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Mastercard Study Predicts Massive Fintech Disruption in Africa

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A new study by the Mastercard Economics Institute says the COVID-19 pandemic has presented Africa with massive growth opportunities for fintech companies, predicting the sector will, this year, play a catalytic role in boosting financial inclusion on the continent.

The study, Economy 2021, says with concerns over contracting COVID-19 from visiting bank branches and using hard currency, the need to bring the population into the digital economy through fintech solutions has become paramount.

Economy 2021 – a global outlook report providing detailed analysis of the economic impact of COVID-19, including permanent changes in digital consumer spending habits – says the pandemic is the biggest opportunity yet for fintech firms to provide banking solutions that solve financial inclusion challenges on the continent.

“We recognise the overwhelming pressure that small business owners are currently facing and are committed to supporting them through COVID-19 and beyond as they adapt to a new way of operating and evolved customer needs.

“This is why we have collaborated with Standard Bank, and Google to help small business owners move their operations online, accept digital payments and attract more customers,” says Suzanne Morel, country manager of Mastercard South Africa.

In addition, the study notes that as digital innovation improves and Internet access increases, digital payment solutions such as contactless, virtual card numbers and quick response codes offer more possibilities than ever before.

Among the key trends analysed by Mastercard in the study is the sharp shift to digital platform use, driven by changed consumer behaviour, mobility restrictions and the necessity to generate business revenues beyond brick-and-mortar locations.

Within the scope of accelerated digital transformation, the report also notes that continued digitalisation in the Middle East and Africa (MEA) is key to advancing financial inclusion.

According to the study, this is especially relevant in regions such as East Africa, where International Monetary Fund research found that even where financial inclusion through traditional banking services was declining, expanded access to digital tools and services increased financial inclusion.

“This trend is set to continue in 2021, especially in the more digitally-advanced economies such as Ghana, Kenya and Uganda,” says Mastercard.

Turning to e-commerce, the Economy 2021 report estimates a permanent stickiness factor of 20% to 30% in overall retail spending, a key consideration as businesses contemplate scaling up their digital transformation efforts.

This shift was also highlighted in a recent Mastercard e-commerce study, which revealed that 68% of South African consumers are shopping more online since the onset of the COVID-19 pandemic.

This trend, according to the study, appears to be here to stay, as 71% of respondents said they will continue to shop online post-COVID-19.

According to Economy 2021, as e-commerce rapidly becomes a way to pandemic-proof a business, adoption by older generations and added convenience and lower costs for consumers will contribute to the continued growth of digital demand in 2021.

“This growth of the digital economy represents a ‘coming of age’ for e-commerce, a turning point in bridging the digital divide. We are heading for a multi-speed global recovery that favours low-touch over high-touch,” says David Mann, chief economist for Asia and MEA at Mastercard.

“Small businesses and micro merchants are especially crucial to the region’s economies, and by enabling them to accept digital payments, we can connect more people and communities to financial freedom and eventual prosperity.”


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E-Business

ISDL Achieves IMS Certification

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Integrated System and Devices Limited (ISDL), a major provider of electronic security solutions, is delighted to announce the successful attainment of ISO 14001:2015 and ISO 45001:2018 certifications following a rigorous audit process conducted by Bureau Veritas Certification Holdings SAS-UK Branch.

ISDL Achieves IMS Certification

In 2021, ISDL bagged the Quality management systems ISO 9001:2015, and now in 2024, with unwavering dedication to customer satisfaction, the occupational Health and Safety system ISO 45001:2018 and the Environmental management system ISO 14001:2015 have been consolidated to form an Integrated Management System.

These certifications, covering ISDL’s headquarters and branches, signify the company’s unwavering commitment to upholding the highest standards of quality management across all facets of its operations.

According to Oluseun Mabogunje, managing director of ISDL, the scope of the certifications encompasses the design, procurement, supply, installation, integration, maintenance, and after-sales support of various electronic security and Extra Low Voltage (ELV) equipment.

Mabogunje expressed his elation at receiving the IMS certifications, emphasizing ISDL’s dedication to delivering exceptional quality and service to its clientele. He emphasized that this achievement underscores the company’s ongoing pursuit of continuous improvement and customer satisfaction.

 

 

 


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Cybervergent’s Q1 2024 Report Reveals Rising Threat of Remcos RAT Malware in Financial Sector

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Cybervergent, a foremost technology company providing automated cybersecurity solutions, in its Quarterly Brief has revealed a troubling trend in the financial sector that shows a spike in attacks utilising the deceptive Remote Control and Surveillance Access Trojan (Remcos RAT) in Q1, 2024.

The findings affirm a stark forewarning to the financial institutions and organisations in the African continent, urging heightened vigilance and proactive measures to mitigate potential escalating risks.

Previously marketed as a legitimate software, Remcos got co-opted by malicious actors and is now a prevalent tool in cybercrime campaigns. This remote access tool grants attackers hidden entry into victims’ devices, allowing them to seize control, pilfer sensitive data, and even introduce stealth backdoors to compromise entire systems. The capabilities of Remcos are diverse and frightening, ranging from disabling vital security features like User Account Control (UAC) to covertly recording user activities.

“As vigilant cybersecurity gatekeepers, we have observed a significant surge in attacks leveraging the Remcos RAT malware,” said Gbolabo Awelewa, the Chief Solutions Officer, Cybervergent. “Financial institutions are particularly targeted due to the sensitive nature of their data and assets. Organisations must remain diligent and adopt proactive monitoring measures to safeguard against such threats.”

The proactive approach adopted by Cybervergent’s Cyber Operations Centre involves meticulous analysis of attacker tactics, constant updating of threat intelligence, and implementing robust endpoint security solutions. These measures are designed to detect, prevent, and neutralise Remote Access Trojans like Remcos, ensuring the continued security and compliance of organisations in the face of evolving cyber threats.

“Our mission is to fortify our clients’ defenses and ensure the seamless operation of their organisations,” added Gbolabo. “By staying ahead of emerging attack vectors and vulnerabilities, we empower businesses to take proactive measures and protect their valuable assets.”

Looking ahead, Adetokunbo Omotosho, Chief Executive Officer of Cybervergent emphasised the firm’s focus on empowering organisations to navigate the complexities of cybersecurity and compliance with dexterity and confidence.

“Cybervergent’s Assurance and Compliance Team has demonstrated unparalleled leadership in the cybersecurity domain, achieving significant milestones and delivering transformative solutions. Our journey through Q1 reflects a deep commitment to advancing the state of cybersecurity compliance, paving the way for a secure and resilient digital future for organisations in Africa and across the world”, he added.


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Konga Launches Free Same Day Deliveries on Starlink, Apple & Samsung Nationwide

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Konga, the only authorised shop-in-shop for Starlink Internet kits in Nigeria, is offering its customers free same day delivery across all major cities in the country.

With prices of Starlink Internet kits slashed by 50%, Konga is delivering additional value so that both homes and businesses in urban and remote places can enjoy infinite possibilities with their internet on both their standard and enterprise installations. This offer which is available both online and in its retail stores nationwide is exclusive to new and existing customers this month.

With the improvement in prices on both original standard and enterprise Starlink kits, customers can now enjoy a global warranty and direct installation services by purchasing only on Konga.

Since the launch of the partnership with the Elon Musk owned satellite internet provider, Nigerians have continued to celebrate the uninterrupted supply of fast and efficient cyber network services from the authentic devices available on Konga.

In addition to Starlink, other unique items from leading global companies such as Apple, HP, Lenovo, Samsung, Zinox, Philips, Intel and many more are available at unbeatable discounts in the Konga Tech Month from the 1st and will run till the 31st of May 2024.

The Konga Tech Month was extended from its traditional 7day promotion to 30days to give more people access to exclusive deals throughout the month. To enjoy these mouthwatering offers, visit konga.com or any of its physical outlets today.


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