In Tekedia Institute, I have taught of four distinct decades of tech-anchored transformation in Nigeria: the 1990s as the decade of new-generation banking, the 2000s as the decade of voice telephony, the 2010s as the decade of mobile internet, and the 2020s as the decade of application utility. These developments laid the foundation for modern financial and communication services in Nigeria.
1990s: New-generation banking
Integrated Banking: A wave of new banks, such as defunct Diamond Bank, GTBank and Zenith Bank, entered the market and used technology to gain a competitive advantage over older institutions. These “new-gen” banks introduced innovations like integrated banking which drastically reduced the time customers spent in banking halls. Their embrace of technology set the stage for later developments in Nigeria’s financial services and payments industry.
2000s: Voice telephony
The GSM revolution: Following the government’s deregulation of the telecommunications sector in 2001, mobile operators like MTN and Econet (now Airtel) launched services and introduced widespread voice telephony. This broke the long-held monopoly of the state-owned Nigerian Telecommunications Limited (NITEL) and made mobile communication accessible to millions of Nigerians. Amazingly, this rapid expansion of voice telephony created new market opportunities across the country and led to the proliferation of telecommunication services.
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2010s: Mobile internet
Connectivity at scale: Building on the widespread adoption of mobile phones in the previous decade, the 2010s saw the transformative power of mobile internet. Yes, the increased internet penetration and broadband services during this period allowed for the creation of new business models and the fusion of different sectors within the economy. Simply, this mobile connectivity prepared the ground for the application utility era of the 2020s, which features digital applications in various sectors, from finance to agriculture.
2020s: unleashing digital application utility
New Business models: The 2020s are expected to focus on unleashing the utility of digital applications, with opportunities emerging across sectors. Increased connectivity is anticipated to lead to new companies in fields like mobility, agtech, and edutech.
Today, I am predicting that the decade of 2030s will be about the capital market infusion with modern tech. I posit that the Investment and Securities Act of 2025 will unlock new vistas, enabling the advancement of the capital markets. So, watch out for the impacts of digital capital and new types of securities, in forms and scales, to transform Nigeria.
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