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Founder, Alpha-Geek Technologies and CEO, Crello, a platform for finance and currency exchange management, Mr. Seun Dania, speaks about the global economy impact and cybersecurity threats on technology businesses in 2024, and how the challenges were addressed. Emma Okonji presents the excerpts:
2024 was a challenging year for the global economy, impacting various sectors, including technology. How did these economic headwinds affect the tech industry from your perspective?
2024 brought significant disruptions to the tech industry due to global economic challenges. Rising inflation increased costs for hardware and software development, while supply chain bottlenecks delayed the manufacturing and delivery of key components, particularly semiconductors. The slowdown in venture capital funding created challenges for startups, forcing them to prioritise profitability over growth. However, the tech industry demonstrated remarkable adaptability. Businesses increasingly adopted automation, artificial intelligence, and blockchain solutions to optimize operations and reduce costs. Cloud-based technologies saw heightened demand as companies sought scalable and efficient tools to navigate uncertainty. In the payments and fintech sector, cross-border solutions became a critical enabler of international trade, addressing inefficiencies caused by volatile currency markets. While 2024 was undoubtedly challenging, it also spurred innovation, with many companies emerging stronger and more focused on long-term sustainability.
Many businesses faced significant challenges last year due to economic instability, including fluctuating currency exchange rates. How did your business navigate these challenges and maintain its operations?
At Alpha-Geek Technologies Ltd, we prioritised operational efficiency to navigate currency fluctuations and economic instability. Leveraging data-driven insights, we streamlined our processes to optimize resource allocation and reduce unnecessary expenses. Additionally, our commitment to innovation allowed us to deliver cost-effective tech solutions to clients, enabling them to adapt to market challenges. For Crello, we mitigated the risks of fluctuating exchange rates by integrating stablecoin payment options into our platform, ensuring seamless and stable cross-border transactions. This provided businesses with the flexibility to conduct international trade without being impacted by volatile fiat currencies. Diversifying our customer base and expanding into new regions also helped balance revenue streams, maintaining our resilience amidst uncertainty.
Given the increasing prevalence of cybersecurity threats, what is your assessment of Nigeria’s current preparedness for the widespread adoption of digital currencies?
Nigeria has made notable progress toward digital currency adoption, with the introduction of regulatory frameworks by the SEC and the increasing role of fintech companies. However, cybersecurity threats remain a significant challenge. The current infrastructure, while improving, is still insufficient to fully support the widespread adoption of digital currencies without heightened risks to consumers and businesses. To address this, there is a need for comprehensive investment in cybersecurity infrastructure, including threat detection systems, regulatory compliance tools, and public education campaigns to enhance digital literacy. Collaboration between the public and private sectors will be critical in strengthening Nigeria’s cybersecurity framework. By focusing on these areas, Nigeria can establish a safer and more robust environment for digital currency adoption.
There is a perception among some that there is a lack of effective communication and collaboration between regulators and industry players in the digital currency space in Nigeria. What are your thoughts on this matter?
This perception is largely valid and stems from inconsistent regulatory decisions and the lack of clear guidelines for businesses in the digital currency space. While regulators aim to protect consumers and address concerns such as fraud and money laundering, the absence of open dialogue with industry players often results in policies that stifle innovation and limit adoption.
A more collaborative approach is necessary. Regulators and industry stakeholders should engage in regular forums to co-create policies that address risks while fostering innovation. Initiatives like the ARIP and RI by the SEC, where innovative ideas are tested in a controlled regulatory environment, would also build trust and alignment between regulators and businesses. Such efforts will pave the way for sustainable growth in the sector. However, the SEC needs to accept more projects into these sandbox programs.
How can industry associations like SiBAN, to which you belong, effectively advocate for the responsible and secure adoption of digital currencies in Nigeria?
Industry associations like SiBAN can play a pivotal role in driving responsible digital currency adoption through advocacy, education, and collaboration. By organizing workshops, conferences, and webinars, they can raise awareness about the benefits and risks of digital currencies among the general public and policymakers. Additionally, SiBAN can act as a bridge between regulators and the private sector, fostering open dialogue and presenting industry perspectives on policy development. Establishing ethical standards and promoting best practices among industry players can enhance consumer trust. Partnering with global organizations to bring international expertise and solutions to Nigeria will also position the country as a leader in the digital currency space.
What are your predictions for the future of cryptocurrency and blockchain technology in the coming years?
Cryptocurrency and blockchain technology will continue to redefine industries globally. Cryptocurrencies will gain broader adoption, particularly in regions with unstable fiat currencies, as they offer financial inclusion and a hedge against inflation. Decentralized finance (DeFi) platforms will revolutionize lending, insurance, and investment, providing alternatives to traditional financial institutions. Blockchain technology will expand beyond finance, driving innovation in areas like supply chain management, healthcare, and governance. Smart contracts will enable more transparent and efficient processes, while the tokenization of assets will unlock new investment opportunities. Governments will increasingly explore Central Bank Digital Currencies (CBDCs), and interoperability between blockchain networks will improve, addressing current scalability issues. Regulation will mature, creating a safer and more structured environment for users and businesses. In Nigeria, the CNGN stablecoin will gain massive national adoption as other African counties follow suit through the Africa Stablecoin Consortium.
As we enter 2025, what strategic initiatives will your companies undertake to maintain their competitive edge and relevance within the digital currency space and broader tech landscape?
At Alpha-Geek Technologies Limited, we are focused on developing innovative technology solutions that address real-world challenges. In 2025, we will enhance our product offerings in areas such as AI-driven automation, cybersecurity, and blockchain integration. These advancements will help businesses improve operational efficiency and protect against evolving threats. Crello will prioritize the expansion of its cross-border payment platform by integrating more regional
payment systems and stablecoin solutions. This will allow businesses to transact seamlessly across borders with minimal exposure to currency volatility. Additionally, we will invest in advanced fraud detection and compliance tools to ensure secure and trustworthy transactions for our clients. Both companies will emphasize customer education, helping users understand and maximize the potential of digital currencies and tech solutions. Partnerships with global tech leaders will further strengthen our competitive edge.
If you had the opportunity to advise the Nigerian government on economic policies, what key adjustments would you recommend to create a more favorable economic environment for businesses and individuals?
To create a favorable economic environment, I would recommend policies that promote innovation and entrepreneurship. Stabilising the naira through export-driven initiatives and reducing dependence on imports will be crucial. Investing in infrastructure, particularly in power supply and broadband connectivity, will enable businesses to thrive. Providing tax incentives for tech startups and small businesses will encourage innovation and job creation. Regulatory clarity in the fintech and digital currency space is also critical — clear, supportive policies will attract foreign investment and foster trust. Education and skills development programs focusing on technology and digital literacy should be prioritized to build a future-ready workforce. Encouraging public-private partnerships will further drive sustainable growth and development.
What are your key economic and technological predictions and projections for the year 2025?
In 2025, the global economy is likely to see moderate recovery, driven by technology-led innovation. Digital transformation will accelerate across industries, with AI, Blockchain, and IoT technologies playing pivotal roles. Emerging markets like Nigeria will experience increased adoption of fintech solutions, driving financial inclusion and economic growth. In the digital currency space, cryptocurrencies and stablecoins will see broader acceptance for cross-border payments and remittances. Blockchain technology will continue to revolutionise industries, from healthcare to supply chain management, while decentralized finance (DeFi) platforms will offer new opportunities for wealth creation. In Nigeria, fintech will remain a key growth driver, with startups addressing gaps in financial services. Cybersecurity will become a top priority as digital adoption expands. Overall, technology will be at the forefront of economic progress, creating new opportunities and reshaping traditional industries.
