Can You Afford to Ignore These Global Shifts?

Nigeria’s Open Banking Rollout: A Fintech Game-Changer

The Central Bank of Nigeria is gearing up to launch its open banking framework by August 2025. This system will enable consumers to share their banking data securely with licensed fintechs and third-party providers using standardized APIs. It’s modeled after similar systems in the UK and EU and is designed to increase transparency, foster competition, and drive innovation across Nigeria’s financial sector.

This move is especially critical for a market like Nigeria, where financial inclusion remains a pressing challenge. Open banking can democratize access to credit, insurance, and investment tools by allowing smaller, agile companies to build new services tailored to niche customer needs. For millions of Nigerians without traditional bank histories, alternative data sources through open APIs could unlock access to credit and savings.

Consumers should prepare by becoming more aware of their data rights, reading up on consent policies, and choosing platforms that are licensed under the new framework. It will also be important for platforms to be transparent and proactive in securing customer data and building trust from day one.

Apple Pay Outage Reveals a Digital Weak Spot

On May 16, Apple Pay services went down globally, with thousands of users reporting issues on Down Detector. The disruption affected the entire Apple Wallet ecosystem, including Apple Cash, Apple Card, and Apple Pay. Though services began to recover after an hour, it revealed a key vulnerability in how dependent users have become on single providers for payment functionality.

While outages are not uncommon in the tech world, the incident highlights how fragile digital-only payment ecosystems can be, especially in real-time scenarios like shopping or traveling. Users left stranded without alternative payment options were reminded of the risks that come with convenience.

It’s a wake-up call to diversify payment methods. Always ensure you have at least two payment options, be it a second digital wallet, physical debit card, or even a little cash to avoid service disruptions impacting your day-to-day finances.

Nigerian Telecom Price Hikes Incoming

Telecom operators in Nigeria are lobbying for a 50% increase in data and call rates, citing rising operational costs due to inflation, foreign exchange shortages, and electricity tariffs. If the new rates are approved, 1GB of data could cost over ₦860 and local call rates may jump from ₦11/minute to ₦16.5/minute.

This comes at a time when digital connectivity is more important than ever. A rise in telecom costs will have ripple effects, potentially increasing the cost of doing business, accessing education, or working remotely,  all of which rely heavily on mobile data.

To stay ahead, consumers can explore data-saving techniques like compressing app usage, using Wi-Fi when available, and subscribing to optimized bundles. Providers who offer flexible and affordable plans will likely gain favor in the coming months, especially among youth and small businesses feeling the pinch.

Apple iPhone 16e Launch: New Tech, New Price Tag

Apple’s iPhone 16e has just been unveiled, replacing the home button with Face ID, sporting a 6.1-inch OLED screen, and moving from Lightning to USB-C. While the upgrades align with user demands for better display and charging compatibility, the price, starting at $599,  makes this “entry-level” iPhone significantly more expensive than its predecessors.

For users in regions with fluctuating currency exchange rates, that $599 price tag could easily translate to a luxury-level purchase. The phone is positioned as a budget-conscious gateway into the Apple ecosystem, but it still costs more than some flagship Androids.

Before you rush to upgrade, evaluate whether the new features genuinely enhance your daily life. There are quality mid-range alternatives with competitive specs at lower costs, especially for those who prioritize performance and battery life over brand loyalty.

Global IT Spending Surges, and You’ll Feel It

A recent report by Gartner forecasts that global IT spending will hit $5.61 trillion in 2025, up nearly 10% from the previous year. The surge is driven by rising investments in artificial intelligence, cybersecurity, and cloud infrastructure. As businesses adapt to remote work and automation trends, the cost of building and maintaining digital systems is skyrocketing.

While this sounds like a business headline, the effects will trickle down to consumers. Increased IT spend often means higher prices for digital services, subscriptions, and products, from your cloud storage plan to your favorite AI-powered app. Inflation, coupled with premium tech adoption, will test household budgets.

Now is a smart time to audit your digital expenses. Cut unused subscriptions, take advantage of free tiers, and opt for one-time purchases over recurring fees where possible. As businesses pass costs on to customers, a leaner tech budget will keep you financially nimble.