He however called on Nigerians to up-skill in order to enhance their productivity using AI tools.

Dr. Akindeinde made the remarks during his remarks at the Nigeria Information Technology Reporters Association (NITRA) Conference in Lagos recently which hosted industry players to brainstorm on the prospects and also proffer solutions to challenges of Artificial Intelligence’s adoption in Nigeria.

Tagged NITRA ICT Growth Conference 4.0, the event has the theme “Impact of AI on National Development: Prospects, Policies, and Challenges in Nigeria”.

To discuss the topic Dr. Akindeinde started with the challenges facing AI adoption in Nigeria which includes a phobia that it would disrupt and sack people from their jobs.

He assured Nigerians that AI would not take their jobs, maintaining that the problem with Nigerians is that there is always fear whenever a piece of technology is introduced in the country.

“Any time there is new technology that comes in, there is that phobia; fear that it is going to be disruptive. Yes, it is disruptive but when a piece of technology is disruptive that means it can do things cheaper, it can do things faster and it can do things better. But some of the challenges are based on the assumption that AI is going to take our jobs, and because it is going to take our jobs, the first thing is to push it back and will not allow it.

“I am here to assure that AI is not going to take anybody’s job, it is the same thing about 25 years ago when we started hearing about internet, even Journalists felt at a time, are we still going to have newspaper, anybody can just go online and have a blog and start reporting, you know, are we still going to have TV since somebody would go on YouTube and upload a video. And if you look back you recall how information was consumed back then, when something happened you probably wouldn’t hear about that event until, maybe, 7 o’clock news or 9 o’clock news or the following day when the newspapers will report it, but when the internet came, it democratized information dissemination. The same thing is happening with artificial intelligence,” he said.

Akindeinde further stated that rather than take away jobs, Artificial intelligence is going to help Nigerians, adding that the intelligence is still artificial.

“Whatever you are currently doing is going to help your operation, it is not going to take your job because at the end of the day AI is artificial intelligence. Now for it to work that means something has existed which is human intelligence. That human intelligence has been with humans for ages, which it put together to make artificial intelligence and the thing about AI is that the things humans find difficult to do, that is what AI is doing.

“The things we find easy to do, AI cannot do them. For instance, if I keep my phone on a platform and I say go into the room and pick my phone on the table, now the AI because you programmed it for the table, it will come back to tell you I can’t find your phone. But the human being will say okay, it is not on the table, it is elsewhere, he will pick it, but what humans find difficult, is what AI does better.

“As a Reporter, AI would make your job better; there is an app in the phone that as I am speaking, it is recording and not only recording, once I say stop, everything is recorded, it would transcribe everything. Another person who doesn’t have it would use one hour transcribing the recording but the AI would do that seconds, so right now you can be more productive.

He said AI can also be used in the movie industry, saying that AI can listen to every conversation in a movie and transcribe in two minutes what would take one week or more to transcribe. He muted the idea of the need for training for Journalists on AI so that they will understand the workings of AI for proper information dissemination.

Speaking about the impact of AI on education, he said that Africa is wired for consumption, adding that they don’t produce and they don’t do things that affect the global economy all because of the educational system.

He gave the instance of China where their educational system permits them to teach their children in their local language, the language they understand. “With AI when you are teaching in English it will be appearing to the person in his own language, everything is converted on the spot, it is not as if they are going to translate it, it is not as if you are going to teach Igbo teacher mathematics, no, AI can do that for you on the spot.”

Dr. Akindeinde disclosed further that AI can also help a vision impaired person by deploying a vision model to know what is happening around them.

He decried the absence of skilled personnel among professionals for adjudication and or regulation of issues relating to IA, he therefore suggested that lawyers, Journalists, doctors and others should go for training to up-skill their knowledge on the workings of AI.

During the panel session he also tackled the question if Nigeria has the requisite skill to embrace the concept of artificial intelligence, he said that Nigerians do not have the requisite skill right now.

“So, one of the things we have noted is that we don’t have that skill, even the regulator as well because the challenge is that technology will always precede regulation but if you want to regulate you can’t regulate what you don’t understand.

“How come we had protests and we cannot use AI to identify those who were looting, stealing or causing destruction, I know in other climes they have a database where they can actually tell you the person. But in order to do all these you need the skill, you need the understanding of the piece of technology that you are going to be dealing with.”

He added that AI as a piece of technology is a general all-purpose technology that can be used across several industries, just like the internet.

The Founder of Hyperspace Technologies said,

“It is technology for everybody and there is no special internet engineer because everybody has internet skills, because we know it will help us.”

The experts sitting as panellists at a webinar organised by the Nigeria Computer Society (NCS) in partnership with Sterling Bank, this week, reiterated that adequate education and awareness would mitigate the fraud in the financial sector.

A report by the Nigeria Inter-Bank Settlement System (NIBSS) shows that at third quarter of 2023, the Nigeria banking sector lost over N9.5 billion naira to electronic fraud.

Also, a fraud and forgeries, First Quarter 2023 report by FITC, underscored the pressing need for proactive measures in the face of escalating cyber threats.

To this end, the NCS webinar which was sponsored by Sterling Bank had the theme ‘Information Security in the Financial Sector’.

Leading the discussions, Professor Adesina Shodiya, the immediate past president (IPP) of NCS said that education and awareness are very important in promoting financial security.

Sodiya said that training of the employees was vital because ‘what you do not know is bigger than you and what is bigger than you can cost one a lot’.

He said that training of employees, creating awareness and education of customers would mitigate the challenges of fraud faced by financial institutions.

According to Sodiya, digital payment is a good development because of the convenience, however, the challenge is that majority of the people using such platforms do not have sound knowledge of information security “and are not bothered”.

“The way to go is education, training and security awareness because a lot of attack is going on in the financial sector, not reported.

“Employees must have training and knowledge about best practices and such training should be done in such a way that it would be of interest to the employees.

“So, the financial industry should continue to prepare against any form of attack because we will continue to see new wave of attacks. They need all forms of mechanism to protect their systems,’’ he said.

According to the IPP of NCS, it is also very important for financial sector to conduct research so as to protect resources entrusted to them.

Dr Tombari Sibe, the lead forensic examiner, Digital Footprint Nigeria Limited, said that Ransomware has been of concern in recent times and financial services sector is the most impacted.

Sibe said that financial service sector is data-centric hence the increase in ransomware threat and vulnerability attributed to new technology trends.

“As Financial service sector and customers, these things are real and it is good to take it seriously. It is also good that NCS and Sterling Bank are bringing it to fore burner’.

According to him, there is need for education, need to know what to do and not to do such as clicking on link of suspecting source or give out   information on phone.

The security expert also said that one should not hop on any free WiFi because it is easily hacked and financial vectors should take care of their enterprise; have an incidence response plan, business continuity plan, among others.

He however commended the financial sector for the compliance level with regards to the Nigeria Data Protection Law.

Also speaking at the panel discussion, Dr. Oluseyi Akindeinde, the founder and chief executive officer, Hyperspace Technologies Ltd., said that a lot of organisations have ditched capacity training for their employees due to the brain drain syndrome witnessed in the country.

Akindeinde said that the training, capacity building, competence development and education should be reintroduced.

According to him, investigation carried revealed that the human compromise is a threat to information technology security; “a lot of internal people that were trained and administrators of the information security are now out-of the country and sabotaging the system”.

He said inspite all, capacity building should be maintained and all time monitoring system should be set up.

Speaking on the need for regulation, Akindeinde said that innovations proceeds regulation and one cannot regulate what one does not understand.

He said that in trying to regulate, policy makers are over-regulating hence they (policymakers) need to have sound knowledge about technology to develop helpful regulations.

The Nigeria Computer Society (NCS) led by Dr. Muhammad Sirajo Aliyu as the president, is the umbrella organization of all information technology professionals, interest groups and stakeholders in Nigeria.

The Lagos-based Web3 startup specializes in next-level smart security infrastructure and key management systems.

Developed within the Hyperspace Technologies Limited’ research and development (R&D) division, “cipherCHIP tap2verify” system presents a novel approach to product authentication by integrating Near Field Communication (NFC) tags, Non-Fungible Tokens (NFTs), and blockchain technology.

Dr. Oluseyi Akindeinde, the lead inventor of the MFA that is poised to enhance a security system that requires more than one method of authentication from independent categories of credentials to verify the user’s identity.

Hyperspace Technologies Limited had in August this year secured patent for cipherKEY tap2sign MFA (Multi-Factor Authentication), a next-generation security system designed to leverage the decentralized nature of blockchain, the robustness of public/ private key cryptography, and the convenience of NFC (Near Field Communication) technology to provide an unprecedented level of security against identity theft, phishing, and social engineering attacks.

Meanwhile, the cipherCHIP tap2verify’s patent certificate from the Industrial Property Office Registry, Commercial Law Department, Federal Ministry of Trade and Investment, was granted on December 14, 2023 and signed by Stella Ozo Ezenduka, the Chief Registrar on behalf of President Bola Tinubu.

On the other hand, the Trademark for cipherCHIP tap2verify was granted on October 20, 2023 under the Class of Scientific, nautical, surveying, electric, photographic, cinematographic optical, weighing, measuring, signaling, checking (Supervision), life-saving and teaching apparatus and instruments; apparatus for recording transmission in reproduction of sound or images; magnetic data carriers recording disc; automatic vending machines and mechanism for coin-operated apparatus; cash registers, calculating machines, data processing equipment and computers; free-extinguishing apparatus.

It will be published in the trademark journal.

Commenting on the journey to securing the patent and trademark, the intricate workings of cipherCHIP tap2verify, Dr. Akindeinde highlighted its potential to revolutionize product provenance and authentication.

“In an era where counterfeiting has become increasingly sophisticated, ensuring product authenticity is paramount. cipherCHIP tap2verify addresses this challenge by combining the unique identification capabilities of NFC tags with the immutable nature of blockchain technology, further enhanced by the uniqueness of NFTs”.

He added that cipherCHIP tap2verify offers a groundbreaking solution to product authentication challenges.

By seamlessly integrating NFC tags, NFTs, and blockchain, it provides an unbreakable chain of trust from manufacturers to consumers.

Data analytics solutions have become indispensable tools for companies across various industries, enabling them to extract valuable insights from their data. If you’re wondering whether your company could benefit from a data analytics solution, here are six signs to consider:

1. Data Overload

Is your organization drowning in data? If you find it challenging to manage and derive meaningful insights from the massive volumes of data you collect, it’s a clear sign that a data analytics solution could help. These solutions are designed to handle and analyze large datasets efficiently.

2. Limited Data Visibility

Do you struggle to gain visibility into your company’s operations, customer behavior, or financial performance? Data analytics can provide a holistic view of your business by consolidating data from various sources and presenting it in a comprehensible format, allowing you to make more informed decisions.

3. Manual Data Processing

If your team spends excessive time manually processing data or generating reports, it’s a sign that your processes could be automated with the help of data analytics tools. Automation can significantly reduce human error and free up valuable time for strategic tasks.

4. Reactive Decision-Making

Are you often reacting to issues or market changes rather than proactively anticipating them? Data analytics can empower your company to predict trends, identify potential challenges, and make proactive decisions to stay ahead of the competition.

5. Ineffective Marketing Campaigns

Struggling to achieve your marketing goals? Data analytics can enhance your marketing efforts by providing insights into customer preferences, segmenting your audience effectively, and measuring the success of your campaigns. This can lead to more targeted and successful marketing strategies.

6. Competitive Pressure

Are your competitors leveraging data analytics to gain a competitive edge? Falling behind in the data-driven race can put your company at a significant disadvantage. Implementing data analytics can help level the playing field and potentially surpass your competition.

Now that you’ve identified the signs, you might wonder where to start. We’ve compiled a list of six companies that you can trust to help you harness the power of your data.

Leveraging Data Analytics for Business Growth

Six Data Analytics Companies You Can Trust

1. Data Scientists Network (DSNai)

AI technology for health, education, financial inclusion, and agriculture in emerging markets, DSNai is on a mission is to raise 1 million AI talents in Nigeria and develop AI solutions that improve the quality of life for 2 billion people in emerging markets. They specialize in building adaptable infrastructure and local datasets for last-mile deployment of Generative AI applications.

2. Rise Network

Rise Network is also focused on Data Science, Analytics, and Artificial Intelligence Powered Learning, Research, and Work Readiness. The company is a social enterprise dedicated to skills development, digital transformation, and governance innovation. It aims at the dynamic trends of the 4th Industrial Revolution and offers solutions to enhance individuals’ skills, drive digital transformation in organizations, and innovate governance in the public sector.

3. Dataleum

Dataleum is building a global talent accelerator, with a strong emphasis on excellence in Data Analytics. It aims to bridge the global skills gap by providing value-packed and cost-effective Data Analytics skill sets, both in-person and remotely. It is also producing world-class Data Analysts and Scientists, while connecting them with top partner companies across Africa and the world.

4. Hyperspace Technologies

Developing solutions using Web3 technologies for a more secure and transparent internet, Hyperspace Technologies specializes in utilizing blockchain and decentralized technologies to create a secure and transparent internet. It offers a range of tools, including decentralized applications (DApps) and smart contracts.

5. Tarragon Group

Tarragon Group focuses on the “mobile-first African market” and offers data platforms to enrich first-party data and understand African consumers. Building Africa’s largest data-powered marketing cloud ecosystem, it aims to provide intelligent and meaningful experiences to consumers on mobile.

6. Stears

On a mission to become the world’s most trusted source of African data and insight, Stears leverages domain expertise and technology to build information products for global businesses and professionals, covering various sectors such as financial services, fintech, digital commerce, transport, energy, and agriculture.

Each of these companies specializes in data analytics solutions and may offer unique features and expertise. To determine which one aligns best with your company’s needs, be sure to reach out to them for more information and explore their capabilities.

In conclusion, recognizing the signs that your company could benefit from a data analytics solution is the first step towards making data-driven decisions that can drive growth and efficiency. By partnering with a trusted company, you can unlock the full potential of your data and gain a competitive advantage in today’s fast-paced business environment.

Designed to cater to the African market, Keymaster VAULT is a secure, NFC-based hardware wallet that stores private keys offline, offering an affordable and user-friendly alternative to expensive and complicated traditional hardware wallets.

Leveraging the simplicity of Near Field Communication (NFC) technology, the Keymaster VAULT allows users to securely access their digital assets by merely tapping their NFC-enabled devices.

This eliminates complex installation processes, making the wallet an ideal choice for both cryptocurrency novices and experienced users. With offline storage of private keys, the wallet significantly reduces the risk of hacks and malware attacks associated with online storage.

“We wanted to create a wallet that combines the highest level of security with ease of use, making cryptocurrency storage accessible to a broader audience in Africa,” said Chidera Anyanebechi, General Manager of Hyperspace Technologies.

“The Keymaster VAULT not only provides an affordable solution but also offers enterprise clients the ability to leverage blockchain-based identity and access management, which we believe will be a game-changer in the industry”, Anyanebechi explained.

The Keymaster VAULT’s advanced encryption technology ensures the utmost security for users’ digital assets. Its compact design and portability make it a convenient choice for individuals and businesses looking to store their digital assets securely without breaking the bank or dealing with complicated setups.

“The African market has long been underserved when it comes to secure and affordable hardware wallet solutions,” added Anyanebechi. “We are excited to bring the Keymaster VAULT to our customers and empower them with a hardware wallet that not only protects their digital assets but also opens doors for innovative applications in blockchain-based identity and access management.”

The Keymaster VAULT is now available for purchase at https://keymaster.ng, giving cryptocurrency enthusiasts and enterprise clients across Africa a secure, affordable, and user-friendly hardware wallet solution.

More about Hyperspace Technologies

Hyperspace Technologies is a cutting- edge Web3 startup based in Lagos, Nigeria. The company is dedicated to developing next-level smart security infrastructure and key management systems for the rapidly growing digital asset space.

Hyperspace Technologies’ commitment to security, accessibility, and affordability drives its mission to empower the African cryptocurrency community with user- friendly tools and products.

For more information, visit https:// hyperspace.ng.