NBA Africa has unveiled the list of ten startup companies from seven African countries selected for the Demo Day at the NBA headquarters in New York City on Wednesday, Sept. 25 as part of “Triple-Double: NBA Africa Startup Accelerator,” which the league launched in April 2024.

At the event, designed to support Africa’s technology ecosystem and the next generation of African entrepreneurs, the ten start-ups will pitch their products to a panel of international industry leaders, after which four winning companies selected will be awarded financial support and mentorship, including an opportunity to participate in workshops and development programmes facilitated by NBA Africa or its partners.

The selected companies from Nigeria include Buzza (Nigeria) which helps sports organisations improve their operations through digital solutions, including digital management transition and Festival Coins (Nigeria), an event technology company that offers a customised, no-code event registration and ticketing platform for events.

The other two are Naemo Global (Nigeria) which aims to revolutionise sports scouting on the African continent through its proprietary data analytics and AI-utilising scouting software, Afriskaut and Salubata (Nigeria) which creates modular shoes repurposed from plastic waste and noted for innovation while reducing the global carbon footprint.

The six other companies from across the continent include one each from Rwanda (Backrest), which provides a wearable technology solution called WristWrist to facilitate cashless payments at event venues, Côte d’Ivoire (Gara), a pan-African video gaming and comics platform that facilitates the distribution of digital entertainment experiences; and Kenya (HustleSasa), which provides live event services that support payment processing, attendee check-in, merchandise sales, customer data management and more.

Others are from Ghana (Power to Girls Foundation), which provides a social connection and mentorship platform called My Power App dedicated to empowering girls and women aged between 13 and 20, and Egypt (UBR VR), which delivers state-of-the-art, fully immersive, in-person virtual reality (VR) experiences across Egypt and South Africa (Vambo Technologies), known for a digital language technology platform leveraging AI to provide real-time translation, content creation, and language learning technology.

Speaking of the initiative, NBA Africa CEO Clare Akamanzi, said: “We have been inspired by the level of talent and creativity from all of the applicants, and we congratulate the 10 deserving finalists who will showcase their innovative solutions at Demo Day later this month.”

He added that “NBA Africa is committed to supporting the continued growth of startups on the continent, including the four prize-winners whose innovative solutions will further elevate the sport and creative industries in Africa for years to come.”

Operated by ALX Ventures, “Triple-Double: NBA Africa Startup Accelerator” was open to early-stage startups in Africa that develop solutions in event management and ticketing, youth development, AI, and digital marketing.

The initiative will support Africa’s tech ecosystem and the next generation of African tech entrepreneurs by providing them with access to mentorship and capital that will help drive growth in the sports and creative industries.

The four prize-winning startups will be announced at Demo Day.

NBA Africa is an affiliate of the National Basketball Association (NBA), a global sports and media organisation with the mission to inspire and connect people everywhere through the power of basketball.

NBA Africa conducts the league’s business in Africa, including the Basketball Africa League (BAL), and has opened subsidiary offices in Cairo, Egypt; Dakar, Senegal; Johannesburg, South Africa; Lagos, Nigeria; and Nairobi, Kenya.

The recent rapid proliferation and increased sophistication of Mallox ransomware signals a pressing demand for organisations to urgently bolster their defenses, protecting their digital assets and mitigating risks.

To address this need, Kaspersky has released a report titled “Mallox Ransomware: In-Depth Analysis and Evolution”. The new publication provides a comprehensive analysis of the Mallox ransomware, chronicling its transformation from a privately operated malware to a full-scale Ransomware-as-a-Service (RaaS) operation.

The report highlights Mallox’s significant impact since its initial appearance in early 2021. Originally a highly targeted, human-operated ransomware, Mallox inflicted severe damage on organisations worldwide.

Kaspersky’s research details how this once-isolated threat has rapidly evolved, with more than 700 new samples identified from 2021 to mid-2024. This surge in activity is largely attributed to Mallox’s transition into a RaaS model, enabling it to expand aggressively by recruiting affiliates and partners through a dark web forum.

In January 2023, the operators behind Mallox launched a robust RaaS affiliate program, actively seeking skilled “pentesters” to expand their reach. Offering lucrative profit-sharing terms, the program has attracted a host of cybercriminals, contributing to a marked increase in Mallox-related attacks.

The report further delves into the advancements in Mallox’s encryption schemes, which have become increasingly sophisticated. Kaspersky’s detailed analysis of these cryptographic techniques underscores the continuous innovation by Mallox developers to enhance the ransomware’s efficacy.

The report also sheds light on Mallox’s global spread, focusing on its preferred infection vectors. Notably, the attackers often exploit vulnerabilities in MS SQL and PostgreSQL servers, demonstrating its adaptability and threat to a broad range of industries. This in-depth analysis serves as an essential resource for cybersecurity professionals, offering critical insights into the nature and evolution of this formidable ransomware.

Mallox has demonstrated a particular preference for targeting certain regions. Brazil, Vietnam, and China have emerged as the most frequently targeted countries.

Although India, Russia, Saudi Arabia, Lebanon, Colombia, Turkiye, and the United States of America have experienced fewer attacks, they remain vulnerable to the ransomware’s threat.

“Understanding the Mallox ransomware – its evolution, characteristics, and devastating potential – empowers organisations to fortify their defenses.

“With the right security measures in place, companies can not only protect their digital assets but also diminish the risk of becoming the next target of this formidable threat,” comments Kaspersky security expert Fedor Sinitsyn.

Sterling Bank Limited, has made history by migrating to what is believed to be the continent’s first-ever indigenous core banking solution called SeaBaaS.

The implementation of SeaBaaS, developed by Peerless, according to a statement obtained by Nigeria CommunicationWeek, marks the completion of a new banking system announced to customers in August 2024.

This strategic move positions Nigeria as a leader in digital banking, driven by local talent and cutting-edge technology.

Leveraging advanced data analytics and artificial intelligence, the system according to the lender, promises to enhance customer experience and operational efficiency, providing smarter, faster financial services.

Speaking on the achievement, Abubakar Suleiman, CEO of Sterling Bank, said SeaBaaS is the first fully developed core banking platform that is wholly built and owned by an African technology company.

He described the development as the start of a new revolution in Africa’s drive for economic self-sufficiency, noting that the intellectual property underpinning SeaBaas will be available to partners across the continent in the coming months.

For regulators, it ensures greater transparency, robust reporting, and compliance with evolving standards.

“Partnering with Peerless to create SeaBaaS is not just a milestone for us; it is a renewal of our resolve and ambition to remain a world-class organization. It is proof that African institutions can do great things that will make the world stand up and take notice of us,” said Suleiman.

“We are once again proving that the notion of Nigerian banking being one of the most technologically advanced is not just a myth, but a reality that is manifested in the quality of solutions we can develop, and services we can deliver to our customers.”

Suleiman explained that the transition to SeaBaaS represents many things to many people. “For the African banking industry, it is the continent’s first indigenously conceived and engineered core banking application, built and owned entirely by a Nigerian company, with every line of code, database configuration and interface proudly African, delivered by homegrown talent.

“For our customers, it offers faster transactions, enhanced security and innovative financial products tailored to their needs. For regulators, it ensures greater transparency, robust reporting and compliance with evolving standards.”

The bank’s CEO acknowledged the challenges faced during the implementation, stating that implementation issues had been resolved, with the institution’s full bouquet of digital banking services being restored in phases for customers’ use.

According to him, “This successful deployment reminds us that nothing truly valuable comes without challenges. While this transition has tested our systems and patience, it also reinforced our commitment to innovation and excellence. We enter this new phase confident that the migration will deliver unmatched efficiency and transformative customer experiences.”

He also pointed out the financial implications of the migration, noting that African banks collectively spend hundreds of millions of dollars annually on foreign core banking systems, which exacerbates the continent’s trade balance issues.

“The introduction of SeaBaaS not only sets a new benchmark for Nigerian financial services but also paves the way for a future where African institutions can reduce their technology costs, thereby enhancing financial inclusion, he said.

Sterling Bank’s migration to SeaBaaS adds to its history of being at the forefront of market-leading innovations. The bank pioneered Nigeria’s first contactless prepaid transport card (FarePay) and the first automated retail lending solution (Specta).

It has also partnered with state governments to deploy innovations like the first drone delivery system for pharmaceutical consumables with Zipline in Kaduna, and digitized medical records.