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Interswitch Launches #NeverStop Campaign to Celebrate 20th Anniversary

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#NeverStop

By Adedapo Adesanya

To herald its 20th-anniversary commemoration, Interswitch has launched a new brand campaign to project its positioning as a pioneering and integral enabler in the Nigerian business ecosystem.

The campaign tagged #NeverStop will not only actively support the growth and development of fintech and payments across Africa over the last 20 years but also amplify the brand’s progressive outlook as a frontier-driving company that keeps pushing boundaries and facilitating the creation of new ecosystems that help businesses and individuals scale and thrive.

Speaking at the anniversary kick-off on Tuesday, the founder/Group CEO of the company, Mr Mitchell Elegbe, said this is in line with its purpose of inspiring Africa to greatness through innovation, value-creation, and excellence.

“Today, as we flag off our celebrations, there is quite a lot of excitement within Interswitch, but also some deep reflection as we look back on the journey of the last two decades – twenty years of transforming Africa’s digital economy. Interswitch was founded to solve a social problem – to make people’s lives easier when it came to payments, transactions, and access their funds.

“We saw a way to do this by developing products and services with the consumer at the heart, leading with technology and innovation. As is the case with many pioneers, while we navigated uncharted waters, there were times when we pushed ahead with absolutely no assurances and were buoyed up by just sheer tenacity and grit.

“At those times, the big picture kept us going, our dream to deliver a prosperous Africa, driven by a seamless exchange of value and commerce,” he stated.

Mr Elegbe noted that the foregoing was the foundation upon which Interswitch’s two flagship products, Quickteller and Verve, were created – born from the over-arching mission to solve problems and focused on delivering comprehensive solutions for individuals to make everyday payments, to help connect and simplify the lives of our consumers across the continent.

From Mr Elegbe’s perspective, the runway for growth remains significant as well over 50 per cent of Nigeria is still unbanked or underbanked and 85 per cent of transactions in sub-Saharan Africa still occur in cash.

“Today, technology is at the forefront of society and will continue to play a significant role in how we work and live. Nigeria is fast becoming the tech-capital of Africa, with one of the fastest growing tech markets in the world.”

“Interswitch has always been focused on the bigger picture, with the understanding that “going it alone” is not the answer, and that we do better by working together.

Building a profitable, thriving business has been important, but in order to achieve our purpose of Inspiring Africa to Greatness, we had to play our part in providing an enabling environment for the holistic ecosystem to thrive,” he said.

On her part, Ms Cherry Eromosele, the company’s Executive Vice-President for Group Marketing and Communications stated that “As we look ahead, we see enormous potential for future growth and the furthering of our vision. The outlook is rapidly evolving; At Interswitch, we also see the application of digital payments as being sector-agnostic and, with the increasing adoption of technology and digital payments across Nigeria and Africa, opportunities to broaden the fintech/payments landscape continue to present themselves”.

Over the next six months, the company intends to progressively unveil a line-up of brand campaigns, commemorative events, and thought-leadership initiatives centred around this significant corporate milestone on a Pan-African level.

Founded in 2002, Interswitch disrupted the traditional cash-based payments value chain in Nigeria by supporting the introduction of electronic payments processing and switching services.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Biometrics Player iiDENTIFii Secures $15m to Fund Expansion

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iiDENTIFii

By Modupe Gbadeyanka

The goal of an innovative biometrics tech firm, iiDENTIFii, to expand its operations across Africa is coming to fruition as it has obtained a funding package worth $15 million for this purpose.

iiDENTIFii is a world leader in biometric authentication. Its advanced face authentication technology securely authenticates users within seconds via their cellphones or PCs.

The company operates across several industry verticals and its services are used by the largest pan-African banks, insurers and mining houses for customer and employee authentication.

Its customers include Standard Bank, ABSA Bank, and Investec Bank. Investors in the round alongside Arise are growth-stage private equity firm Sanari Capital and veteran US tech entrepreneur Bill Spruill.

The major contributor of the new $15 million injection was an African investment company, Arise, whose cornerstone investors include Rabobank Partnerships, Norfund, NorFinance and FMO.

In a statement, iiDENTIFii said it would use this investment to fund its expansion across Africa, especially at a time cybercrime within the financial sector is a growing threat to the continent.

The consequences of attackers exploiting security vulnerabilities are particularly severe for financial services and banking apps that process sensitive financial information.

The use of iiDENTIFii’s biometric authentication to protect access to this sensitive financial information makes iiDENTIFii’s solution an integral part of financial inclusion, digital inclusion, and identity inclusion on the continent.

“I’m incredibly proud of our engineering team and our growth as a company over the past three years,” says iiDENTIFii Founder and CEO, Gur Geva. “This investment validates our central business thesis that we are the preferred partner for enterprise-grade identity in Africa. We’re excited to put the investment to work as we close in on our goal of authenticating every face in Africa. With this new funding and the networks of Arise, Sanari, and Bill – we confidently continue our mission of stopping identity theft in Africa.”

“In addition to complementing Arise’s portfolio of bank investments across Sub-Saharan Africa, this investment heralds our foray into the African fintech market,” says Arise CEO Gavin Tipper. “We are excited about our partnership with iiDENTIFii, which will allow us to offer their unique technology to banks in Sub-Saharan Africa, strengthening digital anti-money laundering practices and advancing financial inclusion.”

“At Sanari, we place a strong emphasis on digital and human enablement to unlock business potential,” says Sihle Gumede of Sanari Capital. “iiDENTIFii is, therefore, a great addition to our investment portfolio and we look forward to being part of its ongoing growth journey. We are excited about co-creating a scalable and sustainable pan-African biometrics business.”

“As an entrepreneur and investor, I’ve had a significant amount of experience with transformative technology,” says Bill Spruill “The work being done by iiDENTIFii is particularly exciting and I am excited to see the impact it has on the African continent.”

iiDENTIFii recently won KPMG’s Tech Innovator in Africa award and will compete for the global title in Lisbon, Portugal in November 2022.  It has previously, amongst other awards, won MTN App of the Year and Microsoft Independent Software Vendor (ISV) Partner of the Year.

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Financial Phishing Cyberattacks Jump 79% in Nigeria

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financial phishing

By Adedapo Adesanya

The number of financial phishing attempts in the African regions increased significantly with Nigeria recording a 79 per cent jump in the second quarter of the year.

According to Kaspersky’s Financial Cyberthreats report, attacks in the financial sector are becoming increasingly corporate-oriented and shifting away from consumers as banks, payment systems, and e-commerce websites were attacked massively.

Imperfections in the transition to remote/hybrid work continue to pose a huge threat to businesses. On top of that, economic issues caused by the pandemic have further aggravated the problem. Driven by poverty and unemployment, cybercriminals have continually intensified malicious activities against customers and bank infrastructure.

Financial phishing is a deceptive way of stealing information and is gaining momentum in the region. Phishing is a type of online fraud where the scammer sends fake alerts from banks, e-pay systems and other organisations to trick consumers into sharing their financial details.

The alerts sent by the scammer can be related to loss of data, update credentials or system breakdown, which results in theft of passwords, credit card numbers, bank account details and other confidential information.

According to the Kaspersky telemetry, in Q2 of 2022, a total of 61,344 financial phishing attacks aimed at organisations were detected, an increase of 79 per cent compared to the first quarter.

Giving a breakdown, the largest share of attacks was mostly directed at e-commerce websites with 52 per cent, with payment systems hit by 42 per cent, while banks received about 6 per cent.

It was higher in Kenya, one of Africa’s booming economies, as a total of 100,192 financial phishing attacks aimed at organisations were detected in Kenya, a 201 per cent increase compared to Q1.

The largest share of attacks was directed at e-commerce websites (58 per cent), with banks (21 per cent) and payment systems (also 21 per cent).

Speaking on the report, Mr Emad Haffar, Head of Technical Experts at Kaspersky, said, “A life without the Internet is strange to us. So much so that our financial life is now digital. This is the magic of digitisation. But we also need to be aware of an unprecedented wave of challenges.

“Financial threats are one such challenge which is becoming more advanced in exploiting human behaviour and will only continue to grow. Businesses trying to stay ahead of such evolving, complex cyberattacks should make fraud prevention a focal point to control fraud transactions, eventually reduce fraud risk in the future and avoid reputation damage.”

Kaspersky highlighted certain recommendations to help businesses stay ahead of financial threats and phishing attacks, including companies needing to educate employees as they are considered the first line of cyber defence. This needs to be a continuous learning experience as well as teaching them about the red flags they need to keep an eye out for.

Similarly, organisations need to extend the dos and don’ts of cybersecurity to customers to protect themselves against phishing fraud.

It called on companies to capitalise on the Kaspersky Fraud Prevention solution, which proactively analyses and detects whether a customer’s device is infected with malware in real time.

Organisations were also charged to rely on Kaspersky Threat Intelligence to increase visibility and feed their security operations with advanced insights.

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Meta Introduces WhatsApp Call Links to Rival Zoom, Google Meet

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WhatsApp Call Links

By Adedapo Adesanya

WhatsApp is rolling out a new feature that allows users to share a direct link to a call, just as it is planning to allow up to 32 users during a call session in a move that can see the Meta-owned platform rival other platforms.

The Call Links feature will start appearing on WhatsApp this week and can be accessed through a banner at the top of the Calls tab. WhatsApp users who want to try the Call Link feature will need the latest version of the app, which can be updated through the app store.

Mr Mark Zuckerberg, CEO of Meta, while announcing the feature on Facebook, said WhatsApp users will be able to share a link to a call with “a single tap.”

The ability to share a call link with up to 32 users was teased in April during the announcement of another upcoming feature, WhatsApp Communities.

The WhatsApp Call Links feature will support both audio and video calls. Mr Zuckerberg also confirmed that encrypted video calling is currently being tested for group calls with up to 32 people, which is notable, as WhatsApp currently caps video calls at eight users.

The expanded call capacity sets up WhatsApp as a competitor for Google Meet, Microsoft Teams, or Zoom. These rival offerings have a far greater caller capacity (100 for Google and Microsoft Teams and 300 for Zoom).

However, they include restrictions like call duration for free accounts and might not be the first choice for the billions of people already chatting for free on WhatsApp.

WhatsApp did not mention any restrictions on call duration, which could place it as one of the best free video calling applications for smaller teams and personal networks once the feature is widely available.

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