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Creative Ways to Raise Business Startup Funds During Tough Times

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It is said that small and medium sized enterprises mostly rely on internal finances or cash from friends and family to begin, and initially manage their businesses. According to a report by the World Bank, this is because they are less likely to be able to secure bank loans, compared to large companies.

The International Finance Corporation (IFC), in a recent report estimated that 65 million businesses, or 40% of MSMEs in developing countries, have an annual unmet financing need of $5.2 trillion, translating to 1.4 times the amount of global MSME lending at present.

In Nigeria, there is no doubt that existing and aspiring entrepreneurs are experiencing difficult times in starting or funding their businesses due to the prevailing economic downturn, compounded with other socio-political factors.

According to a 2022 Nigeria MSME report titled “Fuel for Africa’s next billion businesses”, 80% of businesses under the Micro, Small, and Medium Enterprises (MSME) in Africa fail within the first five years of their existence. And, despite having the highest entrepreneurship rate in the world, lack of finance has been identified as a major causative factor.

That said, there is still room for success for young entrepreneurs, who are zealous enough to run personal projects and appeal for seed fundings.

In a conversation with Business expert, Yuliy Shenfeld, Director of Operations at Jiji Africa, we got insights on three legit ways that you can raise funds to start that business.

  1. Apply for grants

Different funding options may be available for your specific project or demographic. Follow these steps to identify and access them:

– Determine the type of grant you need, be it government, private sector or NGO grants like the Bill and Melinda Gates Foundation, CIPE Grant and other corporations.

– Research available opportunities by checking relevant government and private sector websites, reaching out to NGOs and searching for international grant opportunities.

– Ensure you meet relevant eligibility criteria before starting your application process.

– Prepare your grant proposal, and submit on time, through the appropriate channels.

– Follow up on your application with grant providers to ensure they received your submission, and inquire about the status of your application.

You may also get private investors who are willing to invest in your project for a fair return on investment.

  1. Explore freelance work

Statistics have shown that over 1.5 billion people in the global workforce are freelancers. If you have a specific skill or talent, such as writing, graphic design, or programming, you can offer your services as a freelancer.

There are many websites and platforms like Upwork and Freelancer.com, that connect freelancers with clients looking for their services globally.

All you need to do is: create a portfolio that showcases your skills on your preferred platform and set your rates based on your skills, experience and market rates for your services.

You also need to promote your services through your portfolio and social media channels, and start small by taking up low risk projects to build your portfolio and reputation.

Keep in mind that you must be deliberate about maintaining good relationships with your clients by delivering quality work on time, communicating effectively and being professional at all times. With these tips, you are good to go on your first freelance project, to start earning. You would be able to raise sufficient funds overtime, to execute personal projects or kick start that business idea.

  1. Sell unused items

A recent study by Statista.com showed that the value of the secondhand apparel market is set to double in coming years, up to 218 billion dollars by 2026. More interesting is the fact that the highest customers in this segment are Gen-Z and Millennials who see used items options as more affordable and environmentally friendly.

So, take a look around your home and gather your unused, used or preloved items. You can sell them online through websites like Jiji.ng. This way, you can generate extra business funds through the sales.

Whether you’re selling unwanted items, offering services, or applying for grants, these methods are sure to help you generate funds as seeding capital for that new business idea, or grow an existing business. Just be sure to choose the option that works best for you.


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E-Business

Firm Discovered a New Corporate Phishing Technique using a Popular AI Web Development Platform

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Kaspersky has discovered that attackers have begun exploiting another legitimate service for malicious purposes – this time it is Tencent EdgeOne Pages, a platform for creating and hosting web applications.

Attackers are misusing its capabilities to generate phishing emails targeting corporate users. Previously Kaspersky has described similar attacks leveraging Google services and web applications generated by Bubble, an AI-powered app builder, to hunt for corporate credentials.

Employees across multiple industries including the industrial sector, sales, and government are among the targets. The goal of the attack is to steal login credentials for corporate resources. Over the past 30 days, the company’s experts have detected more than 8,000 phishing emails using this tactic, including messages in English, Korean, and Russian.

The Tencent EdgeOne Pages service is positioned as a platform for quickly creating and deploying web applications using AI. Scammers misuse it to generate and publish phishing pages in minutes with virtually no web development skills.

Attackers host phishing pages on EdgeOne’s legitimate cloud infrastructure and use trusted domains. As a result, such sites appear to be established and secure to many protective solutions, complicating the detection of such attacks.

How the attack begins

The user receives an email from the alleged “corporate email support team”. The message states that the account login credentials will expire in 48 hours, and that failure to update them may result in problems receiving or sending emails.

To avoid restrictions, the user is prompted to click a link and enter relevant information. Phishing emails are not limited to this narrative, and could deliver any corporate message, such as a message from the HR department or a notification of a received document that should be downloaded.

Clicking the link in the email opens a page with a form for entering the victim’s name, email address, and password. It is a simple design, with virtually no additional elements.

After the user enters their login and password, the data is transferred to a server controlled by the attackers.

“We are seeing a continuation of the trend in which attackers use AI and no-code platforms as part of their phishing infrastructure. We’ve previously observed a similar scheme using the Bubble platform, and here we have yet another example.

“While the communication used in these phishing attacks is typical and has been used before multiple times, the attack technique itself significantly lowers the barrier to entry for attackers and accelerates the creation of phishing resources.

“Previously this required at least basic web development skills, but now an infrastructure for fraudulent emails can be created in minutes,” comments Roman Dedenok, Anti-Spam Expert at Kaspersky.


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Kaspersky Report Shows Early 2026 Witnessed an Increase in Cyberattacks on the Manufacturing Sector

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According to a new Kaspersky ICS CERT report, in Q1 2026 the percentage of industrial control systems (ICS) on which malicious objects were blocked reached 19.6% globally. Kaspersky security solutions blocked malware from 10,052 different malware families of various categories on industrial automation systems.

Regionally, the share of ICS computers that were attacked ranged from 27.4% in Africa to 9.1% in Northern Europe. Compared to the previous quarter, attacks on the manufacturing sector in Q1 increased in multiple regions, including in Europe and Asia.

Regional split

In terms of overall numbers across all industry sectors, five regions saw an increase in the share of attacked ICS computers in Q1 2026 compared to the previous quarter. These were Southern Europe, Russia, Northern Europe, Canada and Africa.

Industries

In Q1, biometric systems traditionally placed first in terms of the share of ICS computers on which malicious objects were blocked, at 26.4%. These systems commonly have Internet access, are used for email, and, in many cases, have minimal cybersecurity controls within the organisations that use these systems.

Regionally, Southern Europe leads the ranking based on the percentage figures for biometric systems, at 35.15%. Africa follows at 29.58%, and Central Asia comes in third at 28.53%.

In the manufacturing industry, Southeast Asia ranks first among regions in terms of the percentage of ICS computers attacked (23.21%), followed by Africa (21.36%) and South Asia (20.13%).

In 2025, Kaspersky and VDC Research estimated that in just the first three quarters of 2025 cyberattacks on manufacturing organisations via ransomware could have generated over $18 billion globally in losses. Actual business losses could have been even higher when factoring in supply-chain disruptions, reputational damage, and recovery expenses.

“Legacy operational technology systems remain deeply embedded in manufacturing environments, which makes them vulnerable. Supply chain complexity and branching of the trusted partner network expands the attack surface beyond the network perimeter.

Attackers are realising that targeting OT assets of an industrial enterprise is not rocket science, which is why factory shutdowns bring massive financial losses,” commented Evgeny Goncharov, Head of Kaspersky ICS CERT.

 


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NDPC, Meta Launch 2-Year M-SIDP after Regulatory Settlement

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Nigeria Data Protection Commission (NDPC) has launched the Meta-Supported Initiatives for Data Protection (M-SIDP), a strategic programme aimed at strengthening data privacy awareness, regulatory compliance and institutional capacity across Nigeria’s digital ecosystem.

NDPC, Meta Launch 2-Year M-SIDP after Regulatory Settlement

The initiative follows the conclusion of regulatory proceedings involving Meta Platforms Inc., the parent company of Facebook, Instagram and WhatsApp, over concerns relating to the processing of personal data belonging to Nigerian users. The matter was resolved in 2025 through a court-approved settlement.

Under the agreement, Meta committed to supporting a two-year programme of public-facing data protection measures designed to advance the objectives of the Nigeria Data Protection Act (NDP Act) 2023, the General Application and Implementation Directive (GAID), and the NDPC Strategic Roadmap and Action Plan (SRAP) 2023–2027.

Announcing the initiative, the Commission said the programme would strengthen safeguards for data subjects while promoting responsible data processing practices among organisations operating in Nigeria.

According to a statement signed by Itunu Dosekun, head of the NDPC Media Unit, the programme will focus on governance, research and development, safety and sustainability mechanisms for technology ecosystems, capacity building for Data Protection Officers (DPOs) and Data Protection Compliance Organisations (DPCOs), as well as public awareness campaigns targeted at vulnerable groups.

The Commission stated, “As part of the settlement, Meta committed to supporting a two-year programme of public-facing data protection measures that aligns with the objectives of the Nigeria Data Protection Act, 2023 (NDP Act), the NDP Act General Application and Implementation Directive (GAID) and the NDPC Strategic Roadmap and Action Plan (SRAP) 2023–2027.”

The NDPC stressed that the settlement does not limit its regulatory authority.

“Nothing in this settlement limits the Commission’s independent statutory powers as we continue to exercise our regulatory mandate in relation to data processing activities in Nigeria, in accordance with the NDP Act and other applicable laws,” it stated.

The development comes amid rising global scrutiny of technology companies over data privacy practices, with regulators in regions including the European Union and the United States tightening enforcement against breaches and non-compliance.

Nigeria has also intensified efforts to strengthen its privacy framework following the enactment of the Nigeria Data Protection Act in 2023, which established the NDPC as an independent regulator empowered to monitor compliance, investigate violations and impose sanctions.

Industry experts warn that increasing digital adoption across banking, telecommunications, e-commerce, healthcare and public services has heightened risks of identity theft, cybercrime and unauthorised data sharing.

The NDPC has in recent years stepped up enforcement actions against organisations that violate data protection rules, while also expanding accreditation for Data Protection Compliance Organisations and training for privacy professionals.

The Meta-supported initiative is expected to address gaps in public awareness and technical capacity, while also supporting research and policy development on emerging issues such as artificial intelligence, cross-border data transfers and platform governance.

The Commission said it would provide periodic updates on the implementation of the programme and called on stakeholders to support efforts to build a secure, transparent and accountable privacy ecosystem in Nigeria.


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