Category: e-Business

The global Rich Communication Services (RCS) market is projected to grow from $5.2 billion in 2020 to $11.7 billion by 2025, at a compound annual growth rate (CAGR) of 17.6 per cent. LUCAS AJANAKU writes on how businesses can leverage RCS to improve productivity and returns on investment (RoI).

Online knowledge reservoir, Wikipedia, said RCS is a communication protocol between mobile telephone carriers and between phone and carrier, aiming at replacing short message service (SMS) messages with a text-message system that is richer, provides phonebook polling, and can transmit in-call multimedia. It is part of the broader internet protocol (IP) Multimedia Subsystem developed by Google Inc., and the global system for mobile communication association (GSMA) and first released in 2008.

RCS has continued to grow driven by the increasing investments on digital marketing across the enterprise verticals.

Nigerian businesses can leverage RCS Rich Business Messaging (RBM) to reach more consumers and improve customer experience, leading to increased return on investment (RoI), EVP Telecom Business, Gupshup, and CEO, Dotgo, Dr. Inderpal Singh Mumick said.

He said with RBM, brands can send rich and interactive messages. These can include images, GIFs, videos, carousels, suggested replies, and suggested actions. All these are delivered to customers from a verified sender id with a trust mark, improving trust and convenience in the process. Popular suggested actions include opening a website, dialing a number, viewing, or sharing a location, and adding events to the phone’s calendar.

He said users don’t need to download another app adding that RCS leverages Google’s Messages app, the default SMS app on Android devices, and offers end-to-end encryption for advanced security. RCS is the default messaging standard for 5G networks, though it continues to support 3G and 4G networks.

“Nigerian businesses can use RBM for engaging across the entire customer life cycle – from marketing to completing sales, and then providing support. RBM is used for customer research, marketing, promotion, sending rich notifications, password verification, billing and payments, customer service, commerce, and engagement. More than 14 million people are already experiencing the benefits of using RCS in the country, and the number is growing rapidly, as all new Android devices ship with RCS built into the Messages app. With 175 million mobile subscribers in total, Nigeria is in a unique position to take the lead in using RCS and set an example for other mobile-first markets in Africa as well as across the world,” he said.

According to him, enterprises just need to reach out to their SMS providers (aggregators, agencies, and ISVs) and start driving richer, interactive engagement with consumers. Mobile subscribers across all four telcos in Nigeria- MTN, Airtel, Globacom, and 9mobile, have the capability to receive and send RCS messages.

Speaking on RCS, Android Partnerships Lead, West Africa, Google Ngozi Madueke-Dozie, said: “The adoption of RCS business messaging continues to grow rapidly. Brands across the world now want to deliver rich and interactive messages including images, GIFs, videos, carousels, and more to their consumers – Messages + RCS makes this possible.”

With the RBM ecosystem live and ready in Nigeria, the onus is now on brands to double down on RBM to deliver a next-gen customer experience to Nigerians, he added.

Already, he said MTN has partnered with Google and Dotgo to offer RCS to their subscribers while Airtel has similarly partnered with Google and Dotgo to offer RCS to their subscribers.

Using Dotgo RichOTP, businesses have been sending OTP over RCS in rich card format, complete with brand logo and verification trust mark. Only those businesses that undergo two-tier verification are able to deliver OTP. So, RichOTP helps brands develop trust and protect users from fraud, enriching customer experience, in the process.
As another example, to enhance customer experience by offering round the clock customer service, MTN deployed Zigi – a digital personal assistant that can answer subscribers queries, check balance, assist subscribers with airtime and data purchases, and more via a chat, drastically reducing wait time.
Chief Enterprise Business Officer, MTN, Lynda Saint-Nwafor, said: “Consumers want brands to be accessible anytime, anywhere – and businesses constantly look for new and innovative ways to enable this. Many of our enterprise customers in Nigeria are betting on RCS as a viable way to drive secure, contextual, and personalised consumer conversations at scale.
“Enterprises are increasingly turning to chat and messaging platforms to strengthen consumer relationships and engagement. Several of our enterprise customers are in the process of deploying RCS to consistently deliver a richer, more tailored, and interactive experience to thousands of consumers,” said Ogo Ofomata, Director, Airtel Business, Nigeria.
“RBM enables brands to offer a next-gen customer experience with greater interactivity, improved trust, and advanced security. We are excited to help Nigerian brands reimagine business-to-consumer communication and deliver richer, two-way conversational experiences to millions of subscribers.”

“RCS is a big thing when it comes to rich communication and A2P messaging: it will redesign use cases, security, and models. We at MEF believe that it holds the potential to transform how enterprises engage with their consumers, helping them leverage RBM to make it truly immersive at every level,” CEO, Mobile Ecosystem Forum (MEF), Dario Betti said.

Mobile money operator MoMo Payment Service Bank (PSB) said it places a lot of importance on fintech innovation and financial inclusion. It said it has always itself as a business that promotes inclusive economic expansion wherever it is active.

General Manager Commercial, MoMo PSB, Elsa Muzzolini, who spoke in Lagos during the unveiling of comedienne Anita Asuoha, popularly known as ‘Real Warri Pikin’, as the first Brand Ambassador for the PSB.

Muzzolini said: “The brand’s choice to work with Real Warri Pikin was effortless. This is simple because she represents principles that are in perfect alignment and are both designed to challenge the status quo with ideas and innovations. MoMo PSB places a lot of importance on fintech innovation and financial inclusion. We have always viewed ourselves as a business that promotes inclusive economic expansion wherever we are active. By working with a great act like Real Warri Pikin, we hope to promote discussion between the Fintech industry and its partners and customers. This alliance is very important for both parties. We are excited about this new collaboration, and have faith that Real Warri Pikin would give it her all, in her work with MoMo PSB.”

She said the choice of the brand ambassador aligned with its efforts to offer seamless, accessible and affordable financial services to individuals, groups and businesses at the grassroots across Nigeria. Asuoha is expected to use her popularity among members of the unbanked and under-banked population in the country to further drive adoption of MoMo PSB in their daily financial transactions.

Real Warri Pikin is the first brand ambassador to be signed by the brand. Subsequently, she is expected to make special appearances at MoMo PSB events and appear in marketing campaigns.

“I am very happy to be part of this great development. The brand’s emphasis on financial inclusivity and assisting Nigerians motivates me to want to be involved in the narrative. I am proud to now be their ambassador,” Asuoha said.

MoMo PSB commenced operation on Thursday, May 19, 2022.  By dialling *671# on any network, customers can open a MoMo wallet, send money to any phone number in the country and pay their bills.

MoMo Payment Service Bank is a subsidiary of MTN Nigeria. Launched in 2022, MoMo PSB is poised to enable millions of unbanked and underserved Nigerians access to a wide range of financial service products.

Airtel Nigeria has announced that it has embarked on an extensive network optimisation and modernisation programme to offer customers on its network unrivalled data speed as well as enhance their overall mobile Internet experience.

With this move, customers on the Airtel network can now enjoy a seamless, faster, and more-rewarding experience when they browse on their phones or latch on to the Airtel Home Broadband devices including Mifis, routers and Outdoor Units (ODUs).

Specifically, customers in urban areas and major cities will now start experiencing much faster speed with lower latency when they stream movies, watch live sports, play online games, download heavy files, or engage in other activities on the Internet.

Commenting on the modernization programme, Chief Executive Officer & Managing Director, Airtel Nigeria, Surendran Chemmenkotil, said: “Airtel is committed to ensuring that its customers enjoy the best and fastest Internet speed as well as network experience in the country.

“With the modernization exercise, we have significantly improved our Internet speed across major cities in the country. Without a doubt, this programme will empower customers to become more productive and successful in their personal and professional lives, also contributing to the growth of the overall economy.”

Recently, Airtel Nigeria also announced a major upgrade and overhaul on its network infrastructure nationwide in a move to ensure its over 50m customers continue to enjoy the best experience on voice call and mobile Internet services.

As part of the exercise, Airtel upgraded all its 2G and 3G sites to 4G to deliver expansive mobile broadband and a flawless voice call experience.

Airtel noted that it is committed to supporting the Federal Government agenda of increasing and expanding the penetration of broadband in the country.

Telecom subscribers have lauded the role of an emancipator played by Globacom in the telecom industry about two decades ago. Like Oliver Twist, they are asking for more. LUCAS AJANAKU writes.

When Nigeria’s first wholly indigenous national carrier, Globacom, started operations 19 years ago, it met some incumbents that had held the customers by their jugular veins. One of the hallmarks of that era was per minute billing and expiration of airtime.

It was so bad then that when a customer dialed a number, and for no fault of his, the line connected and dropped, jammed or diverted, the customer had to pay fully for the inefficiency of the operators concerned. The price cap then, as it still is, was N50 per minute or thereabout.

There were loud protests by Nigerians over what they called exploitation, which they described as neo-colonialism.

A group, the National Association of Telecom Subscribers of Nigeria (NATCOM) under the leadership of Deolu Ogunbanjo, had led a delegation to MTN that launched first to press for a change to per second billing. He recalled that one Afam Dozie who was head of marketing then had promised per second billing by 2006 while Airtel, then Econet, was non-committal. It said the matter would be looked into.

But when Globacom came, it disrupted the billing system, pioneering not only per second billing but landing a submarine cable, Glo 1, on the shores of Lagos to redefine customer experience in data and voice.

Ogunbanjo commended the Chairman of Globacom, Dr Mike Adenuga for the display of patriotism, adding that the logjam over per second billing for which the incumbents had insisted they had no technology to start was broken when Globacom started operation.

“Glo has done well especially its policy of promoting local content. All their adverts are locally produced by our celebrities and Nollywood actors and actresses. This is commendable. In the area of life-changing promos in data and calls, Glo is always at the forefront while others follow. It will not be improper to say Glo has helped deepened internet penetration in the country,” he said.

The President, Association of Telephone, Cable Tv and Internet Subscribers of Nigeria (ATCIS), Sina Bilesanmi, also commended Globacom for its pioneering role of emancipation but wants the carrier to do more. “We thank Glo for making us proud as the first Nigerian telecom company that placed the interest of the nation first. We however expect more from the network. We want more inclusion as a subscriber body. We see the life-changing programmes of Glo on television. We want to be part of their story like the National Lottery Board,” he said.

Like Bilesanmi, Ogunbanjo looks forward to Glo rolling out services on the Code Division Multiple Access (CDMA) or landline for which the carrier has Second National Carrier licence from the Nigerian Communications Commission (NCC).

“Going forward, we hope Glo will roll out landlines which is 60 per cent cheaper to global system for mobile communication (GSM). That is the only worry I have. In every other area Glo has done so well,” he said.

Glo reaassures

The national operator has assured of better deals ahead. In a press statement signed by its Deputy Chief Operating Officer, Mr. Bisi Koleosho, in commemoration of the anniversary, Globacom showered praises on its subscribers and Nigerians in general for their unflinching support since August 29, 2003.

“As we celebrate our remarkable achievements these past 19 years, we wish to thank our subscribers for keeping faith with us .We assure them that Globacom will remain a catalyst for socio-economic empowerment not only in Nigeria but also in Africa.

“Globacom has been carrying out an aggressive roll-out of network equipment and upgrade of its sites to 4G-LTE across the country in order to continue to offer high speed and quality data experience to its over 56 million subscribers. The process covers the entire scope of telecoms infrastructure upgrade from the core network to access network, transmission and IP network, fiber network, metro access and backbone infrastructure. It also involves rollout of new sites to increase network coverage in areas that need improvement and to also densify and ease off already congested areas. This ultimately improves customers’ network experience and satisfaction in terms of service delivery, network quality and coverage,” Mr. Koleosho said, adding that the company is constantly investing massively in new technologies to exceed customer expectations.

“We appreciate you for your faith in the company and restate our commitment to the provision of world-class communications and digital services. This is in line with the corporate promise we made at launch to build a robust communications and technology infrastructure that would consistently deliver value to its esteemed customers.

The network operator has been committed to the provision of unique and world class services including its international telecom operations with Glo Gateway, the International Wholesale Voice and Data Exchange and Trading Business Unit of Globacom. It is the first operator in Africa to launch gateway switches outside the continent to carry international voice and data traffic. Glo 1, the first privately owned submarine cable, has also addressed the bandwidth requirements of the West African sub-region and led to crashing of data tariffs.

Its unrelenting commitment to the enhancement of its services have led to massive  investments in digital technology, continuous rollout of  a wide array of value- added services and far-reaching and unique marketing initiatives.

In line with its commitment to offer value to mobile telephone customers, 9mobile has launched 9Konfam, a tariff plan that rewards customers with generous airtime and data benefits upon SIM activation, and on every recharge.

According to the telco, 9Konfam empowers customers to connect and to do more with their airtime and data purchases.

“At 9mobile, we are committed to releasing products and services that allow customers to get the most out of their subscriptions. With 9Konfam, new and existing customers get to enjoy exciting bonuses on their airtime and data recharges,” the Director, Product Innovation and Business Development, 9mobile, Kenechukwu Okonkwo, said.

With 9Konfam, customers, who purchase a new 9mobile SIM card, will enjoy N1,000 welcome bonus once they activate the SIM. In addition, they will get nine times the value of all recharges from N100 and above to call all networks, send text messages, and for data/internet activities., What’s more? Customers on 9konfam will receive a double data bonus on their first recharge of the month (for the initial six months of joining the network) so long as they recharge with N200 or higher. Notwithstanding all these listed benefits new customers would continue to enjoy a 100 per cent bonus on data bundles that they buy, till they exceed six months on the network.

“You will agree with me that 9Konfam is loaded with full options”, Okonkwo said. He, therefore, enjoined all telecom subscribers to get a 9mobile SIM and be “confirmed” with 9konfam.

To subscribe to 9Konfam and enjoy these exciting bonuses, simply activate a new 9mobile SIM or dial *1400# from a 9mobile SIM.

Indigenous tech innovators at the weekend in Lagos got a big boost as $650,000 was shared among the winners of the final of EKOCLIMATHON 0.1, organised by Eko Innovation Centre.

During the grand finale, a group of 10 innovators, which were divided into batches to pitch their ideas were judged by the selected juries.

They are Cashfog, Eko bike, DigitAgric, Exousia, Rinbox, Eko Buddies, Buy ‘N’ Bulk, Agricsac, Coulomb. While Coulomb emerged second runner up with the prize of $100,000 and a laptop, Exousia came up as first runner up with the prize cash of $250,000 and a laptop while the grand winner, DigitAgric, won a cash prize $300,000 and a laptop.

Speaking on the objective of the contest, the Executive Director, Circular Economy Innovation Partnership, Natalie Beinisch, said it was organised to identify promising climate-oriented business solutions that could meet the needs of Nigerians.

She said there would be a market demand and sees the project as a sustainable project where there will be a follow-up incubation to support the winners to develop their cost modeling and get access to the clients with the right kind of product.

In an interview with the organisers of the event, Mr. Gbenga Afolabi, he said Eko Innovation Centre is the biggest promoter of civic tech, aimed at building a better society through collaboration. The process, he said, had been interesting 1034 entries from four continents, 11 countries and 118 locations from which 300 teams were selected and went through workerton where they could create stuffs and pitch to the selection jury where the best 10 went into the mentors nest.

He urged those who couldn’t make it up with the runner up to go refine their work as they may have another opportunity next time at the EKOCLIMATHON 2.0.

He advised them to go get more mentors, adding that they could plug in and access support from the network to build their initiative and make their companies better.

He thanked the Lagos State government for the collaboration, stressing that the state has always supported the program. He hoped they will continue to partner with them in the future and in the next five years they can fix this country and move the economy forward to a more tech-driven economy so as to make lives better for the citizens.

The special adviser on Innovation & Technology, Lagos State Mr Tubosun Alake described the event as the ingenuity of Nigerians and how they are able to solve climate change problems. He said the government is ready to support the initiatives that drive solutions to issues. He advised youths to work hard and identify a problem and the solution, stressing that opportunities abound for them to excel.

Also speaking, the Managing Director/CEO for Lagos Waste Management Authority (LAWMA), Mr Ibrahim Odumboni, said recycling is no longer a new thing in Lagos as it has been on for more than two years consecutive. He said some of the milestone that have been achieved is that LAWMA is now having more than 10,000 personnel working in that sector now as compared to the 2,500  it had before the current administration

He said the value of plastic has gone up from N15 to N170 per kilogram. He said a company called Polismat is coming to Lagos to start production from next month, saying some 4.5million bottles will be taken out of the system everyday consecutively for the next five years.

According to the LAWMA boss, recycling method opens a lot of opportunities for those who want to be employed, urging them to register on the pakermap, an app, which is about people who want to be collectors. He said they can request collection which they will in turn sell to the collector and the collector sends to the end users.

According to Odumboni, there is nothing called waste.  “They are resources and can be used as fertilizers, cement factories, and can be used to make products like T-shirts and others,” he said.

He advised everyone to get a bin and store their plastics, store the recyclables and not expose them to the sun. LAWMA is promoting bag degradable packaging in which a company called Bonibiot which approached them to give them some of their assets in Ibeju Lekki to create a factory where they will have baggable items such as bin bags, straws and others.

The winners of the competition said they are aiming to increase the productivity of the farmer and how to ensure they get better income for their toils. They   are also committed to reviving the soil nutrient for agricultural productivity.

One of them who identified himself simply as Adegoke expressed delight to have won the competition as he never believed he could win the competition. He said there are prizes for those who solve the world’s problems. He has been in agric tech since 2020.

Adegoke appreciated the organizers of the programme, saying: “Words are not enough to appreciate them coming up with this innovative idea project like this is the best way for us to either eradicate or solve climate change problems.”

Nigeria has become the attraction of cyber-crooks who masquerade by infecting private people and corporate orgnanisations with ransomware, writes LUCAS AJANAKU.

Globally, ransomware has become the biggest threat confronting businesses, governments and private individuals.

Private companies and public agencies alike are however not relenting as the sophistication, frequency, and consequences of cyberattacks continue to evolve and grow.

The past year has witnessed very high profile attacks, including the Colonial Pipeline ransomware attack, the Kaseya ransomware attack, a string of attacks against hospitals and healthcare, including the Irish Healthcare Executive, and many others. These attacks have left on their trails, problems for millions of their victims.

Ransomware is effective because, in many cases, the victim will give into the extortion by the cyber criminals and pay the ransom, often millions of dollars, to get a decryption key to restore their network. In other cases, the victims don’t pay, opting to restore the network themselves, a process that can take weeks or months – all the while having an impact on their business or services. Such has been the chaos caused that ransomware has even become part of the discussion between world leaders during international summits, according to ZedNet.

Last year, law enforcement agencies around the world publicised arrests and take downs related to ransomware groups and the dark web services that allowed them to operate. Suspects were detained in Ukraine, South Korea, Kuwait and others.

In order not to be caught napping, the Nigerian Communications Commission (NCC) put in place the Computer Security Incident Response Team (CSIRT) as the telecom sector’s cyber security incidence centre to focus on incidents in the telecom sector as they may affect telecom consumers and citizens at large. The CSIRT also works collaboratively with the Nigeria Computer Emergency Response Team (ngCERT), established by the Federal Government to reduce the volume of future computer risks incidents by preparing, protecting and securing the cyberspace to forestall attacks, problems or related events.

The centre has in recent times, alerted the nation about the threat of malicious ransomware that threatened to unleash attacks on the nation’s cyber space.

First, the NCC-CSIRT flagged a new malware, HiddenAds, which has infiltrated Google Play Store that can impact device performance and jeopardise users’ privacy.

NCC-CSIRT, therefore, urged organisations to adopt stronger cybersecurity measures such as ensuring their employees use strong, unique passwords for every account and enabling multi-factor authentication (2FA) wherever it is supported to prevent ransomware attacks. It also advised organisations to ensure regular systems backup.

Its warning was contained in its advisory of August 12 after the Yanluowang threat actors gained access to Cisco’s network using an employee’s stolen credentials after hijacking the employee’s personal Google account containing credentials synced from their browser.

Ransomware is a malware designed to deny a user or organisation access to files on their computer until they pay the attackers.

Cisco reported the security incident on its corporate network but said it did not identify any impact on its business although the threat actors had published a list of files from this security incident on the dark web on August 10.

NCC-CSIRT estimated potential damage from the incident to be critical while predicting that successful exploitation of the ransomware will result in ransomware deployment to compromise computer systems, sensitive products and customers’ data theft and exposure, as well as huge financial loss to organisations by incurring significant indirect costs and could also mar their reputations.

The team said: “The first step to preventing ransomware attacks is to ensure that employees are using strong, unique passwords for every account and enabling multi-factor authentication (2FA) wherever it’s supported.

“In response to the attack, Cisco has immediately implemented a company-wide password reset. Users of Cisco products should ensure a successful password reset.’’

“As a precaution, the company created two Clam AntiVirus signatures (Win.Exploit.Kolobko-9950675-0 and Win.Backdoor.Kolobko-9950676-0) to disinfect any potentially compromised assets. Clam AntiVirus Signatures (or ClamAV) is a multi-platform antimalware toolkit that can detect a wide range of malware and viruses.

tain sensitive information. “Organizations should ensure regular systems backup.”

In its August 8 advisory, NCC-CSIRT classified the virus, first identified by the McAfee Mobile Research Team, as high in probability and damage potential.

The malware infiltrated the Google Play Store in the form of several device cleaners or optimization apps.

“Upon installation, it can run malicious services without the user opening the app. It also spams the user with irrelevant advertisements. The apps have received downloads ranging from 100,000 to over a million.

“Some of the apps HiddenAds masquerades as are: Junk Cleaner, EasyCleaner, Power Doctor, Carpet Clean, Super Clean, Meteor Clean, Strong Clean, Windy Clean, Fingertip Cleaner, Keep Clean, Full Clean – Clean Cache, Quick Cleaner, and Cool Clean.

“When a user installs any of the aforementioned apps, whether the user has opened the app or not, a malicious service is immediately installed on the device.”

The app will then attempt to blend into the app tray by changing its icon to the Google Play icon that every Android user is familiar with. Its name will also change to ‘Google Play’ or ‘Setting’. The device will then be bombarded with ads in a variety of deceptive ways, severely impairing the user experience,” the summary provided by NCC-CSIRT said.

Anyone that installs the compromised app will experience their device performance suffering significantly, clicking on the ads may result in stealth downloads/installation of other malware, users may inadvertently subscribe to services and be billed on a monthly basis, and the privacy of users will be jeopardized.

NCC-CSIRT advised users to avoid downloading questionable apps or apps they are unsure about while those who have installed any of the identified malicious apps should immediately delete them.

It further disclosed that where the malicious app’s icon and name have changed, it can be identified by the fact that it is removable while the legitimate Google Play app cannot be uninstalled.

The advisory recommended the installation of anti-virus/anti-malware software with a proven track record for detecting and removing malware.

NCC-CSIRT again flagged another ‘HiddenAds’ malware that jeopardizes users’ privacy that has infiltrated Google Play Store and can impact device performance and jeopardize users’ privacy.

In its advisory of August 8, 2022, NCC-CSIRT classified the virus, first identified by the McAfee Mobile Research Team, as high in probability and damage potential.

The malware infiltrated the Google Play Store in the form of several device cleaners or optimization apps.

“Upon installation, it can run malicious services without the user opening the app. It also spams the user with irrelevant advertisements. The apps have received downloads ranging from 100,000 to over a million.

“Some of the apps HiddenAds masquerades as are: Junk Cleaner, EasyCleaner, Power Doctor, Carpet Clean, Super Clean, Meteor Clean, Strong Clean, Windy Clean, Fingertip Cleaner, Keep Clean, Full Clean – Clean Cache, Quick Cleaner, and Cool Clean.

“When a user installs any of the aforementioned apps, whether the user has opened the app or not, a malicious service is immediately installed on the device. The app will then attempt to blend into the app tray by changing its icon to the Google Play icon that every Android user is familiar with. Its name will also change to ‘Google Play’ or ‘Setting’. The device will then be bombarded with ads in a variety of deceptive ways, severely impairing the user experience,” the summary of the advisory provided by NCC-CSIRT stated.

Anyone that installs the compromised app will experience their device performance suffering significantly, clicking on the ads may result in stealth downloads/installation of other malware, users may inadvertently subscribe to services and be billed on a monthly basis, and the privacy of users will be jeopardized.

NCC-CSIRT advised users to avoid downloading questionable apps or apps they are unsure about while those who have installed any of the identified malicious apps should immediately delete them.

It further disclosed that where the malicious app’s icon and name have changed, it can be identified by the fact that it is removable while the legitimate Google Play app cannot be uninstalled.

The advisory recommended the installation of anti-virus/anti-malware software with a proven track record for detecting and removing malware.

 

Access to financial services is a sign of development in Nigeria, experts in the fintech space said during the Virtual Couch Session held at just concluded Lagos Startup Week.

Hosted via Twitter Spaces by Benjamin Dada, the Nigerian Country Manager for Stitch, Dayo Ademola, the Managing Director, Branch Nigeria joined other leaders in the fintech industry to discuss: “What next for Fintechs in Africa?”

Ademola said access to financial services has been a sign of healthy development in underdeveloped nations during his discussion on the significance of financial services in the society.

Another expert, the Chief Executive Officer of Klump, Celestine Omim, agreed with him. He said the rise of fintech has been encouraged by the expansion of cellphone usage and the Central Bank of Nigeria (CBN’s) cashless policy.

Co-founder Vesti, Olusola Amusan, said the lack of access to financial institutions faced by many of the Nigerian population provided the opportunity for fintech growth.

Startup Programme Lead at Paystack, Nubi Kay, agreed  with him. He said fintech is the backbone of commerce, affirming that between 60 per cent and 70 per cent of funding for tech startups goes to the fintech space, which has formed the bulk of high-value startups and unicorns in Nigeria.

Speaking on the rise of the fintech space, Ademola said its growth can be attributed to the existence of huge gaps that need to be filled like the provision of credit and the ability to deliver small quick loans without the burden associated with the traditional banking system. This gap, she said, is why Branch International exists in a country like Nigeria.

Yet, this opportunity has also seen its share of challenges. Underwriting and scoring are the main problems with lending in the system, whether it is for small retail loans or larger individual and commercial loans. Basically, how lenders determine who is worthy and what models can identify customers that don’t default in payment remains a big challenge.

Ademola, however, explained how Branch has solved this problem. “At Branch, we have built a really good so we can make small loans available to people because it is nearly impossible to get a loan anywhere else. We are also good at predicting when people will pay us back,” she said.

Since inception, Branch International has issued over six million loans to Nigerians while offering investment opportunities at their fingertips. The digital finance app offers services such as small loans of up to N500,000 ($1,200) and long and short-term investment opportunities with one of the highest return on investment (RoI) in Nigeria.

 

 Despite opposition to the implementation of the five per cent telecoms tax on calls and data by the Communications and Digital Economy Minister, Prof Isa Pantami, and other stakeholders in the economy, the Federal Government has insisted it was not backing down on tax. Instead of over-taxing the telecoms sector, the government should provide the regulatory space for crypto transactions to boost its digital tax earnings, writes LUCAS AJANAKU.

The Minister of Communications and Digital Economy, Prof Isa Pantami, appeared to have captured the mood of the nation, aligning with the masses when he expressed his opposition to the five per cent telecom tax.

One of the reasons he opposed the tax is its timing. To Pantami, it is rather inauspicious for the Federal Government to add to the yoke of over-burdened Nigerians. Pantami is not alone. The President, National Association of Telecoms Subscribers (NATCOMS), Deolun Ogunbanjo, is also against the tax because of the poverty some of the policies of the government has visited on the citizens.

For the Chairman, Association of Licensed Telecoms Companies of Nigeria (ALTON), Gbenga Adebayo, the tax is one too many. He wondered why the fixation of the telecoms sector for taxation. He said no fewer than over 40 taxes, levies, dues, including payment for rough-necks that would insist on cash before fueling base transceiver stations (BTS), exist in the sector.

Pantami, Adebayo and Ogunbanjo are indeed on point on the rising poverty in the land and the need for the government to show empathy. Nigeria’s inflation rate in June, surged further to 18.6 per cent compared to 17.71per cent recorded in the previous month, according to the last CPI report for the month of June 2022, by the National Bureau of Statistics (NBS).

Inflation rate climbed to its highest level in 65 months (over five years), and the fifth consecutive monthly rise. The last time the inflation rate hit the 18.6 per cent ceiling was January 2017, when it stood at 18.72per cent.

Monthly, the inflation rate increased to 1.82 per cent in June, this is 0.03 per cent higher than the rate recorded in May 2022 (1.78 per cent). Also, the urban inflation rate increased to 19.09per cent (year-on-year); this is 0.74per cent points higher than the 18.35 per cent recorded in June 2021, while the rural inflation rate increased to 18.13per cent in June 2022 from 17.16 per cent recorded in the corresponding period of 2021.

Crypto world

Despite regulatory reservations, cryptocurrencies have over the years gained enormous popularity, making people adopt them as a tool for financial transactions. In fact, cryptocurrencies have delivered several benefits, such as minimal transaction fees, instant accessibility and high levels of transparency.

With the benefits cryptocurrency has over traditional currency and even other asset classes, it’s hard to argue that there’s no value in transacting with or investing in crypto. The utility provided by many cryptocurrencies is of great benefit to people who value fast and secure transactions. And this is only going to grow more accessible over time with fewer technical hurdles being curbed.

As a demonstration of the fact that if crypto is given a regulatory breathing space, it could boost earnings from digital cash, Mara, a pan-African crypto exchange trading platform, Mara, said plans to impact 1 billion people over the next five years in Nigeria and other parts of Africa.

Its co-founder/CEO, Chi Nnadi, said: “Starting this September with Hack The Mara, we will periodically hold hackathons to solve predominately African problems. We want to train one million people through our training programs and impact a billion in Africa over the next couple of years.”

Speaking on leveraging the platform to establish youths and crypto community, he said platform, which recently raised $23 million in pre-seed, would raise more money on token next year to build more in Africa.

The CEO also said more tokens were going to be listed after building up the Mara community.

 

Crypto security

As a digital payment system, cryptocurrency doesn’t rely on banks to check and verify transactions. It utilises a peer-to-peer network that makes it possible for anybody, anywhere, to send and receive payments. This system uses encryption to verify transactions and the aim of this is to provide added security and safety.

Just like traditional systems, blockchain networks are not exempted from potential obstacles. However, despite the prevalence of this, there are tools that enable anyone to look up transaction data such as the location, timing, and quantity of cryptocurrency sent from a wallet address. The amount of cryptocurrency saved in a wallet may also be seen by anyone, and this level of transparency helps cut down on any insecurities.

Recently, an automated market maker (AMM), Wine Swap, engaged in an exit scam, and the Binance Security team was able to effectively recover an estimated 99.9 per cent of the nearly $345,000 worth of stolen bitcoins. The platform’s busiest and most dedicated community builders, Binance Angels, have been instrumental in raising money for recovery operations. The volunteer organization assisted a user in recovering 98,000 USDC in funds that were unintentionally sent to the incorrect address.

Keys to enhancing crypto security

While the element of transparency in crypto transactions as well as blockchain networks to conquer any potential insecurities, there is still a need to adopt stringent security measures.

Advanced security measures, offline money storage, real-time activity monitoring, and data encryption are a few of Binance’s main platform security initiatives. In addition to ensuring that only users have access to their personal information and the safety and integrity of user cash, these initiatives also analyze user activity through Binance’s risk management system in the event of any unexpected activity on the account.

While guaranteeing industry-wide compliance with crypto security standards, it’s critical to take user-level security into account, which takes us to the user-first approach.

User-first approach

A high level of security is maintained on the user’s side thanks to the user-first approach. Maintaining a security measure on the user’s side is as crucial to maintaining crypto compliance on the industry side. This is a vital key to enhancing crypto security. The Binance platform consistently prioritises user protection through its cutting-edge security measures and stringent data privacy laws because users are the foundation of the Binance ecosystem. This consists of a comprehensive risk management system, real-time monitoring, and cutting-edge data privacy solutions.

Safe sign-in, access control, and security notifications are among the user-level security measures to ensure adequate crypto security. In addition to the user-first approach measures, Binance also put the following actions in place to guarantee user-level security: prompt alerts in the event of questionable activity, a stringent sign-in policy, and opt-in security measures.

Also, Binance includes a cooling-off time feature that stops trading in derivatives, allowing users to refrain from compulsive buying after experiencing losing streaks. This capability is also accessible for margin trading, allowing for the temporary suspension of activities like borrowing and isolated or cross-margin trading. Along with these capabilities, the platform also contains user-generated material, help articles, an auto-deleverage liquidation indication, and client knowledge tests.

The greatest level possible of cybersecurity must be maintained regardless of the rise in crypto vulnerability, and Binance has taken this step to retain their commitment to user safety by adopting a user-first approach.

Also, it is important for users to take security measures seriously. Keep your devices safe, and also conduct personal research on the cryptocurrency you’re transacting with. This is important as it keeps you informed about the cryptocurrency market and improves your future investments decisions.

 

 

The Nigerian Communications Commission’s Computer Security Incident Response Team (NCC-CSIRT) has urged organisations to adopt stronger cybersecurity measures.

These measures include ensuring that organisations’ employees use strong, unique passwords for every account and enabling multi-factor authentication (2FA) wherever it is supported to prevent ransomware attacks as well as advising organisations to ensure regular systems backup.

The NCC-CSIRT’s warning contained in its advisory of August 12 came after the Yanluowang threat actors gained access to Cisco’s network using an employee’s stolen credentials after hijacking the employee’s personal Google account containing credentials synced from their browser.

Ransomware is a malware designed to deny a user or organisation access to files on their computer until they pay the attackers.

Cisco reported the security incident on its corporate network but said it did not identify any impact on its business although the threat actors had published a list of files from this security incident on the dark web on August 10.

NCC-CSIRT estimated potential damage from the incident to be critical while predicting that successful exploitation of the ransomware will result in ransomware deployment to compromise computer systems, sensitive products and customers’ data theft and exposure, as well as huge financial loss to organizations by incurring significant indirect costs and could also mar their reputations.

The team said: “The first step to preventing ransomware attacks is to ensure that employees are using strong, unique passwords for every account and enabling multi-factor authentication (2FA) wherever it’s supported.

“In response to the attack, Cisco has immediately implemented a company-wide password reset. Users of Cisco products should ensure a successful password reset.

“As a precaution, the company has also created two Clam AntiVirus signatures (Win.Exploit.Kolobko-9950675-0 and Win.Backdoor.Kolobko-9950676-0) to disinfect any potentially compromised assets. Clam Anti-Virus Signatures (or ClamAV) is a multi-platform antimalware toolkit that can detect a wide range of malware and viruses.

“User education is critical in thwarting this type of attacks or any similar attacks, including ensuring that employees are aware of the legitimate channels through which support personnel will contact users, so that employees can identify fraudulent attempts to obtain sensitive information. Organisations should ensure regular systems backup,” the advisory urged.

The CSIRT is the telecom sector’s cyber security incidence centre set up by the NCC to focus on incidents in the telecom sector and as they may affect telecom consumers and citizens at large.

The CSIRT also works collaboratively with the Nigeria Computer Emergency Response Team (ngCERT), established by the Federal Government to reduce the volume of future computer risks incidents by preparing, protecting and securing the Nigerian cyberspace to forestall attacks, problems or related events.