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Interstellar, Interswitch Group Partner on Blockchain-powered Infrastructure Services & Solutions

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Interstellar Inc.(“Interstellar”), an Enterprise Blockchain Infrastructure Services Company and Interswitch Group (“Interswitch”), Africa’s leading Integrated Payments and Digital Commerce Solutions company, have announced a long-term strategic partnership agreement to jointly develop blockchain-powered infrastructure services and solutions.

Interswitch and Interstellar have been working together over the last two years, carrying out blockchain technology research.  As part of the partnership Interstellar’s Blockchain technology stack (STARGATE) will be integrated with Interswitch’s industry-leading payments and digital commerce technology. This will further enhance the shared vision of the businesses to drive greater financial inclusion and prosperity across the continent.

Both companies have been preparing for the blockchain revolution in the African market with several ongoing initiatives including a Pan-African Payment Ecosystem (PAPE) powered by a private permissioned blockchain network which includes a consortium of Banks and Fintech players.

Ernest Mbenkum, Founder and CEO at Interstellar, commented, We are delighted to have established this strategic partnership with Interswitch, one of Africa’s most valuable fintech businesses. This marks the genesis of an innovative and collaborative partnership aimed at delivering impact-focused and enterprise grade blockchain-powered services across the African continent.”

Interswitch has been at the forefront of major innovation milestones in payments in Nigeria for the last 20 years, garnering recognition along the line as one of the fastest-growing technology companies in Africa (Deloitte Fast-Growth 50) and gaining acclaim as the first homegrown African Fintech Unicorn following a minority investment by Visa in late 2019. Today, Interswitch’s current business footprint covers more than 26 countries in Africa.

Akeem Lawal, Divisional Chief Executive Officer for Transaction Switching and Payment Processing at Interswitch commented, “We are excited to partner with Interstellar on this journey and we look forward to the amazing things we will achieve together in the African market.

“This new alliance underscores the directional evolution of our blockchain innovation strategy which is premised on our strategic intent of developing a native, proprietary enterprise-grade distributed ledger technology stack that is practically tailored to the African context.

“This enables us to progressively digitize multiple industry value-chains across African markets whilst also supporting the actualization of the Pan African Payment Ecosystem, riding the wave of opportunities created by such initiatives as the AfCFTA.”

The adoption of distributed ledger technology applications in Africa offers significant potential for advancing socio-economic growth, empowerment of communities, digitization of industries, lowering the costs of local and cross border payments, localization of emerging technology and the development of African tech talent.

Looking at recent trends, the African continent has been seen to be progressively embracing contemporary innovation in digital currency, with Central Banks and other payment service providers actively championing some of these interventions.

These present multiple advantages and opportunities for deepening payment systems across the continent, and this timely partnership between Interswitch and Interstellar represents another significant milestone in the journey.


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E-Business

NIMC Threatens Regulatory Sanctions on Erring Partners, Agents for Data Breach

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National Identity Management Commission (NIMC) has threatened to sanction erring Licensed Verification Agents, Front End Partners (FEPs), and Diaspora FEPs over data breach.

NIMC Threatens Regulatory Sanctions on Erring Partners, Agents for Data Breach

To this end, it has directed all these players to undergo rigorous security vetting to ensure adherence to global best practices in identity management.

NIMC, in a statement, at the weekend, also disclosed that law enforcement authorities have been authorised to crack down on and apprehend individuals involved in online phishing schemes targeting citizens’ data from other sources.

In addition, the commission has temporarily suspended the bypass enrollment process to prevent abuse and rectify any irregularities, even as it stated that it will communicate with the public regarding the resumption of the bypass process later.

In a press statement signed by Kayode Adegoke, head, corporate communications, NIMC, the commission reaffirms its commitment to providing secure identity services and protecting the Citizens’ data per its mandate as Nigeria’s foundational identity provider.

In pursuit of this goal, the commission said, it has implemented enhanced measures to safeguard the information stored in its National Identity Database.

These actions, he said, align with the commitment outlined by Engr Abisoye Coker-Odusote, director-general/CEO, upon assuming office in August 2023, who emphasised that, the NIMC collaborates relevant security agencies to uphold the utmost data security standards and regulatory compliance.

“As part of these new security protocols, all Licensed Verification Agents, Front End Partners (FEPs), and Diaspora FEPs will undergo rigorous security vetting to ensure adherence to global best practices in identity management. Any FEPs in violation will face sanctions by established regulations and the nation’s laws,” the commission asserted.

Furthermore, NIMC affirmed that, law enforcement authorities have been authorized to crack down on and apprehend individuals involved in online phishing schemes targeting citizens’ data from other sources.

The commission, he said, has received numerous reports regarding fraudulent online platforms compelling Nigerians to submit their personal information for National Identification Number (NIN) modification or enrollment services, noting that! perpetrators of these illegal activities will be apprehended and prosecuted to the full extent of the law.

 

 

 

 

 


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Experts Identify New Ransomware Using BitLocker to Encrypt Corporate Data

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Kaspersky has identified ransomware attacks using Microsoft’s BitLocker to attempt encryption of corporate files.

The threat actors remove the recovery options to prevent the files from being restored and use a malicious script with a new feature: it can detect specific Windows versions and enable the BitLocker according to the Windows version.

The incidents with this ransomware, dubbed “ShrinkLocker”, and its variants were observed in Mexico, Indonesia, and Jordan. The perpetrators targeted companies in steel and vaccine manufacturing, and a government entity.

The threat actors are using VBScript – a programming language used to automate tasks on Windows computers – to create a malicious script with previously unreported features to maximise the damage of the attack, Kaspersky Global Emergency Response team reports.

The novelty is that the script checks the current version of Windows installed on the system and enables the BitLocker features accordingly. In this way, the script is believed to be able to infect new and legacy systems back to Windows Server 2008.

In case the OS version is suitable for the attack, the script alters the boot settings and attempts to encrypt the whole drives using BitLocker.

It establishes a new boot partition, essentially setting up a separate section on the computer’s drive containing the files for booting the operating system.

This action is aimed at locking the victim out at a later stage. The attackers also deleted the protectors used to secure BitLocker’s encryption key so that the victim can’t recover them.

The malicious script then sends information about the system and the encryption key generated on the compromised computer to the server controlled by the threat actor. Afterward, it covers its tracks by deleting logs and various files that serve as a hint and help to investigate an attack.

As a final step, malware forces the shutdown of the system – a capability facilitated by the creation and reinstallation of files in a separate boot partition. The victim sees the BitLocker screen with the message: “There are no more BitLocker recovery options on your PC”.

Kaspersky dubbed the script “ShrinkLocker” as this name highlights the critical procedure of partition resizing, which was essential for the attacker to ensure the system booted correctly with the encrypted files.

“What is particularly concerning about this case is that BitLocker, originally designed to mitigate the risks of data theft or exposure, has been repurposed by adversaries for malicious ends.

“It’s a cruel irony that a security measure has been weaponised in this way. For companies using BitLocker, it’s crucial to ensure strong passwords and secure storage of recovery keys. Regular backups, kept offline and tested, are also essential safeguards,” explains Cristian Souza, Incident Response Specialist at Kaspersky Global Emergency Response Team.


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Konga Bags Prestigious Award from HP as Retail Supplies Partner of the Year 2023

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Konga, the multiple award-winning composite e-commerce group, has once again made a significant mark on the global stage. The retail powerhouse has been honored with the prestigious Retail Supplies Partner of the Year 2023 award by global technology giant, HP. The award recognizes Konga’s excellence and solidifies its position as a trusted leader in Nigeria’s digital marketplace.

One of Konga’s key strengths lies in its strategic partnerships with global brands like Apple, Samsung, HP, Lenovo, Starlink, L’Oreal, Haier Thermocool, LG, and Nexus. By collaborating with industry leaders, Konga is able to offer shoppers access to a diverse selection of products from trusted brands, ensuring that they can find exactly what they need at unbeatable prices. The Retail Supplies Partner of the Year award from HP is a testament to the success of these partnerships and Konga’s commitment to providing customers with the best possible shopping experience.

Since the Zinox Group acquired Konga from Naspers in 2018, Konga has undergone a transformative journey, emerging as an industry leader in e-commerce. The brand’s commitment to empowering Nigerian shoppers with genuine tech products at unbeatable prices has been unwavering.

This commitment is exemplified by the massive discounts offered during various sales campaigns such as Berekete Extravaganza, Konga Jara, Tech Month, and the ongoing Mid-Year Shopping Festival.

One of the hallmarks of Konga’s success has been its relentless pursuit of customer satisfaction. The company goes above and beyond to ensure every shopper has a positive experience, from fast and reliable delivery to responsive customer support.

Konga has invested heavily in building a robust logistics network, ensuring efficient and timely delivery of products across Nigeria. This commitment to excellence has earned Konga a loyal customer base and solidified its reputation as a trusted leader in the e-commerce space.

As Konga continues to set new standards in the e-commerce landscape, the company remains focused on expanding its offerings, enhancing customer experience, and fostering more strategic partnerships to elevate the retail experience for Nigerian consumers. The Retail Supplies Partner of the Year 2023 award is a testament to Konga’s unwavering commitment to excellence and innovation.

Konga’s receipt of the Retail Supplies Partner of the Year 2023 award from HP affirms the company’s position as a trailblazer in Nigeria’s e-commerce industry. With a relentless pursuit of excellence, strategic partnerships, and a customer-centric approach, Konga has not only transformed into an industry leader but has also significantly contributed to the growth and development of the retail sector in Nigeria.


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