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Kudi Rebrands as Nomba

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African Financial Technology Company, Kudi changes name to Nomba as it transitions into an omni-channel payment platform providing tools to enable businesses grow. The company has expanded its range of services to provide easy-to-use business tools for all kinds of businesses to accept, process and manage payments online and offline.

These tools will offer more businesses of all sizes across Africa, a distinct gateway into the digital economy, while enabling them optimise their operations.

This solution could not have come at a more opportune time. From neighborhood kiosks to high-brow restaurants and fashion stores, the small business segment in Nigeria is responsible for 86 percent of the total workforce through 41 million micro-businesses and 73,000 small and medium enterprises as indicated by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) National Survey.

Yet, payments in the retail sector in Nigeria are largely offline with over 25 million merchants yet to accept any form of digital payments. Many of the retail businesses who do accept digital payments lack a unified platform to seamlessly manage their businesses across multiple touch-points and locations.

From payment collection, to trade financing, to intelligent business reporting, and even multiple location management, businesses largely depend on traditional financial services providers who do not provide the ecosystem of services that support their businesses. Having all of this on one platform will really make a difference and make business easier.

With Nomba, underserved and full-fledged businesses can self-onboard in five minutes and order a full-service integrated terminal and dashboard designed to manage all their payment needs whether in cash, cards, transfers, USSD or QR across multiple channels and locations.

Over the next six months, Nomba will extend the penetration of its POS terminals across the country, giving more businesses access to technology that delivers real-time oversight of all business transactions whether they are a one-man business or a corporate, all on one dashboard.

It also plans to expand its product offerings into invoicing, payroll management and other tools that boost the productivity of businesses.

To drive this expansion, the fintech has appointed two key new executives Jeffrey Williams as Vice President, Business, and Toluwani Ijogun as Vice President Brand, Marketing and Communications.

Harnessing their experience and expertise, Nomba, will accelerate its expansion across the country ensuring that over 350,000 businesses are equipped with all the tools required to run their businesses seamlessly, by the end of the year.

As VP, Brand Marketing and Communications, Toluwani Ijogun will be responsible for brand strategy, including all consumer, business-to-business and partner marketing activities that advance the company’s goals.

She will also oversee all internal and external communications, insights and marketing capabilities and analytics for the brand.

Toluwani brings with her over 15 years experience managing premium brands such as Guaranty Trust Bank; GlaxoSmithKline Consumer Plc; Philips across West Africa; Eat N’ Go (owners of Domino’s Pizza and Coldstone Creamery franchise in Nigeria); FSDH Group and most recently as Senior Vice President: Brand and Marketing for Kuda Bank where she played a pivotal role in the company’s growth in the Nigerian market.

Jeffrey Williams-Edem brings over 18 years of experience in sales, business development strategy, digital payment and merchant acquisition spanning multiple industries.

He joins Nomba as VP, Business from Interswitch where he played an integral role in the design and deployment of their first retail solution strategy for the micro, small and medium enterprise market in Nigeria.

As Kudi transitions to Nomba, Jeffrey will be responsible for creating and driving the machinery to deliver on business acquisition, new market development and revenue. He will also oversee the sales, business operations and the development of new products.

“Since our launch in 2017, our technology and insights have enabled merchants to earn and build successful businesses, transforming their own lives and that of others.

“Today, complimentary regulatory frameworks and well-thought-out partnerships with financial institutions have synergized to create an enabling environment for fintechs to chart the future of payments, making access to digital payment solutions ubiquitous.

“Over the next five years, we will be leveraging these factors, as well as the experience and expertise Jeff and Tolu bring to deepen the penetration of digital payment solutions across the country, making payments easier for everyone,” said Yinka Adewale, Chief Executive Officer, Nomba.

Nomba started its journey in 2017 as a chatbot designed to simplify payments. However, in 2018 it evolved into a company whose distinct point of sale (POS) technology, partnerships with banks and other licensed financial institutions democratized access to banking products and services for merchants across Nigeria. This also includes core banking solutions such as opening savings accounts and loans.

Listed as a YCombinator Top Company in 2022, there are today over 150,000 businesses on the Nomba platform enabled to carry out card, cash and bank transfer related transactions for their own businesses and on behalf of their customers. With an onboarding rate of over 10,000 new businesses monthly, Nomba currently processes over $16m in payments daily across more than 500,000 unique transactions.

 


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Firms Seek Specialized Expertise to Combat AI Cyber Threats – Study Reveals

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As concerns about the use of AI in cyberattacks increase, companies worldwide are racing to bolster their cybersecurity strategies, according to a Kaspersky survey.

In a new study the cybersecurity company revealed that 92% of IT and Information Security professionals surveyed in the Middle East, Turkiye and Africa (META) region expect the use of AI by malicious actors to escalate over the next two years.

This growing threat is prompting organisations to prioritise cyber defense expertise, with many turning to cybersecurity vendors for specialised support and training.

In its latest study titled “Cyber defense & AI: Are you ready to protect your organisation?” Kaspersky gathered insights from IT and Information Security professionals across SMEs and large enterprises. The findings underscore the urgent need to prepare for AI-driven cyberattacks.

To combat these evolving threats, companies place high value on cybersecurity expertise, with 94% of respondents in the META region highlighting the importance of growing internal expertise through training for in-house employees, and 93% underscoring the need for external expertise provided by cybersecurity vendors. This need spans sectors from retail to critical infrastructure, emphasising a universal demand for advanced threat protection.

To reinforce their cyber protection, organisations are actively integrating both internal and external expertise. Currently, 36% of companies surveyed in the META region are either implementing or planning to deploy external support to adapt to the evolving threat landscape, while 34% are doing the same through internal training initiatives. Additionally, 61% already use external cybersecurity expertise, and 62% have training programs in place, underscoring a dual approach in fortifying their protection.

Cybersecurity vendors’ expertise can come in various forms, from specialised professional services that help organisations deploy their protection solutions, to advanced expert centers that focus on specific security challenges.

One of these centers is the Kaspersky AI Technology Research Center. It brings together the company’s AI research and development efforts, to deepen the protective capabilities of cybersecurity solutions.

Vladislav Tushkanov, Group Manager at the Kaspersky AI Technology Research Center, says: “Our latest survey shows that businesses are acutely aware of the rising threat from AI-driven cyberattacks and are looking to reinforce their protection through comprehensive solutions, including the use of vendors’ extensive cybersecurity expertise.

The Kaspersky AI Technology Research Center plays a pivotal role by helping us leverage AI advancements to enhance our threat protection strategies and explore innovative ways of using AI in cybersecurity. It also enables us to address security concerns specific to AI itself, ensuring that businesses are prepared for the latest AI-driven threats.”

 


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EFCC Dismantles Fake Hotel Review Syndicate, Arrests 105 in Crackdown

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Economic and Financial Crimes Commission (EFCC) has dismantled a fake hotel review syndicate and arrested four Chinese nationals and 101 Nigerians for their roles in the elaborate internet fraud scheme.

EFCC Dismantles Fake Hotel Review Syndicate, Arrests 105 in Crackdown

Victims were allegedly first lured into rating hotels in exchange for small sums of money.

Eventually they would be encouraged to make bookings in any of the rated hotels for as much as $500.

They were told that the company would pay them back with chunky interest into a crypto wallet bearing their names.

However, the victims would in the end not be able to open the wallet.

EFCC announced that the suspects operated out of Naka Hall Plaza on Abutu Garba Street in Gudu, Abuja, where agents recovered 100 compact workstations.

Dele Oyewale, spokesman, EFCC, said the suspects used fake foreign identities to target unsuspecting victims, primarily U.K. residents.

Authorities said the criminal network was allegedly led by the Chinese nationals, who recruited and trained Nigerian youths with advanced technical skills to act as customer service representatives.

These representatives followed a predesigned script to deceive their victims online.

The operation follows a separate crackdown weeks earlier, in which 792 suspects — including 148 Chinese nationals — were arrested for involvement in cryptocurrency and romance scams.

The foreign nationals allegedly used corporate apartments disguised as business centers to train their Nigerian accomplices. These accomplices were reportedly taught to initiate romance and investment scams and use their own identities to carry out fraudulent activities.

The EFCC also highlighted a concerning trend of foreign nationals instructing Nigerians in internet-related crimes.

 


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AfDB to Partner LAMATA to Expand Existing Rail System

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The African Development Bank (AfDB), has disclosed plans to work with the Lagos Metropolitan Area Transport Authority (LAMATA), to boost the state’s transport system with the development of another rail line.

This was contained in a statement signed by, the Head, Corporate Communication, LAMATA, Mr. Kolawole Ojelabi in Lagos.

Ojelabi said that the AfDB Vice President, Private Sector Infrastructure and Industrialisation, Mr. Solomon Quaynor, gave the assurance during a visit to LAMATA.

He added that the bank was interested in partnering LAMATA to expand the capacity of the existing rail system.

“Quaynor was also in the company of the Non-Sovereign Operations and Private Sector Equity Specialist, Mr Mayowa Ayodele ahead of a visit of the technical team to assess the Purple line,” he said.

The Purple Line is a 60-kilometre railroad along the Redemption Camp in Ogun State, traversing Berger, Agege and Alimosho and terminate at Volkswagen to join the Blue Line.

“The visit follows a recent pitch for investment on 60-kilometre Lagos Rail Mass Transit (LRMT) Purple Line at the African Development Bank forum in Morocco, where the Lagos delegation was led by Governor Babajide Sanwo-Olu.

“This is to further discuss collaboration on the project and other lines outlined in the Lagos Strategic Transport Master Plan. The delegation toured the LRMT Blue Line and expressed satisfaction with the progress of the Blue Line rail system,” he said.


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