security breach resulting in fund losses in May 2023. Despite asserting that customer funds remained unaffected, platform users have faced ongoing difficulties in accessing their funds since April.

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Nigerian gov supports AI initiatives with $290K in grants

October 15, 2023 Coin Telegraph

Nigerian gov supports AI initiatives with 0K in grants

Coin Telegraph

The recently introduced Nigeria Artificial Intelligence Research Scheme is designed to facilitate the widespread utilization of AI to drive economic advancement.

The Nigerian Minister of Communications, Innovation and Digital Economy, Bosun Tijani, revealed on Friday, Oct.13, that the government intends to grant 5 million naira ($6,444) to 45 artificial intelligence (AI)-focused startups and researchers.

This initiative was disclosed by the minister in a post on X (formerly Twitter) and is part of the recently introduced Nigeria Artificial Intelligence Research Scheme, which is designed to facilitate the widespread utilization of AI to drive economic advancement.

As outlined on the scheme’s official website, the focus areas include agriculture, education and workforce, finance, governance, healthcare, utility and sustainability. To be eligible for a grant, applicants must form a consortium comprising a startup or tech company, a researcher from a Nigerian university or a foreign researcher, according to the ministry.

To support the mainstreaming of the application of Artificial Intelligence for economic prosperity, we’ve launched the Nigeria Artificial Intelligence Research Scheme to fund 45 consortia of startups and researchers to allow them explore further opportunities to deepen their… pic.twitter.com/CaD5Vqs8Du
— Dr. 'Bosun Tijani (@bosuntijani) October 13, 2023

Applicants should present a research proposal aligned with the Ministry of Communications, Innovation and Digital Economy’s AI focus areas. Furthermore, they must provide a comprehensive proposal highlighting the project’s potential economic impact in Nigeria.

Applicants must have a proven track record of excellence in research or entrepreneurship and are expected to publish at least one peer-reviewed article within one year of receiving the grant.

In August, the Nigerian government extended an invitation to scientists of Nigerian heritage, as well as globally renowned experts who have worked within the Nigerian market, to collaborate in formulating its National Artificial Intelligence Strategy.

The application period commences on Oct.13, 2023, and concludes on Nov. 15, 2023. The ministry has indicated that a panel of AI specialists will assess the proposals.

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Central Bank of Nigeria: eNaira no threat to financial stability

October 11, 2023 Coin Telegraph

CBDC

Nigeria’s central bank issued a press release in response to “news items on some media platforms,” suggesting that the eNaira threatens Nigeria’s financial stability.

The Central Bank of Nigeria (CBN) had to publicly insist that its eNaira project — one of the world’s first operating central bank digital currencies (CBDC) — doesn’t threaten the country’s financial stability.

The press release from the CBN came out on Oct. 9 in response to “news items on some media platforms,” suggesting that the eNaira threatens Nigeria’s financial stability. Some news pieces — for example, the one published in a daily Nigerian newspaper, Punch, point to the CBN’s recently released report called “Economics of Digital Currencies: A Book of Readings.”

In this report, CBN experts highlight the gradual rise of eNaira adoption, marked by 0.2% share if compared to Nigerian banks’ liquidity. They also admit the simple fact that the funds held by citizens in the eNaira wallets can’t be used by commercial banks. The very hypothetical threat that could arise from this observation is the lack of liquidity suffered by the banks in the case of total adoption of eNaira. However, such fear is one of the fundamental theoretical aspects of the discussion about any CBDC.

In its release, CBN doesn’t do much explaining, limiting itself to a plain rejection of the claims in the media and referring to the “in-depth understanding of CBDCs” ingrained in its report:

“The eNaira structure continues to evolve and undergo modifications targeted at improving the user experience across all interfaces. We encourage Nigerians to embrace the technology for, amongst other things, greater financial inclusion.”

A recent global survey featuring respondents from 15 countries indicates that Nigeria has the most cryptocurrency-aware population in the world. According to a joint study by ConsenSys and YouGov, 99% of Nigerians are more knowledgeable about Web3 than people in major economies like the United Kingdom, the United States, Japan and Germany.

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Blockchain could have prevented Nigeria’s naira scarcity — Local experts

September 8, 2023 Coin Telegraph

CBDC

According to Christopher Eniayemo, the decision to print new naira notes could have occurred via DeFi, involving Nigerians and aiding readiness for the change.

Blockchain technology can help solve economic problems in Nigeria and throughout the African continent, according to a group of local blockchain experts who cited Nigeria’s currency flow shortage as a case study.

At the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN)’s Digital Assets Summit 2023, held in Nigeria’s capital, Abuja, stakeholders discussed the decision by the previous government to print new naira notes — Nigeria’s fiat currency — and the country’s recent efforts to increase central bank digital currency (CBDC) adoption, which both led to a shortage in the flow of naira at the time.

According to Christopher Eniayemo, a co-founder of Sahara ICP Hub West Africa, the decision to print new naira notes could have been made within the decentralized finance (DeFi) system, allowing Nigerians to have a say and helping them prepare better for the switch.

“Bringing blockchain system to Nigeria and Africa as a whole will help promote the advancement of DeFi and give citizens control over their own monies and economy.”

Blockchain technology provides the technical infrastructure and principles that empower DeFi to operate in a decentralized, transparent and secure manner, offering users a wide array of financial services without the need for traditional financial intermediaries.

However, the current Nigerian President, Bola Tinubu, released a manifesto during his campaign, which, if implemented, would allow the use of blockchain technology and cryptocurrencies in the nation’s banking and finance sector.

The manifesto suggests reviewing existing Nigerian Securities and Exchange Commission regulations on digital assets to make them more business-friendly. The new regulation provides a framework for regulating digital assets like cryptocurrencies and other digital tokens in Nigeria.

In 2022, Nigeria imposed limits on the amount of cash individuals and businesses can withdraw from banks and ATMs in an attempt to push a “cashless-Nigeria” policy and increase the use of its CBDC, the eNaira.

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Africa’s blockchain journey begins with poverty alleviation — Sumotrust CEO

September 8, 2023 Coin Telegraph

Africa

Africa must erase poverty and help people into the middle class to drive faster blockchain technology adoption.

There has been a resounding call for Nigeria, and Africa in general, to incorporate blockchain technology into its mainstream living. However, during a fireside chat involving stakeholders in the Nigerian blockchain community, it was noted that poverty has to be conquered first before blockchain technology can be properly incorporated into African society.

At the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN)’s Digital Assets Summit 2023, held in Abuja, the nation’s capital, GT Igwe Chrisent, the CEO of Sumotrust & Truzact, an online savings and investment platform stated that hunger and poverty first need to be eradicated from Africa before a better level of blockchain technology incorporation can be achieved.

*Sumotrust & Truzact CEO at the SIBAN Digital Assets Summit 2023.*

According to a World Bank report titled “A Better Future for All Nigerians: Nigeria Poverty Assessment 2022,” just 17 percent of Nigerian workers hold the wage jobs best able to lift people out of poverty.

In Chrisent’s view, being able to erase the poor class in general and move them to the middle class would be the biggest driver of faster blockchain technology incorporation. This is to enable them to afford three square meals daily and have a little extra to save. However, the stability of the economy in Africa is key to establishing this.

In his words:

“ If we do not fix that, we’ll keep having these conversations over and over again”

Despite the extra scalability that comes from incorporating blockchain technology as a nation and continent, individuals cannot focus on exploring them while still battling with the problem of basic amenities, said Chrisent.

Despite the poverty challenges, Nigeria has emerged as one of the most active countries in terms of adoption and curiosity about Bitcoin and other cryptocurrencies. According to data from Google Trends, Nigeria ranks second by search interest for the keyword “Bitcoin,” behind El Salvador.

The current Nigerian President, Bola Tinubu released a manifesto during his campaign which, if implemented, would enable the use of blockchain technology and cryptocurrencies in the nation’s banking and finance sector.

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Nigeria central bank missed opportunity for blockchain regulation in 2021 — Convexity CEO

September 7, 2023 Coin Telegraph

Ban

Adedeji Owonibi stated that the Central Bank of Nigeria should have created a blockchain regulation strategy in 2021 instead of cutting ties between cryptocurrency exchange firms and local banks.

A group of Nigerian digital asset professionals took to the stage at the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN)’s Digital Assets Summit 2023 in Abuja, to discuss the future of digital asset regulation in Nigeria.

In the panel titled The Future of Digital Assets: Regulatory Uncertainty and the Way Forward, the group discussed why implementing digital assets regulation and blockchain policy has been slow in Nigeria.

The developmental regulation created by The National Information Technology Development Agency (NITDA) is a big step toward understanding and creating a favorable environment for the blockchain and crypto industry, according to Adedeji Owonibi, CEO of Convexity. Owonibi stated that this step is what the Central Bank of Nigeria (CBN) should have taken back in 2021 instead of cutting ties between cryptocurrency exchange firms and local banks.

*The panel discussion on the Future of Digital Assets at the SIBAN Digital Assets Summit. Source: SIBAN*

Acknowledging NITDA’s strides in crafting a blockchain policy, Preye Itonyo, the deputy director of the agency’s Digital Economy Development Department, highlighted the regulatory hurdle posed by the decentralized nature of blockchain, resulting in a lack of understanding of blockchain and cryptocurrency concepts in Nigeria. He pointed out that this lack of understanding fueled the 2021 crypto-traditional finance ban.

In a recent global survey, Africa’s largest economy, Nigeria, was found to be the most cryptocurrency-aware population in the world and 90% of the Nigerian respondents expressed interest in investing in cryptocurrencies in the next year. However, there is a need for regulation in the industry to foster security while encouraging scalability.

In response to this, Itonyo stated that the already established blockchain policy is the first step Nigeria has taken towards ensuring the safety and protection of crypto investors. He went ahead to reveal that a steering committee has been set up by NITDA to facilitate the implementation strategies of the national blockchain policy. According to Itonyo, the CBN and the Nigerian Communications Commission (NCC) are members of the committee.

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Nigeria’s Web3 education efforts seek to tackle language challenges

September 7, 2023 Coin Telegraph

Coin Telegraph

The chief operating officer (COO) of Bitkova Academy, a blockchain education platform, Bello Usman Abdullahi said the language barrier is one of the current major challenges.

While Nigeria appears to have a high level of blockchain and crypto awareness, the country is still facing issues related to public education in the field. A group of local blockchain experts discussed blockchain education's challenges in Nigeria at the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN)’s Digital Assets Summit 2023, held in Abuja, the nation’s capital.

In the panel titled “Web3 Education: Capacity Building,” the group discussed the current level of blockchain and Web3 awareness in the country and the challenges that have surfaced in the journey so far.

The chief operating officer (COO) of Bitkova Academy, a blockchain education platform, Bello Usman Abdullahi said that the language barrier is one of the current major challenges due to the complexity of blockchain technology and its jargon. Nigeria is one of the most linguistically diverse countries in the world, with over 500 languages spoken.

*The Web3 Education- Capacity Building panel session at SIBAN's Digital Assets Summit*

However, local blockchain hubs have begun educating individuals who are not familiar with blockchain technology using local Nigerian languages. Abdullahi said that it is important to help individuals who are new to blockchain technology and Web3 understand what Satoshi Nakamoto was trying to achieve with blockchain technology. This is mostly important to correct the fear and negativity created in the minds of citizens by the Central Bank of Nigeria (CBN) and the government, he said.

In February 2021, the Central Bank of Nigeria severed connections between local banks and cryptocurrency exchange firms. According to Abdullahi, this act by the government and the CBN played a role in slowing down the level of blockchain awareness in Nigeria, associating blockchain and crypto with adverse perceptions.

Nigeria has seen better days in terms of crypto interest, with Google Trends data showing the country stepped down from its previous top placing to No. 2 in the world in terms of search interest for Bitcoin (BTC).

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