E-Financial

The Insecurity of Things

Published

9 years ago

July 26, 2016

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Evolution in technology is enabling more “things” to connect more often around the world, at a pace that’s showing no sign of slowing down.

By 2020, 70 percent of people across the world will be smartphone users and countries in Asia, Africa and the Middle East will account for 80 percent of the new subscriptions.

More people currently have access to a mobile phone than a clean toilet, safe water or reliable energy – and their prevalence is expected to keep growing.

This has led to the inevitable widespread adoption of generic cloud and social technologies in emerging markets with access to freeware or inexpensive public services such as Gmail and Dropbox.

While this holds great opportunity for developing countries, the rapid spread of technology compounds a broader issue concerning infrastructure.

Within the developed world, the fines payable for not protecting personal data are hefty in regulated industries such as financial services and healthcare.

Governments have increasingly woken up to the seriousness of the cyber threat. To keep on top of the risks, more regulators have hardened their stance on cyber security infrastructure.

As cities in developing countries are expanding rapidly, it is likely that infrastructure will not be able to keep pace with their growth nor the increased expectations of their populations. This suggests lower standards of technology governance which can put personal data at risk.

Having said that, developing countries have the opportunity to leapfrog by avoiding the mistakes made by other advanced countries and applying the lessons learned from the development of smart city infrastructure.

If managed effectively, there is huge potential for technology to increase the efficiency with which developing infrastructure can be managed.

The use of big data, the Internet of Things and the ubiquitous nature of smartphones use promise to revolutionize developing cities to become truly smart cities built on safe and secure infrastructure.

The line between the digital and the physical world is blurring. Action to close the infrastructure gap has never been more important and will heavily influence the potential of risks with catastrophic cascading effects.

Securing the infrastructure – it starts at enrolment
In developing markets, where new players are able to gain early access, influence consumer behaviour and acceptance, it is easy to see how the systems established for payments will be under pressure by “quick and easy access”.

It could result in a weakening of the process, enabling non-credible players to enter the payment ecosystem.

It’s vital for secure infrastructure to be built from the ground up to minimise vulnerabilities and to keep pace with technological advancement.

EMV, widely known for its chip & PIN application, is a global security payment standard that serves as the foundation for future payment technologies, across cards, contactless, mobile and remote payment channels.

Already deployed in 150 countries, it is fundamental to building secure payment infrastructure. EMV technology allows dynamic data to be created, making each transaction unique and virtually impossible to replicate.

While research shows a 200 percent growth in transactions originating from mobile devices in 2015 compared to 2014, EMV has still not taken root in some of the world’s developing economies. Its effectiveness as a first line of defense is clear – with significant adoption of EMV transaction penetration (chip card on chip terminal transactions) in Africa and Middle East (61.2 percent), Canada, Latin America and the Caribbean (71.7 percent) and Western Europe (83.5 percent).[3]

Employing a multi-layered security approach for any organization is what will lead to decrease in fraud.

EMV is just the beginning. To ensure our consumers can benefit from the same level of safety in the digital world, we are basing our future payments products on proven technologies like M/Chip that significantly reduce counterfeit fraud.

M/Chip features in mobile phones will be a key component of emerging devices. The MasterCard Digital Enablement Service or MDES is our core platform for provisioning M/Chip-enabled payment devices with tokenized payment credentials.

MDES together with M/Chip provides the same level of EMV-like security and interoperability for the digital world as we have in the physical world

In addition, 3D Secure Standard is an automatic online security service that secures you against unauthorised use online. It uses a private code that gives added protection when you shop at participating online merchants.

Government adoption of secure technology can also be a part of the solution.

In Egypt, with 85 percent of the population lacking access to formal banking, the mobile phone is rapidly becoming the method of choice for making payments and managing money.

The Central Bank of Egypt issued strict mobile payment regulations to guarantee safety and security for people, resulting in significant reduction in fraud.

This is indeed a necessity considering that the mobile penetration in Egypt is currently at 115 percent of the total population, meaning that some people have more than one phone.

Similarly in Thailand, the government is taking active steps to improve cybersecurity for electronic transaction on mobile phones. Being the second largest smartphone market in Southeast Asia, the country is pursuing its ambition to become a cashless society.

Here, the government is relying on biometric technology to prove people’s identity via mobile phones as a means to reduce fraud. Like Egypt, Thailand’s saturated mobile phone market is relied upon heavily for payments and money transfers.

Nigeria is another example of how deploying secure infrastructure has resulted in huge benefits to the country’s development. Nigeria’s National Identity Smart Cards are embedded with biometric identification chips and electronic payment capabilities, another example of biometric technology being employed to curb fraud. The introduction of the chips helped reduce fraud from counterfeit cards and transactions in Nigeria.

Adapting known solutions for a digital world
The security solutions that already exist in the physical world are ready to be implemented in the digital world. We just need the motivation, regulation and coordination to ensure everyone is able to benefit, wherever they are in the world. The alternative, in today’s unregulated environment of the Internet of Things development, could be a thing of security nightmares.

Working in partnership with those who can make a difference is vital to remain one step ahead and change the current mindset from one that sees security innovations as optional, to one that recognises they are an absolute necessity.

Through the right global standards, best products and services, and our desire to constantly innovate, we can ensure everyone is protected and financially included everywhere, which will ultimately define and defend the future of payments.

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E-Financial

Ecobank Joins Trillion-naira Club for the First Time in 20 Years

Published

17 hours ago

January 14, 2026

Chike Onwuegbuchi

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Ecobank Transnational Incorporated (ETI) has joined the trillion-naira exclusive club of firms, marking its first entry in its two decades of being listed on the Nigerian Exchange.

The Pan-African lender saw its valuation surge more than the N1 trillion mark on Monday, January 5, 2026. As of the close of trade on Monday, January 12, the stock had gained 7.4 percent, with its share price hitting N45. ETI has accrued 23 percent over the past four-week period alone, making it the 40th best on NGX.

“Ecobank Transnational Inc. is currently the 23rd most valuable stock on the NGX with a market capitalisation of N 1.07 trillion, which makes up about 1.02 percent of the Nigerian Stock Exchange equity market,” according to African Stock Exchange data, a market analytics platform.

This historic feat follows the early repayment of $245 million of Ecobank’s $300 million Eurobond issuance to bondholders who validly tendered their notes ahead of the February 2026 maturity date.

This must have led to an improved confidence in the bank’s operation, which gained 61 percent a year ago despite the sell-off that rattled the bank’s stock in 2025.

More Nigerian lenders are seeing their market capitalisation cross the N1 trillion mark, suggesting renewed investor confidence in the sector that’s undergoing a recapitalisation exercise.

GTCO remains the most capitalised, with its valuation reaching N3.62 trillion as of January 12, followed by Zenith Bank, First Bank of Nigeria, United Bank for Africa, Access Bank, and Stanbic IBTC with N2.75 trillion, N2.16 trillion, N1.94 trillion, N1.23 trillion, and N1.7 trillion, respectively. By crossing N1 trillion, Ecobank now sits among the country’s biggest lenders within the trillion-naira club.

Fidelity Bank, on April 4, 2025, saw its market value shoot above N1 trillion, making it the first tier-2 bank to cross the threshold. However, it slipped below the mark on May 20 following a Supreme Court ruling that pressured its share price. The bank’s valuation currently stands at N957 billion.

The membership of the exclusive club of listed companies with at least N1 trillion valuation has increased to 24, compared to 17 a year earlier, according to data from the Nigerian Exchange Limited.

The top five members include BUA Foods with a market cap of N14.38 trillion, MTN Nigerian Communications with N12.70 trillion, Dangote Cement with N10.71 trillion, Airtel Africa with N8.53 trillion, and BUA Cement with N6.2 trillion.

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E-Financial

Wema Bank Upgrades ALAT Banking App

Published

2 days ago

January 13, 2026

Chike Onwuegbuchi

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Wema Bank Plc has launched the upgraded version of its flagship digital banking platform, ALAT by Wema. Designed as the next phase in digital banking, the upgraded version of ALAT delivers a smarter, faster, and more intuitive experience, reinforcing Wema Bank’s leadership in technology-driven financial services.

Tagged ALAT: The Evolution, the upgraded version represents a significant advancement in how customers interact with their bank.

It enables seamless banking through intelligent features such as voice banking (called SAW), which allows customers to carry out banking activities using natural voice commands, reducing friction and improving accessibility.

It also introduces Tap and Pay for quick, secure, and convenient contactless transactions, alongside uptime prediction that enhances transparency, reliability, and confidence around service availability.

Together, these innovations are designed to simplify everyday banking while anticipating customer needs in real time, reinforcing Wema Bank’s commitment to trust, efficiency, and customer-centric digital experiences.

While announcing the upgraded version of the ALAT Banking app, Moruf Oseni, Managing Director and Chief Executive Officer of Wema Bank, said, “ALAT: The Evolution is more than an upgrade. It is a clear demonstration of our commitment to redefining digital banking in Africa.

“By understanding the future of banking and listening closely to our customers, we have upgraded ALAT by Wema to a digital banking platform that is smart, intelligent and dependable. This evolution reinforces our promise to deliver innovation that genuinely enhances how people live, work, and transact everyday.”

He added that migrating to the upgraded app is seamless. “Existing customers can simply visit the Google Play Store or Apple App Store to update their existing ALAT app and sign-in with their existing login details (All their account information and transaction history remain intact on their profile and they will also gain access to new features that make banking faster, more intuitive, and more reliable).

For new customers, all they have to do is visit the Google Play Store or Apple App Store to download ALAT by Wema app and click the Get Started icon to onboard seamlessly.

Speaking on the technology in the upgraded ALAT by Wema, Olusegun Adeniyi, Chief Digital Officer at Wema Bank, explained, “With ALAT: The Evolution, we set out to enhance not just functionality but the overall banking experience.

“By integrating voice banking, contactless payments, and predictive reliability, we are delivering a platform that is built on powerful technology and responds intelligently to customer needs. This upgrade reflects our long-term digital vision to create a digital bank that is adaptive, intuitive, and consistently available.”

Built on speed, intelligence, and user-centric design, ALAT: The Evolution redefines everyday banking through intuitive features such as voice-enabled transactions, contactless payments, and predictive service reliability. Designed to anticipate customer needs in real time, the platform delivers a smarter, more seamless, and dependable digital banking experience that reflects Wema Bank’s vision for the future of finance.

With the upgraded version of ALAT, Wema Bank continues to strengthen its position as a digital-first institution, delivering innovative solutions that empower individuals and businesses to bank with confidence in an increasingly digital economy.

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E-Financial

NDIC Declares Second Liquidation Dividend for Heritage Bank Depositors

Published

3 days ago

January 12, 2026

Ebere Melum-Nwogbo

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Nigeria Deposit Insurance Corporation (NDIC) has declared a second liquidation dividend of ₦24.3 billion for depositors of Heritage Bank Limited (in liquidation) whose account balances exceeded the statutory insured limit of ₦5 million at the time of the bank’s closure.

NDIC Declares Second Liquidation Dividend for Heritage Bank Depositors

Heritage Bank’s operating licence was revoked by the Central Bank of Nigeria (CBN) on June 3, 2024, after which the NDIC was appointed liquidator in line with the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023.

In a statement signed by Hawwau Gambo, head of the Communication and Public Affairs Department, the Corporation said “the second liquidation dividend would be paid at a rate of 5.2 kobo per ₦1.00 on outstanding uninsured balances. This brings the total liquidation dividend paid so far to 14.4 kobo per ₦1.00.

“The NDIC has now declared a second liquidation dividend of ₦24.3 billion. This amount, derived from debt recovery, sale of physical assets, and realisation of investments, will be applied to the payment of uninsured balances for depositors with funds exceeding the ₦5 million insured limit. The second liquidation dividend is payable at a rate of 5.2 kobo per ₦1.00 on outstanding balances, in accordance with Section 72 of the NDIC Act 2023. This brings the cumulative liquidation dividend declared to date to 14.4 kobo per ₦1.00”.

The NDIC recalled that it had earlier paid a first liquidation dividend of ₦46.6 billion in April 2025, representing 9.2 kobo per ₦1.00, following the reimbursement of insured deposits of up to ₦5 million per depositor from its Deposit Insurance Fund.

According to the Corporation, the second tranche was made possible through sustained recovery of debts and continued asset disposal.

“This payment is in furtherance of our statutory responsibility to ensure that depositors of closed banks are reimbursed promptly as assets are realised,” the NDIC said.

The Corporation explained that payments would be made automatically to eligible depositors using existing records. Depositors who have already received their insured deposits and the first liquidation dividend will have their alternative bank accounts credited automatically through their Bank Verification Numbers (BVN).

However, depositors without alternative bank accounts or BVNs, as well as those who have not claimed their insured deposits or the first liquidation dividend, were advised to visit the nearest NDIC office nationwide or complete the e-claim form on the Corporation’s website for verification and processing.

The NDIC noted that liquidation dividends are paid only to depositors with balances above the insured limit and are sourced from asset sales and recoveries. Other creditors and shareholders will be considered only after all depositors have been fully reimbursed and subject to the availability of funds.

The Corporation assured the public that the ₦24.3 billion payment represents only the second liquidation dividend, adding that further payments would be made as additional assets are realised and outstanding debts recovered.

Depositors were advised to contact the NDIC Claims Resolution Department at any of its offices nationwide or through the Corporation’s official email addresses and helplines for further enquiries.

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