E-Business
Africa 2020 Presents Exciting Opportunities for Asset Managers- PwC
New research from PwC predicts that traditional assets under management (AuM) in 12 markets across Africa will rise to around $1,098 billion by 2020, from a 2008 total of $293 billion.
This represents a compound annual growth rate (CAGR) of nearly 9.6%. Traditional asset management, in particular the mutual fund industry, is expanding aggressively across Africa.
This will largely be driven by a number of factors: economic growth and the subsequent rise in wealth will boost the demand for pensions and life insurance products, the demand for retail investment funds will consequently increase, and the widespread adoption of technology will make delivery of new products cheaper, bringing more consumers into the formal financial sector.
The report, Africa Asset Management 2020, is an in-depth study which examines the asset management industry across 12 African countries which have financial markets of varying levels of development.
The countries, which represent a sample from Northern, Eastern, Western and Southern Africa, were assessed by a range of relevant indicators in order to capture their true investment potential.
The countries were categorised into three groups: advancing markets, promising markets, and nascent markets.
In addition, the report outlines and analyses the future game changers for investment into Africa as a whole as well as addressing the impacts for these specific markets.
Speaking on the trend, Ilse French, PwC Africa Asset Management Leader, said, “As Africa has entered the 21st century, economic growth has surpassed expectations and stimulated investor interest across a broad range of asset classes. Although the fund industry in Africa is, in most countries, still developing and has much to prove, global and local asset managers are likely to become more active as the industry continues to flourish.”
PwC also predicts that the global rise in the volume of investable assets which has taken place over the last two or three decades is set to continue to increase in the future and investable assets are set to be significantly higher in 2020 than today.
Also, a recent research conducted by PwC projects that global AuM will rise to around $101.7 trillion by 2020.
Although Africa is a small part of the global industry it is a region that is experiencing significant growth.
It is interesting to note that retail investors form a small proportion of investors in asset management in Africa.
However, the report suggests that the number of retail investors in these markets could be increased by way of education about products, encouragement of a savings and investment culture, and overall economic growth.
Capital Markets in Africa
Capital market regulation varies widely across Africa as legislation and regulatory structures differs between countries, reflecting both market and varied historical conditions.
In some countries, capital market regulations falls under the realm of the central bank, while in others they are under the auspices of the independent regulatory commission.
Although the GDP growth rate in Africa is on the rise, the savings and investment culture has not yet caught up and for the most part, capital markets remain small and illiquid.
Regulations to boost the capital markets are under discussion in some countries, such as encouraging pension funds to invest in locally listed companies.
Investors and Distributors
All parts of the financial services sectors are expected to continue to expand to 2020 and beyond, but bank assets will wane in the coming years as competition is fuelled by new entrants and regulatory reforms.
A number of banks have set up their own asset management subsidiaries in a bid to push their own proprietary products.
Some of these banks are also seeking cooperation with foreign asset managers to promote their African investment strategies in other parts of the world in exchange for promotion of other asset managers’ investment strategies in Africa.
Banks have the best distribution network and they will likely remain the main distributors in the future.
The pension fund sector in the 12 countries in this study has grown steadily from 2006 to 2014 and is expected to continue to grow considerably.
As these economies mature, pensions are becoming more significant as a part of the financial services sector, although many countries still have no private pension schemes.
However, change is underway with Mauritius and Ghana serving as examples of countries that have created three pillar pension schemes encompassing a third tier of voluntary schemes for middle class workers.
The insurance industry is also growing but, Africa has a low average penetration rate of about 3.5% of GDP, with the exception of South Africa which is over 15%.
As with pension funds, insurance companies outsource part of their asset management to third parties.
Private Investment
Currently private equity (PE) investment is the most interesting form of investment for foreign investors as a result of illiquidity in the capital markets.
But the lack of availability of exit options remains a concern for potential private equity investors in Africa.
Infrastructure is also considered to be a major opportunity for investment. The World Bank has estimated that an annual spending of $93 billion would be required to achieve national development targets in Africa and close the infrastructure gap.
Many African countries have taken longer to catch up on infrastructure and the recent economic uncertainty further underscores the need for a massive need to overhaul Africa’s infrastructure.
Game Changers: Global Megatrends
“Significant global and continent megatrends, we refer to as the ‘game changers’, will also help drive the market and create future opportunities,” said French.
“Africa’s demographic dividend, its growing middle class, its increased use of technology, and its rapid urbanisation will all have a part to play in the development of the asset management industry in Africa.”
Demographic Dividend
Africa currently represents 15% of the world’s population and 3% of the world’s GDP and less than 1% of the world’s stock market.
But that is changing. “There will be diverse opportunities and these will be different to those in the developed world,” added French. Africa’s population growth and the resulting demographic dividend could boost economic growth.
Investment is necessary in some industries in order to create labour productivity and economic diversification, and reduce poverty rates.
If policies are implemented to create enough employment for the enlarged workforce, the falling dependency rates should increase both savings and investment and create a substantial demand for savings products.
Growing Middle Class
Africa’s middle class has increased substantially over the past decade. Standard Bank’s report on the middle-class in Africa indicates that Nigeria will add 7.6 million middle class households by 2030, while Ghana will add 1.6 million.
The middle classes are associated with a great emphasis on education and saving. This will increase demand for sophisticated financial services and investment products such as retail investment funds, thereby significantly boosting the asset management industry.
Increased Use of Technology
Technology is increasingly changing the face of Africa. Mobile financial services have taken off as larger portions of the population access the web by way of mobile devices compared to fixed line internet.
Mobile technology is also enhancing financial services across Africa by way of a non-banked model and a banking model.
However, data security may become a key concern in the future requiring closer collaboration between telecoms and financial regulators.
Urbanisation and Infrastructure
Poor infrastructure in Africa is an impediment to economic growth and improvements in this area are required.
PwC research suggests that infrastructure spending in sub-Saharan Africa will exceed $180bn by 2025.
The shortfall in government funding creates opportunities for private investors to get involved either through direct investment or public-private partnerships.
Currently Africa’s urban population is increasing by 1.1 percent annually and is expected to have a major impact on real estate and infrastructure by 2020.
In addition, PE is growing across Africa. Although the majority of deals are small in size, it seems likely that deal size will grow to be more in line with other emerging markets as their economies and regulatory frameworks develop.
Development of the African Financial Services Industry
The 12 countries in this study vary from those with extensive legislative frameworks, such as South Africa, to those in much earlier stages in the development of their regulatory frameworks, such as Angola.
Regulatory reform is likely to boost economic growth and stimulate investor appetite. Changes to regulations to pension funds in particular could have an effect on the asset management industry as public pensions are usually the largest institutional investors in many African countries.
These changes include allowing pension funds to invest in a wide range of assets or the establishment of a three tier pension system.
In addition, sovereign wealth funds (SWFs) can fill existing funding gaps until the legal frameworks of African countries develop sufficiently to make them appealing to other investors.
“As large institutional investors, SWFs could provide a considerable boost to the asset management industry in Africa, particularly because they are long-term investors who seek stable returns,” added French.
The fact that most of the funds use a proportion of their assets to make impact investments domestically or regionally suggests that they will become big players in local markets.
“As asset managers look for new investment channels and competition becomes increasingly intense, understanding the characteristics of the local markets will be crucial to grasp the potential of this final frontier,” concluded French.
E-Business
Kaspersky Warns of The Gentlemen Ransomware Group Expanding Operations with New Malware

New Kaspersky Global Research and Analysis Team (GReAT) research into the rapidly growing ransomware group known as The Gentlemen has showed that the attackers have evolved their tactics through new custom-built tools – a backdoor designed to facilitate information gathering before ransomware deployment and control over compromised systems, and a ransomware executable file.

The group has been active worldwide across industries including manufacturing, IT services, healthcare, financial services, construction, and logistics.
In its recent report Kaspersky shared an overview of ransomware trends: according to Kaspersky Security Network, in 2025 Latin America had the highest share of organisations with ransomware attacks detected (8.13%), followed by the Asia-Pacific region (7.89%), Africa (7.62%), Middle East (7.27%), the Commonwealth of Independent States (CIS, 5.91%) and Europe (3.82%).
The Gentlemen is a rapidly expanding Ransomware-as-a-Service (RaaS) operation believed to have emerged around mid-2025. The Gentlemen and its affiliates primarily gain initial access to victim systems through the exploitation of Internet-facing services and compromised credentials.
The attackers may be seeking collaboration with Initial Access Brokers (IABs) to acquire access to organisations with valuable intellectual property with minimal effort. Kaspersky found that access to some victim systems, using techniques the group does not typically employ, occurred long before the ransomware infection. This may mean that the initial access was not carried out by The Gentlemen, but rather by another threat actor, possibly an IAB.
Unlike many RaaS groups, The Gentlemen demonstrates a high level of sophistication, employing custom tooling and flexible intrusion tactics. Kaspersky researchers identified a previously unknown, custom-developed backdoor written in Go deployed by the attackers one day before ransomware execution.
The implant gathers host and network information and hides its console window to avoid detection. Its capabilities include bidirectional communications with the attackers, server-controlled command execution, and reconnaissance, enabling attackers to extend and adapt their activity within a compromised environment.
Kaspersky also found a new ransomware variant written in C affecting a limited number of corporate victims. While The Gentlemen has primarily used a ransomware implant written in Go that was designed for cross-platform use, the new C-based variant appears to be Windows-focused. The group may be testing the malware in real victim environments as it expands its technical arsenal.
Notably, in their attacks the Gentlemen attempted to remove the Kaspersky security solution by utilising kavrmvr.exe (a tool designed to remove Kaspersky products). However, the Kaspersky solution remained active, and the move by the attackers was blocked and flagged as malicious.
“Despite being a relatively recent entrant to the ransomware threat landscape, The Gentlemen group is rapidly gaining a reputation among threat actors, attracting affiliates and executing high-profile attacks.
“The testing of the new C-based ransomware variants suggests that the group is actively refining its capabilities, which may translate into more stable and scalable attack chains in the near future.
“Organisations should anticipate further malicious ransomware activity and are strongly advised to prioritise vulnerability management and system hardening processes to mitigate the risk of compromise,” said Fatih Sensoy, security expert at Kaspersky GReAT.
E-Business
Kaspersky Reveals Malware Attacks on SMBs Disguised as AI Services Surged by Five Times in 2026

From January to April 2026, Kaspersky security solutions detected more than 33,300 attacks on small and medium-sized businesses (SMBs), in which malicious or unwanted software for PCs were disguised as popular artificial intelligence (AI) services. This number has surged by almost five times when compared to the same period in 2025.

A new Kaspersky report reveals threat analysis and mitigation strategies to help SMBs protect themselves against the evolving threat landscape.
Kaspersky experts explored the extent to which threat actors target small and medium-sized businesses with malware disguised as legitimate AI services, considering the growing popularity of such tools for the business workflow. At the beginning of 2026 the most common lures in cyberattacks involved malware posing as ChatGPT (42%), Claude (24%), and DeepSeek (20%).
Among unique malicious files detected in the SMB sector and masqueraded as AI services, Kaspersky experts observed mainly different Trojware (Trojans and Trojan-like malware), including those capable of downloading and running other malware on compromised devices.
Trojware disguises itself as harmless files to trick users into installing them. Their functionality may vary depending on the type of the malware. It may include stealing, deleting, blocking, modifying or copying users’ data, as well as other malicious capabilities. Given this, Trojware represents a highly dangerous cyberthreat to entrepreneurs and businesses.
However, in 2026 Kaspersky telemetry detected even more attacks on SMBs, in which malicious or unwanted software for PCs were disguised as messenger apps and video conferencing software: Telegram, WhatsApp, Zoom and Microsoft Teams. From January to April Kaspersky solutions blocked almost 415,000 such attacks.
The number of attacks changed marginally compared to the previous year’s figures. Thus, Kaspersky experts note that the lure of fake communication apps remains a widespread cyberthreat.
“The threat landscape is evolving with new lures constantly appearing. For example, for the first four months of this year our solutions for small and medium-sized businesses detected hundreds of attacks, in which malicious or unwanted software were disguised as OpenClaw – an AI tool that rapidly gains popularity in 2026.
Corporate employees are increasingly using various AI services and other tools in their workflows, including those that are publicly available. Thus, to be on the safe side, SMB employees – as well as all users – should exercise caution when looking for software on the Internet. Always check the correct spelling of the website and links in suspicious emails, and use robust security solutions,” says Vasily Kolesnikov, security expert at Kaspersky.
“As adversaries constantly refine their methods to exploit human error, the need for up-to-date security awareness training for businesses of all kinds and sizes is undeniable. However, the reality is that micro-organisations often struggle to allocate time and budget to regularly update their staff on the latest threats and malicious trends.
“We believe this issue can be largely addressed through solutions tailored for small businesses which deliver robust core protection while also providing accessible security education,” adds Rodion Pyanov, product manager, Kaspersky Small Office Security.
E-Business
LG Showcases AI-Powered Smart Living Innovations @ Africa Technology Expo 2026

LG Electronics has reaffirmed its commitment to advancing innovation and smart living across Africa by participating as a supporting sponsor at the Africa Technology Expo (ATE) 2026, where the company is showcasing its latest portfolio of premium consumer electronics and home appliance innovations.

The two-day expo, themed around strengthening Africa’s enterprise technology ecosystem through collaboration and innovation, has brought together industry leaders, technology innovators, multinational companies, policymakers, and entrepreneurs to explore opportunities for cross-border partnerships and digital transformation across the continent.
As one of the supporting sponsors of this year’s event, LG’s interactive exhibition booth has become a major attraction, offering visitors firsthand experience of the company’s latest AI-powered technologies designed to enhance everyday life while delivering greater comfort, convenience, energy efficiency, and connectivity.
Among the innovations on display are the latest LG QNED TV, delivering exceptional picture quality and immersive entertainment; the iconic MoodUP™️ Refrigerator, which combines intelligent cooling with customizable LED door panels; the innovative LG WashTower™️, an all-in-one premium laundry solution that maximizes space and efficiency; the energy-efficient LG ARTCOOL Air Conditioner and LG Air Tower, designed to provide smarter climate control; alongside LG’s advanced Dehumidifier and other intelligent home solutions.
Speaking on LG’s participation, Mr. H.S. ji, Managing Director, LG Electronics West Africa, said: “Africa Technology Expo provides an excellent platform to engage with innovators, businesses, and consumers who are shaping the future of technology across the continent. At LG, innovation goes beyond creating advanced products, it is about developing meaningful solutions that improve everyday life.
“Our participation reflects our commitment to supporting Africa’s digital transformation while introducing intelligent technologies that make homes and workplaces smarter, healthier, and more energy-efficient.”
The Africa Technology Expo was established to foster stronger collaboration among African businesses, emerging enterprises, and multinational organisations. During the opening ceremony, the organisers emphasized the need for deeper continental collaboration to unlock Africa’s innovation and economic potential, noting that previous editions of the expo have facilitated approximately $192 million in business deals among participating companies.
LG’s presence at the event aligns with this vision by demonstrating how cutting-edge consumer technology can support economic growth, digital inclusion, and sustainable development across Africa.
Visitors to the LG booth are participating in live product demonstrations, interactive experiences, and expert consultations, gaining valuable insights into how LG’s AI-powered ecosystem seamlessly connects home appliances and entertainment products to deliver a smarter lifestyle.
As technology continues to reshape industries and everyday living, LG remains committed to driving innovation that empowers consumers, supports enterprise growth, and contributes to Africa’s evolving digital economy.
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