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Ambode Advises Public Servants to be IT Compliant

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Cyber Security - Investors King
  • Ambode Advises Public Servants to be IT Compliant

Public servants in Lagos must be fully compliant with information technology (IT) as the country journeys on in the 21st Century, Lagos State Governor, Akinwunmi Ambode, has said.

Represented by the Commissioner, Ministry of Establishments, Training, and Pensions, Dr. Akintola Benson, at the ongoing workshop for public servants, he said the workers must begin and complete their work on computers and the internet to get the benefits of speed, scalability, and inter-operability of systems.

At the workshop tagged, “Strategic management and transformational leadership in the 21st Century-Agile Management Model”, he stated that this has become necessary as the state government and its institutions position to be adaptable to the changes of the unique challenges of the century.

He said the workshop was designed to further the commitment of the government to the fundamental transformation of the state public service.

Ambode added that the government has demonstrated that it will not be deterred in its determination to ensure the realisation of this vision.

He said from a citizen and governmental perspective, the key expectations from a 21st century public service are the ability to transplant private sector-tested management theories into the public service, realistic and practically-grounded policy formulation and execution. Others are the deepening of technical knowledge and utilisation of modern tools, the appreciation of the need to focus on details and, importantly, the prioritisation of productivity on individual levels in terms of time utilisation and work modalities.

He said: “I am confident that this training will address the practical steps to realise these expectations and many more that will be identified in the course of this training. It is gratifying to note that in Lagos State, we have a government that has boldly embraced this challenge of modernising governance and innovatively approaching the task of public administration. We are poised to examine those areas, processes and institutions and practices that need to be overhauled or remodeled in order to achieve this end.

“And as we journey on in the 21st Century and as the Lagos State government and her institutions position to be adaptable to the changes necessitated by the unique challenges of the century, the Ministry of Establishments, Training and Pensions recommended, and I have approved, that selected officers of the state public service be made to pioneer the service-wide adoption of a 21st century-compliant agile management model in the public service.

“Amongst others, this model has been shown to empower people, build accountability, encourage diversity of ideas, allow for the early release of benefits, and promote continuous improvement.

“It allows decisions to be tested and rejected early with feedback loops providing benefits that are not as evident in other scenarios. In addition, it helps deliver change when requirements are uncertain, helps build engagement with stakeholders on what is most beneficial, and ensures that changes are incremental improvements which can help navigate the shock of cultural change.”

“In order to deliver on its promises, the agile management model calls for public service institutions such as the Lagos State Public Service to be ready and open to integrating contemporary leadership principles and management theories into its modus operandi.

“In a review of the most recent developments in the field of business leadership, the number of business leadership styles and trends has been noted.”

He stressed that officers of the public service must deepen their technical skills and knowledge if they must be an integral and functional part of the 21st century-compliant agile management model.

He posited that many projects required the buy-in of members of the public many of whom are savvy enough to demand to see charts, diagrams, models, graphs and other tools before accepting the proposals or acknowledging the competence of those charged with the execution of the project.

“It is now the age of information technology and public servants have to begin and complete their work exclusively on computers and the Internet in order to claim the benefits of speed, scalability, and inter-operability of systems that the agile management model calls for. Agile management in the State Public Service also calls for officers to develop a penchant for laser-like focus on the minute details of projects and policies in their formation and execution. Policy makers can no longer afford to take their eyes off the ball of details.

Amongst others, there is now unprecedented and unrelenting attention by the public on the activities of policy makers.

“Added to this is the fact that these members of the public are savvy enough to evaluate policy proposals and to appreciate the ramifications of unattended details. Additionally, almost all policy proposals now have a thousand moving parts where every part has the potential, not only to affect the other parts, but also to have ramifications for other tangential policies and projects. Focus on details and attention to details is therefore of crucial importance for officers of the Lagos State Public Service in the context of agile management on the 21st century”, he said.

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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Fintech

Flutterwave Hit by Another Security Breach, Billions of Naira Diverted to Multiple Bank Accounts

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In another blow to the financial technology sector, Flutterwave, a prominent player in Nigeria’s digital payment landscape, has been rocked by yet another security breach, resulting in the diversion of billions of naira to multiple undisclosed bank accounts.

This incident is the latest in a series of setbacks for the fintech company, raising concerns about the integrity of its systems and the safety of customer funds.

According to insider sources familiar with the matter, unauthorized transactions amounting to approximately ₦11 billion ($7 million) were illicitly transferred to several accounts during April 2024.

However, other sources suggest the figure could be as high as ₦20 billion ($13.5 million), underscoring the magnitude of the breach.

Flutterwave, responding to inquiries regarding the breach, acknowledged the unauthorized activities but stopped short of confirming the exact amount involved.

In a statement to TechCabal, the company assured the public that no customer funds were lost or compromised, and the confidentiality of customer data remained intact.

The modus operandi of the perpetrators involved transferring the stolen funds to various accounts across five financial institutions over a span of four days.

To evade detection, the transactions were carefully orchestrated to stay below thresholds that trigger fraud checks, highlighting the sophistication of the operation.

Law enforcement agencies have been notified of the breach, and investigations are underway to apprehend those responsible.

Flutterwave has also initiated measures to mitigate the impact of the incident, including temporarily restricting the accounts implicated in the unauthorized transfers.

Industry analysts note that this is not the first time Flutterwave has fallen victim to such security breaches. Over the past fourteen months, the company has grappled with multiple incidents of unauthorized transfers, raising serious concerns about the adequacy of its cybersecurity measures.

In October 2023, Flutterwave reported unauthorized transactions totaling ₦19 billion ($24 million), affecting thousands of account holders across 35 banks and financial institutions.

Subsequent breaches in March and February 2023 saw millions of naira diverted to numerous bank accounts, further exposing vulnerabilities in the company’s systems.

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Fintech

Moniepoint Inc Moniepoint Inc Named Africa’s Fastest-Growing Financial Institution by Financial Times

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Moniepoint

Moniepoint Inc, parent company of Nigeria’s leading financial institutions, Moniepoint MFB and TeamApt Ltd has been ranked by the Financial Times, one of the world’s leading business news organizations, recognized internationally for its authority, integrity, and accuracy as Africa’s fastest-growing financial institution.

The world’s leading financial publication confirmed Moniepoint Inc’s accolade in its annual “Africa’s Fastest Growing Companies” survey, released today. It is the second consecutive year Moniepoint has achieved both the fastest-growing fintech milestone, and, ranked in Africa’s top four fastest-growing companies overall.

The survey was compiled by Statista, a leading research company renowned for its insight into African companies’ actual performance, in a rigorous screening process. In this survey, companies are ranked based on 2019-2022 data by their absolute growth rate of revenues and their compound annual growth rate (CAGR). Moniepoint’s growth rates of 7,979% (absolute) and 332% (CAGR) ranked it ahead of hundreds of leading companies from diverse industries such as technology, telecoms, financial services, and healthcare.

Moniepoint Inc has long been one of Africa’s largest business payments platforms, processing over $182 billion for customers in 2023. It will be recalled that in August 2023, Moniepoint MFB entered the personal banking market offering reliable banking services to millions of individuals across Nigeria.  The holding group also doubled its global headcount, growing to over 1,800 employees by the end of 2023.

This recognition highlights Moniepoint’s success as Africa’s leading fintech, driving financial inclusion by empowering underserved businesses and individuals to access the formal financial system, contributing to a key goal of the Nigerian government.

Tosin Eniolorunda, Group CEO of Moniepoint Inc., said: “We are thrilled to be recognised by the Financial Times as Africa’s fastest growing fintech for the second consecutive year. Achieving rapid growth and scale is a fantastic achievement; maintaining that year-on-year is even better. The ranking is a testament to the dedication and hard work of the entire Moniepoint team, and the trust of millions of customers across Africa in the Company.

“2023 was a pivotal year for Moniepoint. Moniepoint has moved from being an agency-dominated institution to becoming merchant-dominated as we have seen a lot more people embrace more digital payment solutions. It is humbling to see that we have become a household name that people have come to know and trust, the bellwether for reliable transactions every time.

With our foray into the personal banking market, we have been able to deliver seamless and reliable payment solutions for Nigerians especially those in underserved communities as we continue to supercharge access to financial services and contribute to economic growth and wealth creation.  2024 is set to be even more exciting with continued growth, driving compliance and innovation, as we maintain our leading role within the African fintech sector, driving financial inclusion across Africa.”

According to David Pilling, FT Africa Editor, “The third year of our now expanded ranking of Africa’s Fastest Growing Companies comes against a background in which many economies are struggling to recover from the Covid pandemic. The FT-Statista list reveals the type of companies that, even in hard times, have managed to grow, often by disrupting markets…This year, our ranking has a wider geographical spread of companies than before. The big newcomer is Morocco, with 12 companies in the top 125 against just three last time. Mauritian-domiciled companies also did well with nine winners, against four in 2022. South Africa had 42 companies in the list, followed by Nigeria’s 25, while Kenya tied third at 12.”

Moniepoint Inc.’s technology powers over five million businesses and their customers, offering all the payment, banking, credit and business management tools they need to succeed.  Establishing itself as a market leader in Nigeria across various segments from commerce to health and hospitality amongst many others, Moniepoint’s transformational and positive strides has earned it local and international plaudits.

In 2023, for the second year running, Moniepoint Inc was named amongst the 100 most promising private fintech companies by CB Insights. Moniepoint MFB received the Rising Star Family Business Award at the Pwc/Businessday Family Business Summit; while bagging the Fintech Company of the Year award at the 16th edition of Leadership Newspapers Conference and Awards.

Industry analysts have averred that as a strongly embedded and systemic institution in the digital payment services segment, with an eye on the future, Moniepoint Inc is poised to continue to deliver innovative solutions that promote inclusivity, drive sustainability and create new vistas in the markets where they operate.

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E-commerce

Jumia Plans Warehouse Consolidation in Lagos Amid Nigeria Focus

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Jumia - Investors King

Jumia Technologies AG, the Nasdaq-listed e-commerce giant, has unveiled plans to consolidate its warehouses in Nigeria.

This decision is part of the company’s broader strategy to prioritize Nigeria, Africa’s most populous nation as it endeavors to turn profitable amidst challenging market conditions.

The consolidation initiative will see Jumia merging its three existing warehouses in Nigeria into a single expansive depot spanning 30,000 square meters, strategically located in Lagos.

Francis Dufay, CEO of Jumia, emphasized the cost-cutting benefits associated with this move, highlighting the company’s commitment to optimizing its operational efficiency.

Speaking about the rationale behind the consolidation, Dufay expressed confidence in Nigeria’s potential to provide Jumia with the scale needed to achieve profitability.

Despite facing headwinds such as currency fluctuations and a challenging economic environment, Jumia views Nigeria as a key market for growth, anticipating positive developments in the medium term.

Jumia’s decision to streamline its operations in Nigeria comes against the backdrop of its ongoing efforts to navigate the complexities of the e-commerce landscape.

Despite reporting an operating loss of $8.33 million in the first quarter of the year, the company remains optimistic about its prospects in Nigeria, where it continues to witness steady revenue growth.

The e-commerce giant’s commitment to Nigeria underscores its long-term vision and determination to succeed in the region.

With plans to expand its footprint to additional cities across the country, Jumia aims to capitalize on Nigeria’s vast market potential and consumer demand.

However, Jumia’s journey to profitability in Nigeria is not without its challenges. The country’s economic landscape has been marred by currency devaluations, infrastructural deficiencies, and logistical hurdles.

Yet, amidst these obstacles, Jumia remains resilient, banking on Nigeria’s economic revival efforts and policy reforms to fuel its growth trajectory.

As part of its strategy to adapt to evolving market dynamics, Jumia has introduced innovative initiatives such as buy-now-pay-later financing options to cater to customers grappling with rising prices.

Also, the company remains vigilant in monitoring pricing dynamics, ensuring competitive pricing to meet the needs of price-conscious consumers.

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