E-Business
Verve, Zap, OthersTop 10 African Fin. Service Tech Products in 2009
The task of selecting top 10 technology driven products/services in financial service industry in Africa in 2009 is not an enviable one. In spite of the global financial recession, financial services industries in Africa have turned out several technology-driven innovative products/services. These products cut across all the financial sectors such as banking, insurance, capital markets and even pension schemes.
Top on the list of the criteria employed by the financialtechnology editorial team include innovations and transformational power. The products/services selected have proven to be innovative both in design and implementation. They also have transformational power to revolutionise the financial service sector in the continent. Having applied these criteria as vigorous as possible, the following products/services were selected: M-Pesa, Zap, Mobile Money, Verve, Kenyan Bourse Complaints SMS Service, Instant Life, Capitec Bank Paperless System, Mbao Pension Scheme, Trustco Life and Uganda Financial Sector Identification (FSI) system.
1. M-Pesa
Safaricom’s powered M-Pesa, the most successful M-Payment system in the world, has continued to go from strength to strength. Having survived Kenya’s government inquisition in January 2009, M-Pesa went international and opened a new platform for its 7.5 million subscribers to connect to the United Kingdom.
Safaricom also integrated the platform to ATM systems. As such, its customers can retrieve money through PesaPoint ATMs. More than 75 organisations, including manufacturers of retail goods are already hooked up to M-Pesa, allowing their customers to pay using what was initially launched as a money transfer platform targeting the unbanked. The roll call of M-pesa corporate users include educational, financial, health, hospitality, utility, insurance, airlines, NGOs, and media institutions.
Renaissance Capital, a Nairobi based investment bank, estimates that M-pesa service earned Safaricom Sh2.9 billion in the last financial year. In terms of access for both merchants and consumers, the mobile platform offers significant low costs and unrivalled convenience.
2. Zap
With the launch of Zain’s Zap into the M-Payment sector in Kenya and East Africa, competition took a new twist characterised by revolutionary products. Zain introduced a new concept, allowing its users to send and receive money via their bank accounts.
Zain launched Zap Distro, a web portal tool that enables dealers and large chains, which have other agents under their flagships, to manage their accounts. It also unveiled Zap Master to its transactional menu. The Zap Master eases cash administration process especially for SMEs. With these new offerings, Zain has deepened the M-Payment scheme in Africa.
3. Kenyan Bourse Complaints SMS Service
In 2009, investors at the Nairobi Stock Exchange (NSE) were able to lodge their complaints and queries on shares and transactions at their convenience. This follows the launch of the NSE Complaints Handling Unit (CHU) SMS service. This is an enhancement of the CHU website.
Peter Mwangi, NSE Chief Executive, says the new service will make the stock market more approachable for investors where they will get information on how the bourse operates or even raise issues they may have. Prior to CHU launch, investors shuttled between the NSE and market regulator, Capital Market Authority & Central Depository Settlement Corporation (CDSC) to raise concerns.
The new service is seen as an alternative to the web-based portal, bringing convenience to especially those in the rural areas without access to internet.
4. Instant Life
Instant Life is South Africa’s first direct insurer to function without the expense of an interactive call centre, using an automated administrative system.
The company claims to represent a sea of change in the way insurers do business. 100 years ago saw the emergence of the broker-driven insurance business; about 50 years later call centre technology changed the industry, while the online, low-cost system of Instant Life represents the kind of do-it-yourself change similar to that of buying airline tickets.
“The new generation of insurers will shift the focus from the old model of push-selling by a commissioned intermediary to life products that internet savvy and informed clients will want to buy,” says Jan Kotze, CEO of Instant Life. He says life cover could become more affordable including the 50% of South Africans who were underinsured by the life industry engaging directly with clients online and by shedding “its top-heavy layers”.
Instant Life started in August 2009, but was officially launched only in December 2009 because it needed time to refine its business models and technology. Nonetheless, according to Kotze, it had already received about 8000 applications from 40,000 hits.
5. Trustco Life
Trustco Mobile, a subsidiary of Namibia-based Trustco Group Holdings provides life cover for mobile phone users when they purchase airtime. It has set a target of signing up five million people on the continent in the next 10 months. Presently, the deal is exclusive to Cell One customers, in Namibia.
Trustco Life covers users lives for a maximum of R100 000, for as long as they buy airtime monthly from the mobile company. Quinton van Rooyen, group MD of the Trustco Group, says the system works through the cellular company’s network and, as long as consumers keep buying airtime, they are insured. Reminders are sent out via SMS when customers need to recharge.
He says the concept was tested for a year before being launched, and uptake was good. Namibia has 1.4 million cellphone users, of which 95% are on prepaid packages. The company will expand the offering beyond Namibia and is targeting five million users by financial year-end. Cell One has 250 000 prepaid customers, Van Rooyen says.
6. Mbao, Informal Pension Scheme
An informal pension scheme powered by M-Payment services, M-Pesa and Zap was launched in Kenya in the last quarter of 2009. It will require savings of at least Sh20 a day for informal sector players to earn a pension after their retirement.
With the individual contribution pension scheme called Mbao Pension Scheme, the informal sector player will be able to save and enjoy comfort at old age, like those in formal employment. The pension scheme, established by Kenya National Jua Kali Co-operative Society Limited, is targeting 8.5 million people involved in small and medium enterprises in the country.
This pension scheme will leverage on technology to attend to the expected volumes of small denominations in contribution. In this, members will contribute through money transfer services like Safaricom’s M-pesa and Zain’s Zap, and receive account updates through their handsets.
The national identification card number will be the member’s account number. Retirement Benefits Authority MD, Edward Odundo, says the company expects the scheme to be the largest in the country in a few years.
7. Capitec Paperless Banking System
Opening a bank account at any of the over 370 branches of Capitec Bank in South Africa is a piece of cake. They take customer’s fingerprints with a scanner and the contract states that Capitec uses this ID to authorise transactions. Within 45 minutes the customer is done. The account is opened and ready for transactions
Capitec Bank, the fastest growing retail bank in South Africa in 2009 pioneered a new biometric ID system to provide increased security for client transactions and lower banking fees. Riaan Stassen, Capitec Bank CEO says, “The sophisticated yet simple biometric device that we are implementing in our branches is an example of how we strive to use innovative technology to drive down costs while enhancing security and offering clients greater peace of mind. The biometric devices allow immediate verification and instant account access, in real-time, assuring clients that only they can transact on their account.”
The introduction of biometric ID by Capitec Bank is a local industry first. Using fingerprint and photographic recognition, the system is used in-branch when a client opens an account and any time they need to liaise with a consultant thereafter.
8. Financial Sector Identification (FSI)
To address the challenges of the absence of unique identifier in the implementation of its financial credit system, the Central Bank of Uganda (CBU) set up a Financial Sector Identification (FSI) system powered by Compuscan Limited.
CBU makes Compuscan the country sole credit bureau provider and makes it a regulatory requirement that all banks must supply loan applications and performance data; perform credit search at the point of facility review or new loan agreement. It also mandated all banks to issue financial cards to their borrowers to enable proper ID on credit bureau.
In 2009, all bank branches in Uganda have the software and hardware set up and enrollment also commenced. The financial cards are created for individuals, companies and authorised agents representing companies. To forestall possible impersonation, 10-finger digits are registered and four images of each digit are taken. The solution was developed to work both online and offline with direct hook up to the finger print database.
9. Verve
In 2009, Interswitch, Nigeria’s premier transactions switching and electronic payment company delivered the first locally branded EMV payment card in Africa. Christened Verve, the payment card generated a lot interest across the world because of its strategic impact on local e-payment transactions in Nigeria and its potential to become a leading regional payment card.
The security and EMV features in Verve chip & PIN card guarantees a higher level of security for payment transactions than magnetic stripe cards. Interswitch has also initiated eight other security initiatives. These are: MoneyGuard, which allows cardholders to send SMS from their phones to block their cards in case of an unusual, fraudulent activities; Fraud Watch, a portal and email for fraud reporting and information management; Fraud Guard, a fraud management and transaction security system; Fraud Insure, card fraud insurance; Fraud Team risk management team; Identity Guard, a token based strong authentication and Fraud Aware, cardholder awareness campaign.
10. Mobile Money
The MTN Group successful launched its Mobile Money Transfer (MMT) in Uganda and Ghana in 2009. It marked the beginning of a series of planned launches across its operations in Africa and Middle East.
MTN Mobile Money is a convenient, secure and affordable way for MTN subscribers to send money, buy airtime and pay bills using their cellphone. Whether users have an existing bank account or not, they can register for MTN MobileMoney as long as they are MTN subscribers. Those without MTN SIM cards or even a phone can still receive money from MTN MobileMoney users and send money through a network of agents in their country.
MTN has been piloting at the Group’s West and Central Africa (WECA) region operations (Cameroon, Ghana, Cote d’Ivoire and Nigeria) since October 2008. Five additional pilots were launched in Benin, Congo Brazzaville, Guinea Bissau, Guinea Conakry and Liberia in 2009. The pilots are aimed at waterproofing the systems and operational processes in preparation for the commercial launch. In each market, MTN has partnered with local banks to ensure that its MMT services are fully compliant with financial services regulations.
Discussions are currently on-going with relevant authorities in various countries to ensure that all regulatory requirements are met. MTN Mobile Money has the potential to become the largest banking services in Africa by the time the operations take off in all countries of its operations. MTN Mobile Money charges a smaller percentage compared to what other conventional service providers charge.
E-Business
Over 7 million Streaming Accounts’ Credentials were Leaked in 2024 – Report

In a new report, Kaspersky identified over 7 million compromised accounts belonging to streaming services like Netflix, Disney+, Amazon Prime Video and others. For millions of Gen Z users, these streaming platforms play a central role in how this generation socialises and connects with global culture.
To raise their awareness and build digital resilience, Kaspersky has launched “Case 404” — an interactive cyber-detective game that helps Gen Z recognise hidden dangers and learn how to protect their digital lives.
Streaming platforms have become digital sanctuaries for Gen Z. According to recent studies, Gen Z not only spends more on streaming platforms than any other generation but also actively participates in online fandoms, sharing clips, memes and fan theories across social media: episodes become memes, quotes turn into tweets, and characters live on through edits, debates, and TikTok trends.
Yet this always-online, highly engaged behaviour comes with hidden risks. The very devices Gen Z uses to stream their favourite shows can become entry points for cybercriminals through malware infections. These threats often hide in unofficial downloads, pirated content, browser extensions, or compromised apps, silently collecting login credentials, session data, and other personal information.
Kaspersky Digital Footprint Intelligence team analysed compromised credentials linked to the major streaming services (Netflix, Disney+, Amazon Prime Video, Apple TV+ and Max) and uncovered 7,035,236 cases in 2024. These weren’t stolen directly from the platforms themselves but were collected as part of broader credential theft campaigns.
Netflix: A major target for cybercriminals
It’s no surprise that Netflix is the defining streaming brand for Gen Z. Netflix leads both in popularity and in exposure, with 5,632,694 compromised accounts detected. Brazil had the highest number of exposed Netflix credentials in 2024, followed by Mexico and India.
Disney+
Kaspersky experts detected 680,850 Disney+ accounts in leaked datasets. Again, Brazil stood out as the country with the most breached accounts, followed by Mexico and Germany.
Amazon Prime Video
Amazon Prime Video, though smaller in volume with 1,607 compromised accounts, still plays a significant role, especially among Gen Z viewers looking for more subversive or edgy narratives. In 2024, Mexico, Brazil, and France were the top countries with leaked Prime Video accounts.
Once a device is infected, cybercriminals don’t stop at the streaming app. Malware collects sensitive data — account credentials, cookies, bank card details — which are then sold or leaked on underground forums. Sometimes, attackers give this data away just to build their reputation.
These forums are active, fast-moving, and accessible to a wide range of malicious actors. What begins as a compromised Netflix password can quickly snowball into broader digital intrusion, identity theft, or financial fraud, especially if the same credentials are reused across services.
As streaming platforms, fandom culture, and social media become deeply woven into Gen Z’s everyday experience, cyberthreats are adapting to target the spaces they trust most. To respond to this shift, Kaspersky has created “Case 404” — an interactive cybersecurity game explicitly tailored for Gen Z users.
In this digital quest, players step into the role of AI-powered cyber-detectives, investigating realistic online crimes inspired by current threats. Upon completing all cases, users receive a discount on Kaspersky Premium, turning new knowledge into actionable protection.
“For Generation Z, streaming is more than entertainment; it’s a daily habit, a source of identity and community. But that emotional connection also creates a blind spot. Malware hidden in unofficial downloads or third-party tools silently steals login credentials and personal data, which are then traded or sold on cybercriminal forums.
Protecting your streaming account today means thinking beyond passwords — it means securing your devices, avoiding suspicious downloads, and being mindful of where your clicks lead you,” comments Polina Tretyak, digital footprint analyst at Kaspersky.
E-Business
NITDA Ignites a Revolution for Gender Inclusion in Nigeria’s AI and Digital Economy

In a powerful stride towards an inclusive digital future, the National Information Technology Development Agency (NITDA) is spearheading a transformative drive to empower Nigerian women in the Artificial Intelligence (AI) and digital economy.
This commitment was resoundingly reiterated by NITDA’s Director General, Kashifu Inuwa CCIE, at the “Innovate Her 25” conference, the 10th National Conference and 11th Annual Meeting of Nigerian Women in Information Technology.
Speaking at the event themed “Women in AI: Unlocking Resilience, Fostering Innovation and Leadership,” Inuwa, represented by Dr. Aristotle Onumo, Director of Stakeholder Management and Partnerships, emphasised that true innovation blossoms not in isolation, but through synergistic partnerships and collective endeavor – principles deeply embedded in NITDA’s operational ethos.
Highlighting Nigeria’s Artificial Intelligence (AI) Strategy, Inuwa added that inclusivity is embedded as a core objective: “Our strategic roadmap mandates that at least 40% of our programmes directly benefit women and underserved groups. We have also developed a Gender Inclusion Strategy to guide interventions in areas such as training and infrastructure,” he explained.
Further underscoring Nigeria’s leadership in the digital space, Inuwa excitingly announced that in September 2025, NITDA will proudly host a Leadership Summit on AI. This landmark event will convene stakeholders from across the African continent, fostering a collaborative environment to forge a unified AI vision for Africa.
In alignment with the conference’s focus on empowering women in technology, the DG detailed NITDA’s diverse capacity-building initiatives spanning AI, cloud computing, and cybersecurity. “We work with partners such as the Renew Hope Initiative to train thousands of women across Nigeria’s six geopolitical zones,” he revealed, highlighting the agency’s broad reach.
NITDA stands ready to collaborate with organisations like the Nigerian Women in Information Technology (NIWIT), actively encouraging proposals for bespoke programmes that cater to specific community needs. “We focus on targeted training with measurable outcomes, rather than generic approaches,” Inuwa affirmed, emphasising a results-oriented methodology.
He further spotlighted NITDA’s “Digital Literacy for All Initiative,” which seeks to equip 70% of Nigerians with digital literacy by 2027. Through strategic partnerships with the NYSC and the integration of digital literacy into national school curricula, the agency plans to train over 30 million Nigerians — with a dedicated focus on underserved communities and public servants.
Addressing critical concerns surrounding ethical AI, Inuwa emphasised the importance of developing indigenous datasets and large language models reflective of Nigeria’s unique realities: “We are working closely with stakeholders to build local datasets that safeguard Nigerians’ digital rights and ensure ethical AI use,” he assured.
NITDA is also championing mentorship for women in technology through impactful initiatives such as Women Innovate. The agency warmly welcomes collaboration with NIWIT to design structured mentorship programmes and is open to formalising such partnerships through Memoranda of Understanding (MoUs).
“NITDA is committed to fostering inclusive economic growth through innovation. Partnership and collaboration remain the way forward,” Inuwa declared.
The session concluded with a resounding call to action, urging women-focused organisations to leverage NITDA’s open-door policy and unite in advancing digital inclusion across Nigeria. The future of Nigeria’s digital economy is inclusive, and women are at its forefront.
E-Business
Amazon CEO Says AI will Reduce Number of Workers Needed

Amazon’s management on Wednesday said that it expects that artificial intelligence software will reduce the number of office workers at the world’s largest online retailer.

Andy Jassy, chief executive, Amazon
“We will need fewer people doing some of the jobs that are being done today and more people doing other types of jobs,” Andy Jassy, chief executive, Amazon wrote in an email to employees.
He said it was difficult to predict how the overall workforce will evolve, but in the next few years, it is expected that AI efficiency gains will lead to a reduction in the number of office workers.
According to earlier reports, Amazon employed around 1.5 million people worldwide, with approximately 350,000 office employees in various roles.
The Wall Street Journal reported that the company does not anticipate further large-scale layoffs, as seen in 2022 and 2023, in the near future.
Instead, it expects that vacant positions will not be refilled.
However, layoffs are not ruled out, according to sources familiar with the matter.
“Amazon is focusing on so-called AI agents, software capable of independently performing tasks. These agents could, for example, summarise information from the web and data sources, write software, translate languages and automate many time-consuming tasks,” Mr Jassy explained.
“Agents will be teammates that we can call on at various stages of our work,” he added, urging employees to experiment with AI whenever possible.
The impact of AI on the job market has been a concern for many years.
Recently, Spotify, the leader in music streaming, announced that teams requesting additional staff would first need to prove that AI could not perform the tasks.
The creators of the language-learning app Duolingo plan to gradually replace external workers with AI.
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