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Merchants Record N127B on PoS in 11 Months

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Popularity of Point of Sale terminals (PoS) is growing as merchants who use PoS for payment of goods and services have recorded a princely N127billion in 11 months, Nigeria CommunicationsWeek can now reveal.

This was value for 7.4million transactions achieved between January and November this year.

During the period, the number of terminals registered with National Central Switch (NCS) being operated by Nigeria Inter-Bank Settlement System (NIBSS) the Payments Terminal Service Aggregator (PTSA) for the industry, stood at 157,000 while connected devices were 110,000.

Nigeria CommunicationsWeek intelligence however observed a reduction in the number of deployed terminals from 150,000 in August this year to 110,000 due to a harmonization exercise embarked upon by banks and payments terminal service providers (PTSP).

This resulted in the removal of connected terminals that are not performing transactions for a long time.

It would be recalled that Nigeria Inter-Bank Settlement System (NIBSS), in an effort to sanitize the e-payment space directed banks who are owners of PoS terminals deployed at merchant locations to deactivate all terminals that are not use for transactions.

These are terminals that are registered and deployed but have been idle for a long period of time.

This harmonization according to NIBSS will help in providing accurate number of functional PoS as well as encourage owners to encourage the merchants at whose location such terminals are deployed to start using them.

Nigeria CommunicationsWeek investigations revealed that in the week of January 7 to 14, the volume of transactions on the 120,000 deployed PoS was at 141,000, while in the week of August 25 to 31, 2013 the volume of transactions increased to 200, 000 representing 46 percent increase on some 150,000 deployed terminals.

But, in the week of November 9 to 15, 2013 it increased to 260,000 representing 30%.

It was also gathered that unlike the volume transactions that recorded 46 percent, value of transactions within the period under review did not record such increase, recording only 13 percent. The value of transactions in the period in January was N3b while in the last week of August the value stood at N3.4b, more so, value of transactions in the week of November added only N200million to achieve N3.6b.

There have been concerted efforts by Central Bank of Nigeria (CBN) and other stakeholders in the industry to increase and strengthen the use of PoS as a means of payment. It would be recalled that the apex bank recently commenced the implementation of limiting third party cheque to N150, 000.

The process of deploying a point of sale terminal requires the PTSPs to first register such terminal with Payments Terminal Service Aggregator for the industry which is Nigeria Inter-Bank Settlement System (NIBSS) before such terminal will be deployed.

The essence of registration of terminal before deployment in the present arrangement is to ensure that the terminal commences transaction immediately it is deployed.


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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Join Inlaks Live TechTalk Edition on Hyosung’s Revolutionary MV 100 ATM Model

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Inlaks, the leading Information Technology Systems Integrator specialised in the deployment of highly scalable ICT Infrastructure solutions, will on Monday September 28, deploy the second edition of its virtual thought leadership segment called “TechTalk”.

Techtalk which was formerly a pre-recorded segment hosted on the organisations YouTube channel has now transitioned into a live virtual event across Instagram, Facebook, Twitter and YouTube. The virtual edition kicked off in August 2020 with a segment on Financial Crime Mitigation, honing in on the superiority of Temenos Financial Crime Mitigation Solution with Emmanuel Orororo, Sales Manager, Financial Business, Inlaks.

The 2nd edition of Tech Talk promises to offer the same measure of insights as it dives into the world of Automated Teller Machines (ATM) with a focus on MoniValue 100, a revolutionary ATM solution by Hyosung TNS. The MoniValue 100 is especially adapted to the present times as it is a cardless, contactless and changeless solution.

Join this virtual event live by logging on to any of the social media pages below on Monday, 28th September 2020. YouTube: Inlaks, Facebook: InlaksNg, Twitter: Inlaks, Instagram: InlaksNg

Inlaks is a leading system integrator in Sub-Saharan Africa. The company partners with leading OEMs in the technology industry to provide world-class information technology solutions that exceed the needs of its customers.

Over the years, Inlaks has built a reputation as the foremost ICT and Infrastructure Solutions Provider, helping customers effectively seize new market and service opportunities.

With an impressive customer base that includes six Central Banks in West Africa, 18 of the 24 banks in Nigeria and other major customers in the West African region, Inlaks has become the dominant Information Technology Company in Africa.

Inlaks’ customers cut across various segments including Banking, Telecommunication, Oil/Gas, Power, Utilities and the Distribution sectors of the economy. For more information, please visit www.inlaks.com


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Millions of Cyber Attacks Launched on Nigeria, Others- Reports

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There were 3.8 million malware attacks and 16.8 million Potentially Unwanted Applications (PUA) detections over a 7-month period in Nigeria, according to Kaspersky security solutions.

Millions of Cyber Attacks Launched on Nigeria, Others- Reports

Elsewhere in South Africa, there were almost 10 million malware attacks and a staggering 43 million PUA detections, showing the growing desperation of the attacks.

The company reported on 28 million malware attacks in 2020 and 102 million detections of potentially unwanted programs (pornware, adware etc.) accounted for by the beginning of August 2020.

These numbers show that it’s not only the malware that attacks users but also the “grey zone” programmes that grow in popularity and disturb their experiences, while users might not even know it is there.

Potentially unwanted applications (PUAs) are programmes that are usually not considered to be malicious by themselves.

However, they are generally influencing user experience in a negative way. For instance, adware fills user device with ads; aggressive monetising software propagates unrequested paid offers; downloaders may download even more various applications on the device, sometimes malicious ones.

calculating interim results of threat landscape activity in African countries, Kaspersky researchers noticed that PUAs attack users almost four times more often than traditional malware.

They also eventually reach more users: for instance, while in South Africa, the malware would attack 415,000 users in 7-months of 2020, the figure for PUA would be 736,000.

“The reason why ‘grey zone’ software is growing in popularity is that it is harder to notice at first and that if the programme is detected, its creators won’t be considered to be cybercriminals. The problem with them is that users are not always aware they consented to the installation of such programmes on their device and that in some cases, such programmes are exploited or used as a disguise for malware downloads,” said Denis Parinov, a security researcher at Kaspersky.

By taking a closer look at PUA, it becomes apparent that they are not only more widespread but also more potent than traditional malware.

Evaluating results over the same 7-month period in Nigeria, there were 3.8 million malware attacks and 16.8 million PUA detections – which is four times as much.

Kenyan and South African threat landscapes have been more intense. In South Africa, there were almost 10 million malware attacks and a staggering 43 million PUA detections.

Kenyan users faced even more malware attacks – around 14 million, and 41 million PUA appearances, Kaspersky said.


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Tech Giants Strike Deal with Advertisers over Hate Speech

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Web giants including Facebook have struck a deal with advertisers on how to identify harmful content such as hate speech, after an impasse over the issue which led to boycotts of the platform.

Tech Giants Strike Deal with Advertisers over Hate Speech

The agreement — which also included Twitter and YouTube — laid out for the first time a common set of definitions for hateful statements online.

In July, hundreds of advertisers including big-name consumer brands suspended advertising with Facebook as part of the #StopHateForProfit campaign, saying the social-media titan should do more to stamp out hatred and misinformation on its platform.

And earlier this month a group of celebrities — including Kim Kardashian, Leonardo DiCaprio and Katy Perry — stopped using Facebook and Instagram for 24 hours, to push a similar message.

The World Federation of Advertisers (WFA) said in a statement Wednesday: “Facebook, YouTube and Twitter, in collaboration with marketers and agencies through the Global Alliance for Responsible Media have agreed to adopt a common set of definitions for hate speech and other harmful content and to collaborate with a view to monitoring industry efforts to improve in this critical area.”

The alliance was founded by the WFA and includes other major trade bodies.

According to the WFA, key areas of agreement included applying the alliance’s common definitions of harmful content; developing reporting standards for such content; establishing independent oversight; and rolling out tools for keeping advertisements away from harmful content.

The WFA said that properly defining online hate speech would remove the current problem of different platforms using their own definitions, which it said made it difficult for companies to decide where to put their ads.

“As funders of the online ecosystem, advertisers have a critical role to play in driving positive change and we are pleased to have reached agreement with the platforms on an action plan and timeline in order to make the necessary improvements,” said Stephan Loerke, chief executive of the WFA.

Luis Di Como, executive vice-president of global media at Unilever, a major advertiser, sounded a note of cautious optimism.

He said: “The issues within the online ecosystem are complicated, and whilst change doesn’t happen overnight, today marks an important step in the right direction.”

Speaking in July, Facebook’s founder and chief executive Mark Zuckerberg said he remained adamant that the company did not want hate speech on the social network.

On Wednesday, the company’s vice-president for global marketing solutions, Carolyn Everson, said the agreement gave all parties “a unified language to move forward on the fight against hate online.”

 


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