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E-Business

CrediCorp Partners FintechNGR to Drive Consumer Credit Initiative

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Nigerian Consumer Credit Corporation (CrediCorp), has partnered Fintech Association of Nigeria (FinTechNGR) to drive consumer credit scheme initiative through a robust payment platform that would be provided by members of FinTechNGR.

Speaking at a Social Meet in Lagos, organised by FinTechNGR, with the theme: “Augmenting the Future, AI, Credit and Transformation of Nigerian Finance,” the Chairman, CrediCorp Board of Directors, Aderemi Abdul-Bojela, said members of FinTechNGR would have specific roles to play in the partnership, in the areas of providing robust platform for money transfer, technology evaluation, among others.

“Today, CrediCorp is engaging with members of FinTechNGR in a social interactive gathering to discuss collaboration and support for the growth of Consumer Credit Corporation in Nigeria. We want to interact to understand how technology will drive the crediCorp initiative in Nigeria and also to understand the role that members of FinTechNGR will play in all of these initiatives around CrediCorp,” Abdul-Bojela said.

Describing the partnership as a welcome development that will enhance savings culture among Nigerians, the Chief Operating Officer (COO) of FinTechNGR, Dr. Babatunde Obrimah, said: “FinTechNGR is an enabler of technology advancement in Nigeria. We bring the players together to drive technology innovation.

“Our role in the FinTechNGR-CrediCorp partnership is to ensure that our members support the growth of consumer credit in Nigeria, by providing the relevant payment platforms for all financial transactions among the banks who are the lenders, the customers who are the burrowers and the CrediCorp who is the guarantor.”

Speaking about the benefits for Nigerians, Obrimah said the Consumer Credit Corporation in Nigeria would enhance the country’s credit culture and enable Nigerians to save and plan well with their savings. “The initiative will address inflation, help in liquidity flow, build trust in customers’ borrowing, boost credit culture and enhance the culture of savings among Nigerians,” Obrimah said.

Addressing the issue of risk and consumer trust, Abdul-Bojela said the CrediCorp has put measures in place to ensure that the banks that would be involved in lending, would be protected and guaranteed of the repayment of the loans within the CrediCorp ecosystem.

He said there would be an independent management that would ensure that the right technology is put in place to recover all monies.


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E-Business

NDPC Probes Suspected Data Breach in Examination Centres

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Data Breach
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Nigeria Data Protection Commission (NDPC) has launched an investigation into allegations that the confidentiality and integrity of candidates’ personal data may have been compromised by hackers.

NDPC Probes Suspected Data Breach in Examination Centres

The Commission initiated the inquiry following concerns over possible data breaches during examinations.

Preliminary findings indicate that several examination centres may not have implemented adequate technical and organizational measures to safeguard candidates’ personal information, as required under data protection regulations.

Although the incident reportedly affected 379, 997 candidates, the NDPC’s investigation is poised to cover a systemic audit of data processing and third parties.

It will be recalled that JAMB recently admitted that a technical error on its platform affected a total of 379,997 candidates in 157 examination centres across Lagos and the South-East.

Further investigation led to the arrest of at least 20 suspects who are currently in the custody of the Department of State Services and the Nigerian Police Force.

 

 

 


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E-Business

Nigeria Among Hotspots as Kaspersky Warns of Rising Ransomware Threat in Africa

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Cyber security firm, Kaspersky, has once again warned that sophisticated cybercriminals increasingly target Africa as ransomware and advanced persistent threats (APTs) escalate across the region.

Speaking at the company’s annual Cyber Security Weekend for the Middle East, Turkiye and Africa (META) region, the cybersecurity firm’s Global Research and Analysis Team highlighted growing digital threats affecting African nations.

Kenya, Nigeria, and South Africa emerged as hotspots, with Kenya recording one of the highest web threat incident rates at 20.1% in first quarter 2025.

“While ransomware is less prevalent in Africa due to lower levels of digitisation and economic constraints, countries like South Africa and Nigeria are seeing a sharp rise in attacks,” said Sergey Lozhkin, head of META and APAC regions at Kaspersky.

Kaspersky noted a 0.01 percentage point increase in African ransomware cases year-on-year, reaching 0.41%, still below global and Middle Eastern averages, but a troubling sign for the continent’s emerging digital infrastructure.

Experts warned that attackers are refining their tactics, shifting focus to unconventional entry points like IoT devices, smart appliances, and misconfigured hardware.

“As these economies expand digitally, sectors such as manufacturing, finance and government are becoming key targets,” said Lozhkin

The cyber-crime landscape is evolving quickly, fuelled by AI tools and dark web access to large language models, which enable less skilled actors to launch convincing phishing and malware campaigns.

Groups like FunkSec, which uses AI-generated code and a low-cost ransom model, are redefining ransomware operations.

“African organisations face the dual challenge of expanding digital footprints and limited cybersecurity awareness. This makes layered defense strategies, including network segmentation, real-time monitoring and regular staff training, essential,” stated Lozhkin

Kaspersky continues to monitor 25 active APT groups in the META region, including SideWinder and MuddyWater, some of which are known to target African institutions.

To bolster defenses, the firm recommends using tools such as its free Anti-Ransomware Tool for Business and the Kaspersky Next suite for threat visibility and response.

 


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Nigeria Launches Cybercrime Team with Commonwealth, UK Support

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Nigeria recently launched a new joint case team to step up its response to cybercrimes that affect people and businesses at home and abroad.

Nigeria Launches Cybercrime Team with Commonwealth, UK Support

The ‘Joint Case Team on Cybercrime’ brings together Nigeria’s key justice and security agencies to work as one, making it easier to detect, investigate, and prosecute digital offences.

It is supported by the UK National Crime Agency, the UK Foreign, Commonwealth and Development Office, and the Commonwealth Secretariat, as part of a wider effort to promote international cooperation on cybercrime.

Speaking at the launch in Abuja, Prince Lateef Fagbemi SAN, minister of justice and attorney general of the federation described the initiative as “a bold and transformative stride in Nigeria’s justice system.”

He said that although Nigeria has a national legal framework to address cyber offences, laws alone are not enough.

Nigeria is among the countries most affected by cybercrime around the world, with increasing financial losses.


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