Verve International, a subsidiary of the Interswitch Group, has unveiled a next-generation tokenization solution aimed at strengthening transaction security and reducing fraud risks across Africa. The payment firm announced this innovation at the 2026 edition of Verve Biz Unwind held in Lagos. This move is positioned to accelerate the adoption of digital commerce on the continent by addressing critical security concerns.
Paul Ohakim, Vice-President for Issuing & Acquiring (Africa) at Verve International, stressed the urgency of collective action within the payments ecosystem to tackle these challenges. He described tokenization as “more than a backend technology upgrade,” adding that it represents “a structural shift in how payments are secured, experienced and monetised.” According to him, the solution enhances transaction integrity by replacing sensitive cardholder data with secure, device-bound digital tokens.
Ohakim explained the technical mechanism, stating, “Each transaction generates a unique cryptogram, significantly reducing the exposure of actual card details and mitigating the risks of fraud and data breaches.” This approach is designed to protect consumers and businesses by ensuring that sensitive information is never directly transmitted or stored during a payment process. The launch comes at a time when digital trust is becoming increasingly paramount for economic activities.
Technology expert and Country Head of Zoho Nigeria, Kehinde Ogundare, has stressed that digital trust has become a strategic necessity for small and medium-sized enterprises (SMEs) across Africa as Artificial Intelligence (AI) adoption deepens. “From chatbots responding to customers at midnight to software forecasting inventory and flagging suspicious transactions, AI is no longer experimental. It is standard,” he stated. This integration of AI into daily business operations heightens the need for robust underlying security frameworks like tokenization.
Ogundare cited alarming global projections, noting that cybercrime costs are expected to reach $10.5 trillion this year, driven by generative AI and increasingly sophisticated attacks. He added that across Africa, businesses face thousands of attempted cyberattacks weekly, with the continent losing an estimated 10 per cent of its GDP annually to cybercrime. These statistics underscore the severe economic impact of digital insecurity and the critical importance of solutions like Verve's tokenization for the regional economy.
In a separate political development, Governor Uba Sani of Kaduna State and the Speaker of the House of Representatives, Tajudeen Abbas, on Tuesday charged the newly elected State Executive Committee of the All Progressives Congress (APC) in Kaduna to mobilize no fewer than two million votes for President Bola Ahmed Tinubu in the 2027 general elections. The charge came as Hon. Isaac Atiku Sankay emerged as the consensus Chairman of the party at the end of the State Congress held at Murtala Muhammed Square, Kaduna.
Sankay, born in 1983 and the current Special Adviser on Peace and Conflict Resolution to the governor, disclosed the scale of the party's grassroots mobilization. He stated that 6,885 ward executives were elected across the 255 wards, while 621 local government executives also emerged from the congresses conducted at the grassroots. At the state level, 36 executive members were affirmed and sworn in, consolidating the party's structure ahead of the next electoral cycle.
Meanwhile, President Bola Ahmed Tinubu on Tuesday directed the immediate release of approved funds for the maintenance of Nigeria’s space assets. The President, who was represented by Vice President Kashim Shettima at the maiden meeting of the National Space Council held at the State House in Abuja, declared that the nation would not be a bystander in the unfolding global space economy projected to exceed $1 trillion by 2040. This statement signals a renewed commitment to Nigeria's strategic ambitions in space technology.
To further this goal, President Tinubu approved that the cost of implementing the revised 25-year roadmap for the National Space Policy and Programme be forwarded to the Federal Executive Council for consideration and approval. He stated, “I hereby approve that cost of the implementation of the approved revised 25-year roadmap for the implementation of the national space policy be forwarded to the Federal Executive Council for consideration and approval.” This directive aims to secure the necessary budgetary backing for long-term space exploration and commercial initiatives, positioning Nigeria to capture a share of the future space economy.
