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Paylater Lending app Eyes Full-Service Digital Bank

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Paylater, Nigerian retail lending startup, is working on a plan to transition to a full service digital bank after securing a $5 million debt facility from Nairobi-based Lendable, technology-enabled funding provider to African consumer and small business lenders.

 

qz.com reported that Paylater is looking to deploy new products while transitioning to a digital bank.

 

Since launching in 2016, the Paylater mobile app was downloaded by over 1 million users and disbursed loans of over N13 billion ($36 million).

 

But now, the company is looking to get into the unbanked population of Nigeria and provide banking services for them.

 

The startup will be announcing a name change to fit its new business in the first week in April.

 

In Nigeria, there is an estimated 60% of adults without a bank account. Nigeria and six other countries are home to nearly half of the 1.7 billion people without bank accounts, according to the World Bank Global Findex Database report.

 

Paylater is a unit of OneFi which started in 2011 as One Credit, which provided loans to middle class salary earners, using a paper-based application process that required supporting documentation.

 

But that restricted the scope of the service in a country where more than 60% of working adults are in the informal sector and therefore are not paid documented monthly salaries or possessed formal documentation.

 

The introduction of a bank verification number (BVN) by Nigeria’s central bank in 2016 enabled young companies like One Credit to launch more flexible, digital lending services available to more people including Paylater.

 

The BVN is the first true record of Nigerians employing biometric security and linking all back accounts owned by a single user.

 

“As we are pushing on with our web and digital platforms, we also want to reach out to a segment in the economy that is always talked about but not really catered to,” said Chijoke Dozie, who co-founded OneFi with his brother Ngozi.

 

In a few months, OneFi will also be launching some of its services deploying USSD mobile technology found in simple feature phones rather than the more expensive smartphones.

 

The idea is to “onboard people that are not using smartphones and we are banking on our reputation as loan providers to reach them.”

 

The strides that digital lenders have made have made traditional banks offer retail loans to customers. But in the past, this was not the case. Banks in Nigeria have a poor reputation for providing credit. Customers of commercial banks are burdened with paper applications and high interest rates coupled with the need to produce collateral.

 

News of Paylater’s transition to a digital bank comes in the week that Diamond Bank, which was controlled by the Dozie family, is being  merged with Access Bank. Diamond Bank, which was most recently run by another Dozie brother, Uzoma, had struggled over the last couple of years. Last October, the chairman and three directors of the bank resigned following a protracted dispute involving a major investor.

 

OneFi’s Dozie believes that deal with Lendable is international validation of the progress they have made and their preparedness for the next step. This line of financing provides the opportunity to transition into a full-service digital bank. The company will also be announcing a partnership with Visa—a move to provide credit via QR codes in supermarkets and clinics.

 

Daniel Goldfarb, the co founder of Lendable, which is backed by Omidyar Investments, said his company is looking to increase access to finance in frontier markets and wants to do this through non-banking lenders. “Paylater has shown that they know their market intimately, while having impressive tech and a platform that is scalable. We are expecting 75% growth within nine months.”

 

 


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Firm Discovered a New Corporate Phishing Technique using a Popular AI Web Development Platform

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Kaspersky has discovered that attackers have begun exploiting another legitimate service for malicious purposes – this time it is Tencent EdgeOne Pages, a platform for creating and hosting web applications.

Attackers are misusing its capabilities to generate phishing emails targeting corporate users. Previously Kaspersky has described similar attacks leveraging Google services and web applications generated by Bubble, an AI-powered app builder, to hunt for corporate credentials.

Employees across multiple industries including the industrial sector, sales, and government are among the targets. The goal of the attack is to steal login credentials for corporate resources. Over the past 30 days, the company’s experts have detected more than 8,000 phishing emails using this tactic, including messages in English, Korean, and Russian.

The Tencent EdgeOne Pages service is positioned as a platform for quickly creating and deploying web applications using AI. Scammers misuse it to generate and publish phishing pages in minutes with virtually no web development skills.

Attackers host phishing pages on EdgeOne’s legitimate cloud infrastructure and use trusted domains. As a result, such sites appear to be established and secure to many protective solutions, complicating the detection of such attacks.

How the attack begins

The user receives an email from the alleged “corporate email support team”. The message states that the account login credentials will expire in 48 hours, and that failure to update them may result in problems receiving or sending emails.

To avoid restrictions, the user is prompted to click a link and enter relevant information. Phishing emails are not limited to this narrative, and could deliver any corporate message, such as a message from the HR department or a notification of a received document that should be downloaded.

Clicking the link in the email opens a page with a form for entering the victim’s name, email address, and password. It is a simple design, with virtually no additional elements.

After the user enters their login and password, the data is transferred to a server controlled by the attackers.

“We are seeing a continuation of the trend in which attackers use AI and no-code platforms as part of their phishing infrastructure. We’ve previously observed a similar scheme using the Bubble platform, and here we have yet another example.

“While the communication used in these phishing attacks is typical and has been used before multiple times, the attack technique itself significantly lowers the barrier to entry for attackers and accelerates the creation of phishing resources.

“Previously this required at least basic web development skills, but now an infrastructure for fraudulent emails can be created in minutes,” comments Roman Dedenok, Anti-Spam Expert at Kaspersky.


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Kaspersky Report Shows Early 2026 Witnessed an Increase in Cyberattacks on the Manufacturing Sector

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According to a new Kaspersky ICS CERT report, in Q1 2026 the percentage of industrial control systems (ICS) on which malicious objects were blocked reached 19.6% globally. Kaspersky security solutions blocked malware from 10,052 different malware families of various categories on industrial automation systems.

Regionally, the share of ICS computers that were attacked ranged from 27.4% in Africa to 9.1% in Northern Europe. Compared to the previous quarter, attacks on the manufacturing sector in Q1 increased in multiple regions, including in Europe and Asia.

Regional split

In terms of overall numbers across all industry sectors, five regions saw an increase in the share of attacked ICS computers in Q1 2026 compared to the previous quarter. These were Southern Europe, Russia, Northern Europe, Canada and Africa.

Industries

In Q1, biometric systems traditionally placed first in terms of the share of ICS computers on which malicious objects were blocked, at 26.4%. These systems commonly have Internet access, are used for email, and, in many cases, have minimal cybersecurity controls within the organisations that use these systems.

Regionally, Southern Europe leads the ranking based on the percentage figures for biometric systems, at 35.15%. Africa follows at 29.58%, and Central Asia comes in third at 28.53%.

In the manufacturing industry, Southeast Asia ranks first among regions in terms of the percentage of ICS computers attacked (23.21%), followed by Africa (21.36%) and South Asia (20.13%).

In 2025, Kaspersky and VDC Research estimated that in just the first three quarters of 2025 cyberattacks on manufacturing organisations via ransomware could have generated over $18 billion globally in losses. Actual business losses could have been even higher when factoring in supply-chain disruptions, reputational damage, and recovery expenses.

“Legacy operational technology systems remain deeply embedded in manufacturing environments, which makes them vulnerable. Supply chain complexity and branching of the trusted partner network expands the attack surface beyond the network perimeter.

Attackers are realising that targeting OT assets of an industrial enterprise is not rocket science, which is why factory shutdowns bring massive financial losses,” commented Evgeny Goncharov, Head of Kaspersky ICS CERT.

 


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NDPC, Meta Launch 2-Year M-SIDP after Regulatory Settlement

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Nigeria Data Protection Commission (NDPC) has launched the Meta-Supported Initiatives for Data Protection (M-SIDP), a strategic programme aimed at strengthening data privacy awareness, regulatory compliance and institutional capacity across Nigeria’s digital ecosystem.

NDPC, Meta Launch 2-Year M-SIDP after Regulatory Settlement

The initiative follows the conclusion of regulatory proceedings involving Meta Platforms Inc., the parent company of Facebook, Instagram and WhatsApp, over concerns relating to the processing of personal data belonging to Nigerian users. The matter was resolved in 2025 through a court-approved settlement.

Under the agreement, Meta committed to supporting a two-year programme of public-facing data protection measures designed to advance the objectives of the Nigeria Data Protection Act (NDP Act) 2023, the General Application and Implementation Directive (GAID), and the NDPC Strategic Roadmap and Action Plan (SRAP) 2023–2027.

Announcing the initiative, the Commission said the programme would strengthen safeguards for data subjects while promoting responsible data processing practices among organisations operating in Nigeria.

According to a statement signed by Itunu Dosekun, head of the NDPC Media Unit, the programme will focus on governance, research and development, safety and sustainability mechanisms for technology ecosystems, capacity building for Data Protection Officers (DPOs) and Data Protection Compliance Organisations (DPCOs), as well as public awareness campaigns targeted at vulnerable groups.

The Commission stated, “As part of the settlement, Meta committed to supporting a two-year programme of public-facing data protection measures that aligns with the objectives of the Nigeria Data Protection Act, 2023 (NDP Act), the NDP Act General Application and Implementation Directive (GAID) and the NDPC Strategic Roadmap and Action Plan (SRAP) 2023–2027.”

The NDPC stressed that the settlement does not limit its regulatory authority.

“Nothing in this settlement limits the Commission’s independent statutory powers as we continue to exercise our regulatory mandate in relation to data processing activities in Nigeria, in accordance with the NDP Act and other applicable laws,” it stated.

The development comes amid rising global scrutiny of technology companies over data privacy practices, with regulators in regions including the European Union and the United States tightening enforcement against breaches and non-compliance.

Nigeria has also intensified efforts to strengthen its privacy framework following the enactment of the Nigeria Data Protection Act in 2023, which established the NDPC as an independent regulator empowered to monitor compliance, investigate violations and impose sanctions.

Industry experts warn that increasing digital adoption across banking, telecommunications, e-commerce, healthcare and public services has heightened risks of identity theft, cybercrime and unauthorised data sharing.

The NDPC has in recent years stepped up enforcement actions against organisations that violate data protection rules, while also expanding accreditation for Data Protection Compliance Organisations and training for privacy professionals.

The Meta-supported initiative is expected to address gaps in public awareness and technical capacity, while also supporting research and policy development on emerging issues such as artificial intelligence, cross-border data transfers and platform governance.

The Commission said it would provide periodic updates on the implementation of the programme and called on stakeholders to support efforts to build a secure, transparent and accountable privacy ecosystem in Nigeria.


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