Telecom
Mastercard, Financial Access Initiative Partner to Enable More Small Businesses Benefit From Digital Economy

The Mastercard Center for Inclusive Growth and The Financial Access Initiative (FAI) at New York University have announced the launch of The Small Firm Diaries, a global research initiative that will provide unprecedented insight into the financial lives of small businesses across six countries in Sub-Saharan Africa, Latin America and Southeast Asia.
The study will examine how small firms manage the adoption of digital financial services, with a focus on women-led businesses.
By collecting detailed quantitative and qualitative data insights from firms employing between 1 and 20 non-family workers in Nigeria, Ethiopia, Uganda, Colombia, Indonesia and Fiji, the study will shed light on how small business owners across the world manage their financial decision making amidst uncertain and volatile economies.
While there has been a great deal of research on informal family-run “microenterprises,” and more professionalized “medium-sized” firms, the needs of small firms are not yet well-understood.
For example, in Sub-Saharan Africa, small firms play a crucial role in economic development and job creation and insight is needed to understand the unique challenges faced by them in order to create sustainable solutions for their longevity and growth.
According to The World Bank, it is estimated that SMEs are responsible for 77% of all jobs in Africa and as much as half of the GDP in some countries.
The research initiative, supported by the Center, aims to provide financial service providers, policymakers, and practitioners with knowledge and recommendations to address barriers to adoption of digital financial services.
“We must understand how small enterprises work in order to develop interventions that reduce inequality and increase financial security amongst financially underserved communities,” said Natasha Jamal, Regional Director, Middle East and Africa, with the Mastercard Center for Inclusive Growth.
“This first-of-its-kind research will provide on the ground insights into what barriers and opportunities exist for small firms to adopt digital financial services and participate in an inclusive economy.”
“Small firms are by far the biggest employer in low and middle-income economies.
“Despite decades of statistical research, fundamental questions remain about why some grow, and some stagnate,” said Jonathan Morduch, Executive Director of the Financial Access Initiative and Professor of Public Policy and Economics at New York University.
“ Our aim is to go into the field and try to understand small firms from the bottom-up, by listening closely to how entrepreneurs and workers make choices on their own terms.”
“Just as household financial diaries have been crucial to understanding the needs of low-income households around the world, and the barriers to achieving household financial security, the kind of detailed financial information provided by diaries is needed to understand the choices that small firm owners make and the real barriers to growth they face,” said Timothy Ogden, Managing Director at the Financial Access Initiative.
FAI and its partners are working closely with local organizations that will be involved in the research to obtain country-level research and ethics approvals in each of the six countries that will host the study.
Methodology of The Small Firm Diaries Research Initiative
Project researchers will follow a group of 100 businesses in multiple sites in each country over a period of 12 months, visiting them several times per month to collect quantitative data on cash flows, and qualitative data on business owners’ aspirations and decision-making.
Compared to traditional research studies that produce static snapshots from a single point in time, financial diaries can produce nuanced and dynamic portraits of firm owners and their choices.
High-frequency, quantitative data on cash flows shows researchers actual trade-offs and decisions made in near-real time, and qualitative data collection allows them to probe deeply to understand the “why” behind those choices, revealing the behaviors and barriers that prevent firms from adopting useful tools and technologies, hamper firm growth, and slow market development.
The study will illuminate the ebbs and flows of the businesses, the markets they serve, the constraints to their productivity, profitability and growth, the impact of access (or lack of access) to technology and formal credit, the interactions of the cash flows of the business with the cash flows of the owners and employees, and much more.
The Small Firm Diaries has also received funding from the Bill & Melinda Gates Foundation, the Argidius Foundation, the Aspen Network of Development Entrepreneurs, and Australian National University.
The project’s overall research design is based on the experience of FAI and its research partners with previous financial diaries studies, such as Portfolios of the Poor, the US Financial Diaries, and the Bangladesh Garment Worker Diaries.
The advisory board for the multi-country study will include leading researchers on small firms and practitioners with expertise in digital and financial services and business support programs, with experience spanning the private sector, government, and academia.
Current board members include: Tamara Cook, CEO, FSD-Kenya; Matthew Guttentag, Director of Research & Impact at the Aspen Network of Development Entrepreneurs; Machal Karim, Executive, Development Impact at CDC; Leora Klapper, Lead Economist at the World Bank and founder of the Global Findex; and David McKenzie, Lead Economist within the Development Research Group at the World Bank.
The Small Firm Diaries is a collaboration led by the Financial Access Initiative at NYU Wagner, with independent researchers at The Graduate Institute of International and Development Studies in Geneva and Oxford University; research implementation partners L-IFT, MFO, and EDI Global; and local partners, including the University of the South Pacific (Fiji), SMERU (Indonesia), National Bureau of Statistics and Lagos Business School (Nigeria), and FSDU (Uganda).
Telecom
Court Bans Kenyan Telcos from Recycling SIM Cards

Kenya’s High Court has ruled that mobile phone numbers are not disposable assets, but constitutionally protected digital identifiers, striking at the core of a long-standing industry practice of arbitrarily reassigning inactive SIM cards without the owners’ consent.

In a landmark decision that could reshape telecom regulation and digital identity frameworks across Africa, sitting at Milimani Law Courts in Nairobi, Justice Lawrence Mugambi declared that reassigning a phone number without the original owner’s consent violates the right to privacy.
The ruling effectively elevates a SIM card into the same legal category as personal data tied to an individual’s private life.
At the heart of the ruling is Article 31 of the Constitution, which safeguards citizens from unnecessary disclosure of private information and interference with communications.
The court found that in today’s digital economy, a registered mobile number functions as a critical gateway to sensitive personal data, linking users to mobile money platforms like M-PESA, banking systems, email accounts, and social media profiles.
“When mobile digital identity is lost through reallocation or recycling without interrogating the reasons behind inactivity, it creates an avenue for unauthorised disclosure of delicate information,” the judgment stated.
The case, brought by Erastus Ngura Odhiambo, petitioner and former prisoner, challenged the routine telecoms practice of deactivating SIM cards after prolonged inactivity and reassigning them to new users.
Odhiambo lost access to his mobile phone number due to inactivity while serving his lengthy sentence.
He argued that the practice exposes individuals to serious risks, including misdirected financial transactions, intercepted one-time passwords, and unintended access to private communications.
The court agreed, highlighting how recycled numbers can result in strangers receiving confidential messages, authentication codes, and even being added to private messaging groups, effectively inheriting fragments of another person’s digital life.
Justice Mugambi also criticised the rigidity of SIM deactivation policies, calling them “arbitrary” for failing to consider legitimate reasons for inactivity such as incarceration, studying in restricted environments, or living abroad.
“Incarceration does not strip an individual of their constitutional rights to privacy and identity,” he noted.
For telecom operators, including Safaricom, the ruling introduces a significant compliance burden. The court outlined three strict conditions before any number can be reassigned.
Telcos must obtain informed and verifiable consent from the original owner, issue a public notice and conduct traceability efforts over a reasonable period.
More importantly, the court further directed that telecoms firms must implement technical safeguards to prevent data exposure to the new user.
The Office of the Attorney General has been given six months to translate these directives into enforceable regulations.
Telecom
Binance Earn: Simple Way to Earn Rewards on Idle Crypto Holdings

Binance Earn offers cryptocurrency users an accessible way to generate rewards on idle digital assets without active trading or constant market monitoring.

Binance Earn
As the crypto market matures, more holders seek productive uses for their assets rather than leaving them dormant in wallets. Binance addresses this through Binance Earn, where users allocate supported cryptocurrencies to various reward products for automatic yield generation.
The platform emphasises simplicity with a “set-and-forget” model: users select assets, pick a product, and rewards accrue passively in the background. This appeals especially to long-term holders aiming to enhance portfolio value over time without day-to-day involvement.
Binance Earn provides flexible options for instant liquidity access alongside fixed-term products for defined commitments, catering to diverse strategies and risk appetites.
“We’re seeing growing interest across Africa in ways to make crypto holdings more productive without active trading,” said Larry Cooke, Africa Head of Legal at Binance. “Simple, ‘set-and-forget’ solutions are becoming increasingly relevant as more users take a longer-term approach to digital assets.”
The feature reflects shifting user behaviour towards holding and gradual growth amid volatile markets, where reward rates fluctuate based on conditions, liquidity, and structures.
Users must assess risks and alignment with personal goals, as crypto remains volatile. Binance Earn positions itself as a key tool in Africa’s rising digital asset adoption, enabling hands-off participation in the ecosystem.
Telecom
New Gmail Scam Mimics Security Alerts to Steal User Data

Cybersecurity researchers at Malwarebytes Labs have exposed a sophisticated new Gmail scam where fraudsters send fake Google security alerts via phishing emails, texts, and pop-ups, tricking users into a deceptive four-step verification process that harvests login credentials, GPS locations, contacts, and other sensitive data for account takeovers.

Gmail
Disguised as routine checkups, these alerts mimic Google’s official pages to create urgency, prompting victims to install malicious “security tools” that grant hackers real-time access to Gmail and linked services—Corey Donovan, president of Alta Technologies, warns legitimate checks never come unsolicited or demand downloads, urging users to close suspicious prompts immediately and verify via official Google account pages instead.
The scam’s rise amplifies risks during travel, where public Wi-Fi hotspots—especially “evil twin” fakes like slight misspellings of “Airport_Free_WiFi”—enable interception of banking details, emails, and malware installs; Donovan advises disabling auto-connect, using VPNs for HTTPS sites only, avoiding logins altogether, and crafting strong passwords with mixed characters plus two-factor authentication.
Shoulder surfing on public transport and outdated devices compound threats, as fraudsters glimpse screens or exploit unpatched vulnerabilities—keeping phones updated with post-update privacy reviews limits app access to location or commutes, while skipping work emails in view maintains confidentiality on the go.
Nigeria’s heavy reliance on digital banking and crypto heightens vulnerability, as scammers exploit rushed travellers; Donovan stresses: “Cybercriminals target busy airports and stations knowing guards drop—stay cautious, update devices, lock privacy, and never rush links to protect against these advanced breaches.”
E-Financial3 days agoKuda MFB Increases Kuda for Her Business Grants to ₦10 Million
Telecom3 days agoVitel Wireless Lures Subscribers with “Data that Never Expires” Campaign
News3 days agoNSIA Sign MoU with UK’s Asset Green Ltd to Develop $496M Integrated Dairy Livestock Production Platform in Nigeria
News3 days agoBoI, MTN Foundation Launch N1Bn Fund for Women Entrepreneurs
General News3 days agoOne SA Bank Equals Nigeria’s Entire Banking Sector – Why Recapitalisation Is Critical for Global Competitiveness
E-Financial2 days agoCBN Introduces Stricter BVN Rules to Curb Fraudulent Transactions
Broadcasting3 days agoNigeria tops global rankings for USDT, USDC ownership
E-Financial2 days agoBinance is Missing from Ghana’s Crypto Sandbox



















