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Why Financial Literacy Must go Hand in Hand with Cybersecurity

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As children are now growing up in a world where money is mostly digital, cybersecurity has become a fundamental part of financial literacy. Unlike previous generations, their first experiences with money are not only piggy banks, but in-app purchases, gaming loot boxes, and prepaid cards connected to digital wallets.

In Kaspersky’s global “Digital Schoolbag: A Parent’s Guide for the School Year” outline, our experts share insights on how to teach kids to manage money responsibly and securely in the digital world.

The international back-to-school season is not only about new books and uniforms, it’s also a crucial time to build healthy habits that will stay with children for life and help to avoid many problems.

And real problems are not rare: 25% of parents who participated in the “Growing Up Online” survey admitted that they lost money because of their children’s online behaviour, while 16% of respondents stated that their child’s device was infected with a virus.

If children aren’t aware of online risks, even strong financial literacy won’t protect them from phishing disguised as giveaways, fake in-game deals, sneaky subscription renewals, or identity theft.

By integrating financial education with digital protection, parents can prepare their children not only to manage money smartly, but also to defend themselves against the cyberthreats that come with it.

Here’s what Kaspersky experts recommend parents teach their children about managing their money responsibly and securely:

  1. Set clear spending limits

Helping children understand boundaries is the first step in building both financial discipline and digital awareness. Start by establishing a basic budget structure for your child’s typical expenses:

– School supplies.

– Food or lunch money.

– Sports or hobby-related purchases.

– Entertainment (apps, games, subscriptions).

Rather than micromanaging every purchase, talk about percentages. For example: “70% is for school-related spending, 20% for entertainment and 10% for saving.” Use this opportunity to introduce digital money literacy: explain how in-app purchases, microtransactions, or hidden fees can drain their balance if they’re not careful.

  1. Use secure payment methods

While giving children cash may seem simple, it comes with obvious downsides, it can be lost, stolen, or spent without any trace. A safer and more educational alternative is to introduce child-friendly bank cards or digital wallets that come with built-in parental controls.

These tools let you set spending limits, receive instant purchase notifications, track transactions in real time, and even block certain categories like online marketplaces or gaming platforms. This way, children still enjoy the independence of managing their own money, but parents have the reassurance of oversight and can step in if something looks unusual.

Equally important is protecting the digital environment where these payments take place. Banking apps and online stores can become targets for cybercriminals, so installing a cybersecurity solution that includes safe browsing and secure payment protection is essential.

  1. Secure devices and financial accounts

Children may not fully understand the importance of account security, but one weak password or stolen device can expose all their financial tools.

As a parent, you can help by:

–  Enabling two-factor authentication (2FA) for every app that might be used for online purchases.

– Using a password manager, which stores credentials securely and allows family access if something goes wrong.

– Teaching the basics of strong passwords: including at least 12 characters, avoiding names or birthdays and not reusing them across platforms.

By turning these habits into everyday practice, you give your child the tools to keep their finances and their personal data safe.

  1. Keep track of subscriptions and recurring charges

One of the easiest ways for children to lose track of their spending is through subscriptions. Today, many games, learning tools, and streaming services use recurring payment models instead of one-time purchases.

A child may sign up for a “free trial” without realising it will automatically convert into a monthly charge once the trial period ends. Because these fees are small and recurring, they often go unnoticed until the balance is drained or a parent checks the account.

Teach your child to:

. Always ask before starting a free trial.

. Look for “auto-renew” settings and learn how to cancel them.

  . Set calendar reminders for trial end dates.

On the parental side, review the app store purchase history regularly and scan your email inbox for renewal notifications that might otherwise slip through. Many banking apps and security tools can also flag recurring charges or send real-time alerts for every transaction, making it easier to stay on top of spending.

By turning subscription management into a shared responsibility, you help your child understand that “invisible” charges are still real expenses that require attention.

“When we talk about financial literacy for children, we can’t stop at teaching them how to budget or save. Their money is already digital, which means their first financial decisions happen online: in games, apps, and digital wallets.

Without cybersecurity awareness, those lessons remain incomplete. Helping kids recognise scams, protect their accounts, and use secure payment tools is just as important as teaching them the value of money itself,” says Andrey Sidenko, Lead web content analyst at Kaspersky.

 


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LASTMA Launches 3367 Toll-Free Hotline for Emergency Response, Traffic Management

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(LASTMA) has launched a new toll-free short-code hotline, 3367, to improve emergency response, enhance traffic managemestrengthen accountability across Lagos State.

LASTMA Launches 3367 Toll-Free Hotline for Emergency Response, Traffic Management

The new platform replaces the agency’s previous long-service code and provides a simpler and more accessible channel for residents to report traffic-related incidents. The service is available at no cost to subscribers on MTN, Glo and Etisalat (T2) networks.

Motorists and other road users can use the hotline to report vehicle breakdowns, road crashes, disabled trucks, stranded tankers, traffic obstructions and other emergencies requiring immediate intervention.

The platform also allows members of the public to report the conduct and professionalism of LASTMA personnel, a move aimed at promoting transparency and accountability within the agency.

To ensure wider accessibility, callers can communicate with hotline operators in English, Yoruba or Pidgin English, helping to eliminate language barriers and encourage greater public participation.

Speaking on the initiative, Mr. Olalekan Bakare-Oki, general manager, LASTMA, described the launch as a major milestone in the agency’s efforts to build a safer, more efficient and technology-driven traffic management system.

He said the hotline reflects LASTMA’s commitment to leveraging digital solutions to tackle transportation challenges while strengthening collaboration with residents.

According to Bakare-Oki, the 3367 hotline provides Lagos residents with a direct, convenient and free channel to report incidents requiring urgent attention, noting that the growing complexity of Lagos as a major African megacity demands a proactive and technology-enabled approach to traffic management.

He assured residents that all reports received through the platform would be handled professionally and confidentially before being forwarded to the appropriate operational units for prompt action

Bakare-Oki urged the public to make effective use of the hotline to support road safety, improve accountability and contribute to a more efficient and sustainable transportation system across the state.

 


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PalmPay Strengthens Data Protection Culture with Employee Privacy Workshop and Privacy Champions Programme

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PalmPay has reinforced its commitment to responsible data governance and customer information protection through a specialised two-day data protection workshop for employees and the launch of its internal Privacy Champions Programme, an initiative designed to strengthen awareness, accountability, and responsible data handling across the organisation.

The initiative comes at a time when data protection is increasingly critical following recent reports of recorded 281,500 compromised user accounts in the first quarter of 2026, ranking 34th among the world’s most breached countries, according to a new quarterly data breach analysis by cybersecurity firm, Surfshark.

Facilitated by the Nigeria Data Protection Commission (NDPC) and leading Data Protection Compliance Organisation (DPCO) TechHive Advisory, the two-day workshop equipped employees with practical knowledge on privacy governance and data protection obligations, incident awareness, and the role each employee plays in protecting personal data.

The initiative forms part of  PalmPay’s ongoing efforts to   advance compliance with the Nigeria Data Protection Act (NDPA) 2023. It also reflects the company’s continued investment in safeguarding customer information and fostering a culture where privacy remains everyone’s responsibility.

The Privacy Champions Programme establishes a network of employee representatives across business functions who will support awareness, promote best practices and help strengthen the organisation’s privacy culture. By integrating privacy considerations into day-to–day activities the initiative aims to further enhance accountability and reinforces customer trust.

Speaking on the initiative, Managing Director of PalmPay, Chika Nwosu, stated: “At PalmPay, protecting customer information is fundamental to maintaining the trust our customers place in us everyday, and remains central to our operations. Statistically, 10 out of 100 Nigerians have been affected by data breaches.

Hence, we have a greater responsibility to ensure that personal information is collected, processed, stored, and protected responsibly. This specialised training reflects our continued investment in strengthening internal awareness and ensuring our teams remain equipped to uphold the highest standards of data privacy and protection.”

As a digital financial services platform serving millions of users, PalmPay reaffirmed that privacy and data protection remain embedded in its operational culture, with continuous investments in data governance practices.

PalmPay also encourages customers to remain vigilant and adopt safe digital practices, including protecting account credentials, exercising caution when sharing personal information online, and reporting suspicious activities promptly. The company maintains that building a secure digital ecosystem requires a shared commitment from organisations, regulators, and users alike.


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Tinubu appoints Adigwe to head National Health Technology, Data Analytics Office

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President Bola Tinubu has appointed Dr Obi Adigwe as the National Coordinator of the newly established National Health Technology and Data Analytics Office (NHTDAO).

Tinubu appoints Adigwe to head National Health Technology, Data Analytics Office

President Bola Tinubu

The appointment was announced in a statement issued on Friday.

The office, which will be domiciled in the Office of the Coordinating Minister of Health and Social Welfare, is expected to serve as the national coordination platform for Nigeria’s digital health system.

According to the statement, the NHTDAO will complement the work of existing health institutions by promoting coordination and interoperability across public and private healthcare systems, rather than replacing existing agencies.

It said the office would also drive the implementation of the National Digital Health Architecture approved by the National Council on Health in November 2025.

The statement said the initiative formed part of the Federal Government’s efforts to strengthen a secure, technology-driven and data-enabled healthcare system capable of improving service delivery nationwide.

Adigwe, who currently serves as the Director-General of the National Institute for Pharmaceutical Research and Development (NIPRD), has led several initiatives in science, pharmaceutical research, technology transfer and artificial intelligence.

He also coordinated major research funding initiatives, including a ¥300 million nanotechnology grant and an €18 million European Union research grant, while supporting the establishment of Africa’s first Active Pharmaceutical Ingredient (API) training facility through support from Afreximbank.

The statement said the new office would be guided by a steering committee co-chaired by the Coordinating Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, and the Chairman of the Nigerian Economic Summit Group, Mr Olaniyi Yusuf.

Other members of the committee include the Minister of State for Health, Dr Iziaq Adekunle Salako; senior officials of the Federal Ministry of Health and Social Welfare; representatives of the National Information Technology Development Agency (NITDA); and heads of key health agencies, including the National Primary Health Care Development Agency (NPHCDA) and the National Health Insurance Authority (NHIA).

The committee will also include representatives of state commissioners for health from the six geopolitical zones, as well as industry and community stakeholders.

The Federal Government expressed optimism that the office would strengthen coordination across the health sector, accelerate digital transformation and improve healthcare delivery in line with the Renewed Hope Agenda.


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