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Fake Alert: House of Reps Call for Stricter Punishment

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point of sales

The House of Representatives has reached out to the Central Bank of Nigeria (CBN) to create rigid measures to regulate the use of Point of Sale (POS) business Operations in Nigeria.

The notion was discussed at a plenary session on Thursday, 3rd March by Hon. Jimoh Olajide as he pointed out a number of advantages from the use of POS.

One notable thing Jimoh stressed was how Nigerians have taken advantage of this technology to create jobs and opportunities for themselves. Hon. Jimoh also pointed out that a number of people are using this initiative to carry out fraudulent activities.

Speaking in the session, Olajide disclosed: “While many Nigerians are making legal money from this lucrative business, some are using it for fraudulent acts to create fake credit alerts to defraud innocent customers hence the need for government intervention to rescue the rising business sector in the country.”

The lawmaker expressed worry that there are no regulations guiding the use of POS for those that have made a business out of it. He also noted that while banks may authorise and licence several merchants, private entities also have the liberty to authorise and licence merchants.

Jimoh drew the house’s attention to a recent case where a banker sabotaged a bank’s Automated Teller Machine (ATM) just so that customers would patronise his POS outlets in the neighbourhood. He noted that cases like this and people who would fake alerts to merchants alongside merchants who charge exorbitant rates and store customers’ information are serious issues and the CBN needs to put in place stricter measures to regulate the use of POS and reduce fraudulent activities.

On that note, Jimoh said: “Some of the POS operators fraudulently charge exorbitant amounts of money from their customers’ bank accounts, while some retain vital information from customer’s ATM cards in the course of making the financial transactions. The Central Bank of Nigeria (CBN) to, in the public interest, introduce stringent Regulations and Guidelines including sanctions on the Point of Sale (POS) business operations in Nigeria.”

POS use in Nigeria is growing by the day and this plays into the development of communities and financial inclusion. A 2016 report by Statista discloses that there were about 403,000 POS in the continent with Nigeria being the country with the second-highest after South Africa.

The benefits of this initiative are clearly important as it not only facilitate financial inclusion but also liberates people from unemployment. However, there have been a number of cases where fraudulent activities have been carried out using POS terminals. And such activities deter people from using POS for transactions.

It is now quite important for the Central Bank to regulate activities that involve POS service providers, merchants and people who default and carry out fraudulent activities.

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Fintech

Mastercard And OPay Announce Partenership Deal

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NIBSS

Fintech giants, Mastercard and Opay have announced a partnership deal to foster a global payment ecosystem to boost digital commerce in Middle East Africa and Africa at large.

This comes on the heels of the partnership deal Mastercard signed with Coinbase a couple of months ago to enable payments in the NFT marketplace.

Investors King gathered that the partnership with Mastercard is to simplify users’ experience in the NFT marketplace by allowing millions of people access the Coinbase to mint, purchase, showcase, and discover NFTs. Mastercard has said all the NFT-related transactions would be classified as ‘digital goods’.

This collaboration is the latest step in Mastercard’s emerging market strategy, which involves the technology company collaborating with fast-growing Fintechs like OPay to broaden access to digital transactions, encourage a variety of leisure amenities, develop new financial inclusion trajectories, and endorse the next formation of apps.

Customers are actively asking for a single platform that allows them to do numerous daily tasks more easily, such as sending and receiving money, ordering meals and groceries, scheduling transportation, lending, investing, and putting products for sale.

Customers of OPay will be able to pay on worldwide web platforms using Mastercard’s secure virtual payment system, which is linked to the OPay wallet.

With or without a bank account, OPay customers will benefit from a superior digital experience for a variety of lifestyle services and new digital commerce options.

In addition to enabling digital commerce, the two companies will collaborate to develop solutions that will position OPay at the forefront of financial services in the areas they serve.

Executive Vice President for Market Development, Mastercard EEMEA, Amnah Ajmal, said: “At Mastercard, our innovation strategy is rooted in partnerships to support inclusion at scale. Our partnership with OPay demonstrates our commitment to supporting payments providers across the world to create an interconnected global payments ecosystem that benefits an array of consumers with unique needs.”

CEO of OPay, Yahui Zhou, said: “As the leading fintech in the Middle East and Africa, we are delighted to be partnering with Mastercard as we continue on our journey to promote financial inclusion, helping to open up the global economy to more consumers and businesses across Middle East and Africa.”

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Fintech

Skaleet and Mobiblanc Announce Partnership for a Cutting-edge Technology to Serve Banks Across Africa

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Skaleet

Skaleet, an international fintech providing a next-generation Core Banking Platform (CBP), has partnered today with Mobiblanc, an Agile Digital Services Entreprise (ESN), to offer turnkey solutions to financial institutions across Africa. The partnership will ensure that financial institutions have the capacities to launch new digital and innovative financial solutions that they can provide to their customers, whether businesses or individuals.

Mobiblanc, based in Morocco and Tunisia, is a leading player in North and West African markets entirely devoted to digital solutions. With a talented and dynamic team, Mobiblanc delivers an efficient and effective consulting and integration service for a wide range of clients.

Skaleet enables retail banks and financial institutions to launch new banking products and services for their customers at a competitive price. Through its open, modular, and flexible Core banking Platform, Skaleet offers innovative and scalable banking solutions that are built end-to-end and tailored to each customer.

The digital marketplace is continually, and rapidly, developing and evolving and the partnership between Skaleet and Mobiblanc enables financial institutions to ensure clients stay at the forefront with innovative and cutting-edge technology. Providing the best service and advice to clients, Skaleet and Mobiblanc are able to respond quickly to the digital evolution of banking and financial services with innovative and agile solutions that are competitively priced.

Yves Eonnet, chairman and co-founder of Skaleet said, “Today, it is essential for financial institutions to be able to innovate quickly and adapt to change. The ecosystem we have built relies on expert partners who are aware of this challenge and can find solutions. We quickly saw a cultural, technological and business fit between our two organizations and are delighted to have partnered with Mobiblanc. The partnership will enable us to further expand our offering and add value to our customers across Africa.”

Youssef El Alaoui, co-founder of Mobiblanc, added, “This partnership confirms our strategic orientation to support the digital transformation of the financial sector. We share the ambition with Skaleet to offer integration of innovative solutions with cutting-edge, technological expertise in order to bring added value to our partners and respond to the new business requirement of the sector.”

Both Skaleet and Mobiblanc are committed to continue innovating and creating new modules and functionalities to reshape the banking and financial ecosystem in favour of a formal, inclusive and sustainable development of the African continent.

Skaleet and Mobiblanc will participate at Africa Pay & ID Expo 2022 (APIDE), 26-28 May 2022, Marrakech, Morocco.

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“We Suspend Over Half A Million Spam Accounts Every day” – Twitter CEO Reveals

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Twitter CEO, Parag Agrawal has revealed that Twitter suspends over half a million spam accounts on the site every day.

In a series of tweets, the tech guru discussed extensively on the issue of Spam,  how the impacts have affected human work, and how the company works extensively to solve them.

This comes barely three days after Investors King reported the reasons Parag sacked top Twitter officers.

“First, let me state the obvious: spam harms the experience for real people on Twitter, and therefore can harm our business. As such, we are strongly incentivized to detect and remove as much spam as we possibly can, every single day. Anyone who suggests otherwise is just wrong.

“Next, spam isn’t just ‘binary’ (human / not human). The most advanced spam campaigns use combinations of coordinated humans + automation. They also compromise real accounts, and then use them to advance their campaign. So – they are sophisticated and hard to catch.

“Some final context: fighting spam is incredibly *dynamic*. The adversaries, their goals, and tactics evolve constantly – often in response to our work! You can’t build a set of rules to detect spam today, and hope they will still work tomorrow. They will not

“We suspend over half a million spam accounts every day, usually before any of you even see them on Twitter. We also lock millions of accounts each week that we suspect may be spam – if they can’t pass human verification challenges (captchas, phone verification, etc),” he tweeted.

Further emphasizing on the challenge the team encounters, Parag said: “many accounts that seem like spam are real accounts and they cause the most damage to other users. In retrospect to that, the team updates the systems and rules constantly to remove as much spam as possible, without inadvertently suspending real people or adding unnecessary friction for real people when they use Twitter”.

He added that the use of private data is particularly important to avoid misclassifying users who are actually real.

“FirstnameBunchOfNumbers with no profile pic and odd tweets might seem like a bot or spam to you, but behind the scenes we often see multiple indicators that it’s a real person”, he said.

 

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