ICT
Blockchain technology key to economic development in Africa
As Blockchain Technology (BT) continues to have wider application across platforms including industries with unassailable results, Nigeria and Africa in general have been advised to embrace it to open up the continent for development.
Experts at the maiden edition of Blockchain Africa Conference organised by Fintech Worldwide Limited in association with Eka Consult in Lagos, agreed that with the current global trend, the technology has come to provide golden opportunities for development in the African continent.
Blockchain technology – Africa Economic Development
Specifically, the experts identified ways blockchain could address many challenges slowing down the continent’s economic development.Speaking at the event, Founder and Chief Executive Officer, Eka Consult,Steph Mekwuye said the conference was held in Lagos to evaluate blockchain technology and Africa’s opportunity due to the country’s position as a leading economy on the continent.
She said: “At present, blockchain technology has become a day to day technology in the Europe, America and some parts of Asia, Fintech Worldwide in conjunction with Eka consult brings an array of IT leaders and experts both within and outside the country to educate and enlighten the industry stakeholders on the opportunities in the blockchain technology.”
While delivering a lecture titled “Technology Infrastructure in Nigeria”, Chief Executive Officer, Precise Financial Systems, Yele Okeremi, took the audience down memory lane and discussed on the dynamics being experience in business and the leap in technology infrastructure development in the country.Speaking on Blockchain Application in Industry, Digital Transformation Expert, Eka Consult, Luis Novella shed light on how industries in the country could use the technology to bring transparency in their business financial management.
Also, Managing Director, Michelle and Anthony Consulting, Olufemi Ajulo at the conference urged the Federal Ministry of Science and Technology to initiate policies that that would tap into the benefits and opportunities in the technology.Chief Executive Officer, CYMANTIKS, Emeka Okoye while speaking on the software ecosystem in Nigeria, emphasised the gain to the economy if opportunities in software technology are fully maximised.
He decried the decline in the rate of software development in Nigeria.“We need to know that data is an infrastructure and economy builder in this era. Nigeria as a country must step up in promoting software development. We must also thrive to inject digital and visionary leaders to helm of affairs to fast-track Nigeria’s race to digital world,” he stated.
The events was attended by representatives of the Nigerian Immigration Service, Lagos State Government, top IT practitioners, business executives, students of tertiary institutions and youths.
Blockchain technology key to economic development in Africa – Courtesy (Guardian)
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Social media giant, Facebook has said Nigerians will from January 1st 2022 pay 7.5 percent value-added tax (VAT) on all ad placements.
The company which announced this in a statement issued on Thursday, said the charge will apply to those buying ads for businesses or personal purposes.
Facebook (now META) is the parent company of Instagram, FB Messenger, and Facebook social media channel. The new 7.5 percent VAT charge will also apply to Instagram ads.
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The statement added that those exempted from VAT would be able to recover the fund if they provided their tax ID.
The federal government is currently working on modalities to tax the digital economy and improve revenue. President Muhammadu Buhari had transmitted the 2021 Finance Bill to the national assembly.
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Telecommunications operators in Nigeria yesterday frowned at the federal government’s decision to peg the reserve bid price of 5G license at N75 billion (approximately $197.4million). The Commission also announced that the auction for the slots will happen on December 13, 2021.
NCC made the revelations at a stakeholders’ engagement forum on draft information memorandum for 3.5 Hgz Spectrum auction, it held at Ikeja Lagos. In spectrum auctioning, reserved price means the starting point at which those interested in acquiring the slots could bid.
Meanwhile, NCC has scheduled December 10 for the mock auction, while the actual auction is fixed for December 13, 2021. Interested operators are expected to pay 10 percent of the reserved price of $197.4 million to qualify to participate in the auction.
Kicking against the price, the Chairman, Association of Licensed Telecom Operators of Nigeria, Alton, Engineer Gbenga Adebayo, expressed concern that the price came a bit high for the operators, considering the huge investments they needed to make to ensure a robust 5G roll out in the country.
Adebayo believed that the best government should have done was to make the spectrum license as affordable as possible, so the country could maximize all the potentialities of 5G technology when rolled out.
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The Minister of Communications and Digital Economy Isa Pantami have assured that the challenge encountered by MTN users through the Unstructured Supplementary Service Data (USSD) channel will be resolved soon.
Earlier: Banks disconnected MTN customers from Banking Channels
Millions of MTN customers on Friday were stranded as they were disconnected from banking channels including the Unstructured Supplementary Service Data (USSD) and banking apps.
According to Nigerian Communications Commission (NCC), MTN has up to 77.35 million subscribers.
Customers complain on Friday of being unable to recharge their MTN lines using USSD and other banking methods
This also affected other banking services with USSD.
It is said that banks wrote back to aggregators to revert back to the old commission or face being blocked from banking service.
The channels were blocked at midnight leaving MTN customers stranded, as they face declined transactions.
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