At a time where Africa’s digital economy is significantly growing, projected to contribute $712 billion to GDP by 2050, the need for businesses scaling in the cloud to prioritise both security and speed has never been more critical. However, traditional DevSecOps processes often face challenges in balancing the rapid pace of deployment with robust security measures, resulting in critical vulnerabilities and costly delays. Salus Cloud, already focused on automating deployment, security, and performance monitoring, recognised the opportunity to further enhance its platform. Its collaboration with Deimos will enable it to drive a transformative solution, creating an intelligent, automated security framework and afford developers more time to focus on innovation.

By integrating Generative AI and Google Cloud’s Vertex AI platform, Deimos is helping Salus automate critical security processes, such as vulnerability remediation across multiple programming languages. The PoC introduces intelligent workflows that proactively identify and mitigate risks, optimising the software development lifecycle and enabling faster, more secure deployments. This allows Salus Cloud to proactively address security vulnerabilities, streamline development pipelines, and enhance code quality through automated insights.

“We’re proud to be part of Salus’ innovation journey, helping them build a platform that not only secures applications but also accelerates their delivery. Our deep expertise in Google Cloud’s Vertex AI platform was pivotal in bringing Salus Cloud’s AI ambitions to life,” said Jaco Nel, Chief Technology Officer at Deimos. “By embedding intelligent workflows into Salus’ CI/CD pipeline, we’ve helped Salus automate and secure critical processes, dynamically handling everything from vulnerability patching to code quality enhancements. This collaboration demonstrates how Deimos empowers startups to redefine industry standards.”

Deen Hans, Senior Principal of Software Engineering at Salus Cloud also said, “AI is a game-changer for DevSecOps, and through our collaboration with Deimos and by leveraging Google Cloud, we’ve been able to integrate AI-powered automation into our platform. The PoC has already demonstrated how AI can proactively address security concerns and improve the efficiency of our workflows. We’re excited to see how this technology will evolve as we continue to innovate.”

As Salus Cloud continues to evolve, the integration of AI into its platform marks a significant milestone in the future of DevSecOps, where automation drives security, performance, and speed, enabling businesses to scale in the cloud with confidence.

Chairman of Atlantica Financial Services Limited (parent company of Atlaxa Multi Resources), High Chief (Dr) Olabode Mustapha, in his welcome address at a press conference of the soft launch of Atlaxa Online Marketplace, said the business was born out of a powerful vision to create a bridge between African artisans, creators, and businesses and the global marketplace.

‘For too long, the incredible stories behind African-made products—stories of tradition, innovation, and resilience—have remained untold on the global stage. ATLAXA is here to change that’, he stated.

The Chairman stated that ATLAXA stands as a digital stronghold—offering African entrepreneurs, artisans, and businesses a global marketplace to showcase their creativity and heritage.

Mustapha explained that the mission of the platform is to empower African entrepreneurs by providing them with a platform to showcase their products to the world.

“We are not just building a marketplace; we are building a movement—one that celebrates the richness of African culture, supports local economies, and fosters sustainable growth for African businesses,” he said.

“As someone who hails from Abeokuta, I have witnessed firsthand the artistry and dedication that go into creating products like Adire. Each piece of Adire fabric tells a story—a story of culture, identity, and creativity passed down through generations.”

“It is this same spirit of craftsmanship and innovation that we aim to showcase on ATLAXA, not just from Abeokuta but from every corner of Africa. At ATLAXA, we believe in the power of authenticity.

“Every product on our platform is a reflection of Africa’s diverse heritage, from handmade crafts and textiles to art, beauty, and home decor. These products are more than just items for sale—they are pieces of Africa’s soul, crafted with passion and purpose.

“But ATLAXA is not just about products; it’s about people. It’s about the artisans who pour their hearts into their work, the entrepreneurs who dream of reaching new markets, and the buyers around the world who seek unique, meaningful, and high-quality goods. ATLAXA is here to connect these worlds, creating opportunities for growth, collaboration, and mutual appreciation’, he added.

The chairman emphasized that the launch marks the beginning of an exciting journey, expressing optimism that the company can create a future where African creativity thrives on a global scale.

‘As we officially launch ATLAXA, we invite you to join us in this mission—whether as a seller, a buyer, or a supporter. Together, we can redefine how the world sees and experiences African products, and together, we can create a future where African creativity thrives on a global scale’.

‘Ladies and gentlemen, this is just the beginning. ATLAXA is more than a platform; it is a promise—a promise to celebrate Africa, to empower its people, and to share its beauty with the world’, Mustapha sais.

The Ogun State Commissioner for Industry, Trade and Investment, Adebola Sofela, gave government backing to the platform, stating that the project was no doubt, an innovative e-commerce marketplace dedicated to showcasing African products and crafts.

The Commissioner, represented by the Permanent Seretary, Dr Olakunle Aikuola explained that the launch was more than just the introduction of a digital marketplace; it is a bold step towards empowering African entrepreneurs, artisans, and manufacturers by providing them with a global platform to showcase their creativity and craftsmanship

‘I congratulate the management of Atlantic Financial Services on this remarkable initiative, which aligns perfectly with the vision of Ogun State for economic transformation and trade expansion, ” he said.

‘In an era where digital technology drives economic growth, ATLAXA has the potential to revolutionize the way African products reach the world, bridging the gap between local producers and international markets.

‘As a government committed to industrialization, trade facilitation, and investment promotion, Ogun State welcomes this initiative with open arms. Our state has long been recognized as a hub for commerce and enterprise, and we are keen on leveraging technology to enhance trade efficiency, promote local content, and boost job creation.

‘By connecting African entrepreneurs to a wider audience, ATLAXA is set to unlock new opportunities for businesses in Ogun State and beyond. The importance of e-commerce in today’s global economy cannot be overstated.

‘It is a driver of financial inclusion, a catalyst for wealth creation, and an enabler of economic resilience. With ATLAXA, small and medium enterprises (SMEs), artisans, and indigenous manufacturers can access wider markets without the limitations of physical boundaries. This will not only increase their profitability but also enhance the visibility of African products on the global stage’.

Sofela stated that Ogun State Government remains committed to supporting enterprises that promote trade and economic development, assuring that it will continue to create an enabling environment for businesses to thrive through progressive policies, infrastructure development, and strategic partnerships.

The Commissioner added that the initiatives like ATLAXA reinforce government belief that innovation and technology are key to unlocking the full potential of the economy, and called on stakeholders to embrace the platform.

The Regional Coordinator, South West at the Nigerian Export Promotion Council (NEPC) Ganiyu Gbolagade, noted that the launch in Abeokuta, was a bold step and a significant milestone to share vision to empower Nigerian businesses to explore and seize opportunities beyond the country borders

‘The world today is more connected than ever before, and the possibilities for exporting Nigerian goods and services are boundless. From our agricultural products to fashion, technology, and everything in between, Nigeria offers a wealth of goods that are in high demand across the globe’, he added.

He explained that at Nigerian Export Promotion Council (NEPC), the mandate is to provide Nigerian businesses with the tools, resources, and knowledge they need to succeed on the international stage.

‘We are committed to assisting you in navigating the complex global market by offering a range of support services, from market research and trade facilitation to export training and financial assistance’, he said.

‘The launch of platforms like Atlaxa is a testament to the innovative spirit of Nigerian entrepreneurs and the desire to open new markets. Atlaxa represents a bridge—connecting Nigerian businesses like yours with international buyers who are eager to engage with the high-quality products that you produce.

‘For those of you who are keen on reaching global buyers, this is an exciting time to leverage technology and digital platforms to scale your business. Platforms like Atlaxa provide the unique opportunity to showcase your products to a worldwide audience, allowing you to reach markets previously out of reach’.

He however, urged the company to ensure that the products to be offered meet global standards, emphasizing that quality is a non-negotiable factor when it comes to international trade, and it is essential to continually improve and innovate.

The Regional Coordinator added that it is critical to conduct thorough market research and understand the demands and preferences of their target audience, knowing their market will guide them in making informed decisions and tailoring their products to meet specific needs.

‘Familiarize yourself with export regulations, both domestically and internationally. The NEPC is here to assist you in navigating these processes, from export documentation to customs procedures’, he said.

‘Use platforms like Atlaxa to build relationships with international buyers and other stakeholders. Networking is crucial in expanding your business and finding the right partners’.

He said the Nigerian Export Promotion Council is dedicated to supporting the company at every step of its export journey, stressing that whether they are an experienced exporter or a newcomer, the council will be available to help them grow the business, reach new markets, and contribute to Nigeria’s export growth.

In a significant move to further enhance the availability of digital payment services to Nigerians, Moniepoint Inc has announced a strategic partnership with Afrigopay Financial Services Limited (AFSL), a subsidiary of the Nigeria Inter-Bank Settlement System (NIBSS), to further enhance the government’s digital payment agenda, by driving tap-to-pay solutions as well as accelerating the adoption of AfriGO Card, Nigeria’s National Domestic Card Scheme nationwide.

This collaboration will also leverage Moniepoint’s extensive reach and robust infrastructure to avail an innovative solution which allows users to make payments by tapping or hovering their contactless card or Near Field Communication (NFC) enabled device over a payment terminal or directly on compatible mobile phone devices.

Moniepoint, already a leader in driving digital payments and financial inclusion in Nigeria, will utilize its vast network and technological expertise to facilitate the rapid scaling of the AfriGO cards. Known for its innovative solutions that empower small and medium-sized enterprises (SMEs) and individuals, Moniepoint has consistently demonstrated its commitment to bridging the financial inclusion gap and has committed to deploying 5 million AfriGO cards.

AfriGO aims to deepen financial inclusivity by utilizing innovative products, a customer-focused approach, and cutting-edge technology. By reducing the country’s dependency on foreign exchange (FX) for payment transactions and ensuring data sovereignty, AfriGO Card strengthens and empowers local businesses, creating new opportunities within the growing card business ecosystem in Nigeria.

“Our partnership with AfriGO aligns perfectly with our ongoing mission to engineer financial happiness for every Nigerian while driving convenience, transparency and security with contactless payments,” stated, Tosin Eniolorunda, CEO Moniepoint Inc. “The Moniepoint/AfriGO card is not just a product; it’s a vital tool that will extend our reach, particularly to those who have been traditionally excluded from the formal financial system. Building on Moniepoint’s impressive track record, this partnership will offer Nigerians a more affordable payment option while ensuring instant transaction settlement through AfriGO. Additionally, it will further drive financial inclusion across the country”.

He continues, “the benefits of contactless payments are far reaching and will be great for our ecosystem. There are mutual synergies in unlocking potentials by creating a better life through our services for all Nigerians and we can reshape the digital economy so everyone — individuals, financial institutions, governments and businesses — can realize their ambitions.”

Speaking on the collaboration, the Managing Director & CEO of Afrigopay Financial Services Ltd. (AFSL), Mrs. Ebehijie Momoh, stated, “This partnership is set to transform financial service delivery, particularly in underserved areas, by leveraging AfriGO’s innovative payment solutions. With AfriGO Cards, merchants and agents will experience seamless transaction finalization and instant settlement, leading to improved efficiency, better cash flow management, and reduced risk. Backed by robust technology infrastructure and effective liquidity management, AfriGO ensures smooth and secure operations, further enhancing accessibility and driving financial inclusion”.

She added, “Moniepoint’s extensive agent network will play a key role in expanding this reach, supporting local businesses and delivering essential banking services, including purchases, deposits, withdrawals and money transfers. Together, we are creating a more connected and inclusive financial ecosystem, making transactions faster, more reliable and widely accessible to Nigerians.”

This partnership reinforces the industry’s commitment to offering advanced, efficient payment solutions while significantly giving a boost to digital payment adoption in Nigeria, offering a secure, local alternative to international payment cards and shaping the future of payments in Nigeria.

Moniepoint has been instrumental in transforming Nigeria’s financial landscape by providing reliable and accessible digital payment solutions. Their agent network, spanning across the country, has significantly contributed to bringing financial services closer to underserved communities. The company’s focus on empowering SMEs with reliable point-of-sale (POS) terminals and digital banking tools has fostered economic growth and financial stability.

——-ENDS——-

PHOTO-CAPTION

L-R Managing Director, Moniepoint MFB, Babatunde Olofin; Chief Operating Officer, AfriGOPay Financial Services, Ugo Obasi; MD/CEO, AfriGOPay Financial Services, Ebehijie Momoh and Co-Founder and Group CEO, Moniepoint Inc, Tosin Eniolorunda during a courtesy visit to AfriGo in Lagos.

Sanwo-Olu said the decision to collaborate with NCC is in line with his administration’s commitment to Education and Technology, which is the third pillar of the government’s THEMES+ developmental agenda.

Speaking during a courtesy visit by the delegation of the Nigerian Communications Commission (NCC) led by its Executive Vice Chairman and Chief Executive Officer, Aminu Maida, at the Lagos House, Ikeja, Governor Sanwo-Olu promised to collaborate with the Commission to protect critical infrastructure and the advancement of telecom and the digital economy.

Sanwo-Olu disclosed that his administration has attracted investments amounting to about $1.2 billion from different organisations into the digital economy.

He said: “We have it on record that within five years of our administration, we have attracted investments in excess of about $1.2 billion directly into the digital space around building data centres, hyper-scale data centres, landing submarine cables, and creating a network of users and providers.”

Speaking earlier, the Executive Vice Chairman/CEO of NCC, Aminu Maida, commended Governor Sanwo-Olu’s administration for his developmental strides, especially in the area of telecommunication, technology and digital economy.

He said Lagos is a strategic partner with NCC, hence the need for collaboration to protect digital infrastructure, issues of Right of Way, adequate notifications during road construction and rehabilitation, among others.

Maida disclosed that President Tinubu in July 2024 signed an Executive Order to protect key infrastructure across the country. He therefore called for continuous protection of digital infrastructures in Nigeria.

Raenest, the global multi-currency accounts platform for individuals and businesses across Africa, today announced the completion of its $11M Series A funding. The round was led by QED Investors, with participation from Norrsken22, alongside follow-on investment from Ventures Platform, P1 Ventures, and Seedstars. This equity-based capital injection brings Raenest’s total venture funding to $14.3M.

With this new funding, Raenest aims to deepen its operations in Nigeria, while also strengthening its Kenyan presence. The company also plans to enter the United States and Egypt this year, broadening its impact with Africans within the continent and outside the continent, and also attract top talent to support its growth. Currently, Raenest holds licenses in Nigeria as an approved International Money Transfer Operator [IMTO] and in Canada as a Money Services Business [MSB] and is working to secure additional licenses in key jurisdictions. The company has established strategic partnerships with leading banks in the US and UK, to ensure operational stability and reliability, and plans to use the funding to form additional collaborations with financial institutions worldwide.

Founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, Raenest initially operated as an Employer of Record (EOR) before evolving into a platform that redefines global banking for Africans, helping businesses and freelancers receive international payments, convert between currencies, operate a multi-currency wallet, while managing transactions seamlessly. The platform also enables customers to open global bank accounts in their names, access physical and virtual dollar cards, and manage payments in USD, EUR, and GBP.

These tools offer the flexibility and reliability needed to navigate global markets. To date, the company has amassed over 700,000 individual customers, processed over $1 billion in payments, and serves over 300 businesses, including MoniePoint, Helium Health, Fez Delivery, and Matta.

Raenest also offers a consumer-focused product, Geegpay, which provides Africa’s gig economy, particularly freelancers, creators, remote workers, and solopreneurs, with efficient solutions for receiving payments from Upwork, Fiverr, Gusto, as well as other overseas platforms and clients while minimising fees.

Speaking on the announcement, Victor Alade, CEO of Raenest, said: “At Raenest, we are dedicated to addressing the barriers that hinder Africans from accessing seamless financial services. Our journey over the past two years has been shaped by innovation, collaboration, and a shared vision to build a sustainable, globally impactful business that bridges economic and digital divides. This funding, supported by new and existing investors who share our mission, provides the momentum to scale our solutions and expand our impact across the continent. We are excited to continue building solutions that connect Africa to the world and drive inclusive growth and prosperity.”

Gbenga Ajayi, Partner and Head of Africa and the Middle East at QED Investors, added: “At QED, we’re thrilled to support Raenest as they redefine cross-border banking for Africans. Their commitment to financial inclusion, combined with a seamless user experience, positions Raenest as a game-changer in the region’s fintech landscape. We firmly believe that by bridging the gap between local and global markets, Raenest will unlock new opportunities for African entrepreneurs, freelancers and businesses, ultimately driving greater economic empowerment across the continent.”

Lexi Novitske, General Partner of Norrsken22, said, “Africa’s gig economy is growing at an impressive 20% year-on-year, yet cross-border payment challenges persist for workers and businesses alike. Our investment in Raenest reflects our belief that they are unlocking new opportunities by transforming how Africa’s global workforce connects to the world economy.”

Kola Aina, Founder and General Partner at Ventures Platform, emphasised their continued support: “As one of Raenest’s earliest backers, we have witnessed their exceptional growth, their consistent delivery of quality and reliable services to customers, and their ability to deliver meaningful impact in the financial services sector. Raenest’s unwavering commitment to Africa’s gig economy and businesses is evident at every stage of their journey, and we are thrilled to see them continue to scale while staying true to their bold vision.”

With this Series A funding, Raenest is set to expand its reach and strengthen its role in the growing cross-border payments industry, which is projected to reach $320 trillion by 2032. Africa remains one of the fastest-growing regions for global transactions. With the backing of global and early-stage investors, Raenest is well-positioned to deliver fast, transparent, and affordable financial tools that simplify cross-border money management. By scaling its infrastructure, deepening partnerships with global financial institutions and enhancing its multi-currency offerings, Raenest is enabling more African businesses and individuals to participate fully in the global economy.

These individuals have likely been compromised through a zero-click attack, possibly initiated via a malicious PDF sent in group chats, according to WhatsApp.

The identity of the attackers remains unknown, though Paragon’s software is typically used by government clients. After detecting and disrupting the hacking effort, WhatsApp issued a cease-and-desist letter to Paragon. The incident has been reported to law enforcement and Citizen Lab, a Canadian internet watchdog.

Paragon declined to comment on the accusations, according to Reuters.

Citizen Lab researcher John Scott-Railton told the outlet that the incident “is a reminder that mercenary spyware continues to proliferate and as it does, so we continue to see familiar patterns of problematic use.”

Paragon’s website advertises “ethically based tools, teams, and insights to disrupt intractable threats,” and claims to only sell to governments in stable democratic countries. The company’s products include Graphite, spyware that allows total phone access.

Despite Paragon’s claims of ethical practices, WhatsApp’s findings suggest otherwise, Natalia Krapiva, senior tech-legal counsel at Access Now, told Reuters. She emphasized that such abuses are not isolated incidents, saying, “This is not just a question of some bad apples – these types of abuses (are) a feature of the commercial spyware industry.”

This incident follows a series of legal challenges against Israeli spyware firms. In December 2024, a US judge ruled that NSO Group, the maker of Pegasus spyware, was liable for hacking the phones of 1,400 individuals through WhatsApp in May 2019, violating US state and federal hacking laws, and WhatsApp’s terms of service. A separate trial in March will determine what damages NSO Group owes WhatsApp.

Legal documents from ongoing US litigation between NSO Group and WhatsApp have revealed that it is the Israeli cyberweapons maker NSO Group, not its government clients, that installs and extracts information using its spyware. This disclosure contradicts NSO’s prior claim that only clients operate the system without NSO’s direct involvement.

In the heart of Nigeria’s digital economy, a story of patriotism and resilience unfolds. The telecommunications sector, a driving force behind the country’s growth, has been facing unprecedented challenges. Despite its significant contributions to Nigeria’s social and economic development, the sector has been struggling to keep up with the rising costs of operations.

For nearly a decade, telecom tariffs in Nigeria remained unchanged, while the demand for data and voice services skyrocketed. The cost of operations, however, surged due to rising energy costs, inflation, currency devaluation, and increased costs of importing telecom equipment. These mounting expenses threatened the very foundation of the sector, making it difficult for operators to maintain infrastructure and deliver high-quality services.

In the face of these challenges, telecom operators requested tariff adjustments to reflect the current cost of delivering services. The Nigerian Communications Commission (NCC) carefully considered these proposals, balancing the needs of operators with the interests of consumers. Instead of approving the suggested 100% rate increase, the NCC authorized a maximum adjustment of up to 50% within the current tariff bands.

The NCC plays a vital role in regulating the telecommunications industry in Nigeria, and its actions are guided by the Nigerian Communications Act of 2003. This act empowers the body to regulate and approve tariff rates and charges by telecom operators, ensuring a balance between consumer protection and industry sustainability.

The NCC’s decision to approve tariff adjustments was not taken lightly. It was based on extensive consultations with stakeholders from both the public and private sectors. The goal was to strike a balance between the financial realities of telecom operators and the economic pressures faced by Nigerian households and businesses. The approved tariff adjustments were capped at 50%, significantly lower than the 100% increase requested by operators. This decision showcases the NCC’s commitment to creating a telecommunications environment that works for everyone.

To further protect consumers, the NCC mandated telecom operators to implement the approved adjustments transparently and fairly. Meanwhile, operators were also required to educate and inform the public about the new rates, ensuring customers are fully aware of any changes to their billing structures. Additionally, the NCC’s updated Quality of Service Regulations empower it to sanction operators who fail to meet their service obligations.

Nigerians need to understand that the recent tariff adjustments in the telecommunications sector are a necessary step towards ensuring the long-term sustainability of the industry. These adjustments will enable operators to invest in infrastructure upgrades and innovation, ultimately providing opportunities for local businesses to thrive.

A robust telecommunications sector is crucial for achieving Nigeria’s digital economy goals, including e-commerce growth, broadband penetration, and digital inclusion. The tariff adjustments will strengthen operators’ contributions to these objectives by providing connectivity to underserved and rural areas, driving innovation, creating jobs, and boosting economic productivity.

Since 2013, telecom operators have grappled with escalating costs without corresponding adjustments to the tariff rates they offered. Without tariff adjustments, operators risk being unable to sustain their operations, leading to service degradation and potential job losses within the industry. This would increase the rate of unemployment in the country, contributing to the hardship the government has been fighting hard to eradicate.

The telecommunications sector is capital-intensive, requiring continuous investment in infrastructure to meet growing demand and improve service quality. The approved tariff adjustments will provide operators with the financial resources needed to invest in network expansion, upgrade existing infrastructure, and enhance customer service. This will ultimately benefit consumers by delivering better connectivity, reduced downtime, and wider network coverage.

It’s worth noting that the Nigerian Communications Commission’s (NCC) approval of tariff adjustments aligns with international best practices, ensuring Nigeria stays competitive in the global telecommunications landscape. By maintaining tariffs within the bands outlined in the 2013 NCC Cost Study, the Commission has ensured that the adjustments are both fair and evidence-based.

Furthermore, the NCC’s modest tariff adjustment was influenced by the financial strains that many businesses and households are experiencing. In the context of the broader economy, the long-term benefits of the slight increase in consumer bills far outweigh the immediate costs. Benefits such as expanded coverage, improved network quality, and enhanced customer service will provide greater value to consumers, further ensuring they receive a greater telecommunications experience.

In other to mitigate the impact on vulnerable consumers, the NCC has mandated that operators simplify their tariff structures, and offer affordable plans that will be suitable to different income levels. Additionally, the Commission will continue to monitor the implementation of the adjustments to ensure compliance with its guidelines and protect consumers from exploitation. This action validates the Commission’s goal of ensuring that Nigeria remains at the forefront of digital innovation and connectivity in Africa.

As a regulator, it is obvious that the NCC is not only protecting consumers, but also supporting operators, indigenous vendors, and suppliers who form the pillar of the telecom industry. It is worthy of note to state that the adjustments have no relation to the ongoing tax reform conversation. This holistic approach ensures that the benefits of a thriving telecommunications sector are felt across all segments of society.

The tariff adjustments approved by the NCC are a necessary step toward addressing the financial and operational challenges faced by telecom operators. Far from being complicit in any alleged exploitation, the NCC has demonstrated commendable patriotism and a deep commitment to balancing consumer protection with industry sustainability. The NCC’s actions in approving the tariff adjustments reflect patriotism and national progress at its finest.

By enabling operators to invest in infrastructure, improve service quality, and support indigenous businesses, the NCC is laying the foundation for a more robust and inclusive telecommunications sector that can measure up with its international counterparts all across the globe. The adjustments are not merely a response to current market conditions but a forward-looking strategy that will ensure Nigeria’s telecommunications industry remains a vital driver of economic growth and digital transformation.

As Nigerians, it is very important to view these adjustments as a patriotic move by the NCC to secure the future of connectivity and development in the country. The Commission’s action embodies transparency and accountability, and it serves as a reminder that effective regulation is not about appeasing one stakeholder group over another, but about creating an environment that works for everyone. Through its efforts, the NCC is proving that a stronger, more sustainable telecommunications sector is not just a possibility but a reality within reach.

*Prince writes from Abuja

Drawing on anonymised data from over 110 million identity verification checks conducted by Smile ID across Central, East, West, and Southern Africa in 2024, the report highlights ongoing challenges and opportunities. The widespread adoption of biometric verification over traditional textual methods has significantly strengthened fraud prevention, driving the overall fraud rate during KYC checks down to 25% in 2024 (a 4-percentage-point decrease). However, this year-over-year progress has prompted fraudsters to develop more sophisticated attack methods targeting biometric systems, resulting in millions of dollars in fraud losses across key African markets. Despite improvements in KYC processes, overall fraud losses escalated in key African markets. Nigerian banks reported N42.6 billion in fraud losses in Q2 2024 alone, surpassing the total N9.4 billion losses recorded in all of 2023, according to the FITC.

Smile ID says it continues to tackle unique threats African businesses face when onboarding users, such as identity farming, insider-assisted account takeovers, and advanced document forgeries. Key findings from the 2025 Digital Identity Fraud in Africa report also include:

• East Africa reported the highest biometric and document rejection rates at 27%. Central Africa matched West Africa at 22%, while Southern Africa recorded a 21% rejection rate.

• Biometric fraud attempts are steadily increasing, reaching a quarterly average of 16%—the highest recorded in the past three years.
• Authentication attempts showed four times higher fraud rates compared to registration, indicating a significant rise in account takeover risks.
• Across all African regions, fraudulent activities concentrated between 8 PM and 4 AM WAT, peaking at 12 AM WAT.

Speaking on the report, Mark Straub, CEO of Smile ID, said: “The future of fraud prevention lies in adaptability. While AI provides fraudsters with powerful new tools, it also helps security practitioners harness global intelligence to counter zero-day attacks and automate processes that were once manual. 

“Fintech platforms with weak KYC protocols remain the most vulnerable, as these bad actors use identity farming to create fraudulent accounts that conceal the origins of illicit funds. Tackling these vulnerabilities requires collaboration between industries, governments, and technology providers to create a safer digital ecosystem.”

The report’s launch builds on the recent introduction of Enhanced SmartSelfie, an advanced biometric verification technology built to withstand advanced fraud attempts, including deepfakes, AI-generated faces, and replay videos. If paired with a unified approach, African businesses can secure their operations, build trust, and drive economic growth.

Founded in 2017, Smile ID has revolutionised identity verification in Africa, completing over 200 million verification checks by November 2024. As the continent’s leading provider of digital identity verification, fraud detection, and KYC compliance solutions, the company delivers scalable, Africa-focused tools optimised for real-time onboarding, anti-fraud measures, and AI-driven identity verification. Backed by investors like Costanoa Ventures and CRE Venture Capital, the company catalyses Africa’s digital economy by enabling businesses, governments, and individuals to build trust in underserved markets.

Nasdaq 100 futures dropped by as much as 3.2%, and S&P 500 contracts declined 1.9% as of 3:23am in New York. In early European trading, Frankfurt-listed Nvidia shares fell around 7%, while Tesla, Amazon, and Meta saw drops of over 2%. Shares of Dutch computer chip maker ASML Holding NV were down more than 8%.

Stock futures tumbled after DeepSeek rolled out its new AI model, which is reported to be cost-effective and able to run on less advanced chips than tools such as OpenAI’s ChatGPT.

The newly launched free assistant has cast doubt on the high valuations of companies like Nvidia, a leader in the global AI stock boom, whose chips have been considered essential for the technology’s growth.

“DeepSeek shows that it is possible to develop powerful AI models that cost less,” Vey-Sern Ling, managing director at Union Bancaire Privee, told Bloomberg. “It can potentially derail the investment case for the entire AI supply chain, which is driven by high spending from a small handful of hyperscalers.”

The Chinese startup’s AI model, founded by quant fund chief Liang Wenfeng, is quickly gaining recognition as a strong competitor to OpenAI and Meta Platforms’ latest offerings. Its assistant outperformed ChatGPT to become the top-rated free app on Apple’s App Store in the US on Monday.

The new assistant is set to challenge Silicon Valley’s dominance, potentially disrupting the global tech landscape and shifting the course of the “AI arms race,” said Nigel Green, CEO of financial advisory deVere Group, as quoted by CNBC.

DeepSeek researchers revealed in a paper last month that their DeepSeek-V3 model, launched on January 10, was trained using Nvidia’s H800 chips, costing under $6 million, according to Reuters. The H800 chips, while not top-tier, were reportedly developed as a lower-capacity option to bypass sales restrictions to China, before later being banned under US sanctions.

“The idea that the most cutting-edge technologies in America, like Nvida and ChatGPT, are the most superior globally, there’s concern that this perspective might start to change,” Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management, told Reuters.

Experts say the emergence of DeepSeek signals intensifying competition in the AI sector with future competitors likely to evolve rapidly, presenting greater challenges to established companies.

According to data, while overall app installs continued to grow in 2024, finance apps stood out, highlighting an impressive 34% increase in downloads between Q1 and Q3, when compared to the same period in 2023. iOS emerged as the primary contributor to this trend, experiencing a twofold increase in finance app installs during Q1 2024, compared to the same quarter in 2023.

Financial Search Trends in Nigeria and South Africa 

Leveraging Google Search trends, the report uncovers key trends and purchasing interests within the financial services sector, one of the most-searched categories in Sub-Saharan Africa. 

In Nigeria, Google Searches point to an overall growth in financial services interest between January 2023 to August 2024, with “Naira” “dollar” “naira to dollar” and “loans” as the most searched terms, indicating a growing apprehension about the country’s currency devaluation. Financial searches also reached a high between February and April, in line with the Naira falling to a record low in February.

On the other hand, finance related searches have remained relatively static in South Africa, with spikes in January and August, coinciding with seasonal peaks such as educational expenses, holiday financial expenses, and other cultural activities. 

2025 Outlook for Marketers

While the finance sector faced a challenge in Q1 to Q3 2024, with Android installs dropping 27% due to reduced app install ad spend, in-app purchase (IAP) revenue from finance apps is showing strong growth across the region, indicating a shift toward more consistent in-app spending. 

Figures on IAP revenue from finance apps in sub-Saharan Africa have shown a boost in Q3 with a 46% increase compared to the same quarter in 2023. This also aligns with an overall growth trend of 28% between Q1 – Q3 as a whole. In Nigeria specifically, iOS has seen a 51% jump in IAP revenue from finance apps compared to Q1 – Q3 of the previous year.

Marketers can look forward to continued growth in Sub-Saharan Africa’s mobile landscape, fueled by rising installs and in-app purchase revenue from finance apps. This momentum is further supported by a promising 9% increase in ad spend recorded in Q4 2024, compared to Q3.

Commenting on findings gathered from the report, Netta Lev Sadeh, Managing Director EMEA SANI, AppsFlyer stated, “Our partnership with Google has allowed us to gain valuable insights into the dynamic financial services landscape. As one of the most exciting sectors in the region, the findings of this report underscore the crucial role of mobile phones and apps in continuing the advancement of financial inclusion, helping to bridge a critical gap across Sub-Saharan Africa. We are excited to see the steadily growing trend in IAP revenue from finance apps, which signals a promising and optimistic outlook for the region’s economic future. “

Lorraine Landon, Head of Advertising Products and Solutions – SSA for Google, added “This report from AppsFlyer is a must-read for brands and advertisers targeting the African market. The data clearly shows a huge opportunity to connect with consumers through mobile apps, with engagement growing significantly year-over-year. We are proud to once again partner with AppsFlyer on this report, which reflects our commitment to supporting businesses in this dynamic market and serves as a great starting point for unlocking success.”