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5 Wealth-Building Strategies for Nigerian Women-led Businesses

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By Chinwe Iwobi, Head of Wealth Management, FairMoney Microfinance Bank

In Nigeria, women are the backbone of our economy. Data from the National Bureau of Statistics shows that women own approximately 40% of small and medium-sized enterprises across the country (NBS Country Data Overview 2023). Yet despite their outsized contribution to GDP, women-led businesses continue to face systemic barriers to the capital and financial infrastructure needed to scale.

5 Wealth-Building Strategies for Nigerian Women-led Businesses

Chinwe Iwobi

The cost of that gap is not abstract. When these entrepreneurs are held back, the ripple effect runs deep, from household stability to the education of the next generation. But the narrative is shifting. Nigerian women are proving, consistently, that they are not just resilient; they are sophisticated, high-earning innovators building businesses that deserve serious financial strategy.

Here are five foundational strategies every women-led business should be deploying to build lasting, generational wealth.

1. Separate Business and Personal Finances Without Exception

Mixing personal funds with business cash is one of the most common and most damaging financial habits I see among growing entrepreneurs. It obscures your true profit margins, makes tax planning nearly impossible and, critically, disqualifies you from accessing formal credit when you need it most.

The discipline of separation is not just administrative. It is the first signal you send to the financial system that your business is serious. Open a dedicated business account, maintain clean transaction records, and treat your business finances with the same rigour you would expect from any enterprise operating at scale. Clarity on your numbers is the foundation on which every other strategy here depends.

2. Build Both an Emergency Fund and an Opportunity Fund

Most financial advice stops at the emergency fund, which is three to six months of operating expenses set aside for lean periods. That is necessary, but insufficient. The entrepreneurs I have watched grow most aggressively also maintain what I call an opportunity fund: accessible liquidity specifically reserved to move fast when a prime supplier deal, an expansion location, or a bulk inventory discount appears.

In an unpredictable market like Nigeria’s, the businesses that scale are rarely the ones with the best products alone. They are the ones with the financial readiness to act decisively. Products like FairMoney’s FairSave are designed precisely for this, keeping your funds accessible while earning competitive daily interest so your idle cash is working even when you are not. Build both buffers, and build them before you think you need them.

3. Invest Profits Back into Revenue-Generating Assets

Surplus cash sitting in a current account is a slow leak. Inflation erodes it and opportunity costs compound quietly. The discipline here is to consistently channel profits back into assets that grow your revenue capacity, whether that is new equipment, improved technology, better inventory systems, or staff training.

For capital you do not need immediately, consider locking it into a fixed-term savings product that offers higher interest returns. The psychological benefit is as important as the financial one: ring-fencing that capital removes it from day-to-day spending temptation and ensures it is preserved and grown for a defined purpose. Discipline in capital allocation separates businesses that plateau from those that compound.

4. Diversify Your Revenue Streams Intentionally

Single-stream businesses are inherently fragile. If your sole revenue source is disrupted by market shifts, a supply chain breakdown, or a change in consumer behaviour, your entire operation is exposed. Resilience is built by design, not by accident.

If you are in retail, consider adding a service-based arm. If you are service-led, explore whether digital products or training offerings could create passive income alongside your core work. Beyond product diversification, consider how you accept payments. Building a verified, diverse transaction history through formal payment channels also quietly strengthens your credit profile, an asset that pays dividends when you approach lenders for growth financing. FairMoney’s Business POS infrastructure, for instance, allows entrepreneurs to expand their payment reach while simultaneously building that financial track record.

5. Invest Beyond the Business

This is the strategy most women entrepreneurs delay for too long, and it is the one I feel most strongly about. Relying entirely on your business for your net worth is a high-risk position, no matter how well that business is performing. Businesses face cycles; personal wealth should not.

As your business stabilises, begin systematically moving a portion of your profits into personal investment vehicles such as long-term savings accounts, money market funds, or other instruments that sit entirely outside the business cycle. Automate it if you can, so the decision is made once and executed consistently. The goal is to build a personal financial foundation that remains intact regardless of what your business goes through in any given quarter. True wealth is not what your business is worth on paper. It is what you own independently of it.

The Bigger Picture

For female entrepreneurs in Nigeria, wealth-building is not simply a personal ambition; it is an economic argument. When women-led businesses scale, communities stabilise, households invest in education, and local economies deepen. The strategies above are not complicated, but they require consistency and the right financial infrastructure to execute well.

The tools exist. The opportunity is real. What remains is the decision to treat your business, and your personal wealth, with the long-term seriousness both deserve.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Business

Firm Shares Insights into Ransomware Trends and Tactics @ International Anti-Ransomware Day-2026

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On International Anti-Ransomware Day, May 12, Kaspersky shares a report with an overview of ransomware trends that marked 2025 and insights into what the threat landscape holds in 2026.

According to Kaspersky Security Network, in 2025 Latin America had the highest share of organisations with ransomware attacks detected (8.13%), followed by the Asia-Pacific region (7.89%), Africa (7.62%), Middle East (7.27%), the Commonwealth of Independent States (CIS, 5.91%) and Europe (3.82%).

The report highlights the rise of “encryption-less” extortion attacks, the use of post-quantum cryptography by ransomware groups, and the persistent use of Telegram channels by cybercriminals to distribute compromised data sets and credentials.

Despite a slight decline in the overall share of organisations attacked by ransomware in 2025 compared to 2024, users remain at significant risk as attackers industrialise their operations, automate intrusion methods, and increasingly focus on stealing and leaking sensitive data rather than simply encrypting systems.

One of the trends in 2025 is the continued rise of endpoint detection and response (EDR) “killers” – tools specifically designed to disable endpoint security solutions before executing the malware itself. EDR killers have become a standard component of attacks, which means more deliberate and methodical intrusions.

Researchers also noted the emergence of ransomware families adopting post-quantum cryptography standards – this was predicted by Kaspersky previously. The development signals a concerning shift toward encryption methods that could resist future quantum computing decryption attempts.

The role of Initial Access Brokers (IABs) – cybercriminal intermediaries that sell pre-compromised corporate access through underground forums and messaging platforms – is growing. RDWeb portals (websites through which devices can be controlled remotely) are increasingly targeted as ransomware groups continue to industrialise attacks through “Access-as-a-Service” operations. As a result, the barrier to launching ransomware attacks declines.

Telegram channels and dark web forums continuously function as platforms for the distribution and for the sale of compromised data sets and accesses including those that were obtained as a result of ransomware attacks.

A major underground forum, RAMP, which also functioned as a platform through which threat actors advertised their ransomware services and published service‑related updates, got seized by authorities in January 2026.

Another underground forum, LeakBase, where malicious actors distributed exfiltrated and compromised data, was seized in March 2026. However, while law enforcement agencies are actively shutting down dark web platforms and ransomware data leak sites, similar portals may appear over time.

Active groups

Among the most active ransomware groups in 2025 based on data leak sites, Kaspersky identified Qilin as the dominant ransomware-as-a-service (RaaS) operator following RansomHub’s seizure of operations. Clop ranked as the second most active group, with Akira in the third place.

While several major ransomware groups stopped operation in 2025, new actors emerge. Looking at 2026, the Gentlemen is one of the most important new ransomware actors due to the group’s rapid growth, structured operations, and increasing focus on data-centric extortion. The group may include attackers formerly associated with other major ransomware operations.

The Gentlemen exemplify a broader shift in the ransomware ecosystem away from chaotic, high-noise campaigns toward scalable, business-like extortion models focused primarily on stealing sensitive data and leveraging reputational and regulatory pressure rather than relying solely on disruptive file encryption.

“Ransomware has evolved into a highly organised ecosystem focused on monetising stolen data, disabling defences, and scaling attacks with business-like efficiency. Threat actors are quickly adapting, weaponising legitimate tools, exploiting remote access infrastructure, and even adopting post-quantum cryptography years earlier than many expected.

“The purpose of Anti-Ransomware Day is to raise global awareness about the threats posed by ransomware and to promote best practices for prevention and response, and we urge all users to stay secure, set up layered defences, invest in backups and boost cyberliteracy levels to counter attacks,” comments Fabio Assolini, Lead Security Researcher at Kaspersky GReAT.

On Anti-Ransomware Day and beyond, Kaspersky encourages organisations to follow these best practices to safeguard from ransomware:

  • Enable ransomware protection for all endpoints. There is a free Kaspersky Anti-Ransomware Tool for Business that shields computers and servers from ransomware and other types of malware, prevents exploits and is compatible with already installed security solutions.
  • Always keep software updated on all the devices you use to prevent attackers from exploiting vulnerabilities and infiltrating your network.
  • Focus your defence strategy on detecting lateral movements and data exfiltration to the Internet. Pay special attention to outgoing traffic to detect cybercriminals’ connections to your network. Set up offline backups that intruders cannot tamper with. Make sure you can access them quickly when needed or in an emergency.
  • Companies from non-industrial sector can protect themselves by installing anti-APT and EDR solutions that enable capabilities for advanced threat discovery and detection, investigation and timely remediation of incidents. Organizations can also provide their SOC teams with access to the latest threat intelligence and regularly upskill them with professional training.

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Firm Warns of Phishing Attacks via Compromised Amazon Simple Email Service Accounts

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Kaspersky has detected phishing and business email compromise (BEC) attacks that are leveraging Amazon Simple Email Service (SES) – a cloud-based email service designed for businesses and developers to send and receive high-volume marketing, notification, and transactional emails (for instance, password resets).

Because these emails are sent via a trusted service, they originate from reputable IP addresses, frequently include legitimate “.amazonses.com” identifiers. This makes phishing messages nearly indistinguishable from legitimate correspondence at a technical level. Users should treat unexpected emails with extreme caution.

The attacks are driven by the theft and exposure of credentials from Amazon Web Services (AWS). The attackers are using leaked AWS Identity and Access Management Keys – often found in public repositories, misconfigured cloud storage, and exposed configuration files. With automated tools, threat actors can identify valid keys and abuse them to send large volumes of malicious emails through legitimate infrastructure operated by Amazon.

Attackers disguise malicious links behind trusted domains such as amazonaws.com using redirects and by creating highly convincing HTML email templates. In many cases, phishing pages are hosted on infrastructure that appears legitimate, further increasing the likelihood of credential theft from victims.

One of the campaigns observed by Kaspersky in early 2026 involved emails impersonating document-signing platforms like DocuSign. Victims were prompted to review and sign documents, only to be redirected to fraudulent login pages hosted on an Amazon Web Services page designed to capture credentials.

Researchers also identified business email compromise attacks carried out via Amazon SES in which attackers impersonated employees and fabricated entire email threads with suppliers. These messages, often sent to finance departments, requested urgent payments and included PDF attachments containing only banking details – with no malicious links – making detection challenging.

“We’ve seen attackers abuse trusted platforms before – like in cases with Google Tasks and Google Forms – where scammers rely on built-in notification mechanisms to deliver phishing links from legitimate domains like @google.com, effectively bypassing email filters and exploiting user trust.

“However, the abuse of Amazon SES represents a more advanced stage of this trend: instead of merely leveraging a platform’s notification features, attackers compromise cloud credentials and gain direct control over a trusted email-sending infrastructure. This allows them to scale attacks, fully customise messages, and deliver phishing emails that are hard to distinguish from legitimate business communications,” commented Roman Dedenok, Anti-Spam Expert at Kaspersky.

 


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NITDA says Digital Infrastructure Key to Startup Investment, Growth

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National Information Technology Development Agency (NITDA) has reaffirmed that a strong and reliable digital infrastructure is fundamental to attracting investment, boosting competitiveness, and achieving sustainable growth within Nigeria’s startup ecosystem.

NITDA says Digital Infrastructure Key to Startup Investment, Growth

NITDA

This position was underscored at the Africa Fintech Foundry Ecosystem Roundtable 7.0, a virtual engagement themed “The Capital Reset: What Technologies Are Still Fundable in Africa?”

Speaking on behalf of Kashifu Inuwa, Director General of NITDA, the Special Assistant on Digital Transformation to the DG, Muhammad Aminu, emphasised that investors are increasingly drawn to startups operating in environments supported by dependable digital infrastructure and clear, predictable policy frameworks.

He explained that digital infrastructure goes far beyond basic internet access. According to him, it encompasses cloud computing systems, digital identity frameworks, payment infrastructure, data exchange platforms, interoperability standards, cybersecurity architecture, and emerging artificial intelligence technologies.

He noted that, “These foundational systems significantly lower operational barriers for startups, enabling founders to focus on innovation, customer acquisition, and scaling, rather than having to build essential infrastructure independently.”

From an investment standpoint, Aminu observed that robust digital infrastructure reduces uncertainty, lowers operational risk, enhances scalability, and considerably cuts the cost of expansion, thereby making startups more attractive to both local and international investors.

He further highlighted several ongoing government initiatives aimed at strengthening Nigeria’s digital ecosystem. These include sovereign cloud projects, data interoperability frameworks, cloud adoption policies, cybersecurity and data governance reforms, as well as the implementation of the Nigeria Startup Act.

In addition, he stressed that regulatory clarity and consistency in policy direction remain critical in attracting sustained investment into the technology sector.

Aminu also noted that NITDA is giving priority to human capital development through the 3 Million Technical Talent (3MTT) programme, describing skilled manpower as a vital component of digital infrastructure.

In conclusion, he stated that a strong, well‑structured digital infrastructure framework not only lowers the cost of innovation but also boosts investor confidence and supports the long‑term growth and expansion of Nigeria’s startup ecosystem.

 


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