Nigeria to launch Smart National Transport Databank Initiative. 2 other stories and a trivia

This line-up of stories will help you discover the latest happenings around the tech world, today.

1. Nigeria to launch Smart National Transport Databank Initiative

Ahead of the launch of its Smart National Transport Databank initiative, the Nigerian government has kicked off an actively engagement strategy with industry stakeholders.

The Minister of Transport, Senator Sa’idu Ahmed Alkali, made this known during his keynote presentation at the opening session in Abuja yesterday.

The Minister emphasized the significance of the initiative, noting that the databank will function as a central repository for all transportation data, facilitating informed decision-making with comprehensive, real-time information.

He said: “This will support improved policy formulation and strategic planning, enabling the transport sector to better meet the needs of Nigeria’s growing population and rapidly expanding economy in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration.”

Also speaking, Senator Alkali explained how the Smart National Transport Databank would enhance efficiency and collaboration across various transport modes, resulting in cost savings, improved service delivery, and elevated safety standards.

Incorporating advanced technologies such as Artificial Intelligence, the databank is poised to provide dynamic insights into traffic patterns, logistical bottlenecks, and infrastructure requirements, ultimately enhancing the overall productivity of the transportation system.

Trivia: What are the words entered in a search box called?

A. Search nodes
B. Search codes
C. Passwords
D. Keywords

Find answer below

2. DXwand secures $4M Series A funding for expansion

Middle East-based artificial intelligence startup, DXwand, has announced closing a Series A funding round, securing $4 million.

The funding, according to the startup, was spearheaded by Shorooq Partners, Algebra Ventures, and Dubai Future District Fund, an existing investor.

Ahmad Mahmoud, CEO of DXwand, confirmed the funding milestone in a statement seen by Ripples Nigeria on Thursday, January 25, 2024.

Established in 2018 by Ahmed Mahmoud and Mahmoud Gomaa, DXwand claims to specialize in AI-driven software that streamlines text and voice interactions between customers and businesses across various platforms, including call centers, Facebook Messenger, WhatsApp, SMS, and websites.

The new development comes on the heels of DXwand’s pre-Series A funding round in June 2022, where it raised $1 million, led by Huashan Capital and US-based VC firm SOSV, along with contributions from angel investors.

The infusion of capital from this Series A round positions DXwand to further expand its presence in the region.

Expressing his views on the development, the CEO stated: “This significant investment marks a pivotal moment for DXwand, enabling us to propel our regional expansion and intensify our commitment to advancing Gen AI and RAG technologies. We are excited about the possibilities this funding opens up for DXwand and the broader landscape of conversational AI.”

3. OPay implements NIN linkage order, sets March 1 deadline

OPay, a fintech startup, has declared that accounts not integrated with the National Identification Number (NIN) will face blocking starting March 1, 2024.

Ikponmwosa Odiase, OPay’s Director of Partnerships, disclosed this directive in a media statement seen by Ripples Nigeria on Thursday, January 25, 2024.

Ripples Nigeria gathered that the action aligns with the Central Bank of Nigeria’s guidelines to strengthen Know-Your-Customer (KYC) practices within the financial system.

Odiase emphasized the mandatory nature of NIN compliance for both existing customers undergoing updates and new account openings.

Addressing concerns about potential repercussions on financial inclusion, Odiase acknowledged challenges, particularly for individuals in rural areas with limited NIN accessibility.

However, he highlighted collaborative efforts among fintechs, banks, the Central Bank of Nigeria, and other stakeholders to combat the pervasive issue of fraud in the financial industry.

Trivia Answer: Keywords

Keywords are words or phrases that describe content. They can be used as metadata to describe images, text documents, database records, and Web pages. A user may “tag” pictures or text files with keywords that are relevant to their content. Later on, these files may be searched using keywords, which can make finding files much easier.

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