Amazon Web Services (AWS) has announced that it will now accept the Nigerian naira as a payment option. This change is part of a broader initiative to include eight new local currencies in its payment catalog, making it easier for customers to transact without the burden of foreign exchange costs. For many Nigerian businesses, the fluctuating value of the naira has made it increasingly expensive to use cloud services. By allowing payments in local currency, AWS aims to alleviate some of these financial pressures. This means that companies can avoid the extra costs associated with converting naira to foreign currencies, which can be particularly challenging given the current economic climate. In a recent press statement, AWS emphasized the importance of local currencies for enhancing the payment experience. “Local currencies are important in localizing the payment experience for customers,” the company stated. “With payments in their local currencies, customers can avoid foreign exchange costs associated with making foreign currency payments.” This update not only benefits Nigerian customers but also positions AWS more favorably against local cloud providers. As competition heats up in the cloud services market, offering payment options that cater specifically to local needs can be a game-changer. AWS’s decision reflects a growing trend among tech giants to tailor their services to meet regional demands. The addition of the naira comes alongside AWS’s recent efforts to support sellers and channel partners globally, including options for contract pricing in multiple currencies and disbursements without requiring US bank accounts. These features are designed to simplify international transactions and make it easier for businesses to thrive in a global marketplace. As part of its commitment to expanding its cloud computing services, Amazon has also announced plans to invest over $5 billion in new data centers in Mexico. This investment aims to enhance data storage capabilities, particularly as demand surges due to advancements in artificial intelligence. With these developments, AWS is not just enhancing its service offerings but also reinforcing its commitment to supporting businesses in Nigeria and beyond. As more companies look for reliable cloud solutions, AWS’s localized approach could play a crucial role in shaping the future of digital commerce in Nigeria. By accepting the naira and other local currencies, AWS is paving the way for a more accessible and cost-effective cloud service experience for Nigerian businesses, an exciting development that could have lasting impacts on the tech landscape in the region.
Global internet access reaches 68%, but low-income countries lag behind
An estimated 5.5 billion people, or 68% of the world’s population, were online in 2024, according to the International Telecommunication Union (ITU). However, internet access remained a significant challenge in low-income countries, where only 27% of the population had connectivity. The ITU’s “Facts and Figures 2024” report highlighted major disparities in access. Least developed countries (LDCs) reported internet access rates of 35%, while landlocked developing countries fared slightly better at 39%. The ITU Secretary-General, Doreen Bogdan-Martin, said, “Facts and Figures 2024 is a tale of two digital realities between high-income and low-income countries. Stark gaps in critical connectivity indicators are cutting off the most vulnerable people from online access to information, education and employment opportunities.” “This report is a reminder that true progress in our interconnected world isn’t just about how fast we move forward but about making sure everyone moves forward together.” Globally, the number of people offline fell from an estimated 2.8 billion in 2023 to 2.6 billion in 2024, accounting for 32% of the world’s population. In Nigeria, internet penetration reached 42.24% in October 2024, an increase from 41.56% in September, according to a report by the Nigerian Communications Commission. Despite this growth, Nigeria’s connectivity rate remains below the global average, underscoring challenges faced by low-income nations. Cosmas Zavazava, Director of the ITU’s Telecommunications Development Bureau, said, “The world is inching towards universal access at a time that it should be sprinting. “While we continue to make progress on connectivity, our advances mask significant gaps in the world’s most vulnerable communities, where digital exclusion makes life even more challenging. “We must intensify our efforts to remove the barriers that keep people offline and close the usage gap and renew our commitment to achieving universal and meaningful connectivity so that everyone can access the internet.” The ITU’s report stresses the need for collective global action to bridge the digital divide and ensure internet access for the most disadvantaged communities.
Ten women to receive ₦1m each at tech programme finale in Lagos
Ten women will each receive a ₦1 million grant at the grand finale of the ‘Transitioning to Tech for Women’ programme, which will take place on January 15 at The Mike Adenuga Centre, Ikoyi, Lagos. The event is organised by ASF.Africa, and according to a statement released on Sunday, the programme aims to bridge the gender gap in the tech industry by equipping women with technical and business skills. Chief Executive Officer of ASF.Africa, Peter Dingba, said the initiative is designed to empower women with industry-relevant expertise. “The programme celebrates the achievements of women who have completed a year-long training in technology skills and industry expertise,” Dingba said. Participants were trained in backend development, frontend development, DevOps, data science, and the business aspects of technology. The top 10 participants will present their startup ideas at the finale to compete for the ₦1 million grants. The event will also include panel discussions, networking sessions with industry leaders, and the presentation of the ‘Outstanding Women in Tech Awards.’ Expected attendees include representatives from the United Nations, European Union, GIZ, IFC, United States Consulate, Dutch Consulate, Mastercard Foundation, MainOne, Aruwa Capital Management, Jobberman, AWS, and notable female tech founders. “This is more than a grant programme. It is a celebration of women breaking barriers in technology,” Dingba added.
UK prime minister, Keir Starmer announces plan to lead global AI innovation
UK Prime Minister Keir Starmer has unveiled a plan to position Britain as a global leader in artificial intelligence (AI), promising a flexible regulatory framework to boost the country’s economy. Speaking on Monday, Starmer said AI has the potential to transform public services and drive significant economic growth. His government’s “AI Opportunities Action Plan” outlines 50 recommendations for integrating AI into public services, including education and infrastructure maintenance. “AI is the greatest force for change in the world right now. I am determined to harness it to usher in a golden age of public service reform,” Starmer wrote in an article published in the Financial Times. The plan includes the creation of dedicated “AI growth zones” to expedite planning for data centres and infrastructure projects. It also proposes increasing the UK’s server capacity twentyfold by 2030, with the government pledging to build a new supercomputer. Starmer’s administration estimates AI could contribute £47 billion annually to the UK economy over the next decade. The government announced that three companies—Vantage Data Centres, Nscale, and Kyndryl—have already committed £14 billion in AI investments, expected to create over 13,000 jobs. Starmer has proposed a regulatory path that diverges from both the European Union’s stringent data protection laws and the United States’ largely deregulated approach. He said the UK’s approach would test AI long before we regulate, so that everything we do will be proportionate and grounded in the science. The Labour government’s strategy reflects a bid to attract global investment while addressing concerns about the unchecked use of AI. Opposition members have criticised the plan, with Shadow Science Secretary Alan Mak accusing the government of underfunding its ambitions. “AI does have the potential to transform public services, but Labour’s economic mismanagement and uninspiring plan will mean Britain is left behind,” Mak said. There are also concerns about the impact of AI on jobs, with some fearing automation could lead to significant job losses. However, senior cabinet minister Pat McFadden said, “It’s too pessimistic to simply talk about job losses. Like previous technological waves, AI will disrupt but also create new opportunities.” Starmer has made economic recovery a key focus since taking office in July, but his government faces significant hurdles. Slower-than-expected growth, rising borrowing costs, and a weakening pound have limited his fiscal options, raising the prospect of spending cuts or tax increases. The government plans to conclude consultations on AI-related copyright laws next month, aiming to clarify how intellectual property rules apply to AI-generated content. Starmer said this effort seeks to balance innovation with protections for the creative industries. While the Prime Minister’s plan aims to harness the potential of AI for economic growth and public service reform, its success will depend on how the government navigates regulatory, financial, and societal challenges in the coming years.
IMF warns artificial intelligence could destabilise financial markets
The International Monetary Fund (IMF) has warned that the growing use of artificial intelligence (AI) in financial markets poses serious risks, including increased market volatility, reduced transparency, and higher vulnerability to cyberattacks. The warning comes from the IMF’s latest Global Financial Stability Report, which highlights both the benefits and potential dangers of AI in the financial sector. The fund noted that AI is increasingly being used by hedge funds, investment banks, and other market participants to execute trades faster and manage risks more effectively. “The adoption of the latest iterations of artificial intelligence by financial markets can improve risk management and deepen liquidity, but it could also make markets opaque, harder to monitor, and more vulnerable to cyberattacks and manipulation risks,” the report stated. The report raised concerns about AI’s ability to process massive datasets and execute trades within fractions of a second. While this can improve efficiency, it also increases the likelihood of “flash crash” events, where market prices swing dramatically in short timeframes. The IMF drew comparisons to the 2010 flash crash in US equities, which caused widespread disruption. AI’s capability to analyse unstructured data, such as news and social media content, was also flagged as a risk. The IMF said this could lead to unpredictable market movements, particularly during periods of uncertainty or stress. AI is already transforming the financial industry by enhancing speed and precision in trading. However, the IMF warned that if left unchecked, its widespread use could create systemic challenges, including making markets harder to regulate and more prone to manipulation. The report called on policymakers and market participants to carefully monitor and manage these risks as AI’s role in the financial sector continues to expand.
Uber and Bolt drivers in Nigeria call for federal regulation to address unfair state policies
E-hailing drivers across Nigeria, represented by the Amalgamated Union of App-based Transporters of Nigeria (AUATON), are urging the federal government to establish a national regulatory framework to replace what they describe as unfavorable state policies. This call comes as many drivers struggle under inconsistent regulations that vary from state to state. In a recent interview, Kolawole Aina, the South-West Vice-President of AUATON, emphasized the need for a unified approach to regulation that would encompass all stakeholders involved in the e-hailing industry. “Currently, we operate in 26 states, including the Federal Capital Territory, but about 15 or 17 of these states have their own regulations that often do not favor us… We believe a national framework would benefit everyone, drivers, app companies, passengers, and the government.” – Aina The drivers’ concerns are not just about regulation; they also highlight issues such as excessive taxation and safety risks. Aina pointed out that drivers often bear the brunt of financial burdens while app companies and state governments profit. He argued that a federal framework could help streamline regulations and reduce the multiple taxes imposed on drivers. One significant concern raised by Aina is the safety of drivers. He suggested that implementing passenger profiling, similar to how drivers are vetted, could help reduce incidents of crime against drivers, including kidnapping. “We need better relationships between app companies, governments, and drivers to ensure smoother operations,” he said. The push for federal regulation is part of a broader effort by AUATON to address longstanding grievances within the industry. The union was officially registered in 2023 after years of advocacy, particularly following significant pay cuts imposed by companies like Uber without prior consultation with drivers. With the support of the federal government, these drivers hope to secure fair treatment, reduce excessive taxation, and enhance their overall working conditions. The outcome of this movement could significantly reshape the future of the e-hailing industry in Nigeria, benefiting drivers, passengers, and app companies alike.