Nigeria’s instant payment system is projected to advance to the maturity inclusion spectrum ahead of other payment systems in Africa, according to the latest report on inclusive instant payment systems.

The State of Inclusive Instant Payment (SIIP) is an annual report published by the AfricaNenda Foundation. It highlights the latest developments in the instant retail payment system (IPS) ecosystem on the continent and evaluates how inclusive these systems are in terms of functionality and governance.

The 2024 report was launched on Wednesday in Accra, Ghana, with monetary regulators, fintech experts, and other stakeholders in attendance.

Instant payment systems (IPS) are retail payment systems that are open-loop, enabling irrevocable, low-value, digital credit push transactions in near real-time, available 24 hours a day and 365 days a year.

According to the report, IPS systems in Africa were studied and graded on an inclusivity spectrum: basic level, progressive level, and maturity level.

While no IPS has yet reached the maturity level, Nigeria’s NIP (NIBSS Instant Payment) is, according to the report, the only one poised to move to the maturity level in the near future.

“NIP in Nigeria currently has the highest likelihood of reaching mature inclusivity in the short term, as it has integrated all use cases and only falls short on providing additional recourse channels for end users,” the report reads in part.

At the launch of the report, the NIP team, led by the CEO and Managing Director of NIBSS, Premier Oiwoh, received a standing ovation from participants.

Methodology

The inclusivity spectrum grades IPS depending on whether systems offer certain functionalities and meet specific criteria. The grading includes basic, progressed, and mature inclusivity levels,

The inclusivity spectrum graded 21 IPS, with 12 classified at the basic inclusive level and nine at the progressed level.

At the basic spectrum, IPS systems enabled person-to-person (P2P) and person-to-business (P2B) transactions but failed to provide cross-domain interoperability. Two Nigerian IPS, Nigeria Mobile Money and eNaira were included in the basic grading list.

The 12 IPS within the basic inclusivity spectrum are Kenya Mobile Money, Madagascar Mobile Money, Nigeria Mobile Money, RTC South Africa, Taifa Moja Tanzania and Uganda Mobile Money.

Others are Meeza Digital Egypt, EthSwitch Ethiopia, Gamswitch The Gambia, MarocPay Morocco, SIMO Mozambique and eNaira Nigeria.

At the progressed level, nine instant payment systems were included because they allow all licensed PSPs to utilise the system, engage in pro-poor governance through joint decision-making, and involve the central bank in governance.

Additionally, these systems have made strides towards including non-bank participants in decision-making processes through the establishment of working groups and forums.

The nine IPS at the progressed level are GIP Ghana, Natswitch Malawi, Ghana MMI, MauCAS Mauritius, NIP Nigeria, TIPS Tanzania, NFS Zambia, ZIPIT Zimbabwe and GIMACPAY.

Ten IPS were not ranked as they failed to fulfil the basic essential inclusivity criteria, primarily due to their inability to enable person-to-business use cases.

PT

The Arewa Consultative Forum (ACF) has announced its decision to support 

northerners running for the presidency and other offices who might be interested in contesting elections in 2027 in order to save the region and the country in general.

The forum at its National Executive Council meeting in Kaduna State expressed concern over the deplorable economic situation in the North under the President Bola Tinubu administration, blaming poor socio-economic policies of the Federal Government for the region’s deteriorating condition.

It warned that unless urgent steps are taken, the North may face severe economic difficulties, stating that it will declare support for Northern politicians committed to saving the region and the country in the 2027 general election.

In a communique by its National Publicity Secretary, Tukur Muhammad-Baba, ACF faulted the leadership selection process by the Tinubu-led government, which it notes appears flawed and allows so many people without competence or experience to rise to positions of power and authority.

The forum also called on the Federal Government under the leadership of Tinubu to review, reassess, reevaluate and re-order the direction of its economic policies with a view to giving it the needed human face.

“Security is an irreducible minimum of human existence. In this regard, insecurity in its various manifestations remains the most worrisome challenge for Arewa people, that has even started to corrosively undermine the authority of government; such that people have started to ask what the purpose of government is!” the communique read.

“That those whose responsibility it is to provide security will be saying they are doing their best is unacceptable. The minimum duty of government is to safeguard life and property, and doing anything less is a failure.

“Members expressed displeasure at the current and continuing impoverishment of the proverbial common men and women in the country due to the economic policies of the current administration.

“The Meeting noted in particular that Arewa people remain at great disadvantage, being already relatively worse off economically, compared to other parts of Nigeria. Livelihoods are currently dependent on micro activities. The region faces acute and chronic food insecurity; its youths lack education and skills training. Daunting as these may be, they can be reversed. The time to think big is now.

“Notwithstanding the parlous state of Arewa’s glaring challenging economic conditions, the policies of current Federal Government has continued to make matters much worse, with little indications of needed sensitivity to the precarious existential conditions of Arewa people. Succinctly stated, economic reforms while indeed desirable, should not impoverish the same people that they are meant to serve; the people may not be alive to reap the putative benefits.”

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The Federation Account Allocation Committee (FAAC) announced on Wednesday that it distributed N1.41 trillion among federal, state, and local government levels in October 2024, representing a substantial increase of N113 billion from September's allocation.

The total gross revenue for the month was N2.668 trillion, with the distributable revenue comprising various sources including statutory revenue, value-added tax (VAT), electronic money transfer levy, and exchange differences.

Breakdown of the Allocation:

- Federal Government: N433.021 billion

- State Governments: N490.696 billion

- Local Government Councils: N355.621 billion

- Oil-Producing States: N132.404 billion (13% of mineral revenue)

Key Revenue Highlights:

- VAT increased by 14.4% to N668.291 billion from the previous month's N583.676 billion

- Gross Statutory Revenue rose by N293.009 billion compared to the previous month

- Significant increases were observed in oil and royalty, excise duty, VAT, import duty, petroleum profit tax, and companies income tax

Additional Allocations:

- Cost of collection: N97.517 billion

- Transfers, Intervention, and Refunds: N1.159 trillion

- Electronic Money Transfer Levy distribution varied across government tiers

The allocation was made following FAAC's monthly meeting, which took place after the 2024 National Council on Finance and Economic Development hosted by Bauchi State. The meeting was chaired by Oluwatoyin Madein, the Accountant-General of the Federation.

At least 50 Boko Haram fighters were killed on Tuesday and seven members of Nigeria's infrastructure security force were missing following an insurgent ambush on a convoy monitoring the country's power grid installations, a spokesperson said.

Boko Haram, which has waged an insurgency for 15 years mainly in the northeast, has been weakened by the military and internal fighting but remains a threat as it makes deadly attacks against civilians and government targets.

Babawale Afolabi, spokesperson for the Nigerian Civil Defence Corp, a government agency set up to protect infrastructure, said security operatives were ambushed by about 200 Boko Haram fighters during the patrol mission.

Afolabi said more than 50 insurgents were killed in the fighting but seven operatives were missing, adding that efforts are underway to find them in the bush. He said "a few others" of the security force were wounded.

Although Boko Haram mainly operates in the northeast, Nigerian authorities say the group has cells in the largely Muslim Niger state, where they have previously carried attacks against the military and civilians.

In a separate attack in northeast Borno state, a military spokesperson said five soldiers were killed by suspected insurgents last Saturday.

Reuters

WESTERN PERSPECTIVE

US reopens Kyiv embassy after Ukraine firing of ATACMS missiles into Russia prompted potential strike threat

The United States said it had reopened its embassy in Kyiv late on Wednesday after it had shut for the day due to what it called the threat of a significant air attack, a day after Ukraine used American missiles to hit a target inside Russia.

Russia had described the strike by U.S. missiles as an escalation in the 1,000-day-old war, while Ukraine's military spy agency said Russia was trying to sow panic by circulating fake online messages about a looming missile and drone attack.

"@USEmbassyKyiv has resumed services following a temporary shelter-in-place suspension earlier today," U.S. Ambassador to Ukraine Bridget Brink wrote on X.

"We continue to encourage U.S. citizens to remain vigilant, monitor official Ukrainian sources for updates, and be prepared to shelter in place if an air alert is announced."

The U.S. State Department had earlier said it expected the Kyiv embassy to resume normal operations on Thursday.

The initial State Department statement on the embassy's website said the embassy would be closed "out of an abundance of caution". Embassy employees, it said, were being instructed to "shelter in place".

"The U.S. Embassy recommends U.S. citizens be prepared to immediately shelter in the event an air alert is announced."

The Kremlin said it had no comment.

A U.S. government source said the embassy closure was "related to ongoing threats of air attacks". The Italian and Greek embassies said they too had closed their doors. The French embassy remained open but urged its citizens to be cautious.

President Volodymyr Zelenskiy, said that "panic-inducing messages circulated today only help Russia", but warned Ukrainians to pay close attention to air raid alerts.

"However many brutal and treacherous attacks by Russia we have endured... it is always important to pay attention to air raid warnings," he said in his nightly video address. "We have a neighbour that is insane."

The GUR military intelligence body said: "The enemy, unable to subdue Ukrainians by force, resorts to measures of intimidation and psychological pressure on society. We ask you to be vigilant and steadfast."

Zelenskiy also expressed thanks for a new $275 million U.S. military aid package announced by the State Department focusing on ammunition, drones and missiles.

Ukraine on Tuesday used U.S. ATACMS missiles to attack an arms depot inside Russia, making use of newly granted permission from the outgoing administration of U.S. President Joe Biden on the 1,000th day of Russia's full-scale invasion of Ukraine.

Russia has been signalling to the United States and its allies for weeks that if they give permission to Ukraine to strike deep into Russian territory with Western-supplied missiles then Moscow will consider it a major escalation.

Russian foreign intelligence chief Sergei Naryshkin said in an interview published on Wednesday that Moscow would retaliate against NATO countries that facilitate long-range Ukrainian missile strikes against Russian territory.

PSYCHOLOGICAL OPERATION

In the early afternoon, the Ukrainian air force told people to seek shelter because of a missile threat. Senior officials told people not to ignore the alert.

That came shortly before the GUR spy agency issued a warning about a Russian psychological operation it said involved fake messages claiming to have been sent by the agency.

"A message is being spread via messengers and social networks ... about the threat of a 'particularly massive' missile and bomb strike on Ukrainian cities today," GUR said in a statement.

Two Ukrainian military personnel told Reuters they received messages informing them that Russia would launch more than 300 drones and also use warships, warplanes and ground-based systems to fire missiles in a huge salvo.

Reuters could not immediately determine how the messages were sent. One soldier said he received one from a friend.

The war is at a volatile juncture, with nearly a fifth of Ukrainian territory in Russian hands, North Korean troops deployed in Russia's Kursk region and doubts over future aid as U.S. President-elect Donald Trump returns to the White House.

On Sunday, Russia staged a massive missile and drone strike on Ukraine's national power grid that killed seven people and renewed fears over the durability of the hobbled energy network.

The GUR spy agency said earlier that a Russian military command post had been "successfully struck" in the town of Gubkin in Russia's Belgorod region, around 168 km (105 miles) from the border with Ukraine.

The statement did not specify who carried out the attack, when it took place or the type of weapon used. Ukraine has also used drones for deep strikes against targets in Russia.

Bloomberg later cited a Western official as saying Ukraine had fired UK Storm Shadow missiles into Russia. A spokesperson for Prime Minister Keir Starmer said his office would not be commenting on reports or operational matters. There was no immediate comment from Ukraine.

'PERSISTENT RUSSIAN ATTACKS'

The embassy in Kyiv urged U.S. citizens in Ukraine to have reserves of water, food and other essentials such as required medications for the event of a "possible temporary loss of electricity and water" caused by Russian strikes.

"Persistent Russian attacks targeting civilian infrastructure throughout Ukraine may result in power outages, loss of heating, and disruption of municipal services," it said.

On Tuesday, Russian President Vladimir Putin lowered the threshold for a nuclear strike in response to a broader range of conventional attacks. Washington said afterwards it had not seen any reason to adjust its nuclear posture.

RUSSIAN PERSPECTIVE

Ukraine has fired UK-supplied ‘Storm Shadows’ at Russia – Bloomberg

The Ukrainian military has launched UK-supplied ‘Storm Shadow’ missiles at Russia’s Kursk Region and Krasnodar Region, according to Bloomberg News.

The reported attacks come after Ukrainian leader Vladimir Zelensky claimed to have received permission from multiple Western countries to deploy their long-range rockets against targets deep inside Russia. Moscow has warned that such attacks would amount to NATO’s direct involvement in the conflict.

“We as a nation and as a government are doubling down on our support for Ukraine and determined to do more,” British Defense Secretary John Healey said in Parliament on Wednesday.

London approved the use of ‘Storm Shadows’ in response to allegations from Kiev that North Korean troops had joined the fighting in Kursk Region, a “Western official familiar with the matter” told Bloomberg. The anonymous source said that the British government considered the alleged move to be an escalation by Moscow.

Multiple outlets reported over the weekend that US President Joe Biden had lifted the restrictions on Kiev’s use of American missiles. While the White House has neither confirmed nor denied this officially, a volley of ATACMS projectiles was fired at Russia’s Bryansk Region early on Tuesday.

The Russian Ministry of Defense has not yet commented on the reports of ‘Storm Shadow’ strikes. According to one Telegram channel, up to 12 missiles were launched at Kursk Region on Wednesday afternoon, but were intercepted by air defenses. Photographs making the rounds on social media showed purported fragments of the British-made missiles found in the village of Maryino, about halfway between the Ukrainian border and the Kursk Nuclear Power Plant in Kurchatov.

Another Telegram channel said that at least two missiles were intercepted over Yeysk, a seaport in Russia’s Krasnodar Region.

The US and its allies had placed certain restrictions on the use of the weapons they have supplied to Kiev since 2022, in order to maintain plausible deniability regarding their involvement in the conflict with Russia. Ukraine has been clamoring for lifting these limitations since May.

Russian President Vladimir Putin has said that the use of Western long-range missiles by Kiev would change the nature of the conflict and make NATO a direct participant in the hostilities. Moscow has also revised its nuclear doctrine to encompass conventional attacks by proxies.

“Attempts by some NATO members to participate in the facilitation of possible long-range strikes with Western weapons deep inside Russian territory will not be left unpunished,” the head of Russia’s Foreign Intelligence Service (SVR), Sergey Naryshkin, said on Wednesday.

While the US and the UK appear to have given Kiev the permission Zelensky demanded, France has said it’s still considering the move. Meanwhile, Germany and Italy have publicly said that their weapons can only be used on Ukrainian soil.

Reuters/RT

Key Takeaways

• Dark social refers to sharing online content through private communication channels like email, instant messaging and encrypted apps.
• It's impossible to track dark social with traditional analytic tools, but it can generate significant traffic since content shared through trusted sources is more likely to be clicked.
• To effectively tap into this opportunity, businesses should tailor content specifically for dark social, leverage UTM parameters, provide more sharing options to their audience and utilize social listening tools.

Social media is a great way for entrepreneurs and small businesses to engage with their customers by sharing useful content, company updates, promotions and responding to questions. Most importantly, customers can easily share this information with their network of friends and family.

For many small businesses, this helps generate a significant portion (over 40%) of their annual revenue. While most social media platforms come equipped with tools and buttons for easy sharing, more and more consumers are turning to a practice known as dark social.

Dark social refers to sharing online content and social media through private communication channels like email, instant messaging or encrypted apps like WhatsApp. While you might think that all shares are equal, dark social is creating headaches for entrepreneurs trying to optimize their marketing efforts. Globally, about 70% of all social media shares happen through dark social channels by simply copying and pasting the link into messages. While traffic from these sources is great, it becomes impossible for traditional analytic tools to track.

Despite these challenges, dark social sharing can provide many benefits to the business. Since the links are being shared directly from a trusted source like friends or family, the recipients are more likely to trust the link and click through. For this reason, every small business owner must learn how to maximize the impact of tapping into this hidden audience. Here's how:

1. Create content specifically for dark social

Since the click-through rates are higher with dark social sharing, content should be tailored to encourage this level of private sharing with friends and family. First, dark social content must be mobile-friendly since the majority of online use now happens over mobile devices. The most successful content will include things that trigger emotions or stimulate discussion.

For example, content that brings back feelings of nostalgia may be popular with older audiences. Don't be afraid to think outside the box to make the content visual or entertaining. Short video reels (like TikTok videos) and infographics make great dark social content.

2. Leverage UTM parameters

Unfortunately, incoming traffic from links shared through dark social channels often registers as direct traffic, meaning analytic tools can't tell the difference between a visitor who clicked a link or typed the URL into their browser. One solution is to incorporate UTM, or Urchin Tracking Modules, parameters into your links. In a nutshell, these are small bits of code that are added to the end of a URL that provides additional information to the web analytic tools. These UTM parameters can be used to identify the source as a certain campaign or specific location on your website.

The only problem with UTM parameters is that the URL can become quite long. This increases the risk of the user not copying the full URL, leading to a broken link. To solve this, you can utilize tools like Bitly to shorten the URLand make it more user-friendly.

3. Provide more sharing options

In some cases, you can actively encourage dark social sharing by providing additional sharing options to your audience. For example, you can add a quicklink at the end of your content that makes it easy to email a friend with the link. Content that contains a clear CTA (call to action) directing the viewer to pass along the information or send to a friend is more likely to be shared.

Offering exclusive or limited-time offers is another way to foster an environment where people want to share your content. For example, some brands might offer a shareable discount code that encourages people to pass along the savings and promote the brand to others. This is especially powerful with gated content (such as eBooks or webinars) as it provides an exclusive feel.

4. Leverage social listening tools

The thing about private communication is that it's private. Understanding how consumers feel about your product and brands is difficult when their conversations happen "behind closed doors." To make the most of your dark social efforts, you sometimes need to get a feel for consumer sentiment.

While you can't track dark social directly, you can leverage tools like Brandwatch to help monitor trends, specific keywords, hashtags and brand mentions in real time. This can not only provide valuable insights into the types of conversations that are being held in private channels but can also be segmented into useful demographics and geography.

Dark social will continue to be a challenge for small businesses looking to leverage social media and understand their customers. But it doesn't have to be a roadblock. Since dark social is more impactful and meaningful than direct messages from the company through advertisements, embracing this trend can significantly boost your business's reputationand sales.

Entrepreneur