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Certum Set to Address Growing Cybercrime Menace

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  • Certum Set to Address Growing Cybercrime Menace

The fight against cybercrime in Nigeria has achieved a major milestone with the local launch of Certum, the first security certification authority with a direct presence in Nigeria. Cybercrime has progressed from websites being hacked and users’ data being stolen to sophisticated criminality targeting companies, particularly financial institutions, ecommerce sites, government agencies among others.

Explaining how to address cybercrime activities, the company’s Business Development Manager, Mr. Peter Uka, said everyone is vulnerable today and it is only a matter of time before one falls prey to these undesirable elements.

According to him, “Certum is a globally recognised Certificate Authority owned by the Asseco Group, which has a direct presence in Nigeria through Asseco Nigeria with offices in Lagos and Abuja. Certum provides cryptographic trust and security products such as secure socket layer (SSL / TLS ) certificates, email encryption certificates (S-MIME technology), code signing certificates and electronic signature products. These technologies are needed to secure websites and encrypt email and document communication – protecting information from getting to the wrong hands.”

The important benefits of a local certificate authority are onsite support, extremely fast verifications on higher end SSL certificates used by financial institutions and all transactions in naira and not in foreign currencies.

According to Uka, “Being present locally gives the advantage of being able to carry out company/documents validation faster such that the certificates are issued significantly quicker than with Certification Authorities based abroad. We undertake the highest end of certification within three days, while international authorities can take months.”

He said Certum CA meets the strictest European and international quality standards for trust and encryption products, and that the solution has been certified by WebTrustTM for Certification Authorities.

Managing Director, Asseco Nigeria, Mr. Adefolu Majekodunmi, explained that cyber threats are on the increase and advised organisations to adopt the right technology solutions to protect downtime in business.

“Most organisations do not attach importance to security solutions. They want to be hacked before they take the necessary steps, and this is not good for a growing business,” Majekodunmi said.

Speaking on interoperability, he said the solution has 99 per cent interoperability level and could operate with existing technology.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Technology

Zoom Hit a Record High Quarterly Revenue of $882.5 Million, Almost a 370% Increase YoY

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Zoom’s revenues skyrocketed last year as global demand for online meeting solutions soared amid the COVID-19 lockdown. Although the popular video conferencing platform generated impressive revenue through its fiscal year 2021, the year’s final quarter set a new record.

According to data presented by Buy Shares, Zoom hit a record high quarterly revenue of $882.5 million in Q4 FY 2021, almost a 370% increase year-over-year.

Annual Revenue Soared by 700% in Two Years

Unlike many other sectors, the video conferencing platforms witnessed explosive growth amid the COVID-19 crisis, as millions of people started working from home. However, Zoom emerged as the most preferred platform for holding virtual meetings. As countries across the globe imposed lockdowns, family members also turned to Zoom as a way of keeping in touch with each other. Museums, theatres, and schools chose the platform to maintain normal operations.

With the ban on social gatherings, Zoom also became a cultural phenomenon through hosting parties, concerts, church services, and art shows. The surge in the number of users led to a 700% revenue growth in two years.

In the fiscal year 2019, Zoom generated $330.5 million in revenue, revealed the company’s earnings report. Over the next twelve months, this figure jumped by more than 88% to $626.6 million. The two-digit increase was driven by a strong Q4 FY 2020, matching the period between January and March 2020, when the pandemic already struck. Zoom’s quarterly revenue jumped by 78% YoY in this three-month period and hit $188 million.

The strong increasing trend continued in the following months, with revenue rising to $328.1 million in the second quarter of the calendar year 2020. Statistics show this figure more than doubled in the next three-month period and hit $663.5 million.

However, the fourth quarter of the fiscal year 2021, matching the period between January and March 2021, delivered the highest quarterly revenue in Zoom`s history, causing annual revenues to rise above the expectations to $2.65bn.

Almost 70% of that value, or $1.83bn, was generated in the Americas as the largest Zoom market. Users from the EMEA region, as the second-largest market, generated $486 million in revenue. Asia followed with $332.8 million, respectively.

Market Cap Soared by 357% Year-Over-Year

While the Zoom stock price has increased steadily throughout 2020, a positive announcement regarding the efficiency of a COVID-19 vaccine in November last year resulted in the price falling by more than 30% by the end of the year.

Since then, the share price has been fluctuating and in recent months saw even more of a downturn, reaching $328.95 last week.

In December 2020, the combined value of Zoom shares stood at $115.5bn, revealed the MacroTrends data. Over the last four months, this figure dropped to $96.6bn, still a 357% increase year-over-year.

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West Africa Launches New Payments Digitization Agenda

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In Senegal, 8 out of 10 workers are paid in cash. Most are temporary workers and excluded from health insurance. A survey revealed that 77% of temporary workers would be willing to receive their wages digitally if this gave them access to health insurance. These are some of the major findings of the publication that the Senegalese government has launched today, with support from the Better Than Cash Alliance (United Nations), the World Bank and the National Agency of Statistics and Demography of Senegal. Combining digital payments with health insurance benefits offers an excellent opportunity for social inclusion, formalization, and financial innovation.

Digital payments stimulate domestic production and consumption. If 50% of temporary workers in Senegal received payments digitally, 45 billion CFA francs would be added to GDP per year (around $80 million USD). Paying workers digitally, speeds up the financial inclusion for the population, boosts business competitiveness and increases financial system liquidity. To tap into this potential, the SME Development Agency (ADEPME) plans to bolster its SME support fund with $20 million USD (around 11 billion CFA francs) from the World Bank. This will be used to strengthen SME digitization initiatives and support digital payment projects for workers.

High-level leadership speaks out in support of digital payments for workers

Senegalese President Macky Sall and H.M. Queen Máxima of the Netherlands, who serves as UN Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA), have launched an appeal to fellow leaders, the private sector and civil society, inviting them to: “use this report to ensure digital payments are at the center of a sustainable and fair economic recovery. We look forward to jointly providing leadership on this agenda to achieve an inclusive and digitally enabled recovery,” the two leaders added.

To set an example, the President of Burkina Faso, Roch Marc Christian Kaboré, also decreed, in late 2020, the digitization of payments for workers in the administration of Burkina Faso. When the COVID crisis emerged, the West African Economic and Monetary Union (WAEMU) and the Central Bank of West African States (BCEAO) took decisions aimed at reducing the circulation of cash in the 8 countries. These actions have had tangible impacts which are beginning to change the lives of workers and companies.

Digitizing payments and advancing universal health care coverage

While receiving a salary is often linked to health care contributions, globally at least 61% of workers operate in the informal sector without adequate coverage, according to the International Labour Organization (ILO). Indeed, in some countries, there is not always a legal obligation for employers to contribute to any kind of coverage for their informal/self-employed workers, which affects women more than men.

To meet this challenge of inclusion, the National Agency for Universal Health Coverage in Senegal has launched an ambitious digital payments platform. It has partnered with fintechs and private companies to link access to universal health coverage and digital payments – specifically targeting women. Flagship national enterprises such as the agricultural giant SODAGRI or SMEs such as QUALIOCEAN and Kossam SDE are setting an example by providing temporary workers with universal health coverage. More than 200,000 workers will now have access to quality, government-subsidized health care.

While 81% of national companies have fewer than 20 employees, on average hundreds or even thousands of temporary workers are employed in their supply chains. Employees are generally banked, but 93% of employees on temporary contracts are paid in cash. The latter are systematically excluded from the formal health system.

The successful transition towards digital payments

Three obstacles have limited the growth of payment digitization in Africa: the size of the informal sector, sometimes up to 90% of the economy; the historically low financial inclusion rate; and most importantly, 21% of African workers receive a wage keeping them below the poverty line.

This has all changed dramatically. Financial inclusion has surged since 2010 with the arrival of electronic money issuers and fintech.

The country’s largest employer, Compagnie Sucrière Sénégalaise, has successfully digitized payment for around 8,000 workers via a partnership with local fintech. “We wanted to digitize payments without using the banking system, which isn’t suited to some populations,” noted Claude Fizaine, the company’s Secretary General, in an interview with an African media outlet. “For employers, the benefits of digitizing payments include avoiding the constraints of managing large amounts of cash, and all the risks that distribution can involve. It also makes it possible to offer employees tools tailored to their financial and family situations, which can only have a positive impact on their personal and professional lives,” he added.

WAEMU’s innovations should continue to inspire the rest of Africa. Since 2012, it has been the continent’s engine for economic growth and stability. The examples of Senegal and its neighbours reinforce the ILO’s global agenda that could well make digital payments for workers a new global standard for promoting decent work.

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E-commerce

Kwik Delivery Releases Prestashop Plugin; Becomes Most Integrated Delivery Platform With e-commerce Frameworks In Africa

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The ‘oars’ are definitely not resting at Kwik Delivery at this time! Just weeks after the release of its plugins for Shopify and Magento, Kwik Delivery announces the release of its plugin for Prestashop. This new plugin is a milestone as Kwik Delivery is now fully integrated with the “Big Four” of e-commerce frameworks: Magento, WooCommerce, Shopify and now Prestashop.

Delivery plugins are a critical technology brick in the growth of African e-commerce by allowing thousands of merchants to offer reliable, secure and efficient last-mile delivery services to their customers. By installing the plugin, businesses no longer need to worry about on-time deliveries after-sales as Kwik handles it for them. Kwik delivers within 2 hours in Lagos and 1 hour in Abuja after pickup and will soon expand its service to new cities.

“These are key milestones for us in enabling the growth of e-commerce in Nigeria,” commented Romain POIROT-LELLIG, Founder & CEO of Kwik Delivery. “We are working to ease the logistics hassles faced by both businesses and their customers after-sales. Just providing the network to make this possible is not enough. The added value brought by Kwik Delivery starts from the fulfillment systems of merchants, all the way to the doorsteps of buyers.”

The Prestashop plugin is free and easy to install and use. The plugin allows buyers to get real-time shipping rates between merchants’ addresses and the buyers’ delivery addresses. Buyers can directly place orders to be delivered by Kwik Delivery at the checkout of Prestashop stores.

Since its launch in 2019, Kwik Delivery has introduced the concept of “just-in-time” last-mile deliveries in Nigeria and has pioneered an approach of deep integration with e-commerce frameworks that proves to be indispensable to the growth of Africa’s e-commerce, fostering trade across Africa. Kwik Delivery is the trading name of Africa Delivery Technologies SAS and the mobile app is available on iOS and Android.

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