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Cloud Computing Solutions Can Assist Significantly to Reduce Banking Costs in Africa – Report

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More than 700 million Africans lack access to a bank or mobile money account and only 41% of Africans are financially included. This is due to the high cost of providing financial services in Africa which forces many financial services providers to remain focused on serving wealthier customers.

These are some of the many insights from the report Cloud Banking in Africa: The Regulatory Opportunity by Genesis Analytics and Orange Business Services on how the application of cloud computing in financial services can help financial services providers reach and serve the poor.

Part of the cost problem is that financial institutions in Africa are so much smaller than elsewhere – the biggest bank in Africa (SBSA with assets of $148 billion) ranks 296th globally; most banks in Africa have assets of less than $5 billion.

But African consumers are increasingly expecting these banks to provide the same range of digital services as banks in other countries.

This is why consumers have been turning to mobile banking in such numbers. The telecommunications companies have been much more successful at delivering affordable financial services than banks are, but also need to find new ways to reduce costs if they are to reach out to even poorer customers.

Cloud computing creates an opportunity for providers of financial services to rethink their technology spend and significantly reduce costs.

Cloud computing involves using internet technologies to provide virtual infrastructure that is scalable and delivered as a service. Fixed costs can be converted into a subscription-based approach and upfront capital investments are converted into operational costs.

Cloud computing allows banks to pay less for ICT infrastructure and services and achieve higher utilisation on ICT spend. Particularly for small banks in small markets where specialised ICT skills are in short supply, cloud computing can ease a critical operational constraint.

The most compelling reason to move to the cloud is undoubtedly cost savings, but there are other business reasons too.

The flexibility of cloud-based operational models allows financial institutions to experience shorter development cycles for new products, which supports a faster and more efficient response to the needs of customers.

Cloud computing provides the computer power necessary to deliver analytical insights in real time, which enables financial institutions to move towards a customer-centric model where the financial needs of customers are fully understood. Financial institutions can also gain a higher level of data security, resilience, fault tolerance and disaster recovery from cloud computing.

A few international and African banks have already realised the value of cloud banking. WeBank is China’s first digital bank that is based in a private cloud and uses innovative technologies, such as Artificial Intelligence and blockchain, to effect an extraordinarily high volume of transactions at a very low cost.

WeBank has been able to run at 95% lower cost than that of traditional banks’ IT operations and has passed this cost saving onto their customers in the form of low account fees. TymeBank is a new digital entrant to the South African banking sector and has made a 56% cost saving compared to other startups by using cloud services from AWS.

Before financial service providers can adopt cloud banking, regulators need to support and approve the use of cloud technology within the financial sector. Some international regulators are already allowing the use of cloud banking in the financial sector.

The European Union has been at the forefront of defining an enabling regulatory environment for cloud banking services, which has involved both the regulation on the use of data and privacy and protection of data.

Under the regulations, financial institutions have to ensure that consumer personal data is gathered legally and under strict conditions and that consumer data is fully protected. Other developing markets like Turkey and Argentina have adopted similar legal and regulatory environments, which has enabled the use of cloud banking in their financial sectors.

Africa’s financial sector regulators’ approaches are very much work in progress. The report urges African regulators to develop clear policy positions and regulations on data privacy, risk and security; data sovereignty; cybercrime; protection of intellectual property; vendor risk; and migration complexity and operational risk to enable financial institutions to reap the benefit of cloud banking.

Genesis Analytics is a global African firm that has worked in more than 74 countries across the world, 41 of which are on the continent, and Orange Business Services is a network-native digital services company and the global enterprise division of the Orange Group, connecting, protecting and innovating for enterprises around the world.


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E-Business

FG Plans to Link Social Register to NIN for Humanitarian Crisis

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Federal government has disclosed that efforts are ongoing to link the National Social Register (NSR) to the National Identity Numbers (NIN).

FG Plans to Link Social Register to NIN for Humanitarian Crisis

Prof. Nentawe Yilwatda, minister of Humanitarian Affairs and Poverty Reduction, explained that the linked data would assist the country to anticipate crises, mobilize resources faster, and ensure aid reaches those who need it the most.

He said harnessing data would save the country and relevant stakeholders the stress and bottlenecks of outdated processes.

He also identified bureaucratic crisis as the biggest crisis in the humanitarian space which stalls responses to humanitarian issues.

Speaking in Abuja on Tuesday at the National Humanitarian Roundtable programme, the minister said: “People are traumatized by climate change, security threats and economic shock across the country and in the midst of these, we have limited funding.

“The biggest crisis we have is not just the people being killed, the crisis we have is a bureaucratic crisis that does not respond to a humanitarian crisis. Every delay in decision making, every inefficiency in coordination, every shortfall in funding, costs the life of people.

“They say knowledge is power, but knowledge can be destructive too. It can only be power if we use it effectively. By leveraging data and technology, we can anticipate crises; we can mobilize resources faster and ensure aid reaches those who are in need the most and without the bottleneck of outdated processes.

“We are linking the social register to national identity numbers and geotagging all homes of those who are vulnerable across the country so that if there’s any crisis, we don’t need to begin to walk around communities and taking names and asking the States Emergency Management Agency and the National Emergency Management Agency (NEMA) for data.


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Nigeria Tops as INTERPOL Arrested Over 300 Cybercriminals Across Africa

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Kaspersky has recently contributed its threat intelligence data to an INTERPOL-led law enforcement action that aimed to disrupt cross-border criminal networks across the African region that cause significant harm to individuals and businesses.

With seven participating countries in Africa, operation Red Card resulted in the arrest of 306 individuals suspected of links to cybercrimes such as mobile banking, investment and messaging app scams, and seizure of 1,842 devices.

Conducted from November 2024 to February 2025, operation Red Card was delivered through INTERPOL’s African Joint Operation against Cybercrime (AFJOC) and brought together law enforcers from Benin, Côte d’Ivoire, Nigeria, Rwanda, South Africa, Togo and Zambia.

The operation conduct was preceded by a threat intelligence data exchange, which was enriched by INTERPOL and its private sector partners, including Kaspersky. Kaspersky has shared with the law enforcement agency the results of an analysis of samples of a malicious Android application that targeted users in African countries along with the data on related infrastructure.

Altogether, the cybercriminal cases uncovered by the Red Card participants have preyed on more than 5,000 people. Among operation highlights were:

Nigeria: Nigerian police arrested 130 people, including 113 foreign nationals, for their alleged involvement in cyber-enabled scams such as online casino and investment fraud. The suspects, who converted proceeds to digital assets to conceal their tracks, were recruited from different countries to run the illegal schemes in as many languages as possible.

Zambia: Officers apprehended 14 suspected members of a criminal syndicate that hacked into victims’ phones. The scam involved sending a message containing a malicious link which, when clicked, installed malware on the device.

This allowed hackers to take control of the messaging account, and ultimately the phone, giving them access to banking apps. The hackers were also able to use the victim’s messaging apps to share the malicious link within conversations and groups, enabling the scam to spread.

Rwanda: Rwandan authorities arrested 45 members of a criminal network for their involvement in social engineering scams that defrauded victims of over USD 305,000 in 2024 alone.

Their tactics included posing as telecommunications employees and claiming fake ‘jackpot’ wins to extract sensitive information and gain access to victims’ mobile banking accounts. Another method involved impersonating an injured family member to ask relatives for financial assistance towards hospital bills.

South Africa: Local authorities arrested 40 individuals and seized more than 1,000 SIM cards, along with 53 desktops and towers linked to a sophisticated SIM box fraud scheme. This setup, which reroutes international calls as local ones, is commonly used by criminals to carry out large-scale SMS phishing attacks.

Neal Jetton, INTERPOL’s Director of the Cybercrime Directorate, said: “The success of Operation Red Card demonstrates the power of international cooperation in combating cybercrime, which knows no borders and can have devastating effects on individuals and communities.

“The recovery of significant assets and devices, as well as the arrest of key suspects, sends a strong message to cybercriminals that their activities will not go unpunished.”

“Kaspersky is proud to be part of this collaborative effort led by INTERPOL. The evolving threat landscape in Africa requires a multi-stakeholder dialogue and joint efforts of public and private organisations to address the cybersecurity challenges the region faces today.

The Red Card operation is a notable example of such cooperation, showcasing how the expertise of private companies coupled with extensive investigative capacities of law enforcers can foster a more cyber-resilient environment,” comments Yuliya Shlychkova, Vice President, Global Public Affairs, Kaspersky.

Kaspersky and INTERPOL have a vast record of joint operations aimed at combating cybercrime in the African region, with Kaspersky having supported two editions of INTERPOL’s Africa Cyber Surge operations.

Just recently, Kaspersky was also a contributor to INTERPOL’s joint action with AFRIPOL, which last year became the company’s official partner in fostering a more cybersafe climate across Africa. This partnership focuses on sharing Kaspersky’s extensive data on local cyberthreats and cybercrime trends in the region.

 


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Five WhatsApp Business Features Every Small Business Should Be Using

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Micro, Small and Medium-sized Enterprises (SMBs) are the backbone of most economies accounting for 90% of businesses, over 70% of employment, and 50% of global GDP, according to the United Nations.
They drive growth, innovation, and job creation worldwide.  In Nigeria, they play a crucial role in stimulating local economies and contributing to the country’s GDP.  Recognising their impact, WhatsApp is committed to empowering SMBs with the tools to succeed through the WhatsApp Business App, by reaching their customers where they already are.

WhatsApp continues to be the best way for people and businesses to get business done in Nigeria. With its efficient features, the WhatsApp Business App has become an indispensable tool for small businesses, helping them streamline communication, enhance customer engagement and drive sales. And we know customers love communicating with businesses over WhatsApp too, as nearly 80% of people globally message with a business at least once a week.

Whether you’re just starting out or looking to optimise your business operations, here are five essential WhatsApp Business features that can elevate your efficiency and customer interactions.

1. Catalog – Showcase Your Products and Services

Gone are the days of sending multiple images and descriptions individually to customers. With the Catalog feature, you can create a digital storefront where customers can browse your offerings within WhatsApp. This is just like a mini-website which makes it easier to showcase your products, prices and descriptions in an organised way.

How to Use It: Go to Business Tools > Catalog. Add product images, videos, names, descriptions and pricing.

2. Quick Replies – Save Time on Repetitive Questions

Answering the same customer questions repeatedly? Quick Replies let you create preset responses for frequently asked questions, saving you time and ensuring fast customer service.

How to Use It:Go to Settings > Business Tools > Quick Replies. Create and save responses such as a greeting message or order confirmation. Use the shortcut “/” to insert a quick reply in any chat

3. Labels – Stay Organised and Track Conversations

Managing multiple customer interactions can be overwhelming, but the Labels feature helps by categorising chats in different ways, such as order status or customer type. You can create labels with different colors or names and add the conversations to an entire chat. This keeps your inbox organised and ensures no customer is left waiting.

How to Use It: Open a chat, tap on the three-dot menu > Label Chat. Assign relevant labels like New Customer, Order Placed, Pending Payment.

4. Away Messages – Engage Customers Even When You’re Away

Never miss a customer inquiry again. Away Messages allow you to set up a greeting or away message, ensuring customers receive timely responses even outside business hours.

How to Use It: Go to Business Tools > Away Message / Greeting Message. Set up a custom message and schedule when it should be sent.

5. Meta Verified – For Enhanced Protection and Account Support

A paid subscription that helps your business build credibility with new audiences, Meta Verified can help drive more engagement and grow your brand.  With Meta Verified, you’ll receive enhanced account support, can use WhatsApp across multiple devices and easily create a professional WhatsApp web page that’s tailored to you.

How to Use It: Go to Settings or Business Tools > tap Meta Verified.

WhatsApp Business is packed with features designed to help small businesses grow, stay organised, and engage with customers effortlessly. By leveraging these features, you can enhance your customer experience, increase efficiency and ultimately drive more sales. Start your own journey with the WhatsApp Business app here.


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