?? November DojahDigest | CBN's new KYC policy | Nigerian fintechs lose ?5 billion to hackers | joins Visa’s Africa Fintech Accelerator
Hey Digester,
Last month was a busy month at Dojah, filled with many activities. Here are some top highlights:
This month is packed with several juicy stories and updates ??:
- Take the CyberSafety challenge to find out how safe you are on these internet streets
- Dojah partners with US-Bases Digital Wallet platform HUMBLPay
- Dojah among 23 startups selected for Visa’s first Africa Fintech Accelerator program
From fashion to electronics, Africa's e-commerce sector has grown significantly in the last few years. However, fraud remains a major challenge. Join us on Tuesday, December 12, 2023, for a deep dive with key industry experts from Dojah, Selar, and Catlog on combating fraud in the e-commerce space.
Are you at risk of getting scammed? ?? Can you spot the warning signs and red flags? ?? We've created a simple yet educating test to help you improve your cyber safety awareness. Take our free test and find out your cyber safety score. ??
What's up with the CBN's new KYC rules? ??
In its recent circular, the Central Bank of Nigeria (CBN) has introduced new operational guidelines that change how financial services work with BVNs and NINs for KYC activities. Learn more about the new rule and how financial services can navigate this transition. ??
Securing Web 3 transactions with HUMBLPay ??
We're thrilled to announce a new partnership with HUMBLPay, a Web3 Platform with a digital wallet, verified profiles, search engine, ticketing, social media, and marketplace. As their trusted identity verification partner for users across Africa, we'll ensure that every transaction is secure and authentic. ??
Dojah among 23 startups selected for Visa’s first Africa Fintech Accelerator program
We’re excited about being selected for the inaugural cohort of the Visa Africa Fintech Accelerator! ?? We are incredibly grateful for the opportunity to continue to develop solutions that improve financial inclusion for Africans. ??
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Popular Articles ??
Click on any of the images below to catch up on the most-read articles from Dojah's blog this month.
3 Nigerian fintechs lost over ?5 billion to hackers
Three Nigerian fintechs lost over ?5 billion to hackers between Jan and Aug 2023. These cases show that fintech companies face a huge challenge because hackers see them as a prime target for fraud. Besides that, employees are often involved in many of these hacks, which makes it much harder for fintechs to secure their systems effectively.
Moniepoint CEO: banks and fintechs need collaboration to tackle financial fraud in Nigeria
Moniepoint's CEO, Tosin Eniolorunda, recently met with Fidelity Bank's CEO to discuss the increasing fraud in Nigeria's financial system. During the meeting, Eniolorunda emphasized the importance of collaboration between banks and fintechs to address this issue. Both parties agreed on the need to develop a tight mechanism to combat fraud and tackle payment challenges in the country.
Ransomware attacks set to break records in 2023
According to Corvus Insurance's Q3 2023 Global Ransomware Report, ransomware attacks are on the rise. The frequency of global ransomware attacks will increase from 2,670 in 2022 to 4,000 in 2023. Industries such as law practices, government agencies, manufacturing, oil and gas, and transportation have experienced notable spikes in ransomware activity.
Malaysian authorities dismantle a major phishing-as-a-service (PhaaS) syndicate
Malaysian law enforcement, with support from the Australian Federal Police and the FBI, successfully dismantled the BulletProofLink PhaaS operation. The operation had been active since at least 2015, with an estimated 8,138 clients and 327 phishing page templates as of April 2023. The takedown reflects ongoing efforts to combat cyber threats, with criminals adapting tactics in response to disruptions.
Generative AI could have a major impact on digital identity across Africa
Generative AI, like GPT, has significant potential to aid digital ID and development efforts in Africa. Generative AI can be applied in several ways, including biometric systems and fraud detection. However, concerns remain around bias, accuracy, misinformation, cybersecurity threats, and the technological divide limiting Africa's participation.
Nigerian government to digitize the passport application process by February 2024
The Nigerian government aims to digitize the passport application process by launching a fully biometric system for passport applications and collection by February 2024. This is to reduce corruption, human contact, and waiting times and to improve convenience. The goal is to streamline the passport application experience for all Nigerians.
Other things we're Digesting
Digestible Fact For The Month???
Both John Adams and Thomas Jefferson died on the same day, July 4, 1826, exactly 50 years after the adoption of the Declaration of Independence.
?? Thanks for reading this month's DojahDigest.