Telecom
NITDA Slams N5m Fine on ESL over Data Breach
National Information Technology Development Agency (NITDA) has placed a five million (N5m) fine on Electronic Settlement Limited (ESL) over personal data breach that occurred at the company.
NITDA said that it arrived at the fine after concluding investigation process on the personal data provision, which is in line with the provisions of Nigeria Data Protection Regulations (NDPR).
The investigative process we gathered, involved an analysis of the company’s applications and websites; visit to the company’s office in Lagos, review of its technical documents as submitted to the Agency and interrogation of its officials by NITDA investigation team in Abuja.
“At the end of the process, we have established that there was a data breach involving the company”, Mrs Hadiza Umar, head, Corporate Affairs and External Relations, NITDA, confirmed.
NITDA however has commended Electronic Settlement Limited for the actions taken to mitigate this breach.
“Particularly, it’s taking full responsibility for the breach, updating identified security issues, cooperation with NITDA investigation team, recruitment of a data protection compliance organization, submission of its annual NDPR audit report and generally improving its compliance with the NDPR.
“The company’s actions demonstrate its sense of responsibility and duty to protect the data of Nigerians and customers in general.
“The objective of our investigation was to assess the risk resulting from the breach, with a view to identifying the causes, remedial actions taken and other necessary issues to avoid recurrence.
“The company has been well briefed on our prescriptions for better information security and protection of personal data”.
Umar said that in compliance with the NDPR and the need to prevent a repeat of this unfortunate breach, NITDA has directed as follows:
Electronic Settlement Limited shall be under a six-month information technology oversight by NITDA. The oversight shall involve oversight of implementation of prescribed security controls and processes.
That a clear data security and governance document is drawn up between the Electronic Settlement Limited and all its Information Technology services vendors identifying roles, responsibilities and processes involved in securing and protecting personal data.
That the company conduct regular NDPR training for all staff, publish and implement appropriate policies as required by the NDPR.
Submit 2020/2021 regulatory audit as required by Article 4.1.6 of the NDPR, conducted by a Data Protection Compliance Organization (DPCO) as licensed by NITDA.
Conduct Data Protection Impact Assessment on some data intensive applications and products.
Payment of the sum of Five million Naira only (5, 000, 000. 00) as fine in line with the requirements of the NDPR.
She expressed NITDA’s appreciation to the general public for their continued interest in ensuring the full implementation of the NDPR to safeguard personal data of citizen.
“NITDA is therefore using this opportunity to encourage every data controller and processor to embark on necessary measures to protect personal data. The Agency has graciously approved the extension of time to file the annual audit report to 30th June, 2021.
“We further reaffirm our continued commitment to implementing the NDPR vigorously and providing periodic updates to the public with regards to our activities and investigations in discharge of our mandate”.
The London Internet Exchange (LINX) announced today that it will extend its partnership with Digital Realty to West Africa, welcoming the data centre provider to its new interconnection fabric, LINX Accra.
Digital Realty is nearing completion of its new facility in Accra, ACR2. A modern data centre strategically positioned near multiple submarine landing cable stations in Accra’s downtown area.
Ghana is one of Africa’s most internationally connected countries, thanks to the presence of these six undersea cable systems. As a result, the country’s digital landscape has grown dramatically in recent years.
LINX Accra was announced in late 2024 and is anticipated to launch in the coming weeks.
LINX stated that a new internet exchange point (IXP) for Ghana will provide future-proof and scalable solutions to propel the digital ecosystem forward.
The new IXP will be LINX’s third facility in Africa since the opening of LINX Nairobi in 2023, marking an important milestone in the company’s overall strategy in Africa.
Nurani Nimpuno, head of global engagement for LINX commented: “We are excited to be embarking on this new journey with Digital Realty in Ghana. We have strong relations with our partners across our LINX hubs in the UK, US and Kenya so I’m confident this extension of the relationship will be a success.”
Digital Realty has been a key access point for LINX’s interconnection solutions in London and also in North Virginia, US for several years.
More recently, LINX launched their first steps into Africa with LINX Nairobi in November 2023 and LINX Mombasa in February of this year, both working closely with iColo: A Digital Realty Company.
Joseph Koranteng, managing director of Digital Realty in Ghana, commented: “We’re pleased to be welcoming LINX to our new data centre in Ghana, a key milestone as we continue to strengthen interconnection across Africa.
“As demand for low-latency connectivity grows, this collaboration will play a critical role in helping to shape the region’s digital future by enabling greater access, resilience, and integration with the global internet fabric.”
Telecom
Moniepoint Clinches Two IBSi Awards for Leadership in Corporate Banking and Digital Wallet Services
Moniepoint Inc, Africa’s leading fintech platform, has been named a Category Winner in two prestigious categories — Corporate Banking and Digital Wallets — at the IBS Intelligence (IBSi) Digital Banking Awards 2025.
The accolades recognize Moniepoint’s significant impact in advancing financial inclusion and operational efficiency through its innovative digital banking initiatives across the continent.
Moniepoint earned dual recognition with the Corporate Banking award for its end-to-end digital platform empowering SMEs across emerging markets through simplified working capital access and streamlined payment processes, while also being honored in the Digital Wallets category for its scalable wallet infrastructure that enables millions to seamlessly transact, save, and manage finances—both innovations supporting broader financial inclusion and economic empowerment goals.
The IBSi Awards jury highlighted Moniepoint’s achievement in delivering measurable business impact, its ability to scale efficiently, and its pioneering approach to integrating local market needs with cutting-edge financial technology.
The IBSi Digital Banking Awards recognize technology implementations and innovation across digital banking units worldwide. This year, more than 110 submissions from over 30 countries were evaluated.
The IBSi Digital Banking Awards celebrate the most innovative and impactful technology implementation projects in the global banking sector.
This year’s competition recognised outstanding achievements among digital-only banks, neo-challenger banks, and the technology partners driving digital transformation worldwide.
“We are thrilled to be recognised in two highly competitive categories,” said Tosin Eniolorunda, CEO of Moniepoint. “These awards validate our mission to power the dreams of African businesses and individuals by building technology that works for everyday realities.
“Whether it’s helping SMEs grow or enabling simple, fast, and secure transactions for millions, we remain committed to delivering impactful solutions.”
“These recognitions from IBS Intelligence reflect the hard work of our teams and partners, and the deep trust our users place in Moniepoint,” Eniolorunda added.
“We look forward to continuing to innovate and scale inclusive digital financial services that shape the future of banking across Africa.”
Nikhil Gokhale, Director of Research and Digital Properties at IBS intelligence, said, “Over the years, we’ve witnessed a remarkable transformation in the digital banking space — from the rise of nimble neobanks to the digital reinvention of traditional institutions.
“The IBSi Digital Banking Awards honour this evolution by recognising technology-led excellence across the global banking landscape.
“Now in its fifth edition, the awards continue to recognise banks that are redefining the digital banking landscape through bold strategy, customer-centric thinking, driving innovation, inclusion and meaningful impact.”
This award complements and validates Moniepoint market leadership having been listed for three years in a row in the CB Insights annual Fintech 100, a list of the 100 most promising private fintech companies in the world and described as high-momentum companies shaping the future of financial services as well as being ranked by the Financial Times as one of Africa’s fastest-growing companies for two consecutive years.
Moniepoint Inc. powers over 10 million businesses and individuals with access to seamless payments, banking, credit, and business management tools since 2019. As Nigeria’s largest merchant acquirer, it powers most of the country’s Point of Sale (POS) transactions while operating profitably.
Processing over 1 billion transactions monthly, with total payments volume exceeding $22 billion, Moniepoint enables businesses to digitize their operations and thrive in Africa’s rapidly evolving economy.
UK-headquartered IBS Intelligence (IBSi) is the world’s only pure-play Financial Technology (traditional and new-age) research, advisory, and media firm, with a global coverage, and a 360° portfolio of intelligence offerings.
For over 30 years, IBSi’s expert teams have delivered independent, in-depth, actionable insights, with a laser focus on everything Financial Technology, to the global banking, consulting, technology, and institutional investor world.
Dr. Aminu Maida, executive vice chairman and chief executive officer of the Nigerian Communications Commission (NCC), has declared the presentation of the Regulatory Impact Assessment (RIA) Report on eight key subsidiary legislations a turning point in the Commission’s regulatory framework.
Speaking at a high-level Stakeholder Engagement Forum in Abuja, Dr. Maida noted that the comprehensive RIA, conducted in 2024, embodies the NCC’s renewed commitment to transparent, participatory, and consumer-focused rulemaking.
“This innovation in our legislative process not only enhances accountability but also recalibrates our focus areas—consumers, licensees, and government policy alignment,” Dr. Maida stated.
The NCC boss emphasized that the RIA’s three-pronged focus aimed to assess regulatory performance across:
* Consumer impact, especially with regard to quality of experience (QoE)
* Market adaptability, with respect to competition, resource utilization, and market entry
* Policy alignment, ensuring legislations support overarching governmental objectives
He urged stakeholders to rigorously engage with the RIA findings to enhance regulatory outcomes and ensure market sustainability.
In her opening remarks, Head of Legal & Regulatory Services at the NCC, Mrs. Chizua Whyte, described the RIA as “an evolutionary step in our rulemaking journey,” adding that the extensive stakeholder contributions had strengthened the report’s validity.
“With emerging technologies and policy priorities, we needed to reassess our legal instruments. This RIA was both introspective and outward-looking,” Mrs. Whyte said.
Key areas assessed include licensing, SIM registration, subscriber management, enforcement procedures, spectrum trading, and infrastructure sharing.
Mrs. Whyte revealed that feedback from industry players was instrumental in identifying regulatory redundancies, clarifying legal obligations, and shaping future reforms.
The Legal Department, she noted, is already aligning next-phase reforms with the RIA’s recommendations to strengthen investor confidence and foster innovation across Nigeria’s telecom landscape.
The forum concluded with a call for continued stakeholder participation in shaping the Commission’s evolving legislative environment.
For the NCC, the RIA initiative signals a new era of smarter regulation—balancing flexibility, compliance, and consumer trust.
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