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March 14 2024

👨🏿‍🚀TechCabal Daily – Telkom loses 800,000 subscribers

In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning If you’re often missing TC Daily in your inbox, check your Promotions folder and move any edition of TC Daily from “Promotions” to your “Main” or “Primary” folder and TC Daily will always come to you. In today’s edition Nigeria’s space plan is on hold Airtel Money eyes IPO Telkom loses 800,000 subscribers Interswitch merges with M-Kudi The World Wide Web3 Opportunities Space Nigeria’s satellite launch plans put on hold While Nigeria’s space ambitions face a temporary setback, its achievements shouldn’t be forgotten. Launched in 2003, NigeriaSat-1, Nigeria’s first earth observation satellite supported disaster responses in Argentina, Paraguay, and West Africa before its decommissioning in 2014. Its impact also extended to vital mapping projects in the Amazon rainforest and Vietnam’s coastlines. Nigeria’s space programme has a history of reaching out a hand from beyond Earth’s atmosphere. However, ambitious plans to launch a Nigerian astronaut and a domestically-built satellite in 2025 have been put on hold. Why? The Director-General of Nigeria’s National Space Research and Development Agency (NASRDA), Dr Halilu Shaba, disclosed that the agency’s ambitious plan to launch a satellite by 2025 hit a financial roadblock. Additionally, launching an astronaut into space is currently deemed economically unfeasible. NASRDA anticipates it may take up to five years to secure a launch slot, making immediate astronaut training impractical. Despite the delay, NASRDA maintains its 25-year plan to send a Nigerian astronaut into space and launch an indigenous satellite from Nigeria. The agency projects significant growth potential for Nigeria’s space industry, aiming for a valuation of up to $1 billion. Zoom out: Meanwhile,NigeriaSat-2, another earth observation satellite launched in 2011, remains functional, providing high-resolution imaging for various purposes. NASRDA utilised it for estimating population and partnered with China to monitor earth tremors in Nigeria and across Africa. Launch your tech career with Moniepoint Launch your tech career with paid mentorship from fintech industry leaders and potential full-time employment. Apply now! Telecoms Airtel Money eyes IPO African mobile mobile money providers have experienced a surge in investment in recent times. Two years after its $100 million investment in Airtel Money, Mastercard acquired a minor stake in MTN’s mobile money arm. In 2021, Airtel hinted at a possible public offering for its fintech arm after receiving investments from TPG—$200 million—and Mastercard—$100 million—valuing the unit at $2.65 billion. Now, Airtel’s mobile money arm might be ready to go public. Yesterday, Bloomberg reported that Airtel Africa is exploring taking its mobile money unit public, with a potential valuation surpassing $4 billion. Talks of the IPO are in preliminary stages and the company may decide against going public. Airtel Money is Airtel Africa’s fastest-growing arm. While Airtel 2023 profits plunged by almost 99%—recording $2 million in profits compared with $523 million it made in 2022—due to currency devaluation, its mobile money arm recorded a 31.8% revenue growth. The telecom currently offers its mobile money services in 14 African countries. In Nigeria, it competes with MTN Momo, while it is dwarfed by competition from Kenya’s mobile money giant, MPesa. Last year, it received approval to allow customers to transact up to KES 500,000 ($3,400) up from KES 300,000 ($2085) which it was previously allowed to do. No hidden fees or charges with Fincra Collect payments via Bank Transfer, Cards, Virtual Account & Mobile Money with Fincra’s secure payment gateway. What’s more? You get to save money for your business when you use Fincra. Start now. Telecom Telkom loses 800,000 subscribers Telkom’s race to become Kenyans telecom choice has hit another roadblock. Over the years, the telecom has tried to keep pace with Safaricom—who holds the largest market share with 65 million subscribers—and Airtel with 18 million subscribers, for the largest slice of Kenya’s telecom market. However, financial troubles and a declining user count means that the dream is fast becoming out of reach. Between March 2022 and June 2023, Telkom lost 1.62 million subscribers due to a crackdown on irregularly registered SIM cards. New reports show that Telkom has lost about 800,000 more subscribers due to unpaid leasing fees to American Towers Corporation (ATC). ATC switched off 246 Telkom towers in February after it defaulted on leasing fees. Currently Telkom owes the ATC about KES 7.1 billion ($51.7 million). Both parties entered an agreement two years before. ATC asked Telkom for an initial payment of KES 500 million ($3.6 million) and a monthly payment of KES 150 million ($1.09 million) to reactivate the towers. Telkom said it was unable to pay the debts due to its financial struggles. Telkom’s mobile subscribers count as of December 2023 had dropped to 1.3 million down from 3 million. Before now, Telkom owned and managed its towers before it sold about 723 to the ATC in 2018. At the time, the telecom said the move would “enhance the quality and reliability of our network to benefit our customers.” It now appears the move might have served the wrong purpose. Accept fast in-person payments, at scale Spin up a sales force with dozens – even hundreds – of Virtual Terminal accounts in seconds, without the headache of managing physical hardware. Learn more → Fintech Interswitch merges with M-Kudi, eyes PSB licence in Nigeria Africa’s fintech leader, Interswitch, isn’t content with just being a payments powerhouse. After its surprise foray into Nigeria’s telecom sector via a Mobile Virtual Network Operators (MVNO) licence acquisition in May 2023, its ambitions haven’t stopped there. Its latest move involves a merger with mobile money provider M-Kudi, to acquire a Payment service Bank (PSB) licence from Nigeria’s central bank. What’s the deal? Currently, Interswitch focuses on processing payments. The merger with M-Kudi—subject to regulatory approval—will allow Interswitch to create accounts and hold customer deposits. With a PSB license, the company will also be able to receive foreign currencies for its customers and offer agency banking services. Aside getting regulatory approval for the PSB licence, a challenge Interswitch will have to face is convincing Nigerians

March 13 2024

Telkom Kenya loses 800,000 subscribers following a dispute with tower partner

Telkom Kenya, the country’s third-largest telco, has lost about 800,000 subscribers in the last three months, months after the American Towers Corporation (ATC) switched off its network towers. By December 2023, Telkom’s mobile subscribers had dropped to 1.3 million. ATC switched off 246 Telkom towers due to unpaid leasing fees in February 2023, worsening a disagreement dating back two years. Telkom Kenya’s debt ballooned to KES 7.1 billion ($51.7 million) by October 2023. According to Business Daily, ATC demanded an initial payment of KES 500 million ($3.6 million) and a monthly fee of KES 150 million ($1.09 million) to reactivate the towers but Telkom cited financial constraints preventing it from meeting its debt obligations. Telkom Kenya owned and managed its towers before ATC acquired 723 towers in 2018. At the time, the telco said the move would “enhance the quality and reliability of our network to benefit our customers.” As of June 2023, ATC Kenya had 3,643 towers nationwide, including nine distributed antenna system sites.

March 13 2024

Airtel Africa eyes IPO for its mobile money arm

Airtel Africa is exploring taking its mobile money unit public, with a potential valuation surpassing $4 billion, according to a new Bloomberg report. Talks of the IPO are in preliminary stages and the company may decide against going public. Airtel Money is Airtel Africa’s fastest-growing arm. While Airtel 2023 profits plunged by almost 99%—recording $2 million in profits compared with $523 million it made in 2022—due to currency devaluation, Airtel mobile money recorded a 31.8% revenue growth. In 2021, Airtel hinted at a possible public offering for its fintech arm within a few years, after receiving investments from TPG—$200 million—and Mastercard—$100 million—valuing the unit at $2.65 billion. The telecom currently offers its mobile money services in 14 African countries. In Nigeria, it competes with MTN Momo, while it is dwarfed by competition from Kenya’s mobile money giant, MPesa. Last year, it received approval to allow customers to transact up to KES 500,000 ($3,400) up from KES 300,000 ($2085) which it was previously allowed to do. Airtel’s planned mobile money IPO follows a trend of investment in African mobile mobile money providers. Two years after its $100 million investment in Airtel Money, Mastercard acquired a minor stake in MTN’s mobile money arm.

March 13 2024

Interswitch seeks PSB license following merger with M-Kudi

Interswitch, the Visa-backed Nigerian payments giant, has merged with M-Kudi, a mobile money provider, as it seeks a payment service bank (PSB) license from the Central Bank. The merger, subject to regulatory approval, will allow Interswitch to create accounts and hold customer deposits, making it the first time the fintech would offer non-payment services. This follows the fintech’s acquisition of a mobile virtual telecoms licence. “The PSB use case for these companies (payment companies) is the same: to keep some float of their transaction volumes in-house and consolidate on their already established strengths,” an industry insider told TechCabal. “A PSB is the sensible consolidation for them (Interswitch) even if it means they bank themselves,” he added. Interswitch declined to comment on any part of this story. With the PSB licence, Interswitch, which brought in $42 million in revenue for its 2023 fiscal year that ended March 31, will be able to receive foreign currencies for its customers and directly offer agency banking services. Nevertheless, Interswitch has to offer innovative services to convince Nigerians, famous for user inertia, to use its remittance or agency banking services. Interswitch’s tenured presence in Nigeria, where it derives 94% of its revenue, would be useful. With ₦1.1 Trillion in transactions, Firstmonie is the biggest bank-led agency banking service The CBN introduced regulations for payment service banks in 2018 with a remit to increase financial inclusion in rural. Those license holders are to offer 25% of physical activity in “rural areas with a high unbanked population.” Interswitch, which derives most of its revenue from offering services to its banking customers, will have to invest in a nationwide physical network of agents. Mobile money operators are also limited from participating in the revenue-driving segments of other banks, as they cannot directly give out loans, hold foreign currency deposits or participate in foreign exchange transactions except for receiving remittances. These restrictions severely affect the attractiveness of PSBs in Nigeria. Fintech giant Interswitch eyes telecoms market with $1 million MNVO license

March 13 2024

👨🏿‍🚀TechCabal Daily – An Unlimited expansion

In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning Apple is loosening its grip around the iPhone in the European Union. First, the EU forced it to replace its lightning ports with the USB-C, and now, EU regulations are pushing the company to allow users download apps directly from websites. It’s not set in stone yet, but later this year, iPhone users will be able to download apps from sites other than just the Apple Store which has been the only legal way to download apps on the iPhone for over 15 years. In today’s edition Nigeria wants info on top 100 Binance users Interswitch expands into telecoms Stanbic IBTC pauses Kenyan subsidiary launch Unlimit expands to Tanzania The World Wide Web3 Opportunities Crypto Nigeria grills Binance for info on top 100 users On February 26, the Financial Times confirmed the arrest of two Binance executives in Nigeria who had flown into the country to resolve the ban on the company’s website. Latest reports indicate that Nigeria is now grilling the detainees for information on the top 100 Binance users in the country as well as other data including a six-month transaction history. The country also wants Binance to settle any tax liabilities which it has in Nigeria. While both executives were previously unidentified, a new Wired report has now identified the two arrested executives as Tigran Gambaryan, a former crypto-focused US federal agent, and Nadeem Anjarwalla, Binance’s Africa regional manager. Both executives have been held in Nigeria’s capital city Abuja by the office of the National Security Adviser (NSA) after moving into Nigeria two weeks ago to resolve a ban on their website. Gambaryan and Anjarwalla were stripped of their passports upon entry into the country and neither has been charged with any criminal offence. Nigerian authorities are yet to disclose new information about their arrest, but the duo’s relatives are now calling on the US government to negotiate their release. A crypto crackdown? While Nigeria has had a public lifting up of crypto since the resumption of crypto transactions in the country last December, other significant changes have hinted at a casting down. Regulators blocked access to the websites of several exchanges, aiming to curb speculation and prevent the unofficial exchange rates set on these platforms. These websites have become a popular alternative for trading the Nigerian naira and have unofficially established a market-driven exchange rate. Binance was accused of operating illegally and handling $26 billion in unidentified funds. With this latest report, the country might also be considering action against crypto users who have facilitated the transfer of these funds. While Binance’s executives remain in detention, the company has paused trading of the naira against bitcoin and tether digital coins on its exchange. The executives, per Nigerian law, were set for release yesterday, Tuesday, March 12, but a court order set for today, March 13, might see an extension. Launch your tech career with Moniepoint Launch your tech career with paid mentorship from fintech industry leaders and potential full-time employment. Apply now! Telecoms Interswitch acquires $1 million MVNO licence Interswitch is known for quite a few things. It was one of Africa’s earliest unicorns reaching the $1 billion valuation as early as 2019. It’s also one of the very few payments companies which processed over 1.2 billion transactions across Nigeria in March 2023. But like Oliver Twist’s hunger, these successes aren’t enough for the fintech giant. Now, it’s doubling down on telecoms. The Visa-backed company reportedly entered Nigeria’s telecom sector in May 2023, after it acquired a Tier 5 Mobile Virtual Network Operator (MVNO) license for $1 million from the Nigeria Communications Commission (NCC). Why diversify? Interswitch has a large customer base and has issued over 50 million debit cards through its payment services. It aims to leverage this customer base and utilise its MVNO licence to offer combined payment and telecom services to both business-to-business (B2B) customers and consumers. Their strategy focuses on a low-capital-expenditure virtual telecoms model. Interswitch holds the highest tier license—a unified virtual operator, which allows them to partner with existing telcos and leverage their infrastructure to offer cheaper mobile services—including 4G/5G—and expand reach to underserved areas, especially in rural regions. The big picture: Nigeria’s telecom regulator issued 25 MVNO licences in 2023 to boost competition. Despite the country’s large population—200 million—only 60% have access to mobile connectivity, less than 5% have access to 4G, and 0.8% have access to 5G. If Interswitch’s fintech ambition is any pointer, Nigerians will see stronger connections in the future. No hidden fees or charges with Fincra Collect payments via Bank Transfer, Cards, Virtual Account & Mobile Money with Fincra’s secure payment gateway. What’s more? You get to save money for your business when you use Fincra. Start now. Fintech Stanbic pauses launch of Kenyan fintech subsidiary In recent times, Nigerian commercial banks have been borrowing from the playbook of fintechs and establishing their fintech subsidiaries. GTCO launched Habari Pay in 2018. Access Bank Plc, Nigeria’s largest commercial bank by asset, launched Hydrogen in 2021. Stanbic IBTC Holdings, in 2022, launched Zest, its fintech arm. Other countries appear to be gleaning from this playbook. In its 2022 financial report, Stanbic Holdings disclosed it was looking to partner or acquire a fintech or mobile network operator to expand its business. The company also stated, the year before, that it was seeking partnerships with Chinese financial technology firms to boost trade between Kenyan traders and Chinese vendors. Stanbic Holdings believed Chinese fintech partnerships would enable Kenyan traders to source quality goods and settle transactions conveniently. Now, Stanbic Holding has hit a pause on its attempt to launch its fintech subsidiary in Kenya. The company had earlier obtained regulatory approval from the Capital Markets Authority (CMA) to begin operations in Q4 2023, but the bank’s board has decided to put a hold on operations. While the exact reason for stalling operations remains unclear, the latest disclosure means Stanbic might be reneging on its

March 12 2024

Flutterwave’s COO leaves fintech giant after several other high-profile exits

Flutterwave’s chief operating officer, Bode Abifarin, has left Africa’s largest startup after six years of leading the startup’s operations, in the latest high-profile exit from the payments giant. “It’s been a cocktail of highs, lows, victories and failures, hitting milestones, losing milestones, all wrapped up in a story of resilience with the ultimate satisfaction of solving payment problems for our customers,” Abifarin wrote in a LinkedIn post on Tuesday. Her resignation comes after other high-profile employees like Oneal Bhambani, the former chief financial officer, and Ted Oladele, a former vice president of design and innovation, left the company in recent months. Jimmy Ku, the company’s head of growth for the United States, also left the company in February. Abifarin joined Flutterwave after 15 years at KPMG Nigeria, where she was an associate director. With almost two decades of experience, she built Flutterwave’s operations, including internal processes, as it attained unicorn status and helped steady the ship through a series of allegations against its leadership in 2022. “Since our inception, Bode has been the heartbeat of our operations, infusing her passion and dedication into every aspect at Flutterwave,” Gbenga Agboola, Flutterwave’s CEO, said in a LinkedIn post. She will “continue to nurture new businesses” and “focus on building, teaching and education,” after leaving Flutterwave. Abifarin’s exit comes as the payment giant touts itself as an IPO candidate with a rumoured listing that has been in the works since 2022. Although the recent exit of high-profile employees raises questions about these stock listing plans, the startup has made progress on other fronts. After a tumultuous fraud allegation by Kenyan authorities, Flutterwave has been cleared of financial impropriety in the East African country, which threatened to dent its reputation. The startup also hired five new executives across its risk, compliance, and expansion departments one month after Bhambani left the company. Two weeks ago, Flutterwave also added a new board member, Nigerian architect Olajumoke Adenowo, as part of its efforts to drive its international expansion strategy. The startup is also reassessing its product strategy. Last year, it relaunched its international remittances product, Send App, and launched other offerings to help local businesses swap international currencies. Last week, the company shut down the struggling Barter, a virtual card and international payments service it launched in 2017, as it trimmed its focus on the more successful Send App, which has fueled growth.

March 12 2024

Fintech giant Interswitch eyes telecoms market with $1 million MNVO license

Interswitch, the Visa-backed Nigerian payments giant that reported $42 million in revenue for its financial year ended March 31, will enter into Nigeria’s telecommunications sector after acquiring a Tier 5 MVNO (Mobile Virtual Network Operators) license for ₦500 million ($1.08 million) from the Nigeria Communications Commission (NCC) in May 2023. “The company is investigating the launch of a low level of capital expenditure virtual telecoms model using the license, combining payments and telecoms services to B2B customers and consumers,” read the company’s financial report. Nigeria, Africa’s largest phone market, awards MVNOs on a tiered basis, specifying the services they can provide. Interswitch, which has the highest tier licence—the Tier 5 (unified virtual operator) license— can negotiate with one of Nigeria’s four telcos and provide asset-light telecom services in underserved areas. The five tiers under which MVNOs can operate Interswitch will ride on the infrastructure of these telcos to bring value-added services to consumer segments that have been ignored or underserved by the telcos. With this license, Interswitch can provide cheaper 4G or 5G services to Nigerians or provide telecommunication services to rural areas. Last year, the country’s telco sector witnessed a decline in growth—its first in 5 years— after foreign investment declined, which led to reduced capital expenditure from Nigeria’s existing telcos. The NCC issued 25 MNVO licenses in 2023 as it looked to increase competition in Nigeria’s telco sector. Nigeria is home to 200 million people, but only 60% of the population can access mobile connectivity, while less than 5% have access to 4G, and 0.8% have access to 5G. The payment startup would rely on its access to a large base of customers—Interswitch, through Verve, has issued more than 50 million debit cards—to offer an alternative to the entrenched options that Nigeria has in telecommunications. Interswitch would have to offer improved telecommunications services to its customers and carefully select a telco to partner with it to capture market share in Nigeria’s mobile sector, which is estimated to have more than 200 million subscribers. The payments startup would also have to introduce innovative ways of communicating and value-added services if it hopes to compete in Nigeria’s telco sector.

March 12 2024

Fintech giant Interswitch eyes telecoms market with $1 million MNVO license

March 12 2024

Former US agent identified as Binance executive detained in Nigeria

Tigran Gambrayan, an American citizen and former US federal agent, has been identified as one of two Binance executives detained by the Nigerian government since February 26, per a report from Wired. Gambrayan, who leads the Binance criminal investigations team, was arrested alongside a yet-to-identified colleague in Abuja, following a crypto crackdown by the Nigerian government. Gambrayan and his colleague arrived in Nigeria one week after telecom companies were told to block the websites of several crypto exchanges. According to several reports, they were arrested on their arrival in Abuja, with their passports seized. The government has shared very little about their arrests, and it is unclear if they have or will be charged in court. Their arrests are in connection with a push by the Nigerian government to halt speculation on forex trading, following volatility in the price of the naira. After a decision to remove artificial controls, the naira’s plunge only worsened. Regulators have historically blamed those plunges on speculators. At one point, it blamed Abokifx, a website that published FX rates. The Central Bank has also pointed fingers at Bureau de Change operators and the banks. Several policy changes by Olayemi Cardoso, the CBN chief appointed last year, have purportedly aimed to stop such speculation. Of these speculators, none has quite been treated like Binance. In a press briefing after a February monetary policy meeting, Cardoso claimed $26 billion of suspicious monies had passed through Binance. It provided a justification for the government to make the arrests. Several reports claimed the government asked for data on Binance users, while claims of a $10 billion fine were later denied. The global crypto exchange has responded by suspending all trades in naira but has not publicly responded to the arrests otherwise. “There’s no definite answer for anything: how’s he’s doing, what’s going to happen to him, when he’s coming back,” Wired quotes Gambaryan’s wife, Yuki Gambaryan, as saying.

March 12 2024

👨🏿‍🚀TechCabal Daily – Data breach rocks SA’s upcoming elections

In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning Please move TC Daily to your main folder so you don’t miss any emails from us. That’s all the wit we can muster up in this heat, folks. Onto the meat of the matter. In today’s edition IEC breach rocks SA’s upcoming elections Can ex-Paystack employees conquer Nigeria’s delivery market? Uber denies breaching Lagos’ data laws NITDA warns Nigerians about new malware The World Wide Web3 Opportunities Cybersecurity IEC data breach rocks South Africa’s upcoming 2024 general elections South Africa will hold its seventh general election on May 29, 2024. To participate in the elections, many political parties and independent candidates have submitted nomination requirements in line with the amended Independent Electoral Commission (IEC) regulations on March 8. Last week, the Labour Party, a newly registered political party, took the IEC to Court to compel the agency to extend its March 8 deadline. The party argued that failing to extend the deadline would compromise the integrity of the election, rendering it neither free nor fair. However, the court dismissed the application because the Labour Party hadn’t contacted the IEC about the issue or filed a dispute, and the challenge came only at the deadline despite the electoral timetable being published on February 25. So all is well? Not quite. On March 9, the Information Regulator (IR) confirmed a data breach in the IEC that exposed candidate lists for the African National Congress (ANC) and Jacob Zuma’s MK Party. Unauthorised individuals gained access to the candidate lists before they were officially released and personal information like ID numbers of the candidates are now in the public domain. The IEC has since reported the incidents to the IR. What’s the IR saying? The IR informed the IEC that their reports violated POPIA (Protection of Personal Information Act) due to insufficient information. The IR has also mandated the IEC to provide details regarding the breaches, including evidence of notification to the ANC and MK Party about the leaks, the extent of individuals impacted by the leaks, and the methods through which unauthorised individuals gained access to the data. This is a developing story. Access payments with Moniepoint You don’t have to take our word for it. Give it a shot like he did Click here to experience fast and reliable personal banking with Moniepoint. Startups Can ex-Paystack employees conquer Nigeria’s delivery market? Three months after major players like Jumia and Bolt exited Nigeria’s food and grocery delivery segment, a new player—GoLemon— has emerged as a fresh contender to compete with YC-backed Chowdeck, and Glovo in the market. Despite market exits by Jumia and Bolt, former Paystack executives have confidently ventured into the delivery sector with GoLemon, a new startup delivering groceries and household items. The startup is led by Stripe-owned ex-Paystack employees: Yinka Adewuyi, Gbadegbo Gbade-Oyelakin, Abdulrahman Jogbojogbo, and Abiola Showemimo—all of whom were at Paystack for at least six years. According to Jogbojogbo, GoLemon was purposefully crafted to focus on customers who frequently make repeat purchases and have large orders. The team will lean on Showemimo’s background as a Lagos-based supermarket owner and Gbade-Oyelakin’s tenure as head of engineering at Supermart, an online grocery platform, to drive the business forward. Here’s why the ex-Paystack crew is betting on a grocery delivery business. No hidden fees or charges with Fincra Collect payments via Bank Transfer, Cards, Virtual Account & Mobile Money with Fincra’s secure payment gateway. What’s more? You get to save money for your business when you use Fincra. Start now. Regulation Uber denies breaching Lagos data laws Yesterday, we brought you news of the Lagos state government threatening to sanction Uber for failing to supply records of users’ and trip information The ride-hailing company has fired back, claiming that it is in full compliance with rules set by Nigeria’s largest city. “We have met Lagos State’s regulatory obligations, including an annual fee, per-trip levy, and data sharing requirements,” the company said in an email to TechCabal. Lagos, in 2020, signed an “essential data sharing agreement” with Uber, mandating the company to provide trackable information about its riders and drivers for the security and safety of its citizens. The regulations were not Uber’s first dance with the Lagos statement government. In 2016, Uber shared the information of 11.6 million passengers and 600,000 drivers with the government and claimed the data points were sufficient enough for regulators to carry out their duties. However, the Lagos state government was out for more blood, requesting the ride-hailing company for more data in 2020. While the regulation might have a security-facing motive, speculation persists that Lagos might also be interested in identifying potential tax sources within its population. Accept fast in-person payments, at scale Spin up a sales force with dozens – even hundreds – of Virtual Terminal accounts in seconds, without the headache of managing physical hardware. Learn more → Cybersecurity NITDA warns against new malware Keep your purses phones safe, there is a new thief in town. Yesterday, the National Information Technology Development Agency (NITDA) raised an alarm about a sneaky malware program stylised “Ov3r Stealer” that’s targeting Facebook accounts and extracting sensitive information. Think of it as a virtual pickpocket, snatching your data while you scroll through dream jobs that may not even exist. An overstealer: Disguised as a job advertisement link, the malware tricks users into clicking it. This click initiates data extraction, potentially exposing them to further attacks. Don’t click on suspicious links: One surefire tip the NITDA recommends in dodging this digital bandit is to be wary of suspicious ads. Before you click that job link, be sure that it is from the right source. NITDA also recommends updating your apps regularly. The agency also advises that you update the antivirus software of your personal computer to track every move of the malware and its other cousins. The recent discovery of “Ov3r Stealer” spreading through social media may seem like a fresh nightmare. But