Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

E-Business

From Farming to Forex: How Technology Has Changed the Face of Investing

Published

on

Kindly share this post

By Nikola Grozdanovic, Senior Writer at FXTM

Not too long ago, when an individual wanted to save or invest money, they were limited to a handful of options. In the early days of our ancestors, farming and land underpinned wealth and a bank account was considered a luxury.

Even after industrialization took hold, we were still fairly limited; with most individuals opting to invest in a bank account, property or even in a box under the bed.

Information around investing was scant and financial education required a huge commitment of time and resources. If we wanted financial advice we had to rely on advisors (if we could afford them), community members, or go it alone.

Nikola Grozdanovic, Senior Writer for FXTM, a global award-winning forex broker, explores how our options have become significantly broader in terms of the types of products we can invest in and the way we do it.

We can now participate in anything from Forex trading to buying Crypto Currencies with our mobile devices or a laptop.

Technology has allowed people to get completely involved with the process of investing, from choosing a portfolio of shares to becoming a forex trader.

However, we are still a long way from a world where everyone can participate in the formal financial arena.

According to Worldbank.org, two billion people worldwide do not have a bank account or access to a financial institution via a mobile phone, or any other device.

However, between 2011 and 2014, 700 million adults became account holders, and the unbanked population fell by 20%, down from 2.5 billion.

The growth of mobile technology, and the fact that mobile phones are becoming cheaper, has helped literally billions to have access to products and services that they were previously excluded from.

Technology has influenced almost every aspect of our lives, but perhaps the most useful of the developments are in the financial space.  We not only have access to many more investment options, we even have robots that can make decisions for us, fondly known as Robo- Advisors. They are not actually robots but clever computer programmes that ask you about your life, income and investment attitudes – and based on your answers, they will generate a report that suggests suitable investment options for you. Lukman Otunuga, a Market Analyst at FXTM says “When trading the foreign exchange market, investors can use Expert Advisor which are programs that allow automation of the analysis and trading. Forex brokers have recognised that novice traders have the desire to trade, but lack experience.”

 An Expert Advisor (EA) is essentially an automated trading algorithm that allows traders to code the parameters of their trading strategies.

These highly complex but simple-to-use tools assist traders to refine their trading strategies and gain a greater potential advantage over the markets. Traders that have opted to use EAs have honed their skills over time and eventually become strategy managers, allowing suitable traders alike to copy their trades for a fee.

Copy trading as it is called, is a form of social investing.  It allows traders to build a network of followers in which they would share market projections to create trading strategies. Followers can duplicate trades made, while onlookers could receive first-hand insights into how trading strategies are formed.

This creates a hybrid scenario for an investor – using both technology and another human to help them invest. There has been a long-standing debate about whether humans or machines are better suited for making investment decisions or delivering a service.

However, the key argument here is not who delivers a better service but rather, how the service deals with human behaviour. Human behaviour is random, but by employing big data analytics and algorithms we can spot trends and discard the noise that can undermine decisions.

The real power of technology will come when it is seen not only as a mechanism for enabling access to services, but when it facilitates a positive user experience and drives meaningful engagement with the vendor. In other words, the technology enables a more social and human experience.

Nigeria has a rich history of social investing. Collective investment schemes known as eSUSU are known to almost all individuals who want to save for a goal. Over 70% of people in emerging markets do not have a formal bank account, so they have devised their own ways to save money.

The most popular are the Rotating Savings and Credit Associations (ROSCAs). They function by taking monthly deposits from each member of a group and then payout the entire amount to one member of the group.  The recipient of the collective sum is based on a predetermined rotation, ensuring each participant will eventually receive a payout.

It is estimated that over 40 million people in Nigeria participate in some form of social investing. Of course, when there are humans involved with money there is always a margin for error; blind trust that the people handling your money will play by the rules is a default – a condition of participation.

Banks have seen the enormous potential of getting these informal savings plans onto a technology platform and have invested significant capital to achieve this.

While technology has changed the face of investing and allowed more people to engage in the formal financial sector, we are still a long way from full inclusion.

Accessibility and knowledge still remain a major obstacle for the bulk of emerging market individuals. Institutions fully recognise that optimising the technology experience is key to seamless service delivery and the much-desired total customer experience. This explains the huge investment in IT infrastructure by financial institutions in recent times.

Otunuga says “all financial service industries have raised their games in the technology space. FXTM has spent a lot of resources on their mobile trading apps and we invest heavily in keeping up to date with innovations in the industry. Reliable, fast and engaging technology is what keeps our clients coming back and we are acutely aware of the role it plays in our success as a broker.”

We will continue to see rapid growth in financial technology, but it would and should not come at the expense of the individual. In fact, the smart money will be on solutions that seamlessly embrace and involve the user for the benefit of both parties. It is an exciting time for both the consumer and the service provider, and it would seem that the only barriers we now face, exist within the limits of our creativity.


Kindly share this post

Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. 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

AI Slows Down some Experienced Software Developers, Study Finds

Published

on

Kindly share this post

Contrary to popular belief, using cutting-edge artificial intelligence tools slowed down experienced software developers when they were working in codebases familiar to them, rather than supercharging their work, a new study found.

AI research nonprofit METR conducted the in-depth study, on a group of seasoned developers earlier this year while they used Cursor, a popular AI coding assistant, to help them complete tasks in open-source projects they were familiar with.

Before the study, the open-source developers believed using AI would speed them up, estimating it would decrease task completion time by 24%. Even after completing the tasks with AI, the developers believed that they had decreased task times by 20%. But the study found that using AI did the opposite: it increased task completion time by 19%.

The study’s lead authors, Joel Becker and Nate Rush, said they were shocked by the results: prior to the study, Rush had written down that he expected “a 2x speed up, somewhat obviously.”

The findings challenge the belief that AI always makes expensive human engineers much more productive, a factor that has attracted substantial investment into companies selling AI products to aid software development.

AI is also expected to replace entry-level coding positions. Dario Amodei, CEO of Anthropic, recently told Axios that AI could wipe out half of all entry-level white collar jobs in the next one to five years.

Prior literature on productivity improvements has found significant gains: one study found using AI sped up coders by 56%, another study found developers were able to complete 26% more tasks in a given time.

But the new METR study shows that those gains don’t apply to all software development scenarios. In particular, this study showed that experienced developers intimately familiar with the quirks and requirements of large, established open source codebases experienced a slowdown.

Other studies often rely on software development benchmarks for AI, which sometimes misrepresent real-world tasks, the study’s authors said.

The slowdown stemmed from developers needing to spend time going over and correcting what the AI models suggested.

“When we watched the videos, we found that the AIs made some suggestions about their work, and the suggestions were often directionally correct, but not exactly what’s needed,” Becker said.

The authors cautioned that they do not expect the slowdown to apply in other scenarios, such as for junior engineers or engineers working in codebases they aren’t familiar with.

Still, the majority of the study’s participants, as well as the study’s authors, continue to use Cursor today.

The authors believe it is because AI makes the development experience easier, and in turn, more pleasant, akin to editing an essay instead of staring at a blank page.

“Developers have goals other than completing the task as soon as possible,” Becker said. “So they’re going with this less effortful route.”

 


Kindly share this post
Continue Reading

E-Business

Firm Uncovers $500K Crypto Heist Through Malicious Packages

Published

on

Kindly share this post

Kaspersky GReAT (Global Research and Analysis Team) experts have discovered open-source packages that download the Quasar backdoor and a stealer designed to exfiltrate cryptocurrency. The malicious packages are intended for the Cursor AI development environment, which is based on Visual Studio Code — a tool used for AI-assisted coding.

The malicious open-source packages are extensions hosted in the Open VSX repository that claim to provide support for the Solidity programming language. However, in practice, they download and execute malicious code on users’ devices.

During an incident response, a blockchain developer from Russia reached out to Kaspersky after installing one of these fake extensions on his computer, which allowed attackers to steal approximately $500,000 worth of crypto assets.

The threat actor behind these packages managed to deceive the developer by making the malicious package rank higher than the legitimate one. The attacker achieved this by artificially inflating the malicious package’s downloads count to 54,000.

After installation, the victim gained no actual functionality from the extension. Instead, malicious ScreenConnect software was installed on the computer, granting threat actors remote access to the infected device.

Using this access, they deployed the open-source Quasar backdoor along with a stealer that collects data from browsers, email clients, and crypto wallets. With these tools, the threat actors were able to obtain the developer’s wallet seed phrases and subsequently steal cryptocurrency from the accounts.

After the malicious extension downloaded by the developer was discovered and removed from the repository, the threat actor republished it and artificially inflated its installation count to a higher number – 2 million, compared to 61,000 for the legitimate package. The extension was removed from the platform following a request from Kaspersky.

“Spotting compromised open-source packages with the naked eye is becoming increasingly difficult. Threat actors are using increasingly creative tactics to deceive potential victims, even developers who have a strong understanding of cybersecurity risks — particularly those working in the blockchain development field.

As we expect adversaries to continue targeting developers, it is recommended that even experienced IT professionals deploy dedicated security solutions to safeguard sensitive data and prevent financial losses,” commented Georgy Kucherin, Security Researcher with Kaspersky’s Global Research and Analysis Team.

The threat actor behind the attack published not only malicious Solidity extensions but also another NPM package, solsafe, which also downloads ScreenConnect. A few months earlier, three additional malicious Visual Studio Code extensions were released — solaibot, among-eth, and blankebesxstnion — all of them have already been removed from the repository.


Kindly share this post
Continue Reading

E-Business

NITDA Reaffirms Commitment to 95% Digital Literacy by 2030, as UBEC Pledges Collaboration

Published

on

DG NITDA, Kashifu Inuwa CCIE (left), receiving an award for an Ambassador of Basic Education from the ES UBEC, Hajia Aisha Garba (right)
Kindly share this post

Kashifu Inuwa CCIE, the Director General of the National Information Technology Development Agency (NITDA), has reaffirmed the Federal Government’s unwavering commitment to achieving 95% digital literacy across Nigeria by the year 2030, with an ambitious milestone of 70% by 2027.

This disclosure was made in total alignment with the present administration’s priority areas of reforming the economy for sustained inclusive growth and accelerating diversification through industrialisation, digitisation, creative arts, manufacturing, and innovation.

Making this known during a collaborative meeting hosted by the Universal Basic Education Commission (UBEC), Inuwa highlighted the government’s strategic prioritisation of human capital development as central to its national transformation agenda.

“We started this journey in 2023 when President Bola Ahmed Tinubu came on board and he made it clear that economic diversification and inclusivity are part of the administration’s agenda,” he noted.

“And the president outlined this in 8 priority areas to achieve the vision, with priority number 7 specifically focused on accelerating industrialisation, digitisation, creative arts, manufacturing, and innovation,” he added.

Recognising the importance of digital fluency in achieving this agenda, he stated that NITDA is committed to investing in the digital empowerment of citizens through the development of the National Digital Literacy Framework (NDLF), a strategic blueprint aligned with international best practices.

He added that to tailor the framework to Nigeria’s specific needs, 6 core competency areas were incorporated to include device and software operations, information and data literacy, communication and collaboration, content creation, safety, and problem solving.

He explained that the framework would address all levels of digital fluency, from basic, intermediate to advanced levels, to make digital skills accessible to every Nigerian, from primary school pupils to working professionals.

According to Inuwa, despite data limitations, NITDA estimates that Nigeria’s digital literacy rate currently stands at 50%, up from 44% in 2021, based on extrapolations from the World Bank’s Better Life Report.

The NITDA DG disclosed that the agency has been working closely with the Nigerian Educational Research and Development Council (NERDC) in developing a curriculum for digital literacy, which can be infused into formal education. Stating that the visit is a continuation of NITDA’s ongoing engagements with key education stakeholders, including the Federal Ministry of Education, the National Universities Commission (NUC), and the Nigerian Educational Research and Development Council (NERDC), all aimed at advancing digital literacy across all levels of learning.

Inuwa also revealed ongoing collaborations with global platforms such as Coursera to train teachers using AI-powered lesson generation tools and provide scalable online training.

It is worth recalling that late last year, NITDA partnered with the Nasarawa State University in collaboration with CISCO in launching the Digital Learning for NSUK (DL4NSUK) initiative to enhance digital literacy in tertiary institutions, and equipping graduates with the skills needed to be digitally proficient and globally competitive.

While stressing that the entire process, from curriculum development to classroom delivery, would require a whole-of-government and whole-of-society approach, Inuwa said, “This is not a journey we can walk alone; we must bring everyone on board, education stakeholders, technology providers, state governments, and international partners.”

In response to the DG’s remarks, UBEC Executive Secretary, Hajiya Aisha Garba, confirmed that the Commission has officially received the digital literacy curriculum developed by NITDA and NERDC and has commenced internal review processes.

She acknowledged the curriculum as robust and forward-looking but stressed the need for simplification to suit early learners and teachers, citing challenges such as curriculum overload, limited teacher capacity, and inadequate infrastructure as key barriers to effective implementation.

She pledged that UBEC, in partnership with the State Universal Basic Education Board (SUBEB), will lead efforts to equip schools with computers and solar-powered infrastructure to support real learning.

“We’re committed to working with NITDA and NERDC to refine the curriculum, train teachers, and ensure effective delivery. Let us align the technical vision with grassroots realities to make a lasting impact,” she concluded.

To formalise the implementation of the meeting’s resolutions, a joint inter-agency committee was established to develop strategic plans that will ensure the effective rollout of the digital literacy initiative, to equip young Nigerians with the essential digital skills required to thrive in an increasingly dynamic and technology-driven global landscape.


Kindly share this post
Continue Reading

Trending