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Over 25 years working in IT services developing software applications and mobile apps for clients all over the world.Learn More
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Technical glitches during a critical data migration allowed customers at Kenya’s largest bank, the KCB Group, to withdraw sums above their bank balances. Customers withdrew around $7.7 million (KES 1 billion) from October 11 to 31, ten people familiar with the matter told TechCabal. The bank has restricted the accounts of customers who overdrew their accounts and has notified them, people familiar with the matter said. The bank is also prepared to use loan recovery companies. After migrating its databases from on-premise to a colocation centre, the bank attempted to integrate its cloud databases, leading to a syncronisation error. “After moving servers, the balances were not updating in real-time at the backend. That’s why customers could overdraw the accounts,” one person familiar with the matter said. KCB-M-Pesa target savings accounts, which allow people to access short-term loans and save, were the worst hit. “People could withdraw up to three times the saved amount,” said one person with direct knowledge of the account. The technical glitches, which lasted over three weeks, paint a picture of the bank’s struggles to modernise its IT infrastructure. A high-priority notice sent to KCB staff during the crisis showed that employees were sometimes“unable to access affected systems,” resulting in hours of service interruption or total outage. KCB Group declined to comment. At a crisis meeting on October 12, top executives discussed how to address the issue and explored recovering the lost funds. The bank has since held other similar meetings. Fraud is a growing concern in Kenya’s financial services sector, with banks losing about $130 million yearly, according to credit reporting agency TransUnion Africa. Most banking fraud cases go unreported, as lenders resolve them quietly, albeit with the knowledge of the Central Bank of Kenya (CBK) and other financial sector regulators.In 2023, Kenya’s Financial Reporting Centre (FRC), an agency that tracks money flow in financial institutions, flagged more than $600 million linked to card fraud, corruption, and terrorism.
Read MoreMTN Nigeria, the country’s biggest telco, has applied for Payment Service Solutions Provider (PSSP) and Payment Terminal Service Provider (PTSP) licences for its fintech subsidiary MoMo PSB, reflecting its growing focus on digital payments in Nigeria. The PSSP license allows MoMo PSB to offer payment processing gateways, develop financial solutions, and provide merchant aggregation and collection services. With a PSSP license, MTN can process its payments, reducing what it currently pays to other PSSPs. Beyond fixing the internal payment needs of the telco business, MoMo PSB can also address the payment processing needs of merchants and partners. The PTSP license will allow MoMo PSB to deploy and service POS terminals, develop POS applications, and offer training and support to over 302,000 merchants, agents, and 5.3 million users on the MoMo PSB platform. These new licenses put MTN’s fintech arm in direct competition with established platforms like Interswitch and Flutterwave. In the PoS market, MoMo PSB will be competing with leaders such as Moniepoint, Opay, and Palmpay. MTN’s other fintech subsidiary, Yello Digital Financial Services (YDFS), applied for the licenses and paid ₦200 million for them, according to the company’s Q3 2024 report. MTN Nigeria declined to comment on the applications. MTN launched YDFS in 2018, with a super-agent licence to facilitate bill payments and person-to-person transfers. However, this license restricted YDFS from holding customer deposits in digital wallets. In 2022, MTN launched MoMo PSB with a Payment Service Bank (PSB) license, offering services such as airtime and data sales, bill payments, and money transfers. The PSB license still limits MoMo PSB’s offerings, excluding services like lending, foreign currency transactions, and insurance underwriting. In Nigeria, acquiring a payment service provider license generally includes a ₦100,000 application fee, plus an additional ₦100 million license fee once the final approval is issued. By the end of Q2 2024, MoMo PSB reported 5.5 million active digital wallets and 302,800 agents and merchants.
Read MoreEquinix, one of the world’s largest infrastructure companies and the parent company of MainOne, has appointed Wole Abu as Managing Director of its West Africa business. Wole Abu will replace Funke Opeke, who founded MainOne and continued to lead it after its $320 million acquisition by Equinix in 2022. Wole’s appointment as Managing Director for Equinix’s West African business follows shortly after the opening of Equinix’s newest data center in Johannesburg and in his role, he will oversee the Equinix business in West Africa, work closely with both local businesses and multinational companies to build on the strong foundations for connectivity and growth in the region bringing the opportunity of Equinix to the West African region, the company said. MainOne founder and MD Funke Opeke resigns, transitions to advisory role Before this appointment, Abu was CEO of Liquid Intelligent Technologies Nigeria business and the Africa Data Centre. He previously worked at Airtel and Pan African Towers. “I’m excited to be joining Equinix, as we share a common vision for expanding digital infrastructure across Africa,” Abu said in a statement provided by Equinix. “This mission is crucial for bringing life-enhancing services to the region and bridging the digital divide. By empowering both enterprises and individuals, we’re enabling broader participation in the global digital economy. I’m eager to contribute to this transformative work and help create a more connected, accessible digital landscape throughout Africa.”
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