A selection of tech news from Nigeria and Africa at large.
MTN Cybersecurity | African Startups Acquisitions | Children ‘Little’ Digital Wallet | Nigeria Network Interconnectivity | Zenith Tech Fair | Multigate Swift Business Application
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MTN creates awareness on cybersecurity – Punch News
MTN Nigeria said it held a cybersecurity awareness event for small and medium-scale business owners. According to the firm, the event themed ‘Building a cybersecurity intelligent quotient’ was aimed at helping SMEs navigate frequent cyberattacks on businesses. It stated that figures from Kaspersky revealed that cyberattacks on SMEs increased by 89 per cent in 2022.
In a statement, the Co-Founder of DigitalEncode, Dr Peter Adewale, said, “There is no better time to talk about cybersecurity than now because we live in a digital world, and the reality is that COVID-19 has accelerated the usage of technology for everyone.
“Events like these are necessary because we need to create situational awareness about the risks of cyberattacks. It is important to build capacity and train people because people are an essential part of cybersecurity, and you can’t go wrong when you train people.” Read more here.
African startups are weathering the funding storm with acquisitions – The Guardian
A new report from Africa’s foremost digital economy consultancy, TechCabal Insights, has revealed that acquisitions have become more frequent in Africa’s tech ecosystem, showing signs of a maturing market. According to the report, 2021 saw 32 acquisition deals on the continent. At the end of Q3 2022, there were about 43 acquisition deals, signalling a consolidation trend.
A new report from Africa’s foremost digital economy consultancy, TechCabal Insights, has revealed that acquisitions have become more frequent in Africa’s tech ecosystem, showing signs of a maturing market. According to the report, 2021 saw 32 acquisition deals on the continent. At the end of Q3 2022, there were about 43 acquisition deals, signalling a consolidation trend.
After two years of continuous growth in VC investment, funding announcements have hit a plateau. Startups have resorted to cutting costs to extend their runway, and acquisition deals have become necessary for survival, particularly with startups operating in the same market. The number of acquisitions between startups operating in the same market increased from 31% in Q2 to 52% in Q3 2022. Read more here.
Firms partner, unveil ‘Little’ digital wallet for children – The Guardian
To inculcate financial literacy in children and prepare the next generation of young Nigerians to actively have control over their finances, Schoolable, a Fintech company in collaboration with Parkway, a financial technology provider, has formally unveiled Little, a digital wallet.
Little is a solution that allows parents to give their children pocket money seamlessly, comes with a debit card for the children and a mobile app for the parents to monitor their children’s spending habits. At the unveiling in Lagos, Chief Operating Officer, Schoolable, Angela Essien, said Little is unveiled to help parents and their wards have financial discipline as the app helps to check spending habits.
Essien said financial literacy is critical to enthroning a better and more reliable future as all problems or challenges are associated with finances. She further mentioned that the majority of adults struggle with their finances, spend extravagantly, face loan challenges, gambling and many more, adding that to mitigate these challenges, “we have to educate our children and young ones on good money habits because the future starts today.” Read more here.
Stakeholders explore economics of network interconnectivity in Nigeria – The Guardian
Stakeholders that attended this year’s Nigerian Peering and Interconnection Forum (ngPIF) have highlighted some insights and practical knowledge, which they believe will advance the economics of network interconnectivity in Nigeria.
Conversations at the two-day event, which saw an attendance pool of over 400 infrastructure providers, connectivity stakeholders, content providers, and policymakers revolved around interconnectivity, peer-to-peer content sharing, local content availability, peering possibilities in underserved regions, cloud connectivity, human capacity building, education, and technology intersection.
In his opening address at the yearly event, hosted by the Nigerian Network Operators Group (ngNOG), and the Internet Exchange Point of Nigeria (IXPN), the Executive Governor of Lagos State, Babajide Sanwo-olu noted that this year’s ngPIF was very relevant and of national significance.
“Today, I am pleased to be among experts in the infrastructure, digital content provision, network services and policymaking, as they engage, share experiences and learn from experts in their fields,” said the Governor, who was represented by the Commissioner for Science and Technology, Hakeem Fahm.
According to him, no one can ignore the vital role of technology in improving infrastructural and enhancing economic growth and development. Read more here.
Zenith Tech Fair Ends on High as Hackathon Finalists are Rewarded with N53m – This day News
A total sum of N53 million in prize money was won at the end of a keenly contested hackathon session at the Second Edition of the Zenith Tech Fair with the theme: “Future Forward 2.0,” which was held on Wednesday at Eko Hotels & Suites, Victoria Island, Lagos.
The prize money was shared among eleven finalists who emerged from the over 500 contestants that took part in the hackathon, with Ecotutu, a cleantech company making cooling affordable and accessible for businesses, especially in the agricultural sector, emerging as the overall winner and taking home the grand prize of N20 million.
This was in addition to a mentorship programme with Seedstars, a company dedicated to implementing high-quality capacity-building programmes for entrepreneurs in emerging markets.
The first runner-up, Foris Labs, an app-based platform that allows students to conduct science experiments individually and in groups interactively via their mobile phones, won N15 million and a mentorship programme with Seedstars, while the second runner-up, Finva, a start-up which helps creditors offer credits at low risk, won N10 million as well as a mentorship programme with Seedstars, a statement explained. Read more here.
Multigate becomes Swift Business Application provider – The Guardian
A licensed financial services platform, Multigate, has announced its qualification as a SWIFTLite2 for Business Application Provider. This SWIFT certification validates Multigate’s business application and provides connectivity for its customers to thousands of financial institutions globally by leveraging the SWIFT network.
As a certified SWIFT Lite 2 Business Application Provider, Multigate seeks to address the treasury/cash management needs of African corporates, both regionally and globally and is also focused on enabling seamless processes for consolidating accounts for local or international payouts from any bank.
The SWIFT license will also extend Multigate’s capacity to offer standardised, safe, and secure services to its clients and partners with an overall objective of increasing revenue by efficiently maximising cash flows.
Co-Founder and CEO of Multigate, Eghosa Nehikhare, said: “Our goal as a company is to advance the African economy by enabling seamless and instant transactions for our customers and by simplifying the complexities of managing multiple banking portals onto a single platform.
“By leveraging the SWIFT network as a certified connectivity provider, we provide a secure treasury and liquidity management experience through our innovative digital platform governed by the highest regulatory standards.” Read more here.
