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Nigeria to Partner Kenya, Rwanda on Optimal Use of ICT

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ICT
  • Nigeria to Partner Kenya, Rwanda on Optimal Use of ICT

The Minister of Communications, Adebayo Shittu has disclosed that, the federal government has commenced a working relationship with Kenya and Rwanda governments on the maximum use of ICT to improve the financial inclusiveness of an average Nigerian.

Also, he said that federal government is contemplating establishing a communications bank which will be a development bank that will assist in the financing of communication and ICT companies based in the country .

Shittu disclosed this in Ilorin, the Kwara State capital at the weekend while fielding questions from journalists on the state of the nation.

He said that Nigeria has to bury her pride and visit the two smaller African countries to learn how they have advanced in their technological knowhow and how they have used communication and ICT to improve the living standard of their citizens .

Shittu observed that in Nigeria today, less than 50percent of the local government areas lack banking facilities hence they are being excluded from physical policies of government but with the e-banking being introduced.

He explained that Nigerians can operate financial transactions from their homes as well as transact other official business through their GSM including applying for international passports

The minister also explained that the establishment of the bank would create a welfare society and assist operators of communication companies to access working capital at low interest rate lamenting that foreign ICT operators are finding it extremely difficult to operate presently in the country hence the need for the Federal Government to come to their aid.

According to him, telecommunication business is very expensive as it requires huge capital explaining that $240million would be needed to obtain a license while installation of a mast would attract about N40billion.

The minister described the Ministry of Communications as the second after the petroleum sector in terms of revenue generation to the coffers of the federal government, stressing that in the past 16 years, GSM operators are contributing about 12 percent of the country’s Gross Domestic Product (GDP).

He added that the communication sector is the highest employer of Labour today in the country noting that, the federal government was doing everything possible to create an enabling environment for operators of that sector so that business would run more profitably.

Shittu disclosed that there are also plans to produce SIM cards through local production adding that a letter to that effect has been forwarded to the Central Bank of Nigeria (CBN) for approval

Speaking on the laws guiding the operation of GSM in the country , the minister said non registration of SIM cards attract a fine of N250,000 and recalled that recently MTN paid the federal government the sum of N80billion out of the N330billion fined the company for failing to deactivate over five million unregistered SIM cards.

He announced that NCC, which is under his ministry, has introduced a toll free line for members of the public to make complaints about deficiencies they face in their mobile services.

Shittu however, urged the federal government to improve its power sector optimally and provide adequate security for communication installations to guide against vandalism assuring that the future of communications in the country is very bright under the present administration.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Telecommunications

Lagos Residents Frustrated by Rapid Data Drain, Call for NCC Action

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Telecommunications - Investors King

Lagos residents are expressing increasing frustration over what they describe as the rapid depletion of their data bundles.

Many subscribers are now calling on the Nigerian Communications Commission (NCC) to address their concerns as they suspect changes in billing practices by telecommunication providers.

Numerous subscribers have reported that their data does not last as long as it used to. A Lagos-based teacher, Mrs. Nafidah Zaynab, shared her experience, stating that a N2,000 data bundle, which previously lasted almost a month, now depletes within just a few days.

This sentiment is echoed by many, including Idowu Anabili, a trader who has reduced his data usage due to rising costs.

Abdullahi Yunus, who runs a café, noted a significant increase in his data expenses, spending between N70,000 and N100,000 monthly, up from N30,000. He attributes this spike to faster data consumption.

Telecom operators deny any wrongdoing, attributing the faster data consumption to increased usage by subscribers.

An anonymous official from MTN explained that the variety of activities performed on smartphones has increased, leading to faster data usage.

Airtel Nigeria’s spokesperson, Mr. Femi Adeniran, suggested that background apps and high-definition streaming contribute to the issue.

Despite complaints, operators assert they have not officially increased data prices. They emphasize that automatic app updates and other technical factors may be responsible for the perceived quick depletion.

Experts suggest that the challenging economic climate may be pressuring telecom companies to subtly reduce data value.

The industry has reported a 43% rise in operational costs, although no formal tariff hikes have been announced.

The NCC has clarified that it has not authorized any increase in data tariffs. The commission highlights technical factors like automatic video play and app updates as potential causes for quick data depletion.

In a bid to assist consumers, the NCC has advised turning on data saver modes and managing app updates to conserve data.

To combat the issue, Mobile Network Operators (MNOs) have initiated a campaign to educate consumers on optimizing their data usage.

They recommend practices such as disabling automatic updates and closing unused apps.

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Social Media

Meta Shuts Down 63,000 Nigerian Accounts in Sextortion Crackdown

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In a significant move to combat online crime, Meta Platforms Inc., the parent company of Facebook, Instagram, and WhatsApp, has removed 63,000 accounts in Nigeria linked to sextortion scams.

This sweeping action is part of Meta’s ongoing effort to address the growing threat of digital extortion on its platforms.

Unmasking the Scammers

The crackdown, which took place at the end of May, targeted accounts engaged in blackmail schemes.

These scammers posed as young women to coerce individuals into sharing intimate photos, which were then used to extort money from the victims.

The removal follows a Bloomberg Businessweek exposé highlighting the rise of such crimes, particularly affecting teenagers in the United States.

The Global Impact

The U.S. Federal Bureau of Investigation (FBI) has identified sextortion as one of the fastest-growing crimes targeting minors.

The schemes often lead to severe consequences, including the tragic suicides of more than two dozen teens.

In one high-profile case, the death of 17-year-old Jordan DeMay in Michigan led to the arrest of suspects traced back to Lagos, Nigeria.

The Role of the Yahoo Boys

Many of the dismantled accounts were linked to the “Yahoo Boys,” a notorious group known for orchestrating various online scams.

These individuals have been using social media to recruit and train new scammers, sharing blackmail scripts and fake account guides.

Meta’s Response

Meta’s spokesperson emphasized the company’s commitment to user safety, stating, “Financial sextortion is a horrific crime that can have devastating consequences.”

The company is continually improving its defenses and has reported offenders targeting minors to the National Center for Missing & Exploited Children.

To enhance protection, Meta has implemented stricter messaging settings for teen accounts and safety notices regarding sextortion.

They are also employing technology to blur potentially harmful images shared with minors.

Ongoing Efforts

Meta’s actions highlight the complex and evolving nature of online crime. The company has pledged to remain vigilant, adapting its strategies to counter new threats as they emerge.

“This is an adversarial space where criminals evolve to evade our defenses,” Meta noted.

Looking Forward

As digital platforms continue to grapple with issues of privacy and security, Meta’s recent actions demonstrate a proactive stance in safeguarding users.

By dismantling these networks, the company aims to reduce the prevalence of sextortion and foster a safer online environment for all.

The crackdown serves as a reminder of the need for continued vigilance and collaboration between tech companies and law enforcement to protect individuals from the harmful effects of digital exploitation.

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Fintech

Flutterwave Celebrates Inclusion in CNBC’s Top 250 Global Fintechs

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Flutterwave has been recognized as one of the Top 250 Fintech companies globally by CNBC and Statista.

Joining the ranks of industry giants like Ali Pay, Klarna, Piggyvest, and Mastercard, this accolade underscores Flutterwave’s impact on the financial technology sector.

This honor follows Flutterwave’s recent inclusion in Fast Company’s Most Innovative Companies list, highlighting the company’s pivotal role in transforming Africa’s payment landscape.

The recognition is a testament to Flutterwave’s dedication to innovation and excellence in providing seamless payment solutions across the continent.

Expressing gratitude, Flutterwave acknowledged its talented team, supportive board, reliable partners, and loyal customers for contributing to this success.

The company continues to drive progress in the fintech industry, reinforcing its commitment to enhancing financial accessibility and inclusion in Africa and beyond.

Flutterwave’s recognition on these prestigious lists marks a proud moment and a significant milestone in its journey, reflecting the company’s growing influence and leadership in the global fintech arena.

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