E-Business

NCS Must not Compete with Commercial Payment Schemes-Experts

Published

17 years ago

November 23, 2009

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Global e-payment experts who converged at the second E-Payment Providers Association of Nigeria (E-PPAN) Techno-Interactive conference in Lagos recently agreed among other issues that the Nigeria Central Switch (NCS) should not be a profit oriented concern.
To address the challenges of non-interoperability of payment schemes in the country, the Bankers Committee, in 2005, initiated the establishment of the NCS to be operated by the Nigeria Interbank Settlement System (NIBSS) and to connect all payment switches; hence, making it possible for banks customers to use their cards on all payment devices irrespective of the owner.
Mrs. Bridget Morris, Africa’s leading transaction switching expert, whose paper ‘Switching, Interoperability and Interconnectivity’ was presented by Mrs. Onajite Regha, CEO of E-PPAN argued that NCS as a transfer systems, which exist between the banks are ‘infrastructure’ companies and should not be for profit companies because in this scenario the owners and customers are the same entities, namely, the banks.
“I would suggest that Interswitch, ValueCard and eTranzact and others should really be categorised as Payment Service Providers or Payment ‘Schemes.’ They need to be ‘for profit’ entities. They are providing payment services and gateways into the main clearing and settlement systems. They are not guaranteeing settlement and finality of payment themselves”, she said.
She explained that often Central Banks set-up or own these interbank switches and operates them with nominal fees and not for profit. According to her many countries consider that Central Bank’s business is about monetary policy, interest and exchange rates, and not about operating switches; so the switch company is usually separated off and run by the retail banks. They focus on clearing and settling of retail payments which is considered to be the business of retail banks not Central Banks.
She however, commended Mr. Sanusi Lamido, governor of Central Bank of Nigeria (CBN) for making difficult and positive gains in consolidating the banking industry and tackling bad loan books. According to her, this ‘tough’ action is provoking much international admiration. “We need to do likewise in the payments industry. We, in Africa, need to be seen to adhere closely to ‘best practice’ wherever possible in order to convince the rest of the world of our credibility. Central EFT switches and retail payments clearing houses and RTGS systems are the assurances that foreign partners look for”, she submitted.
Mr. Kyari Abba Bukar, managing director of ValuCard Nigeria who chaired the events that brought together banks, payment scheme operators and the media said interoperability and interconnectivity is not only desirable but achievable in the system. However, he argued that achieving the objective rests on three critical pillars. These are common and appropriate understanding by all industry stakeholders of the concept of interoperability; common and appropriate understanding of the roles and functions of payment card industry players; and strict adherence to professionalism and the distinct responsibilities of the different players built on the concept of separation of roles.
He noted that NCS should connect to other switches in order to ensure that when an issuer and acquirer are connected to different switches, the NCS will switch transactions between the different switches. However, where primary switches exist, NCS should not see transactions between issuers and acquirers that are connected to the same primary switch, as that will translate to competition with primary switches.
Primary switches should not establish connection with each other. If such happens, it would amount to elimination of the central switch. “As a monopoly, a central switch must not promote any card or payment scheme or engage in processing and other services of other industry players,” he said.
However, Mr. Akeem Lawal, chief technology & operations officer at Interswitch said it is imperative for industry stakeholders to determine the standards, rules, regulations and enforcement procedures for the management of the NCS before it commences operations. He maintained that interoperability and interconnectivity of payment scheme differs from country to country, depending on the history and development of the payment systems.

Lessons from other Countries
Nigeria CommunicationsWeek findings revealed that different country achieved interoperability and interconnectivity of their payment system in peculiar manners, depending on the history and growth of the system.
South Africa
The big four banks (Nedbank, absa, Standard Bank and First National Bank) have a central switch called BANKSERV through which they connect to VISA and MasterCard. The smaller banks either use BANKSERV or connect through local third party processors.
Canada
In Canada, there is a proliferation of different payment switches with direct interconnect amongst payment schemes
France
France operates a classic model of a central switch. All banks in the country connect to a central switch and card network known as Carte Bancaire. Most banks connect to VISA and MasterCard through this network while some banks connect directly.
United States
In the United States, there is a proliferation of payment schemes with bilateral interconnect agreements among them. No attempt has been made to implement a central switch.
In his own contribution, Mr. Adesola Adeyiga, head strategy and new business at eTranzact insist that the buy-in of all players is one of the critical factors for successful implementation of NCS. Other factors he listed include minimum standard for integration, regulation, dispute resolution management, across switch transactions settlement standard and transaction charges and fees.
Mr. Francis Ebuechi, CEO of Chams Switch, however, warned that NCS should not be seen as competing with existing switches. The roles for switches, issuers, financial institutions, Independent Service Operators (ISOs) and central switch should be clearly defined.
However, stakeholders at the conference were unhappy that NIBBS, the operators of the NCS were not present. “It is a shame that operators of the NCS who typically should be here to answer attendees’ questions in order to fuller understanding of the strategy, objectives and visions, were absent. An operator should be where its customers are and especially in a forum like this where your customers will be sitting. I think it is a big indictment on the part of that organisation”, head of E-Business of one of the big banks who was also at the meeting, said.

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E-Business

NPC Opens 131 Births, Deaths Registration Centres in Anambra

Published

4 hours ago

July 27, 2026

Ebere Melum-Nwogbo

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National Population Commission (NPC) has announced commencement of full digital registration of births and deaths through the VitalReg platform, which became operational nationwide on July 1, 2026.

NPC Opens 131 Births, Deaths Registration Centres in Anambra

Chidi Ezeoke, federal commissioner representing Anambra, disclosed this in Awka during a press conference to announce commencement of full digital birth and death registration under the Electronic Civil Registration and Vital Statistics (E-CRVS) system and the marking of World Population Day commemorated every July 11.

He revealed that a total of 131 registration centres had been opened in the 21 local government headquarters and several communities in the state, adding that more centres would be opened later.

Ezeoke described the initiative as a major milestone in Nigeria’s Civil Registration and Vital Statistics (CRVS) system, to ensure every birth and death in the country was captured through a digitally enabled registration platform.

“It builds on the launch of the E-CRVS system and the inauguration of the National Coordination Committee on Civil Registration and Vital Statistics by President Bola Tinubu on Nov. 8, 2023.

“A total of 4,011 functional registration centres has been established across the 774 LGAs of the federation and the commission iswas working to expand the number to about 8,000.

“In Anambra, 131 registration centres have been opened in the 21 local government headquarters and several communities. More centres had been proposed for the state,” he said.

According to the Commissioner, the VitalReg platform would provide faster registration services, 24-hour online access, digital certificate issuance where applicable, reduced paperwork and waiting time, improved data validation and a more secure national CRVS database.

While noting that the platform would serve as a foundational database to support other national data systems and strengthen interoperability across Nigeria’s digital identity ecosystem, Ezeoke urged Nigerians and other stakeholders to support the initiative by ensuring prompt registration of all births and deaths.

Speaking on the 2026 World Population Day themed, “Realising the Hopes and Aspirations of Young People – Today and for the Future”, the Commissioner called for greater investment in education, healthcare, skills development, decent employment opportunities and youth participation in governance for sustainable national development.

Earlier, Mr Obiakonwa Okagwu, state director, NPC, said the occasion served as a reminder of great opportunities provided to harness young people’s capabilities, which he said would shape the future of the country when adequately harnessed.

He called on residents to take registration of births and deaths as national responsibility, just as he urged the media to take the message on civil registration to all parts of the State.

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E-Business

Report Says Cybercriminals Deploy Malware to Hijack Crypto Wallets, Monitor Browsers Telegram

Published

5 hours ago

July 27, 2026

Ebere Melum-Nwogbo

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Cybersecurity researchers at Kaspersky have uncovered a sophisticated malware framework, dubbed OkoBot, that is targeting cryptocurrency users by stealing wallet recovery phrases, browser credentials and other sensitive information through a multi-stage attack campaign spanning more than 25 countries.

The researchers said the malware, active since April 2025, employs more than 20 malicious payloads and has evolved into an advanced cybercrime platform focused on compromising digital asset holders. According to Kaspersky’s Global Research and Analysis Team (GReAT), the campaign remains active and has already affected hundreds of users worldwide.

Kaspersky disclosed that one of the framework’s most dangerous components, known as SeedHunter, injects malicious code into legitimate cryptocurrency wallet applications, including Ledger Wallet, Ledger Live and Trezor Suite, before displaying fake recovery phrase prompts designed to trick victims into surrendering their seed phrases.

The security firm explained that once attackers obtain a victim’s recovery phrase, they gain complete control over the cryptocurrency wallet, enabling them to transfer digital assets with virtually no chance of recovery.

Commenting on the discovery, Dmitry Galov, security researcher at Kaspersky’s GReAT, said.

“This campaign has been running for more than a year and remains active. OkoBot is not just a single piece of malware but an extensible framework built primarily to compromise cryptocurrency users.”

Galov added that the malware is continuously maintained and enhanced, underscoring the attackers’ long-term focus on financial theft.

According to Kaspersky, victims are typically infected through ClickFix phishing attacks or malicious GitHub repositories masquerading as legitimate software downloads. In one instance, a fake Microsoft SQL Server Management Studio repository secretly installed a trojanized version of the Audacity audio editor embedded with malicious code.

Following the initial compromise, the attackers deploy a PowerShell downloader called TookPS,which establishes an encrypted SSH connection to attacker-controlled infrastructure.

The malware then harvests browser cookies, wallet files, stored credentials and system information before downloading additional malicious modules.

Among the additional payloads is OkoSpyware which monitors more than 100 applications, which includes cryptocurrency wallets and password managers—records user activity and captures keystrokes and video of application windows. Another module silently installs malicious browser extensions capable of stealing financial information and authentication tokens.

However, Kaspersky’s telemetry indicates that the largest concentrations of victims have been recorded in Brazil, Vietnam, Canada, Mexico and Türkiye, although the malware campaign has spread to users across more than 25 countries.

The cybersecurity firm advised cryptocurrency users never to enter wallet recovery phrases into prompts displayed by desktop applications or websites unless they have independently verified their authenticity.

Furthermore,It also urged users to download wallet software exclusively from official sources, enable multi-layered endpoint protection, and remain cautious of software offered through unofficial repositories or phishing websites.

Kaspersky noted that while hardware wallets themselves remain secure, attackers are increasingly exploiting the software that accompanies them, making user awareness a critical line of defence against evolving cryptocurrency-focused cyber threats.

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E-Business

HURIWA, CLO Protests Bill Asking Social Media Firms’ to Open Shops Nigeria

Published

2 days ago

July 25, 2026

Ebere Melum-Nwogbo

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Human Rights Writers Association of Nigeria (HURIWA) has opposed a bill seeking to compel major global social media companies to establish physical offices in Nigeria.

HURIWA, CLO Protests Bill Asking Social Media Firms’ to Open Shops Nigeria

The rights advocacy group urged the National Assembly to discard the proposed legislation, warning that it could become a tool for censorship and undermine citizens’ constitutional right to freedom of expression, despite being presented as a measure to strengthen Nigeria’s digital economy and improve corporate accountability.

The position was contained in a presentation submitted yesterday by Emmanuel Onwubiko, national coordinator, HURIWA, to the chairman of the Senate Committee on ICT and Cyber Security.

The bill, sponsored by Senator Ned Munir Nwoko, has already passed second reading in the Senate and is before the committee for further legislative consideration.

HURIWA said it carefully reviewed the proposed legislation and concluded that compelling global technology companies to establish offices in Nigeria was unnecessary and potentially counterproductive.

The organisation argued that while the firms generate substantial revenue from Nigeria’s vast digital market, they already engage Nigerians through existing structures, including paying eligible content creators, working with local technology professionals and participating in legal proceedings whenever required.

According to the group, appointing local representatives where necessary would adequately address concerns about engagement with regulators and users without forcing the companies to maintain physical offices.

It also dismissed claims that mandatory country offices would significantly improve consumer complaint resolution, technology transfer or employment generation.

HURIWA maintained that the platforms already have effective feedback mechanisms for resolving users’ complaints and routinely appear before Nigerian courts through their representatives whenever litigation arises.

The group, however, said its greatest concern was the potential for the proposed law to be used as an instrument for restricting freedom of expression.

It argued that establishing local offices could expose global social media companies to pressure from government authorities to remove online content considered critical of those in power.

According to the rights group, the presence of social media companies in Nigeria could become an avenue for authorities to pressure them into abandoning internationally recognised digital rights standards in favour of politically motivated content moderation.

It recalled previous attempts to regulate social media in Nigeria that generated widespread concerns over possible restrictions on free speech, stressing that any legislation affecting the digital space must contain clear safeguards against abuse.

The organisation warned that the proposed law should never become “a backdoor mechanism for government surveillance, arbitrary content removal or political censorship.

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