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Interswitch Unveils Report on Future of Africa’s Digital Economy

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Digital Economy Policy

By Modupe Gbadeyanka

A report aimed to help drive the growth of African businesses through blockchain technology has been unveiled by Interswitch Group, a leading integrated digital payment and e-commerce company on the continent.

The whitepaper titled Blockchain Technology: The Future of Africa’s Digital Economy, according to the Managing Director of Transaction Switching and Payment Processing at Interswitch, Mr Akeem Lawal, “was inspired by the need to demystify the ambiguity around blockchain technology for African businesses, thereby driving digitization and socio-economic growth across African markets.”

“We are passionate about empowering Africans and advancing the African payment landscape, and we are consistently identifying opportunities and exploring innovative ways to enable businesses to transform and scale,” he added.

Blockchain technology is a digital ledger that stores transactions. Essentially, it is a digital system for recording transactions in multiple places at the same time thereby making it impossible to falsify the data stored on it. The technology is evolving globally and businesses are integrating Blockchain technology into their business infrastructure.

The whitepaper document released by Interswitch contains details on how businesses can leverage blockchain technology to transform their businesses and the prospects it portends for the future of Africa’s digital economy.

Mr Lawal disclosed that the document encapsulates the benefits of blockchain technology and how it will help strengthen businesses because of its efficiency, better security in keeping records and safety.

“While the blockchain technology is a relatively new phenomenon in Nigeria and Africa, we are particularly excited about our partnership with Interstellar with whom we are developing a native blockchain infrastructure that is tailored to suit the African market,” he stated.

“This initiative will deepen digital payment, lower the cost of local and cross border payment as well as champion the cause for localization of emerging technology,” Mr Lawal assured.

He urged everyone to read the whitepaper document because it addresses existing challenges in the Fintech sector and simplifies the use of blockchain technology in unravelling these challenges.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Technology

Cyber Attacks: Africa Must Encourage Digital Skills Development—Experts

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Adopt Digital Skills

By Aduragbemi Omiyale

Urgent steps must be taken by African leaders to encourage general digital skills to tackle cyber-attacks and crimes on the continent, some experts in the industry have advised.

Speaking at the April edition of the Information Security Society of Africa – Nigeria (ISSAN) event, the stakeholders warned that if efforts are not taken, the governments, citizens and businesses may suffer “catastrophic consequences.”

It was stressed that at the moment, Africa is struggling to match its counterparts in the other parts of the globe due to a shortage of general digital skills caused by brain drain.

At the workshop themed Addressing the Cybersecurity Skills Quagmire, the founder/CEO of Digital Jewels, Mrs Doyin Odunfa, in her presentation, lamented that the shortage of general digital skills at all levels is expected to become more critical as economies grow, noting that the supply of digitally skilled labour must also increase to meet anticipated labour market needs.

She observed that highly skilled African professionals have been emigrating from African countries to pursue lucrative cultural and socio-economic opportunities on other continents leading to a brain drain and skills gap on the continent.

Whilst proffering solutions, she recommended intentional development of digital skills at all levels, smart technology support, collaboration with the Diaspora and strategic supply to Africa and Western economies.

“These young Africans are looking for higher-paying jobs outside Africa to escape socio-economic limitations such as poverty, limited infrastructure, and rudimentary jobs.

“They look for enabling environments in developed countries that provide rewarding businesses and obtain lucrative jobs, matching skilled individuals’ aspirations and expected socio-economic recompense.

“Many highly talented African students that obtain opportunities and scholarships of training abroad do not return home after completing studies,” Mrs Odunfa stated.

In his welcome address, the president of ISSAN, Mr David Isiavwe, said the brain drain in Africa as well as the digital skills shortage currently being experienced around the world calls for concern.

According to him, “The cyber threat landscape is still evolving. The cybersecurity space keeps getting very busy by the day. We have seen how daring cybercriminals can be, targeting both national assets and highly reputable firms. Even individuals are not left out.

“Consequently, it becomes imperative that organizations never relent in upholding and reinforcing information security best practices.”

The Chief Information Security Officer (CISO) of Stanbic IBTC, Abumere Igboa; CISO of Heritage Bank, Eduje Ighoakpo; CISO of First Bank, Harrison Nnaji; CISO of Standard Chartered Bank, Oghenefovie Oyawari and the Chief Technical Officer (CTO) of Digital Jewels, Tokunbo Taiwo, were the other speakers at the gathering.

ISSAN is a not-for-profit organization dedicated to the protection of Nigeria’s cyberspace. It is significantly involved in ensuring the security of banking systems and applications, ATMs, e-government systems, and the entire cyberspace in Nigeria.

The group also seeks to achieve its objectives through awareness heightening measures including the promotion of appropriate legislation and best practices.

Membership cuts across both public and private sectors of the economy including Banks, Telecommunications Operators, Government parastatals, switching companies, IT and IT security consultancies, Legal Practitioners with a keen interest in cyber-related matters, and regulators.

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Interswitch Receives Fresh Funds from LeapFrog, Tana

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Interswitch

By Adedapo Adesanya

LeapFrog Investments (LeapFrog) and Tana Africa Capital (Tana) have invested in Interswitch, one of Africa’s technology-driven companies focused on the digitisation of payments.

In a joint statement from both companies, the exact amount was not disclosed, but it was stated that the investment will assist in supporting the company’s drive to advance the payment ecosystem across the continent.

A portion of the investment has been acquired from existing shareholders, with Ignite Holdco Limited, made up of Helios Investment Partners and TA Associates, remaining the largest shareholder in the business following the transaction.

Interswitch Group CEO, Mr Mitchell Elegbe, in a statement, said the company was “excited to welcome LeapFrog and Tana on board, as we continue our work to advance the future of the African payments landscape.”

This will further advance its offerings after it launched some new products in March.

The services unveiled include an enhanced Biometrics feature for Point of Sale (PoS) terminals & Automated Teller Machines (ATMs); Tokenization, and Card Fusion, with the services addressing digital payment fraud, problems with card issuance and portfolio management.

Interswitch, in collaboration with SterlingPRO, designed the Biometrics on Point of Sale (PoS) and Automated Teller Machines (ATMs) to protect customers against digital payment fraud and to avail them faster and more convenient ways to validate payments. The solution utilizes physiological features unique to everyone such as fingerprints, voice, and facial features to verify payment transactions.

Tokenization on the other hand replaces sensitive data such as the 16-digit account information with a unique digital identifier known as a token. Tokenization will enable merchants to fast-track and collect payment seamlessly, enabling customers to check out faster in-store, in-app and online.

In addition, Card Fusion is a web-based instant card issuance platform that enables banks to conclude new card production requests and issue cards within a very short time, thus enhancing their customers’ experience while customers get to personalize their cards instantly.

Interswitch is one of Africa’s largest electronic payments and infrastructure companies and services providing online banking system offerings in areas like point-of-sale terminals, online consumer payment platforms, Quickteller, and Verve, the biggest domestic debit card scheme in Africa, issuing over 35 million active cards since launch.

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Ramadan: Twitter Conversation Increases 31% in 2022

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Ramadan: Twitter Conversation Increases 31% in 2022

By Adedapo Adesanya

In 2022, Twitter was the place to be for the most interesting, important and impactful Ramadan conversations, with over 47 million related Tweets recorded globally during the holy month. This represented a 31 per cent year on year increase from last year, reflecting Twitter’s role as the place to discover what is happening in real-time.

From well-wishes to fashions and bants, it was all shades of amazing as Nigerians joined Islamic faithful across the globe to commemorate the holy month, from start to finish.

Trending conversations on the platform centred around faith, style, food, entertainment and so much more, as people on Twitter shared how they were marking the end of Ramadan.

Twitter provided a platform to showcase the shared experience of attending morning prayers, making charitable donations, sharing feasts and showing up in the glamorous fits and looks. Below are some highlights from this year’s Ramadan celebrations.

Some of the top Ramadan hashtags and keywords on TwitterNG that trended during the Ramadan celebration were – #Arewatwitter; #EidUlFitr; #BarkaDaSallah; #EidMubarak2022; #Ramadan; Abaya; Ilorin.

Fashion and Styles during the celebration were not exempted as the end of Ramadan is celebrated with the most elegant fashion styles on display. Using #ArewaTwitter, Muslims across Nigeria share photos from Eid celebrations; with people in the North, where Islam is most widely practised, being especially praised for their iconic looks. As expected, people on #TwitterNG brought out their best Abaya game!

Embed Tweets:

https://twitter.com/mshs675/status/1521152018148171778?s=20&t=TVoP4NWxbCtS9swCDKDLKA

https://twitter.com/taxfeeq/status/1521092719103426560?s=20&t=TVoP4NWxbCtS9swCDKDLKA

Heartfelt Felicitations on #TwitterNG were a presence with Barka Da Sallah was widely used on #TwitterNG as a way of sending well-wishes during the celebrations. And using #EidUlFitr, #EidMubarak2022 #Ramadan, the Muslim community also dropped engaging Tweets to commemorate the end of Ramadan.

Embed Tweet:

https://twitter.com/babban_officer/status/1521238206485835784?s=20&t=QOTJe1vcloorWJ-GnFOUGA

The banters were also part of the affair. While awaiting the moon sighting update from Saudi Arabia, people on Twitter couldn’t hide their anticipation to end the fast. These hilarious Tweets had Twitter buzzing and cracking up before Eid al-Fitr

Embed Tweet:

https://twitter.com/Kemmy_Hammed/status/1520493502320328704?s=20&t=1qljCQjNFGCG0TLYUIj77Q

Another moment that got people talking was a tweeted photo showing a dense crowd of people in a popular mall in Ilorin.

Embed Tweet:

https://twitter.com/Postsubman/status/1521163328168550401?s=20&t=zkzL0CF0lPLzczBSeqXFPA

Top government officials and influencers also engaged in conversations during Ramadan with President Muhammadu Buhari ( @MBuhari) tweeting for the first time in a while, wishing the TwitterNG community Ramadan Mubarak.

Mr Yemi Osinbajo, The Vice President of Nigeria also wished people on Twitter a Happy Eid al-Fitr.

Embed Tweet:

https://twitter.com/MBuhari/status/1521077805685121025

Ramadan Tweets from across the globe were also added to global conversations highlights related to the holy month:

The symbol used to send salutations upon the Prophet Muhammad (PBUH) ﷺ was Tweeted almost 4 million times, while top Ramadan-related emojis included:

🌙 (A crescent moon); 🙏🏽 (Folded hands );🕌 (mosque); 🙏🏽  (Palms held up together)

Top Ramadan hashtags Tweeted at a global level included:

رمضان# (Ramadan);

#Ramadan;

افطار# (Iftar);

#العشر_الاواخر (Last 10 days of Ramadan)

Twitter, in celebration of Eid Al Fitr, released a hashtag-triggered emoji of the crescent moon when these hashtags below were used during the week of Eid.

عيد_الفطر#;

عيد_مبارك#

كل_عام_وأنتم_بخير#

عيد#

#EidalFitr

#HappyEid

#EidMubarak

#Eid

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