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Verve, Zap, OthersTop 10 African Fin. Service Tech Products in 2009

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The task of selecting top 10 technology driven products/services in financial service industry in Africa in 2009 is not an enviable one. In spite of the global financial recession, financial services industries in Africa have turned out several technology-driven innovative products/services. These products cut across all the financial sectors such as banking, insurance, capital markets and even pension schemes.
 Top on the list of the criteria employed by the financialtechnology editorial team include innovations and transformational power. The products/services selected have proven to be innovative both in design and implementation. They also have transformational power to revolutionise the financial service sector in the continent. Having applied these criteria as vigorous as possible, the following products/services were selected: M-Pesa, Zap, Mobile Money, Verve, Kenyan Bourse Complaints SMS Service, Instant Life, Capitec Bank Paperless System, Mbao Pension Scheme, Trustco Life and Uganda Financial Sector Identification (FSI) system.
  1.    M-Pesa
Safaricom’s powered M-Pesa, the most successful M-Payment system in the world, has continued to go from strength to strength. Having survived Kenya’s government inquisition in January 2009,  M-Pesa went international and opened a new platform for its 7.5 million subscribers to connect to the United Kingdom.
 Safaricom also integrated the platform to ATM systems. As such, its customers can retrieve money through PesaPoint ATMs. More than 75 organisations, including manufacturers of retail goods are already hooked up to M-Pesa, allowing their customers to pay using what was initially launched as a money transfer platform targeting the unbanked. The roll call of M-pesa corporate users include educational, financial, health, hospitality, utility, insurance, airlines, NGOs, and media institutions.
Renaissance Capital, a Nairobi based investment bank, estimates that M-pesa service earned Safaricom Sh2.9 billion in the last financial year. In terms of access for both merchants and consumers, the mobile platform offers significant low costs and unrivalled convenience.
 2.    Zap
With the launch of Zain’s Zap into the M-Payment sector in Kenya and East Africa, competition took a new twist characterised by revolutionary products. Zain introduced a new concept, allowing its users to send and receive money via their bank accounts.
Zain launched Zap Distro, a web portal tool that enables dealers and large chains, which have other agents under their flagships, to manage their accounts. It also unveiled Zap Master to its transactional menu. The Zap Master eases cash administration process especially for SMEs. With these new offerings, Zain has deepened the M-Payment scheme in Africa.
3.  Kenyan Bourse Complaints SMS Service
In 2009, investors at the Nairobi Stock Exchange (NSE) were able to lodge their complaints and queries on shares and transactions at their convenience. This follows the launch of the NSE Complaints Handling Unit (CHU) SMS service. This is an enhancement of the CHU website.
Peter Mwangi, NSE Chief Executive, says the new service will make the stock market more approachable for investors where they will get information on how the bourse operates or even raise issues they may have. Prior to CHU launch, investors shuttled between the NSE and market regulator, Capital Market Authority & Central Depository Settlement Corporation (CDSC) to raise concerns.
The new service is seen as an alternative to the web-based portal, bringing convenience to especially those in the rural areas without access to internet.
4. Instant Life
Instant Life is South Africa’s first direct insurer to function without the expense of an interactive call centre, using an automated administrative system.
The company claims to represent a sea of change in the way insurers do business. 100 years ago saw the emergence of the broker-driven insurance business; about 50 years later call centre technology changed the industry, while the online, low-cost system of Instant Life represents the kind of do-it-yourself change similar to that of buying airline tickets.
“The new generation of insurers will shift the focus from the old model of push-selling by a commissioned intermediary to life products that internet savvy and informed clients will want to buy,” says Jan Kotze, CEO of Instant Life. He says life cover could become more affordable including the 50% of South Africans who were underinsured by the life industry engaging directly with clients online and by shedding “its top-heavy layers”.
Instant Life started in August 2009, but was officially launched only in December 2009 because it needed time to refine its business models and technology. Nonetheless, according to Kotze, it had already received about 8000 applications from 40,000 hits.
5. Trustco Life
Trustco Mobile, a subsidiary of Namibia-based Trustco Group Holdings provides life cover for mobile phone users when they purchase airtime. It has set a target of signing up five million people on the continent in the next 10 months. Presently, the deal is exclusive to Cell One customers, in Namibia. 
Trustco Life covers users lives for a maximum of R100 000, for as long as they buy airtime monthly from the mobile company. Quinton van Rooyen, group MD of the Trustco Group, says the system works through the cellular company’s network and, as long as consumers keep buying airtime, they are insured. Reminders are sent out via SMS when customers need to recharge.
He says the concept was tested for a year before being launched, and uptake was good. Namibia has 1.4 million cellphone users, of which 95% are on prepaid packages. The company will expand the offering beyond Namibia and is targeting five million users by financial year-end. Cell One has 250 000 prepaid customers, Van Rooyen says.
6.  Mbao, Informal Pension Scheme
 An informal pension scheme powered by M-Payment services, M-Pesa and Zap was launched in Kenya in the last quarter of 2009. It will require savings of at least Sh20 a day for informal sector players to earn a pension after their retirement.
With the individual contribution pension scheme called Mbao Pension Scheme, the informal sector player will be able to save and enjoy comfort at old age, like those in formal employment. The pension scheme, established by Kenya National Jua Kali Co-operative Society Limited, is targeting 8.5 million people involved in small and medium enterprises in the country.
This pension scheme will leverage on technology to attend to the expected volumes of small denominations in contribution. In this, members will contribute through money transfer services like Safaricom’s M-pesa and Zain’s Zap, and receive account updates through their handsets.
The national identification card number will be the member’s account number. Retirement Benefits Authority MD, Edward Odundo, says the company expects the scheme to be the largest in the country in a few years.
7. Capitec Paperless Banking System
Opening a bank account at any of the over 370 branches of Capitec Bank in South Africa is a piece of cake. They take customer’s fingerprints with a scanner and the contract states that Capitec uses this ID to authorise transactions.  Within 45 minutes the customer is done. The account is opened and ready for transactions
Capitec Bank, the fastest growing retail bank in South Africa in 2009 pioneered a new biometric ID system to provide increased security for client transactions and lower banking fees. Riaan Stassen, Capitec Bank CEO says, “The sophisticated yet simple biometric device that we are implementing in our branches is an example of how we strive to use innovative technology to drive down costs while enhancing security and offering clients greater peace of mind. The biometric devices allow immediate verification and instant account access, in real-time, assuring clients that only they can transact on their account.”
The introduction of biometric ID by Capitec Bank is a local industry first. Using fingerprint and photographic recognition, the system is used in-branch when a client opens an account and any time they need to liaise with a consultant thereafter.
8. Financial Sector Identification (FSI)
To address the challenges of the absence of unique identifier in the implementation of its financial credit system, the Central Bank of Uganda (CBU) set up a Financial Sector Identification (FSI) system powered by Compuscan Limited.
CBU makes Compuscan the country sole credit bureau provider and makes it a regulatory requirement that all banks must supply loan applications and performance data; perform credit search at the point of facility review or new loan agreement. It also mandated all banks to issue financial cards to their borrowers to enable proper ID on credit bureau.
In 2009, all bank branches in Uganda have the software and hardware set up and enrollment also commenced.  The financial cards are created for individuals, companies and authorised agents representing companies. To forestall possible impersonation, 10-finger digits are registered and four images of each digit are taken. The solution was developed to work both online and offline with direct hook up to the finger print database.
9.    Verve
In 2009, Interswitch, Nigeria’s premier transactions switching and electronic payment company delivered the first locally branded EMV payment card in Africa. Christened Verve, the payment card generated a lot interest across the world because of its strategic impact on local e-payment transactions in Nigeria and its potential to become a leading regional payment card.
The security and EMV features in Verve chip & PIN card guarantees a higher level of security for payment transactions than magnetic stripe cards. Interswitch has also initiated eight other security initiatives. These are: MoneyGuard, which allows cardholders to send SMS from their phones to block their cards in case of an unusual, fraudulent activities; Fraud Watch, a portal and email for fraud reporting and information management; Fraud Guard, a fraud management and transaction security system; Fraud Insure, card fraud insurance; Fraud Team risk management team; Identity Guard, a token based strong authentication and Fraud Aware, cardholder awareness campaign.
10. Mobile Money
The MTN Group successful launched its Mobile Money Transfer (MMT) in Uganda and Ghana in 2009. It marked the beginning of a series of planned launches across its operations in Africa and Middle East.
MTN Mobile Money is a convenient, secure and affordable way for MTN subscribers to send money, buy airtime and pay bills using their cellphone. Whether users have an existing bank account or not, they can register for MTN MobileMoney as long as they are MTN subscribers. Those without MTN SIM cards or even a phone can still receive money from MTN MobileMoney users and send money through a network of agents in their country.
MTN has been piloting at the Group’s West and Central Africa (WECA) region operations (Cameroon, Ghana, Cote d’Ivoire and Nigeria) since October 2008. Five additional pilots were launched in Benin, Congo Brazzaville, Guinea Bissau, Guinea Conakry and Liberia in 2009. The pilots are aimed at waterproofing the systems and operational processes in preparation for the commercial launch. In each market, MTN has partnered with local banks to ensure that its MMT services are fully compliant with financial services regulations.
Discussions are currently on-going with relevant authorities in various countries to ensure that all regulatory requirements are met. MTN Mobile Money has the potential to become the largest banking services in Africa by the time the operations take off in all countries of its operations. MTN Mobile Money charges a smaller percentage compared to what other conventional service providers charge.


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NITDA Advocates AI, Security Integration for Sustainable Development

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Kashifu Inuwa, CCIE, the Director General of the National Information Technology Development Agency (NITDA), has emphasised that integrating intelligence, security, and sustainability is critical to driving Nigeria’s digital transformation and global competitiveness.

Inuwa made the remarks on Tuesday in Kano while delivering a goodwill message at the opening of the 19th International Conference (CONNOVATE 2025) of the Nigerian Computer Society (NCS), themed “Intelligent, Secure, and Sustainable Innovations for a Connected World.”

Represented by Engr. Salisu Kaka, Director of E-Government and Digital Economy Development, Inuwa said the three elements were now indispensable drivers of national progress. He highlighted the need for their convergence to unlock new opportunities in Nigeria’s technology sector, citing Estonia’s X-Road platform — which enables 99% of government services online — as a global model.

“In Nigeria, trust is the ultimate currency in our high-stakes digital environment, where scams and cybercrime are prevalent. Security builds and protects this trust,” Abdullahi said.

He stressed that while security provides the foundation, intelligence builds the structure, pointing to Artificial Intelligence (AI), Machine Learning (ML), and data analytics as tools for addressing Nigeria’s complex challenges. Warning that “innovation without security is unsustainable,” he likened it to “a high-performance race car without brakes.”

The DG urged the next wave of Nigerian startups to go beyond digitising existing processes to creating new value, citing AI-powered wealth management and ML-driven remote diagnostics as examples.

He further highlighted the various Federal Ministry of Communications, Innovation and Digital Economy (FMCIDE) initiatives supporting this vision, including the National Centre for Artificial Intelligence and Robotics (NCAIR), the Computer Emergency Readiness and Response Team (CERRT), the Nigeria Data Protection Act (NDPA) 2023, the national digital identity programme, interoperable payments, and human capital initiatives such as the 3 Million Technical Talent (3MTT) and Digital Literacy for All (DL4ALL) programmes.

Inuwa cited example with International Federation for Information Processing (IFIP) President, Antony Wong, that called for stronger protection and strategic use of data in the Global South to safeguard indigenous knowledge. He stressed the importance of legal clarity on data ownership as Nigeria’s cultural heritage in medicine, ecology, and art is digitised and incorporated into AI systems. Wong praised Nigeria’s role in the recent World Intellectual Property Organization (WIPO) treaty protecting genetic resources and traditional knowledge.

Delivering his welcome address, the NCS President, Dr. Muhammad Sirajo, said the conference would serve as a platform for IT professionals to address critical issues, including intelligent systems, fintech, sustainable energy, and innovations in agriculture, health, education, and national planning.

“This conference will provide an interdisciplinary platform for researchers, practitioners, and educators to present and discuss recent innovations, trends, and solutions for improving technological systems,” Sirajo said.

The week-long event includes plenary sessions, a doctoral consortium, a youth and entrepreneurship forum, the Fellows Forum, the Annual General Meeting, an IT quiz competition for students, and an induction ceremony for new members. It will conclude with the election of new national executives, a dinner, and an awards night honouring contributions to the ICT sector.

 


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AfDB Adopts AI to Fast-track Africa’s Development Blueprint

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The African Development Bank (AfDB) is betting big on Artificial Intelligence (AI) as a catalyst for delivering Africa’s ambitious Agenda 2063.

With hands-on training in tools like ChatGPT and Google Gemini, the Bank believes the results could redefine how the continent plans, measures, and delivers its development goals.

Through its Joint Secretariat Support Office, the AfDB has provided technical and financial support to the 5th annual training workshop for African Union member states, focusing on the use of AI to track and implement the second ten-year plan (2024–2033) of Agenda 2063.

The five-day workshop, held in Lusaka, Zambia, was co-organised by the African Union Commission and the African Capacity Building Foundation.

Participants from across the continent rolled up their sleeves for hands-on training with emerging AI platforms like Ailyse, Google AI Studio, and Perplexity.

The goal of Africa’s multilateral development finance institution is to turn complex development data into actionable insights that can drive smarter decisions, faster interventions, and more accountable governance.

AbibuTamu, lead programme co-ordinator at the AfDB, said AI was now an indispensable tool for Africa’s future.

“These tools are not only revolutionizing how data is collected, analysed, and reported, they are also enabling more targeted policy interventions and efficient resource allocation,” Tamu told delegates.

Agenda 2063, dubbed “The Africa We Want,” is the African Union’s 50-year blueprint for inclusive growth and sustainable development. The second 10-year plan prioritises industrialisation, digital transformation, and sustainable livelihoods.

With AI now in the mix, African policymakers can track progress in real-time, spot bottlenecks before they choke projects, and reallocate resources where they are needed most.

The AfDB’s backing underscores a broader strategy of boosting both human and institutional capacity that propels African states to harness the digital revolution.

Beyond technical skills, the Lusaka workshop doubled as a peer-learning platform, with countries sharing real-world success stories on integrating AI into national planning and reporting.

“If Agenda 2063 is Africa’s long-term roadmap, this AI training is about upgrading the continent’s GPS that ensures leaders not only know the destination, but also have the intelligence to navigate every twist and turn on the way,” said Tamu.


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Firm Shares Tips for Safer Remote Working

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It is holiday season in many parts of the world. These days though, going on holiday does not always mean turning your back on office life – hybrid work cuts both ways.

Today’s widespread connectivity—available at airports, train stations, restaurants, hotels, and most indoor public spaces—makes staying connected easier than ever, with free Wi-Fi in many locations and reliable 4G or 5G coverage elsewhere, helping to facilitate a seamless blend of work and leisure even while on holiday.

This increase in connectivity among travellers has not gone unnoticed by cyber criminals. Kaspersky experts analysed nearly 25,000 free Wi-Fi spots in Paris ahead of the Summer Olympic Games and Paralympic Games. The analysis revealed that almost 25% of these networks had weak or no encryption, making users vulnerable to personal and banking data theft.

Travellers often have their guard down. The unfamiliar surroundings of a new location or a different language can throw up a useful smokescreen for a cyberattack, meaning additional care needs to be taken when logging on. Fortunately, a few smart tools and habits can help you stay protected while enjoying the flexibility of remote work.

Use a VPN for secure connections

A VPN is one of the most effective ways to safeguard users’ online activity, especially when working from unfamiliar locations. By encrypting Internet traffic, a VPN ensures that hackers can’t intercept sensitive data like login credentials or financial details. This is particularly important when accessing work emails or company files on public Wi-Fi, where cybercriminals often lurk.

Switch to an eSIM for reliable, secure mobile data

Another useful digital tool that provides a seamless way to stay connected using local mobile networks with no physical SIM card required is the eSIM. This is a game-changer for international travellers who want to avoid sky-high roaming charges or the hassle of hunting down temporary SIM cards in foreign countries.

With an eSIM, a user can download a local data plan before you even arrive at your destination, ensuring instant connectivity the moment you land. This eliminates the need to rely on unsecured Wi-Fi hotspots, significantly reducing your exposure to cyber threats.

Plus, many eSIM providers allow you to manage multiple profiles on a single device, making it easy to switch between work and personal data plans without juggling multiple phones.

Services like Kaspersky eSIM Store enables users to purchase and activate data plans in advance, track usage and top up as needed, all from a single app.

Enable two-factor authentication (2FA)

When travelling, people often leave devices unattended. To protect against unwanted people logging in, travellers should ensure two-factor authentication (2FA) is enabled on all critical accounts and that passwords are used on all devices.

Final tips for a secure workation

Even with a VPN, eSIM and 2FA in place, your devices still need strong defenses against malware, phishing scams and ransomware. Cybercriminals often target remote workers who may let their guard down while travelling, making real-time protection essential.

Modern antivirus software does more than just scan for viruses, it actively blocks malicious downloads, warns you about phishing attempts and even secures your passwords and financial data.

For the most robust security, consider a solution like Kaspersky Premium, which combines antivirus protection, a VPN and password management into a single, easy-to-use package.

By combining a VPN, eSIM and strong antivirus, you can work from anywhere with confidence, whether you’re sending emails from a poolside or joining a video call from a festival tent.

 


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