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,
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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
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Auto
Toyota Corolla Cross: The SUV That Blends Everyday Comfort With Practicality
Toyota Corolla Cross: The SUV That Blends Everyday Comfort With Practicality

With its elevated driving position, spacious cabin, advanced safety technologies and fuel-efficient hybrid options, the Toyota Corolla Cross offers motorists a compelling blend of SUV versatility and everyday convenience.
For motorists seeking a vehicle that combines the comfort of a family car with the versatility of a sport utility vehicle, the Toyota Corolla Cross presents an attractive option in the increasingly competitive crossover market.
Developed around the familiar Corolla nameplate, the Corolla Cross brings together the practicality associated with the Corolla range and the elevated stance, generous interior space and utility expected of an SUV.
Toyota describes the model as combining spacious interior accommodation and outstanding utility with responsive performance and fuel efficiency.
The result is a vehicle designed to appeal to families, professionals and urban motorists who want a versatile vehicle for daily commuting, business engagements, weekend outings and longer journeys.
SUV styling meets everyday functionality
The Corolla Cross adopts the raised body profile and commanding road presence of an SUV while retaining proportions intended to make it manageable for everyday driving.
Its design seeks to balance visual appeal with functionality, giving buyers an alternative to conventional saloon cars without requiring them to move into a larger SUV.
The elevated seating position can provide drivers with a more commanding view of the road, while the crossover format offers flexibility for passengers, shopping, luggage and other everyday transportation needs.
For Nigerian motorists navigating a combination of busy city streets, highways and varying road conditions, these characteristics make the model worth considering as an all-round family and business vehicle.
Comfort and space for modern motorists
Interior space is an important part of the Corolla Cross proposition. Its cabin is designed to accommodate passengers comfortably while providing practical storage and luggage-carrying capability for everyday activities.
The model’s SUV-inspired layout offers an alternative for customers who need more versatility than a conventional compact saloon but do not necessarily require a full-size SUV.
Depending on the grade, Nigerian buyers should confirm the availability of specific convenience and infotainment features, including touchscreen functions, smartphone connectivity, climate control and other equipment, with an authorised Toyota dealer.
Fuel efficiency and hybrid technology
Fuel economy remains a significant consideration for Nigerian vehicle buyers, particularly households and businesses seeking to manage running costs.
Toyota’s Corolla Cross range includes hybrid versions in selected markets, combining a petrol engine with an electric motor to improve efficiency. The official Toyota Corolla Cross product information highlights fuel-saving hybrid technology as one of the model’s major strengths.
Toyota also lists an E-Four electric four-wheel-drive system on applicable hybrid versions. Availability of this drivetrain and the associated features depends on the specific version.
Actual fuel consumption will vary according to the powertrain, driving conditions, traffic, vehicle load and driving style. Prospective Nigerian buyers should therefore confirm the engine, transmission and hybrid availability of the exact vehicle being offered locally rather than assume that every international specification is available in Nigeria.
Safety and driver assistance
Safety is another important element of the Corolla Cross package.
Toyota’s international product information highlights Toyota Safety Sense, a suite of active safety and driver-assistance technologies designed to support drivers in everyday traffic situations. Depending on the model grade and market, the package may include functions intended to help detect potential collisions and support safer driving.
The manufacturer’s information also identifies parking assistance and a back-guide monitor on applicable grades, helping drivers manoeuvre in confined spaces.
However, equipment can differ by market and specification. Buyers should request confirmation of the safety features fitted to the particular Corolla Cross being sold by Toyota (Nigeria) Limited or its accredited dealers.
Backed by Toyota’s Nigerian dealer network
Beyond the vehicle’s design and equipment, the availability of authorised sales, servicing and genuine spare parts is an important consideration for buyers.
Toyota (Nigeria) Limited, appointed distributor of Toyota Motor Corporation in Nigeria, operates through seven accredited dealers across the country. The company says its network supports vehicle sales, after-sales services and the supply of genuine parts.
Purchasing an eligible new vehicle through an accredited dealer also provides access to Toyota (Nigeria) Limited’s stated basic warranty of three years or 100,000 kilometres, whichever comes first, subject to the manufacturer’s terms and conditions.
The company says its Nigerian-market vehicles are configured with local operating conditions in mind, including a Severe User Package designed to help vehicles cope with challenging road and environmental conditions. Customers should confirm the precise specification applicable to the Corolla Cross they intend to purchase.
Where to enquire about the Toyota Corolla Cross
Customers can contact Toyota (Nigeria) Limited’s accredited dealers to confirm the Corolla Cross’s availability, current price, engine and transmission options, colour choices, warranty coverage and delivery arrangements.
The seven dealers listed on Toyota (Nigeria) Limited’s official website are:
Elizade Nigeria Limited, R.T. Briscoe (Nigeria), Omoregie Motors, Germaine Auto Centre, Mandilas Enterprises Limited,
Kojo Motors Limited and Metropolitan Motors Limited.
Dealer contacts and locations can be checked on Toyota (Nigeria) Limited’s official website at www.toyotanigeria.com/dealers/.
A versatile choice for the modern driver
The Toyota Corolla Cross brings together the elevated stance of an SUV, the everyday practicality of the Corolla nameplate and the availability of fuel-efficient hybrid technology in selected versions.
For Nigerian buyers weighing comfort, utility, safety and long-term ownership support, the model deserves consideration as a versatile vehicle for both personal and family use.
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Auto
Hyundai Unveils Mufasa, Grand Creta SUVs to Strengthen Nigeria Line-up (Updated)
Hyundai Unveils Mufasa, Grand Creta SUVs to Strengthen Nigeria Line-up (Updated)
Hyundai Motors Nigeria has expanded its sport utility vehicle (SUV) range with the introduction of the all-new Mufasa and Grand Creta, offering Nigerian motorists more choices in styling, performance, technology and passenger comfort.
The two models, unveiled in Lagos on Wednesday, are targeted at different customer segments, with the Mufasa designed for motorists seeking a stylish, five-seater SUV, while the Grand Creta offers a three-row, seven-seater configuration suited to larger families and customers requiring additional passenger space.
The launch underscores Hyundai’s efforts to strengthen its presence in Nigeria’s competitive automotive market, where demand for versatile vehicles that combine comfort, safety, performance and practicality continues to shape consumer preferences.
Speaking at the launch, Hyundai Motors Nigeria’s General Manager, Sales and Marketing, Mr Gaurav Vashisht, said the new models reflected the company’s commitment to providing vehicles that meet the changing needs of Nigerian customers.
“The SUV segment continues to attract strong interest in Nigeria, as customers increasingly prioritise comfort, safety, technology and versatility,” Vashisht said.
He also gave a rundown of the two new vehicles’ features even as he stated that the Mufasa and Grand Creta were designed to meet different lifestyle requirements while maintaining Hyundai’s global standards of quality and innovation.
Mufasa targets style-conscious motorists
The Hyundai Mufasa combines bold exterior styling with a spacious cabin and features designed for everyday driving. Its distinctive front grille, signature LED lighting and muscular bodywork give it a commanding road presence.
Power comes from a 2.0-litre Smartstream multipoint fuel injection (MPi) petrol engine paired with a six-speed automatic transmission. Depending on the market specification, the engine produces approximately 150–160 horsepower and 193Nm of torque.
The five-seater SUV measures about 4,475mm in length, with a 2,680mm wheelbase, providing room for passengers and luggage while retaining a practical footprint for urban driving and longer journeys.
Its cabin features a modern dashboard, digital displays and storage spaces, while available equipment, depending on the variant, includes touchscreen infotainment, smartphone connectivity, automatic climate control, wireless charging and selectable driving modes.
Safety and driver-support features include anti-lock braking, electronic stability control, airbags and parking assistance, subject to the vehicle specification.
The Mufasa is positioned as an option for professionals, younger motorists and families seeking a combination of contemporary design, technology and everyday usability.
Grand Creta offers seven-seat flexibility
The Grand Creta complements the Mufasa with a larger cabin and seating for up to seven occupants, making it suitable for families and motorists who prioritise passenger capacity and interior flexibility.
The SUV is powered by an available 2.0-litre Smartstream petrol engine producing approximately 159 horsepower and 191Nm of torque. A six-speed automatic transmission is offered on automatic variant.
Its 2,760mm wheelbase supports a spacious three-row layout, while the flexible seating arrangement allows occupants to adjust the cabin to accommodate passengers or luggage.
Depending on the trim, convenience features include an eight-inch touchscreen infotainment system with smartphone connectivity, rear air-conditioning vents, keyless entry, push-button start and a digital instrument cluster.
Higher-specification versions may also feature leather-appointed seats, ventilated front seats, automatic climate control, wireless charging and a panoramic sunroof.
Safety equipment offered across the range includes six airbags, anti-lock braking, electronic stability control, hill-start assist, rear parking sensors, a rear-view camera and ISOFIX child-seat mounting points.
The model is aimed particularly at larger families seeking additional space and comfort without sacrificing the styling and versatility associated with SUVs.
After-sales support in focus
Beyond the new models, Hyundai Motors Nigeria says it is focused on delivering a comprehensive ownership experience through its authorised dealership network, after-sales services and access to genuine spare parts.
Vashisht said the Mufasa would appeal to customers seeking bold styling, modern technology and dynamic performance, while the Grand Creta would cater to those requiring greater passenger capacity, comfort and versatility.
“Our objective is not simply to introduce new vehicles but to deliver a complete ownership experience,” he said, reaffirming the company’s commitment to building long-term customer confidence in the Hyundai brand.
The two additions expand Hyundai’s existing SUV portfolio, which includes the Creta, Tucson, Santa Fe and Palisade.
Their introduction comes as automakers compete to attract Nigerian buyers with vehicles offering a balance of comfort, safety, technology, performance and long-term ownership value.
With the Mufasa and Grand Creta, Hyundai is seeking to broaden its appeal across different customer categories while strengthening its position in Nigeria’s increasingly competitive SUV market.

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Auto
Happening now: Hyundai unveiling of Mufasa and Grand Creta
Happening now: Hyundai unveiling of Mufasa and Grand Creta (photos)

Two latest models of Hyundai auto brands are currently being officially rolled out in Lagos. The new vehicles are Mufasa and Grand Creta.
The unveiling is taking place at the Hyundai showroom on Akin Adesola Street Victoria Island, Lagos.


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