NCINGA gets MOSIP certification

NCINGA has received prestigious certification from the Modular Open Source Identity Platform (MOSIP), strategically positioning the company as a trusted technology partner for governments worldwide building secure, inclusive Digital Public Infrastructure (DPI).

MOSIP is a global, open-source technology that enables governments and other public bodies to implement foundational digital identity systems in a cost effective and scalable manner.

It is also a fast-growing standard for foundational identity systems, with many countries in Asia (including Sri Lanka) and Africa either having launched, being in the process of introducing, or exploring MOSIP based national digital identity systems. This creates vast market potential for MOSIP Technology Partners like NCINGA to lead large scale projects in emerging markets by collaborating closely with governments, development agencies, global donors, and MOSIP’s partner network. The certification comes at a pivotal moment in NCINGA’s growth trajectory as the technology solutions provider expands its regional presence.

NCINGA is equipped to implement DPI rollouts efficiently and with lower risk, while ensuring these systems meet the highest security benchmarks. The technology solutions provider’s alignment with MOSIP’s rigorous standards for security, scalability, and interoperability demonstrates its ability to strengthen the capacity of governments in architecting DPIs.

NCINGA CEO Harindha Fernando said: ‘The MOSIP Certification is a significant achievement for NCINGA and we’re honoured to receive this accreditation. Our founding ethos is based on engineering for humanity, and the MOSIP Certification is a validation of our commitment to digital inclusion. The synergy between the two resonates with our focus on delivering technology solutions that drive positive socio-economic outcomes for national transformation. We aim to empower citizens with transparent, dependable technology solutions that fulfill their needs.’

NCINGA CTO Chathura Peiris said: ‘Our recognition as a MOSIP Technology Partner is yet another milestone in our corporate journey. This certification strengthens our capacity to work with governments and public bodies globally. It’s also a testament to our technology approach. We’re not merely implementers, but strategic and innovative partners in building DPIs that citizens can trust.’

NCINGA said it gains further benefits as a MOSIP Technology Partner. There are opportunities to expand into DPI adjacent domains such as digital payment, social protection, health, and education services, while also positioning itself as an active contributor to the global DPI movement. Backed by the MOSIP certification, NCINGA will continue to deliver future-oriented technology solutions that facilitate the achievement of long-term objectives for people, governments, and corporations.

Nigeria’s growth mirage: Stability that leaves citizens behind

Nigeria’s policymakers have reason for cautious optimism. Headline inflation has eased from a rebased 34.8 percent in December 2024 to 21.9 percent by July 2025. Foreign reserves stand at a three-year high of $40.1bn, while the IMF forecasts output growth of 3.4 percent this year. The Central Bank of Nigeria (CBN) is even more bullish at 4.2 percent. On paper, the economy appears to be stabilising. On the ground, however, the picture is far less reassuring.

The real debate is no longer about whether the economy is growing; it is about who feels it. For many Nigerians, the so-called recovery ends at the pages of economic reports. You can’t eat GDP, as the saying goes. When inflation falls on paper but bread doubles in price, the numbers begin to sound like another language.

‘The deeper question is why macroeconomic progress so rarely translates into welfare gains. Nigeria’s growth model rewards capital, not labour.’

The headline data suggest an economy recovering from the shocks of 2024. Yet the recovery is shallow and exclusionary. Growth is concentrated in oil, finance, and telecommunications, sectors that generate revenue but few jobs. While core inflation has moderated, food and transport still consume more than half of an average household’s income.

Per capita income continues to fall, from $877 in 2024 to $835 this year, underscoring how aggregate growth has failed to outpace population expansion. The much-heralded rise in reserves also masks fragility: net reserves, at about $23bn, barely cover a few months of imports. Meanwhile, debt servicing absorbs nearly half of federal revenue, leaving little room for investment in health, education, or infrastructure. Officials urge patience, arguing that reforms take time to yield results. Nigerians have heard this before. Two decades of ‘stabilisation first, welfare later’ have delivered neither. Structural weaknesses, fiscal inefficiency, overreliance on oil, and chronic underinvestment in power and manufacturing remain unaddressed. They continue to erode the social contract and widen the gulf between statistical stability and daily hardship.

Small businesses, which employ more than 80 percent of the workforce, are bearing the brunt. Interest rates above 25 percent, currency volatility, and unreliable electricity have forced thousands to close. The Nigerian Economic Summit Group estimates that nearly 30 percent of MSMEs will shut down between 2024 and 2025. The government’s ?4tn electricity refinancing plan must therefore translate into improved power supply, not merely accounting adjustments.

Food insecurity remains acute. The UN’s Food and Agriculture Organisation projects that 33 million Nigerians will face high levels of hunger this year. While the CBN attributes falling inflation to tighter monetary policy, that discipline has come at a social cost: eroding real wages, higher unemployment, and diminished purchasing power. The deeper question is why macroeconomic progress so rarely translates into welfare gains. Nigeria’s growth model rewards capital, not labour. Unlike peers such as Kenya or Indonesia, which have paired fiscal discipline with SME credit and export diversification, Nigeria relies heavily on oil and financial flows to sustain output. The result is an economy that grows in spreadsheets but contracts in welfare.

To correct the course, the government must move from managing indicators to managing outcomes. Three priorities are clear. First, fiscal reform should be anchored in transparency and efficiency. Reducing debt servicing, broadening the non-oil tax base, and curbing leakages would free fiscal space for capital investment.

Second, credit and energy reforms must target productive sectors. MSMEs cannot thrive in a system that rewards speculation over production. Affordable financing and reliable electricity are the minimal conditions for inclusive growth. Third, social protection must move beyond ad hoc palliatives. A credible national safety net, linked to verifiable data and funded through fiscal discipline, is vital to cushion the poorest against inflationary shocks.

These are not novel ideas, but Nigeria’s policy challenge has always been consistency. Each administration announces reform, only to retreat under political pressure. True stability cannot be defined by a temporary easing of inflation; it must rest on the resilience of households and enterprises.

Policymakers will insist that ‘fundamentals are improving.’ Yet Nigerians cannot live on fundamentals. When a market trader pays triple for food while reading of falling inflation, she is justified in her scepticism. Economic stability must be measured not by PowerPoint metrics but by purchasing power, job creation, and social security.

If Nigeria’s leaders can align macroeconomic prudence with household welfare, 2025 could mark the beginning of a genuine recovery. If not, the country will remain trapped in a statistical mirage, growing on paper while its citizens fall further behind.

Northern Nigeria’s next frontier: How the MAP agenda can transform prosperity

The Northern region of Nigeria is back, or at least, it wants to be. Once the country’s industrial hub in the 1970s, home to thriving textile factories, groundnut pyramids, and bustling trade routes, the region is now making a bold attempt to reclaim that legacy.

Decades of neglect, insecurity, and policy drift left its economy adrift. But a new strategy known as the Mining, Agriculture, and Power (MAP) Agenda is reviving conversations about Northern industrialisation, this time backed by data, investment plans, and regional coordination.

‘The North has the minerals, the land, and the sunlight. What it needs now is will.’

Born from the recent Northern Nigeria Investment and Industrialisation Summit, the MAP vision positions the North as the next frontier of national prosperity, a zone capable of driving Nigeria’s diversification, creating millions of jobs, and retaining billions in domestic value. Yet ambition alone is not strategy. The real test lies in turning this vision into a bankable reality. From potential to plan: The logic of the MAP agenda

Few regions in Africa possess the endowments of Northern Nigeria. Beneath its soil lie vast deposits of lithium, gold, zinc, and iron ore, inputs that fuel the world’s electric vehicle and energy transition industries. Its landmass, over 70 million hectares of arable land, represents nearly 80 percent of Nigeria’s cultivable area. It also holds some of the country’s highest solar irradiance levels, capable of producing over 30 GW of renewable energy if fully harnessed.

Yet despite these natural advantages, the region contributes less than 25 percent of Nigeria’s industrial GDP. The MAP Agenda seeks to correct this imbalance by linking mining, agriculture, and power in one integrated ecosystem, where mined resources feed industrial parks, power fuels processing, and agriculture provides both export earnings and food security.

Its goal is clear: to create five million jobs, raise regional GDP by at least ?75 trillion by 2035, and turn the North into Nigeria’s industrial heartland. To do so, it proposes a Northern Industrial Development Fund (NIDF) to pool domestic and foreign investment, an interstate coordination council to prevent policy fragmentation, and a Joint Implementation and Monitoring Taskforce (JIMT) to track progress and enforce accountability.

The financing question: Turning vision into investable projects

No vision sustains itself without financing architecture. Nigeria’s past development blueprints, from Vision 2010 to 2020, faltered not from lack of ideas, but from lack of funding discipline and project bankability. The MAP strategy seeks to avoid this trap by proposing a blended finance structure that combines:

Seed capital from Northern states and sovereign entities to establish credibility.

Development finance and concessional lending through Afreximbank, AFC, and BOI for catalytic infrastructure.

Commercial investment tranches targeting private equity and diaspora capital.

Outcome-linked sovereign guarantees to derisk early investors.

But these instruments will only attract capital if there are bankable projects, not just policy statements. The first test of seriousness will be to identify three anchor projects by mid-2026.

One could be a solar-powered agro-industrial hub in Kaduna, combining irrigation, food processing, and rural electrification. Another modular lithium beneficiation plant in Nasarawa, leveraging global demand for energy minerals. The third could be a hydro-solar hybrid park in Niger State, providing 200 MW of energy to support industrial corridors across the North-Central zone.

Each project must have detailed feasibility studies, transparent procurement, and realistic return models, not just political goodwill. Investors no longer respond to patriotic appeals; they respond to credible numbers.

Governance and coordination: From conference to commitment

Perhaps the MAP Agenda’s biggest challenge lies not in funding, but in governance. Nigeria’s interstate cooperation has often collapsed under political rivalry and changing administrations. To avoid becoming another forgotten communiqué, MAP must be institutionalised through legally binding instruments, enforceable memoranda of understanding among participating states, with measurable targets and joint ownership.

The creation of the Joint Implementation and Monitoring Taskforce (JIMT) is therefore a step in the right direction. But it must go beyond bureaucratic reporting. It should publish quarterly performance dashboards, disclose fund disbursements, and engage independent auditors and civil society monitors. Only radical transparency can build the trust needed for continuity.

A Northern Data Intelligence Hub could further support evidence-based policymaking, aggregating data on investment flows, employment, and production to track outcomes, not intentions. Powering the Transformation: Energy as the Missing Link

If mining and agriculture are the engines of the MAP Agenda, then power is its fuel. Nigeria’s chronic electricity deficit, with 13,000 MW installed but less than 5,000 MW available, makes industrialisation impossible without reform. The ?4 trillion electricity sector refinancing plan recently approved by the Federal Government offers a lifeline. But for the North to truly industrialise, at least 5 GW of new capacity must be dedicated to industrial clusters by 2030.

Renewables must play a central role. Solar farms across Sokoto, Katsina, and Yobe could power agro-processing and small industries, reducing diesel dependence. Mini-grids could electrify rural mining communities and cold-chain systems. Energy must no longer be treated as an infrastructure problem; it is the foundation of productivity and inclusion.

Human capital and security: Building peace through production

Critics often argue that insecurity makes the North untenable. The counterargument is simple: economic exclusion fuels the insecurity itself. By formalising artisanal mining, training youths in new agro-industrial skills, and ensuring host communities benefit through royalties and jobs, MAP can turn extractive zones into productive peace zones.

The plan’s proposal for a Regional Skills Acceleration Programme linked to polytechnics and universities should be fast-tracked. Training 500,000 youths in mining safety, mechanised agriculture, and renewable energy maintenance by 2030 is not just a social policy; it is a security strategy.

Avoiding old mistakes: What must be done differently

Northern Nigeria has seen reform plans before, the Sokoto River Basin scheme, the Anchor Borrowers Programme, and various agricultural initiatives. Most failed because they treated development as a state charity, not an economic enterprise. MAP must learn from this.

To stay credible, three guardrails are critical:

Transparency and anti-corruption enforcement: Procurement must be digital, public, and open to scrutiny.

Private-sector discipline: States should co-invest with private partners, not dominate them.

Conflict-sensitive planning: Land, environmental, and communal grievances must be addressed before construction begins.

Only then can the North transform natural endowments into lasting prosperity.

The window of opportunity

Global capital is now shifting toward critical minerals, green energy, and food security, exactly the assets Northern Nigeria possesses. If the MAP Agenda can align these with sound governance, it could attract billions in foreign investment and reposition Nigeria as a key supplier in global value chains.

But time is short. Investors have choices. Without early wins, enthusiasm will fade. The first ?10 billion contribution to the Northern Industrial Development Fund by Q2 2026 must not be another promise; it must happen. That single act will test whether the North’s leaders mean business, literally. From promise to proof

Nigeria has reached the point where potential no longer impresses; only proof does. The MAP Agenda presents a blueprint to turn Northern Nigeria’s abundance into shared prosperity. Yet its success will depend on execution discipline, data transparency, and inclusive governance.

If implemented faithfully, the North could move from subsidy dependency to productivity and from resource extraction to industrial transformation. But if it remains trapped in PowerPoint projections and political cycles, it will join the long list of Nigerian reforms that died on the tarmac of good intentions.

Northern Nigeria has waited decades to reclaim its role as an engine of growth. The world is watching. The question now is not whether the MAP Agenda is visionary; it is whether it will finally be real.

Dizon: 421 of 8,000 flood control works are ‘ghosts’

After just a month in office, Public Works Secretary Vince Dizon on Thursday reported that out of the 8,000 flood control projects that were inspected across the country, at least 421 were non-existent.

Dizon took over the Department of Public Works and Highways (DPWH) from Manuel Bonoan on Sept. 2 and immediately directed an investigation into irregularities, conducting field inspections with the assistance of the Philippine National Police, the Armed Forces of the Philippines, and the Department of Economy, Planning, and Development (DepDev).

On Thursday, Dizon reported the findings to the Independent Commission for Infrastructure (ICI), the fact-finding body established by President Ferdinand Marcos Jr. to investigate flood control anomalies. ‘Initially, 8,000 projects nationwide were validated, and of these, 421 were identified as ghost projects by the AFP, PNP, and (DepDev),’ Dizon said in a press conference after a closed-door meeting with ICI officials.

‘This is just the initial phase, because there are so many. Hundreds of thousands of these projects still need to be validated,’ he said.

He added that the number, which was just a small fraction of the total yet to be inspected, was what they had as of Oct. 6. According to Dizon, these ghost projects are scattered across the country, with a significant number of them in Luzon.

Cops, military tapped

He declined to give details such as the costs of the projects, the locations, and whether these had been fully paid by the government.

He said they also found some ‘substandard’ projects, but gave no figure. ‘That’s still separate,’ he said.

He also did not say whether the inspections found any incomplete projects.

Dizon said he did not want to disclose other details in order not to preempt the ICI investigation.

He said the police and the military were tapped for the physical and visual inspection of the supposed projects, as they were already deployed in various locations around the country.

Dizon said the companies that were awarded the contracts included the top 15 in the country that came under scrutiny after the President said they accounted for P100 billion, or about 18 percent, of the P545-billion flood mitigation projects under his administration from July 2022 to May 2025.

But there were others as well, he added. ‘There are many of them,’ Dizon said.

Data sets direction

ICI Executive Director Brian Keith Hosaka said the DPWH’s findings were helpful to the ongoing investigation.

‘The direction provided by this data and information is significant, and we will look into it. If there are districts or regions we can review, we will visit them,’ Hosaka said.

‘As we move forward, we are gaining momentum. This process is accelerating. With the 421 ghost projects identified, it will make things easier,’ he added.

He also noted that the new ICI Special Adviser and Investigator, former PNP Chief Rodolfo Azurin Jr., will personally inspect flood control sites nationwide. (See related story on page)

‘These projects have already been validated, so that is significant. But it doesn’t prevent the general from inspecting them personally to ensure accuracy,’ Hosaka said.

‘Definitely, this is significant. We now have a starting point,’ he added.

The Supreme Court is also doing its part in looking into the proper implementation of public works for the judiciary, and one of the first steps it has taken is to make an inventory of these projects.

Reminders to Remulla

In a statement during the oathtaking of the new Ombudsman, Jesus Crispin Remulla, acting Chief Justice Marvic Leonen also said that the high court was implementing reforms to ‘ensure integrity’ within the ranks of the judiciary.

‘The Court en banc has also agreed to create a working committee to inventory any and all projects within the judiciary that might have been contracted to and undertaken by the DPWH, if any, and to report soonest to the Chief Justice as [to] their status,’ said Leonen.

These projects consist largely of multi-purpose buildings or courthouses, according to the DPWH.

Addressing Remulla, Leonen said that the judiciary would fulfill its part in supporting the new Ombudsman.

‘Remember always: while we enjoy these temporary titles, we should do what we should,’ he told Remulla.

‘We trained for this. Your life, all your challenges, brought you to where you are now. I ask of you, do not fail our people. They continue to suffer,’ he added.

Recent DOJ orders

Before assuming his new position, Remulla, as justice secretary, had initiated the prosecution of private contractors and government officials linked to billions of pesos worth of kickbacks from flood control projects.

The justice department has also directed, upon the request of the ICI, an immigration lookout bulletin order, an alert mechanism, to monitor the movement of individuals linked to the ongoing criminal investigations of the multi-billion-peso flood control scandal. They include House Speaker Martin Romualdez; Senators Francis ‘Chiz’ Escudero, Jinggoy Estrada, Joel Villanueva and former Sen. Nancy Binay, and more than a dozen members of the House of Representatives, including their former colleagues. WITH A REPORT FROM ZACARIAN SARAO

Ombudsman Remulla to revisit Pharmally corruption scandal

Newly installed Ombudsman Jesus Crispin Remulla on Thursday said his immediate tasks would include a review of the multibillion-peso Pharmally case, the corruption scandal that left a smear on the Duterte administration’s pandemic response.

‘We’ll look into that because it seems like it’s been forgotten, buried in oblivion. But these kinds of cases shouldn’t really be forgotten because we know the allegations have weight,’ Remulla said after his oathtaking on Thursday. He added that the Senate conducted a hearing, ‘but it did not move forward from there, so we need to revisit it.’

Acting Chief Justice Marvic Leonen, who administered Remulla’s oath-taking, wished the latter ‘the wisdom to find and give priority to the strategic cases and issues that would lead to fundamental reform and rid corruption from our society.’

Remulla told reporters that he would review pending cases, identify those that have long been unresolved, and study the existing system to develop policies that would expedite case resolution. ‘The first thing I’ll attend to, I think this is an emergency situation when it comes to what happened at the DPWH (Department of Public Works and Highways). We have to focus on that, build up the cases, and make sure that well-prepared cases are filed before the Sandiganbayan and the RTCs (regional trial courts),’ he said.

Senate probe

When asked if the reopening of the Pharmally investigation might involve former President Rodrigo Duterte, the former justice secretary said he was unsure.

‘The responsibility will always depend on the evidence. We will go as far as the evidence takes us,’ Remulla said.

A Senate blue ribbon committee probe from August 2021 to January 2022 found that Pharmally Pharmaceutical Corp. won contracts amounting to P11.5 billion despite having a paid-up capital of only P625,000. It was the single biggest chunk of government contracts for COVID-19 supplies awarded to private companies at the time.

The contracts included 8,000 BGI real-time fluorescent RT-PCR test kits, amounting to P600 million; 2,000 A*Star Fortitude RT-PCR test kits worth P688 million; and 41,400 BGI real-time fluorescent RT-PCR kits worth P2.877 billion.

Former Senator Richard ‘Dick’ Gordon, who led the probe as chair of the Senate blue ribbon committee earlier, urged Remulla to revisit the case and asserted that Duterte should be held responsible for defrauding the government at the height of the pandemic.

‘I’m saying he was part and parcel of a conspiracy to fleece the country of at least P11 billion to P47 billion in the Pharmally scandal,’ Gordon said in an interview on One News.

‘Now is the time for all good men to come together because if we do not do that, then forever the Filipino is [going to] be victimized by these people,’ he added.

The Senate inquiry culminated in a draft committee report that endorsed criminal charges against several public officials and private individuals, but was archived at the close of the 18th Congress in June 2022 due to a lack of signatures.

In August 2023, the Office of the Ombudsman endorsed graft charges against Lloyd Christopher Lao.

Lao, a former budget undersecretary, together with Overall Deputy Ombudsman Warren Rex Liong, procurement management officer Paul Jasper de Guzman, and former procurement division chief Webster Laureñana, were also held administratively liable for grave misconduct, gross neglect of duty, serious dishonesty, and conduct detrimental to the service’s best interests.

Among the penalties imposed on the officials were dismissal from the service, forfeiture of all retirement benefits, and a lifetime ban on government service.

Former Procurement Service-Department of Budget and Management (PS-DBM) officers Christine Marie Suntay, Jasonmer Uayan, and August Ylagan were also found guilty of gross neglect of duty and conduct prejudicial to the best interests of the service and given the same penalties.

In August 2024, Lao and former Health Secretary Francisco Duque III were charged with violating the anti-graft law by the Ombudsman in the Sandiganbayan for alleged irregularities in the transfer of P41 billion from the Department of Health (DOH) to the PS-DBM.

In September 2024, Lao was arrested but later released after posting P90,000 bail. He was charged with graft for accepting the transfer and subjecting the DOH procurement to a 4-percent service fee amounting to at least P1.65 billion.

In September 2024, the Ombudsman dismissed the administrative charges against Duque. In July, the Sandiganbayan asserted jurisdiction over the case, ruling that it falls within its authority under Republic Act No. 10660, which covers cases involving government losses exceeding P1 million or those implicating high-ranking public officials. /cb -WITH REPORTS FROM JANE BAUTISTA AND INQUIRER RESEARCH

160 Secondary Schools begin hostilities for Agbeyewa Cup in Ekiti

The 3rd edition of the Agbeyewa Cup Football Tournament for Secondary Schools in Ekiti State goy underway Monday , October 6th, with over 160 secondary schools across all 16 Local Government Areas of the state.

Sponsored by Agbeyewa Farms, the competition is designed to promote youth development through sports thereby fostering healthy rivalry, discipline and sportsmanship among students.

Winners of this year’s edition stand to receive substantial rewards, with the champions taking home N1 million, the first runner-up N750,000, the second runner-up N500,000, and the third runner-up N250,000. In addition, each local government winner will be awarded N30,000, while the best player will also receive N30,000.

Speaking on the competition, Dauda Lawal, Director of Community Engagement at Agbeyewa, expressed enthusiasm about the tournament.

‘We are delighted to host the 3rd edition of the Agbeyewa Cup. Nigerians, particularly those in Ekiti, can look forward to a vibrant showcase of talent and excitement at every stage of the tournament,’ he said.’ Beyond football, the Agbeyewa Cup is about building character, resilience and community spirit among young people.

‘This reflects our Chairman, Niyi John Olajide’s vision of empowering the next generation to thrive both on and off the field,’ he added.

According to the fixtures from the Directorate of School Sports at the Ekiti State Ministry of Education, the tournament kicked off with preliminary rounds across local government areas between October 6 and 14. Victorious teams will then progress to the knockout stages, with the Round of 16 scheduled for Thursday, October 16, followed by the Quarterfinals on Tuesday, October 21, and the Semifinals on Thursday, October 23.

The competition will culminate in a thrilling grand finale at the Kayode Oluyemi Stadium, Ado-Ekiti, where the third-place match and the final will be played on Tuesday, October 28-a fitting climax to what promises to be an exciting showcase of grassroots football talent.

The tournament has steadily grown in prestige since its inception, with Christ School, Ado-Ekiti emerging champions in the inaugural edition in 2023, and Omuo-Ore High School lifting the trophy in 2024.

As part of its corporate social responsibility, Agbeyewa Farms through its directorate of community engagement, remains committed to championing initiatives that strengthening communities and transforming lives across Ekiti State. One of its flagship initiatives is the Agbeyewa Cup, a prestigious annual football tournament for secondary schools, organized in partnership with the Ekiti State Ministry of Education.

The tournament serves as a platform to nurture young football talent while strengthening community engagement, with participation from secondary schools across all 16 local government areas of the state. Over the years, it has grown into one of the most anticipated youth sporting events in Ekiti, reflecting Agbeyewa’s dedication to empowering the next generation.

EAC must transform into an investment architect, says Stanbic

East Africans must move beyond being passive recipients of foreign capital and instead position themselves as active architects of investment, driving the region’s growth and integration.

This call was made during the Stanbic Bank East Africa Business Summit in Kampala, which drew policymakers, private sector leaders, and development partners from across the region.

The summit highlighted the need for East Africa to operate as a unified economic bloc, anchored in efficient transport systems, digital infrastructure, and strong financial linkages.

The summit, during the panel on intra-regional trade, urged the private sector and governments to adopt a bold approach that transforms how East Africa trades within itself and with the rest of the world.

Mr Damoni Kitabire, chairman of Stanbic Bank Uganda, said the region has enormous potential but must act deliberately to convert it into inclusive growth.

‘East Africa’s future is not something we will inherit; it is something we must build. We have the resources, the demographic dividend, and entrepreneurial energy, but these must be translated into productivity, value addition, and innovation,’ he said.

Kitabire also outlined the need for policy action to harmonize standards and eliminate trade barriers, private sector action to invest in infrastructure and technology, and financial sector reform to lower credit costs and support SMEs, women, and youth-led enterprises.

Mr Kenneth Mumba Kalifungwa, Stanbic Bank chief executive officer, said regional transformation depends on strategic investments in cross-border infrastructure, including highways, energy interconnections, and modern border posts that facilitate trade.

‘This connectivity is not just about moving goods, it’s about moving potential. It empowers women traders to reach new markets, helps youth-led enterprises to scale, and allows farmers to access buyers beyond borders,’ he said, noting that they were partners in building infrastructure of growth, such as financing logistics, energy, and trade systems that connect regional markets.

Mr Patrick Mweheire, outgoing Regional Chief Executive for East Africa at Standard Bank Group, said global institutions, including the World Bank, IMF, and AfDB, recognize East Africa as one of the world’s fastest-growing regions.

He noted that the region’s population is projected to double to nearly 600 million by 2050, offering a youthful and energetic labour force.

With fertile soils, vast arable land, and abundant renewable energy potential, East Africa could emerge as a continental food basket and green growth hub.

‘This potential will not translate into prosperity by accident. It will require vision, coordinated execution, and above all, collaborative leadership’, he said.

Uganda, Kenya to discuss funding for Kakira- Kisumu expressway

The East African Community (EAC), in partnership with the governments of Kenya and Uganda and the African Development Bank (AfDB), will host a market sounding conference between October 20 and 21, 2025, in Kampala to explore financing options for the 193-kilometre Kenya-Uganda Multinational Expressway Project.

The project will link Kakira-Malaba in Uganda to Busia-Kisumu in Kenya.

The expressway is a flagship project aimed at enhancing regional trade, transport efficiency, and cross-border integration through the Northern Transport Corridor.

It will also upgrade major border posts, Busia, Malaba, and Lwakhakha, into modern One Stop Border Posts to ease the movement of goods and people across the region.

‘This project is not just about building a road; it is about creating a modern, safe, and efficient transport artery that connects businesses, people, and opportunities across East Africa,’ said EAC deputy secretary general for infrastructure, planning, productive, social, and political sectors, Andrea Ariik Malueth.

The Market Sounding Conference, he said, will be a turning point in the efforts to build a strategy for sustainable infrastructure development through private sector funding, transforming trade, strengthening regional integration, and unlocking opportunities for millions of our citizens.

Strategic platform

The conference will provide a strategic platform for governments, financiers, and development partners to engage on the Kenya-Uganda Expressway Project, which is being developed as a Public-Private Partnership (PPP).

Participants will review the findings of detailed feasibility studies, including traffic forecasts, engineering designs, and environmental and social impact assessments.

A key highlight will be the presentation of the Bankability Report, outlining project cost estimates and proposing viable PPP financing models.

‘There will be ample opportunity for rich dialogue on how to mobilize resources effectively and sustainably,’ noted Malueth.

Beyond the technical presentations, the conference will invite investors, bilateral donors, and development finance institutions to shape the project’s overall bankability and ensure it delivers long-term value.

Discussions will focus on how the expressway is expected to transform regional connectivity by reducing transport costs, facilitating cross-border trade, and accelerating economic growth across the EAC region.

The event will also seek to align stakeholder priorities on the project’s implementation roadmap, paving the way for an integrated transport corridor that supports trade, investment, and inclusive development in East Africa.

Thai central bank worried over disconnect as global markets soar

The disconnect between the real economy and record-high financial markets worldwide is worrying, according to the Bank of Thailand (BoT), as asset prices soar despite mounting shifts in global trade.

‘Nobody would have thought that the huge change in the global trade configuration or landscape would take place against the backdrop of ever-increasing stock markets and compressed risk spreads,’ BoT Deputy Governor Piti Disyatat said in an interview at his office in Bangkok on Thursday. ‘As central bankers, we naturally get nervous about this disconnect a little bit.’

Stock markets from the United States to Asia have surged to record highs this month, fuelled by an AI-driven frenzy that’s drawn parallels to the late-1990s dot-com boom, which ended in a spectacular crash. The exuberance has spilled beyond equities, with gold soaring past $4,000 an ounce and Bitcoin hitting a new high.

The market rallies are putting authorities on guard. The International Monetary Fund has cautioned that ‘if a sharp correction were to occur, tighter financial conditions could drag down world growth.’

The Bank of England this week flagged the risk of a sharp market correction, as equity-market valuations appear ‘stretched.’ South African Reserve Bank Governor Lesetja Kganyago last month said soaring prices of some cryptocurrencies ‘suggest the formation of large asset bubbles.’

In a sign of caution, the BoT unexpectedly left its key interest rate unchanged this week, citing the need to preserve the limited policy room to deal with a weakening economic outlook. The bank will keep monetary policy loose through next year due to the country’s weak economy and the risk of further global shocks, Mr Piti said.

Thailand’s financial markets are not showing any signs of a bubble, but authorities are keeping an eye on the baht after it surged more than 4% this year, Mr Piti said. ‘It’s not at the stage yet where it’s clearly out of line with fundamentals.’

While the Thai central bank has been intervening in the currency market after US President Donald Trump’s tariffs boosted global volatility, it does not target a specific level for the baht, he said.

‘The main reason we go into the markets is to chop off the excess volatility,’ Mr Piti said. ‘It’s very symmetric.’

Why FinTech matters: Unlocking economic growth and financial inclusion in Azerbaijan

In today’s digital economy, financial technology-FinTech-is more than just a buzzword; it has become a critical driver of economic growth, innovation, and financial inclusion worldwide. By transforming how financial services are delivered, FinTech empowers individuals and businesses, lowers transaction costs, and enhances transparency. For emerging economies like Azerbaijan, embracing FinTech is pivotal to accelerating modernization, attracting investment, and integrating into the global financial ecosystem.

The Baku Fintech Forum 2025 opened recently as a landmark event, bringing together leading voices from the international FinTech community. Organized by the Azerbaijan Fintech Association (AzFina) alongside the Central Bank of Azerbaijan and the Azerbaijan Banks Association, the forum provides a vital platform to discuss emerging trends, regulatory challenges, and the future trajectory of financial technologies in the country.

In a move that underscores Azerbaijan’s ambition to expand its FinTech influence beyond national borders, the Azerbaijan Fintech Association (AzFina) signed two key memoranda of understanding during the Baku Fintech Forum 2025 – one with the Turkish Fintech Association, and another with an international consulting firm.

These strategic agreements aim to deepen cooperation in the development of financial technologies, foster the exchange of expertise, and promote innovative solutions across both domestic and international markets.

These partnerships reflect Azerbaijan’s growing recognition of FinTech as a cross-border industry. Turkiye, with its advanced digital finance ecosystem, serves as a valuable partner for knowledge transfer, market access, and joint innovation. Meanwhile, collaboration with a global consultancy firm will likely provide Azerbaijan with insights into best practices, global compliance standards, and scaling strategies-crucial for positioning itself competitively on the international FinTech map.

By establishing these alliances, Azerbaijan is not only enhancing its domestic capabilities but also signalling its readiness to integrate into global FinTech value chains. Such steps are particularly vital as the country seeks to build a knowledge-driven economy and become a digital bridge between Europe and Asia.

One of the foremost challenges Azerbaijan faces is the need to update its legislative framework to keep pace with rapidly evolving FinTech innovations. Zakir Nuriyev, Chairman of the Azerbaijan Banks Association (ABA), highlighted this at the forum, emphasizing the urgency of regulatory reforms, particularly in how electronic money institutions manage customer funds.

Currently, electronic money institutions must hold funds in multiple banks-a practice already mandated for insurance companies to mitigate risks. Extending this requirement to fintech firms will not only protect consumer assets but also enhance systemic stability within the digital payment ecosystem. Such regulatory enhancements are critical as Azerbaijan seeks to foster financial inclusion and facilitate the adoption of modern financial services.

This regulatory approach signals a pragmatic balance between innovation and risk management. While overly rigid rules can stifle startups, thoughtful legislation can build public trust and attract international investors wary of unregulated markets. Azerbaijan’s move mirrors global trends where governments recognize the importance of a secure yet flexible legal framework to nurture FinTech growth.

Beyond regulation, the backbone of FinTech’s success lies in cybersecurity. Elnur Aliyev, First Deputy Minister of Economy, underscored cybersecurity’s integral role in economic security and national competitiveness during the CIDC 2025 cybersecurity festival.

In the digital era, the intertwining of regulatory frameworks, advanced technology, and skilled human capital forms the triad essential for resilience against cyber threats. Azerbaijan’s National Strategy on Information and Cybersecurity (2023-2027) exemplifies this holistic approach by prioritizing the protection of critical infrastructure, establishing training centers, and fostering public-private collaboration.

Moreover, initiatives like the Coursera National Academy, which has enrolled nearly 40,000 citizens in digital and cybersecurity courses, demonstrate Azerbaijan’s commitment to building a knowledgeable workforce prepared to support and secure its burgeoning FinTech sector.

The focus on cybersecurity reflects a sophisticated understanding that digital innovation cannot flourish without robust defense mechanisms. For Azerbaijan, investing in cyber talent is a forward-looking strategy to safeguard financial ecosystems and promote investor confidence-both vital for sustaining growth in an interconnected world where cyberattacks can have devastating economic consequences.

Infrastructure development is another cornerstone supporting Azerbaijan’s digital transformation. The commencement of construction for two major data centers, as announced by Farrukh Farajullayev from AzInTelecom at the forum, represents a strategic investment to bolster the country’s digital backbone.

Set to be among the largest in the region upon completion in 2027, these facilities in Hajigabul and Absheron will provide critical support for data processing and storage, essential for scalable FinTech operations.

Building robust data infrastructure domestically not only reduces dependency on foreign servers but also enhances data sovereignty-a growing priority in global digital policy. This move enables Azerbaijan to offer reliable, secure, and high-speed services, attracting fintech startups and global investors alike.

Highlighting the investment potential, Gnc? Önr, Managing Partner at the European venture fund Startup Wise Guys, emphasized that FinTech transcends a single sector, spanning over 20 subfields touching daily lives. The fund actively invests in early-stage startups, including the Azerbaijan-based ePoint, reflecting confidence in the local innovation landscape.

Önr stressed the importance of strong teams, strategic partnerships, and regulatory awareness in evaluating startups. Despite regulatory challenges, these barriers provide a protective framework essential for building trust and sustainability.

The venture capital interest signals a maturation of Azerbaijan’s startup ecosystem and its alignment with global innovation hubs. The notion that ‘every startup will eventually become a FinTech startup’ encapsulates FinTech’s pervasive influence, underscoring its role as a catalyst for broader digital economy growth.

Azerbaijan stands at a critical juncture in its digital transformation journey. The convergence of regulatory modernization, cybersecurity investment, infrastructure development, and venture capital engagement paints a promising picture for the country’s FinTech future.

However, realizing this potential requires continuous collaboration among policymakers, private sector stakeholders, and international partners to create an environment where innovation thrives securely and inclusively. By doing so, Azerbaijan can position itself as a regional FinTech hub, unlocking new opportunities for economic growth and integration into the global digital economy.