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Nigeria’s Trove Finance Wins Ecobank Fintech Challenge 2021

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Trove Finance

By Adedapo Adesanya

Nigerian-based global share dealing app, Trove Finance, has emerged as the winner of the fourth edition of the annual Ecobank Fintech Challenge.

In a statement released on Thursday, the organisers said the winner was announced at the grand finale on December 9 streamed live from Accra in Ghana – and saw each of the five finalists pitching to the tech-savvy jury.

Trove Finance’s app enables African-based financial institutions and individuals to buy, sell and trade any publicly traded equity, bond or exchange-traded fund across the US, Chinese, Nigerian or other global stock markets, with as little as N1,000 (circa $2).

Trove Finance’s solution has plugged a gap by providing an easy-to-use digital investment platform that is widening investment participation and inclusion by providing a secure and cost-effective alternative to the current paper-based investment process which is largely provided by brokers charging exorbitant fees.

Speaking on the prize, Mr Ade Ayeyemi, Chief Executive Officer, Ecobank Group, said: “The array of fintech services and solutions entered in this year’s edition was of such a high standard that the jury faced a really difficult task whittling the hundreds of entrants down to the final five and, ultimately, selecting Trove Finance as the overall winner.

“We will be inducting all five finalists into Ecobank’s Fintech Fellowship, during which they will receive mentoring and networking support, can utilise our Banking Sandbox to access our automated processing interfaces (APIs) to further develop their propositions, and could potentially partner with Ecobank to roll it out across our 33-country footprint.

“The Ecobank Fintech Challenge furthers our vision of treating fintechs as potential commercial partners with whom we can engage to provide innovative solutions to our customers.”

On his part, Mr Oluwatomi Solanke, CEO of Trove, commented on the victory: “Winning the 2021 Ecobank Fintech Challenge is a real honour and publicly validates the huge potential of our app to widen asset ownership.

“I applaud the Ecobank Group for bringing African fintechs into the limelight through this competition and for providing us with continued support through its Fellowship programme.

“The opportunity to partner with Ecobank and roll out our app across 33 sub-Saharan African countries would provide the icing on the cake by massively accelerating our growth.”

OKO Finance, from Mali, came second with its affordable crop insurance products – distributed via mobile phone – for smallholder farmers in Mali. OKO insurance products are automated and instantly indemnify farmers when they are affected by adverse weather, thanks to the constant monitoring of weather conditions via satellite data.

Ghana’s Motito was third place with its solution promoting financial inclusion in Africa through a ‘buy-now-pay-later’ platform that enables small businesses to offer interest-free credit at the point of sale to customers.

The finalists of this year’s edition emerged from a hotly contested competition involving over 890 entrants from 44 countries.

In addition to their induction into the Ecobank Fintech Challenge Fellowship programme, the first, second and third-placed winners also received prizes of $15,000, $12,000 and $10,000 respectively.

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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AI and Web Development: The Unexpected Partnership That’s Changing Everything

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By eTraverse

That’s Changing Everything

Imagine a web development company that employs Artificial Intelligence (AI) to produce a completely personalized website in a matter of minutes rather than months. That is the real power of AI for web development.

Artificial intelligence technologies have allowed companies like Wix to generate websites 50% faster, and website developers are now able to reduce coding time by up to 40% with the use of AI tools. In addition to increasing user engagement, these developments in website design and development are also establishing new benchmarks for effectiveness and security.

In this blog, we dive into how AI is transforming web development, offering real-world examples, and compelling metrics.

The Evolution of Web Development

Over time, web development has undergone significant change. Static HTML pages were used in the early development of websites, providing little to no interactivity. With the advent of dynamic web apps, websites could become more interactive and visually appealing thanks to JavaScript, CSS, and HTML5.

Rich, dynamic user experiences replaced static material as of this change. To ensure that websites function flawlessly across all devices and screen sizes, responsive design and sophisticated structures are now the main focuses of current web development.

Web interactions are now more seamless and intuitive than ever thanks to these developments, which have raised the bar for website design and development.

The Emergence and Growth of AI

From a theoretical concept, AI has developed into a potent instrument that is revolutionizing the industry. AI first concentrated on developing computers with intelligence like that of humans.

Important turning points include deep learning, that utilizes neural networks to analyse complex data, and machine learning, where algorithms learn from data. Automated language comprehension is made possible by Natural Language Processing (NLP).

Sectors such as healthcare (AI-driven tools have improved diagnostic accuracy by 20%) and finance (AI forecasts market movements with 90% accuracy) have been transformed by these breakthroughs. AI is currently improving website design and development and changing web development.

AI technologies, for instance, can increase user engagement by 35% and speed up coding by 50%. AI has a significant impact on web development and is establishing new benchmarks for productivity and creativity.

AI’s Impact on Web Development

Enhanced User Experience (UX)

User experience (UX) has been completely transformed by AI thanks to its highly tailored and natural interactions. With AI algorithms analyzing user data to provide recommendations and information that is specifically catered to, personalization is at the forefront.
For instance, AI is used by e-commerce giants like Amazon and Netflix to recommend movies and goods to consumers based on their past interactions, making the user experience more relevant and engaging. Because material is tailored to each user’s tastes, this personalized approach can boost user happiness and retention.

Virtual assistants and chatbots are further important applications of AI in UX. These AI-powered solutions effectively respond to consumer questions and support requests while offering immediate help. For example, Sephora’s chatbot improves the overall shopping experience by assisting customers with product discovery and appointment scheduling.

Virtual assistants, such as those powered by AI like Google Assistant and Siri, offer hands-free interaction and seamless integration into daily activities, improving user convenience and engagement.

Automated Coding and Development Tools

Artificial Intelligence (AI) has brought strong tools to the field of automated coding and development that simplify the coding process. Code generation and code management are being revolutionized by AI-powered solutions like GitHub Copilot and code generators.
For instance, GitHub Copilot uses AI to automate repetitive operations and provide code snippets, freeing up developers to work on more intricate project components. This results in more effective and dependable development by cutting down on coding time by up to 40% and lowering the possibility of errors.

Because these technologies provide standard coding methods and minimize the need for intensive manual testing, they help improve developer collaboration. AI incorporation into development workflows increases code quality and speeds up project completion.

SEO and Content Optimization

Significant advancements in SEO and content optimization have also been made by AI. Large volumes of data are analyzed by AI-driven SEO technologies to improve website visibility and ranking by optimizing content for search engines.

AI is used by programs like Clearscope and MarketMuse to assess the relevance of material and offer recommendations that can be implemented. By using a data-driven strategy, material may be made to comply with SEO guidelines and increase organic traffic.
Predictive analytics is also essential for performance monitoring and content production.

Businesses can create content strategies that are in line with future demands thanks to AI algorithms that predict trends and consumer preferences. This proactive strategy aids in sustaining high levels of engagement and adjusting to shifting market dynamics.

Web Security

AI has a significant impact on web security since it provides cutting-edge methods for detecting and reducing security risks. Real-time pattern analysis and anomaly detection capabilities of AI systems enable them to provide early alerts of possible security breaches. To improve overall security, for example, systems such as Darktrace employ AI to monitor network traffic and spot anomalous activity.

Artificial intelligence (AI) further improves automated security testing and vulnerability assessments, enabling ongoing system and web application evaluation. This keeps sensitive data protected and the internet ecosystem secure by guaranteeing that any vulnerabilities are fixed quickly.

Case Studies and Real-World Examples

Websites and apps with artificial intelligence (AI) enhancements are demonstrating the revolutionary potential of AI in web development. Wix’s Artificial Design Intelligence (ADI) is one notable example. Wix ADI employs artificial intelligence (AI) to generate personalized websites by assessing user preferences and content requirements. With this technology, the process of creating a website has been greatly expedited. Development time has been reduced by 50%, enabling enterprises to launch a polished website more rapidly.

Adobe Sensei, an AI and machine learning platform incorporated within Adobe’s toolkit, is another well-known example. Adobe Sensei improves the creation of websites by offering predictive content, automated tagging, and sophisticated image recognition.

For example, Adobe Sensei’s AI-driven solutions can assess user behavior patterns and streamline content distribution, leading to a 30% rise in user engagement and happiness on platforms that make use of these capabilities.

Success examples demonstrate how AI in web development has real benefits. eBay has introduced AI-powered visual search features that let consumers look for products by utilizing photos rather than text. Conversion rates have grown by 20% and user engagement has improved because of this functionality. Shopify’s use of AI to provide tailored product recommendations has increased sales for its merchants by 35%.

These illustrations show how businesses are using AI to improve user experiences, expedite the development process, and produce quantifiable commercial results. The application of AI in web development is becoming more and more important as it makes digital experiences more effective, customized, and interesting.

Challenges and Considerations

AI ethical considerations include biases in AI and data privacy. Keeping people’s trust requires protecting user data while avoiding biased results. AI dependence raises questions regarding dependence, as it may result in job displacement and less supervision from humans.

Technical challenges also include the potentially difficult and resource-intensive integration of AI with current web frameworks and technologies.

Ethical and efficient web development requires striking a balance between these factors and the advantages of artificial intelligence. By addressing these issues, we can minimize any potential negative effects and ensure that AI breakthroughs have a good impact.

AI and Web Development’s Future

Forecasts and patterns indicate that artificial intelligence (AI) will have a greater impact on web development in the future, propelling advancements in automation and user experience.

Website user and device interactions will change because of emerging technologies like AI in AR/VR and IoT, which will provide more connected and immersive experiences. To remain competitive, web developers of the future will need to combine their traditional talents with AI knowledge. It will be essential to master both traditional web development methods and AI technologies in order to create cutting-edge, intelligent web solutions and adjust to changing industry demands.

eTraverse’s Competency in Using AI for Web Development

eTraverse excels in harnessing AI to elevate web development. Leveraging AI, eTraverse enhances website design and development through advanced tools like AI-driven personalization and automated coding solutions.

Our use of machine learning and predictive analytics optimizes user experiences, delivering tailored content and recommendations. With a focus on integrating AI with existing web frameworks, eTraverse ensures seamless, cutting-edge solutions.

Our expertise extends to AI-enhanced SEO and web security, providing comprehensive, data-driven strategies that drive business growth and efficiency. eTraverse’s innovative approach positions them as a leader in AI-powered web development.

Conclusion

With automation, security, and user experience previously unheard of, the industry is being revolutionized by the incorporation of Artificial Intelligence (AI) into web development. Artificial intelligence (AI) technologies, such as deep learning, machine learning, and Natural Language Processing (NLP), are changing the way websites are created, built, and optimized.

Leading companies, such as eTraverse, are utilizing artificial intelligence (AI) to provide creative solutions that improve website performance and user engagement. Accepting AI simplifies development procedures and creates new opportunities for intelligent, safe, and adaptable web experiences. The revolutionary potential of AI promises a bright future for web development.

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AI, Privacy, Cyberbullying to Shape Cybersecurity Landscape in 2025—Kaspersky

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By Adedapo Adesanya

Artificial Intelligence (AI) and privacy are top issues that will dominated part of daily life in 2025, a new report by global cybersecurity and digital privacy company, Kaspersky says.

In the latest Kaspersky Security Bulletin series report, which provides an outlook on the cybersecurity trends and threats expected to impact consumers in the coming year, the firm said AI will become an integral part of daily life, while privacy concerns around biometric data and advanced technologies will take center stage in 2025.

Kaspersky predicts that there will be full integration of AI into daily life in 2025, becoming a standard tool rather than a novel technology.

“With prominent operating systems like iOS and Android rolling out AI-enhanced features, people will increasingly rely on AI for communication, workflows, and creative tasks.

“However, this normalisation also brings challenges, particularly as personalised deepfakes become increasingly sophisticated in the absence of reliable detection tools,” it warned.

The digital security outfit also wanted that growing emphasis on privacy is expected to lead to new regulations that strengthen user control over personal data.

“By 2025, individuals may gain the right to monetise their data, transfer it easily across platforms, and benefit from simplified consent processes. Global frameworks, such as the EU’s GDPR, California’s CPRA and South Africa’s POPIA, continue to inspire reforms worldwide, while decentralised storage technologies could further strengthen user autonomy over their information,” it noted.

It also raised concerns about cybercrime and new dimensions it may take, adding that fraudsters will continue to exploit premieres and releases in media such as games and films.

“Cybercriminals are expected to target prominent gaming, console, and film launches in 2025. Titles like Mafia: The Old Country, Civilization VII, and Death Stranding 2, as well as the anticipated Nintendo Switch 2, are likely to attract scams involving fake pre-orders, counterfeit rootkits, and malicious downloads.

“Similarly, blockbuster films like Superman and Jurassic World Rebirth may trigger phishing campaigns and counterfeit merchandise fraud aimed at enthusiastic fanbases.”

It also highlighted that political polarisation, which refers to the ideological gap between two opppsing groups, will fuel cyberbullying.

According to Kaspersky, advances in AI, privacy protection, and data ownership frameworks will reshape the way people interact with technology and manage their digital lives.

“Increasing political polarisation is expected to exacerbate cyberbullying in 2025. Social media algorithms that amplify divisive content, combined with the widespread availability of AI tools for creating deepfakes and doctored posts, are likely to intensify online harassment.

“Cross-border cyberbullying could also escalate as global platforms facilitate the targeting of individuals based on their political beliefs,” it added.

It warned that as the global economy shifts further towards subscription-based models, there will be rise in fraud related to fake subscription promotions.

“Cybercriminals are expected to create counterfeit services that mimic legitimate platforms, aiming to deceive users into providing personal and financial information, resulting in identity theft and financial losses.

“Additionally, the growth of unofficial resources that provide discounted or free access to subscription services is expected to become a significant threat vector, exposing users to phishing attacks, malware, and data breaches,” it noted.

The firm also wanted that prohibition of social media for children may lead to broader user restrictions. Recently, Australia proposed legislation to ban social media access for children under 16. This, it said, could set a global precedent if implemented successfully.

Already, platforms like Instagram have already begun adopting AI-powered age-verification systems, signaling a shift toward stricter governance of online spaces.

Speaking on this development, Ms Anna Larkina, Kaspersky privacy expert said, “As we look to 2025, the most significant impact on consumers is expected to arise from the intersection of innovation and regulation. Advances in AI, privacy protection, and data ownership frameworks will reshape the way people interact with technology and manage their digital lives.

“These developments hold immense potential but also demand careful oversight to ensure they serve consumer interests.”

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LGS 2 Data Centre Nears Completion as TelCables Nigeria Expands

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By Aduragbemi Omiyale

The LGS 2 Data Centre at the Lagos Rack Centre, is nearing completion, the chief executive of the facility, Mr Lars Johannisson, has confirmed.

The addition of LGS 2 Data Centre will bring the data centre campus capacity to 13.5MW of IT Power and 7200 meters of space.

“The significance of this is that once completed, operators like TelCables , hyperscalers, businesses, telecom operators, and service providers will have access to world-class carrier and cloud-neutral infrastructure to securely scale their digital operations, ultimately fostering economic growth in Nigeria and the West Africa region,” Mr Johannisson stated.

It was developed to ensure AI readiness to allow for enhanced data processing and storage capabilities, which are critical for businesses and organisations that are embracing artificial intelligence and machine learning.

“The is a major step for Africa’s digital development as access to the infrastructure necessary to drive and expand digital ecosystems across the continent, boost innovation and ultimately drive economic growth within Nigeria and across the continent will be readily available.

The data centre already accommodates over 68 telecommunication carriers, Internet Service Providers (ISPs), global Tier 1 networks, and TelCables, powered by the Angola Cables network.

The company has partnered with the data centre to build and promote resilient and efficient digital infrastructure.

“Our partnership with Rack Centre is part of a greater vision, and if we can do this together, we are setting the right course for Africa’s future prosperity as a contributor to the rapidly evolving digital economy,” Mr Fernandes said.

Business Post learned that TelCables Nigeria intends to will open a new point of presence (PoP) at the Lagos Rack Centre facility to boost low-latency interconnectivity and Cloud access across West Africa.

The chief executive of the firm, Mr Fernando Fernandes, said that this strategic expansion aims to significantly enhance digital connectivity across West Africa using the extensive Angola Cables backbone network to support businesses and communities obtain easier, more affordable access to digital content and services.

“The new PoP at Rack Centre represents a crucial step towards strengthening the digital infrastructure of West Africa, providing faster, more reliable internet access to local enterprises, government institutions, and individuals by localising traffic,” Mr Fernandes explained.

He added that with direct access to the Angola Cables’ SACS and Wacs subsea cables connections, data traffic can be more efficiently routed to South American and US markets and onto Europe via EllaLink as a standard routing option or as a redundancy option should the need arise to redirect traffic.

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