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e-Fraud is Major Risk to Digital Finance- NCC

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Nigerian Communications Commission (NCC), has identified e-fraud as the greatest threat to digital finance.

e-Fraud is Major Risk to Digital Finance- NCC

Citing the Central Bank of Nigeria (CBN) report, Efosa Idehen, director, Consumer Affairs Bureau, NCC, said the apex bank had revealed that e-fraud was costing the Nigerian financial sector staggering losses in monetary terms.

Idehen spoke at a secondary schools’ debate organised by the NCC and, ‘Save the Consumer,’ in Abuja with the theme: “Should Secondary School Students Use Mobile Phones to Enhance Education?”

The debate was organised to create awareness and save consumers from e-fraud and to educate the young ones on the proper use of e-channels for financial services.

He said: “As technology evolves, there is a growing concern over the rising trend of fraud perpetuated on telecom platforms across key sectors of the Nigerian economy known as e-fraud.

“This menace which follows wide acceptance of new methods of mobile banking and other payment systems has been discovered to cost the country whopping sums of money. The CBN rates e-fraud as the biggest risk in the sector which has widely affected electronic payment solutions such as Automated Teller Machines (ATMs), Nigeria Inter-Bank Settlement System (NIBBS) Instant Payment and mobile banking.

“Attackers are now targeting telecom networks with the intention to disrupt service delivery and infiltrate their data bank. SIM swaps, Unstructured Supplementary Service Data (USSD) and e-payment fraud.”

To address this menace, he said the NCC actively collaborates with critical stakeholders such as the CBN, the Nigeria Police (NPF), the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices Commission (ICPC) and other relevant bodies in the fight against e-banking fraudsters.

“ICT has played a central role in young people’s rise to prominence on a global scale and has given them voice where there none before.

“It has brought them together response to social concerns and has connected them across vast geo-political barriers. ICT has also provided youth access to digital financial services.

“For young people, access to information means better access to capital, markets and training needed to pursue career or studies.”

Idehen noted that this year’s World Consumer Right Day with the theme: “Fair Digital Finance,” called for stakeholders to do more in bridging gap in digital finance whilst protecting consumers and keeping them informed on safe financial services.

Aliyu Ilias, country director of Save the Consumer, said consumer have enjoyed six years partnership with the NCC.

He assured that Save the Consumer would continue to work with the Commission to save the consumer. For the past six years that we have been in this partnership the relationship has been very cordial.”


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E-Business

Kaspersky, SMEDAN to Support SMEs in Nigeria with Cybersecurity Knowledge

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Kaspersky, a global cybersecurity company, and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have signed a memorandum of understanding (MoU) to assist small and medium businesses in the country to become more cyber-aware and less vulnerable to developing cyber threats.

The MoU reflects a shared view that SMEs, being the backbone of economy, require strong cybersecurity measures. Kaspersky and SMEDAN will work together on information sharing, training programmes, and other practical steps to raise awareness of digital threats and cybersecurity measures.

“Small and medium business owners are juggling a dozen things – accounting, promotion, legal issues. They are not cybersecurity experts. But they are being targeted by cybercriminals through malware, phishing, and online schemes using social engineering tactics that make them look realistic.

“Our aim is to provide these organisations with some best practice tools and inform about measures that will help them stay safer online,” says Chris Norton, General Manager for Sub-Saharan Africa at Kaspersky.

The cooperation will feed into SMEDAN’s wider SME development efforts, with Kaspersky contributing cybersecurity knowledge and joining forces on awareness campaigns. The idea is to bring cybersecurity-focused guidance into existing business support channels, and to do it in a way that actually makes sense to entrepreneurs who may not have technical teams behind them.

Charles Odii, DG/CEO of SMEDAN, comments: “Since the COVID-19 pandemic, digital adoption among business owners has accelerated significantly. Many now operate WhatsApp shops, use online banking, and send invoices via email, which has increased their exposure to cyber risks.

Together with Kaspersky, we intend to strengthen cybersecurity awareness and practices across Nigeria, helping SMEs protect their businesses as they embrace the digital economy.”

SMEDAN has long been a government agency that has consistently shown up for small business owners in Nigeria. Its work cuts across industries, regions, and stages of growth from traders and artisans to early-stage tech startups trying to get formalised. This partnership gives it another tool to help those businesses operate more securely in a digital world. For Kaspersky, the collaboration is part of a wider push across the continent to support under-resourced sectors that are quietly being targeted online.

 


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NITDA Advocates AI, Security Integration for Sustainable Development

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Kashifu Inuwa, CCIE, the Director General of the National Information Technology Development Agency (NITDA), has emphasised that integrating intelligence, security, and sustainability is critical to driving Nigeria’s digital transformation and global competitiveness.

Inuwa made the remarks on Tuesday in Kano while delivering a goodwill message at the opening of the 19th International Conference (CONNOVATE 2025) of the Nigerian Computer Society (NCS), themed “Intelligent, Secure, and Sustainable Innovations for a Connected World.”

Represented by Engr. Salisu Kaka, Director of E-Government and Digital Economy Development, Inuwa said the three elements were now indispensable drivers of national progress. He highlighted the need for their convergence to unlock new opportunities in Nigeria’s technology sector, citing Estonia’s X-Road platform — which enables 99% of government services online — as a global model.

“In Nigeria, trust is the ultimate currency in our high-stakes digital environment, where scams and cybercrime are prevalent. Security builds and protects this trust,” Abdullahi said.

He stressed that while security provides the foundation, intelligence builds the structure, pointing to Artificial Intelligence (AI), Machine Learning (ML), and data analytics as tools for addressing Nigeria’s complex challenges. Warning that “innovation without security is unsustainable,” he likened it to “a high-performance race car without brakes.”

The DG urged the next wave of Nigerian startups to go beyond digitising existing processes to creating new value, citing AI-powered wealth management and ML-driven remote diagnostics as examples.

He further highlighted the various Federal Ministry of Communications, Innovation and Digital Economy (FMCIDE) initiatives supporting this vision, including the National Centre for Artificial Intelligence and Robotics (NCAIR), the Computer Emergency Readiness and Response Team (CERRT), the Nigeria Data Protection Act (NDPA) 2023, the national digital identity programme, interoperable payments, and human capital initiatives such as the 3 Million Technical Talent (3MTT) and Digital Literacy for All (DL4ALL) programmes.

Inuwa cited example with International Federation for Information Processing (IFIP) President, Antony Wong, that called for stronger protection and strategic use of data in the Global South to safeguard indigenous knowledge. He stressed the importance of legal clarity on data ownership as Nigeria’s cultural heritage in medicine, ecology, and art is digitised and incorporated into AI systems. Wong praised Nigeria’s role in the recent World Intellectual Property Organization (WIPO) treaty protecting genetic resources and traditional knowledge.

Delivering his welcome address, the NCS President, Dr. Muhammad Sirajo, said the conference would serve as a platform for IT professionals to address critical issues, including intelligent systems, fintech, sustainable energy, and innovations in agriculture, health, education, and national planning.

“This conference will provide an interdisciplinary platform for researchers, practitioners, and educators to present and discuss recent innovations, trends, and solutions for improving technological systems,” Sirajo said.

The week-long event includes plenary sessions, a doctoral consortium, a youth and entrepreneurship forum, the Fellows Forum, the Annual General Meeting, an IT quiz competition for students, and an induction ceremony for new members. It will conclude with the election of new national executives, a dinner, and an awards night honouring contributions to the ICT sector.

 


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AfDB Adopts AI to Fast-track Africa’s Development Blueprint

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The African Development Bank (AfDB) is betting big on Artificial Intelligence (AI) as a catalyst for delivering Africa’s ambitious Agenda 2063.

With hands-on training in tools like ChatGPT and Google Gemini, the Bank believes the results could redefine how the continent plans, measures, and delivers its development goals.

Through its Joint Secretariat Support Office, the AfDB has provided technical and financial support to the 5th annual training workshop for African Union member states, focusing on the use of AI to track and implement the second ten-year plan (2024–2033) of Agenda 2063.

The five-day workshop, held in Lusaka, Zambia, was co-organised by the African Union Commission and the African Capacity Building Foundation.

Participants from across the continent rolled up their sleeves for hands-on training with emerging AI platforms like Ailyse, Google AI Studio, and Perplexity.

The goal of Africa’s multilateral development finance institution is to turn complex development data into actionable insights that can drive smarter decisions, faster interventions, and more accountable governance.

AbibuTamu, lead programme co-ordinator at the AfDB, said AI was now an indispensable tool for Africa’s future.

“These tools are not only revolutionizing how data is collected, analysed, and reported, they are also enabling more targeted policy interventions and efficient resource allocation,” Tamu told delegates.

Agenda 2063, dubbed “The Africa We Want,” is the African Union’s 50-year blueprint for inclusive growth and sustainable development. The second 10-year plan prioritises industrialisation, digital transformation, and sustainable livelihoods.

With AI now in the mix, African policymakers can track progress in real-time, spot bottlenecks before they choke projects, and reallocate resources where they are needed most.

The AfDB’s backing underscores a broader strategy of boosting both human and institutional capacity that propels African states to harness the digital revolution.

Beyond technical skills, the Lusaka workshop doubled as a peer-learning platform, with countries sharing real-world success stories on integrating AI into national planning and reporting.

“If Agenda 2063 is Africa’s long-term roadmap, this AI training is about upgrading the continent’s GPS that ensures leaders not only know the destination, but also have the intelligence to navigate every twist and turn on the way,” said Tamu.


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