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Ecobank Applauded Over Its Innovative Digital Technology

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Experts and industry stakeholders at the Ecobank forum have applauded the banks huge investment in innovative digital technology.

With proper engagement, transparent exchange rate and a pan African Bank such as Ecobank that has innovative digital technology, Nigeria can attract high inflow and volume of Diaspora remittances which can be compared with such countries like India, Israel, Indonesia and others, they say.

Speakers and panelists made the submission during a virtual summit on: “Financial Services & Remittance Solutions for Nigerians in Diaspora: Leveraging Ecobank’s Pan-African offering as the Nation Celebrates 60”.

The webinar which held on Sunday night was part of the Ecobank Digital Series.

Patrick Akinwuntan, Managing Director, Ecobank Nigeria, in his opening speech noted that there was growing evidence that Diaspora remittances was impacting positively on the economies of various countries of the world.

He put the total annual remittances to Nigeria at about $20 billion which he said, contributes hugely to the country’s foreign exchange earnings.

According to him, apart from constant engagement with Nigerians in the Diaspora, the bank is leveraging its digital technology through its Rapidtransfer App and Ecobank mobile App to make it easy and affordable for Nigerians abroad to remit money to their home country.

” Our dedicated Rapidtransfer, mobile remittance app is a game changer for the market. It enables Africans and indeed Nigerians wherever they are to easily and instantly send money to bank accounts, mobile wallets and cash collection in – and across – 33 African countries.

“Historically, the cost of sending cross-border remittances to Africa has been far too high at about 6%-7%. Similarly, the process to send funds has long been inefficient and burdensome, with customers typically needing to go physically to an agent sometimes late in the night or in poor weather with attendant discomfort and risks.

“The Rapidtransfer app remittance solution is a quick, easy and reliable digital solution that removes all of these issues. It is indeed a game-changer for Nigerians and all Africans with its sustainable and standout affordability.”

Ecobank Managing Director further explained that the transaction cost is affordable with the charge from zero to about 3 per cent as compared to 6 – 7 per cent elsewhere, and with instant transfer speed, adding that exchange rate is transparent and compares favourably with others. He added that Ecobank also offers Mortgages, Treasury Bills, Capital market instruments and others.

He submitted that Ecobank was privileged to work closely with the Nigerians in Diaspora Commission, (NIDCOM) and will continue to pursue its mandate of helping to enhance the economic development and integration of Africa, through the 33 countries and two affiliates where the bank operates on the continent.

Participants opined that Diaspora remittances have impacted positively on most economies of the world and therefore challenged financial institutions in the country to explore ways on how they can make it easy and affordable for Nigerians in the Diaspora to send money to their loved ones in the country.

Mrs. Abike Dabiri-Erewa, Chairman/CEO of NIDCOM, who was the Keynote Speaker commended Ecobank for organizing the webinar which she said was very timely and appropriate. He acknowledged that COVID-19 has affected remittances, but a lot could still be done to encourage more inflow in spite of the pandemic.

She challenged Ecobank to lead other Nigerian banks to provide products and services that would encourage Nigerians in the Diaspora to increase their remittances home.

The bank, she said should blaze the trail in engaging with Nigerians in the Diaspora, ensuring proper documentation of remittances, as well as in providing easier and more affordable cost of remitting money to Nigeria.

She regretted that there was currently no proper documentation of remittances inflow into Nigeria from the officially estimated 17 million Nigerians in the diaspora who send money home to take care of their families’ education, health and other needs.

On the ease of doing business in Nigeria, Dabiri-Erewa said it was getting better.  She disclosed that the country’s Diaspora Policy was being put together and also working on a Diaspora Trust Fund.

“We also plan to organize a Diaspora Investment Summit very soon and the Commission is currently working with the Federal Mortgage Bank of Nigeria to set up Diaspora Mortgages for interested Nigerians.”

One of the panellists, former Vice Chairman, Board of Trustees Nigerians in Diaspora Organisation Europe (NIDOE), Dr. Bashir Obasekola, said Nigeria in the Diaspora would be encouraged to send money home through the formal channel if the rate is competitive, low charges, transparent exchange rate and the government creating the right investment environment.

He commended Ecobank for the webinar, noting that, most Nigerians abroad are now enlightened on the ease and affordable means of remitting funds home.

Mrs. Korede Demola-Adeniyi, head, Consumer Banking, Ecobank Nigeria, listed the objectives of the webinar to include providing the attendees with access to information on opening accounts online in Naira and other international currencies, information on Ecobank’s bouquet of money transfer services that make it quick and simple for those in the Diaspora to send money to family and loved ones back home in Nigeria.

“This includes the bank’s safe, secure and easy-to-use proprietary solution, Rapidtransfer and the Rapidtransfer App. Other benefits include financial advisory, investment options, financial planning and access to information on BVN Registration.”

She urged Nigerian in the Diaspora to download the Ecobank Rapidtransfer App from Google Play and App store and follow the simple instructions to activate, disclosing that the bank currently offers zero fee on transfers till October 31 this year.


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Ghana Tasks Africa On Increased Cyber security Investments

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Ghana has urged other African countries to boost investment in cyber security tools and capacity building.

Samuel Nartey George, minister for communication, digital technology, and innovation, made the call while delivering a lecture on Cyber security – Ghana’s Policy and Readiness at the Ghana Armed Forces Command and Staff College as part of the ongoing Defence Management Course 25.

In his presentation, he urged other African countries to establish cyber security resilience while acknowledging the financial and political trade-offs, but emphasised the long-term value of digital security in defending national sovereignty.

The Ghana minister’s call for increased investments comes as analysts argue that cyber security should not be considered as an afterthought, a compliance checkbox, or a last-minute technical fix.

They believe that politicians, technology leaders, and businesses must collaborate to develop governance frameworks that address Artificial Intelligence (AI)-specific threats, invest in secure-by-design solutions, and build local cyber security skills on a scale.

In the case of George, he gave a data-driven presentation on Ghana’s digital transformation agenda and cyber security readiness, stating that cyber security was the new frontier of national security and defence.

‎According to him, all traditional defence mechanisms today rely on secure digital infrastructure.

‎The minister’s presentation covered key thematic areas: the emergence of the digital economy; threats to the digital landscape, ‎Ghana’s journey toward a secure and resilient digital future and a national roadmap for further advancement.

He also demonstrated how government digitisation efforts—such as e-parliament, e-justice, e-passport, e-procurement, e-immigration and smart workplace platforms—are reshaping governance, judicial processes, and public service delivery.

‎Additionally, George disclosed recent successes in cyber-intelligence operations involving collaboration with international partners like the FBI and INTERPOL, which led to arrests and asset recovery tied to transnational cyber-crime syndicates.

‎“Cyber fraud is real, and Ghana has made significant strides in arresting cyber-criminals through advanced digital forensics, AI tools, and coordinated intelligence sharing,” he said.

‎George also revealed ongoing work on updating Ghana’s cyber security laws to address emerging threats including AI abuse, terrorism financing, deepfakes, and online child exploitation.

‎To fellow African states, he cautioned: ‎“Cyber security doesn’t win elections, but its absence can cost lives and state stability. We must prioritise it.”

George asked that they enhance their investment in cyber security.


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Microsoft to Cut About 4% of Jobs Amid Hefty AI Bets

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Microsoft, will lay off nearly 4% of its workforce, the company said on Wednesday, in the latest job cuts as the tech giant looks to rein in costs amid hefty investments in artificial intelligence infrastructure.

The company, which had about 228,000 employees worldwide as of June 2024, had announced layoffs in May, affecting around 6,000 workers. It was planning to cut thousands of jobs, particularly in sales, Bloomberg News reported last month.

The Windows maker had pledged $80 billion in capital spending for its fiscal year 2025. However, the soaring cost of scaling its AI infrastructure has weighed on its margins, with its June quarter cloud margin expected to shrink from last year.

Microsoft said on Wednesday it planned to reduce organizational layers with fewer managers and streamline its products, procedures and roles.

The Seattle Times first reported on the layoffs earlier on Wednesday. Separately, Bloomberg News reported Microsoft’s Barcelona-based King division, which makes the Candy Crush video game, is cutting 10% of its staff, or about 200 jobs.

Microsoft confirmed to Reuters that its gaming division was impacted by the layoffs, although not the majority of the unit, but did not provide further details.

Big Tech peers, which are investing heavily in artificial intelligence, have also announced job cuts.

Facebook parent Meta, earlier this year said it would trim about 5% of its “lowest performers”, while Alphabet’s, Google has also laid off hundreds of employees in the past year.

Amazon, has also cut jobs across its business segments, most recently in its books division. The company had earlier laid off employees in its devices and services unit, and communications staff.

Economic uncertainties and rising costs have triggered layoffs across sectors in Corporate America, as companies rush to streamline operations and hedge against further cost pressures.

 


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Kaspersky Explains how to Protect Smart Home Devices

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It is expected that by 2028, more than 33% of households worldwide will be equipped with smart home systems. Voice assistants, kitchen robots, smart lights and many other intelligent devices have become an integral part of our everyday life, transforming the way we interact with our living space.

However, with the rise of smart technology comes the need for robust protection against potential vulnerabilities. Kaspersky shares useful tips on how to look after smart home devices’ security on a daily basis, to make your home not only comfortable, but also secure.

Why do we call it “smart”?

Smart home systems integrate various devices, creating a “living” environment, enabling seamless interaction between gadgets and users. Usually, it has a central hub or controller, which acts as the brain of the smart home.

Smart home systems can include a wide variety of devices and appliances such as cameras, sensors, actuators and multiple household gadgets such as fridges, toasters, washing machines and vacuum cleaners. These devices connect with each other and other systems via the Internet.

Users can choose between different options when interacting with their smart home:

  • Mobile apps that allow users to control devices, set schedules, and receive notifications even outside the house
  • Voice assistants, which enable voice commands to control devices
  • Web Portals and online dashboards that provide access to device settings and monitoring afterloggingin to the user’s

Comfort and ease of use are the main advantages of a smart home system. Users can set specific times for devices to perform actions, for example, turning on lights at sunset. Devices can also be programmed to respond to specific events, such as turning on the thermostat when the user arrives home.

Even TVs with built-in AI technology, which can help you to discover dishes in shows as they appear on screen, find the recipe, and then compare the products needed for its preparation with those that are in your fridge and make a shopping list doesn’t sound like a fantasy anymore.

Despite the advantages that a smart home system offers, its Achilles’ heel is the Internet connection. Connectivity of all devices to a local Wi-Fi network as well as the need to log into personal accounts makes intelligent gadgets potentially vulnerable to hacking.

There are already examples when attackers gained unauthorised access to Ecovacs robot vacuums to spy on their owners and disturb them by making loud noises and uncontrolled moves. Even an Internet-connected mattress system in theory can be hacked, making the gadget potentially unsafe to use.

The vacuum cleaner is watching you

The idea that the regular household items surrounding you every day might be sharing personal data, overhearing, or even watching you, sounds terrifying. However, there is no need to stop using your favourite gadgets. Though examples of smart home device attacks are still rare, basic security rules are essential to safely enjoy the benefits of smart technology, preventing hackers from using them against you.

  1. Secure your Wi-Fi network. It’s highly recommended to change the system password that many Wi-Fi routers have by default to a more complex and secure one. Here are some tips on how to create stronger passwords.
  2. Monitor your network regularly. Look out for any suspicious activity on your local network or even consider using specific monitoring tools like Kaspersky Wi-Fi Security Check, which alerts you if Wi-Fi security settings are weak or if there are open ports that could allow unauthorised access to your Wi-Fi or smart home devices and Smart Home Monitor, which notifies you when a new device joins your Wi-Fi network so you can disconnect it.
  3. Track your device’s activity. Any device’s unusual behaviour might be a signal that somebody has access to it. If you notice suspicious activity it’s recommended to change your account password (if you are logged in on the device) and check your local network traffic.
  4. Review the settings regularly. Less is more. Disable any unnecessary features or services on your device that could pose a risk to your privacy or security. For example, you can disable access to a device’s camera and microphone if you are not currently using these functions.
  5. Make rational choices. The prospect of using as many smart devices as possible seems very tempting, but remember that every new gadget increases the potential risk to your security, so choose carefully and opt for responsible manufacturers.

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