Connect with us

E-Business

Security Facilitates Fast Adoption of e-Payment-Nwanguma

Published

on

Eugene Juwah, EVC, NCC
Kindly share this post

Henrii Nwanguma is the CEO of Ekotrafx.Net Limited, an Information Systems and Services company based in Lagos. He studied Information Science and has been active in various spheres of the ICT industry. He started his professional career as an applications software trainer, and has also been involved in major software (user and systems) documentation efforts over the years. He found Ekotrafx.Net Limited which has so far developed ekomoney.net (an electronic payment system) and ekoscholar.net (an online portal for educational resources, electronic communications, and entertainment. He spoke to hilary okeke.

Ekotrafx.Net is an Information Systems company set up to offer a variety of information services. We started off life as a company offering traffic and other related information, but that was not so viable at the time and after 4 years of not gaining momentum, we ventured into something more viable –  an electronic payments structure which we are about to launch. We are also building a suite of applications as a starting point to trigger-off wholesale acceptability of this payment infrastructure. We have set a launch date of October, 2009 for everything to be formally presented to the public.
Why Traffic Information Business Not Viable
It has to do with cost. Like I said, the initial direction the company took was to offer traffic information. But we considered short-term viability, cost of deployment versus return on investment over a period of time, and realized it was not a kind of project that one embarks upon without adequate and patient funding. So we decided to put the initiative on hold pending when things stabilize.
Partnership with Government on Traffic Management
We started developing our information service in 2004/05. Over the last 3 months, I understand that the Lagos State Government (in partnership) started something similar, and one of the Internet Service Providers (Swift Broadband if I recall their name) has also done the same. In the case of the government, we suspect that the market they would be looking at will be the security, traffic, and transportation agencies. If it works for them, fine. We see a lot of areas where certainly we can interface with them, but they have gone about their own network in an expensive way. There is room for collaboration, but for us to work with any entity (public or private) as it is right now, we need to have the same kind of focus and goals. Our focus is a commercial, public-facing service; while that of government is for government agencies.
Payment Solutions
One of the major reasons why I came to Telecom/Device forum was to see how I can deepen interactions with my fellow private sector operators, particularly if there is somebody who has a terminal or smart devices that can work conveniently with our system. In that way, expanding what we have and can offer the public. Currently our system works on two platforms namely: mobile phone and Web interfaces. The whole idea is for people to make payments that traditionally would have been very difficult to make in a cost effective manner. We have created interfaces via phone and the Web to make this possible for people. We are talking about the consumer economically making payments as low as N50. Our focus initially will be micro level payments. We want to see how we can synergize with other service providers along the value chain so as to quickly scale our offerings.
Security of Platform
Security is a factor that would facilitate fast and easy adoption of any payment system. Once the man out there does not believe his money is secure, he is not going to adopt your platform. We have seen instances of this in the ATM and debit card segments of the e-payment system; we have seen what sort of fears, what sort of backlash poor security has brought about. What we have done in our case is to build in four layers of security in our solutions. We are running with data encryption, account password and passphrase standards, application security technology – and there is a lot of security built into these. But remember, as long as the user understands that security starts with him/her, we hardly believe that there is any likelihood of security breach along the chain we have created.

 

 


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

E-Business

Report Shows Start-ups Fuel Innovations in Africa

Published

on

Kindly share this post

Bloomberg has released its second annual “25 African Startups to Watch” list, underscoring the growing influence of venture-backed innovation across the continent.

Published thursday, the list highlights companies building solutions in “environments where infrastructure or systems have failed to deliver.”

The featured start-ups build solutions to challenges such as accessing healthcare in Chad, moving goods in Kenya, securing loans in South Africa, and safeguarding borders in Nigeria.

Nigeria, South Africa and Kenya jointly lead with four companies each, reflecting the ongoing strength of Africa’s three most visible start-up ecosystems.

The 25 companies span 13 countries and sectors including healthcare, fintech, security, climate resilience, waste management, and transport.

Nigeria’s four startups are 10mg Health, Remedial Health, Sycamore and Terra Industries, covering areas from healthcare financing and pharmaceutical supply chain integrity to digital lending and defence technology.

South Africa’s contingent includes Omnisient, Amesect, AURA and Jem. Omnisient uses grocery purchase data and AI to extend credit to those outside traditional financial systems.

Kenya’s notable four include Zeraki, a school-data analytics platform partnering with Safaricom to reach secondary students across the country.

According to Bloomberg, a defining theme this year is the source of funding.

Nearly half of the total capital raised by these start-ups came from African investors, marking a shift from previous years when international capital predominantly drove early growth.

International backers such as 8VC, controlled by Palantir Technologies co-founder Joe Lonsdale, and Google continue to see value in investing in African companies, Bloomberg noted.

The report also highlights that start-ups across the continent almost doubled their debt fundraising in 2025, even as equity financing from venture capital firms declined.

Separately, the Start-up Ecosystem Report 2026 states that Kenya has overtaken Nigeria as Africa’s top startup investment destination, attracting $984 million in 2025.

Jennifer Zabasajja, Bloomberg Television’s chief Africa correspondent and anchor, highlighted the dual significance of the list, the variety of solutions being built and the growing role of African-sourced capital in backing them.

She noted that the list comes at a consequential moment, one shaped by global disruptions, from the conflict in Iran to sweeping cuts in US foreign healthcare assistance, that have made the case for African-owned capital more urgent than ever before.


Kindly share this post
Continue Reading

E-Business

NDPC Raises Alarm: Fake News, Data Abuse Could Destroy Nigeria’s 2027 Elections

Published

on

Kindly share this post

Nigeria Data Protection Commission has warned that the growing misuse of personal data and digital platforms could undermine Nigeria’s democratic process ahead of the 2027 general elections.

NDPC Raises Alarm: Fake News, Data Abuse Could Destroy Nigeria’s 2027 Elections

NDPC

The warning was delivered during the 2026 Press Week organised by the FCT Council of the Nigeria Union of Journalists in Abuja.

Speaking at the event, Vincent Olatunji, national commissioner and chief executive officer,  NDPC, who was represented by Itunu Dosekun, head of Media Unit at the commission, said disinformation and unlawful exploitation of personal data posed serious threats to credible elections.

The event had the theme: “2027 Election: Defending Democracy in the Era of Disinformation.”

Dosekun said the struggle for credible elections was no longer confined to polling units, noting that digital platforms had become major channels for manipulated narratives, fake news, propaganda and AI-generated misinformation.

According to him, the rapid growth of social media platforms, messaging applications and data-driven political campaigns has created vulnerabilities capable of influencing voter perception and weakening public trust in democratic institutions.

He warned that the abuse of personal data for political profiling and psychological targeting had become one of the most dangerous threats facing democracies worldwide.

“The misuse of citizens’ personal information carries serious social implications, especially for vulnerable groups who may not fully understand how their data is harvested, processed and weaponised online,” he said.

Dosekun noted that coordinated disinformation campaigns could inflame ethnic tensions, spread fear and discourage civic participation, particularly among young Nigerians.

He described the Nigeria Data Protection Act, 2023, as a critical legal framework aimed at protecting citizens against unlawful data processing and digital exploitation.

According to him, the law gives Nigerians greater control over their personal information while placing obligations on organisations, institutions and political actors to handle data responsibly.

Dosekun also called for stronger collaboration among political parties, media organisations, technology firms, civil society groups and citizens to promote responsible digital behaviour ahead of the elections.

He stressed the role of journalists and media professionals in combating fake news, fact-checking information and safeguarding public discourse.

According to him, protecting personal data should not only be seen as a privacy issue but also as a democratic responsibility necessary for maintaining public confidence, national stability and electoral credibility.

Stakeholders at the event emphasised the need for improved digital literacy, stronger regulation and increased public awareness to prevent the abuse of digital platforms during future elections.


Kindly share this post
Continue Reading

E-Business

Anthropic Raises $65 Bn to Expand AI Research, Innovation

Published

on

Kindly share this post

Anthropic, artificial Intelligence company, has said that  it has secured sixty-five billion dollars in a new funding round, raising the company’s valuation to about nine hundred and sixty-five billion dollars.

Anthropic Raises $ 65 Bn to Expand AI Research, Innovation

The development places the company ahead of its rival, OpenAI, maker of ChatGPT, which was valued at about eight hundred and fifty-two billion dollars earlier this year.

Anthropic, founded by former OpenAI employees and led by Dario Amodei, chief executive officer, has emerged as one of the leading firms in the global Artificial Intelligence industry.

The company is widely recognised for its advanced coding capabilities and generative AI models, particularly its AI assistant known as Claude.

Unlike some competitors focusing mainly on general consumers, Anthropic has concentrated on delivering AI solutions to enterprise and business clients.

The company also says it places strong emphasis on AI safety while expanding its products and services amid growing competition in the sector.

Krishna Rao, chief financial officer of Anthropic, said the new funding would support the company’s research efforts and help meet rising global demand for its AI technologies.

Reports indicate that the investment round attracted major Silicon Valley venture capital firms, including Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital.


Kindly share this post
Continue Reading

Trending