CRESTHUB
CRESTHUB MAGAZINE
  • NEWS
    Nigeria Bets Big on Digital Economy to Drive Youth Employment and Innovation

    Nigeria Bets Big on Digital Economy to Drive Youth Employment and Innovation

    InnovateAI 2025 Brings Global AI Conversation to Jos, Driving Tech Growth in Plateau

    InnovateAI 2025 Brings Global AI Conversation to Jos, Driving Tech Growth in Plateau

    Polaris, Keystone Exploring Mergers Amid CBN’s Capitalization Push

    Polaris, Keystone Exploring Mergers Amid CBN’s Capitalization Push

    SeamlessHR Expands into Nigeria’s $720M Public Sector Market

    SeamlessHR Expands into Nigeria’s $720M Public Sector Market

    Dr. Cletus Shurkur Appointed Commissioner for Science & Tech as Governor Mutfwang Reshuffles Cabinet

    Dr. Cletus Shurkur Appointed Commissioner for Science & Tech as Governor Mutfwang Reshuffles Cabinet

    Stephen Sunday Becomes PLATEC Chairman, Set to Drive Tech Growth in Plateau State

    Stephen Sunday Becomes PLATEC Chairman, Set to Drive Tech Growth in Plateau State

  • FEATURED
    How Gonana Farm is Revolutionizing Agriculture with Blockchain and Strategic Partnerships

    How Gonana Farm is Revolutionizing Agriculture with Blockchain and Strategic Partnerships

    This Platform Wants to Ease Logistics and Shopping for Jos Residents

    Tukshopp’s Bold Move: How a New Platform is Reshaping Shopping and Logistics in Jos

    Kingsley Onyeagusi: The Visionary Powering Technoomni’s Global EdTech Revolution

    Kingsley Onyeagusi: The Visionary Powering Technoomni’s Global EdTech Revolution

    Stephen Sunday Becomes PLATEC Chairman, Set to Drive Tech Growth in Plateau State

    PLATEC’s New Chairman Charts a Bold Course for Plateau’s Tech Future

    Jos Residents Share Their Temu Experience: 90% Got What They Ordered, But Is It Worth It?

    Jos Residents Share Their Temu Experience: 90% Got What They Ordered, But Is It Worth It?

    Northern Nigeria’s Blockchain Revolution: A Vision for 2025 by Dinfa Dashe, Cofounder of Web3.0 Alliance LTD

    Northern Nigeria’s Blockchain Revolution: A Vision for 2025 by Dinfa Dashe, Cofounder of Web3.0 Alliance LTD

  • BLOCKCHAIN
    Ncc Restricts Binance, Other Crypto Exchange Companies in Nigeria

    Ncc Restricts Binance, Other Crypto Exchange Companies in Nigeria

    Popular Cryptocurrency Coins in the Blockchain space in Nigeria

    Popular Cryptocurrency Coins in the Blockchain space in Nigeria

    Egon Blockchain Sponsors Maiden Edition of Webfest 3.0 2023.

    Egon Blockchain Sponsors Maiden Edition of Webfest 3.0 2023.

    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?

  • FINANCE
    Union Bank Increases Salaries by 40% to Cushion Employees Against Inflation

    Union Bank Increases Salaries by 40% to Cushion Employees Against Inflation

    Ncc Restricts Binance, Other Crypto Exchange Companies in Nigeria

    Ncc Restricts Binance, Other Crypto Exchange Companies in Nigeria

    Naira Weakens as Banks Experience Sharp Decline in Dollar Sales.

    Naira Weakens as Banks Experience Sharp Decline in Dollar Sales.

    New Years resolution: Opay Underlines 2023 Successes and Reveals Plans for 2024

    New Years resolution: Opay Underlines 2023 Successes and Reveals Plans for 2024

    Canza Acquires $2.3 Million to Obtain License Across Africa

    Canza Acquires $2.3 Million to Obtain License Across Africa

    Nigerian Exchange Soars: A Detailed Look at the Recent Surge in Trading and Investor Confidence.

    Nigerian Exchange Soars: A Detailed Look at the Recent Surge in Trading and Investor Confidence.

  • START UPS
    This Platform Wants to Ease Logistics and Shopping for Jos Residents

    This Platform Wants to Ease Logistics and Shopping for Jos Residents

    Why 49% of Nigerian Startups Earn Less Than ₦10 Million Annually

    Why 49% of Nigerian Startups Earn Less Than ₦10 Million Annually

    ICIDAT technology sets to Launch Innovative Tech Project in IDP Camps; Orphanages come 2025

    ICIDAT technology sets to Launch Innovative Tech Project in IDP Camps; Orphanages come 2025

    Axia Hub Launches New Co-Working Space to Boost Tech Ecosystem in Jos

    Co-working Spaces: The Future of Jos’ Growing Tech Ecosystem – A Deeper Insight with Axia Hub

    Axia Hub Launches New Co-Working Space to Boost Tech Ecosystem in Jos

    Axia Hub Launches New Co-Working Space to Boost Tech Ecosystem in Jos

    Top 5 Nigerian Edtech Startups

    Top 5 Nigerian Edtech Startups

  • PODCAST
CRESTHUB
  • NEWS
    Nigeria Bets Big on Digital Economy to Drive Youth Employment and Innovation

    Nigeria Bets Big on Digital Economy to Drive Youth Employment and Innovation

    InnovateAI 2025 Brings Global AI Conversation to Jos, Driving Tech Growth in Plateau

    InnovateAI 2025 Brings Global AI Conversation to Jos, Driving Tech Growth in Plateau

    Polaris, Keystone Exploring Mergers Amid CBN’s Capitalization Push

    Polaris, Keystone Exploring Mergers Amid CBN’s Capitalization Push

    SeamlessHR Expands into Nigeria’s $720M Public Sector Market

    SeamlessHR Expands into Nigeria’s $720M Public Sector Market

    Dr. Cletus Shurkur Appointed Commissioner for Science & Tech as Governor Mutfwang Reshuffles Cabinet

    Dr. Cletus Shurkur Appointed Commissioner for Science & Tech as Governor Mutfwang Reshuffles Cabinet

    Stephen Sunday Becomes PLATEC Chairman, Set to Drive Tech Growth in Plateau State

    Stephen Sunday Becomes PLATEC Chairman, Set to Drive Tech Growth in Plateau State

  • FEATURED
    How Gonana Farm is Revolutionizing Agriculture with Blockchain and Strategic Partnerships

    How Gonana Farm is Revolutionizing Agriculture with Blockchain and Strategic Partnerships

    This Platform Wants to Ease Logistics and Shopping for Jos Residents

    Tukshopp’s Bold Move: How a New Platform is Reshaping Shopping and Logistics in Jos

    Kingsley Onyeagusi: The Visionary Powering Technoomni’s Global EdTech Revolution

    Kingsley Onyeagusi: The Visionary Powering Technoomni’s Global EdTech Revolution

    Stephen Sunday Becomes PLATEC Chairman, Set to Drive Tech Growth in Plateau State

    PLATEC’s New Chairman Charts a Bold Course for Plateau’s Tech Future

    Jos Residents Share Their Temu Experience: 90% Got What They Ordered, But Is It Worth It?

    Jos Residents Share Their Temu Experience: 90% Got What They Ordered, But Is It Worth It?

    Northern Nigeria’s Blockchain Revolution: A Vision for 2025 by Dinfa Dashe, Cofounder of Web3.0 Alliance LTD

    Northern Nigeria’s Blockchain Revolution: A Vision for 2025 by Dinfa Dashe, Cofounder of Web3.0 Alliance LTD

  • BLOCKCHAIN
    Ncc Restricts Binance, Other Crypto Exchange Companies in Nigeria

    Ncc Restricts Binance, Other Crypto Exchange Companies in Nigeria

    Popular Cryptocurrency Coins in the Blockchain space in Nigeria

    Popular Cryptocurrency Coins in the Blockchain space in Nigeria

    Egon Blockchain Sponsors Maiden Edition of Webfest 3.0 2023.

    Egon Blockchain Sponsors Maiden Edition of Webfest 3.0 2023.

    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?

  • FINANCE
    Union Bank Increases Salaries by 40% to Cushion Employees Against Inflation

    Union Bank Increases Salaries by 40% to Cushion Employees Against Inflation

    Ncc Restricts Binance, Other Crypto Exchange Companies in Nigeria

    Ncc Restricts Binance, Other Crypto Exchange Companies in Nigeria

    Naira Weakens as Banks Experience Sharp Decline in Dollar Sales.

    Naira Weakens as Banks Experience Sharp Decline in Dollar Sales.

    New Years resolution: Opay Underlines 2023 Successes and Reveals Plans for 2024

    New Years resolution: Opay Underlines 2023 Successes and Reveals Plans for 2024

    Canza Acquires $2.3 Million to Obtain License Across Africa

    Canza Acquires $2.3 Million to Obtain License Across Africa

    Nigerian Exchange Soars: A Detailed Look at the Recent Surge in Trading and Investor Confidence.

    Nigerian Exchange Soars: A Detailed Look at the Recent Surge in Trading and Investor Confidence.

  • START UPS
    This Platform Wants to Ease Logistics and Shopping for Jos Residents

    This Platform Wants to Ease Logistics and Shopping for Jos Residents

    Why 49% of Nigerian Startups Earn Less Than ₦10 Million Annually

    Why 49% of Nigerian Startups Earn Less Than ₦10 Million Annually

    ICIDAT technology sets to Launch Innovative Tech Project in IDP Camps; Orphanages come 2025

    ICIDAT technology sets to Launch Innovative Tech Project in IDP Camps; Orphanages come 2025

    Axia Hub Launches New Co-Working Space to Boost Tech Ecosystem in Jos

    Co-working Spaces: The Future of Jos’ Growing Tech Ecosystem – A Deeper Insight with Axia Hub

    Axia Hub Launches New Co-Working Space to Boost Tech Ecosystem in Jos

    Axia Hub Launches New Co-Working Space to Boost Tech Ecosystem in Jos

    Top 5 Nigerian Edtech Startups

    Top 5 Nigerian Edtech Startups

  • PODCAST
No Result
View All Result
CRESTHUB
No Result
View All Result

How the Roll Out of the 5G Network can Help Revolutionize Payment Channels in Nigeria 

by Shalom Oyero Ore-Ofe
November 29, 2021
in FINANCE
Reading Time: 4 mins read
0
How the Roll Out of the 5G Network can Help Revolutionize Payment Channels in Nigeria 
Share on FacebookShare on Twitter

As different countries in the world continue to embrace digital innovations and cutting-edge mobile services, effectively understanding the effects and benefits of 5G is very relevant.

The 5G network is a step forward from mobile 4G, and it comes with a lot of upgrades from improved speed to increased bandwidth, and greater device capacity, among other things.

The Nigerian Communications Commission, NCC, has revealed plans to develop a multi-sectoral policy framework for the adoption of 5G in the country with the first non-commercial proof-of-concept trial conducted by telecom giant MTN in 2019; Therefore, the social and economic benefits that is most likely to come with it’s adoption are expected to be huge, especially because a lot of businesses and activities of entrepreneurs and the government have embraced the internet and are now providing their services online.

As our world becomes more connected than ever, it is only necessary to constantly improve in mobile technology. 5G technology has the potential to affect mobile usage in a number of ways, resulting in faster downloads, more functionality, and better mobile experiences.

It is estimated that the 5G network will cover 40% of the world by 2024 and will handle 25% of all mobile traffic.

Furthermore, it has the potential to reshape payment processing in Nigeria, providing payment service providers with access to new solutions that will expand their channels (ATMs, Mobile Banking, Unstructured Supplementary Service Data (USSD), Internet Banking and others). This is because technology is expected to play a huge role in bridging the financial inclusion gap in the country.

Its sensors will enable high connectivity with customers’ devices based on the environmental conditions in which they live. With the establishment of this innovation, merchants, banks, and fintech companies will gain flexibility to enhance customer interaction.

With lower response time and faster speeds, businesses will be able to deliver the value and convenience consumers need while continuing to provide higher levels of security by expanding biometric security measures along with protecting consumer passwords. With an open mind to this, we can make better use of future opportunities as experts around the world believe that 5G biometric technologies will be more efficient and accurate in securing individual financial data.

Compared to 4G, 5G offers a whole new level of data transfer speed, with multiple devices connected reliably at the same time. Customer devices do not have to wait for base stations from financial institutions to allocate resources to process their various transactions; But transmission can be started immediately thanks to the multi-access analog fountain code technology built into the 5G air interface.

Also, many transaction errors can be avoided by reducing the time it takes for signals to reach their destinations.

Data shows that many consumers prefer mobile payment technology over cash. And 77% believe that digital wallets are a more convenient way to make payments, and thanks to 5G, contactless payments should become more prevalent in the coming years for on-demand purchases.

For users of e-wallets, this means that the speed and security of transactions can be greatly enhanced.

For payment technology, 5G will be an excellent enabler for mobile transactions if the country’s ICT, and ICT infrastructure is able to meet the growing demand for connectivity. The need for all stakeholders to work collaboratively towards achieving a highly desirable digital economy is essential in Nigeria as well as for transformation to effectively take it’s course in the country.

While digital transactions are great, they come with challenges that include cost and cybercrime as well as with many parts of the nation that still lack basic communications infrastructure that could threaten the build for financial inclusion.

However, despite the uncertainty about the stable implementation of the 5G network in Nigeria, the importance of preparing for the future, so that we can make better use of future opportunities, should not be underestimated.

Previous Post

Crypto Trading is a Journey! You Do Not Become an Expert Overnight.

Next Post

Flutterwave Launches e-Commerce Service; Flutterwave Market

Next Post
Flutterwave Launches e-Commerce Service; Flutterwave Market

Flutterwave Launches e-Commerce Service; Flutterwave Market

Uber Launches Rider Selfies to Verify Cash Riders

Uber Launches Rider Selfies to Verify Cash Riders

No Result
View All Result

CRESTHUB MAGAZINE

Cresthub

Learn, Start and Grow your Business with Innovative Business Solutions at Cresthub.

Company

  • About Us
  • Contact Us
  • Advertise With Us
  • Privacy Policy

Products

  • Cresthub Magazine
  • Cresthub Podcast
  • Cresthub Insight

Socials

Facebook Twitter Youtube
  • About Us
  • Contact Us
  • Advertise With Us
  • Privacy Policy

© 2022 Cresthub Media

No Result
View All Result
  • NEWS
  • FEATURED
  • BLOCKCHAIN
  • FINANCE
  • START UPS
  • PODCAST

© 2022 Cresthub Media

Cresthub newsletter
THE WEEKLY ROUND UP

Join our newsletter to get first hand insight in tech and start up happenings in Nigeria and Africa at large.

Enter your email address