Business
How Nigeria’s mobile money is driving era of AI prosperity
How Nigeria’s mobile money is driving era of AI prosperity
By Ola Williams
By the close of 2023, the total GDP of countries using mobile money services was $720 billion higher than it would have been without the proliferation of those services. And at the heart of the world’s mobile money revolution lies Sub-Saharan Africa, leading the market’s growth with over 1.1 billion registered accounts. Without question, mobile services have become a formidable financial force in this region.
Underpinning this economic metamorphosis was the introduction of the Internet. As connectivity swept across Africa, so mobile money services flourished, extending financial lifelines to millions of unbanked individuals and catapulting nations like Nigeria to the forefront of the global mobile money arena.
It’s estimated that in 2023, more than a third of newly registered and active 30-day accounts originated from West Africa, with Nigeria one of the primary drivers of this growth.
Throughout history, there have been general-purpose technologies (GPTs) that have sparked industrial revolutions and redefined entire economies, acting as catalysts for widespread innovation and growth.
The Internet is one of those game-changing technologies, having transformed every sector it touched and setting the stage for unparalleled economic development.
In Nigeria, the financial services industry (FSI) has adeptly embraced GPTs like the Internet, with trailblazing enterprises like Flutterwave, Paga and OPay leveraging connectivity to revolutionise business models and unlock immense growth potential.
Widely recognised as the next great GPT, AI is expected to define the fourth industrial revolution, creating ‘flywheel’ effects that will propel organisations into new realms of innovation and opportunity at an unprecedented pace. According to the World Trade Organisation,
READ ALSO:
- BREAKING: Court delivers fresh judgement in defection suit Against 27 pro-Wike Rivers lawmakers
- Nigerian students may pay N2m as new visa fee for Australia
- Sheikh Umar appointed new president of Shari’ah council
Artificial Intelligence could contribute $136 billion in productivity gains, cost savings, and increased revenues to countries in the SSA by 2030. Nigeria is expected to benefit from 43 percent of this amount due to its proactive AI strategy.
As the country once again finds itself at the brink of an opportunity to add billions to its GDP and export market-leading solutions – the question is: what can we learn from the FSI sector’s incredible success with mobile internet to harness the next great wave of AI-driven innovation?
Addressing critical gaps in the market
Many of Nigeria’s most famous mobile money exports began with a vision to transform access to financial services, making it possible for previously unbanked individuals to open bank accounts swiftly, transact effortlessly, and secure loans with ease. As a result, the percentage of Nigerians with access to banking services surged by nearly 16 percent between 2011 and 2021.
Leading FSI companies also played a pivotal role in expanding access to credit, using innovative methods to offer loans with minimal documentation. By harnessing data on how customers engage with specific applications, they bridge the gap in a country where only two percent of adults currently have bank credit. This scenario paved the way for mobile money services to thrive, offering a convenient and accessible alternative for financial transactions.
In much the same way, the key to success with AI in Nigeria will lie in understanding and addressing the country’s unique challenges. It’s about recognising the complexities, prioritising areas where AI can make a real difference and working closely with stakeholders to create solutions that are not only technologically sound but also culturally relevant and beneficial to local communities.
Driving regulatory support
The Central Bank of Nigeria (CBN) has been instrumental in nurturing the growth of mobile money services in the nation.
By introducing a comprehensive regulatory framework, the CBN set the stage for mobile money operators to thrive. This framework is not just a set of guidelines; it includes crucial provisions for Know Your Customer (KYC) and Customer Due Diligence (CDD) requirements, which ensure operators properly identify their customers and assess risks before offering their services. It’s a robust system that has significantly contributed to the seamless operation and widespread acceptance of mobile money in Nigeria.
READ ALSO:
- Arsenal fail fans at Emirates, lose 0-1 to PSG in crucial Champion League semi
- How Nigeria’s mobile money is driving era of AI prosperity
- Nigeria, UK sign MoU to combat cybercrimes
Similarly, to harness the full potential of AI, Nigeria will need sound regulatory support to ensure strong reception and usage of the technology. This boils down to two key aspects: usefulness and trust. While technology must genuinely solve real-world problems and enhance people’s lives, it also needs to be trustworthy, backed by safeguards that protect societal and ethical values. Building and deepening trust should be at the forefront of how governments develop AI regulations and industry practices. Companies like ours, involved in the development and deployment of AI, also have a significant responsibility to continuously invest in robust AI governance practices, ensuring the technology is used safely, securely, and in a manner that the public deems trustworthy.
Investing in critical infrastructure
Now, we come to the backbone of the mobile money revolution: investments in infrastructure. Private-sector companies such as those in the telecommunications sector have been pivotal in laying this groundwork. Their strategic investments in infrastructure and connectivity have opened up mobile money services to even the most rural and underserved areas, boosting accessibility significantly. According to the GSMA, both mobile network operator (MNO)-led and non-MNO-led providers have been key drivers of mobile money growth in Nigeria.
The infrastructure needed to fuel AI innovation warrants even greater intensity of planning and investment. AI capabilities are doubling every six months, requiring constant investment to maintain cutting-edge infrastructure. It’s for this reason; we can expect to see ongoing strategic investments from organisations across both the public and private sectors to expand advanced infrastructure in strategic locations on the continent. Industry leaders will increasingly be required to combine forces to drive the scale of impact needed, partnering to develop entire digital ecosystems, built on investment in state-of-the-art datacentres.
READ ALSO:
- 2 police officers crushed to death at UNIBEN main gate
- E-Money regains freedom after EFCC arrest
- Obi will defeat Tinubu in 2027 without Atiku, PDP coalition – NLC
Both startups and large corporations in Nigeria’s FSI industry are already tapping into the next wave of GPT innovation. WallX, for example, simplifies finance for SMEs by offering solutions for managing international transactions, establishing credit records, and securing loans through AI-driven credit evaluation. Access Holdings, on the other hand, has adopted Copilot for Microsoft 365 to address challenges in data management, meeting productivity, and app development, significantly reducing time spent on tasks.
However, Jeffrey Ding, a professor at George Washington University, provides a key insight: the true driver of economic growth during an industrial revolution is not leading in GPT innovation but widespread adoption of these key technologies. To benefit most from a technology, a country must diffuse it across every sector of its economy. For Nigeria, embracing AI means ensuring its benefits are felt beyond leading pockets in the financial services industry and across all economic sectors. Focusing on the key success factors mentioned earlier will be crucial for achieving this widespread adoption and maximising AI’s benefits nationwide.
The feat of mobile money in Nigeria is a testament to the power of GPT adoption in transforming key sectors. By learning from the country’s greatest success story, we can harness AI to reinvent many more industries, exporting solutions and services and positioning Nigeria as a producer rather than just a consumer of technology. This shift will pave the way for the nation to become an economic powerhouse, driving market-leading growth across the economy and empowering local communities with cutting-edge advancements.
*Ola Williams is managing director of Microsoft Nigeria and Ghana
![]()
Railway
NRC Confirms Warri–Itakpe Train Accident, Three Passengers Dead
NRC Confirms Warri–Itakpe Train Accident, Three Passengers Dead
Three passengers reportedly died and many others injured on Monday following the derailment of a train operating on the Warri–Itakpe Train Service (WITS), raising fresh concerns about safety and operational challenges on one of Nigeria’s most important standard-gauge railway corridors.
The accident occurred at Agbor, Delta State, along the Warri–Itakpe route, according to the Nigerian Railway Corporation (NRC).
In a statement signed by the Managing Director and Chief Executive Officer of the NRC, Dr. Kayode Opeifa, the corporation disclosed that rescue and emergency operations were ongoing while efforts were being made to determine the full extent of the accident.
“The Nigerian Railway Corporation confirms that an incident involving the Warri–Itakpe Train Service occurred today. Emergency response teams and relevant authorities are currently at the scene attending to the situation and providing necessary assistance,” the statement said.
The NRC said it was closely monitoring developments and promised to provide further details as investigations progress.
Although the corporation did not immediately state the number of casualties or injuries, sources familiar with the incident said three passengers lost their lives in the derailment.
Monday’s accident is the latest setback for the rail corridor, which has experienced a series of operational disruptions in recent years.
In April 2025, the NRC suspended train operations on the Warri–Itakpe route for 72 hours after a major technical failure left hundreds of passengers stranded in a remote forest area in Kogi State for several hours.
The disruption sparked public outrage and renewed scrutiny of the reliability and maintenance of the service.
The corporation attributed the incident to multiple engine failures and subsequently launched investigations while carrying out repairs before resuming operations.
The Warri–Itakpe line has also faced vandalism of railway infrastructure and security concerns along parts of the corridor.
Commissioned as Nigeria’s first standard-gauge rail line dedicated initially to freight movement before passenger services were introduced, the route links Warri in Delta State with Itakpe in Kogi State, serving thousands of passengers and facilitating the movement of goods across several states.
Transportation stakeholders have repeatedly called for stronger safety measures, improved maintenance culture and increased investment in rail infrastructure to prevent recurring incidents and enhance public confidence in the country’s rail transport system.

![]()
Auto
Zenith Bank tops awards list as Toyota Nigeria celebrates three decades of excellence (plus photos)
Zenith Bank tops awards list as Toyota Nigeria celebrates three decades of excellence (plus photos)
Zenith Bank Plc has emerged as the biggest winner at the 2026 Toyota Awards and Customers’ Night, clinching the coveted Evergreen Customer of the Year Award for the second consecutive year in recognition of its exceptional patronage of Toyota vehicles over the past five years.
The colourful event, held on Friday, May 5, 2026, at The Podium Event Centre in Lekki, Lagos, brought together an impressive gathering of customers, dealers, government officials, corporate partners, media practitioners and industry stakeholders to celebrate the achievements of Toyota Nigeria Limited (TNL) and strengthen the partnerships that have sustained its leadership in Nigeria’s automotive industry.

The annual awards ceremony serves as a platform to reward loyal customers, honour strategic partners and reinforce the company’s customer-first philosophy.
The highlight of the evening came when representatives of Zenith Bank were invited to the stage to receive the prestigious award for purchasing the highest number of Toyota vehicles from TNL dealerships in 2025.
The banking giant also secured the same honour last year after emerging as the customer with the highest cumulative vehicle purchases between 2020 and 2024.
In recognition of the feat, Chairman and founder of Toyota Nigeria Limited, Chief Michael Ade-Ojo, presented Zenith Bank with the keys to a brand-new Toyota Starlet Cross.
The competition in the Customer of the Year category was equally keen. AGL Motors emerged as the overall winner, while the Nigerian Army and Zenith Bank finished as first and second runners-up respectively. The winners received office equipment worth several millions of naira.
The 2026 edition of the awards carried special significance as Toyota Nigeria celebrated its 30th anniversary, marking three decades of operations since its establishment in 1996.
In keeping with its tradition of recognising contributors across its business ecosystem, Toyota Nigeria also honoured outstanding automotive journalists whose reports and analyses helped shape public understanding of developments in the industry.
Veteran motoring journalist, Theodore Opara of Vanguard, was named Journalist of the Year for his consistent coverage of the automotive sector and insightful reporting on industry trends and Toyota’s innovations.

Mike Ochonma of Transport World emerged as the runner-up, while Rasheed Bisiriyu of Newstrends was recognised as the second runner-up for their contributions to automotive journalism, particularly in the areas of vehicle technology, mobility solutions and market analysis.ĺ
Earlier in his keynote address, Managing Director of TNL, Kunle Ade-Ojo reflected on the company’s journey, describing the milestone as a testament to resilience, innovation and customer loyalty.
“Tonight is a moment of reflection, celebration and renewed commitment,” he said.
“For us at Toyota Nigeria, this annual gathering is more than a tradition. It is a deliberate expression of our enduring philosophy of putting the customer first. It provides a unique platform to honour the loyalty, trust and partnership that have defined our journey over the years.”
According to him, Toyota Nigeria has evolved from modest beginnings into one of the country’s most trusted automotive brands through a relentless focus on quality, reliability and service excellence.
“Since commencing operations in 1996, our journey has been defined by resilience, growth and transformation. Our progress over the past three decades has been anchored on one unwavering principle—creating value for our customers.
“Beyond delivering vehicles that meet diverse mobility needs, we have invested significantly in building a nationwide after-sales ecosystem designed to provide a seamless and premium ownership experience.”
Ade-Ojo assured customers and stakeholders that Toyota Nigeria would continue to innovate and improve its products and services despite prevailing economic challenges.
Several dealers and business partners used the occasion to commend Toyota Nigeria for its continuous investments in dealer development, training initiatives and workshop upgrades aimed at improving service delivery nationwide.
Ade-Ojo expressed gratitude to Toyota Nigeria’s extensive network of stakeholders, including dealers, customers, suppliers, consultants, financial institutions and employees.

“The journey of the past 30 years would not have been possible without the unwavering support and contributions of our stakeholders,” he said.

The managing director also acknowledged the support of Toyota Nigeria’s principal partner, Toyota Motor Corporation, as well as the company’s board of directors led by Chief Ade.Ojo.
He further assured customers that Toyota Nigeria would continue to introduce customer-friendly initiatives designed to make vehicle ownership more accessible despite economic headwinds.
“Despite the monumental challenges in the economy, Toyota Nigeria will continue to devise means that will enable our customers to enjoy their preferred auto brand—Toyota. We will continue to initiate customer-friendly business improvement strategies aimed at making our vehicles more affordable.”
![]()
Business
MTN Defends Mobile Data Prices, Says Nigeria Among World’s Cheapest Markets
MTN Defends Mobile Data Prices, Says Nigeria Among World’s Cheapest Markets
The Chief Executive Officer of MTN Nigeria, Karl Toriola, has defended the cost of mobile data in Nigeria, insisting that the country remains among the cheapest globally despite recent changes in telecom tariffs.
Speaking at the MTN Data Trial Conference in Lagos on Saturday, Toriola dismissed claims that telecom operators are overcharging subscribers, stressing that mobile data prices in Nigeria remain competitive when compared with several countries across Africa and beyond.
He explained that based on global comparisons of data cost per gigabyte, Nigeria still ranks among the most affordable markets. According to him, a review of data pricing across countries such as Kenya, Congo, and others shows that Nigeria remains one of the lowest-cost markets for mobile internet access.
Toriola added that while countries like Ghana also maintain relatively low-cost internet services, operators such as MTN Nigeria and other telecom providers continue to offer some of the cheapest data plans in Africa, even after the recent tariff adjustment.
The remarks come amid growing public debate following a 50% telecom tariff increase in Nigeria, approved by the Nigerian Communications Commission (NCC) in January 2025. The regulator described the adjustment as necessary to address rising operational costs, inflation, and foreign exchange pressures affecting the industry.
READ ALSO:
- Goods Worth N100m Lost as CNG Vehicle Explodes, Triggers Fire in Ibadan
- CBN Reforms Drive Return of Global Transactions on Naira Cards
- Court Strikes Down National Assembly’s ₦110bn SUV, Allowance Spending
According to the NCC, telecom operators initially requested more than 100 percent tariff adjustments, but the approved increase was reduced to balance industry sustainability with consumer protection. The commission also stated that the revised pricing structure is aimed at supporting continued investment in telecom infrastructure, network expansion, and improved service delivery across the country.
Despite this explanation, the tariff hike has triggered widespread criticism from consumers, labour unions, and civil society organisations. Many Nigerians argue that the rising cost of data bundles in Nigeria has worsened economic pressure on households already affected by inflation, fuel price increases, and declining purchasing power.
The Nigeria Labour Congress (NLC) has strongly condemned the tariff adjustment, describing it as insensitive and an additional burden on workers and low-income earners. Consumers have also raised concerns that data now depletes faster than before, intensifying dissatisfaction over value for money in mobile internet services in Nigeria.
Telecommunications operators, however, maintain that the tariff review is essential for the survival of the industry. They argue that rising costs of network equipment, electricity, foreign exchange volatility, and infrastructure expansion have made previous pricing structures unsustainable.
They also insist that periodic adjustments are necessary to ensure continued investment in 4G and 5G network expansion, improved connectivity, and better service quality across urban and rural areas.
While Nigeria may rank among countries with relatively low data prices per GB globally, analysts note that affordability depends heavily on income levels and purchasing power. This has created a growing gap between global rankings and local realities, as many Nigerians continue to feel the pressure of rising communication costs despite being classified among markets with relatively cheap internet access.
MTN Defends Mobile Data Prices, Says Nigeria Among World’s Cheapest Markets
![]()
-
metro3 days agoUPDATED: Police Rescue Adelabu’s Sister, Twin Sons in Ibadan – See rescue, abduction Footage
-
News1 day agoNAF Tracks 46 Abducted Pupils, Teachers in Oyo as Tinubu Deploys Special Rescue Unit
-
metro1 day ago“Sharia Law Demand is False” — Kidnapped Oyo Vice Principal Reveals Real Condition for Release
-
metro1 day agoOyo Govt Weaponising Kidnap Saga Against Islam, MURIC Alleges
-
metro2 days agoOgbomoso Chief Imam Denies Terrorism Allegations, Threatens Legal Action Against Defamers
-
News3 days agoMURIC Denounces Joint Statement With Fulani Group, Clarifies Identity Confusion With AMURIC
-
metro3 days agoAbducted General, Wife Beg Gov’t for Rescue in New Video
-
metro2 days agoPolice Arrest Bandits Caught Displaying AK-47 Rifles in Viral Video
