The issue came into focus at a Media Advocacy and Capacity Building Workshop organised by the Nigeria Internet Registration Association (NiRA) in collaboration with the Nigeria Information Technology Reporters Association (NITRA), where journalists gathered under the theme “The Role of Media in Advancing Nigeria’s Digital Identity.”

In his opening remarks, Adesola Akinsanya, NiRA president, said the engagement aimed to strengthen collaboration with the media on digital identity awareness.

He described the session as a “handshake” between NiRA and journalists, stressing that the partnership is essential to growing Nigeria’s digital presence.

“I would like to begin with a critical question that should frame our engagement today: who truly owns Nigeria’s digital identity? Is it shaped by the platforms we use, the domains we register, or the narratives we amplify?” he said.

“The reality is that digital identity is neither accidental nor passive, it is deliberately constructed, and increasingly, it is contested. In this context, your role as journalists and media professionals becomes not just relevant, but strategic.”

The president encouraged participants to see themselves as active stakeholders in national development, urging a more patriotic approach to digital identity. “We should be seen doing it to be patriotic and to move this country forward.”

Speaking at the session, Adebiyi Oladipo, vice chair, ICANN ccNSO, also a researcher and lecturer said the issue goes beyond technology and shows how Nigeria values its own digital space.

“This is not about NiRA, this is about Nigeria,” he said.

He compared Nigeria with other countries, pointing to wide gaps between population size and the number of registered country-code domains.

China, with over 1.4 billion people, has about 21 million domain names. Germany, with 83.6 million people, has more than 17 million. The Netherlands, with just 18.4 million people, holds about 6.3 million domains.

Nigeria, by contrast, has only about 240,000.

The difference becomes apparent when measured per population. Germany has more than 200 domains per 1,000 people. The Netherlands records over 300. Nigeria stands at less than one.

“I find it really absurd that a country of over 200 million people we are struggling with 240,000 domain names,” Oladipo said.

A stronger economic framing came from Oluwaseyi Onasanya, COO of NiRA, who said the “.ng” domain is not a technical product but a national critical asset tied directly to economic survival and sovereignty.

“.ng is not a technical tool, but a national critical asset. It is the bedrock of a digital economy,” she said.

She warned that every time a Nigerian business chooses a foreign domain, the country loses part of its digital economic value.

“What that means is that we are taking out a significant part of our digital economy offshore,” she said.

Oladipo said Nigeria is failing to treat “.ng” as a national asset. Instead, many businesses prefer foreign domains, especially “.com”.

“When you choose .com, you are pushing the value away from our environment,” he said.

He described domain names as economic assets rather than technical tools, comparing them to land in real estate.

“The domain is not a technical asset. It’s an economic asset, because you can make money from it,” he said.

He added that the opportunity extends across a value chain, from domain registration to website development, digital marketing and online business growth.

Oladipo also addressed perception challenges, noting that many Nigerians wrongly believe local domains are less secure, even though infrastructure matches global standards.

“Everything that exists with .com exists with us,” he said.

He linked the slow adoption to mistrust and poor information, warning that false narratives can shape public opinion.

“There’s a lot of fragility around online credibility,” he said, referring to a recent fake video that falsely claimed an attack in Abuja.

He placed responsibility on the media to correct misinformation and promote local digital identity.

“Nobody is going to tell your story like you,” he said.

Onasanya stressed that the issue is not perception alone but structural economic leakage, explaining that foreign domain use results in capital flight as payments leave the country in foreign currency.

“Every foreign domain is a capital flight,” she said, noting that even small annual fees multiply into significant national losses when scaled across businesses.

Oladipo urged journalists to go beyond reporting startups and fintech, stressing that the domain system is the foundation those industries depend on.

“It’s akin to celebrating the house but ignoring the land,” he said.

He called on media professionals to act as educators, amplifiers and trust builders by explaining digital identity issues, promoting Nigerian platforms and calling out fraud.

He also urged organisations and individuals to adopt “.ng” domains for their platforms.

“For those who are not, switch to .ng,” he said.

Onasanya said policy intervention is critical to improving adoption, urging stronger government intervention through legislation, executive orders, and institutional enforcement.

She proposed that “.ng” should be mandatory for government communication, licensing, and procurement processes, and called for alignment with national identity systems such as the Corporate Affairs Commission (CAC).

Without stronger policy backing, she warned, adoption would remain slow. “Adoption is not luck, it is not by chance, it is driven by policy,” she said.

Despite the gap, Oladipo said the situation is not beyond repair, noting that the digital economy already contributes more than 20% to Nigeria’s GDP and continues to grow.

“There are endless possibilities for us,” he said.

He ended by challenging the media to take the lead in changing perception and driving adoption.

“Will you lead or will you follow?” he asked.

• Mobile Reliance Rising: More travelers are managing every stage of their journey using smartphones.
• Biometric Adoption Accelerating: Use of biometrics and digital identity is expanding to enable more seamless airport processing, and travelers like it.

“Passengers want to manage their travel the same way they manage many other aspects of their lives, on their smartphones and using digital ID. As experience grows with digital processes from booking to baggage claim, the message that travelers are sending in this year’s GPS is clear: they like it, and they want more of it. There is an important caveat which is the need to continue building trust, so cybersecurity remains a priority. Cybersecurity must be core to the end-to-end digital transformation of how we book, pay, and experience air travel,” said Nick Careen, IATA’s senior vice president, Operations, Safety and Security.

Mobile-Reliance Rising

The GPS confirms that mobile devices have become central to the passenger journey. Travelers are increasingly using their smartphones to book flights, manage payments and loyalty programs, and handle check-in, immigration, boarding, and baggage processes. Enthusiasm for mobile-enabled travel is higher than ever.

• Booking and payment habits are shifting toward mobile channels. Over half of travelers (54%) want to deal directly with airlines, and they are doing that increasingly with mobile apps. Airline websites remained the most popular booking preference at 31%, but this was down from 37% in 2024. In 2025, web apps were the preferred choice for 19% of travelers, trending upwards from the 16% in 2024. This move was led by younger travelers (25%) which is an indication that the trend of shifting to mobile options is likely to strengthen over time.
• Payment preferences are also evolving. While credit and debit cards remain dominant (72%), this marks a significant drop from 2024 (79%). Digital wallet use has increased  significantly (from 20% in 2024 to 28% in 2025), and instant payment methods, such as IATA Pay, have also grown (from 6% in 2024 to 8% in 2025).
• Passengers want their smartphones to do more for them: 78% of passengers want to use a smartphone that combines a digital wallet, digital passport, and loyalty cards to book, pay, and navigate airport processes. Use of electronic bag tags is also on the rise, increasing from 28% in 2024 to 35% in 2025, allowing passengers to generate their bag tags directly from a mobile device during check-in.

Biometric Adoption Accelerates

The use of biometrics at airports is expanding, and passenger satisfaction with biometrics has reached its highest level yet.

• Half of passengers (50%) have used biometrics at some point in their airport journey, up from 46% in 2024. Usage is most common at security (44%), exit immigration (41%), and entry immigration (35%). Notably, biometric use has risen by nearly 20 percentage points since 2022.

• Passengers who have used biometrics report high levels of satisfaction with 85% saying they are happy with the experience.
• 74% of travelers say they would be willing to share their biometric information if it means they can skip showing a passport or boarding pass at checkpoints like check-in, security, border control, and boarding.
• Privacy remains a concern, but there is room to build trust; 42% of passengers who are currently unwilling to share their biometric info say they would reconsider if data privacy was assured.

“Passengers are already using biometrics for different stages of their journey, from check-in to boarding. But to make the international travel experience fully digital, governments need to start issuing digital passports and enable their secure recognition across borders. When that becomes common practice, travelers, governments, and airlines will all see the benefits of digital identity with an experience that is even more convenient, efficient, and secure,” said Careen.

Regional Trends 

Africa
African passengers value the human touch; they are most likely to book through airline offices or call centers.

Their satisfaction levels are among the highest globally, ranking second overall. Yet they face the greatest border challenges, with visa and immigration complexity cited as key barriers. Simplifying these processes could unlock major growth.

Asia-Pacific

Asia-Pacific travelers are the most digitally savvy, with the highest overall satisfaction levels among global travelers. They lead in using mobile apps and digital wallets to book and pay for travel, and are the least likely to use credit cards.

They are also among the most frequent users of biometrics, though their satisfaction with these experiences is the lowest. This tech-forward group expects ever faster and more seamless journeys.

Europe

European passengers are the most traditional and cautious. They prefer to book directly through airline websites and typically pay by credit or debit cards.

They are the least likely of all regions to have used biometrics in the past year and remain more hesitant to share data in advance or replace travel documents with digital identification. Despite this cautious approach to technology, European travelers rank as the fourth most satisfied globally.

North America

North American travelers prioritize convenience above all else. They are the most likely to choose flights based on total journey time and fewer layovers, and they rely heavily on airline websites for booking.

Despite this focus on convenience, they are among the least satisfied travelers globally, ranking second from last across all regions. Biometrics are widely used, but privacy concerns are the strongest globally. Efficiency and trust in data security are top priorities for this region.

Latin America & the Caribbean

Latin American and Caribbean travelers value personal interaction when booking and prefer to pay with credit or debit cards.

They are more likely than any other region to obtain visas from a consulate or embassy.

While they use biometrics less frequently, they show strong willingness to adopt the technology and report high satisfaction when they do.

Personal service and convenience are top priorities for this region; yet overall, they are the least satisfied travelers globally.

Middle East

Loyalty matters to Middle East passengers. They favor airports with strong service reputations and their preferred airlines.

They are highly digitally engaged, with widespread use of digital wallets and strong enthusiasm for smartphone-based travel credentials.

They are among the most satisfied travelers globally, ranking third overall. Loyalty and service quality remain top priorities in this region.

The marketplace, available exclusively to Premium subscribers, allows users to search for handles that are no longer in use and either request or purchase them. X says both complimentary and paid options will be available, with some rare handles priced as high as $2,500 to over seven figures.

According to the company, “The X Handle Marketplace is our industry-first solution to redistribute handles that are no longer in use. Eligible Premium subscribers will be able to search and make requests, with both complimentary and paid options available.”

The marketplace categorises usernames into two main types; Priority and Rare handles.

“Priority” handles, such as @GabrielJones, @PizzaEater, and @ParadoxAI, can be requested at no additional cost by Premium+ and Premium Business subscribers. Once approved, the handle is transferred for free. 

However, if a subscriber cancels or downgrades their plan, the old handle automatically returns to their account after a 30-day grace period.

“Rare” handles, on the other hand, include short, generic, or culturally valuable names like @Pizza, @Tom, and @One. These are not available through standard requests. Instead, they will be offered through public drops or direct, pre-priced purchases by invitation only.

During public drops, multiple users can apply for the same handle. Selection depends on factors such as a user’s past contributions, intended use, and overall engagement on the platform. 

Direct purchases will consider popularity, character length, and cultural relevance in pricing. Once bought, a rare handle remains with the buyer even if they cancel their Premium subscription.

The launch is another big move by Elon Musk to monetise X beyond advertising. Since taking over, Musk has introduced several paid features, including Premium and Premium+ subscriptions, paid verification (blue checkmarks), and ad revenue sharing with creators.

With advertising revenue said to have dropped by more than 50% since Musk’s acquisition, X appears to be doubling down on direct user payments as a way to sustain operations and attract more paying users.

The company says requests for handles will be reviewed within three business days, though not all will be approved. Once a request is granted, the user’s previous handle is safely reserved and cannot be claimed by others.

Regulating the “Digital Real Estate” Market

Usernames have long been treated as a form of digital real estate, with some short or valuable ones traded on the black market for thousands of dollars. X’s new marketplace is designed to legitimise and regulate this demand through a controlled, transparent process.

X explained on its help page that it chose to create a marketplace rather than simply releasing all inactive handles at once to “prevent bot spam or misuse.” The company noted that the new system “allows for fair and secure distribution through a controlled process.”

Users can also “register interest” in specific handles not yet available by adding them to a Watchlist. If the handle becomes eligible later, X will notify them.

Reactions and Concerns

This development has already stirred reactions about digital identity ownership, with warnings that it could lead to impersonation risks or loss of legacy content, particularly for deceased users or defunct brands whose handles may now be reassigned.

Other social platforms have had similar issues. Instagram and TikTok have had cases of username squatting, but neither has launched an official marketplace. Reddit and Discord have discussed comparable ideas but haven’t implemented them at scale.

What makes X different is its tiered access system, pricing transparency, and integration with its subscription tiers, placing the marketplace as a potential driver for user engagement.

In the end, this move blends commerce, community, and competition.

The research highlights two main drivers of this growth: tightening regulations which increasingly require digital identities, and rapid technological advancements which bring mobile driving licences and digital travel credentials closer to early public use.

“The EU Digital Identity Wallet (EUDI), which all Member States are expected to have in place by the end of 2026, will have a transformative effect on identity in the region; however, digital identity is already socially acceptable in mainland Europe. Adoption of the proposed UK scheme will require significant user benefits to overcome public scepticism. Focusing on self-sovereign principles, which give citizens control of their own data, will go a long way in improving support,” explained Louis Atkin, Research Analyst at Juniper Research.

Hybridisation of Credentials to Aid Deployment

The research identified that issuing digital credentials alongside physical documents helps to drive adoption of digital identities.

As digital identities are a new concept to many citizens, ensuring that the technology used is both accessible and something which citizens actively choose for themselves is key to their success.

“EUDI supports the adoption of digital identities, with standardisation of digital identity infrastructure massively improving the degree of interoperability of digital identities. However, to ensure sustainable growth, considering accessibility and providing explanations of how the systems work are vital for success,” Atkin concluded.

The new market research suite offers the most comprehensive assessment of the digital identity market to date; providing analysis and forecasts of over 30,000 datapoints, across 61 countries, over five years.

It includes a ‘Competitor Leaderboard’ and examination of future market opportunities.

As the world marked International Identity Day under the theme ‘My Identity.

My Umbrella’, Ideco warned that millions of Africans – and many South Africans – remain invisible in the digital economy.

This includes ghost workers, social grant fraud, and widespread SIM card identity scams that drain public funds and damage trust.

International Identity Day highlights United Nations Sustainable Development Goal 16.9, which aims to provide legal identity for all by 2030.

Yet over 1.1 billion people worldwide still lack an official identity, cutting them off from education, finance, healthcare, and legal protection.

“Like an umbrella shielding you from the rain, a secure identity protects people from fraud, exploitation and financial loss – while helping businesses close dangerous security gaps. In a world where everything is going digital, having no verifiable identity is the same as having no voice. A trusted identity doesn’t only prevent fraud, it unlocks access to jobs, healthcare, education and financial services. It’s the foundation of economic participation, and without it, we all lose,” says Marius Coetzee, CEO of Ideco.

The digital identity gap is a business risk

As financial crime and identity theft continue to rise, businesses are also being hit hard.

• In 2020 alone, financial institutions paid over $10.4 billion in fines for failing to comply with identity and data regulations.
• Fake or stolen identities are a key enabler of money laundering, loan fraud, and cybercrime.
• Manual verification methods are slow, error-prone and no longer POPIA/FICA compliant.

Technology can close the gap – if businesses use it responsibly

Ideco is using this International Identity Day to call for widespread adoption of secure, real-time digital identity verification.

The company’s eKYC (Electronic Know Your Client) platform uses fingerprint and facial biometrics linked directly to the Department of Home Affairs to instantly confirm identities. It prevents identity fraud while helping businesses:

• Achieve full POPIA and FICA compliance
• Reduce fraud risk by up to 50%
• Cut operational costs by up to 25% through automation
• Onboard legitimate customers faster

Unlike traditional KYC, Ideco’s eKYC is privacy-led, storing no personal data locally and using tamper-proof biometric devices to protect sensitive information.

Coetzee is challenging South African businesses to see identity as more than just a compliance task.

“Protecting identity is a legal duty, but it’s also a moral responsibility. We must make sure that identity systems work for people, not just for profit. If we fail to protect identity, we open the door to fraud, exploitation, and exclusion.”

“Together we can build a future where every person has the security, dignity and opportunity that comes with a trusted identity. Businesses have the tools to make this possible, the big question is – will they use them,” he concludes.

Leading government and industry stakeholders in aviation security participating in the Sydney Leaders Week Conference supported this position, emphasizing the need for collaboration in implementing Verifiable Credentials (VC) and Decentralized Identifiers (DIDs).

Sydney Leaders Week, hosted by Qantas, is being attended by industry experts and government representatives from Australia, Canada, China, New Zealand, the UK, and the US.

It is widely accepted that digital identity can bring the following benefits to aviation security:

• Stronger Document Integrity: Reducing fraud and unauthorized access.​
• Global Trust: Enabling secure, cross-border, interoperable identity verification.
• Operational Efficiency: Streamlining document verification for a smoother passenger experience, strengthening regulatory oversight, and optimizing resource allocation.

“Global cooperation keeps flying secure. Adopting Verifiable Credentials and Decentralized Identifiers standards is a natural next step in reinforcing security, trust, and efficiency. Every aviation stakeholder wants flying to be even more secure—which crosses geopolitical divides. The technology is ready and proven. We now need to take the momentum of this meeting and work towards obtaining a recommendation at the upcoming ICAO assembly later this year,” said Nick Careen, IATA’s senior vice president, Operations, Safety and Security.

Strengthening Security Through Digital Transformation

Aviation security leaders at the conference also identified key actions for governments to drive the industry’s digital transformation:

• Fast-Track Technology Integration: Incorporate VC and DID technologies into national and international security frameworks, aligning with ICAO Annex 17 and Aircraft Operator Security Programs (AOSP).
• Prioritize Aviation Digital ID Use Cases: Integrate aviation digital identity solutions into national digital strategies to enhance global cooperation.
• Invest in Capacity Building: Allocate resources to equip industry stakeholders with the necessary knowledge and infrastructure for seamless implementation.​
• Increase Stakeholder Engagement: Promote awareness and industry-wide adoption of digital identity solutions through targeted education and outreach.

Industry is Working to Support Governments in Adopting Digital Identity

As part of this effort, IATA’s One ID initiative promotes globally interoperable digital identity standards, enabling passengers to verify their travel documents before departure and move through the airport using biometric recognition instead of physical documents.

One ID works in harmony with ICAO’s Digital Travel Credential ensuring security and efficiency while maintaining privacy and compliance with global regulations.

IATA is also advancing its Aviation Security Trust Framework, which sees regulatory alignment, cross-sector collaboration and infrastructure as critical components to realize the benefits of digital identity in global aviation.

For more information on the Aviation Security Trust Framework and digital identity initiatives, download the white paper from IATA’s website.

The .ng domain, a symbol of Nigeria’s digital sovereignty and a key enabler of digital growth, is fast becoming a cornerstone of the nation’s digital economy.

NiRA, the organisation responsible for managing the .ng domain, has relentlessly ensured a secure, reliable, and accessible online presence for individuals and businesses, having recorded a commendable 229,596 .ng domain registrations as of August 27, 2024.

Mr. Adesola Akinsanya, president of the Nigeria Internet Registration Association (NiRA), represented by Peter Oluka, member, Executive Board of Directors, NiRA, revealed this during his keynote address at the NITRA ICT Growth Conference 4.0 held at CitiHeight Hotel, Ikeja, Lagos, themed, “Impact of AI On National Development: Prospects, Policies, and Challenges in Nigeria.”

Akinsanya stated that the country is at a sensitive moment in its digital transformation, highlighting the indispensability of the .ng domain in enhancing Nigeria’s national digital identity.

The .ng domain has gone beyond a mere digital suffix, it now represents a national asset. The domain is a big part of many important enablers of digital transformation, offering a uniquely Nigerian online presence in the global internet sector. 

Mr. Akinsanya noted this as he spoke on NiRA’s tireless efforts in promoting the adoption of the .ng domain.

This achievement is set against the backdrop of Nigeria’s overall digital growth, with the digital economy now contributing over 14% to the country’s GDP. 

From fintech startups bolstering financial services to digital platforms enhancing access to education, Nigeria’s digital industry is adapting rapidly, driven by innovation and a growing online presence.

However, Mr. Akinsanya also acknowledged the challenges that come with this growth. “With these opportunities come significant challenges,” he said. “Issues of digital inclusion, cybersecurity, infrastructure deficits, and the digital skills gap continue to hamper our progress.” 

These challenges are pressing, as they bring about risks to the integrity and security of Nigeria’s digital sovereignty.

To address these challenges, NiRA has taken assertive measures to ensure that the .ng domain remains accessible, affordable, and secure for all Nigerians. 

Mr. Akinsanya pointed out that NiRA has partnered with various stakeholders to make sure that “every Nigerian, regardless of their location, can have a digital identity that they can trust.” 

This is essential for businesses, government services and individual connectivity to the global economy.

Cybersecurity, a big issue with the increasing digitalisation of Nigeria’s economy, was a major focus of Mr. Akinsanya’s speech. 

He noted that cybersecurity threats are on the rise but NiRA is working with industry partners, government agencies, and international bodies to ensure that Nigeria’s cyberspace is safe and resilient. 

He stressed the importance of “advocating for robust policies, enhancing public awareness on cybersecurity best practices, and fostering a culture of trust and transparency.”

The issue of digital inclusion was another urgent point in Mr. Akinsanya’s address. He stated that for Nigeria to truly leverage the prospects of ICT, it must bridge the digital divide that exists across various segments of society. 

Through initiatives like the .NG Academy, NiRA is working to improve digital literacy and expand internet access to underserved communities, ensuring that everyone has the opportunity to participate in the digital economy.

Mr. Akinsanya further called for collaboration among all stakeholders — industry leaders, policymakers, academia, and civil society — to build a resilient digital sector that supports innovation, meets future infrastructure demands, and cultivates a skilled workforce ready to lead in the digital world.

“We believe in the power of the internet to transform lives, to create opportunities, and to drive our nation’s development,” he stated. 

“Let us seize this moment to shape the future of ICT in Nigeria—a future that is bright, secure, and inclusive,” Mr. Akinsanya concluded, pointing to the country’s progress and prosperity.

Born from the vision of Confidence Jackmay, a tech innovator driven by a passion for his homeland, and Chigozie Lemoha, visionary explorer and product manager, BankID is both an authentication system and a catalyst for transforming Nigeria into a digital powerhouse.

Confidence Jackmay, and Chigozie Lemoha embarked on this journey driven by a shared vision. Confidence’s expertise in technology and Chigozie’s strategic acumen converged to conceive the product. 

BankID embarked on a regulatory path, engaging key national institutions like NDPC, NITDA, and NIMC, gaining positive reception and paving the way for a transparent collaboration. 

The Spark of Innovation

Inspired by global best practices and deeply rooted in their Nigerian heritage, the founders envisioned BankID as more than just a solution—it was a movement to empower citizens. Their exposure to international tech environments, coupled with a profound love for Nigeria, fueled the zeal to create a homegrown identity solution that would rival the best in the world.

Unlocking Trust, One Identity at a Time

BankID simplifies the complex ecosystem of digital identities by offering a seamless and secure online authentication experience. 

Rooted in the Nigerian National Identification Number (NIN), BankID empowers citizens to protect their identity while accessing a world of digital services. 

This innovative product acts as a bridge, connecting the people of Nigeria with the limitless opportunities of the digital age.

The goal is a barrier-free digital Pan-Africa, with Nigeria at its forefront. BankID is not merely a product; it is aimed at fostering a trusted framework for life commerce within and beyond Nigeria’s borders. As digital identities have become paramount, BankID has come to enhance reliability and security.

Digital Identity and the Verity of Nigeria’s September 16 Revolution

BankID’s Journey: From Concept to National Pride

The product’s journey began in March 2023, driven by the vision of a digital Nigeria. From stealth use among innovators to the release of the first alpha version, BankID has rapidly evolved. 

In September 2023, BankID Console was unveiled, BankID Mobil beta-v0.0.3, and microservice API documentation suites, ending the stealth phase. 

BankID Mobil, the digital mobile ID firewall for the Nigerian NIN, is at the core of the product’s offering. Through BankID Mobil, every Nigerian gains the right to control their identity, ensuring their data is accessed and used responsibly. From verifying transactions to signing documents and logging into websites, BankID simplifies the digital experience, putting the end-user first.

Presently, the company is actively pursuing transparent engagement with the Ministry of Interior and Digital Economy, with a focus on data harmonization aligning with national goals, opening avenues for collaboration and growth.

“The team continues to work tirelessly to ensure BankID becomes a national symbol of trust and security.”

The BankID Experience: More Than Just Authentication

Unlike any other identity framework in Nigeria, BankID puts the power back into the hands of the citizens. Anyone can transform their innovative ideas into reality without the burden of third-party authentication systems. 

“We believe in providing higher value to our customers at a lower cost, making digital innovation accessible to all.”

Distinct from many startups that seek external investments, the founders chose a path of self-reliance. BankID’s journey, from ideation to execution, has been largely funded by Confidence’s own resources. 

His belief in the transformative power of BankID led him to invest not just money but also his passion, time, and expertise. This self-funded approach speaks volumes about the dedication to the cause and desire to build something truly meaningful for Nigeria.

Moving forward, BankID’s mission remains clear: to secure the data of Nigeria’s vast human resources and empower every citizen with a trusted digital identity. 

Beyond being a product, it’s a movement to bolster Nigeria’s potential in the digital landscape. The company invites developers to explore the BankID Console and start developing with its authentication and signature scopes after generating their credentials. 

It’s as simple as plug-and-play, enabling developers to contribute to the digital transformation of Nigeria and shape the future of Africa, one secure digital identity at a time.

This course highlights what web3 can be used for and its components.

Component 1: What is Web3?

Web3 is a term used to describe the next generation internet, an internet that is transparent and accessible to everyone.

Web3 allows you to use the internet without having to involve a third party.

While Web2 internet uses a centralised system of network to carry out transactions, Web3 uses a decentralised system where you can make transactions without involving a third party.

Web3 takes away the need for intermediaries or third parties and gives direct access to your digital assets.

It is an internet that is used for art, finance, identity and direct ownership.

Web3 themes include; digital payment through cryptocurrency, direct ownership of assets, freedom from third-party systems, transparency and maintaining trust among partners.

In web3, applications are referred as dapps. It is open and accessible to anyone.

Web3 allows free movement of information where you can move your information anytime you want to use another network (just like moving money from one bank to the other).

The movement behind web3 represents a fundamental change in freeing identity and information from single source control.

To gain access into web3, you need a crypto wallet.

Component 2: What is a Crypto Wallet?

When using web2, you access the internet through a browser, a crypto wallet allows you to gain access to web3 applications (dapps).

A crypto wallet is a form of digital storage designed for web3 applications. They help you store your digital assets like cryptocurrency and NFTs.

You need a crypto wallet to gain access to web3 applications, your wallet is a means for storing and managing your identity with your private keys.

Once you connect to a crypto wallet, it automatically generates a private key known as your “seed phrase”. It is usually a 12 word arrangement that is used to manage and secure your crypto wallet.

A private key acts as a pin to access information in your wallet. It is important to protect your private keys and not share your keys to anyone or else you may lose your information.

Remember the saying “not your keys, not your crypto”.

A crypto address acts as a digital identity, just like banks use account numbers to identify users, a crypto wallet uses crypto addresses.

A crypto address is a string of numbers and letters that represents your identity.

A public address looks something like: 0xe9da7fb25984aef9g7aad9r12 (not a real crypto address).

A crypto wallet can be used to approve transactions, buy cryptocurrency, custody cryptocurrency and manage your web3 identity.

Component 3: What is a Digital Identity?

Technology has moved the world into a digital village where information is stored digitally. Information can be stored or accessed through an email address, account number, home address or medical history.

Digitising identity makes it easy to store and access information, your identity represents proof of who you are. You will always be required to identify yourself from housing, to employment and travel.

With web2 technology, it is often difficult to use multiple networks with a single identity, web3 has made it possible to carry a single identity to different networks and transfer data without tampering with it. You will not have to put yourself through rigorous methods of transferring or recovering data.

Ethereum Name Service (ENS) enables you to customise a domain name that is linked directly to your wallet address. You can customise a name to avoid memorising a lengthy wallet address.

Your ENS name can be used to conduct transactions. An example is jack.eth.

Once a domain name is registered, no one else can own the same name except you sell or transfer it.

Component 4: What is Self-Custody?

Self-custody is the process of safeguarding your information. Usually we leave the responsibility of safeguarding assets to banks and exchanges. These banks have complete control over your information and assets.

Most financial institutions store assets digitally. As a matter of fact, only about 8% of all the money on earth exists physically. The other 92% is stored on a digital network.

There are several challenges faced with relying on these exchanges to custody your assets. If in any case an exchange company goes bankrupt, you are likely to lose all your money.

This means that the bank controls your assets and can take all the permission away. With cryptocurrency, you can self-custody your assets without involving intermediaries.

Cryptocurrency network is open and shared globally. It is also not controlled by anyone, you do not need permission to access this network. The network is what replaces a bank or an exchange company.

Component 5: The Advent of Digital Ownership

Crypto wallets have introduced an era of digital ownership, where you can self-custody your wallet and access your assets whenever you want to.

Before things began to change, ownership meant having access to physical possessions. The owner is the one with right and control of an object.

Although there are different yardsticks to claiming ownership, they are mainly related to physical items. A receipt or tag might be evidence of ownership, it could also be a deed, car or property.

Over the years, ownership did not only transform from having physical possessions, it has also moved to buying and storing digital assets.

Books and records are now sold digitally with a wider outreach to consumers than physical books. It came about with the advent of computers and digitisation.

In 2011, Netflix moved from selling DVD to using online streaming, this made it easier to reach a lot more people that watch movies.

Cryptocurrency is an open, shared decentralised database that uses networks like Bitcoin and Ethereum to create trust among users.

The technology solves issues like hacking and double-spending. Protocols are designed in a way that you cannot duplicate or double spend. Crypto networks have visibly impacted the ability to own and control digital assets.

Component 6: What to know about NFTs and Creators?

While the second-generation internet suffers from copy and paste, web3 network makes it possible to assign ownership to digital assets preventing them from being duplicated.

Non-Fungible Tokens (NFTs) are personal digital assets whether event tickets, access cards or an artwork.

NFTs make it possible to link ownership to items on the blockchain. Think of it like a certificate of authenticity that lets you know if an object is original.

NFTs were introduced to the mainstream market in 2021. Major sales made news among celebrities and artists as well as millions of people buying and selling NFTs directly from the artists.

NFTs represent new ways for creators to monetise their art and connect with different buyers. NFTs have become a platform for creators in the digital space to represent their craft and earn directly from it instead of relying on ad-driven models like social media.

NFTs allow artists communicate directly with their buyers or supporters. Unlike the social networks, NFTs can be bought and sold on different networks.

Component 7: Decentralise Finance

The innovation of cryptocurrency has created a new financial system that enables users to transact directly without a bank, from buying and selling to earning interests.

Decentralised finance is a system different from the traditional financial system. It is a system that is built on using digital currencies like cryptocurrencies.

DeFi enhances speed and transactions among financial systems. It stops the problem of delayed transactions and it is available to anyone around the world.

How DeFi can solve issues within the Financial System?

Low cost energy: the technology uses less energy than physical banks. Ethereum now using the Proof of Stake network, uses nearly ten thousand times less energy than Netflix.

Smart Contracts: the technology allows anyone to verify transactions without it being tampered, this reduces fraud and encourages transparency among users.

Cross-Border Payments: Cryptocurrency payments are generally accepted all over the world, you can send money to someone from Nigeria to Canada without any intermediaries.

The economy has become very global and interconnected across borders, cryptocurrency makes it possible to transfer money across borders without using a bank.

Users are able to interact with these DeFi protocols through a decentralised wallet.

It is important to be sure you are using a decentralised application to store your tokens. Some activities built around DeFi Protocols:

●             Users can swap one token for another. For example, swapping Ethereum for XLM).

●             Ensuring stability in token prices across markets.

●             Users can participate as lenders or borrowers.

●             Sending and receiving assets from and to different networks.

●             DeFi provides high interest rates.

Component 8: The Age of Decentralised Communities

DeFi applications are governed by Decentralised Autonomous Organisations (DAOs).

A DAO is a community that uses Ethereum network to establish rules of agreement and is executed using smart contracts.

DAOs use smart contracts to manage decisions governing transactions, this eliminates the need for intermediaries.

Members of DAOs use tokens to vote decisions governing the protocol, they are people with a defined number of tokens that can suggest changes to an underlying protocol.

This community of governance votes whether they are for or against a proposal, they act as lawmakers that execute rules. DAOs regulate, govern and manage decisions on the blockchain. There are over 4.5million DAO token holders in web3.

This is part of recommendations in a communiqué released at the end of NCS’ 51st International Conference held in Ogun State recently, themed: ‘Smart, Secure and Sustainable Nation (S3N2022)’.

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Participants at the conference agreed that reviewing the national digital identity programme would enable the government and critical stakeholders to further enrich all the associated development goals of the programme.

“More efforts should be geared towards strengthening the digital identity programme,” the communiqué reads as signed by Professor Adesina Sodiya and Mr. Ayodeji Rex Abitogun; the President and the Chairman Conferences Committee of NCS, respectively.

“NIMC must improve on the level of implementation of the digital identity management programme by upgrading the digital infrastructure capacity to allow for seamless registration and integration of identity data”, the conference advised.

The conference attendees also believe that government and corporate bodies should provide more support to information technology professionals to acquire the requisite training and expertise needed to effectively implement smart cities and sustainable economies.

Therefore, they recommended that “Government should create a suitable environment for learning, research, and development, with synergy among stakeholders in achieving a framework for a smart, secure and sustainable nation”.

Similarly, discussions at the NCS International Conference centered on a need for Professor Isa Pantami, the Minister of Communications and Digital Economy, to develop a policy which guarantees  that only experienced ICT professionals (who have regularized their practice), are appointed as substantive Ministers for the Ministry, adding that the qualifications and skills of the leadership of the National Information Technology Development Agency (NITDA) and other IT intense agencies are critical to the nation’s rapid economic growth.

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“IT professionals (who are members of NCS and CPN) should always be recommended as Chief Executives of such agencies of government.

“All stakeholders; NCS, NITDA, CPN, and others, should deliberately educate the general populace on the need to be security conscious on the Internet”.

With reference to physical security of the nation, NCS also stressed its readiness to partner with relevant government bodies in developing and training personnel on intelligent technologies needed to tackle insecurity in the country.

More recommendations in the communiqué below: