Broadcasting
Understanding the Risks of Insecure Payment Processing

By Gideon Ayogu
Businesses across the world are losing customers and huge sums due to a rise in payment fraud in the last few years. A recent report highlights an alarming 88% global increase in payment fraud between December 2021 and March 2023. In an ever-evolving digital world, payment processing is at the heart of every business transaction. However, each transaction carries significant risks that must be effectively managed and mitigated. Consequently, ensuring robust security in payment processing has never been more critical.

With the increasing sophistication of payment fraud, many businesses are becoming targets for hackers and cybercriminals who exploit insecure payment processing systems. These attacks can lead to severe consequences, including financial losses, reputational damage, legal repercussions and a significant loss of customer trust.
This SeerBit blog post highlights the potential risks and consequences of neglecting security in payment systems and emphasises the importance of partnering with a trusted payment solutions provider to effectively mitigate these risks.
Potential Consequences Of Insecure Payment Systems
There are numerous consequences that your business will suffer if you become a victim of fraud due to insecure payment systems. Some of these are discussed below:
- Financial Losses
The lack of strong security measures in your payment systems can leave your business vulnerable to a wide range of fraud, including unauthorised transactions, identity theft, and credit/debit card fraud. These threats often lead to significant financial losses for businesses. A 2023 report by IBM revealed that the average global cost of a data breach has risen to $4.45 million, covering both direct expenses like fines and legal fees, as well as indirect costs such as customer attrition and lost business opportunities.
In 2023, three Nigerian fintech companies lost more than N5 billion to hacking incidents between Q1 and Q3 of the year, while another lost N800 in just one week, according to media reports. These alarming incidents highlight significant vulnerabilities within the security architecture of payment systems.
The rise in security breaches and fraud cases in recent years, along with businesses being compromised through their connections to insecure platforms, underscores the critical importance of secure payment processing. This highlights the need for businesses to partner with a trusted payment solutions provider.
- Reputational Damage
Reputational damage from a data breach or fraud often has a longer-lasting impact than the immediate financial losses. Today’s customers are more aware and concerned about the security of their personal and financial information than ever before.
A single breach can severely undermine customer trust, leading to decreased sales and long-term brand damage. Regaining this trust can be extremely challenging, if not impossible, for many businesses. This loss of customers and revenue underscores why secure payment systems are crucial for business survival and growth.
- Legal Repercussions
Businesses that experience a security breach or fall victim to fraud may face significant legal repercussions, many of which could be avoidable. In cases of payment fraud, affected stakeholders might sue the business, or the business may need to engage in expensive legal proceedings against those responsible.
Additionally, a security breach could indicate non-compliance with industry best practices or current security standards, such as PCI DSS (Payment Card Industry Data Security Standards), potentially resulting in substantial fines and other legal consequences.
How To Secure Your Payment Process And Protect Your Business Against Fraud
The operational disruption that a fraudulent activity or a breach of your security system can cause will lead to a loss of productivity and efficiency, alongside other consequences already discussed in this post. Hence, you should place a premium on securing your payment process and protecting your business against fraud. One of the best ways to achieve this is by relying on a secure payment gateway.
A payment gateway is a technology that captures and transfers payment data from the customer to the acquiring bank. It acts as an intermediary between your business website and the financial institution, ensuring the secure transfer of sensitive payment information. Payment gateways authorise payments for e-transactions, enabling businesses to securely accept credit card payments, digital wallets, and other forms of online payment.
Key Security Features of Payment Gateways
Below are some of the key security features a payment gateway must incorporate to ensure secure transactions:
- Encryption and SSL: Encryption converts data into a secure code to prevent unauthorised access. Secure Socket Layer (SSL) certificates ensure that data transferred between the customer and the merchant is encrypted and secure.
- Tokenization: Tokenization replaces sensitive payment information with a unique identifier or token. This token is used during transactions, keeping the actual payment data secure and reducing the risk of data breaches.
- PCI DSS Compliance: The Payment Card Industry Data Security Standard (PCI DSS) sets security standards for organisations handling credit card information. Compliance with PCI DSS ensures that payment gateways adhere to stringent security measures to protect cardholder data.
- Fraud Detection and Prevention Tools: Advanced tools such as CVV verification, address verification, and AI-based fraud detection systems help identify and prevent fraudulent transactions, safeguarding both businesses and customers.
- Trustworthiness: Ensure that the payment gateway has a proven track record and industry certifications to back up its claims of security and reliability.
When selecting a payment gateway for your business, it is crucial to prioritise these key features before trusting them to process your transactions. A secure payment gateway ensures that your payment systems and processing are secure and insulates your business from fraud and hacking attacks.
Payment gateways lacking these essential features should not be considered for your business.
Benefits of Secure Payment Gateways for Businesses
A secure payment gateway such as SeerBit offers numerous benefits for businesses:
- Enhanced Customer Trust and Satisfaction: A secure payment gateway builds customer confidence, encouraging repeat purchases and fostering loyalty.
- Reduced Fraud and Chargebacks: By minimising fraud-related losses and reducing chargebacks, businesses can protect their revenue and maintain financial stability.
- Regulatory Compliance: Secure payment gateways ensure compliance with legal and regulatory standards, helping businesses avoid penalties and legal issues.
- Competitive Advantage: Prioritising security can serve as a unique selling point, setting businesses apart from competitors and attracting security-conscious customers.
Conclusion
In today’s digital economy, the impact of a security breach or payment fraud can be devastating for businesses. As the digital landscape evolves, so do the risks associated with it, making it crucial for businesses to choose secure payment systems proactively. Secure payment gateways are vital for maintaining both the success and credibility of any business in the modern digital age. By prioritising robust security measures, businesses can safeguard themselves and their customers, build trust, and ensure seamless transactions.
At SeerBit, we are committed to providing top-tier security to protect your business and customer data, while also delivering a smooth and efficient payment experience.
Discover how we can enhance your payment processes today!
Broadcasting
Court Deals Fresh Blow to NBC, Throws Out Appeal over Broadcast Fines

The Court of Appeal in Abuja has dismissed an appeal filed by the National Broadcasting Commission (NBC) challenging a Federal High Court judgment that restrained the commission from imposing fines on broadcast stations.

Delivering judgment, Justice Jane Esienanwan Inyang held that the appeal was fundamentally defective and therefore incompetent.
The appeal stemmed from a Jan. 17, 2024 judgment delivered by Justice Rita Ofili-Ajumogobia of the Federal High Court, Abuja, which barred the NBC from enforcing N5 million fines imposed on several broadcast stations in 2022.
The sanctions had been issued over allegations that the stations aired documentaries on banditry and insecurity considered by the commission to be capable of undermining national security.
The affected broadcasters included Multichoice Nigeria Limited, owners of DStv, TelCom Satellite Limited, Trust TV Network Limited and NTA StarTimes Limited.
The suit was instituted by Media Rights Agenda (MRA), which challenged the legality of the fines imposed by the commission.
In her ruling, Justice Inyang pointed to a discrepancy in the appeal documents, noting that the respondent before the Federal High Court was listed as the “National Broadcasting Commission,” while the notice of appeal identified the appellant as the “Nigerian Broadcasting Commission.”
According to the court, the inconsistency was substantial enough to deprive it of the jurisdiction required to entertain the appeal.
“The notice of appeal is the foundation of an appeal and a condition precedent to the exercise of appellate jurisdiction by this court,” the judge held.
Consequently, the appeal was struck out without consideration of the substantive issues raised by the commission.
The ruling represents another setback for the NBC in its efforts to defend its authority to sanction broadcast organisations through administrative fines.
In April 2026, the Court of Appeal similarly dismissed a separate appeal by the commission against another judgment that restricted its powers to impose fines on broadcasters.
Earlier, in May 2023, the Federal High Court in Abuja ruled that the NBC lacked the judicial authority to impose penalties on media organisations without recourse to the courts.
The controversy over the commission’s sanctioning powers dates back to March 2019 when the NBC imposed N500,000 fines on 45 broadcast stations for alleged violations of the Nigerian Broadcasting Code during the general elections.
At the time, the then Director-General of the commission, Is’haq Kawu, said the sanctions were imposed for ethical breaches and violations of broadcasting regulations.
Legal analysts say the latest judgment reinforces previous court decisions limiting the commission’s authority to impose fines on broadcasters without judicial intervention.
Broadcasting
Nigeria Launches FreeTV Nationwide

Nigeria has launched FreeTV, a broadcasting platform, designed to provide households across the country with free access to digital broadcasting, improved picture quality, and a wide range of local and international content without subscription fees.

The announcement was made in a post on the official X handle of the Presidency, describing the initiative as part of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises inclusion, expanded access to opportunities, job creation, support for local enterprise and the use of technology to improve daily life for citizens.
According to the statement, FreeTV forms part of Nigeria’s Digital Switch-Over (DSO) programme and is intended to ensure that no Nigerian is excluded as the country transitions fully from analogue to digital broadcasting.
The platform will offer access to more than 100 national, regional and state-owned channels, covering news, sports, films, music, children’s programming, educational content, as well as dedicated Yoruba, Hausa and Igbo language channels.
The Presidency noted that the service will be accessible through satellite, terrestrial transmission and a dedicated FreeTV mobile application, enabling coverage for users in urban centres, rural communities and previously underserved areas that were not fully captured in earlier DSO pilot phases.
It also clarified that Nigerians will not need to purchase new television sets to access the service. Existing televisions can work with compatible DVB-T2 or DVB-S2 decoders, while users with already compatible free-to-air devices may not require additional equipment.
Speaking ahead of the launch, Charles Ebuebu, director-general, National Broadcasting Commission (NBC), said the initiative reflects the administration’s broader digital inclusion strategy.
“FreeTV speaks directly to President Bola Ahmed Tinubu’s vision of Renewed Hope towards expanding access, creating opportunity and ensuring that every Nigerian, regardless of location or income, can benefit from the digital economy. With FreeTV, families across Nigeria can enjoy quality digital television without a monthly subscription, while our local content producers, technicians and young creatives gain new platforms and new jobs,” he said.
The statement added that the platform will also strengthen Nigeria’s creative and broadcast industry through regional production hubs in Lagos, Abuja, Port Harcourt, Enugu, Kano and Benin, creating employment opportunities for content creators, editors, camera operators, sound engineers and other media professionals.
The Presidency further disclosed that the final analogue switch-off remains scheduled for December 31, 2028, urging Nigerians to begin preparations by confirming decoder compatibility and downloading the FreeTV mobile application ahead of rollout.
Broadcasting
Stakeholders Endorse Hybrid Model for Nigeria’s Digital Switch

Stakeholders in Nigeria’s broadcasting industry have endorsed a hybrid digital broadcasting model that combines Digital Terrestrial Television (DTT), Direct-to-Home (DTH) satellite services, and digital application-based platforms for the country’s Digital Switch Over (DSO) programme,

The resolution was reached at a high-level stakeholder meeting convened by the National Broadcasting Commission (NBC) under the supervision of the Federal Ministry of Information and National Orientation at NICON Luxury Hotel, Abuja.
The meeting, chaired by Alhaji Mohammed Idris, minister of Information and National Orientation, brought together regulators, broadcasters, signal distributors, set-top box manufacturers, content producers, satellite operators, and industry associations to chart a sustainable path for Nigeria’s long-delayed digital migration project.
Addressing stakeholders during the closed-door engagement session, the minister described the meeting as a collaborative effort aimed at finding practical solutions to challenges facing the DSO project.
“This engagement is a family discussion aimed at finding practical solutions to ensure the success of the Digital Switch Over project. Government has no hidden agenda, and all decisions will be guided by national interest, stakeholder inclusion, and the long-term sustainability of the broadcasting industry,” he said.
The minister acknowledged concerns raised by industry players regarding stakeholder consultation and participation in previous phases of the project, noting that while broader engagement should ideally have commenced earlier, there remained an opportunity to build consensus and move forward together.
“While there may be differing views on implementation approaches, there is broad agreement that Nigeria must complete its digital migration journey. We must work collectively to achieve this national objective,” he stated.
Mr Charles Ebuebu, director general, NBC, described the stakeholder meeting as “iconic”, noting that it marked a turning point in Nigeria’s efforts to complete the digital migration.
He said the country had spent over a decade on the DSO journey, missing several deadlines, but expressed optimism that a clear implementation plan was now being developed.
Ebuebu said the commission, in collaboration with stakeholders, is working toward a sustainable model that ensures return on investment for industry players while delivering value to the nation.
He said that the outcome of the consultation process would produce a unified framework for implementation and communication going forward.
Mrs Jane Nkechi Egerton-Idehen, managing director, Nigerian Communications Satellite (NIGCOMSAT), said the DSO initiative forms part of broader federal interventions aimed at building a sustainable broadcasting ecosystem.
She explained that government investments had supported satellite coverage, national call centres, and regional production studios across the country.
According to her, the objective is to address gaps in content distribution and ensure that Nigerian broadcasting reflects the country’s linguistic and cultural diversity.
“We are not departing from the original plan. We are innovating on how it is implemented,” she said.
She also highlighted efforts to expand access to production facilities across geopolitical zones to support content creators and reduce dependence on major urban centres.
The meeting attracted 128 participants, including the Director-General of the NBC; Permanent Secretary of the Federal Ministry of Information and National Orientation, Dr. BRM Ukire; Director-General of the Nigerian Television Authority (NTA), Abdulhamid Dambos; Director-General of the Advertising Regulatory Council of Nigeria (ARCON), Dr Olalekan Fadolapo; Chairman of the Broadcasting Organisations of Nigeria (BON), Chief Tony Akiotu; Managing Director of NIGCOMSAT Ltd, Mrs Jane Nkechi Egerton-Idehen; and representatives of licensed broadcasters and other industry stakeholders.
During deliberations, stakeholders agreed that the DSO project remains both necessary and desirable for Nigeria, emphasising that the transition should prioritise national interest, industry sustainability, local content development, local manufacturing, and job creation.
Among the key resolutions reached was the affirmation that Digital Terrestrial Television (DTT) remains a critical component of the DSO framework and should not be discontinued. Participants also agreed on the need to reconstitute the DigiTeam implementation platform to provide a structured mechanism for consultation, collaboration, and industry participation.
Stakeholders further called for stronger engagement between regulators and industry players, with an agreement that stakeholder meetings would be held at least quarterly to ensure continuous alignment on implementation strategies.
The meeting also welcomed ongoing efforts by the NBC and ARCON to develop a sustainable business model aimed at improving audience measurement systems, strengthening advertising revenue generation, and enhancing the long-term viability of broadcasting organisations.
In addition, stakeholders were assured by NIGCOMSAT of the reliability of satellite infrastructure supporting the DSO platform.
The company disclosed that backup arrangements with alternative satellite operators were already in place to guarantee uninterrupted service and eliminate the need for subscriber dish realignment.
As part of the agreed next steps, the Federal Government, through the Ministry of Information and National Orientation, will reconstitute the DigiTeam stakeholder platform, while the NBC will continue consultations with set-top box manufacturers and other industry stakeholders to address concerns relating to existing investments and future participation in the digital broadcasting ecosystem.
The stakeholders expressed confidence that the renewed collaborative approach would accelerate Nigeria’s digital migration, improve broadcasting services, expand audience reach, attract investment, create jobs, and deliver greater value to Nigerian consumers.
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