NIGERIA Invest in 2012-13 - Newsdesk Media

User age distribution on Facebook
18-24
25-34
35-44
65+
16-17
45-54
13-15
55-64
Socialbakers
10%
7%
5%
34%
4% 2% 1%
37%
18-24
compared with its African neighbours. “Nigeria has only
recently provided the regulatory environment required for
these services to be launched,” says Ling. “It has, however,
taken a different approach by releasing a number of mobile
money licences with the aim of stimulating competition
and driving rapid growth. For Nigeria, the primary aim now
is to accelerate service delivery to the Nigerian consumer.
This can be best achieved by enabling major market players
to use their significant resources.”
Social media
The technology revolution is also having a major impact
on Nigerian society, resulting in the ‘electronification’ of
millions of its population. Social media such as Facebook
and Twitter have taken off, with President Jonathan one of the
most enthusiastic supporters of both networks. Nicknamed
the Facebook President, he even announced his candidacy
on the popular social networking site, and he has more
than 5,000 followers on Twitter.
“Facebook and social media have revolutionised the
way people communicate in Nigeria. Many people log onto
Facebook via their mobile phone and find it more cost
effective and easier to communicate. It means they can
carry out business transactions without having to travel or
make more expensive calls,” says Abubakre.
Like many emerging economies, Nigeria is taking a
technological leap straight to some of the most high-tech
solutions on the market. It has given the thumbs up to
biometric technologies, showing an appetite for devices
targeted at both the public and private sectors. Its Joint
Admissions and Matriculation Board (JAMB) deployed
fingerprint technology in a bid to tackle fraud during last year’s
Unified Tertiary Matriculation Examinations (UTMEs). The
Male/female user ratio on Facebook
32% female
SOCIAL INFRASTRUCTURE 137
68% male
5,051,440
Facebook users
fingerprint devices it uses are designed to ensure proper
identification and prevent examination malpractice.
First Bank of Nigeria, one of the country’s leading
financial institutions, has rolled out biometric-based
cash machines. These use fingerprint technology for ID,
giving cardholders an alternative to PINs as part of the
transaction approval process. This is a vital facility in
a country where a fair proportion of customers may
have difficulties reading or writing.
The technology is also being extended into other areas
including, for example, how citizens interact with the
government, providing real opportunities for both economic
and societal development. Like many of its African
counterparts, Nigeria is implementing biometric and
smart-card technologies for its national ID card. Swedish firm
Precise Biometrics and its Nigerian partner, Interswitch, are
among the firms delivering the card technology. The cards
can be used as both national ID and for banking; they can
also be used to access public services such as healthcare,
pensions and other social services.
“The coming Nigerian ID card is intended to remove and
reduce comprehensive fraud and ID theft,” says Thomas
Marschall, president and CEO of Precise Biometrics. “The
inclusion of fingerprint biometrics is central to this ambition as
this functionality will prevent people from using other people’s
ID cards for fraudulent activities. As such, it is hoped that
significant amounts of money will be saved every year, and that
the threshold for fraud has been set higher.” ■
Wendy Atkins is a journalist and commentator in the global
business sector. She is contributing editor of This is Africa,
fDi Magazine and The Banker, specialising in emerging markets,
technologies and investment
INvEST IN NIGERIA 2012-13