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E-Business

SystemSpecs Hosts ICT Stakeholders @ Social Media Week

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To deepen digital lending opportunities and further empower individuals and SMEs in Nigeria, SystemSpecs, a leading provider of financial technology and human capital management solutions and services, would be hosting an insightful session during the 2020 edition of the Social Media Week (SMW) in Lagos.

The session with the theme, “Human-Focused Lending in a Digital World: Impact of Fintech Collaborations” would hold between 11:00 am and noon on Thursday, 27th February 2020 at Landmark Event Centre, Oniru, Victoria Island.

Bringing together customers, providers, facilitators and regulators of digital lending in Nigeria including banks, other financial technology players, and policymakers, panelists at the session would discuss the potentials that abound in retail lending as well as the innovations and extensive opportunities that can be created through increased collaboration among Fintechs, banks, alternate lenders, credit bureaus and other data providers.

Speakers at the session would include the Chief Executive Officer of Arvo Finance, Ayotunde Bally; Business Head, Digital Banking Group, Access Bank, Esther Obiekwe; Co-Founder, Lidya, Tunde Kehinde; and Divisional Head, Payment Applications and Vertical Markets, SystemSpecs, David Okeme. The session will be moderated by Chukwuemeka Fred Agbata, Co-founder, CFAmedia.

SystemSpecs, developers of Remita, the innovative payment and collection solution for corporates, SMEs and individuals, is known for powering the services of most of Nigeria’s top lenders.

Since the inception of its data referencing service in 2017, SystemSpecs has become well-known as a key enabler in the ecosystem by providing insight on credit, streamlining lender’s risk decisions and facilitating the lending of over N35 billion to individuals and SMEs.

Thriving on partnerships within the ecosystem, its Remita direct debit offering is adjudged the leader in the industry and continues to attract interest from Deposit Money Banks (DMBs), Microfinance banks, alternative lenders and LendTech solution providers.

Patrick Ikpelue, Divisional Business Development Lead at SystemSpecs, said a major hindrance to the growth of Small and Medium Enterprises (SMEs) is the lack of access to funds as a result of stringent measures such as lengthy, torturous approval processes as well as convoluted requests for col-laterals.

“A virile finance and credit system is a key enabler to the realization of a number of sustainable development goals, particularly in reducing poverty and raising peoples’ social status.

At SystemSpecs, we are committed to empowering the delivery of digital lending to individuals, SMEs and larger organisations to enable them meet their financial needs,” Ikpelue said.

Noting that more financial institutions and Fintech lenders have now become active players in the retail credit business, he said this move would deepen retail portfolios and enhance collaborations. Retail lending partnerships, if properly harnessed, will further strengthen the economy.

The session on digital lending aligns with the overarching goal of the 2020 Social Media Week in Nigeria which is “to support ideas, campaigns and brands that embody a human-first approach to creating digital experiences, which is not only good for business, but will advance us as a society and culture.”


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E-Business

NDPC Probes Suspected Data Breach in Examination Centres

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Data Breach
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Nigeria Data Protection Commission (NDPC) has launched an investigation into allegations that the confidentiality and integrity of candidates’ personal data may have been compromised by hackers.

NDPC Probes Suspected Data Breach in Examination Centres

The Commission initiated the inquiry following concerns over possible data breaches during examinations.

Preliminary findings indicate that several examination centres may not have implemented adequate technical and organizational measures to safeguard candidates’ personal information, as required under data protection regulations.

Although the incident reportedly affected 379, 997 candidates, the NDPC’s investigation is poised to cover a systemic audit of data processing and third parties.

It will be recalled that JAMB recently admitted that a technical error on its platform affected a total of 379,997 candidates in 157 examination centres across Lagos and the South-East.

Further investigation led to the arrest of at least 20 suspects who are currently in the custody of the Department of State Services and the Nigerian Police Force.

 

 

 


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Nigeria Among Hotspots as Kaspersky Warns of Rising Ransomware Threat in Africa

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Cyber security firm, Kaspersky, has once again warned that sophisticated cybercriminals increasingly target Africa as ransomware and advanced persistent threats (APTs) escalate across the region.

Speaking at the company’s annual Cyber Security Weekend for the Middle East, Turkiye and Africa (META) region, the cybersecurity firm’s Global Research and Analysis Team highlighted growing digital threats affecting African nations.

Kenya, Nigeria, and South Africa emerged as hotspots, with Kenya recording one of the highest web threat incident rates at 20.1% in first quarter 2025.

“While ransomware is less prevalent in Africa due to lower levels of digitisation and economic constraints, countries like South Africa and Nigeria are seeing a sharp rise in attacks,” said Sergey Lozhkin, head of META and APAC regions at Kaspersky.

Kaspersky noted a 0.01 percentage point increase in African ransomware cases year-on-year, reaching 0.41%, still below global and Middle Eastern averages, but a troubling sign for the continent’s emerging digital infrastructure.

Experts warned that attackers are refining their tactics, shifting focus to unconventional entry points like IoT devices, smart appliances, and misconfigured hardware.

“As these economies expand digitally, sectors such as manufacturing, finance and government are becoming key targets,” said Lozhkin

The cyber-crime landscape is evolving quickly, fuelled by AI tools and dark web access to large language models, which enable less skilled actors to launch convincing phishing and malware campaigns.

Groups like FunkSec, which uses AI-generated code and a low-cost ransom model, are redefining ransomware operations.

“African organisations face the dual challenge of expanding digital footprints and limited cybersecurity awareness. This makes layered defense strategies, including network segmentation, real-time monitoring and regular staff training, essential,” stated Lozhkin

Kaspersky continues to monitor 25 active APT groups in the META region, including SideWinder and MuddyWater, some of which are known to target African institutions.

To bolster defenses, the firm recommends using tools such as its free Anti-Ransomware Tool for Business and the Kaspersky Next suite for threat visibility and response.

 


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Nigeria Launches Cybercrime Team with Commonwealth, UK Support

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Nigeria recently launched a new joint case team to step up its response to cybercrimes that affect people and businesses at home and abroad.

Nigeria Launches Cybercrime Team with Commonwealth, UK Support

The ‘Joint Case Team on Cybercrime’ brings together Nigeria’s key justice and security agencies to work as one, making it easier to detect, investigate, and prosecute digital offences.

It is supported by the UK National Crime Agency, the UK Foreign, Commonwealth and Development Office, and the Commonwealth Secretariat, as part of a wider effort to promote international cooperation on cybercrime.

Speaking at the launch in Abuja, Prince Lateef Fagbemi SAN, minister of justice and attorney general of the federation described the initiative as “a bold and transformative stride in Nigeria’s justice system.”

He said that although Nigeria has a national legal framework to address cyber offences, laws alone are not enough.

Nigeria is among the countries most affected by cybercrime around the world, with increasing financial losses.


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