Technology
Kaspersky Alerts Users to Mobile Wallet Safety Issues
By Adedapo Adesanya
Cybersecurity giant, Kaspersky, has stressed the importance of keeping mobile wallet safe in Africa as the continent continues to expand with many analysts considering the region to be the epicentre of the global market.
With more than $1.9 billion processed daily and over one billion registered accounts globally, mobile money is a massive industry.
Kaspersky, citing PayPal’s recent announcement that it will expand its Xoom money transfer service to more countries on the continent this year, makes it evident that there is still significant growth to come. But this also means that consumers must be aware of the security risks associated with mobile wallets and payments.
According to Kaspersky, as of 2019, there were 481 million registered mobile money accounts in Africa, making up 46 per cent of global accounts and with the COVID-19 pandemic resulting in lockdown conditions in many countries, more people have turned to mobile wallets instead of cash, as a safer option – from a hygiene perspective at least.
While cash has long been considered “king”, mobile money and e-wallets have been growing exponentially in Africa over the past decade – and as the number of international and African players enter and expand into new markets across the continent.
These provide a more user-friendly alternative to processing micro-payments and reduce the amount of cash people need to carry with them. And the expectation is that the region would exceed half a billion accounts by the end of 2020.
Speaking on this, Mr Bethwel Opil, Enterprise Sales Manager at Kaspersky in Africa warned, “While there is ample benefit to be gained from mobile money, spam, phishing, social engineering, and fraud all form part of the cyberattack landscape when it comes to this innovation.
“Threat actors are constantly coming up with more innovative tactics to compromise people’s wallets whether these pertain to traditional bank accounts or mobile wallets.”
“It is, therefore, imperative that consumers remain vigilant and apply common sense to their transactions and engagements with mobile money services,” he adds.
“Considering the significant growth and potential for mobile money and e-wallets, these payment platforms must maintain a high level of security and keep improving on it.
He noted that given the financial and reputational risk, no provider can afford to have its systems compromised.
“Security is only as strong as the weakest link in the chain d like all other digital solutions, this is often the end-user.
“Education is, therefore, the most critical component of mitigating the risk of social engineering compromises from people opening malicious links, sharing sensitive information, or falling foul of fraudulent schemes,” states Mr Opil.
To keep the mobile wallet safe, Kaspersky recommends that users should “avoid clicking on malicious emails, attachments, or other messages.”
“Users must lookout for red flags in communication from those purporting to be from service providers. For example, they need to be wary of grammatical mistakes, attempts to incite a sense of urgency or danger, e-mail addresses and links that differ from the official ones (even if just by one letter), and so on. Never trust messages unconditionally.
“It is imperative to check any potential issues through one’s personal account on the Website or in the mobile money app. This is especially important when it comes to messages confirming the crediting of funds,” it further recommended.
It also suggested that a user must also never use an unfamiliar delivery service especially when it comes to online purchases.
“Users must be careful of using alternative money transfer methods to the ones they are comfortable with. These are typically not covered by the protection programs of mobile money or money transfer applications.
“It goes without saying that users must never give out personal information beyond what is necessary for the transaction. This includes usernames and passwords.
“In many respects, it is still the ‘Wild West’ when it comes to mobile money and e-wallets. Even though the solutions are safely used by millions of people daily, hackers are always on the lookout for soft targets.
“Constant vigilance and education remain essential to safeguard against any potential compromises,” the cybersecurity firm said.
By Adedapo Adesanya
The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, says the Nigerian government is assessing MTN Group’s acquisition of IHS Towers to ensure the deal aligns with Nigeria’s telecommunications development goals.
On Tuesday, MTN Group said it has agreed to acquire the remaining 75.3 per cent stake in IHS Holding Limited in an all-cash deal valued at $2.2 billion. The deal will be funded through the rollover of MTN’s existing stake of around 24 per cent in IHS, as well as about $1.1 billion in cash from MTN, roughly $1.1 billion from IHS’s balance sheet, and the rollover of no more than existing IHS debt.
Mr Tijani, in a statement, said the administration of President Bola Tinubu has spent the past two years strengthening the telecom sector through policy clarity, regulatory support, and engagement with industry stakeholders, boosting investor confidence and sector performance.
“Recent financial results from key operators show improved profitability, increased investment in telecoms infrastructure, and operational stability across the sector,” he said.
“These gains reflect the resilience of the industry and the impact of government reforms.”
The minister added that telecommunications infrastructure is critical for national security, economic growth, financial services, innovation, and social inclusion.
“We will undertake a thorough assessment of this development with relevant regulatory authorities to review its impact on the sector,” Mr Tijani said.
He added that the review aims to ensure market consolidation or structural changes, protect consumers, safeguard investments, and preserve the long-term sustainability of the telecom industry.
Mr Tijani also said the government remains committed to maintaining a stable and forward-looking policy environment to keep Nigeria’s telecommunications sector strong and sustainable, in line with the administration’s broader digital economy vision.
Upon completion, the transaction will see MTN transition from being a minority shareholder in IHS to a full owner. It will also see IHS exit from the New York Stock Exchange and become a wholly owned subsidiary of MTN.
For MTN, the deal represents a decisive shift as data demand surges and digital infrastructure becomes increasingly strategic with a booming digitally-oriented youth population on the continent.
By Aduragbemi Omiyale
One of the players in the Nigerian gaming industry, Secure Electronic Technology (SET) Plc, has appointed Ms Leticia Otomewo as its acting secretary.
This followed the expiration of the company’s service contract with the former occupier of the seat, Ms Irene Attoe, on January 31, 2026.
A statement to the Nigerian Exchange (NGX) Limited on Thursday said Ms Otomewo would remain the organisation’s scribe in an acting capacity, pending the ratification and appointment of a substantive company secretary at the next board meeting.
She was described in the notice signed by the Managing Director of the firm, Mr Oyeyemi Olusoji, as “a results-driven executive with 22 years of experience in driving business growth, leading high-performing teams, and delivering innovative solutions.”
The acting secretary is also said to be “a collaborative leader with a passion for mentoring and developing talent.”
“The company assures the investing public that all Company Secretariat responsibilities and regulatory obligations will continue to be discharged in full compliance with the Companies and Allied Matters Act, applicable regulations, and the Nigerian Exchange Limited Listing Rules,” the disclosure assured.
Meanwhile, the board thanked Ms Attoe “for professionalism and contributions to the Company during the period of her engagement and wishes her well in her future endeavours.”
By Adedapo Adesanya
The Russian government on Thursday confirmed it has blocked the WhatsApp messaging service, as it moves to further control information flow in the country.
It urged Russians to use a new state-backed platform called Max instead of the Meta-owned service.
WhatsApp issued a statement earlier saying Russia had attempted to “fully block” its messaging service in the country to force people toward Max, which it described as a “surveillance app.”
“Today the Russian government attempted to fully block WhatsApp in an effort to drive people to a state-owned surveillance app,” WhatsApp posted on social media platform X.
“Trying to isolate over 100 million users from private and secure communication is a backwards step and can only lead to less safety for people in Russia,” it said, adding: “We continue to do everything we can to keep users connected.”
Russia’s latest move against social media platforms and messaging services like WhatsApp, Signal and Telegram comes amid a wider attempt to drive users toward domestic and more easily controlled and monitored services, such as Max.
Russia’s telecoms watchdog, Roskomnadzor, has accused messaging apps Telegram and WhatsApp of failing to comply with Russian legislation requiring companies to store Russian users’ data inside the country, and of failing to introduce measures to stop their platforms from being used for allegedly criminal or terrorist purposes.
It has used this as a basis for slowing down or blocking their operations, with restrictions coming into force since last year.
For Telegram, it may be next, but so far the Russian government has been admittedly slowing down its operations “due to the fact that the company isn’t complying with the requirements of Russian legislation.”
The chat service, founded by Russian developers but headquartered in Dubai, has been a principal target for Roskomnadzor’s scrutiny and increasing restrictions, with users reporting sluggish performance on the app since January.
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