Airtel Nigeria has commenced its annual 5 Days of Love campaign, a philanthropic initiative designed to spread the joy and warmth of the festive season by feeding thousands of underprivileged Nigerians and supporting communities across the country.

Marking its 10th edition, this year’s campaign themed ‘5 Days; 6 Cities; 6,000 Meals’ successfully kicked off in Lagos on Monday, 16th December 2024, at Holy Cross Cathedral School, Onikan, Lagos, with 1,000 individuals, including children, youth, and the elderly, receiving packed meals. The event created a festive atmosphere filled with joy, celebration, laughter and entertainment.

Speaking on this year’s edition of the project, Airtel Nigeria CEO, Dinesh Balsingh, represented by Lagos Regional Operations Director, Airtel Nigeria, Peter Francis, emphasized that the broader significance of the 5 Days of Love festive period program was beyond meal distribution.

“At Airtel, we pride ourselves in being a people-centred organization. This event is not only about providing meals; it is a meaningful way to connect with communities, share moments of warmth, joy, and togetherness, and create a vibrant atmosphere of celebration and love.

“Today reminds us of the core values of joy, love, kindness, and shared humanity that define this initiative and Airtel’s mission. Together, we can continue to make a lasting positive impact.”

Following the successful completion of Lagos event, the 5 Days of Love train moves to Borno on Tuesday, 17th December; Abuja on Wednesday, 18th December; and Enugu and Rivers States on Thursday, 19th December; before concluding in Osun State on Friday, 20th December 2024.

Also speaking during the event, Executive Chairman, Lagos Island East Local Government Development Area, Honourable Muibi Alade Folawiyo, lauded Airtel Nigeria for a thoughtful initiative of sharing love with individuals and communities, encouraging the telco to keep the program alive.

“This is a remarkable act of kindness, and I appreciate Airtel for its dedication to uplifting lives and spreading love to individuals. I am grateful to Airtel Nigeria for spreading joy to us in this part of Lagos,” he said.

The 5 Days of Love campaign reflects Airtel Nigeria’s commitment to enriching the lives of Nigerians through meaningful community engagement and support. By fostering a sense of togetherness and goodwill, Airtel continues to exemplify its role as a socially responsible organization, creating lasting positive impact during the festive season and year round.

Lauded as one of the 21st century’s most transformative financial tools, mobile money has significantly inspired financial inclusion by providing previously unbanked and underbanked populations the access to essential financial services.

This innovation empowers individuals and businesses with the tools to send and receive remittances, make seamless payments for goods and services and save money, while ultimately contributing to faster economic growth and development across the region.

Research from GSMA’s The State of the Industry Report on Mobile Money 2024 reveals that over the past decade, increased adoption of mobile money services has significantly improved GDP. This has contributed an impressive USD 600 billion to the economies of countries utilising these platforms. This finding reaffirms the transformative economic potential of mobile money as it drives entrepreneurship, increases consumer spending and enhances overall economic activity.

The popularity of mobile money in East Africa has not only redefined the scope of financial inclusion but has also spurred significant economic growth and altered consumer behaviour within and outside the region. Specifically, the success of platforms like M-Pesa has provided a powerful blueprint, easily demonstrating how mobile money can democratise access to financial services and drive socio-economic development.

This SeerBit whitepaper casts a deep look at mobile money’s regional adoption trends, its economic contributions and the challenges of scalability, while advocating for urgent, collective action to unlock mobile money’s benefits, paving the way for a more connected and prosperous future in the region.

Rise of Mobile Money Adoption Across West Africa

The Macroeconomic Performance and Outlook (MEO) report developed by the African Development Bank Group notes that Africa will account for 11 of the world’s 20 fastest-growing economies in 2024 – with the continent set to remain the second-fastest-growing region after Asia.

Mobile money adoption is playing a significant role in this growth.

In the 10 years leading up to 2022, mobile money contributed USD 600 billion to the GDP of countries with a mobile money service, according to the GSMA’s The State of the Industry Report on Mobile Money 2024  (SOTIR 2024).

Spotlighting West Africa in particular, which currently has a population of over 451 million (United Nations), West African Economic and Monetary Union (WAEMU) countries have seen increased financial account ownership since 2014, with mobile money accounts witnessing increased adoption and usage. On average, 41 percent of adults in the WAEMU have an account with a bank or similar institution or with a mobile money service. Senegal has the highest account ownership rate at 56 percent, but the country still falls 15 percent below the developing economy average.

In Nigeria, where a majority of adults remain unbanked or underserved due to the limitations of traditional banking infrastructure, the country’s dynamic fintech sector is bridging those gaps with mobile money, digital payment platforms and wallets to reach underserved populations in rural and remote areas. While digital transactions have grown, they are yet to exceed cash-based transactions. A recent GSMA report reveals that Nigeria’s mobile money account ownership increased to 22 percent among all adults that are aware of mobile money and have used a mobile phone in 2022 and the number of adult account owners who have used mobile money in Nigeria in the last 30 days increased to 80 percent – this was up from 61 percent in 2021.

Global Findex data suggests there are opportunities to accelerate ownership and usage through digital financial enablement.

What You Should Know About Mobile Money in West Africa

Here are some interesting things to note about the adoption and effectiveness of mobile money in West Africa.

Mobile money is bridging the financial inclusion gap in West Africa

If there is one thing industry critics can agree on, it is that mobile money services continue to play a critical role in financial inclusion across the continent, providing a secure and convenient platform for transactions, bill payments and access to banking services, highlighting the demand for accessible financial services where traditional banking infrastructure is minimal and as such unable to address the needs of the populace.

Mobile money has had a gender-equalising effect in most countries, except for Côte d’Ivoire, which has a 13 percent gap due to males having adopted mobile-based accounts at a higher rate.

Mobile money has also enabled more women to save money than other financial services. For instance, in Senegal, only six percent of women saved using a traditional bank or other financial accounts in 2021, whereas four times more women chose mobile money to save.

Enabling regulation has led to greater access to and use of mobile money

As an important solution in the provision of basic transactional financial services to populations largely underserved by formal financial institutions, mobile money services are subject to a range of regulations.

It has generally been accepted by regulators, mobile money providers and investors that regulation has a material impact on mobile money adoption and usage.  Regulation affects the ease with which new customers can enrol to a mobile money service and the range of services offered, as well as the commercial and operating environment for providers and investors.

Fintechs are instrumental to making mobile money a success in West Africa

Fintech companies in Nigeria are collaborating with traditional banks to tailor services to the evolving needs of Nigerian consumers and businesses. These offerings pair a range of traditional banking products such as savings accounts and bill payments with innovative tech solutions such as lending platforms, virtual investment advisors, digital insurance products, and digital remittance solutions.

Fintech platforms such as SeerBit offer more widely accessible financial products that can help close the unmet credit demands of micro, small and medium-sized businesses in the country. A 2022 IFC Nigerian SME Finance Market report estimates this is around 13 trillion Nigerian naira (equivalent to USD 9 billion today). These products include invoice financing services, supply chain finance solutions, inventory management systems, data analytics tools, digital capital investment, digital assets, neo-banking and digital accounting and bookkeeping tools tailored to their needs.

West Africa Making a Bold Statement With Mobile Money

Despite several infrastructural, economic, social and regulatory challenges in West Africa, countries in the region are making meaningful strides to address all these areas. This is evidenced by countries in the region leading the mobile money adoption race globally. In 2023, over a third of new registered and active 30-day accounts globally were from West Africa and these accounted for transaction volumes of 19 billion, an increase of 40 percent from the previous year and transaction values of USD 347 billion, also up 40 percent from the previous year.

Mobile money adoption in West Africa is booming, with the GSMA reporting over 500 million active mobile money accounts in the region by 2023. The World Bank highlights that mobile money transactions are growing rapidly, driven by increased smartphone penetration and financial inclusion efforts. Despite this progress, challenges persist, including regulatory hurdles and infrastructure limitations. According to the GSMA, over 40 percent of the region’s population remains unbanked, which hampers broader adoption. Additionally, cybersecurity threats and digital literacy gaps could inhibit future growth. Addressing these challenges will be crucial for sustaining the upward trajectory of mobile money in West Africa.

Towards Cashless Societies

In January 2024, Bloomberg reported that six of the top 10 performing economies in the world were predicted to come from Sub-Saharan Africa. The continent’s youthful population is also an enormous opportunity for economic growth.

Africa also has the advantage of having fewer legacy challenges to deal with and is, therefore, adopting digitised solutions faster out of necessity.

Today’s technologies are a good indicator of the scale and speed at which technology is transforming traditional socioeconomic sectors across the continent. African countries are implementing key policies to accelerate digital payments adoption, creating a competitive market with solutions tailored to the underserved.

How Can Africa Further Accelerate the Growth and Adoption of Mobile Money?

Connectivity is  critical.

Widespread internet access would enable card-based transactions at merchant/agent locations. Offline solutions and strong interoperability policies are crucial for addressing connectivity challenges.

What’s the Future Outlook on Mobile Money Adoption?

In two words: Quite positive.

Beyond improving financial inclusion and access to other digitally enabled services, the adoption, use and growth of mobile money are now reflected in macroeconomic indicators – an increase in mobile money adoption will inevitably lead to a rise in GDP.

The emergence of mobile money as an alternative cashless currency has fundamentally changed the way people access financial services, enabling millions of unbanked individuals to store and manage money through their mobile devices.

However, despite this progress, a significant portion of Africa’s population remains outside the traditional banking system, facing limited and costly banking services.

Ease in regulation has played a key role in driving mobile money adoption in West Africa. As mobile money continues to gain traction, it is crucial that the regulatory frameworks in many West African nations evolve to meet dynamic needs. Effective regulations are essential to protect consumers while encouraging new entrants and consistent innovation in the market.

By establishing a robust regulatory environment, African countries will ensure that mobile money remains a powerful tool for economic empowerment and financial inclusion, ultimately driving sustainable development across each region.

Download the full report for free here.

Sophos, a global leader in innovating and delivering cybersecurity as a service, today released “The Bite from Inside: The Sophos Active Adversary Report,” an in-depth look at the changing behaviors and attack techniques that adversaries used in the first half of 2024.

John Shier, field CTO, Sophos

The data, derived from nearly 200 incident response (IR) cases from across both the Sophos X-Ops IR team and Sophos X-Ops Managed Detection and Response (MDR) team, found that attackers are leveraging trusted applications and tools on Windows systems, commonly called “living off the land” binaries, to conduct discovery on systems and maintain persistence.

When compared to 2023, Sophos saw a 51% increase in abusing “Living off the Land” binaries or LOLbins; since 2021, it’s increased by 83%.

Among the 187 unique Microsoft LOLbins detected in the first half of the year, the most frequently abused trusted application was remote desktop protocol (RDP). Of the nearly 200 IR cases analyzed, attackers abused RDP in 89% of them.

This dominance continues a trend first observed in the 2023 Active Adversary report in which RDP abuse was prevalent in 90% of all IR cases investigated.

“Living-off-the-land not only offers stealth to an attacker’s activities but also provides a tacit endorsement of their activities. While abusing some legitimate tools might raise a few defenders’ eyebrows, and hopefully some alerts, abusing a Microsoft binary often has the opposite effect. Many of these abused Microsoft tools are integral to Windows and have legitimate uses, but it’s up to system administrators to understand how they are used in their environments and what constitutes abuse. Without nuanced and contextual awareness of the environment, including continuous vigilance to new and developing events within the network, today’s stretched IT teams risk missing key threat activity that often leads to ransomware,” says John Shier, field CTO, Sophos.

In addition, the report found that, despite the government disruption of LockBit’s main leak website and infrastructure in February, LockBit was the most frequently encountered ransomware group, accounting for approximately 21% of infections in the first half of 2024.

Other key findings from the latest Active Adversary Report:

· Root Cause of Attacks: Continuing a trend first noted in the Active Adversary Report for Tech Leaders, compromised credentials are still the number one root cause of attacks, accounting for the root cause in 39% of cases. This is, however, a decline from the 56% noted in 2023

· Network Breaches Dominate for MDR: When examining solely the cases from the Sophos MDR team, network breaches were the dominant incident the team encountered

· Dwell Times Are Shorter for MDR Teams: For cases from the Sophos IR team, dwell time (the time from when an attack starts to when it’s detected) has remained approximately eight days. However, with MDR, the median dwell time is just one day for all types of incidents and only three days for ransomware attacks

· The Most Frequently Compromised Active Directory Servers Are Nearing End of Life: Attackers most frequently compromised the 2019, 2016, and 2012 server versions of Active Directory (AD). All three of these versions are now out of mainstream Microsoft support—one step before they become end-of-life (EOL) and impossible to patch without paid support from Microsoft. In addition, a full 21% of the AD server versions compromised were already EOL

To learn more about attacker behaviors, tools and techniques, read “The Bite from Inside: The Sophos Active Adversary Report,” on Sophos.com.