Connect with us

E-Business

Experts Tie Broadband Penetration to Regulatory Efficiency

Published

on

Kindly share this post

Experts have opined that regulatory efficiency holds the key to broadband penetration in the telecom sector.

This is as Nigeria ranks tops in the foreign direct investment (FDI) inflow in sub-Sahara Africa in the IT sector hitting an all time high of $25bn in 2012.

Authors Ronda Zelezny Green and Sonia Jorge, in their paper: “Regulators Hold the Key to Mobile Broadband Development in Africa Africa & Middle East Telecom Insider / Vol. 4, No 7 – October Edition;” stated that despite the glut of fibre transcending the African continent, broadband penetration has not hit a high note.

The duo noted that “while no one regulatory body has been free of missteps in this arena, a case study from Kenya provides examples of regulator actions that are helping to move their mobile broadband agendas forward in important respects.”

Kenya currently attracts more international IT vendors, who make the country their African hub.

Bitange Ndemo, Kenya’s permanent secretary, in the ministry of Information recently launched a grand project called Konza City which the country calls its’ version of the US Silicon Valley; a technology district with “office buildings for technology companies and innovation labs, as well as manufacturing plants, artificial rivers and eventually homes, schools, churches and mosques.”

The government also acquired a “2,000 hectare plot of land for the project about 60 kilometres from the capital, Nairobi and is now seeking to hire a master developer to find investors and arrange the construction. The project will come together in two phases and will take about 20 years to complete.”

Ndemo said he was inspired following a visit to the actual Silicon Valley, in California.

Both Green and Jorge said the aim of their “Insider is to highlight best practices that regulators in Africa should consider as they change regulations that will play a large role in determining the levels of access to mobile broadband on the continent through the end of the decade.”

Before now, Nigeria’s rise to the top ladder of Africa mobile market has been attributed largely to regulatory efficiency and transparency in business-to-business dealings. Nigeria’s success in its first open mobile licencing auction in 2001 had greatly led to the rush in FDI inflow into the nation’s cofers.

“While the arrival of the undersea cables has already made a discernible impact in many of the countries that have been able to connect to these lines, the fate of the evolution of mobile broadband in Africa undoubtedly rests with regulators in the markets where the cables are or could be deployed,” said Green and Jorge.

Nigeria currently runs three private undersea cables live: MainOne, Glo1 and WACS. Their availability has greatly enhanced bandwidth capacity, but they are greatly under-subscribed owning poor infrastructure to uplink the fibre to up-country from the shores of Lagos.

Ms. Funke Ope, CEO of MainOne last year blamed big telecom operators who refuse to share infrastructure to the fibres to be linked to most of the country. Nigeria lacks public investment policy on telecom infrastructure.


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Business

CrediCorp Partners FintechNGR to Drive Consumer Credit Initiative

Published

on

Kindly share this post

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.


Kindly share this post
Continue Reading

E-Business

NITDA to Integrate of Digital Literacy into School Curriculum

Published

on

Kindly share this post

Kashifu Abdullahi, director general of the National Information Technology Development Agency (NITDA), announced plans to integrate digital literacy into Nigeria’s education system, to achieve a 70% literacy rate by 2027 and 95% by 2030.

NITDA to Integrate of Digital Literacy into School Curriculum

Kashifu Abdullah, DG, NITDA

The NITDA’s DG made the announcement on Wednesday in Abuja during a media parley.

He stated that in order to include digital literacy in the curriculum at all educational levels, from kindergarten to university, the Agency was collaborating with the Federal Ministry of Education.

Abdullahi, said that this program would equip Nigerians with the digital know-how and abilities they need to succeed in the digital economy.

He emphasized that NITDA would also launch the “Digital Literacy for All Initiative” to educate Nigerians outside the formal education system and provide access to quality digital content.

Nigeria would train over two million young people in in-demand IT skills in order to become significant global outsourcing hub

NITDA is also collaborating with the Defence Headquarters and security agencies to develop digital solutions to address security concerns, including the use of drones, artificial intelligence, and other digital resources to combat banditry, abduction, and terrorism, he said.

 

According to him, the agency’s draft SRAP 2.0 plan aims to establish Nigeria as a digitally empowered nation, with a focus on innovation, national prosperity, and inclusivity.

The director general of NITDA added that, if successfully implemented, this strategy could propel Nigeria into a new phase of digital empowerment and leadership in the global digital economy.


Kindly share this post
Continue Reading

E-Business

Experts Highlight Trusted Relationships as Key Vector

Published

on

Kindly share this post

In 2023, more than 1/5 of cyberattacks persisted for over a month, the annual Kaspersky Incident Response 2023 report has revealed, with trusted relationships emerging as one of the main attack vectors in these prolonged cases.

The report draws on the results of Kaspersky’s cyberattack investigations throughout the year, gathered when supporting organisations sought incident response assistance or when hosting expert events for their internal incident response teams.

Primary reasons of organisations approaching Kaspersky Incident Response team with service requests were encrypted files (32.8% of requests), suspicious activities (31%), data leakage (20%), and also included non-authorised accesses (3%), service unavailability (3%) and money theft (1.6%).

Among initial attack vectors of the investigated incidents were exploiting public facing application (42.4%), compromised accounts and BruteForce attacks (28.8% in total), trusted relationships (6.78%), phishing (5%), insider’s activity (3.4%).

Kaspersky Incident Response 2023 report indicates that long-lasting cyberattacks that persist for more than a month constituted 21.85% of the total, increasing from 2022 by 5.55%.

One notable trend observed in these attacks was the exploitation of trusted relationships as a primary vector. Compromises leveraging trusted relationships have occurred previously, but in 2023 their frequency increased.

As this method of attack enables threat actors to infiltrate multiple victims through a single compromised organisation, investigative teams face several additional challenges. Firstly, initially targeted organisations don’t always recognise the importance of thorough investigations and may be reluctant to cooperate.

Secondly, attacks initiated through trusted relationships often require more time to progress from the initial intrusion to the final incursion phase. Therefore 50% of these attacks lasted more than a month. A similar proportion of attacks exceeding one month were exclusively registered within the insider and phishing vectors.

“Our latest findings underscore the critical role of trust in cyberattacks. In 2023 and for the first time in recent years, attacks through trusted relationships were among the three most used vectors. Half of these incidents were discovered only after a data leak had been found.

“By exploiting trusted relationships, threat actors can prolong attacks and infiltrate networks for extended periods, posing significant risks to organisations. It’s imperative for businesses to remain vigilant and prioritise security measures to safeguard against such sophisticated tactics,” comments Konstantin Sapronov, Head of Global Emergency Response Team at Kaspersky.

 


Kindly share this post
Continue Reading

Trending