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FG Urges for FinTech Advocacy to Sustain Digital Economy

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As Financial Technology (FinTech) proved to be a critical element in the advancement of digital economies globally through its enormous contribution to Gross Domestic Products (GDPs) as well as the alleviation of poverty, the Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa CCIE has said that there is need for continuous advocacy of Fintech for the sustainability of Nigeria’s digital economy.

Inuwa who represented Dr Ayo Bakare of the Agency’s Digital Economy Department (DED), said this while delivering his keynote address at the 2nd Africa Cashless Payment Systems Conference themed “Building Cashless Africa” in Abuja.

While describing FinTech as an important sector that needs to be passionately embraced, the NITDA boss stated that Fintech is one of the outstanding sectors where the impact of digital technology is felt in Africa.

Giving accolades to the Foreign Investment Network (FIN) and its partners for organising the event, Inuwa averred that the conference which brings professionals from the financial, technology, judiciary and government sectors together would ensure that information technology is adequately integrated into every sector, particularly the financial sector.

“The collaboration through this Conference allows FinTech companies, vendors of financial solutions, consumers, government, and academia to meet and deliberate on how Africa can develop and promote safe, secure, and seamless digital financial transactions across the continent with minimal disruptions”, he stated.

The DG expressed his confidence that digital financial solutions, cyber security, e-commerce and digital retail banking amongst many others would as the topics of discourse during the event would give new insights into strengthening the country’s cashless economy.

Without mincing words on the advantages of a cashless economy where information is readily available on all flows of income, revenue and expenditure, Inuwa stated that reducing the availability of cash in circulation would exterminate all forms of financial crimes in the country.

“Negative social vices such as theft, corruption, illegal transactions, money laundering, financial crime, and the like are reduced as the availability of cash in circulation reduces. The authentication of all transactions in a cashless payment system has brought transparency and built trust in the ecosystem”, he mentioned.

He asserted that cashless payment system in Africa will further promote the actualisation of the Sustainable Development Goals (SDGs) of eliminating poverty, empowering women and ensuring citizens have access to credit services.

According to Inuwa, “Africa’s revenue from Fintech alone hit between $4.5bn and $6bn in 2022 and Bloomberg report shows that Fintech in Nigeria accounted for $439m in the year 2021. And it is projected to increase by 23.69% in the year 2022. Furthermore, many Fintech Unicorns have emerged in Africa, of which 6 of them are from Nigeria”.

He added that Africa’s huge unbanked population is a major concern that requires urgent intervention and urged the government and Fintech companies to intensify efforts in absorbing them into the trending bandwagon of financial independence and growth.

While reiterating the Agency’s support to the Fintech industry through their developmental regulations with a focus on cyber security, data strategy, data protection, cloud computing and emerging technologies, Inuwa expressed faith that a cashless economy would bring development to Africa and the world.

“It is important for this gathering to note that cash is still a major dominator in African transactions. However, I have a strong conviction that Fintech has the ability to eradicate cash dominance in Africa. Having a secured cashless system will enhance faster and more effective African trade within the region and globally”, he stated.


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E-Business

Study Reveals 88.5% of Phishing Attacks Focus on Stealing Account Credentials

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Kaspersky analysed phishing and scam campaigns observed from January through September 2025 and found that 88.5% of attacks globally sought credentials for various online accounts.

Another 9.5% targeted personal data such as names, addresses, and dates of birth, while 2% focused on bank card details.

According to data from Kaspersky, over 38 million phishing links were clicked in Africa in the previous year (from November 2024 to October 2025) – all of which were detected and blocked by Kaspersky solutions.

Not everyone uses protective solutions on their devices however, and phishing remains one of the most prevalent cyber threats, with attackers luring users to fake websites where they unwittingly surrender their login credentials, personal information, or bank card details.

Kaspersky research shows that most phishing pages transmit stolen information via email, Telegram bots, or attacker-controlled panels, before it enters underground resale channels.

Data stolen through phishing is rarely used only once: credentials from multiple campaigns are consolidated into data dumps and sold on dark web markets, in some cases for as little as $50. Buyers sort and verify the data to check whether accounts remain active and reusable across different services.

According to Kaspersky Digital Footprint Intelligence, average 2025 prices ranged from $0.90 for global Internet portals to $105 for crypto platforms and $350 for online banking access. Personal documents such as passports or ID cards sold for about $15 on average, with pricing influenced by account age, balance, linked payment methods, and security settings.

As datasets are enriched and combined, attackers can build detailed digital profiles that may later support targeted attacks on executives, finance staff, IT-administrators or individuals with valuable assets or personal documents.

“Our analysis shows that credentials account for nearly 90% of phishing attempts. Once collected, logins, passwords, phone numbers, and personal details are aggregated, checked, and resold, sometimes years after the initial theft.

Combined with new information, even old credentials can enable account takeovers and targeted attacks against both individuals and organisations.

By leveraging open-source intelligence and old breach data, attackers can craft highly personalised scams, turning one-time victims into long-term targets for identity theft, blackmail, or financial fraud,” said Olga Altukhova, senior web content analyst at Kaspersky.


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Study Reveals Majority of IT Professionals Show Openness to Cyber Immunity

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The cybersecurity landscape is evolving rapidly, with organisations seeking more robust ways to protect their digital assets. A recent global study conducted by Kaspersky reveals a growing shift toward proactive security strategies, particularly the adoption of Secure by Design development and Cyber Immunity – an innovative approach that embeds resilience directly into system architecture.

The study highlights that 90% of cybersecurity professionals surveyed in the Middle East, Turkiye and Africa (META) region are familiar with Secure by Design development. This methodology integrates security into the very fabric of a system from its inception, rather than treating it as an afterthought.

Such an approach is already employed in high-stakes industries like aerospace, where security cannot be bolted on later – it must be intrinsic. Despite its advantages, however, adoption has been slow due to challenges related to standardisation and cost.

Cyber Immunity is the next frontier in cybersecurity

Building on Secure by Design principles, Cyber Immunity takes cybersecurity a step further by creating systems that inherently resist attacks without the need for constant patching or additional security layers. The study reveals that most experts are familiar with Cyber Immunity but interpret it differently.

When asked what they associate with the term, 64% of respondents in the META region linked it to Secure by Design systems that remain resilient under attack, while 56% viewed it as a combination of technology and policy measures that block cybercriminal access. Another 48% connected it to highly skilled cybersecurity teams, indicating that while awareness is high, a unified understanding is still developing.

The growing demand for proactive security

One of the most striking findings is the optimism surrounding inherently secure systems. Over half of respondents in the META region (63%) believe it is already possible or definitely achievable to design systems capable of withstanding cyberattacks without relying on additional security solutions.

Another 32% think it might be possible, reflecting openness to this idea despite some uncertainty. This shift in mindset aligns with a broader industry trend: traditional reactive security measures are no longer sufficient.

With AI-powered threats and increasingly sophisticated attacks, organisations need solutions that do more than just detect breaches—they must prevent them by design.

Integrating Cyber Immunity into security strategies

The study emphasises that resilience, expertise, and flexibility will define the next generation of cybersecurity. While Secure by Design provides the methodology, Cyber Immunity represents the ultimate goal—systems so robust that they minimise reliance on external defences.

“For companies looking ahead, Cyber Immunity offers more than just protection — it brings clear business benefits. When systems are built to be secure from the ground up, there’s less need for constant updates, patches, and extra security tools. That means fewer costs, less strain on IT teams, and stronger, more reliable protection over time,” said Dmitry Lukiyan, Head of KasperskyOS Business Unit.

Most importantly in today’s threat landscape, Cyber Immunity offers robust protection against next-generation challenges — including AI-driven attacks capable of outmaneuvering traditional security measures.

When security becomes an intrinsic property of system architecture rather than an external addition, businesses gain more than just protection—they secure a competitive market advantage.

This proactive approach future-proofs critical infrastructure, enabling organisations to operate confidently even as threats evolve. It transforms cybersecurity from a defensive necessity into a strategic differentiator that accelerates digital transformation while mitigating risk.

As the cybersecurity environment becomes more complex, Cyber Immunity is emerging as a vital strategy. Organisations that adopt it now will not only enhance their protection but also position themselves ahead of the curve in an increasingly volatile digital world.

 


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Konga launches Jara sales with 25% discount on Starlink kits, free delivery

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Konga, Nigeria’s leading composite e-commerce platform, has launched its inaugural 2026 shopping campaign, Konga Jara, offering 25 per cent discount on Starlink internet kits alongside free nationwide delivery.

Konga launches Jara sales with 25% discount on Starlink kits, free delivery

Konga

The campaign, drawing from the Nigerian concept of “jara” — the extra value traders add to purchases — aims to deliver exceptional deals across categories, helping shoppers turn new year aspirations into reality through affordable technology and value-driven shopping.

To qualify for the Starlink discount, customers must purchase kits on Konga.com, activate them at starlink.com/activate, and email activation details to [email protected] for verification against Starlink’s records. Discounts are subject to terms and conditions.

Konga said spotlighting Starlink underscores reliable internet’s role in Nigeria’s digital economy, supporting work, learning, entrepreneurship and communication for households and businesses.

Mr Onochie Melvin, Head of Commercial Planning at Konga, said: “We listened carefully to what Nigerians said they needed to truly kickstart 2026 on the right footing. Reliable internet connectivity emerged as the foundation upon which other aspirations depend.”

He added: “Students need it for online learning, entrepreneurs need it to scale digital businesses, and professionals rely on it for remote work. This Starlink offer is not just about selling products; it is about removing barriers that prevent Nigerians from fully participating in the digital economy.”

Beyond connectivity, Konga Jara provides genuine products from original equipment manufacturers (OEMs) with transparent pricing, warranties and authenticity guarantees.

As a composite e-commerce ecosystem, Konga integrates shopping, payments and logistics for seamless nationwide access, with exclusive deals shared via its social media channels throughout the campaign.

Shoppers can explore offers at www.konga.com and follow Konga’s official pages for updates across the Konga Group.


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