Paystack, a leading Nigerian fintech owned by Stripe, has partnered with OPay to make payments easier and more affordable for Nigerians. The new “Pay by OPay” feature allows merchants to accept payments directly from OPay accounts, cutting out the need for debit cards and the extra costs they bring. “It’s important for businesses to offer payment methods that their customers know and trust”, said Shola Akinlade, CEO of Paystack, while explaining the company’s focus on customer convenience. This move builds on Paystack’s success with bank transfer payments, which made up more than half of all its transactions in 2023. By working with OPay, as well as 24 Nigerian banks and other fintech firms like Kuda and PalmPay, Paystack is making it simpler for customers to pay businesses directly from their bank accounts or mobile wallets. OPay became a household name during the 2023 cash shortage when millions of Nigerians turned to digital wallets after traditional banks struggled to handle a surge in online transactions and cash availability. According to Paystack, the new partnership promises a nearly flawless transaction success rate of 99.9999%. “OPay will continue to build on its strength, which is modern technology, to provide our customers with cutting-edge financial service offerings,” said Dauda Gotring, OPay’s managing director. Paystack has been reshaping Nigeria’s payment systems for years. It introduced “Pay with Bank Transfer” in 2017, a service that has grown from handling 13% of its transactions in 2021 to over 50% by the end of 2023. More recently, the company launched direct debit services through a partnership with the Nigeria Inter-Bank Settlement Scheme, making it even easier for customers to pay merchants directly from their bank accounts. This partnership between Paystack and OPay is another step toward making payments quicker, cheaper, and more reliable for businesses and their customers in Nigeria. It reflects a growing shift in how Nigerians prefer to pay, leaving outdated systems behind for simpler, more trusted solutions.
FG Commends Moniepoint for Fintech Innovation, Financial Inclusion Efforts
The Federal Government has congratulated Moniepoint Inc. for its leadership in financial technology innovation and its efforts to expand financial inclusion across Nigeria. Vice President Kashim Shettima made the commendation in Abuja during a courtesy visit by Moniepoint’s leadership team, led by its CEO, Tosin Eniolorunda. Shettima lauded the company’s innovative use of technology to empower small and medium-scale enterprises (SMEs) while ensuring diversity and inclusion within its operations. “Moniepoint is a kaleidoscope of colours, reflecting Nigeria’s multicultural identity,” Shettima said. He noted the company’s workforce of over 3,000 employees, which includes significant representation of women in leadership roles, as a model for other organisations. While celebrating Moniepoint’s success, Shettima urged the company to implement stringent measures to prevent misuse of its platform by fraudsters. He reaffirmed the government’s commitment to supporting the firm’s local operations and global expansion plans. Shettima also highlighted other government-backed initiatives, such as Amal Hassan’s Outsource to Nigeria project, underscoring the administration’s focus on leveraging innovation to boost the economy. Eniolorunda expressed gratitude for the recognition and reiterated Moniepoint’s dedication to building a robust digital ecosystem. “Our mission is to empower every Nigerian through technology, and we remain committed to this goal,” he said. Moniepoint’s recognition by the federal government cements its position as a leader in Nigeria’s evolving financial landscape, driven by innovation, inclusivity, and collaboration.
Nvidia Unveils AI Model That Lets You Remix Reality with Sound and Voices
Nvidia had quite recently amazed the tech world with its latest creation, Fugatto, a generative AI innovation that recasts imagination in sound. Announced on Monday by the company, the technology can generate new sounds on its own, mimic strange sounds such as a trumpet that sounds like a dog and even change the tone of vocals by human performers with astonishing authenticity. With a focus on music producers, filmmakers and game developers, Fugatto promises to turn the process of creating soundtracks and effects into a new art form. While competitors like Meta and Runway use AI to turn text descriptions into sounds, Nvidia’s Fugatto does much more than that. It basically turns existing audio into something new like piano melodies or spoken words and also transforma changing accents, moods, or even converting notes into human-like vocals. “If we think about synthetic audio over the past 50 years, music sounds different now because of computers, because of synthesizers,” said Bryan Catanzaro, Nvidia’s vice president of applied deep learning research. “Generative AI is going to bring new capabilities to music, video games, and ordinary folks that want to create things.” However, instead of making Fugatto a public tool, Nvidia has secluded it for the same ethical reasons to prevent it being used, for instance, to post fake news, or violate copyrights. “It is essential to have admit that any generative technology always compromises certain risks”, Catanzaro said. Nvidia trained Fugatto on open source data and is considering the pros and cons of going open source as well. This happened as the Hollywood and AI meet at a crucial point in Hollywood production techniques. Though firms like OpenAI are discussing with movie production companies on this, the film industry is still struggling with concerns, defined by the recent controversy with Scarlett Johansson who complained that her voice was mimicked by AI without her permission. Nvidia’s modern technology places it in the league with other corporations, startups to innovate and bring out the best creativity. But as the company debates whether Fugatto performs live, it watches and contemplates on what the world receive as profit and shed as a loss in this new sonic leap.
Sanwo-Olu hails Lagos as Africa’s tech heartbeat at Zenith Bank Tech Fair 4.0
Lagos State Governor Babajide Sanwo Olu made a firm statement on the state of affairs of Lagos as Africa’s innovation hub during the Zenith Bank Tech Fair 4.0 held at the Eko Convention Centre. The event themed “Future Forward 4.0: Embedded Finance, Cybersecurity, and Growth Imperative – The Impact of AI” enthralled audiences with up-and-coming revolution in artificial intelligence, cybersecurity and financial technology. “This is the Lagos we envisioned” Sanwo-Olu said, noting that more efforts are being made to make the state one of the top technology cities in the world. “Events like this reaffirm Lagos as the epicentre of innovation and technology in Africa.” The Tech Fair included an electrifying startup pitch presentation, informative panel discussions on the prospects of embedded finance and an innovative and eye-catching display of AI and cybersecurity solutions. The event was clearly teeming with innovation as experts and professionals engaged their counterparts from other companies to discuss how technology is transforming the financial world. This initiative as executed by Zenith Bank pinpointed the importance of technology-related programs in supporting the growth of the economy and security. Not only did the fair represent the advancement of the city but expectations of the city as a global start for innovation.
PHOTOS: Terrahaptix Celebrates Successful Launch of Terra Expo 2024 with Over 500 Attendees
Port Harcourt, Nigeria – November 23, 2024—Terrahaptix, a leader in Africa’s drone and robotics industry, successfully hosted its first-ever Terra Expo 2024 at the Aztec Arcum in Port Harcourt. According to a member of the event marketing team, @saamu_eleja on X, whilst celebrating, revealed that it had 1120 registered for the event and over 500 registrants were in attendance. 2024’s Terra Expo brought together top industry professionals, innovators, and tech enthusiasts eager to witness Nigeria’s latest advancements in drone technology and artificial intelligence (AI) and meet the masterminds behind this innovation. One user @bigboy_designer shares his experience on X, “Went for the Terra Expo today and it was awesome.’ He noted, ‘there were a lot of great speakers and many people who were interested in the hardware space. I enjoyed this one.” The expo highlighted Terrahaptix’s dedication to driving automation across emerging markets. A key moment of the event was the unveiling of three groundbreaking products poised to transform the agricultural and logistics industries. The surprise product launch added to the excitement, making the expo a milestone event for the company. The three main products launched include: Archer Drones: for advanced aerial security and surveillance. Kallon Sentry Tower: a solar-powered surveillance system using AI to detect and track threats up to 5 kilometers away. ArtemisOS: A mobile-first operating system built for drones, likened to “Android for drones.” Speaking at the expo, Nathan Nwachuku, Chairman of Terrahaptix, described the event as a turning point for the company. “This is the beginning of something extraordinary. Terra Expo marks our commitment to innovation, and we’re excited to be at the forefront of AI-driven robotics. These products represent years of meticulous research and testing,” he stated. The Terra Expo not only showcased cutting-edge tech from Nigeria but it also created an opportunity for young industry players to meet and connect. Attendees had the opportunity to engage with experts and discuss the future of robotics in Nigeria, Africa. Another X user @designeragba shared photos online, and exclaimed, it was lovely meeting like-minded people at the expo. Terrahaptix has quickly established itself as an important player in the global automation industry. The company recently opened a 15,000-square-foot drone factory in Abuja and secured a $500k contract to supply Archer drones to Ghana. With over $1 million processed in drone orders, Terrahaptix will continue to innovate across various sectors including mining, oil and gas, and construction.
American Business Council Kickstarts Cyber Hackathon to Help Promote Talents in Africa’s Cybersecurity Industry
Africa’s brightest tech minds are preparing for the opportunity to shine on the global stage with the announcement of the 2024 Cyber Hackathon by the American Business Council Nigeria (ABC Nigeria) in collaboration with Comercio, and other leading partners in the private sector. The event is aimed at providing a vibrant platform for Africa’s brightest tech minds to collaborate, innovate, compete, and also to identify the best cybersecurity talent in the continent. This year’s Cyber Hackathon is a high-stakes arena for innovation, mentorship and unprecedented opportunities. The event which is scheduled to hold in November 26 will allow participants engage in intense brainstorming and problem-solving sessions in areas like artificial intelligence and cybersecurity. Winners at the event don’t only stand the chance to walk away with prizes such as laptops, cutting-edge tech gadgets and cybersecurity certifications, but will also secure a coveted spot in a five-week pre-accelerator program in Silicon Valley, and which will avail them the opportunity to rub shoulders with tech giants at the heart of global innovation.