E-Business
Technology is Future of FICA, Digitised Customer Onboarding

Digitisation is transforming business and impacting consumers through every stage of their daily lives.
While rapidly becoming a way of life, onboarding consumers digitally is still in its infancy, but is becoming a major focus for every financial institution across the country.
According to Simon Slater, chief operating officer at e4, a digital solutions company, the amendment of FICA, which now incorporates a risk-based approach to customer due-diligence, enables Accountable Institutions (AIs) to adopt their own, more flexible approach.
He said this move will quickly solve onboarding challenges as AIs, such as the banks, embrace the vital role technology can play in the process.
Slater said that technology’s role in addressing FICA requirements is rapidly growing because AIs now have more flexibility to manage compliance and risk independently.
The FICA amendment, he said, has seen a swift uptake in the use of technology solutions: “In part prompted by the rise of the fintech companies and the potential challenges posed by several new digital challenger banks, the major incumbent banks have all risen to the challenge of addressing both onboarding and compliance utilising technology solutions.”
The strength of these technology solutions, according to Slater, often lies in the use of data sources combined with intelligent rules engines, to verify customer information behind a great front-end channel. It is here that artificial intelligence will also start to feature more in onboarding solutions.
There are several components to the ultimate onboarding technology solution according to Slater.
Centred on the customer, the solution requires a simple web front-end or mobile app, that is easy to use and intuitive.
Proof of identity is next, and the solution will need a direct link to Home Affairs to verify a person’s identity. Depending on the channel, this can include the use of fingerprint biometrics, which provides a very strong real-time check, coupled with or alternatively using up to three-way facial matching of a customer’s image (enabling a ‘virtual’ face-to-face process).
A virtual video link can also be offered, coupled with liveness detection to cater for all risk levels of customer verification. Finally, technology can now also solve the challenges around income, affordability and employment verification.
To solve proof of residence, Slater said these types of technology solutions are reinventing the process digitally at new levels: “We have managed to create a marketplace for address providers to compete on a price and quality basis, to enable AIs to verify digital evidence for proof of residence, against multiple sources of addresses. This is the level of onboarding that suddenly becomes possible in a digital environment.”
Real-time approval via instant processing of new customer applications is the ultimate goal of digitised onboarding. Slater says that from a FICA perspective, the next goal is to assist AIs to address the ongoing verification of existing customers.
Often referred to as Know Your Customer (KYC), the technology solutions developed to onboard new customers can also be utilised to refresh a customer’s data based on their risk profile. This is the road ahead.”
Slater is very upbeat about the future of new technology within AIs. Sustainable solutions to help solve the ability of AIs to onboard a customer and meet their FICA requirements are finally available.
E-Business
Firm Reveals a 37% Increase in Malicious Packages Compromising Software Supply Chains

According to Kaspersky telemetry, almost 19,500 malicious packages were found in open-source projects by the end of 2025, representing a 37% increase compared to the end of 2024.

Modern software development is inseparable from open-source components. However, open-source software may contain intentionally hidden threats which can leave the products that use malicious packages vulnerable to manipulation, including supply chain attacks. According to a new Kaspersky global study, supply chain attacks have emerged as the most common cyberthreat facing businesses over the past year.
Kaspersky reminds about high‑profile supply chain attacks that have emerged recently: In April 2026, the official website for CPU-Z and HWMonitor, free tools used by hardware enthusiasts, IT administrators and system builders worldwide to monitor hardware performance was compromised, silently replacing legitimate software downloads with malware-laced installers.
Analysis from Kaspersky GReAT showed that the compromise window was approximately 19 hours. Kaspersky telemetry detected that more than 150 victims across multiple countries faced this attack. The majority were individual users, which is consistent with the consumer-facing nature of the compromised software. Affected organisations spanned retail, manufacturing, consulting, telecommunications and agriculture.
- In March 2026, Axios, one of the most widely used JavaScript HTTP clients, was compromised. The attackers hijacked a maintainer’s account and published poisoned versions of the package (1.14.1 and 0.30.4). The malicious releases contained no harmful code in Axios itself but introduced a phantom dependency that deployed a cross-platform RAT, contacted a C&C server, and then erased traces of itself for macOS, Windows and Linux. Both versions were removed within hours, and the dependency was quickly put under a security hold. Kaspersky GReAT confirmed that the attack was not standalone – it shared tactics, techniques and procedures with Bluenoroff’s GhostCall and GhostHire campaigns, presented at the Security Analyst Summit in 2025.
- In February 2026, the developers of Notepad++, a widely used open-source text and code editor, disclosed that their infrastructure had been compromised due to a hosting provider incident. Kaspersky GReAT researchers discovered that attackers behind the Notepad++ supply chain compromise had used at least three distinct infection chains and targeted a government organisation in the Philippines, a financial institution in El Salvador, an IT service provider in Vietnam and individuals across several countries.
“According to our survey, 31% of enterprise businesses have been impacted by a supply chain attack in the past 12 months. Nevertheless, the security level of open‑source projects is not necessarily lower than that of proprietary-vendor solutions. In some cases, an active open‑source community can quickly discover and remediate vulnerabilities, whereas proprietary systems often rely on internal teams for audits.
The open‑source community strives to monitor emerging risks, cybersecurity specialists conduct researches to find vulnerabilities and malicious code in open‑source software, promptly notifying their users and the community. Completely eliminating the potential risks is impossible, but they can be minimised also with the help of security solutions and automated code‑analysis tools,” comments Dmitry Galov, Head of Kaspersky GReAT Russia and CIS.
E-Business
Data Privacy Ignorance Threatens National Security – DKIPPI

Data Knowledge and Information Privacy Protection Initiative (DKIPPI) has warned that widespread ignorance of data privacy practices is exposing Nigeria to serious national security and economic risks amid a rise in ransomware attacks.

Tokunbo Smith, president of DKIPPI, warned on Tuesday in Lagos, that the increasing frequency of ransomware incidents underscores the dangers of weak data protection systems across organisations and institutions.
He described ransomware attacks as a growing threat in which hackers infiltrate systems, demand payments and threaten to leak sensitive data.
Mr Smith said, “The cost of ignorance in data privacy is not just what you lose. It is what you expose. Data privacy has evolved beyond a technical concern to a critical governance and national development issue requiring urgent attention. Ransomware is no longer just cybercrime; it is economic warfare and a governance issue.”
Mr Smith urged both public and private sector leaders to adopt proactive and comprehensive data protection frameworks to safeguard sensitive information and strengthen institutional resilience.
He also called on government at all levels to go beyond punitive responses and implement stronger regulations, enforcement mechanisms, and national cyber resilience strategies.
According to him, DKIPPI will soon release a policy advocacy paper outlining the key risks associated with poor data protection practices.
He said the paper would highlight financial losses, institutional inefficiencies, and threats to national security, while recommending urgent reforms to procurement processes, compliance systems, and governance structures.
Mr Smith added that addressing data privacy gaps was critical to protecting Nigeria’s digital economy and restoring trust in its institutions.
E-Business
Angst as FG Drops $32.8m Fine on Meta for Data Breach

Decision to cancel the $32.8 million fine previously imposed on Meta for alleged data privacy violations was taken as far back as October 30, 2025.

The development has raised concerns over the country’s approach to data protection enforcement and regulatory transparency.
This followed a confidential, out-of-court settlement singed by Nigerian Data Protection Commission (NDPC) with Meta, effectively waiving the fine imposed earlier that year.
This deal, sanctioned by a Federal High Court, resolved disputes over behavioural advertising and user data transfers without Meta paying the penalty.
Recall that the NDPC claimed that it launched investigation in September 2023 that examined Meta’s handling of personal data from more than 60 million Nigerian users.
The NDPC had accused Meta of several breaches, including the absence of explicit consent for behavioural advertising, unauthorised cross-border data transfers, the collection of data from non-users, and the deployment of algorithms that could expose users to financial and health risks.
At the time, the regulator described the penalty as part of efforts to strengthen digital rights protections in Africa’s most populous country, aligning Nigeria with global enforcement trends in the United States, United Kingdom, and European Union, where Meta and other major technology firms have faced multibillion-dollar fines for similar violations.
However, documents from a subsequent settlement indicate that Nigeria reversed its position in October 2025.
Under the agreement, Meta was absolved of the $32.8 million penalty and required only to cover legal fees incurred by the government during court proceedings challenging the NDPC’s final orders.
The settlement was signed on 30 October 2025 and later validated by the Federal High Court in Abuja on 3 November 2025.
Despite this judicial confirmation, the terms of the agreement were not made public at the time, and only recently emerged through disclosed documentation.
The development has triggered questions about transparency in regulatory enforcement, particularly given the scale of the initial allegations and the number of affected users.
Iliya-Ezekiel Ndatse, data protection lawyer, said the outcome weakens regulatory deterrence.
“Removing penalties after such findings reduces the effectiveness of enforcement actions and weakens the credibility of compliance obligations,” he noted.
The case has also drawn comparisons with Nigeria’s previous dispute involving Twitter, now rebranded as X, which was banned in 2021 before the two parties reached a negotiated resolution.
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