In 2023, global smart glasses shipments increased by 210% year-on-year, and ABI Research has predicted that shipments will grow from 5.9 million in 2024 to 114.1 million by 2030.

The technology is moving faster than awareness, regulation or governance, and South Africa is sitting closer to the edge of privacy and regulatory controversy than most people realise.

This controversy has already affected East Africa. In early 2026, Kenyan and Ghanaian authorities identified Vladislav Luilkov as the Russian vlogger who travelled through Kenya and Ghana wearing the Ray-Ban Meta smart glasses, recording intimate encounters with women without their knowledge and posting the footage online for profit. In the UK, a BBC investigation documented how a woman was covertly filmed at a beach, with the footage receiving around one million views online.

By May 2026, a second victim was also reported by the BBC. She was told that the footage would only be removed as a paid service, which was effectively extortion.

Smart glasses with inconspicuous cameras extend patterns already seen with smartphones – they make it easier to capture and distribute images or video of women in public and private spaces without their knowledge, in a society where harassment, exploitation, and violations of privacy remain widespread.

Wearers can potentially discover a person’s identity, address, and other personal details and share these, along with video footage, with anyone they want, on any platform they want, and this creates significant security and privacy risks.

Two Harvard students recently showed how the footage streamed through these glasses could be linked to external AI facial recognition tools allowing strangers to be identified in real time with names, home addresses and personal information pulled from the internet.

Smart glasses are also an Internet of Things (IoT) device with connected hardware running software that can be targeted in the same way any connected device can.

Research by ESET has found that specific attack vectors such as unpatched firmware vulnerabilities, compromised companion apps, and malicious Wi-Fi hotspots are gaining in momentum and capability.

These threats can compromise the glasses or the device they are paired with, and the attacker gains access to everything the wearer sees.

South Africa has begun to adapt its legal framework to digital abuse, including the Cybercrimes Act, the Protection from Harassment Act, the Domestic Violence Amendment Act, and the Film and Publications Act. These all apply to online harassment, harmful content and image-based abuse. Smart glasses are already changing the boundaries of privacy.

These devices represent high-risk AI systems that capture biometric data in public spaces without meaningful consent mechanisms, process footage through offshore contractors beyond South African data protection oversight, and directly challenge POPIA’s consent framework, designed before invisible, wearable surveillance became normalised.

Under POPIA, biometric information is categorised as ‘special personal information’ with processing generally prohibited unless authorised.

South Africa has both the constitutional foundation and the legislative architecture through POPIA to lead African wearable AI governance.

The country, as Africa’s most technologically advanced economy with BRICS ties and a mature data-protection framework, is uniquely positioned to do for African wearable regulation what the GDPR did for Europe and establish a high-water mark that neighbouring jurisdictions can copy. And now is the time to get it right.

Speaking on Wednesday at the 2026 Annual General Meeting of the Finance Correspondents Association of Nigeria (FICAN) in Abuja, Uzoka-Anite said the country must grow its Gross Domestic Product (GDP) by between 10 and 12% annually for the next 10 years to hit the $1 trillion target.

With Nigeria’s GDP currently estimated at about $375 billion, the target is a fundamental shift in the structure and productivity of Africa’s largest economy.

Breaking the Cycle of Stunted Growth

For years, Nigeria’s growth rate has hovered between 2 and 3%, barely enough to keep pace with population growth.

“That is an ambitious target, and this administration is not shy about saying so,” Uzoka-Anite said.

Describing the target as ambitious but necessary, she stressed that reforms introduced since 2023 were designed to fix the structural distortions that suppressed growth.

Among them, she pointed to the N5 trillion annual cost of the fuel subsidies and the former multiple exchange rate system, both of which she described as primary drags on fiscal stability and investor trust.

According to the minister, dismantling those limitations was painful but unavoidable if the country is to ensure private capital and boost productivity.

DGAS: The Strategy to Reclaim Local Production

The government is pinning its hopes on a new framework called the Disinflation and Growth Acceleration Strategy (DGAS). Jointly built by the Finance Ministry and the Central Bank of Nigeria (CBN), this nine-pillar plan aims to push growth above 7% by 2027 without letting inflation spiral out of control.

A major pain point identified by the Minister is Nigeria’s reliance on foreign inputs.

Currently, about 70% of the raw materials used in local factories are imported. This means Nigeria effectively exports jobs and imports inflation.

The Minister used the Dangote Refinery as a case study, suggesting that the Dangote model of processing our own crude instead of shipping it out and buying it back as expensive petrol must be scaled across other sectors.

 Key Sectors Targeted For This Process-It-Here Revolution Include:

• Agriculture:Moving from cocoa and cashew exports to finished food products.
• Mining:Ensuring solid minerals are refined locally before leaving our shores.
• Manufacturing:Reducing the 70% import dependency for industrial raw materials.

 Betting Big on the African Market

While internal reforms are the engine, the government is looking at the African Continental Free Trade Area (AfCFTA) as the fuel.

Nigeria has finally submitted its ECOWAS tariff offer to the AfCFTA secretariat, which essentially means zero duties on 90% of goods traded within the continent.

By opening these doors, the administration hopes to give Nigerian businesses a massive, duty-free market, providing the scale needed to justify heavy industrial investment.

The Minister’s logic is simple: if Nigeria can stop importing its cost structure and start exporting finished goods to the rest of Africa, the resulting tax revenues and household wealth will be on a different order of magnitude.

 The Reality of the Short-Term Pain

Uzoka-Anite did not shy away from the hardships many Nigerians are currently facing. She acknowledged that the unification of the exchange rate and the subsidy removal caused significant short-term pain. However, she insisted that these moves are finally being vindicated.

She cited the January 2026 S&P Global Ratings update, which moved Nigeria’s outlook to positive, as proof that the international community is starting to believe in the country’s fiscal recovery.

For the government, the $1 trillion goal is no longer a vanity project it is the only way to generate the wealth needed to lift millions out of poverty.

]]> https://techeconomy.ng/nigerias-1trn-gdp-target-needs-12-annual-growth-for-a-decade-uzoka-anite/feed/ 0 https://techeconomy.ng/meta-tiktok-eu-dsa-investigation/ https://techeconomy.ng/meta-tiktok-eu-dsa-investigation/#respond Fri, 24 Oct 2025 15:39:24 +0000 https://techeconomy.ng/?p=169915 The European Commission has accused Meta and TikTok of violating the European Union’s (EU) Digital Services Act (DSA) by restricting researchers’ access to public data and failing to provide users with simple ways to report illegal content.

In its preliminary findings released on Friday, the Commission said Facebook, Instagram, and TikTok may have placed “burdensome procedures and tools” that make it difficult for independent researchers to examine how these platforms influence public life, health, and safety. 

It described such access as “an essential transparency obligation under the DSA, as it provides public scrutiny into the potential impact of platforms on our physical and mental health.”

Meta and TikTok both denied wrongdoing; a Meta spokesperson told Reuters, “We have introduced changes to our content reporting options, appeals process, and data access tools since the DSA came into force and are confident that these solutions match what is required under the law in the EU.” 

TikTok, however, maintained that while it supports transparency, regulatory overlaps complicate compliance. “But requirements to ease data safeguards place the DSA and GDPR in direct tension,” a company spokesperson said. 

“If it is not possible to fully comply with both, we urge regulators to provide clarity on how these obligations should be reconciled.”

The DSA, which came fully into effect in August 2023, imposes strict obligations on “Very Large Online Platforms” such as Meta and TikTok. These platforms are expected to give researchers access to public data, allow users to report illegal content like hate speech or terrorism, and disclose how their algorithms make content recommendations.

The Commission said Meta’s Facebook and Instagram failed to offer a “user-friendly and easily accessible” system for flagging harmful content, including child sexual abuse and terrorist material. It also accused Meta of using “deceptive interface designs” that could confuse or discourage users from reporting such posts. 

TikTok’s data-sharing framework was similarly criticised for being unreliable and incomplete, limiting research into online harms.

If these violations are confirmed after further consultations, both companies could face fines of up to 6% of their global annual revenue, a penalty that could cost Meta more than $7 billion based on its 2024 earnings.

Despite the serious implications, the findings are preliminary. The companies have the opportunity to respond and address the breaches before any final decision is made. The Meta spokesperson added that the company would “continue to negotiate with the Commission.”

The probe forms part of the EU’s focus on Big Tech, which has already placed X (formerly Twitter), Google, YouTube, and Amazon under investigation for issues ranging from disinformation to product safety.

This is where modern border tech comes in. Today’s modern digital platforms bring together travel authorisations, biometrics and real-time risk checks to keep things secure and moving fast.

It is not just about speed.  Governments need the tools to act quickly, confidently, and smartly.

These are the “Big Five” challenges border agencies face – and how digital tools are helping them stay ahead.

1. Doing more with less

Budgets are tight. Staff are stretched thin. And the tech is often outdated. Meanwhile, traveller numbers keep climbing while various threats are increasing and evolving.

Digital tools help address these problems.  For instance, online electronic travel authorisations and e-Visas let travellers apply online from anywhere with no need for in-person consular visits.

Real-time updates to entry rules become easy to do with Advance Passenger Processing (APP) and it does not require systems overhauls.

And biometric automated border control gates (a.k.a. eGates or ABC gates) and kiosks speed up ID checks, so border agency officers can focus their attention on the high-risk travellers.

The results are lower costs, faster passenger processing, stronger security and smoother traveller journeys through airport and cruise terminal passport checkpoints. 

2. Keeping up with changing rules

Border policies can shift fast, thanks to politics, global events, and new rules. Agencies must stay in step with international standards, industry frameworks and regulations from the likes of the UN International Civil Aviation Organisation (ICAO), the International Air Transport Association’s (IATA) One ID, the EU’s General Data Protection Regulation (GDPR) and its Entry/Exit System.

Rigid systems cannot keep pace. But more flexible digital ones can. Dynamic Advance Passenger Processing lets governments change entry criteria easily and share information with airlines to approve or deny boarding based on identity, documentation and risk profiles.

This allows government agencies to be flexible, compliant and ready for whatever comes next.

3. Staying ahead of health risks

COVID-19 showed just how vulnerable manual border checks can be.  The health threats created long lines, lots of contact between border agents and passengers along with slow health screenings.

Now, digital systems are built with health in mind. Travellers can upload test results or vaccine records before they fly for verification.

Self-service eGates and kiosks with facial recognition make for fast, contactless entry or exit processing. And everything updates in real time.

It’s safer, faster, more accurate and gives travellers peace of mind. 

4. Responding to mass migration / displacement

Wars, natural disasters, and economic crises are forcing millions to move. Borders need to handle sudden surges while treating these people with care and dignity.

Digital tools help make that possible. In a digital clearance process, Electronic Travel Authorisations (ETAs) serve as the first layer, pre-screening travellers before they begin their journey.

At departure, APP links to this data, allowing airlines to verify authorisation and to approve or deny boarding in real-time.

Upon arrival, eGates use biometric checks to match travellers with their cleared records by automating and efficiently finalising the clearance process.  Together, these systems create a continuous, risk-based control flow from pre-travel to arrival.

For border agencies, it’s about staying in control, knowing who’s coming and going while being compassionate even while under time pressure.

5. Stopping organised crime

Transnational Criminal Organisations exploit border weaknesses to illicitly move drugs, weapons, counterfeit goods and to traffic people. Manual checks alone can’t stop them.

Digital platforms offer a smarter defence. Governments can conduct real-time risk profiling using Passenger Name Record (PNR) data, APP integration with watchlists, biometric collection with ETAs, and travel histories to flag suspicious travellers.

Integrated biometric clearance links eGates and kiosks with digital travel applications, so only verified travellers can use automated lanes.  This enables instant watchlist checks.

This strategic transformation empowers governments to intercept threats before they arrive.

The future of Borders is smart, safe, and seamless

The right tech will provide enhanced security together with smooth and fast travel. Modern border solutions help governments protect people, stay compliant, respond to health and humanitarian needs, and help economies to be competitive, attracting investments, trade, travel and tourism, while enhancing the traveller experience.

This isn’t just an upgrade. It’s a whole new strategic way of thinking about modern borders – built for today but ready for tomorrow.

These innovations harness data analytics to swiftly adapt to customer expectations, improve risk assessment accuracy, and streamline operations.

Insurtech firms utilize advanced technologies such as AI and machine learning to enhance efficiency, personalize customer interactions, and introduce dynamic pricing strategies.

Quoting an instance, CoverSure, an insurtech platform under Claycove23 Insurance Tech Pvt, secures 4 million in a pre-Series A round led by Enam Holdings Pvt. Ltd.

The funding aims to develop a customer-centric insurance interaction platform with customization options integrating data analytics and machine learning.

This transformation accelerates industry digitization and fosters a more agile and customer-centric approach, positioning insurers to better navigate evolving demands and achieve sustainable growth in a data-driven era.

The overall insurance analytics market is categorized based on component, deployment mode, end-user, organization type, application, and region.

The services segment will indicate a noticeable CAGR through 2032 due to its pivotal role in enhancing operational efficiencies and customer satisfaction.

Analytics empower insurers to delve deeper into data, enabling them to refine risk management strategies, optimize pricing models, and tailor products to evolving consumer needs.

Moreover, as regulatory requirements become more stringent, analytics provide a robust framework for ensuring compliance while maintaining profitability.

This data-driven approach improves decision-making processes as well as fosters innovation within the industry, driving insurers to adopt cutting-edge technologies to stay competitive and resilient in a rapidly evolving market landscape.

The on-premises segment will procure a promising insurance analytics market share by 2032. The market is escalating across the on-premises segment primarily because of concerns over data security, compliance with regulatory standards, and the need for greater control over sensitive information.

By deploying analytics solutions on-premises, insurers can ensure enhanced data protection and confidentiality while maintaining strict adherence to industry-specific regulations.

This approach offers insurers more flexibility and customization options to integrate analytics seamlessly into existing infrastructure, optimizing operational processes and resource allocation.

The shift towards on-premises analytics reflects a strategic move towards bolstering data governance and operational efficiency within insurance enterprises.

Europe insurance analytics market will witness a robust CAGR during the forecast period. With a diverse regulatory landscape and increasing emphasis on consumer data privacy under GDPR, insurers are turning to analytics to navigate compliance challenges while leveraging data for competitive advantage.

Europe insurance market is characterized by a strong focus on customer-centric strategies and digital transformation, where analytics play a crucial role in enhancing customer experience and operational efficiency.

This trend is fueled by Europe’s proactive adoption of advanced technologies, fostering innovation and resilience in the insurance sector.

[Source]

The collaboration was formalised through the signing of a Memorandum of Understanding (MoU) aimed at launching the Nigeria Data Challenge, a pioneering, education-focused initiative designed to inculcate data protection awareness among secondary school students across the country.

The Nigeria Data Challenge is more than a knowledge dissemination campaign. It is a structured, competitive learning program that introduces students to the fundamentals of data protection and digital privacy.

By engaging learners through curriculum-based activities, practical challenges, and assessments, the program seeks to nurture a generation of data-responsible citizens well-prepared for the demands of Nigeria’s digital future.

Speaking during the signing ceremony, Dr. Vincent Olatunji, national commissioner and chief executive officer of the NDPC, applauded Digital Africa Consult for initiating the challenge, which he described as timely and transformative.

He noted that the project complements the Commission’s existing Privacy Club Initiative in tertiary institutions and aligns with its broader mandate to cultivate a privacy-aware culture throughout Nigerian society.

“This partnership is a natural extension of our mission to build a data protection-conscious ecosystem in Nigeria. We are excited about the opportunity to reach young minds early, and this program promises to be a cornerstone in our awareness strategy,” Dr. Olatunji stated.

In his remarks, Dr. Evans Woherem, chairman of Digital Africa Global Consult and a seasoned advocate of digital transformation in Africa, expressed appreciation to the NDPC for embracing the vision of early-stage data literacy.

He underscored the strategic importance of data as the “new oil” of the digital economy and emphasised the need to build data consciousness from a young age to prepare Nigeria for a competitive global digital environment.

“The future belongs to nations that understand and manage data responsibly. By starting from our secondary schools, we are planting the seeds of a resilient data economy,” Dr. Woherem said.

Adding further insight, Nneoma Ofodile, General Manager of Digital Africa Global Consult, highlighted the novelty and global relevance of the Nigeria Data Challenge.

“This is the first data-focused challenge of its kind anywhere in the world, making it not only a national milestone but also a global precedent. It aligns with Sustainable Development Goals (SDGs) 4, 9, and 16, promoting quality education, industry innovation, and strong institutions,” she stated.

She also noted the urgency of addressing the indiscriminate ways data is shared and mishandled by young people, often without their full understanding of the consequences.

“This initiative comes at a time when even students are becoming both victims and agents of data breaches, consciously or unconsciously. Awareness is not optional; it is essential,” she added.

Nigeria, like many nations in Africa, is rapidly digitizing across public and private sectors. With this digital evolution comes the imperative to protect personal data and promote ethical digital practices.

The establishment of the Nigeria Data Protection Commission in 2023 signalled a new era of regulatory oversight in line with global data protection trends, including the EU’s GDPR and similar frameworks adopted in countries like Kenya, South Africa, and Rwanda.

Yet, awareness of data rights and responsibilities remains low, particularly among the youth. Initiatives such as the Nigeria Data Challenge help bridge this critical knowledge gap by bringing data education into mainstream educational curricula.

The project is expected to scale through state-level rollouts and regional contests, eventually culminating in a national championship that will showcase top-performing schools and students.

This initiative arrives at a time when the digital economy is estimated to contribute significantly to Nigeria’s GDP, and data-driven innovation, spanning fintech, e-commerce, health tech, and AI—continues to surge. However, this growth is threatened by weak data protection compliance and poor digital hygiene among users.

The NDPC and Digital Africa Global Consult are optimistic that this partnership will ignite similar collaborations and inspire a new frontier in civic education, one that recognises data as both a right and a responsibility.

As Nigeria positions itself to be a digital leader in Africa, the Nigeria Data Challenge may well become a benchmark model for other countries aiming to develop grassroots data governance awareness.

The exponential increase in mobile payment transactions worldwide has heightened the vulnerability to cyber threats, emphasizing the critical need for robust security measures.

Moreover, the continuous evolution of mobile payment technologies, such as contactless payments and mobile wallets, requires adaptable security software to address emerging threats. In January 2022, around 51% of American adults used at least one form of contactless payment.

As the mobile payment landscape expands, businesses and consumers alike prioritize secure and frictionless transactions.

The integration of biometric authentication, encryption techniques, and real-time fraud detection mechanisms further augments the demand for security software.

The overall mobile payment security software industry is divided based on type, end-use industry, deployment model, application and region.

Tokenization segment is expected to witness substantial growth through 2032, driven by its effectiveness in enhancing transaction security.

By replacing sensitive cardholder information with unique tokens, this technology ensures that even if captured, the data remains meaningless to potential attackers. Inclination for securing payment transactions, coupled with the endorsement of tokenization by regulatory bodies will create secure environment for digital transactions.

Peer-to-peer payments segment is slated to generate notable revenues during 2023-2032. With the increasing adoption of P2P payment platforms for seamless fund transfers and transactions, there is a need for robust security measures.

As consumers seek convenient and secure ways to transfer funds digitally, the integration of advanced security features, such as encryption and authentication protocols will multiply the market revenues in the near future.

Europe mobile payment security software market size will record a notable growth through 2032 driven by the stringent data protection regulations, particularly under the General Data Protection Regulation (GDPR).

The increasing popularity of mobile wallets in the region propels the need for robust security measures, encouraging the adoption of cutting-edge mobile payment security software.

The collaborative efforts of financial institutions and technology providers will stimulate the market growth in Europe.

[Source]

A detailed review by cybersecurity firm Surfshark reveals that five major social media platforms, Meta’s Facebook and Instagram, TikTok, LinkedIn, and X (formerly Twitter), have together gotten fines amounting to €3.9 billion. Meta alone is responsible for nearly 70% of that figure.

The most eye-opening fine came in 2022, when Instagram was ordered to pay €405 million. The offence? Automatically setting business accounts created by children to public, exposing sensitive information without consent. 

Then came another blow in late 2024, Facebook was fined €251 million following a data breach that compromised the personal data of minors. These incidents make Meta the most penalised company under the GDPR framework.

TikTok hasn’t escaped this either. Its failure to properly handle children’s data has led to three separate fines, with the most recent one issued this year. 

Together, these penalties total €890 million. The platform allowed underage accounts to default to public failed to provide privacy policies in local languages like Dutch, and permitted adults to falsely register as legal guardians, without verifying their authority to do so.

LinkedIn and X have each received single fines, €310 million and €450,000 respectively. Platforms like YouTube, Snapchat, Pinterest, Reddit, and Threads have so far avoided penalties, but experts caution that this is not necessarily evidence of full compliance.

“The current enforcement efforts by data protection authorities are rather reactive, sometimes they are non-existent at all,” said Felix Mikolasch, a data protection lawyer at NOYB, a European privacy advocacy group. 

Over one-third of all GDPR fines issued to social platforms relate specifically to mishandling children’s data.

We see that the European Union is stepping up its enforcement of GDPR rules, particularly as digital platforms increasingly target younger audiences and collect vast amounts of personal information. 

Since Surfshark’s last report in October 2023, there has been a 30% jump in the total value of fines, driven by four new cases, two linked to Meta, one to LinkedIn, and another to TikTok.

Meanwhile, here in Nigeria, social media companies including Meta and TikTok operate freely, despite evidence of similar data practices. No major fines have been announced. The Nigeria Data Protection Commission (NDPC) has opted for a softer, compliance-first approach.

“Usually, when we investigate and find a breach, if they are ready to comply with the law, what is the point of making noise?” said the NDPC’s National Commissioner, Dr. Vincent Olatunji. “It’s only when an organisation is unwilling to comply with the law that we are forced to impose sanctions.”

Dr. Olatunji added that the Commission also considers the economic impact. Penalising foreign tech companies could send the wrong signals to investors. 

That rationale might explain why, despite operating under Nigeria’s Data Protection Act, which mirrors many of GDPR’s core principles, no social media platform has yet been held publicly accountable for breaches.

This raises a fundamental question which says can a model based on dialogue and remediation work where enforcement by example has already proven effective elsewhere?

Europe’s approach is that any company that breaks the rules pays the price. Nigeria’s model, however, leans heavily on trust, hoping compliance will come without punishment. 

Then, we had to go to the bank very early and sometimes still wait in line for long hours to deposit. But now, it is not the case.

The introduction of digital payments has made it easy to perform bank transfers from the convenience of the sender’s phone using a bank app or USSD.

This payment method has gained widespread adoption by both physical and online stores in Nigeria.

With the repeated inquiry of “Can I pay with a transfer?” businesses have recognised that this payment method is popular with customers.

Some of them now even have the “Pay with transfer” sign displayed in their stores as a prominent payment method.

Though this method of payment has been widely accepted, is it truly a game changer for merchants acquiring? Let’s investigate what merchant acquiring entails and how the Pay with Transfer Service affects them.

What is merchant Acquiring

Merchant acquiring refers to the process through which financial institutions, known as acquirers, provide services to merchants for accepting card payments. This involves setting up the necessary infrastructure for processing credit and debit transactions, including point-of-sale systems and payment gateways.

Acquirers also aggregate and separate those payments and then send them to card issuers, normally via the respective card system networks known as interchange.

Traditional merchant acquiring relied heavily on POS terminals and card payments. This method is effective, no doubt, but it incurs processing fees and delays in fund settlement. The rise of mobile wallets, QR codes, and direct transfers has challenged this system with an alternative model that promises efficiency and saves costs.

According to the Nigerian Inter-Bank Settlement System (NIBSS), the total value of instant payment transactions reached N1.07 quadrillion in 2024, a 79.6% increase from N600 trillion in 2023. That is such an incredible spike. Don’t you think?

Even with this huge growth, the Business Research Company estimates that the market size aims to scale from $25.48 billion in 2024 to $28.2 billion in 2025 at a compound annual rate of 10.9%. Well, this is currently 2025, and we cannot wait for the massive increase and the benefits that come with it.

Oh, and there is also a hint of rapid growth in the next few years. It is expected to scale up to $42.16 billion in 2029 at a compound annual growth rate (CAGR) of 10.6%.

The increasing demand for digital payment keeps propelling the growth of merchant acquisition. With the many advantages that businesses gain from it, adopting efficient payment solutions is no longer an option.

However, even with its advantages, there are still some challenges and limitations involved, which we’ll be looking into soon. For now, let’s explore the benefits of retail and online stores.

Advantages for Retail and Online Stores

Paying with transfer service in merchants acquisition benefits retail and online stores in numerous ways, including increased sales, improved cash flow, enhanced customer experiences, and better security, among others, making it a necessary aspect of modern commerce.

Let’s take a more detailed look at the advantages:

• Global Reach—With merchant acquisition, online stores can accept payments in several currencies. This method facilitates international transactions, expands their customer base, and gives them more global recognition.
• Increased Sales—This model also allows retail stores to cater to a wider customer base and potentially increase sales through the acceptance of several payment methods. You know, customers are more likely to purchase if their preferred payment method is available.
• Access to actionable Insights—Since merchant acquirers provide detailed transaction data, businesses can analyse customer behaviour and preferences. This analysis allows them to make better decisions and develop better marketing strategies.
• Enhanced Security—The vulnerability of online shopping to fraud is at an all-time high, so merchant acquiring is beneficial in this case because it provides security measures to protect both businesses and customers.
• Better Customer Experience—Your customers get to experience hassle-free shopping when they have the liberty to shop and make payments using their preferred payment method. This leads to a better customer experience, which, in turn, can ensure that the shoppers come back for more.
• Faster access to Funds—Pay with transfer service provides merchants with quicker experience and access to their money, compared to traditional payment methods, as bank transfers can be processed faster.
• Increased Cash Flow—With merchant accounts, there’s a rapid payment authorisation. This means that money reaches your accounts more quickly. Sales are usually deposited within one or two working days, as opposed to individually billing your customers and waiting up to 30 days or more to receive payments.
• Greater Control and Flexibility—Merchant acquiring allows these businesses to gain control over the entire payment processing system. This control includes handling transaction disputes and customising payment solutions to meet specific needs.

Now that we’ve outlined some of the advantages let’s move over to the challenges and limitations involved in acquiring a merchant account.

Challenges and Limitations

In as much as this model provides numerous benefits, maintaining a seamless merchant payment system comes with its share of challenges. They include:

• Compliance and Regulatory Challenge—Payment systems must comply with several global and regional regulations such as GDPR, PCI DSS, and local tax laws. For both acquirers and merchants, these requirements can be too overwhelming to handle.
• Integrating Payment Systems—Most times, merchants require payment systems that are multiple-channel supportable—online, in-store, and mobile. However, combining all these systems into one unified solution is difficult and can lead to compatibility problems.

As we can see, the challenges and limitations do not surpass the advantages and benefits, which can only mean one thing—digital payment is truly a game changer for merchant acquiring in retail and online stores. With Pay with Transfer services, customers can initiate bank transfers directly to a merchant’s account with ease.

Meet Banji A. Kayode

The writer, Banji A. Kayode, is a seasoned expert in merchant acquiring and financial technology, with a strong background in payment system infrastructure for banks and major operators. With extensive experience in digital payments, he has played a pivotal role in driving financial inclusion and fostering innovation within the fintech ecosystem.

A recognised thought leader, Banji provides insightful commentary on digital financial services, emerging payment technologies, and industry trends.

Beyond payments, he is a trusted advisor to fintech startups, offering strategic guidance on product development, go-to-market strategies, and regulatory compliance. His deep industry expertise and hands-on approach have helped startups scale and navigate the complexities of the financial landscape.

The event attracted startup founders, CTOs, engineers, and business leaders from across the continent, all eager to learn how to integrate security into their growth journey without slowing innovation.

Key Highlights from the Speakers

David Ukap, Information Security Officer, MyUnideals, set the tone with a deep dive into Zero Trust Architecture and why startups should embrace it from day one.

Drawing from his experience at MyUnideals, he outlined how his team implemented Zero Trust to secure APIs, protect cloud resources, and enforce strong data access controls, all while aligning with ISO 27001, GDPR, and Cyber Essentials.

His practical advice for building security into product development cycles resonated strongly with attendees, especially those working in fast-scaling tech environments.

Ogbudu Joshua, Business Intelligence manager, PalmPay, focused on data-driven security, sharing how PalmPay protects customer data while scaling in a highly competitive fintech market.

He emphasised the role of business intelligence in detecting anomalies and preventing fraud, stressing that data governance and regulatory compliance (GDPR, NDPR) should be embedded into every startup’s growth strategy.

Asifat Olaoluwa, Cybersecurity consultant, Digital Encode, also spoke during the session with a compelling talk on cyber resilience, the ability not just to prevent cyber incidents but to recover quickly when they occur.

He offered actionable tips for startups operating on limited resources, including affordable security tools, incident response planning, and fostering a security-first culture across teams.

Audience Engagement & Takeaways

The Q&A session was one of the event’s standout moments, with attendees seeking advice on everything from low-cost security tools to strategies for winning customer trust through compliance.

Across the board, one theme was clear: security is not an afterthought, it’s a growth enabler.

Attendees left with a stronger understanding that:

• Zero Trust is not just for big corporations, it’s scalable for startups.
• Data security must be integrated into business intelligence and product.
• Cyber resilience ensures long-term survival in a fast-evolving threat.

Looking Ahead

Techeconomy extends its gratitude to our distinguished speakers for generously sharing their expertise and to our engaged audience for making the conversation dynamic and impactful.

If you missed the live session, a replay will soon be available on Techeconomy’s YouTube channel.

We remain committed to supporting African startups with resources, knowledge, and community connections to help them scale securely in the digital age.