E-Business
Paystack, Nigerian Startup Raises $1.3m

Paystack, one of Nigeria’s most hotly anticipated tech start-ups, has just secured $1.3m seed investment from both international and homegrown investors, according to Forbes.
This is coming after Andela, a Nigerian start-up company based in Lagos and New York, blazed the trail with a $24 million Series B funding round from the Chan Zuckerberg Initiative founded by Mark Zuckerberg and his wife, Priscilla Chan.
Paystack, a company, founded by Shola Akinlade and Ezra Olubi, however initially caught the eye of industry commentators as it was one the first Nigerian tech company to be accepted into the world-famous Y Combinator progamme, based in Silicon Valley.
Since then, having taken Paystack through Private beta, and securing $120,000 early-stage investment from Y Combinator, Akinlade [CEO] and Olubi [CTO] have quietly been building the company, working to secure this Seed investment round, whilst also building a network of partner merchants in Nigeria, over 1,500, who are now using the platform to accept online payments.
Mfonobong Nsehe of Forbes spoke to Paystack’s CEO, Shola Akinlade, to find out how the company is working to fix Nigeria’s fragmented online payments system.
Introduce us to Paystack – how did the idea come about?
We started Paystack because we knew online payments in Africa were essentially broken and someone definitely had to do the hard work of fixing it. Ezra Olubi [Paystack Co-founder and CTO] and I graduated from Babcock University 10 years ago, and after that, I worked on Precurio, a collaboration software for businesses in emerging markets which was downloaded over 150,000 times and made available in six languages.
Ezra on the other hand, started off working in payments with Eyowo, and then went on to become the CTO of Jobberman, and Delivery Science. But we were both from solidly tech backgrounds.
Sometime in 2014, I was helping a few banks with financial software and realised I had a great chance of solving the payments problem; firstly because I had built world-class software before, and now, I had a little access to the financial industry.
I started speaking with people in the tech ecosystem and then put up a waiting list, which was really just a call for those who wanted to try out what we were working on. Within one month, we had over 300 people join the waiting list. From this, we felt that we had tapped into an issue that was experienced by many, so we grew the idea from there.
The challenge was to solve the issue of online payments in Africa, somehow connecting the super-fragmented aspects of the sector. What we did was develop multi-channel payment options for merchants across the country, enabling them to accept payments from around the world, via credit card, debit card, and direct bank transfer on web and mobile. It’s taken two years of non-stop hard work to grow it from idea stage, to the product we have today.
You were accepted into the tech accelerator Y Combinator at an early stage. What was the process and how did it help your company?
Y Combinator is amazing. I had applied for the tech accelerator with my first company, in 2007 and, sadly, didn’t get in. I applied again last year with Paystack and got invited to Silicon Valley for a 10-minute interview.
We packed our bags, took our laptops, got on a plane, shared our vision with YC applications team, showed them what we were building and, to our surprise, we got in, making us the first Nigerian company to be accepted into the program.
The YC program basically changed our company’s trajectory. They funded us with $120k and advised us to focus on building our product and talking to our customers, noting that almost everything else involved in building our ideas and company, would be a distraction.
They helped us focus on the detail; the core structure of the company that was going to help us scale. YC also helped with fundraising, as at the end of Y Combinator, there’s a Demo Day where each company has to present to the top early stage investors in the world.
It seems we were able to capture the attention of investors who understood the scale of the challenge, as well as our solution for fixing the problem of payments in Africa, as we were able to raise our seed round on the back of Demo Day.
You’ve just come out of beta, but you already have over 1,500 Nigerian companies using your service – how have you been able to grow so quickly?
Paystack opened up its beta in January, and in less than a year we’ve processed well over 1 Billion Naira. It’s really people telling other people about what we offer, how we can help them build their business, by using paystack. We’re already working with some of Nigeria’s top platforms, such as iROKOtv, Jobberman, Payporte, and Hotels.ng – now we want to continue to build out our list of homegrown companies.
When we tell people that they can start receiving payments within 30 minutes from sign-up, I think many are, initially, a little cynical. So many merchants in Nigeria have faced so many challenges with receiving payments over the years, I think perhaps they thought it sounded a little too good to be true.
But they had faith, they tried us out, our product worked for them. Our customers have been our evangelists, and that has really helped us grow quickly. Y Combinator told us to talk to our customers and we did. It seems that our customers then went on to talk about us.
You’ve just announced that you have closed on seed funding of $1.3M – how will you be investing this into the company?
We will use the investment to build out our engineering team, grow our sales and marketing operations and accelerate our product development.
It’s exciting because more than ever, we feel like we now have the capacity to solve the problem of making online payments in Africa – ensuring a smooth interaction between merchants and customers.
What can Paystack offer online merchants and sellers that the likes of Paypal or other international fintech companies can’t?
Payments are really fragmented in Africa and Nigeria, because people pay in different ways here and our problems are a bit different from the rest of the world. Paystack offers support for local payment methods, like Verve Cards, USSD payments like GTBank’s *737#, and direct bank connections.
More than that, I think we are just better positioned to meet the needs of the Nigerian merchant and that’s why were are able to build features like the transaction timelines to help them visualize and understand card failure rates, or payment pages to help them accept payments without a developer, and we will continue to go deeper. We understand the challenges of the African fintech market and we feel that we are best placed, as Africans, to solve said challenges.
Paystack is available in Nigeria at the moment – do you have any plans to scale the company outside of Nigeria and across Africa?
Oh yes, we are already having early conversations in Ghana and should support a few more countries in 2017. 2016 has been a brilliant year for us, and we’re happy to close it out with this funding announcement, but we’re also always thinking several steps ahead, and building out across the continent is absolutely critical to our growth strategy. The entire African payments market is, I believe, up for grabs.
There’s a lot of buzz around fintech in Africa at the moment, what does the wider market and growth potential look like for Paystack and other fintech start-ups.
The growth potential for fintech is enormous. Nigerian businesses collected about $150B last year, most of which was collected offline. However the digital economy on the continent is growing fast, and Nigeria alone currently sees 6 million new Internet users every year. Such a high proportion of payments are still conducted offline, but with more people coming online every year, the growth trajectory is staggering. It’s easy to see that there will be more digital transactions this year than last year, and this is a trend that will continue for a very long time.
Raising investment / seed funding for an African start-up in this economic climate cannot be easy. Can you give us an idea of the current investment landscape?
Funding is difficult and distracting for early stage businesses. We had over 60 calls and meetings and only about 15 were positive. However, I’m excited that Silicon Valley is now paying attention to African companies, with Mark Zuckerberg, Y Combinator and 500 startups all betting on African startups this year. I’m optimistic that as long as African startups keep building great businesses, funding will continue to flow in our direction.
You recently announced that Paystack has built an online payments gateway for one of the world’s largest e-commerce companies, Shopify. How did this meeting of two minds occur?
We had been getting requests from customers that wanted us to build a direct integration for Shopify and so we decided to build it. While we were building it, I think people were also telling Shopify that they needed to get Paystack in Nigeria and so the partnerships team reached out to us and really helped us get this done smoothly. This is super interesting because businesses can now setup an ecommerce store in hours using Shopify and start accepting payments that same hour with Paystack. That’s the power of collaboration.
E-Business
FG Seeks Inclusive, Human-centred Artificial Intelligence Policies

The Federal Government has called for the development of inclusive and human-centred artificial intelligence policies that protect workers’ rights and prevent job losses while harnessing the technology’s potential to drive economic growth and productivity.

The Minister of Labour and Employment, Dr. Muhammad Dingyadi, made the call during the 114th Session of the International Labour Conference in Geneva, Switzerland, while responding to the report of the Chairperson of the Governing Body and the Director-General of the International Labour Organisation, titled “A Moment of Choice: Harnessing Artificial Intelligence for Decent Work,” on Thursday.
Dingyadi said the rapid advancement of AI is transforming labour markets, workplace practices and employment relationships globally, creating both opportunities and challenges for governments, employers and workers.
He noted that while AI can stimulate innovation, improve productivity and expand economic opportunities, it also poses significant risks, including job displacement, widening inequalities and the erosion of the human role in some sectors of the economy.
“The world is moving forward at a rapid pace, underpinned by advances in AI, and we as an organisation must match that pace. While welcoming the positive transformations AI offers, we are also pondering the uncertainties it connotes.
“These shifts, despite their benefits, also cast a dark cloud of uncertainty. Where AI creates new jobs, there may be job losses. Where digital and AI infrastructures are created, there may be a loss of the traditional role and value of the human factor in the work process. We therefore need a balanced approach that ensures that, while harnessing the benefits of AI, the attendant risks do not rob our societies of the gains of decent work,” he said.
The minister commended the ILO leadership for its commitment to advancing the organisation’s mandate despite mounting global economic and social challenges.
Highlighting Nigeria’s efforts to position itself within the rapidly evolving digital economy, Dingyadi said the Federal Government had established the Ministry of Communications, Innovation and Digital Economy to spearhead policies aimed at accelerating technological development and strengthening the country’s competitiveness.
According to him, Nigeria has already begun integrating digital technologies and AI into governance systems through the automation of civil service processes and public service delivery.
“I’m also pleased to inform you that Nigeria is steadily harnessing the gains of this initiative in our Public Service. There is the service-wide automation of civil service processes and communication with AI playing a significant role. Additionally, platform work is gaining ground,” he said.
The minister also welcomed ongoing discussions within the ILO on regulating work in the platform economy, stressing the need for labour standards that protect workers engaged in emerging forms of employment created by digital technologies.
Beyond AI, Dingyadi reiterated Nigeria’s longstanding call for reforms within the ILO, urging member states to accelerate the ratification of the 1986 Amendment to the organisation’s Constitution and review the criteria used to determine countries of Chief Industrial Importance.
He argued that such reforms would promote greater inclusivity, fairness and regional representation within the ILO’s governance structures.
The minister further urged countries to align the ILO Centenary Declaration and the Global Coalition for Social Justice with national development priorities to ensure that technological innovation contributes to social progress and decent work.
Nigeria’s intervention comes amid growing global debate over the impact of artificial intelligence on jobs and the future of work.
According to international labour and development agencies, AI is expected to automate some routine tasks while simultaneously creating new employment opportunities in technology, data science, digital services and other emerging sectors.
However, concerns persist that workers in administrative, clerical and repetitive occupations could face significant disruptions if governments fail to implement policies that support skills development, social protection and workforce transition.
The issue has become a central focus of discussions at the ongoing International Labour Conference, where governments, employers and workers’ representatives are examining how AI can be deployed in ways that promote productivity and economic growth without undermining labour rights, job security and social justice.
For Nigeria, the conversation is particularly significant as the country pursues an ambitious digital transformation agenda aimed at expanding broadband access, growing the digital economy and creating millions of technology-driven jobs for its youthful population.
Experts have repeatedly stressed that achieving these goals will require investments in digital skills, education and worker protections to ensure that the benefits of AI are broadly shared across society.
E-Business
Kaspersky Reveals Credential Abuse Techniques Rank as Attackers’ Most Effective Tactic

According to a recent global report by Kaspersky Security Services, password guessing and valid account misuse rank among the most effective tactics used by cyber criminals in 2025.

This trend reflects a strategic shift, as attackers move away from triggering endpoint protection with noisy malware, in preference of leveraging legitimate access to evade detection.
The ‘Anatomy of a Cyber World’ is an in-depth global report based on data gathered from Kaspersky Managed Detection and Response (MDR), Incident Response (IR), Compromise Assessment and SOC Consulting in 2025. It covers the most common adversary techniques, tools and detection scenarios and highlights the peculiarities of detected incidents.
According to the report, a significant portion of the most frequently monitored attack techniques revolves around credentials and identity management. This analysis, which examines the conversion rates* of various Indicators of Attack (IoA), highlights the following prevalent malicious tactics:
Password guessing – 34.8%. This technique entails attackers systematically trying different passwords until successfully gaining access to an account. It tops the conversion list due to its occurrence in both actual attacks and authorised security assessments, making it a persistent threat in today’s cybersecurity landscape. Organisations who rely on weak or reused passwords continues to enable this age-old strategy.
Local account creation – 34.7%. Once inside a system, attackers frequently create new local accounts to maintain access even if their original foothold is discovered and removed. This technique is frequently observed during security exercises and can be detected — but only with the right telemetry in place, which is often lacking.
Valid account abuse – 34.5%. Instead of deploying malware, attackers log in using stolen or compromised credentials and simply blend in with normal user activity. This makes detection significantly harder, as the access itself appears legitimate. The high conversion rate underscores why compromised credentials remain one of the most dangerous attack vectors.
Account manipulation – 32%. Attackers modify existing accounts to consolidate access such as by activating disabled accounts, altering group memberships, or escalating privileges. This reinforces the broader pattern — rather than introducing new tools, adversaries deepen their control using what is already there.
Network service discovery – 31.2%. Before moving deeper into a network, attackers typically scan for open services and systems they can reach. This reconnaissance step is a strong predictor of what follows: lateral movement and further exploitation. Detecting it early provides security teams a critical window to intervene.
The report ranks attacker techniques by how frequently observed activity ultimately resulted in confirmed malicious incidents. According to Kaspersky experts, while MITRE ATT&CK® catalogs a vast number of adversary techniques, effective detection requires prioritising behaviours with the highest probability of malicious intent while avoiding excessive false positives.
“Threat actors do not always need sophisticated malware to achieve their objectives. In many cases, legitimate administrative tools and compromised accounts remain the fastest and most effective way to move inside an organisation while avoiding detection.
The continued popularity of these techniques shows that organisations need deep visibility into attacker behaviour and the ability to correlate suspicious activity across different stages of an attack.
To address these challenges, companies can enhance their security with our solutions: Kaspersky Managed Detection and Response and Incident Response which cover the entire incident management cycle – from threat detection to continuous protection and remediation,” comments Sergey Soldatov, Head of Security Operations Center at Kaspersky.
E-Business
INEC Probes Claims of Leaked Voter Data from CVR System

Independent National Electoral Commission (INEC) has started looking into reports of unauthorized access to its Continuous Voter Registration (CVR) database, according to Mohammed Kudu Haruna, national commissioner and chairman of the Information and Voter Education Committee (IVEC),

Haruna, in a statement on Tuesday said that was aware of the allegations spreading on social media and in some news outlets.
“The Independent National Electoral Commission is aware of rumors currently circulating on social media and in certain media about unauthorized access to the Commission’s Continuous Voter Registration (CVR) database.
These claims include the publication of information about a candidate from recent political party primaries in the Federal Capital Territory.
“The Commission takes this allegation very seriously and has quickly begun a thorough investigation to find out what really happened,” the statement noted.
INEC clarified that during the ongoing nationwide CVR process, registered officers were given limited access to specific parts of the registration system.
This access helps them manage voter registrations, transfer requests, and updates to voter records.
The commission stated that access to the information is only allowed for official duties and is taken away once the task ends.
Haruna revealed that initial findings from the commission’s audit trail helped pinpoint the user account used to access the information.
“The audit trail from our early investigation has allowed us to find out which user account was involved. As a result, we’ve questioned relevant staff, and all departments related to this matter are fully cooperating with the investigation,” it mentioned.
The commission also said it is looking into all technical, administrative, and operational details of the situation to figure out who is responsible and whether any internal access-control rules were broken.
However, INEC reported that its early findings indicated there was no outside breach of its systems.
Advertisement
“Our initial findings from the audit trail suggest that there was no external breach of the CVR database, no hacking incident, and no unauthorized outside access to our ICT systems.”
“Instead, the information in question was accessed using valid user credentials assigned to personnel involved in the ongoing CVR exercise but was released without proper authorization,” added the statement.
The commission emphasized that this incident involved retrieving a specific voter record and did not indicate any risk to the overall voter registration system or the personal data of over 90 million registered voters.
“The investigation is focused on the retrieval of a specific voter record and does not suggest any risk to the overall voter registration system or the personal data of over 90 million registered voters, according to the statement.
INEC emphasized that it is dedicated to safeguarding voter information and ensuring the integrity of its electoral systems.
“The Commission clearly states that it takes the security, privacy, and integrity of voter data very seriously. It remains committed to transparency, institutional integrity, and protecting voters’ personal details,” the statement noted.
The commission also announced that the Department of State Services has started its own investigation into this issue.
“Additionally, the Department of State Services has independently begun an investigation. The Commission will fully cooperate with all relevant security agencies and will not hesitate to take legal action against anyone found responsible,” the statement continued.
INEC encouraged the public and media to refrain from making assumptions while investigations are ongoing, promising that it will share its findings and any actions taken in due time.
Telecom3 days agoAba to Host MTN’s “The Gathering” with Pitchathon Offering ₦5 Million Prize Pool for Emerging Startup Founders
General News3 days agoPalmPay Young Star Awardee Hopes to Become a Governor
Telecom3 days agoMeta Unveils AI-Powered Business Agent to Support Customer Engagement
Telecom3 days agoData on Trial: MTN Opens Its Books to Public Scrutiny Over Data Consumption
News3 days agoJapan, UNESCO Boost Digital Learning in 15 CoEs with Donation of ICT Equipment
E-Business3 days agoKaspersky Reveals Credential Abuse Techniques Rank as Attackers’ Most Effective Tactic
Telecom3 days agoDigital Encode Calls for Immediate Action as Cyber Threats Escalate Nationwide
Telecom3 days agoNITDA DG Highlights Nigeria’s Digital Infrastructure Strategy at Datacloud Global Congress 2026













