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eTranzact MD Assures Stakeholders of Higher Returns

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  • eTranzact MD Assures Stakeholders of Higher Returns

Managing Director/Chief Executive Officer of eTranzact International Plc, a multi-application electronic transaction switching and payment processing platform, Mr. Niyi Toluwalope, has assured stockbrokers, investors and other shareholders of a brighter future.

Toluwalope gave the assurance while speaking at the Nigerian Stock Exchange (NSE) when he lead other management staff of the company to the exchange to perform the closing gong ceremony.

He used the opportunity to appreciate the management of the exchange for the privilege given to him and his company to play the important role, saying the company would deliver rewarding returns to investors.

He said: “At eTranzact, we are very experienced in processing electronic payment. The future of eTranzact is bright as investment in it will surely continue to yield rewarding returns. We are sure that all our aspirations will come to realisation.”

Welcoming Toluwalope and his team to the Nigerian bourse, the doyen of stockbrokers, Mr. Sam Ndata appealed to the eTranzact management to come back to the NSE soon for the “facts and figures” session.

According to him, doing that would further boost the confidence of investors in the shares of the company.

During a meeting earlier with the NSE management, the Chief Executive Officer of the exchange, Mr. Oscar Onyema, who was represented by the Executive Director, Regulation, NSE, Ms. Tinu Awe said that the bourse was always happy to welcome its quoted companies.

He said such occasions give room for rubbing minds on things that could lead to the growth of the company involved in particular and the aggregate economy in general.

The company in July contributed to the efforts to deepen financial inclusion by expanding its PocketMoni service with 10,000 active mobile money agents, through the Central Bank of Nigeria (CBN)-funded Shared Agent Network Expansion Facility (SANEF) initiative.

The SANEF initiative is an effort by the apex bank to spur quick growth in the level of financial inclusion through availability of financial access points, especially in the Northern part of the country.

To ensure effective results, eTranzact was certified as one of the 10 mobile money operators and super agents to roll-out 500,000 agent locations within the next 24 months.

Commenting, Toluwalope had said: “As a global leader in the electronic and mobile payment industry, we are well-positioned to deliver and attain the goals set by the CBN for this project. Over the next 23 months, eTranzact plans to leverage its Mobile Financial Services Business to deliver an additional 1,000,000 active end-users, by deploying its innovative distribution capabilities anchored on its active agents.”

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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