Access Bank has launched a new AI-powered application designed to help small and medium-sized enterprises (SMEs) manage inventory, track sales, and oversee staff activities. The tool was unveiled during the bank’s maiden SME conference in Lagos, titled ‘AI for SMEs: Scaling Through Digital Tools,’ which aimed to promote technology adoption among small businesses. While the initiative offers operational improvements, industry analysis suggests that technology alone may not address fundamental structural barriers such as limited access to credit, high operating costs, and poor financial management, which contribute to a high first-year failure rate among Nigerian SMEs.

Lasaco Assurance Plc has successfully raised N19.3 billion in a capital exercise, exceeding its initial N18.47 billion target by approximately 4.5%. This oversubscription reinforces the company’s compliance with NAICOM’s recapitalization requirements and boosts its solvency position. The funds will be utilized to expand underwriting capacity, upgrade technological infrastructure, and strengthen the insurer’s competitive standing in large-ticket risk segments.

Aradel Holdings Plc reported a 30 percent increase in profit after tax to N191 billion for the first half of 2026, despite a significant surge in its tax burden. While pre-tax profit soared 293 percent to N752.7 billion, the company’s tax expense climbed to N561.7 billion, resulting in an effective tax rate of approximately 75 percent. Revenue grew significantly to N2,491.5 billion, driven by a 523 percent increase in production to an average of 139,500 barrels of oil equivalent per day. Additionally, the company significantly strengthened its balance sheet, reducing net debt by 70 percent to N46.5 billion.

Dollar-backed stablecoins are increasingly serving as essential infrastructure for African businesses struggling with currency volatility and foreign exchange shortages. According to Dickson Nsofor, CEO of Kora, corporations are moving away from traditional, slow correspondent banking systems in favor of stablecoins like USDT and USDC for faster, cheaper cross-border settlements. Nsofor emphasizes that this transition is a practical B2B operational necessity rather than a speculative move. He advocates for a collaborative approach with regulators, suggesting that central banks should focus on supervising fiat on-ramps and off-ramps while allowing blockchain technology to act as a modern clearing layer for international trade.

The Johannesburg Stock Exchange (JSE) reported a strong financial performance for the first half of 2026, with EBITDA rising 18.1% to R856 million. Profit after tax grew nearly 17% to R652 million, bolstered by increased equity trading activity and post-trade services. The exchange, led by CEO Valdene Reddy, continues to focus on its Forge 2031 strategy, aimed at modernizing infrastructure and improving market competitiveness. The JSE maintained a robust cash position of R2.6 billion, supporting ongoing investments in business expansion and capital formation.

The Nigeria Customs Service has concluded a recruitment exercise that saw only 3,852 candidates selected from 573,680 applicants, a success rate of 0.67 percent. Comptroller-General Bashir Adewale Adeniyi announced that, moving forward, the agency will transition from sporadic hiring to a predictable annual recruitment cycle starting later this year. This policy shift aims to streamline workforce planning and mitigate the administrative backlogs that previously plagued the process.

Seven African currencies recorded gains against the US dollar in July, as global market stabilization and improved commodity exports offered relief to several economies. The Nigerian Naira was among these, appreciating by 0.81 percent due to increased dollar liquidity and Central Bank interventions. Other top performers included the Botswana Pula and the CFA Franc, while the Egyptian Pound and Zambian Kwacha faced significant depreciation during the same period. This performance marks a notable improvement over the first half of the year, when only four African currencies posted gains against the dollar.

Jermaine Sanwo-Olu, head of the Lagos State Office of Diaspora Affairs, has issued six guidelines for Nigerians abroad purchasing landed property in Lagos to mitigate risks of fraud and legal disputes. Key recommendations include executing a specific Power of Attorney with separated roles for sourcing and legal representation, retaining independent estate surveyors and lawyers before committing to a property, and avoiding cash payments in favor of bank-to-bank transfers. Investors are further urged to finalize the Deed of Assignment and secure Governor’s Consent immediately, while physically securing land boundaries to prevent encroachment.

African cryptocurrency company Yellow Card is discontinuing its retail trading app effective January 1, 2026, to pivot exclusively toward business-to-business stablecoin infrastructure. The company, which has been shifting its strategy over the past year, aims to provide payment rails, treasury solutions, and settlement infrastructure for enterprises, banks, and financial institutions across emerging markets. This move reflects the growing adoption of dollar-backed stablecoins by businesses seeking more efficient cross-border payments and hedging solutions against currency volatility. Yellow Card has already secured Swiss regulatory affiliation to support this institutional expansion.

Airtel Kenya has applied for regulatory approval to launch a mobile service powered by SpaceX satellites. The Direct-to-Cell (DTC) technology enables standard 4G and 5G smartphones to maintain connectivity in remote areas outside the reach of traditional cell towers. The company plans to integrate this service without requiring special handsets or additional costs for subscribers. Successful deployment in Kenya could serve as a model for Airtel Africa across its other 14 markets, including Nigeria, to improve network resilience and bridge coverage gaps.

A new report titled ‘Adoption of Artificial Intelligence in Nigeria: A Macro and Micro Economic Review’ warns that Nigeria faces the potential loss of nine million routine jobs to automation by 2030 unless it prioritizes local innovation. While the country leads in AI adoption, with 93% of surveyed organizations already integrating the technology, the study cautions against becoming a permanent consumer of foreign-built platforms.

The report, authored by Debola Ibiyode of the AI Empowerment Foundation, highlights that while 11 million new tech-enabled jobs could be created, they will only materialize if Nigeria invests in indigenous AI models, local language datasets, and computing infrastructure. Sectors most vulnerable to displacement include banking, public administration, and clerical services. The findings call for a national ‘sovereign AI’ strategy to transition the economy from merely adopting external technologies to producing foundational AI infrastructure.

Oando Plc has reported a 8% increase in profit after tax to N68.6 billion for the half-year period ended June 30, 2026, compared to N63.3 billion in the same period last year. Revenue rose 20% to N2.1 trillion, driven by growth in the exploration and production segment and higher product prices.

Operational efficiency gains led to a 16% year-on-year increase in average production to 42,789 barrels of oil equivalent per day, alongside an 18% reduction in production operating costs. The company significantly strengthened its liquidity position, reporting closing cash and cash equivalents of N544.9 billion. Management confirmed that it remains focused on a drilling program targeting a production capacity of 50,000 barrels per day by the end of 2026.

Linkage Assurance Plc has reported a strong performance for the first half of 2026, with profit after tax rising 74% to N3.11 billion. Profit before tax grew 68% to N3.27 billion, while insurance revenue saw a modest 6% increase to N13.30 billion. The firm’s profitability was significantly bolstered by a 70% surge in investment income, which reached N5.94 billion, helping to offset a 42% rise in insurance service expenses. Total assets for the period grew 7% to N82.19 billion.

Renowned Kenyan scholar Patrick Lumumba has challenged the Delta State government and Nigeria to pivot from oil dependency toward a more diversified economy driven by innovation, research, and energy development. Speaking at the Delta State Economic and Investment Summit in Asaba, Lumumba emphasized that Nigeria’s long-term prosperity depends on regional integration, intra-African investment, and localizing artificial intelligence and industrial technology. He further urged leaders to prioritize sustainable infrastructure, particularly power generation, to improve industrial competitiveness and secure future growth.

Chibuike Goodnews, founder and CEO of Dochase Adx, is advocating for Africa to transition from being a consumer of Artificial Intelligence to a creator of AI-driven solutions. Highlighting AI as a transformative economic opportunity, Goodnews urges business leaders and policymakers to move beyond treating AI as a mere automation tool. Instead, he emphasizes the need for intentional investment in digital infrastructure, research, and education to ensure the continent builds indigenous capabilities and avoids the pitfalls of past industrial revolutions where it primarily provided raw inputs. He stresses that AI adoption is a strategic leadership mandate rather than just an IT initiative, necessary for securing future competitiveness.

The Nigerian equities market opened the week with a positive performance, as the NGX All-Share Index climbed 0.18% to 245,730.53 points. Market capitalization increased by N288.44 billion to reach N158.61 trillion, driven by gains in major banking stocks including First HoldCo, UBA, Zenith Bank, and GTCO. Despite the index rise, market breadth remained negative, with 38 stocks declining compared to 24 gainers. Notable decliners included ETI, which fell 9.95%, and Cadbury Nigeria, which dropped 9.92%. Total trading volume and value saw declines, even as the number of deals rose by 30.76%.

VFD Group Plc has reported a strong performance for the first half of 2026, with Profit After Tax (PAT) doubling to N10.06 billion, a 100.8% year-on-year increase. The Group’s gross earnings rose by 30.5% to N53.71 billion, driven by its investment portfolio. At the company level, PAT surged by 328% to N5.03 billion. Following this performance, the Board of Directors has approved an interim dividend of 24 kobo per share, totaling N3.04 billion. The Group also noted a strategic reduction in borrowings, strengthening its balance sheet for future growth.

Indian fintech company Mintoak has acquired Dubai-based loyalty technology provider ICC Loyalty to bolster its international footprint and integrate customer engagement services with its existing payment platform. The acquisition aims to create a unified payments and rewards operating system for banks in emerging markets across Africa, the Middle East, Asia, and Eastern Europe. Financial terms remain undisclosed, though the combined entity reports over $30 million in annual revenue with strong profitability. This move positions Mintoak to support over 50 banks, including prominent African institutions like Absa Bank.

Eight companies listed on the Nigerian Exchange have announced dividend qualification dates for August 2026. This schedule allows investors to position themselves for upcoming shareholder payouts across sectors including telecommunications, energy, agriculture, and finance. Notable firms participating include Seplat Energy Plc, which is offering a combined interim and special dividend, and MTN Nigeria Communications Plc, which has announced an interim payout of N26.00 per share. Other companies with upcoming qualification dates include VFD Group, Presco, Ikeja Hotel, The Initiates, Custodian Investment, and University Press. Investors must hold shares by the specified qualification dates to be eligible for these dividends.