It’s FriYay!
Yesterday, one of my favourite companies made its debut on the US stock exchange. Fingers up if you were able to purchase the design software vendor’s stock on Bamboo yesterday?
In other news, if you’re in Kenya, our friends at CommuniquĂ© are hosting a mixer event to discuss how data is shaping East Africa’s creative economy. Take a seat here.
Our sister company, Zikoko, is bringing together different finance experts, industry leaders, creators, and entrepreneurs in one room to show you how to make your financial dreams a reality. Secure a spot by getting tickets here.
Let’s get into today’s dispatch.
– Faith
Government
Nigeria’s NIMC has finalised its new e-identity platform, NINAuth
On June 30, the National Identity Management Commission (NIMC), the identity gatekeeper of Nigerians, announced that it had completed its new verification platform, NINAuth. Following the completion, it has reportedly migrated data from its old platforms to NINAuth.
State of play: At its core, NINAuth will allow Nigerians to control their identity data.
- It has a tokenisation feature which grants Nigerians autonomy over their data; they can make authorisations directly to organisations and businesses that request for their National Identification Number (NIN).
- It also cuts out intermediaries that previously handled NIN verifications, reducing the risk of data leaks and speeding up authentication processes.
- NIMC says NINAuth will become the standard for all identity verification requests involving NINs going forward.
Catch up: Recall in 2019, NIN became a thing of national priority when the government ordered that all SIM cards must be linked to an NIN. Previously a means of identification that was relegated to the background, the NIN has evolved to play a role that is far greater.
Beyond SIM linking, Nigerians must use their NINs to make SIM swaps, port new phone numbers between two mobile networks, and its importance is even visible in banking and fintechs for KYC verification.
However, despite its growing importance, many Nigerians still have no NINs; only about 60% have NINs. As a result—and sheer negligence in some cases—telecom companies have been forced to block SIM cards.
Between the lines: NINAuth will work like Kenya’s Huduma Namba platform, but with a bigger emphasis on user-controlled data sharing, thanks to tokenisation. The platform is billed to help solve long-standing issues around identity duplication, slow verifications, and data insecurity.
But if you’re still struggling with your NIN registration, the NIMC wants you to hold telecom companies responsible.
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Internet
Sierra Leone’s tech minister says internet access should be a basic human right
When Salima Bah was appointed Minister of Communication, Technology, and Innovation in 2023, she inherited a ministry with no existing structure for tech and innovation. Eighteen months later, she’s leading one of West Africa’s most ambitious digital transformation efforts.
In a follow-up interview with TechCabal, Bah shared what’s changed since she first outlined the country’s tech ambitions in 2024. The government has invested over $132 million into the sector, expanding fibre backbone coverage by 75%, boosting international bandwidth capacity more than fivefold, and nearly doubling mobile subscriptions.
But infrastructure is only the beginning. In June, Sierra Leone launched West Africa’s first open-access 5G standalone network. “You can’t just say you’re setting up and use that as an excuse not to deliver,” Bah said. “We’ve been simultaneously rolling out and implementing initiatives.”
The country is also building its first tech city—Felei Tech City—rolling out digital governance tools like WanGov (a one-stop shop for public services), and preparing a national AI strategy. At the heart of all this is inclusion. “Internet access should be a basic human right,” Bah said. “Whether in far-to-reach places or urban areas, everyone should have access.”
As Sierra Leone positions itself as a regional hub for innovation, Bah’s team is betting that smart policy, inclusive infrastructure, and talent development will put the country on the global digital map.
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Banking
Wema Bank recorded a 229% profit increase for H1 2025
Wema Bank, a tier 2 Nigerian commercial bank, has reported a pre-tax profit of 100.5 billion Naira ($65 million) for the first half of 2025. Earnings before tax have surged by 229% year-on-year.
Why it matters: The jump was driven mainly by the bank’s rise in interest income and improved performance on loans to customers and businesses. Interest income was up by 64.76% compared to the first half of 2024. The company’s shares were also valued at 22 Naira ($0.01) at the end of Thursday’s trading day, with a year-to-date performance of 148%. This is a signal of investor confidence that other commercial banks like GTBank have also recently enjoyed.
Big picture: Wema Bank is one of the eight commercial banks that have met their recapitalisation targets from the CBN, joining the likes of Access and Zenith Bank. Wema is enjoying a performance run as others like UBA have to consider more rights issues, mergers and acquisitions to raise the capital mandated by the Central Bank’s March 2026 deadline In March, it also became the highest paying commercial bank in the country for its over 1,700 employees, part of a broader push to retain and attract talent in an increasingly competitive banking landscape.
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Telecoms
MTN Nigeria bets on $377 million infrastructure investment
This year, MTN has been spending heavily on infrastructure to turn its network into a platform for other operators, a key strategy that it is betting on to unlock new growth beyond regular customer subscriptions.
Why does it matter? MTN Nigeria, the country’s largest telecom operator, has its critical network infrastructure, like its 24,300 tower sites, fibre network, and backend systems, that puts the company in a leading position amongst Nigerian telecoms. The focus on infrastructure expansion allows it to explore more wholesale revenue options by leasing infrastructure to other competitors, like other mobile network operators. As MTN Nigeria’s strategy better supports the competitive ecosystem, the telecoms operator will also enjoy more money without taking on more costs of getting new subscribers. For subscribers, the infrastructure expansion will mean faster internet and more reliable services.
State of play: In the first half of the year, MTN’s capital expenditure (excluding leases) increased by 288.4% year-on-year to $377.13 million. This cost mainly came from the increased rollout of 4G sites and fibre infrastructure. The telco also saw a net profit of ₦414.9 billion ($271 million), reversing a ₦519.1 billion ($339 million) loss in 2024.
Big Picture: MTN Nigeria has been taking big steps in improving its infrastructure footprint. This same month, it announced the completion of the first phase of its $235 million Tier 3 data center, which it hopes will help strengthen its cloud infrastructure. It also announced an agreement with 9mobile, which would let the struggling telecom operator use MTN’s infrastructure to deliver services to its dwindling customer base. MTN hopes that these steps will play a key role in snagging meaningful market share, fostering a more competitive ecosystem, and delivering more results for its investors.
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CRYPTO TRACKER
The World Wide Web3
Source:
|
Coin Name |
Current Value |
Day |
Month |
|---|---|---|---|
 Bitcoin |
$115,453 |
– 2.51% |
+ 8.37% |
| Ether |
$3,674 |
– 4.91% |
+ 50.58% |
| Theta Fuel |
$0.03914 |
+ 4.72% |
+ 29.93% |
| Solana |
$168.58 |
– 6.85% |
+ 13.37% |
* Data as of 06.45 AM WAT, August 1, 2025.
Events
- Bridge And Value and AlexBoyo World (ABW) are hosting a bespoke trade mission to Paris for Nigerian businesses looking to scale into France and the wider European market. From September 22–26, 2025, participants will attend the Spotlight Nigeria Business Forum (8th edition), Europe’s premier Nigeria-focused summit, and BIG 2025, Bpifrance’s flagship entrepreneurship event. The itinerary also includes high-level business meetings, networking sessions with French investors and institutions, and a guided visit to Station F, the world’s largest startup incubator. Registration is open until August 15.
Written by: Emmanuel Nwosu, Ganiu Oloruntade, and Ifeoluwa Igbiniode
Edited by: Faith Omoniyi
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I am the CEO of 9JAGISTLAND.My name is Adedeji Timothy and my co-owner is Oyekola Damilare.This blog is born out of our passion to educating to people in all aspect of internet life.We are enthusiastic about writing posts and articles online.
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