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EFInA Supports LOTUS Capital with $250,000 Grant

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Lotus Capital Limited has received a Technical Assistance Grant of $250,000 (Two hundred and fifty thousand Dollars only) from Enhancing Financial Innovation & Access (EFInA) to support the “Lotus Health is Wealth Savings Plan”.

EFInA is a financial sector development organisation that promotes financial inclusion in Nigeria. Lotus Capital Limited is the pioneer provider of non-interest financial services in Nigeria. The company provides a broad spectrum of fund/portfolio management services for individual, corporate and retail clients.

The Lotus Health is Wealth Savings Plan (LHIWSP) is a dynamic non-interest, fixed income savings product that will also offer health insurance.

The Plan is structured around monthly collections of deposits from customers which will be invested in non-interest, low-risk instruments, and non-interest fixed term investments to give customers returns on their savings.

A small portion of customers’ deposits will be allocated to pay the monthly premiums for health insurance.

The project will be piloted in Lagos, Abuja and Kano States. Lotus Capital will target traders, market associations, religious associations, service companies and women pressure groups.

Speaking about the Grant, Chidinma Lawanson, chief executive officer of EFInA, stated that, “The EFInA Access to Financial Services in Nigeria 2014 survey revealed that 16.8 million adults representing 18% of the adult population who do not use non-interest banking products stated that they are likely to take up such products if they are readily available. The Lotus Health is Wealth products add to the diversity and range of affordable financial products to low and middle income segments of the population who may be unbanked and under-banked.”

Furthermore, she mentioned that, “insurance penetration is still low in Nigeria, data from the EFInA’s Access to Financial Services in Nigeria 2014 survey shows that only one million adults representing 1.1% of the total adult population have insurance while 14.3 million representing

15.3% of adults stated that they would be interested in micro insurance products. Through the

Project, Lotus Capital will drive awareness on non-interest finance and enhance financial literacy among the low income targets; given that the company’s direct sales agent will interface with customers to showcase the product.”

According to Hajara Adeola, managing director of Lotus Capital, “Since our founding, we have being dedicated to creating wealth ethically for our clients. Our firm belief is that with the right financial plan and education, everyone can and should improve the quality of their life. Through this project, we hope to encourage the development of an investment culture among the low income and financially excluded segment of the population.

“The Plan’s tie-in with health insurance is intentional as we believe that a healthy body is essential to creating and sustaining wealth. While health insurance is mandatory for workers in the formal sector, there are millions of Nigerians who work outside the formal sector and do not have access to health insurance or even formal financial services.

‘It is for this reason that the Plan is providing both an investment outlet and discounted health insurance. Our vision is a Nigeria where Nigerians regardless of their position on the economic or social ladder will have access to formal financial services and quality healthcare,

“The project is expected to deepen financial inclusion by broadening the array of non-interest products available to the banked, unbanked and under-banked population. The Plan will also contribute to the growth of small and medium scale enterprises via the financial advisory services offered to customers. The Lotus Health is Wealth Savings Plan, and indeed all our services are available to people of all faiths”, she added.

EFInA, through this innovation grant aims to promote financial inclusion through market development by enabling provision of appropriate financial products and services at an affordable price to individuals who are under-banked or may be financially excluded.


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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New CAMON Device Set to Redefine Mobile Content Creation

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TECNO is gearing up to launch the next CAMON series device, which promises to be the next evolution in mobile photography.

TECNO

The CAMON lineup has always been known for its innovation in capturing and sharing cherished moments. Now, TECNO is taking it to the next level with a groundbreaking camera innovation that aims to redefine what’s possible.

For years, the CAMON series has been the driving force behind countless memorable shots, empowering users to unleash their creativity and capture the world in stunning detail. With the upcoming device, TECNO promises to exceed your expectations and deliver an unparalleled photography experience that’s second to none.

The new CAMON device will feature cutting-edge technology and unparalleled performance, setting a new standard for mobile photography and content creation. Imagine being ten steps ahead of the curve, armed with a device that empowers you to capture the perfect shot every time.

Stay updated on the latest news and announcements regarding the upcoming TECNO CAMON device by following TECNO on FacebookInstagram, and X(Twitter). Join TECNO on this exciting journey towards the future of mobile photography!


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Data Protection: NIMC’s Licensees to Face More Scrutiny

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Following the reported incident of unauthorized NIN verification by expressverify.com, investigation reveals that a third-party who, among others, was originally authorized to provide verification services to citizens and genuine businesses might have allowed expressverify.com to use its NIN verification credentials to conduct verification. The circumstances surrounding this permission is still under investigation.

 

To remedy this incident, National Identity Management Commission (NIMC), in line with established remediation protocols, barred all forms of access to its database.

Though necessary, barring all forms of access affected all genuine and crucial verification requests. After a painstaking review, limited access has been granted to few establishments that are providing pivotal public services such as education and security.

Ongoing investigation – by relevant agencies – seeks to establish the medium through which expressverify.com obtained the credentials of bona fide third parties and to determine the liability of persons involved in line with extant laws.

At the moment, data processing by licensees generally are to be scrutinized and only those that are cleared based on credible evidence of regulatory compliance will be permitted to carry out NIN verification going forward.

Furthermore, series of intensive trainings will be conducted in order to ensure that personnel and licensees are abreast of the duty of care and the standard of care mandated by the Nigeria Data Protection Act, NIMC’s Privacy Policy and other relevant regulatory protocols.

In the meantime, NDPC calls on members of the public to see NIN as an essential data for sustainable development. While existing technical and organizational measures are being strengthened to ensure the protection of this data, it is important for citizens to ensure that they are not left unidentified in various frameworks for development. It is equally important to be vigilant when sharing personal information on various online platforms.


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5 Common Backup Mistakes and How to Avoid Them

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Are you confident that your valuable data is protected from unexpected disasters or cyber threats? Consider this: 1 in 10 computers fall victim to viruses, and a staggering 113 phones are stolen every minute every day[1].

With data loss being a sudden and potentially irretrievable nightmare, ensuring reliable backups is non-negotiable. March 31st, celebrated as World Backup Day, is a poignant reminder of this essential task. Let’s delve into the common backup mistakes people make and how to steer clear of those.

1. Skipping regular backups:

The most common mistake is forgetting to back up data regularly. Whether personal files or crucial business documents, not establishing a consistent backup routine leaves you vulnerable to data loss.

Unexpected system crashes or malware attacks can happen anytime, making your precious data inaccessible or permanently lost. But you can help avoid such a situation by setting up automatic backups.

SSD Backup Mistakes to avoid
2. Putting all faith in a single backup device:

A device can get damaged or stolen, putting your backups at risk, so depending entirely on one storage medium is playing a dangerous game with your data’s safety.

 Instead, diversify your backup storage solutions with a combination of external HDDs, NAS, and cloud storage.

Portable HDDs like those from WD like Western Digital’s My Passport offer up to 5TB for simple, cost-effective backups. For smartphones, 2-in-1 flash drives such as SanDisk Ultra Dual Drive Go USB Type-C and SanDisk iXpand Flash Drive Luxe are convenient options.

These drives, compatible with USB Type-C devices, automatically back up photos, videos, and more. Just plug and play for seamless data transfer across devices.

If you need a device to store huge amounts of data, then the desktop drive called My Book  from WD is just the product for you, with up to 22TB of storage capacity.

SSD Backup Mistakes to avoid
storage device

3. Forgetting version control:

Overlooking version control during backups is another blunder. Not keeping multiple versions of files increases the chance of saving corrupted or wrong data over previous versions.

Without a proper versioning system, fixing mistakes or retrieving older versions can become a challenge. To prevent forgetting version control, establish a system that tracks changes to your files over time.

This ensures that you can always revert to earlier versions if needed, helping protect against accidental data loss or corruption.

Regularly maintaining this system will help you stay organized and prepared for any unforeseen issues.

Additionally, it’s crucial to verify the version you’re backing up to ensure it’s the correct one.

This simple step can help prevent accidental overwriting of important data with potentially corrupted or incorrect versions.

Double-checking ensures that you’re safeguarding the most up-to-date and accurate information, minimizing the risk of errors during backups.

SSD Backup Mistakes to avoid
4. Ignoring off-site backup solutions:

Many people overlook off-site backup solutions, assuming local backups are foolproof. However, relying solely on local backups makes you vulnerable to site-specific disasters like fires or theft.

Using off-site backups means keeping copies of your data in different places so that if something bad happens in one area, your data stays safe.

As an alternative, you could use cloud storage. Cloud backup devices are popular for remote data storage accessible via the internet. Various online cloud services offer features like file synchronization, sharing, and encryption for secure data storage.

5. Underestimating encryption:

Not prioritizing encryption in backups can be a costly mistake. Storing unencrypted backups makes your sensitive data vulnerable to unauthorized access or breaches.

Implementing strong encryption ensures even if your backups fall into the wrong hands, the data remains protected.

However, it is equally important to remember not to opt for out-of-the-box encryption solutions, as they might make it difficult for you to retrieve the backed-up information later.

My Passport HDD and My Book from WD come equipped with built-in 256-bit AES hardware encryption with password protection that helps keep content secure.

Additionally, maintaining proper key management practices is essential to ensure smooth decryption and access to your data when needed.

SSD Backup Mistakes to avoid
Monitor and storage device

This World Backup Day, Western Digital urges you to back up your data safely, and at the same time, prepare for the unexpected by having a contingency plan in place for device mishaps like crashes, theft, or damage.

Worrying about losing data isn’t something you have to lose sleep over if you have an active data backup strategy.

A common rule of thumb for keeping important data from disappearing forever is the 3-2-1 Rule. It dictates that you should:

3. Have THREE copies of your data. One is a primary backup and two are copies.

   2. Save copies of your backups on TWO different types of media or devices.

   1. ONE backup copy should be kept offsite in case of disaster.

Determine where and how you’ll store backup files and identify support contacts for swift assistance.

These proactive measures ensure quick data recovery and safeguard your cherished memories for the long haul.


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