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    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

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    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    Flutterwave gets Switching and Processing licence from CBN

    Flutterwave gets Switching and Processing licence from CBN

    Google Expands its Digital Wallet to South Africa

    Google Expands its Digital Wallet to South Africa

    FCCPC Orders Drawdown of Online Credit Companies

    FCCPC Orders Drawdown of Online Credit Companies

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    Paga launches its Naira Virtual Cards in Partnership with Visa

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    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

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    CBN increases Cash Withdrawals for Individuals and Organizations

    GDG Hosts DevFest Jos 2022

    GDG Hosts DevFest Jos 2022

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    Peakfield Academy crowned Champions of The Axia Hub Tech Challenge

    Bolt Drivers in Jos to Embark on a Three-day Warning Strike

    Bolt Drivers in Jos to Embark on a Three-day Warning Strike

    Amazon Web Services opens office in Lagos, Nigeria

    Amazon Web Services opens office in Lagos, Nigeria

  • FEATURED
    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    The Increase in Data Prices is a Big Challenge for Remote Workers in Nigeria

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

    How this Startup Founder turned his Passion for playing Video Games into a GameFi Company

    How this Startup Founder turned his Passion for playing Video Games into a GameFi Company

    The Reality of the Global Economic Slowdown is hitting the Tech Startup Sector in Africa

    The Reality of the Global Economic Slowdown is hitting the Tech Startup Sector in Africa

  • BLOCKCHAIN
    Binance now accepts Naira Deposits and Withdrawals

    Binance now accepts Naira Deposits and Withdrawals

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Is Africa Ready to Operate a Digital Monetary Policy?

    Is Africa Ready to Operate a Digital Monetary Policy?

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    PLA2SMART Set to Lead a New Frontier in Nigeria’s Tourism Economy

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

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    CBN prohibits Foreign Banks from Offering Banking Services

    CBN prohibits Foreign Banks from Offering Banking Services

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    Flutterwave gets Switching and Processing licence from CBN

    Flutterwave gets Switching and Processing licence from CBN

    Google Expands its Digital Wallet to South Africa

    Google Expands its Digital Wallet to South Africa

    FCCPC Orders Drawdown of Online Credit Companies

    FCCPC Orders Drawdown of Online Credit Companies

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    Sky.Garden survives Shutdown, gets New Owners

    Paga launches its Naira Virtual Cards in Partnership with Visa

    Paga launches its Naira Virtual Cards in Partnership with Visa

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    More Job Cuts at 54gene as CEO Quits Office

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    Nigerian Prop-tech startup, Spleet secures $2.6M seed to Expand its Product Offerings in Africa

    Nigerian Prop-tech startup, Spleet secures $2.6M seed to Expand its Product Offerings in Africa

    Kenya’s Sky.Garden looks to shut down e-Commerce Operations after Funding Failure

    Kenya’s Sky.Garden looks to shut down e-Commerce Operations after Funding Failure

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Home Featured

5 Exciting Things That Happened in the Nigerian Tech Ecosystem

by Mary John
December 24, 2022
in Featured
Reading Time: 8 mins read
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5 Exciting Things That Happened in the Nigerian Tech Ecosystem
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From high-end funding to record-breaking acquisitions, rebrands, scandals, expansions and so many paradigm shifts, 2022 has been full of exciting events and opportunities.

In all the excitement, a few of these events have stood out as the dawn of a new era for the tech ecosystem in Nigeria.

So, as we prepare to draw close the curtains of the month, we will take you through three of the biggest wins in the Nigerian tech space this year.

Nigeria tops up her AI exploration

In December 2022, the Uniccon Group of companies officially launched the first indigenous humanoid robotics and AI development in Africa.

Omeife, Africa’s first humanoid
Image source: The Guardian

The 6-foot-tall human-like robot is a highly sophisticated AI, powered by algorithms that enable it to understand African culture, speak up to 8 African languages, as well as emulate the behavioural patterns of the African people.

According to the company, Omeife was created to bridge the productivity gap evident in the absence of adequate and reliable data and infrastructure and capable human resources in the affairs of the AI landscape in Nigeria and Africa at large.

Omeife is said to become a technology for Nigerians.

Flutterwave procures a switching and processing license

Despite the scandals that surrounded Flutterwave this year, the company rose to the challenge by procuring one of the Central Bank of Nigeria’s (CBN’s) most valuable licenses in September 2022.

The switching and processing license allows the Fintech giant to operate independently in enabling interbank transactions as well as transactions with other Fintech companies and financial institutions across borders without the help of intermediaries.

For customers and users of the payment platform, this means improved financial security, faster transactions, a better payment experience as well as new and improved products and features.

CBN-AFF eNaira Hackathon

Following the launch of the CBN’s eNaira in October 2021, the apex bank announced in August 2022 that the digital currency had amassed a volume of over 200,000 transactions on its mobile wallet platform which brought its total worth to an estimated N4 billion.

To promote its awareness and widespread adoption, the Central Bank hosted a hackathon in collaboration with African Fintech Foundry (AFF) where it challenged innovators, coders, developers and entrepreneurs to solve problems and create innovative ideas around the eNaira.

Judges at the Semi-Final Pitching of the eNaira Hackathon 2022.
Image source: Premium Times

This was one of the biggest hackathons for the year with over 4,000 applicants turning up to participate in the competition and the top 10 selected to join AFF’s accelerator programme where they would subsequently receive funding for their businesses.

The Nigerian Startup Bill Signed into Law
Image source: Techcabal

The Nigerian Startup Bill which was signed into law by President Muhammadu Buhari in October 2022, is a product of the collective effort of over 30 leaders in the Nigerian tech ecosystem. Its major objectives are:

  • The provision of a legal and institutional framework for the establishment, development and operation of startups in Nigeria.
  • The facilitation and fostering of the development and growth of technology-related talent and;
  • The positioning of Nigeria’s startup ecosystem as the leading digital technology hub in Africa.

So far, Kaduna, Lagos, Ekiti, Edo, Anambra and Yobe states are at the forefront of the adoption process.

Starlink comes to Nigeria
Elon Musk, CEO, of SpaceX

The latest development on this end has been the announcement by the federal government that Starlink will commence broadband internet service distribution in Nigeria before the end of this month. This is coming 7 months after the deal was sealed between the service’s parent company, SpaceX and the Nigerian Communications Commission (NCC).

In May 2022, Elon Musk tweeted that regulatory approvals had been granted by Nigerian telecommunication regulators for the expansion of the service into the country. Hence, after months of regulatory review and administrative deliberation, Nigerians have been promised better internet at their disposal.

What Nigerians can expect in the future

Each of the above developments is defining game-changers in their respective industries, with the potential to have long-lasting and transformative effects on the digital economy in general.

In the same vein, the deeper exploration of AI technology will open the doors to further progress in every sector of the Nigerian economy as predicted by McKinsey and co in their study of technology trends for 2022.

As we head into 2023, we can only expect that the successes of this ending year will lead to an even more prolific year filled with more record-breaking moments.

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