Business
African Brands To Honour Fintechs
African Brands, a leading brand growth promoter, is set to recognize the immense contributions of financial technology firms to financial inclusion in Africa at the fifth edition of the Africa Financial Technology Congress.
Themed “Harnessing the Power of Fintech to Accelerate Financial Inclusion in Emerging Markets,” the event is scheduled to take place on July 31, 2024, in Lagos.
According to the organisers of the event, the African fintech space has experienced tremendous growth over the past decade, with over 1400 active fintech brands across the continent.
The drivers of this growth include favorable demographics, high mobile phone access, and Africa’s generally poor level of internet financial inclusion.
Over the last 15 years, Africa’s development outlook has improved significantly, driven primarily by the fintech revolution. The African Financial Technology Congress 2024 was created to share more insights on the progress of Africa’s fintech revolution.
The congress will bring together senior representatives from banks, government, investors, FIS, card providers, payment services platforms, blockchain executives, and solutions providers to brainstorm solutions to the industry’s key challenges and opportunities.
The event will feature an award ceremony to honour outstanding fintech brands that have exceptionally performed well in their deliverables.
AFTC is founded on the idea that fintech can unleash unprecedented economic growth in Africa, but more collaboration and ecosystem for stakeholders are needed.
The recognition by African Brands is a testament to the growing importance of fintech in Africa’s financial landscape.
In recent years, fintech has made significant inroads into the market, with estimated revenues of around $4 billion to $6 billion in 2020 and average penetration levels of between 3 and 5 percent, excluding South Africa.
The growth of fintech in Africa has been described as a “fintech eruption,” with local and international investors taking notice.
Despite a slow down in funding in line with global trends, fintech in Africa is expected to experience significant growth and value creation in the coming years.
Cash is still used in around 90 percent of transactions in Africa, which means that fintech revenues have huge potential for growth.
If the sector overall can reach similar levels of penetration to those seen in Kenya, a country with one of the highest levels of fintech penetration in the world, African fintech revenues could reach eight times their current value by k2025.
The African financial services market could grow at about 10 percent per annum, reaching about $230 billion in revenues by 2025.
As the fastest-growing start-up industry in Africa, the success of fintech companies is being fueled by several trends, including increasing smartphone ownership, declining internet costs, and expanded network coverage, as well as a young, fast-growing, and rapidly urbanizing population.
Business
The Rising Tide of Cyber Threats: How to Protect Your Personal Devices and Prevent Financial Loss
In today’s interconnected world, cybercriminals are be-coming increasingly adept at exploiting vulnerabilities in personal devices to extract sensitive information from unsuspecting victims. As hacking attempts grow more sophisticated, experts are sounding the alarm on the importance of adopting robust security measures to safeguard personal devices and prevent devastating financial losses. The alarming rise in cybersecurity breaches has resulted in staggering financial losses, with the International Monetary Fund reporting that losses from cyber incidents have quadrupled since 2017. While the average loss hovers around $0.5 million, severe at-tacks can have catastrophic consequences, costing companies as much as $2.5 billion once every decade.
The sheer scale of these losses reiterates the urgent need for individuals and organizations to prioritize cybersecurity and protect their personal devices from the ever-evolving threats posed by cybercriminals. As the digital landscape continues to shift and vulnerabilities are exploited, it is crucial that we adopt a proactive approach to cybersecurity, rather than simply reacting to threats as they arise. Experts agree that a multi-layered approach to cybersecurity is essential, incorporating robust security measures, regular soft-ware updates, and a healthy dose of skepticism when interacting with online content.
One of the most critical steps in protecting personal devices is to ensure that all software and operating systems are up-to-date. In addition to regular updates, it is essential to adopt robust security measures, such as fire-walls, antivirus software, and encryption. These measures can help to prevent cybercriminals from gaining access to personal de-vices and extracting sensitive information. However, even with robust security measures in place, it is still possible for cybercriminals to exploit vulnerabilities in personal devices. This is why it is crucial to adopt a healthy dose of skepticism when interacting with online content. This includes being cautious when clicking on links or opening attachments from unknown sources, as well as being wary of phishing scams and other types of social engineering attacks.
As the digital landscape continues to evolve and cyber threats become increasingly sophisticated, it is clear that cybersecurity must be a top priority for individuals and organizations alike. By adopting a proactive approach to cybersecurity, incorporating robust security measures, regular software updates, and a healthy dose of skepticism, we can help to prevent devastating financial losses and protect our personal devices from the rising tide of cyber threats.”
Cybersecurity is no longer a luxury, it’s a necessity,” said Beckham Anderson, a leading cybersecurity expert. “As cyber threats continue to evolve, it’s essential that we stay one step ahead by adopting a multi-layered approach to cybersecurity. This includes regular software updates, robust security measures, and a healthy dose of skepticism when interacting with online content. “The rising tide of cyber threats poses a significant risk to individuals and organizations alike. However, by prioritizing cybersecurity and adopting a multi-layered approach to protecting personal devices, we can help to prevent devastating financial losses and safeguard our sensitive information. As the digital landscape continues to evolve, it is crucial that we remain vigilant and proactive in our approach to cybersecurity, ensuring that we are always one step ahead of the cybercriminals.
Nigerian banks’ rush to upgrade their core banking systems has caused confusion and frustration for many customers. With banks upgrading to more secure software, the lack of communication and customer support has left millions unable to access their funds, sparking questions about the bank’s commitment to customer welfare.
Dr. Uju Ogubunka, President of Bank Customers Association of Nigeria (BCAN), emphasized the severe impact of these disruptions, stressing the need for better communication and customer preparedness during such transitions. Banks must strike a balance between technological upgrades and customer service to retain trust, especially in an economy facing devaluation pressures.
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As Nigeria commemorates its 64th Independence anniversary, the stark contrast between celebration and the persistent challenges of corruption, mismanagement, and unfulfilled promises becomes evident.
The editorial revisits historical attempts at reform, such as the Independent Corrupt Practices Commission’s (ICPC) prosecutions and the House of Representatives’ inquiry into the unfulfilled $14.5 million aircraft repair contract. Many of these initiatives have faded from public memory, leaving questions about accountability unresolved.
High-profile corruption cases, including the Halliburton scandal involving alleged bribes of $180 million, highlight systemic failures within the political landscape.
The editorial emphasizes the need for collective action from citizens, civil society, and the media to demand transparency and accountability. It warns that without addressing these entrenched failures, Nigeria’s path toward democracy and good governance may continue to be fraught with unfulfilled promises.
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