The NeGSt-TAS Technologies Ltd, Nigeria’s e-Government and digital technology service provider has entered into a strategic partnership agreement with Visa Incorporated to digitise the nation’s economy.
The partnership aims at adopting digital tools in the process of moving from analogue to digital technology with a view to reducing human intervention, while at the same time mainstreaming access opportunities, generating increased income, ensuring search ability, interaction, integration, preservation, transparency, accountability and sustainability of the national economy for the benefit of all.
The executive vice chairman of NeGSt-TAS Felix Babatunde Obada in his remarks at the signing of the agreement in Abuja yesterday said Visa has digitised some countries, and doing the same in Nigeria is possible.
He said, “VISA digitised the economy of America, they have successfully digitised economy of Europe, they are presently digitising the economy of Ukraine, they are also digitising the economy of the UAE. If you see things moving so smoothly in the UAE, it is VISA.
He said digitisation will create a digital thread to make the economies leverage each other.
“It has been done elsewhere and it can be done here in Nigeria and the step towards making it possible is what we are here today,” he said.
This partnership is coming on the heels of the recent US-Africa Business Forum in Wahington DC at which Alfred F. Kelly, Chairman and Chief Executive of Visa
Incorporated pledged to invest the sum of $1 billion over the next five years to digitize African economies with a view to advancing resilient, innovative, and inclusive economies across the continent that will enable greater access to digital literacy and payments as entry points for expanding formal financial services to individuals and merchants.
The Spokesperson of the 9th Senate, Sen Surajudeen Basiru, in his paper presentation, said economy Digitisation encapsulates the various processes by which information technology is used to create, adapt, market, or consume goods and services.
He said digitising an economy will invariably lead to a worldwide network of economic activities, commercial transactions, and professional interactions that are enabled by Information and Communication Technology otherwise to be referred to as digital economy.
“Economy digitisation involves the deployment of Information Communication Technology to commercial transactions taking place in a virtual world rather than the physical marketplace.
“It is a positive disruption from the traditional model of buying and selling of goods as well as provision of services. It is the mass adoption of connected digital services by consumers, enterprises, and governments in such a way that accelerates growth and facilitates job creation,” he said
Basiru said that economic digitisation will generate new job opportunities in Nigeria which will in turn improve the standard of living of the youths and reduce youth’s involvement in criminal activities.
Also in his paper presentation, the Chairman of Sterling Bank, Asue Ighodalo said digitisation is critical for any economy.
He said its ability to simply make work simpler and better is why it is readily an upgrade to any traditional activities.
“In finance, it allows for faster and more efficient transactions, improved data analysis, and increased access to financial services,” he said.
NeGSt-TAS Technologies and Visa Inc. are also collaborating to advance digital literacy among Nigerians, accelerate the digitisation of the Nigerian economy, and build an innovative financial ecosystem that will boost commercial activities, improve government earnings, create jobs pervasively, reduce
inefficiency and economic dysfunction.
Nigeria is therefore set to enjoy unprecedented digital acceleration, with a growing number of producers, consumers, innovators, merchants, and businesses realising the benefits of secure and convenient digital innovations to fuel commercial activities via the strategic partnership.
