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Africa Accounts for 60/130 of Global Mobile Money Systems

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Africa accounts for 60 out of the 130 mobile money systems in the world, said the International Telecommunication Union (ITU) as mobile ticketing, insurance, charitable donations, as well as fee payments for health and education services are now possible via mobile phones in Africa.

Mr. Brahima Sanou, director, Telecommunication Development Bureau, International Telecommunication Union (ITU) disclosed, adding that, specifically, in Africa there are transformative opportunities skyrocketing mobile growth, owing to recent figures where Africa leads the world in mobile money services.

Sanou who spoke through his Deputy, Mr Philippe Metzger, at World Cybersecurity Conference held in Abuja, also said that the world is living through a particularly exciting period in human history, the one that is witnessing the development and continuous growth of global communications.

“We are close to seeing as many mobile cellular subscriptions as there are people on the planet, and by the end of this year some 2.7 billion people will be using the Internet; with 2.1 billion active mobile-broadband subscriptions. This means, of course, that many more need to be connected”.

According to the director, internet is becoming a global resource and a basic commodity, as well as an indispensable tool for exchange and learning and the security challenges inclusive. Thus, “Cyber” is becoming one of ten most used prefixes used nowadays.

As internet and the use of ICTs are growing, individuals, businesses and nations are also experiencing the negative social and financial impacts from their misuse.

Cyber threats represent a major challenge to the economic and national well-being of everyone, everywhere and anytime.

“In a nutshell, the current global cybersecurity landscape can be described as follows: Cybercriminals are becoming more skilled – both at penetrating organizations and at avoiding detection by IT professionals and law enforcement agencies; hacker groups are increasingly trying to profit – by abusing legitimate online revenue sources such as online advertising; as mobile technology and its use continue to grow worldwide, such platforms will become ever more tempting targets for cybercriminals and new generation of young social networkers are having a different attitude towards protecting and sharing information: They are more likely to reveal personal data to other parties through social networking sites, thus increasing the likelihood of becoming cyber-victims”.

Sanou added that a recent worrying trend is the dramatic increase of cybercrime tools available on the market.

These include “Crime-ware” services such as purchasing customized email lists for spamming; ransom-ware services that restrict users from conducting further activity until they pay up; or renting out botnets for launching attacks can be found on the web at a relatively low price.

In other facts he shared with participants at the conference, he said, “Web attacks in 2012 were up 30% compared to web attacks in 2011, and malware targeting mobile phones grew by 58%.

“Annual losses of over 110 billion dollars are being caused by cybercrime, with over 550 million adults worldwide experiencing some form of cybercrime last year.

“Almost half of the teenagers aged 13 to 17 report that they have experienced some sort of cyber-bullying in the past year; and three quarters of young people involved in aggressive sexual solicitations in the real world met their aggressors online”.

The ITU director, Telecommunication Development Bureau, lamented that the problem is getting worse. “By the time I have finished this address, at least another ten thousand people around the world will have become new victims of cybercrime”.


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FG Makes u-Turn on Bank Account Re-Registration

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Federal government on Friday apologised for asking all account holders in financial institutions in the country to re-register their personal details.

FG makes u-Turn on Bank Account Re-Registration

Recall that the federal government had on Thursday ‎ordered that all persons holding accounts across financial institutions and insurance firms should complete and submit self-certification forms to their respective financial institutions.

The notice issued by the government to that effect read, ‎“This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc.) are required to obtain, complete, and submit Self – Certification Forms to their respective Financial Institutions.

“Persons holding accounts in different financial institutions are required to complete and submit the form to each one of the institutions. The forms are required by the relevant financial institutions to carry out due diligence procedures, in line with the Income Tax Regulations 2019.‎”

The directive raised eyebrows, as account holders already possessed Bank Verification Numbers.

Following widespread condemnation that trailed the directive, the Federal Government backtracked on Friday, saying the fresh guidelin‎e was not for all Nigerians.

The government attributed the development to misinformation.

The clarification issued by the government on Friday read, ‎“We apologise for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the notice does not apply to everybody. ‎FIRS will clarify Nigerians on the objectives of the directive.”

Also on Friday, FIRS, in a statement posted on Twitter, explained that the guidelines were only for non-residents, as well as people paying tax in more than one country.

Parts of the FIRS statement read, “The Self Certification Form is basically to be administered on Reportable Persons, holding accounts in Financial institutions, that are regarded as “Reportable Financial Institutions” under the CRS.

“Reportable persons are often non-residents and other persons, who have residence for tax purposes in more than one jurisdiction or country.”

“The information that indicates an account holder is a resident for tax purposes in more than one jurisdiction, is expected to be available to Financial Institutions during account opening processes, for the KYC and AML purpose.”


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Stanbic IBTC Bank Disowns Lagos ATM Fraudster

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Stanbic IBTC Bank PLC has disowned Tope Olajide, 22-year-old fraudster arraigned for theft of customers deposits.

Stanbic IBTC Bank Disowns Lagos ATM Fraudster

The Bank said this in a statement on Wednesday.

The statement said: “The attention of the management of Stanbic IBTC Bank PLC has been drawn to news currently circulating in the media, about the alleged arraignment of staff of the Bank on charges bordering on the theft of customers deposits.

“The Bank would like to clarify that the defendant, a 22-year-old Tope Olajide, IS NOT, and was at no point in time an employee of Stanbic IBTC Bank PLC.

“The alleged culprit was apprehended around 7:30 am, on Thursday, 27 August 2020, by security operatives after he was exposed by CCTV footage using ATM cards he had allegedly stolen and converted, to make withdrawals from the accounts tied to the stolen ATMs.

“The CCTV footage also showed the alleged culprit pretending to assist customers at ATMs whilst also attempting to fraudulently dispossess the customers of their ATMs.

“He was subsequently arraigned before an Ikeja Magistrate Court on Monday, 14 September, for stealing the debit cards of two customers and using them to unlawfully withdraw the sum of N427,000.

“The Bank would also like to implore members of the public to be security conscious when conducting transactions at ATMs. Customers are advised to report any suspicious actions around them to security operatives who are usually stationed around the Bank’s ATMs, when carrying out transactions at any of our ATM locations.

“As an organisation, we hold dear the values of integrity, and we will continue to prioritise the safety of our customers effectively.”


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Buhari Okays Establishment of CBN-Led Infraco

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President Muhammadu  Buhari has approved the establishment of an   Infrastructure Company (Infraco) to be driven by the Central Bank of Nigeria (CBN) in partnership with the African Finance Corporation (AFC) and the Nigerian Sovereign Investment Authority (NSIA).

Buhari Okays Establishment of CBN-Led Infraco

Mr. Godwin Emefiele, CBN governor

This is coming  on the heels of the foreign reserves’ slump to $36 billion following a cocktail of monetary policy interventions by the apex bank to cushion the scathing effects of the COVID-19 pandemic on the economy.

Mr Godwin Emefiele, CBN governor, made these disclosures in Abuja at the annual conference of the Chartered Institute of Bankers of Nigeria (CIBN) with the theme: Facilitating a Sustainable Future: The role of Banking and Finance.

According to him, Infraco would enable the use of private and public capital to support infrastructure investment that will have a multiplier effect on growth across critical sectors.

“This entity would also be able to raise funds from the capital markets and mobilise long term finance to address some of our infrastructure needs, while providing reasonable returns to investors. “We believe this well-structured fund can act as a catalyst for growth in the medium and the long run. The support of the banking community will be important in achieving this objective.

“A well-built infrastructure system, comprising hard infrastructure such as roads and ports, and soft infrastructure such as broadband penetration, can have a multiplier effect on growth by enabling the expansion of business activities in the country”, he explained.

On foreign reserves, Emefiele attributed its crash to the decline in foreign exchange earnings and subsequent adjustments in the value of the naira to the dollar.


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