Zone taps ThetaRay's AI solution to safeguard payments in Nigeria.

Mark Gazit

ThetaRay

Nigeria-based blockchain fintech Zone has planned to integrate ThetaRay’s SONAR AI technology to monitor and screen Zone’s transactions in Nigeria.

Through the agreement, ThetaRay will provide Zone the SaaS-based SONAR AI solution that can detect and prevent the earliest signs of sophisticated attempts to launder money or circumvent financial sanctions and watchlists. The solution will help Zone ensure it fully complies with regulatory AML requirements and increase its growth opportunities by providing a trustworthy and secure service.

ThetaRay’s expansion in the Nigerian fintech landscape

Zone is one of Africa’s first decentralised or peer-to-peer payment networks based on blockchain technology, which allows payment transactions without dependence on intermediary switches. The decentralised architecture and the underlying technology enhance reliability, eliminate customer disputes, reduce the cost of operations, and automate back-office reconciliation. The network is a true web-scale infrastructure with a capacity for transaction processing throughput of over 50,000 transactions per second.

Zone’s officials said that by integrating with ThetaRay, they have enhanced their security measures and improved their regulatory compliance whilst providing faster transaction processing for their users within their decentralised payment network. They look forward to working even more closely with ThetaRay to continue delivering frictionless operations and reliable transactions to customers.

The Digital Trend in Nigeria

As one of Africa’s largest economies with a population of 200 million, Nigeria is home to a large fintech ecosystem with more than 200 fintech companies. The country’s youthful population has driven Nigeria’s thriving fintech sector, increased smartphone penetration, and a focused regulatory drive to increase financial inclusion and cashless payments, according to the McKinsey research firm. The booming fintech market is helping improve financial inclusion in Nigeria, where more than 40% of the population is unbanked.

Representatives from ThetaRay stated that Zone is fronting Nigerian fintech innovation with a platform capable of revolutionising the financial system through inclusive services that positively impact people’s lives. By deploying sophisticated AI technology to monitor and screen payments, Zone will embed trust into its services, enabling it to grow volume, revenues, and ecosystem partners.

By Staff Writer.

VigiPay of Nigeria Selects ThetaRay AI Solution for AML Monitoring.

 

Oluseyi Oluwabusola

VigiPay

VigiPay, a Nigerian fintech providing digital payment services, and ThetaRay, a leading provider of AI-powered transaction monitoring technology, today announced they will collaborate to protect VigiPay’s growing business against money laundering, sanctions violations, and other financial crime risks.

Through the agreement, ThetaRay will provide VigiPay the SONAR AML solution, a cloud-based transaction monitoring and screening platform that can detect the earliest signs of sophisticated money laundering activity. The new system will enable VigiPay to achieve safe growth, regulatory compliance, and consumer transaction transparency with the expansion of transaction volumes and value services for both domestic and cross-border payments.

This new collaboration highlights ThetaRay’s continued growth in the Nigerian financial market.

VigiPay is a payment technology platform for cross-border remittances and online B2B payments in Nigeria and across Africa. It provides automated payment collection services, including POS terminals, for local and international payments and auto reconciliations to corporate and government organizations.

“As we expand into the global market, we are committed to enhancing AML compliance.  With the launch of an AI tool for transaction monitoring and screening, we will be able to close transactions with larger corporations all over the world that value automation processes and transaction transparency,” said Oluseyi Oluwabusola, General Manager of VigiPay.

“ThetaRay is an excellent partner in achieving this fit. Our efficiency is set to achieve a new all-time high with the addition of automated transaction screening and monitoring, allowing us to better serve our consumers. We are committed to helping clients easily access multiple countries and thereby, grow their business and excel in today’s competitive environment.”

The Nigerian government has been driving efforts to move to a cashless society with several initiatives aimed at promoting digital payments including limits on ATM and government accounts.

“We are proud to partner with an innovative Nigerian fintech that prioritizes trust and service to drive financial inclusion in Africa,” said Mark Gazit, CEO of ThetaRay. “ThetaRay AI technology is instilling a new standard of trust into the growing world of online payments, enabling fintech rapid revenue growth by opening doors to business with new financial partners worldwide.”

ThetaRay’s award-winning SONAR solution is based on a proprietary form of AI, artificial intelligence intuition, that replaces human bias to find anomalies outside of normal behavior, including completely new typologies. It enables fintech and banks to implement a risk-based approach to effectively identify truly suspicious activity, including across complex, cross-border transaction paths. This allows the rapid discovery of both known and unknown money laundering threats, and up to 99 percent reduction in false positives compared to rules-based solutions.

By Staff Writer.

Cyber Success Stories: Lessons from Real-World Scenarios.

At Supercomafrica.com, we believe that cybersecurity is not just the responsibility of the IT department or the security team. Every employee plays a vital role in keeping the company safe from cyber threats. That's why we want to empower our coworkers with the knowledge and skills needed to recognize and prevent the most common cybersecurity threats.

Putting People at the Center of Cybersecurity.

To make cybersecurity training more engaging and entertaining, we've created a cast of colorful characters who will encounter different types of cyber threats and learn how to respond to them. Let's meet our cast:

Lucy - A graphic designer who loves to check her email on her smartphone during breaks.

Alex - An account manager who is always busy with client meetings and presentations.

John - A software developer who enjoys playing online games during lunch breaks.

Mary - A social media manager who spends most of her time on Facebook and Twitter.

Now, let's see how our characters encounter the most common cyber threats and learn how to protect themselves and the company.

Phishing Emails.

Lucy receives an email from what appears to be her bank, asking her to click on a link to verify her account information. She almost falls for the scam, but then remembers the cybersecurity training she attended. She realizes that the email is a phishing attempt and deletes it immediately.

Lesson learned: Always verify the sender's email address and hover over links to see the actual URL before clicking on them.

Social Engineering Scams.

Alex receives a call from someone pretending to be from the IT department, asking for his login credentials to fix an urgent issue. Alex almost gives away his credentials, but then remembers the cybersecurity training he attended. He hangs up the phone and reports the incident to the IT department.

Lesson learned: Never give away your login credentials to anyone, even if they claim to be from the IT department.

Malware Attacks.

John downloads a game from an untrusted website and unknowingly installs malware on his computer. The malware starts encrypting his files, and he realizes that he's been hit by a ransomware attack. He immediately disconnects his computer from the network and reports the incident to the IT department.

Lesson learned: Always download software from trusted sources and keep your antivirus software up-to-date.

Social Media Scams.

Maria receives a message on Facebook from a friend, asking her to click on a link to view some photos. She almost falls for the scam, but then remembers the cybersecurity training she attended. She realizes that the message is a social engineering scam and deletes it immediately.

Lesson learned: Never click on links from unknown sources, even if they appear to be from your friends.

In conclusion, our goal at Supercomafrica.com is to empower our coworkers with short and entertaining cybersecurity training that is useful in real-life situations. By making cybersecurity training engaging and entertaining, we hope to make it easier for everyone to stay vigilant against cyber threats. Remember, cybersecurity needs everyone, and you are our greatest asset.

By

Engr. Gbolahan Alabi-Isama MS.

The Power of Connection: How Technology Maximizes Collaboration and Communication in Hybrid Teams.

 

With the rise of hybrid workforces, effective communication, and collaboration have become more important than ever. To ensure that teams can work together seamlessly, technology has become a critical tool. However, it can be challenging to navigate the sea of technology options available and determine which tools are most effective in supporting remote work. In this article, we will explore the role of technology in facilitating communication and collaboration in a hybrid work environment, and provide examples of tools that can be used to support remote work.

Adapting to the New Normal: Strategies for Successful Hybrid Teams

Technology has become an essential tool for hybrid teams, allowing for effective communication and collaboration. Video conferencing, collaboration software, cloud storage, and virtual whiteboards are just a few examples of tools that can be used to support remote work. However, it’s important to select the right tools for the team and to use them effectively. By leveraging technology in a strategic way, hybrid teams can maximize productivity and foster team cohesion.

"Technology is the ultimate bridge for bridging the distance between remote teams." Using tools like video conferencing, instant messaging, and collaboration software, teams can communicate and collaborate in real-time, regardless of their physical location. This helps to create a sense of connectedness and community within the team.

Video Conferencing

Video conferencing has become a staple for hybrid teams. It allows for face-to-face communication without the need for physical proximity. Teams can use video conferencing to conduct meetings, collaborate on projects, and even socialize. Platforms like Zoom, Microsoft Teams, and Google Meet are popular video conferencing options that offer features like screen sharing, recording, and virtual backgrounds. However, it’s important to remember that video conferencing is only effective if it is used properly. Best practices include setting an agenda, muting microphones when not speaking, and encouraging engagement from all participants.

Collaboration Software

Collaboration software allows teams to work together on documents, projects, and tasks in real time. Platforms like Slack, Trello, and Asana provide a centralized location for teams to communicate and collaborate. Features like task assignments, project tracking, and file sharing make it easy for team members to stay on the same page. However, it’s important to select collaboration software that fits the needs of the team. Some teams may require a more robust project management tool, while others may prefer a simpler messaging platform.

Cloud Storage

Cloud storage is essential for hybrid teams. It allows for remote access to files and documents, which is crucial for teams that work across multiple locations. Platforms like Google Drive, Dropbox, and OneDrive offer secure, cloud-based storage that can be accessed from anywhere with an internet connection. However, it’s important to ensure that team members have access to the same files and that version control is managed effectively. Cloud storage can also be used to back up important files, reducing the risk of data loss.

Virtual Whiteboards

Virtual whiteboards allow teams to collaborate on visual content, such as diagrams and flowcharts. Platforms like Miro and Conceptboard provide a digital canvas for teams to work on, allowing for real-time collaboration and brainstorming. Virtual whiteboards can be especially useful for remote teams that need to work together on visual projects. However, it’s important to ensure that all team members have access to the same virtual whiteboard and that the tool is easy to use.

"Collaboration software is the glue that holds hybrid teams together." Collaboration software like project management tools and team communication platforms can streamline workflows, improve transparency, and ensure that everyone is on the same page. This helps to prevent misunderstandings and reduces the risk of errors.

Overcoming the Challenges of Remote Collaboration

In addition, hybrid teams should also consider security and privacy when selecting technology tools. Teams must ensure that their data and communications are secure, especially when working with sensitive information. Choosing platforms with robust security features and educating team members on safe online practices can help prevent data breaches and cyber-attacks.

Another important aspect to consider is training and support. Teams must be trained on how to use technology tools effectively and efficiently. This can include training sessions, tutorials, and resources to help team members navigate the tools. Providing ongoing support can also help address any technical issues that arise and ensure that teams can continue to work seamlessly.

While technology can greatly support communication and collaboration in hybrid teams, it's important to follow best practices to maximize its effectiveness. Here are some best practices for using technology to support hybrid teams:

1. Provide training: Ensure that all team members are trained on the technology tools being used, including video conferencing, collaboration software, and chat software.
2. Establish clear communication guidelines: Establish guidelines for how and when team members should communicate, including which tools to use for different types of communication.
3. Foster team cohesion: Encourage team members to interact regularly and build personal connections, even if they are working remotely. This can be done through virtual team-building activities or even virtual coffee breaks.
4. Set expectations for availability: Ensure that team members are clear on when they are expected to be available for meetings and communication, especially when working remotely.
5. Establish a communication plan: Develop a communication plan that outlines how and when communication will occur, including regular team meetings and check-ins.

Conclusion

In conclusion, technology can play a vital role in facilitating communication and collaboration in hybrid teams. Teams should consider using tools such as video conferencing, collaboration software, cloud storage, and virtual whiteboards to support remote work. However, it’s important to select the right tools for the team, prioritize security and privacy, and provide training and support to ensure effective use. By leveraging technology effectively, hybrid teams can maximize productivity and teamwork, regardless of location.

By

Engr. Gbolahan Alabi-Isama

Revolutionizing Governance: Lagos State Launches CitizensGate 2.0 for Transparent and Accountable Citizen Engagement.

The Lagos State Government has taken a significant step in improving citizen participation in governance through the launch of a new feedback platform called CitizensGate 2.0. The platform, unveiled by the Office of Civic Engagement, is an upgrade to the earlier launched CitizensGate 1.0 and is aimed at improving service delivery and promoting an all-inclusive mode of engagement and communication with various stakeholders in the state.

The Power of the People.

During a media briefing about the platform, the Special Adviser to the Governor on Civic Engagement, Aderemi Adebowale, said the CitizensGate 2.0 App is a one-stop-shop that will help establish, deepen, and sustain interactive, transparent, accountable, and citizen engagement in government. She also noted that implementing the platform in all Ministries, Agencies, and Departments (MDAs) in Lagos State is a crucial step towards promoting participatory governance and encouraging citizens to participate in decision-making processes.

In the long run, active and ongoing usage of the Citizens'Gate 2.0 handled by resolvers from various MDAs would make it easier for citizens to provide feedback and participate in dialogue and decision-making processes alongside the state government.

The state Commissioner for Science and Technology, Hakeem Fahm, commended the state government for its efforts in bringing governance closer to the people and enhancing feedback mechanisms and transparency. Also, the Commissioner for Information, Gbenga Omotoso, and Special Adviser to the Governor on Works and Infrastructure, Aramide Adeyoye, added that the platform would ensure participatory governance while keeping Lagosians involved in a scientific way.

Overall, the launch of the CitizensGate 2.0 platform is a commendable effort by the Lagos State Government to improve citizen participation in governance. It is hoped that the platform's implementation will lead to greater transparency, accountability, and inclusiveness in government, as well as more effective service delivery to the people of Lagos State.

By

Gbolahan Alabi-Isama MS.

Nigeria's Telecom Industry Risks Losing Foreign Direct Investments Over NITDA Bill, Say Experts.

 

Nigeria's telecommunications industry is at risk of losing foreign direct investments (FDIs) if the National Information Development Agency (NITDA) Bill is passed, according to stakeholders in the sector. The proposed bill would change NITDA's status from a developmental agency to a regulatory body, adding another layer of regulation for investors to navigate. This move could discourage foreign investors from investing in the industry and further shrink the already limited FDIs coming into the telecoms sector.

Proposed NITDA Bill Risks Multiple Regulations and Taxes in Nigeria's Telecoms Industry

Representatives of the two leading telecom industry associations in Nigeria, the Association of Telecommunications Companies of Nigeria (ATCON) and the Association of Licensed Telecommunications Operators of Nigeria (ALTON), have called for the withdrawal of the bill. They believe that having NITDA as another regulator in the telecom sector would send the wrong signal to investors, as they would have to face multiple regulations and fees if they invest in the industry.

The Executive Secretary of ATCON, Mr. Ajibola Olude, warned that if the bill is passed into law, it would negatively impact FDIs coming into the sector. Foreign investors are closely monitoring the situation and have observed the anomalies in the bill regarding multiple regulations and multiple taxation. This bill is capable of eroding the gains the telecom industry has recorded over the last 21 years.

"The new NITDA bill is not an amendment but a reenactment, as it seeks to make the agency a regulator. There were agencies already carrying out regulatory functions in the ICT industry." Oke also noted. 

The Head of Operations at ALTON, Mr. Gbolahan Awonuga, pointed out that NITDA Nigeria should focus on its developmental roles instead of trying to regulate the same space that is already being regulated by the Nigerian Communications Commission (NCC). Adding regulatory functions to NITDA's agenda would only duplicate existing laws and policies.

ALTON and ATCON Unite Against NITDA Bill, Call for Focus on ICT Development

The Chief Executive Officer of ICT Derivatives Ltd., Mr. Ayoola Oke, said that the NITDA Act of 2007 had a central purpose of facilitating the adoption of ICT throughout the nation in the private and public sectors, and consequently supporting its infrastructure and connectivity. The new NITDA bill is not an amendment but a reenactment, as it seeks to make the agency a regulator. Oke also noted that there were agencies already carrying out regulatory functions in the ICT industry.

While NITDA has been a major contributor to Nigeria's ICT development alongside other agencies of the government under the Federal Ministry of Communications and Digital Economy, the dust raised around its pending Bill could not be ignored in the interest of Nigeria's growing ICT sector and the country's fast-pacing digital economy drive. The NITDA Act 2007 established the agency to use ICT as a tool in tertiary institutions to drive the mechanism of the education sector in the country. NITDA is empowered by its enabling Act to create a framework for the planning, research, development, standardization, application, coordination, monitoring, and evaluation of IT practices, activities, and systems in Nigeria.

If the NITDA bill is passed, it will be a blow to Nigeria's efforts to attract FDIs to its telecoms sector. The country is already struggling to attract investments, and this bill could discourage foreign investors from investing in the industry. The government should reconsider the bill and focus on promoting a friendly business environment that attracts investors, rather than creating more regulations that will hinder the growth of the sector.

By

Engr. Gbolahan M.A. Alabi-Isama MS.