E-Business
Analyst Picks Holes in Proposed AU Cybersecurity Convention
A proposed African Union (AU) convention seeking to step up the fight against cybercrime across Africa has critics up in arms over its potential to curb internet freedoms, according report by ITWeb Africa.
The African Union Convention on Cyber Security (AUCC), awaiting voting on in January 2014, proposes “establishing a credible framework for cyber security in Africa through organisation of electronic transactions, protection of personal data , promotion of cyber security, e-governance and combating cybercrime.”
The AU is, apparently, seeking to establish the convention because of what it says are African states’ “dire need of innovative criminal policy strategies that embody states, societal and technical responses to create a credible legal climate for cyber security.”
The move to introduce the convention comes as cyber crime levels in Africa are growing.
It could be recalled that the Norton Cybercrime Report for 2012, the likes of South Africa hosts the third-highest number of cyber crime victims in the world, behind only Russia and China.
In addition, the South African Cyber Threat Barometer 2012/13 put the total direct losses to cybercrime in South Africa between January 2011 and August 2012 at R2.65 billion.
But Kenyan based Strathmore University’s Centre for Intellectual Property and Information Technology Law (CIPIT) has hit out at the proposed AU cyber security convention and called for the convention not to go ahead in its current form.
The centre says the convention, if adopted as is, could abuse Africans’ right to privacy, harm freedom of expression, introduce legislative overkill and place too much power in the hands of judges.
A draft version of the convention allows judges, in the “public interest”, to call for the interception of individuals’ electronic communications without permission from these individuals.
“Our first concern is the omission to the right to privacy,” Rene Enoakpar of Strathmore University’s CIPIT told ITWeb Africa.
“The issue of public interest is complex because it has no unified meaning,” he said.
Enoakpar explained to ITWeb Africa that regulatory agencies in Africa could have varied interpretations of what is in the public interest.
He also said that these interpretations could reflect interests of political actors, especially governments, which in turn makes this provision problematic.
Furthermore, the ability to interfere with traffic data without permission could risk freedom of expression on the continent as well.
“With this provision, we think the right to freedom of expression will be seriously curtailed,” Enoakpar said.
Other aspects of the convention introduce what Enoakpar said is “legislative overkill.”
Enoakpar said the bill wants increased focus on crimes committed with online resources or computers. But he said this provision could make it possible for aggravation in situations where, for example, a criminal robs a bank after sending an email.
Other concerns regarding ‘legislative overkill’ include parts of the convention that want corporate bodies to be held responsible for offences that individuals commit using the corporations’ technology.
The convention also wants service providers to conduct vulnerability testing for their technologies: a requirement that could hold back e-commerce on the continent, Enoakpar said.
As a last concern, Enoakpar said the convention “grants absolute power to judges.”
Enoakpar added that judges on the continent are not adequately trained to deal with cybercrime and cyber security, making this absolute power even more problematic.
In a bid to stop the convention then from being adopted in its current form, the Strathmore’s CIPIT has started a campaign to oppose the ratification of it by the AU.
The centre has petitioned Kenya’s parliament through an open letter regarding the convention. The petition is sponsored and endorsed by the likes of search giant Google and technology innovation centres iLabAfrica and Nairobi’s iHub.
“We call attention to the fact that the context within which it is being passed will make the convention unfeasible,” Enoakpar told ITWeb Africa.
“We think that there is need for substantive revision,” Enoakpar said.
However, while the CIPIT and its supporters are looking to stop the AU cyber security convention from being adopted in its current form, the organisation does nevertheless want an Africa focused convention on cyber security.
African countries such as South Africa are looking to implement data privacy laws such as the Protection of Personal Information (POPI). But for those countries that do not have such endeavours as yet, there is a need for a guiding framework such as an AU cyber security convention, Enoakpar told ITWeb Africa.
But that framework cannot jeopardise civil liberties, contain legislative overkill or hand over too much power to judges, Enoakpar said.
“The nature of cybercrime is transnational, and that notwithstanding I know many African countries do not have an effective legislation on cybercrimes.”
“A good starting point would be for the African Union (AU) to come up with a model law on cybercrime,” said Enoakpar.
E-Business
Kaspersky Reveals a New Malicious Framework Targeting Cryptocurrency Users with the Use of OkoSpyware
At its recent annual Cyber Security Weekend for the Middle East, Turkiye and Africa (META) region, Kaspersky Global Research and Analysis Team (GReAT) shared insights about the new OkoBot campaign targeting cryptocurrency users.
The new sophisticated framework employs TookPS to exfiltrate seed phrases and uses a new OkoSpyware module to monitor Chromium-based browsers and deploy various malware strains, including the Rilide stealer.
It has already targeted hundreds of victims across over 25 countries, with the highest number of affected end users recorded in Brazil, Vietnam, Canada, Mexico and Turkiye. According to Kaspersky experts, the threat remains active and primarily poses a risk to cryptocurrency users.
In January 2026, experts from the Kaspersky Global Research and Analysis Team (GReAT) identified multiple attacks involving a previously unknown malware capable of capturing the contents of cryptocurrency wallet windows. Dubbed Okobot, the new sophisticated malware framework comprises more than 20 malicious payloads and implants designed to perform a wide range of functions, including collecting local files, executing remote commands, downloading arbitrary browser extensions, stealing cryptocurrency wallets, harvesting seed phrases and credentials, recording video and carrying out other malicious activities.
One of the new implants used in the campaign is a loader that modifies browser memory to load and hide malicious extensions. OkoBot also includes a new OkoSpyware module, which captures keystrokes and the video stream of a target application’s window.
Currently available information does not allow the campaign to be attributed to any known crimeware actor with high confidence. However, the techniques and infostealer involved are widely used by Russian-speaking threat actors, and technical analysis has also revealed code artifacts in Russian.
The initial infection typically occurs through two main vectors: ClickFix attacks, in which threat actors use social engineering to trick users into running malicious code, and malware distributed via GitHub under the guise of legitimate software. During the investigation, researchers identified one such case involving a fake installer for SQL Server Management Studio (SSMS), a widely used Microsoft database management tool.
The malicious framework includes SeedHunter, a malware component that monitors active system processes and injects an implant into Trezor Suite, Ledger Wallet, and Ledger Live, – official applications used to manage cryptocurrency assets. When it detects a connected Trezor or Ledger hardware wallet, it triggers the hooked functions to display a hard-coded phishing page aimed at stealing the user’s seed phrase, using a distinct layout for each wallet type.
“The OkoBot campaign has been active for more than a year and remained ongoing as of July 2026. The observed infection vectors strongly suggest that developers are among its primary targets. Of particular concern is the malware’s continued evolution, which indicates that the framework is being actively maintained. As distribution efforts persist, the campaign has the potential to reach more users and expand into additional countries in the near term,” says Dmitry Galov, Head of the Russia and CIS unit at Kaspersky Global Research and Analysis Team.
PalmPay, one of Africa’s leading digital financial services companies, is considering a listing on the Hong Kong Stock Exchange after attaining a valuation of more than one billion dollars, according to a Bloomberg report.
PalmPay
The report, citing sources familiar with the matter, said the fintech company was also seeking to raise between 150 million dollars and 200 million dollars in fresh funding ahead of a potential Initial Public Offering (IPO).
According to the sources, the additional capital is expected to support PalmPay’s next phase of expansion across Africa and selected Asian markets.
If completed, the IPO would rank among the most significant public market debuts by an African fintech company and could encourage other technology firms on the continent to explore listings beyond the traditional financial centres of London and New York.
Founded in 2019, PalmPay has emerged as one of Africa’s fastest-growing consumer fintech platforms, providing digital payments, money transfers, savings, lending and merchant payment solutions.
The company has established its strongest market presence in Nigeria while expanding operations into Ghana, Tanzania and Bangladesh as part of its international growth strategy.
PalmPay says it currently serves more than 35 million registered users and supports over one million businesses and merchants, processing millions of transactions daily.
Its rapid growth has positioned it among Africa’s leading fintech firms, alongside companies such as Flutterwave, Moniepoint, OPay, Wave and Onafriq.
Unlike many technology startups that have prioritised rapid customer acquisition over profitability, PalmPay reportedly achieved profitability in 2025, a development analysts say could enhance investor confidence as the company prepares for another fundraising round and an eventual stock market listing.
The report noted that Hong Kong could offer strategic advantages for PalmPay due to its strong commercial ties with Asian investors and the company’s growing presence in emerging Asian markets.
PalmPay’s early investors include Transsion Holdings, the maker of the Tecno, Infinix and itel smartphone brands, as well as investors linked to NetEase and MediaTek.
Industry analysts believe these long-standing relationships could make Hong Kong a natural destination for PalmPay’s public listing while broadening access to investors already familiar with its business model.
The company’s IPO plans come as venture capital investment in African startups has slowed considerably since the record funding years of 2021 and 2022, prompting many technology firms to focus on profitability, stronger balance sheets and sustainable long-term growth.
Against that backdrop, PalmPay’s proposed fundraising and listing are expected to serve as an important test of international investor appetite for profitable African fintech companies.
The company’s valuation also underscores the resilience of Africa’s digital payments sector, driven by rising smartphone adoption, expanding internet access and increasing demand for cashless transactions across the continent.
Although PalmPay has yet to make a final decision on either the fundraising or the IPO timetable, the reported preparations indicate that the company is positioning itself for its next phase of growth.
Industry observers say a successful Hong Kong listing could provide fresh momentum for Africa’s technology sector and create an alternative pathway for high-growth startups seeking access to global capital markets.
E-Business
CMS T&M Launches TMO Rides to Enable a Faster & Cashless Transport Experience for CMS – Ajah Passengers
CMS Transport Management (CMS T&M), one of Lagos’ longest-standing and most trusted transport operators, officially launches a new service known as TMO Rides.
This new initiative is designed to simplify the daily commute by introducing seamless cashless payments for passengers across its bus network.
For over 58 years, CMS T&M has played a significant role in moving millions of passengers daily along the CMS – Ajah routes through its fleet of high-capacity buses popularly.
The launch of TMO Rides marks another milestone in the company’s journey toward building a smarter, more efficient transport experience.
Through the initiative, passengers will have access to TMO Cards for a seamless transport. This is more exciting because TMO launches with 2 consecutive apps.
These apps help to eliminate the need for cash transactions while reducing boarding delays and create a more convenient experience for passengers.
Beyond introducing digital fare payments, the initiative reflects CMS T&M’s broader commitment to modernize public transportation through innovation, operational efficiency and improved customer experience.
CMS T&M operates within Nigeria’s regulated transport ecosystem as a registered member of the BRT Association of Nigeria (BRTAN), where it is also an equity stakeholder, reinforcing its commitment to a cooperative-driven transport system.
The company is equally registered with the Lagos Metropolitan Area Transport Authority (LAMATA), the agency responsible for planning, regulating and franchising public transportation in Lagos State, and is also a member of the National Union of Road Transport Workers (NURTW) that promotes safe and organized road transport operations.
Speaking on the launch, Andy, Managing Director of CMS T&M, said: “For nearly six decades, our focus has remained the same, which is moving people safely and efficiently.
“As the transportation needs of Lagos continue to evolve, we must evolve with them. TMOx Rider is about making everyday commuting easier by giving our passengers a faster, more convenient way to pay while improving the overall travel experience.
“This launch represents another important step in our commitment to building a smarter, more accessible transport system for everyone.”
The launch of TMO Rides forms part of CMS T&M’s long-term vision of embracing technology to improve public transportation without compromising the trust and consistency the passengers have relied on for generations.
The cashless payment infrastructure empowering TMO Rides is enabled by Treepz, whose mobility technology supports digital fare collection and operational efficiency.
By providing the technology behind the initiative, Treepz is helping CMS T&M expand access to modern, seamless transportation while advancing a shared vision of making everyday mobility more connected, convenient and accessible across Lagos.
Visit our website: https://www.cmstaxiandmotor.com/
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