Business

How Nigeria’s mobile money is driving era of AI prosperity

Published

1 year ago

April 30, 2025

Trends Admin

Ola Williams

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,

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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.

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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.

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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

Related Topics:AI Microsoft mobile money

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Nigerians Pay N44 Extra Per Litre as Retailers Defy Falling Depot Prices – Full Report

Published

7 hours ago

September 9, 2026

Trends Admin

Nigerians Pay N44 Extra Per Litre as Retailers Defy Falling Depot Prices – Full Report

Despite significant reductions at major petroleum depots, petrol pump prices remain stubbornly high across Nigeria, raising fresh concerns about pricing transparency and market practices in the downstream sector.

LAGOS – There is a growing disconnect between wholesale and retail petrol prices in Nigeria, leaving motorists questioning why pump prices remain elevated despite sharp drops at depots. Industry data for September 8, 2026, revealed that Premium Motor Spirit (PMS) , commonly known as petrol, was selling at depots in Lagos for between N1,266 and N1,280 per litre, with some operators recording significant price cuts during the day. Yet at filling stations across Lagos and Abuja, consumers are still paying between N1,310 and N1,325 per litre – a gap of as much as N44 that industry watchers say underscores persistent inefficiencies and potential profiteering in the distribution chain.

A mid-day depot price report for Tuesday showed that Dangote Refinery and Pinnacle quoted N1,266 per litre, while MRS sold at N1,267. Other depots including Aiteo, Integrated, and Sahara priced at N1,270, with Ascon and NIPCO at N1,280. The data also revealed that several depots lowered their prices during the day. Integrated and Sahara in Lagos cut PMS prices by N9 per litre each to N1,270, while Lister reduced its price by N3 to N1,277. In Warri, Bulk Strategic, Liquid Bulk, and Masters reduced prices by N10 per litre, while Matrix cut its rate by N5. Rain Oil recorded the largest reduction, slashing its price by N20 to N1,280.

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Despite these downward adjustments, the relief is yet to reach motorists. The lowest reported retail price in Lagos stood at N1,310 per litre, while many filling stations still sell at N1,325 and above. In Abuja, prices range between N1,300 and N1,345, according to recent checks. This gap raises critical questions: why are savings at the depot level not being passed on to consumers?

Market operators point to several factors that widen the divide between wholesale and retail prices. “The depot price is only one component of the final price paid by the consumer,” an industry source said, citing transportation, storage, handling, and station operating costs as additional burden on final pump prices. Another downstream operator noted that not every station buys at the same price or operates with the same cost structure. “Location, transportation and other expenses all affect the pump price,” the operator explained. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has also attributed persistent price volatility to crude oil sourcing, single-source domestic refining, and logistics costs. The regulatory body’s spokesperson, George Ene-Ita, described the issues as “knotty,” adding that petrol prices have been fully deregulated and are subject to market forces.

Adding to the complexity, Brent crude recently surged past $95 per barrel amid escalating geopolitical tensions, which has pushed up replacement costs for imported fuel and influenced domestic pricing decisions. Dangote Refinery raised its gantry price three times in eight days in late August, adding N100 per litre – an 8.6% increase – following a sharp rise in international crude costs. This triggered retail price hikes across the country, with some northern states seeing petrol sell for as high as N1,400 per litre.

The NMDPRA has intensified consumer protection measures, warning filling station operators against under-dispensing and engaging with stakeholders to promote fair pricing. However, the authority has also reaffirmed that the market remains fully deregulated, meaning pump prices are determined by market forces rather than government directives. Industry associations including the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) and the Independent Petroleum Marketers Association of Nigeria (IPMAN) have called on regulators to clamp down on anti-competitive pricing practices. PETROAN National President Billy Gillis-Harry emphasised that retailers are simply passing on the costs they incur from suppliers. “If we buy N1,500, we must still try to make minimal markup to be able to pay for the cost of finance, cost of services, cost of logistics, cost of overhead,” he said.

Industry watchers are divided on whether the recent drop in depot prices will eventually translate into lower pump prices. “If depot prices continue to fall, consumers should begin to see some relief at the filling stations, provided the savings are transmitted through the distribution chain,” a market source noted. The Federal Government has ruled out a return to the subsidy regime, with Minister of Information Mohammed Idris warning that restoring subsidy would reverse economic gains and erase N15.8 trillion in savings mobilised between June 2023 and December 2025. Instead, state governors are promoting a nationwide Compressed Natural Gas (CNG) transit programme as a long-term solution to reduce transportation costs and ease the burden on Nigerians. For now, motorists continue to bear the brunt of a market in transition – where depot prices fall, but pump prices remain stubbornly high.

Nigerians Pay N44 Extra Per Litre as Retailers Defy Falling Depot Prices – Full Report

Auto

Abuja Roars to Life as Jetour X50 Headlines Three-Day Motoring Experience

Published

20 hours ago

September 8, 2026

Trends Admin

Abuja Roars to Life as Jetour X50 Headlines Three-Day Motoring Experience

Abuja is gearing up for a major motoring spectacle as Jetour Nigeria brings its fast-growing brand experience to the Federal Capital Territory, with the stylish Jetour X50 set to take centre stage in a three-day showcase of performance, technology and automotive innovation.

Scheduled for September 22 to 24, 2026, the Jetour Experience Abuja will move beyond the conventional vehicle exhibition, giving motorists and prospective buyers the opportunity to test-drive the X50, interact with automotive specialists and experience a range of entertainment and interactive activities.

The Abuja activation follows the strong reception recorded during Jetour Nigeria’s recent Lagos experience and forms part of the automaker’s strategy to deepen customer engagement while expanding its footprint across Nigeria.

Backed by an expanding authorised dealer network comprising Elizade Nigeria Limited, Mandilas Autos, Germaine Auto Centre, Kojo Motors, R.T. Briscoe, Tab Autos and New Era AutoVehicle Services, Jetour is also strengthening access to vehicle sales, after-sales support, genuine spare parts and certified technical services nationwide.

At the heart of the Abuja experience will be the Jetour X50, a compact SUV designed to combine contemporary styling, performance and a technology-rich driving environment.

Powered by a 1.5-litre turbocharged engine paired with a dual-clutch transmission, the X50 has positioned itself as a strong contender in Nigeria’s competitive compact SUV segment.

Jetour has equipped the model with a range of premium features, including a 360-degree camera, Blind Spot Detection, 10.5-inch infotainment system with Apple CarPlay and Android Auto, wireless charging and leather upholstery.

The combination of technology, comfort and performance is part of Jetour’s strategy of offering premium motoring features at competitive price points.

The Abuja event also highlights Jetour’s aggressive expansion strategy in Nigeria, following the brand’s recognition with industry accolades including Fastest Growing Auto Brand and Auto Brand of the Year.

With its expanding dealer network providing nationwide sales and after-sales support, Jetour is seeking to deepen customer engagement while making its vehicles and ownership services more accessible to motorists across the country.

As Abuja prepares to welcome the Jetour Experience, the three-day activation is expected to provide motorists with an opportunity to see, feel and drive the X50 while experiencing first-hand what is driving the brand’s growing appeal in Nigeria.