Business A.M
No Result
View All Result
Saturday, October 17, 2026
  • Login
  • Technology
  • Finance
  • Comments
  • Companies
  • Commodities
  • ONLINE & DIGITAL CONTENT PACKAGE
Subscribe
Business A.M
  • Technology
  • Finance
  • Comments
  • Companies
  • Commodities
  • ONLINE & DIGITAL CONTENT PACKAGE
No Result
View All Result
Business A.M
No Result
View All Result
Home Analyst Insight

Digitising business processes and data protection function

by Admin
January 21, 2026
in Analyst Insight

 This week’s piece covers the importance of digitalising business processes and how data protection plays a big part in that process.

 

Let me start with a scenario I experienced at a particular registrar’s on Ajose Adeogun, Lagos. My dividends for some companies remained unpaid for months. This registrar acts as a subsidiary that manages such issues.

 

I got to the building, and the gentleman at the gate gave me a form to fill. The form requires my passport photograph, my biometric verification number (BVN), my bank account details, my telephone number and my house address.

 

I asked the man if there was no other way to get my dividend without filling this extreme data intrusive form, he answered politely: “no, sir.”

 

I played to the request of the company. I affixed my photograph and filled in the details. I went back and submitted the form to the gentleman at the gate and he asked me to wait for some minutes.

 

By this time, there was a queue. The same gentleman issued out the same form to everyone. Then he disappeared with my form.

 

As I waited, I thought of various possible scenarios, what if the man takes a picture of the information on that form? The gentleman came back and asked that I write my old address. He claimed that there was no way “the person” inside could assess further information. I gave the address.

 

Others with the same issue filled out forms, and I even saw someone pass his international passport. This gentleman at the gate, on a per-second basis, is exposed to our sensitive personal information. Why? Because there is no digital process in place.

 

Many Nigerian institutions still use paper format and collect massive information for verification purposes or to meet contractual obligations. An institution like the one above should not only have digitised their process but also come up with the best data protection schemes when processing data. The said institution has been around for over a decade, and it still runs some of its core customer queries with paper documents which leave the company ripe for data breaches on a GRAND scale.

 

Running systems manually, or paper-based, exposes gaps in a company information management system.

 

The best form and easiest way to ensure that companies don’t expose themselves to excess information gathering is by the digitisation of their process and adding the data minimisation principle.

 

Digitisation of any process is perhaps one of the most complex projects any institution can go through and, as such requires experts in information security, network security, cybersecurity, project managers, business analysts, data protection experts and solutions architect. However, what transpires most of the time in Nigeria is a movement to digitisation processes without appropriate planning. Case in point is the National Identity Commission (NIMC) failed attempt to digitise their records (a topic for another discussion).

 

Many Nigerian institutions attempt their digitisation process but fail to put some aspects into perspective. To digitise is to create a road map and a period of transition.

Sometimes, from my experience, some digitisation process takes years and consistent iterating. It’s not a one-time project. It’s best done in stages.

 

What are the steps to consider? First, identity stakeholders with expertise within the organisation and get them involved in the digitisation process. There are certain basic elements that must be considered.

 

There must be an analysis of the entire business or institution. Second, after the analysis, the stakeholders will identify areas that need to be digitised while considering business continuity, cost implication and training.

 

In addition to the above, data protection must be embedded into the process. Any digitisation process that ignores data protection from the inception will fail.

 

Hospitals, schools and even banks in Nigeria till today still rely heavily on processing data manually, which is not a sustainable model.

 

As the world advances into a technologically complex world filled with features of big data, internet of things (IoT), artificial intelligence and machine learning, the need to create a robust digital presence becomes sacrosanct.

 

If that institution in my story digitised their process, I wouldn’t need to be at the physical building, and perhaps I wouldn’t have to submit so much information to make a claim.

 

The Nigerian business terrain is maturing globally and needs to be practical in its global approach. And what’s more, there is no excuse to remain obsolete. Digitisation will ease business processes and adding data protection to the machine will make the process safe and secure in the long run.

Admin
Admin
Previous Post

Workplace Mental Health Is a Business Asset. Treat It That Way

Next Post

How to Make Better Economic Policy Choices

Next Post

How to Make Better Economic Policy Choices

  • Trending
  • Comments
  • Latest

How UNESCO got it wrong in Africa

May 30, 2017

CBN to issue N1.5bn loan for youth led agric expansion in Plateau

July 29, 2025
MMA2 enters new commercial era after 20-year concession dispute

MMA2 enters new commercial era after 20-year concession dispute

August 28, 2026
NGX taps tech advancements to drive N4.63tr capital growth in H1

Insurance-fuelled rally pushes NGX to record high

August 8, 2025

6 MLB teams that could use upgrades at the trade deadline

Top NFL Draft picks react to their Madden NFL 16 ratings

Paul Pierce said there was ‘no way’ he could play for Lakers

Arian Foster agrees to buy books for a fan after he asked on Twitter

Rivers, China's CNCECC sign deal for $3.5bn methanol, fertiliser plant

Rivers, China’s CNCECC sign deal for $3.5bn methanol, fertiliser plant

October 17, 2026
Methane rules spread across 67% of global production as Nigeria faces compliance test 

Methane rules spread across 67% of global production as Nigeria faces compliance test 

October 17, 2026
Onafriq, a pan-African payments company, is set to discontinue its Baxi agent banking business in Nigeria after five years, citing naira depreciation, rising operating costs and intensifying competition that have weakened the segment’s profitability. The planned shutdown will affect the agent banking operations conducted through Baxi under Onafriq Nigeria Payments Limited. However, the decision does not signal the company’s withdrawal from Nigeria, as it intends to retain its cross-border payments network and card issuing services in the country. In a statement, Onafriq said changes in Nigeria’s operating environment since 2024 had significantly altered the economics of its offline agent banking business, making the existing model unsustainable. The move marks a strategic shift for the company, which entered Nigeria’s agent banking market to expand access to financial services through a network of agents providing transaction services outside traditional bank branches. Onafriq attributed the decision to a combination of macroeconomic pressures and structural changes in the country’s payments industry. According to the company, naira depreciation and inflation have affected transaction volumes, increased operating expenses and undermined the sustainability of its agent banking operations. The growing adoption of instant account-to-account transfers has also changed the mix of transactions handled by agents, while heightened competition among payment service providers has put further pressure on margins. These developments have made it increasingly difficult for the business to remain viable under its existing operating structure, prompting the company to reassess its long-term strategy. Dare Okoudjou, founder and chief executive officer of Onafriq, said the decision to close the business was difficult, particularly given the efforts of employees, agents and business partners who helped build the Baxi network. “We entered Nigeria with conviction and commitment, but did not achieve the outcome we set out for. Closing this business was a difficult decision to arrive at, one that affects colleagues, agents, and business partners across Nigeria who poured their hearts and soul into building out the Baxi network,” Okoudjou said. Despite the closure, he reaffirmed the company’s commitment to the Nigerian market, noting that the group would continue to serve customers through its payments network and card issuing operations. Onafriq entered Nigeria’s agent banking market in 2021 through the acquisition of Baxi, also known as Capricorn Digital Limited. The company said it continued investing in the business through 2023, with efforts focused on expanding and strengthening its agent network. However, a subsequent review of the business’s long-term prospects and financial sustainability led to the decision to wind down the operation. As part of the transition, Onafriq said agents onboarded through the Baxi platform had been moved to another principal bank, a step intended to facilitate continuity for the affected agents. The company has also directed agents to transfer their funds to their preferred principal bank within 30 days, adding that its teams would provide support throughout the transition process. Employees whose roles are linked to the agent banking business will also be consulted and supported during the wind-down, with Onafriq pledging to treat affected workers fairly.

Onafriq winds down Baxi as Nigeria’s agent banking economics worsen

October 17, 2026
LCFE links petroleum trading to capital market in pricing transparency drive

LCFE links petroleum trading to capital market in pricing transparency drive

October 17, 2026

Popular News

  • How UNESCO got it wrong in Africa

    0 shares
    Share 0 Tweet 0
  • CBN to issue N1.5bn loan for youth led agric expansion in Plateau

    0 shares
    Share 0 Tweet 0
  • MMA2 enters new commercial era after 20-year concession dispute

    0 shares
    Share 0 Tweet 0
  • Insurance-fuelled rally pushes NGX to record high

    0 shares
    Share 0 Tweet 0
  • Glo, Dangote, Airtel, 7 others prequalified to bid for 9Mobile acquisition

    0 shares
    Share 0 Tweet 0
Currently Playing

CNN on Nigeria Aviation

CNN on Nigeria Aviation

Business AM TV

Edeme Kelikume Interview With Business AM TV

Business AM TV

Business A M 2021 Mutual Funds Outlook And Award Promo Video

Business AM TV

Recent News

Rivers, China's CNCECC sign deal for $3.5bn methanol, fertiliser plant

Rivers, China’s CNCECC sign deal for $3.5bn methanol, fertiliser plant

October 17, 2026
Methane rules spread across 67% of global production as Nigeria faces compliance test 

Methane rules spread across 67% of global production as Nigeria faces compliance test 

October 17, 2026

Categories

  • Frontpage
  • Analyst Insight
  • Business AM TV
  • Comments
  • Commodities
  • Finance
  • Markets
  • Technology
  • The Business Traveller & Hospitality
  • World Business & Economy

Site Navigation

  • Home
  • About Us
  • Contact Us
  • Privacy & Policy
Business A.M

BusinessAMLive (businessamlive.com) is a leading online business news and information platform focused on providing timely, insightful and comprehensive coverage of economic, financial, and business developments in Nigeria, Africa and around the world.

© 2026 Business A.M

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Technology
  • Finance
  • Comments
  • Companies
  • Commodities
  • ONLINE & DIGITAL CONTENT PACKAGE

© 2026 Business A.M