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Data Authentication, Detection Will Boost Financial Inclusion Project – Adesemowo

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Bade Adesemowo, Chief Technology Officer (CTO) of Social Lender, has said that investment in data authentication and detection software by deposit money banks and other financial institutions can expand their loan databases, improve services and boost the Central Bank of Nigeria [CBN]’s financial inclusion strategy.

He said data authentication is a challenge in Nigeria, as less than 10% of the adults has viable credit bureau data while less than 50% have required data in Africa.

“Even in America”, he informed, “20% of the adult population lack access to formal credit. That is a significantly smaller market size, but a market gap all the same. This is where Social Lender comes in. There’s a need for an alternative measure of trust for the huge population. This alternative scoring solution is Social Lender’s Social Reputation Score”.

According to him the company’s solution can detect fake data, as such; using its innovative service will boost financial inclusion and bring more development to the financial sector.

Social Lender’s platform come with the capacity to authenticate loan applicants’ data based on social reputation before authorization is given by the banks and financial institutions, which is paramount to the financial inclusion strategy.

“Our system is actually training itself – machine learning – based on data we have acquired to improve performance of transactions on the system”, he said.

Social Lender offers customers access to microcredit based on their social reputation in their community while unbanked and under-banked Nigerians without access to formal credit can also benefit. This service focuses on social reputation on mobile, online and social communities.

The fintech expert stated that the platform was designed in such a way to provide loan applicants’ data on the social community to banks and other financial institutions irrespective of locations.

He said that there is a need to “close the huge financial exclusion gap” and expand the options for financial institutions in data gathering for loan applicants before authorization.

He informed that established global financial institutions use credit history, credit bureau data and credit scores to arrive at lending decisions.

In a similar vein, Product Owner of Social Lender, Mudi Ogboru said financial technology is a viable tool that has the capacity to reach the unbanked individuals in the country.

“Banks today are serving about 40 million unique individuals in a country of about 200 million unique individuals. Fintech stakeholders can collaborate and build a strong network to deliver financial services to over 100 million Nigerians who the banks are not serving”, he said.

CEO of Social Lender, Faith Adesemowo informed that the company has collaborated with several fintech firms to create healthy competition in the industry, saying that the company is focusing on expansion to other countries to propagate financial literacy and inclusion.


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PalmPay Unveils First Set of Winners in Eid Mobile Bonanza

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PalmPay has announced the first set of winners in its ongoing Eid campaign tagged PalmPay Eid Bonanza, which kicked off on April 10th and will run until April 30th, 2024.

Since the start of the bonanza on April 10th, 5 lucky winners have been emerging daily simply by performing tasks on the PalmPay App such as transferring funds, airtime and data purchases, bill payments, and savings.

Comfort Udoh from Lagos, one of the proud recipients of an iPhone 15 Pro, expressed her sheer delight. “I simply won by recharging my phone with airtime on the PalmPay app. I received the exciting news via a call from PalmPay Nigeria. I thank them for the generous reward of a brand new iPhone 15 pro”

Also, Mr. Abegurin Patrick Segun’s winning entry came about when he placed a N100 bet using his PalmPay app. It was a delightful surprise for him to receive a call from PalmPay Nigeria, informing him of his victory in the daily raffle draw, and he’s now the proud owner of an Infinix Hot 40i.

To participate in the remaining weeks of the campaign, download the PalmPay App from Google Play or App Store. Sign up for an account and include your BVN or NIN to complete the process and click on the  Eid Bonanza Feature.

There are still numerous phones to be won daily, along with the added bonus of daily free transfers to any bank via the PalmPay App.

Enakeno Umuteme, the Head of Marketing and Communications at PalmPay Nigeria, notes that “Our primary objective is to reward and acknowledge our loyal customers. This campaign stays true to its promise of appreciating Nigerians who are PalmPay users”

PalmPay offers an array of services including money transfers, bill payments, credit services, and savings on its app and via its mobile money agents. Since its inception in Nigeria in 2019 under a Mobile Money Operator license, the platform has amassed over 30 million app users as part of its cashless payment ecosystem.


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Kaspersky Warns of Data Stealers Hunting for User Credentials

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As the malware development market continues to flourish with new stealers such as Lumma, for the last three years Redline still remains the dominant data-stealing malware used by cybercriminals.

More than half of every device (55%) targeted by password-stealer attacks in 2023 has been infected with the Redline malware, Kaspersky Digital Footprint Intelligence finds.

Infostealers infiltrate devices to illicitly obtain sensitive credentials such as logins and passwords, which are then peddled on the shadow market, posing significant cybersecurity threats to personal and corporate systems.

According to information gleaned from log-files traded or distributed freely on the dark web, Redline was used in 51% of infostealer infections from 2020 to 2023. Other notable malware families included Vidar (17%) and Raccoon (nearly 12%).

In total, around 100 distinct infostealer types were identified by Kaspersky Digital Footprint Intelligence between 2020 and 2023 using metadata from log-files.

The underground market for data-stealing malware development is expanding, evident from the rising popularity of new stealers.

Between 2021 and 2023, the portion of infections caused by new stealers grew from 4% to 28%. Specifically, in 2023, the new “Lumma” stealer alone was responsible for more than 6% of all infections.

“Lumma emerged in 2022 and gained popularity in 2023, through a Malware-as-a-Service (MaaS) distribution model.

This means any criminal, even those without advanced technical skills, can purchase a subscription for a pre-made malicious solution and use this stealer to carry out cyberattacks.

“Lumma is primarily designed for stealing credentials and other information from cryptocurrency wallets, commonly spread through email, YouTube, and Discord spam campaigns,” says Sergey Shcherbel, expert at Kaspersky Digital Footprint Intelligence.

To guard against data-stealing malware, individuals are advised to use a comprehensive security solution for any device. This will help prevent infections and alert them to dangers, such as suspicious sites or phishing emails that can be an initial vector for infection. Companies can help their users, employees and partners protect themselves from the threat by proactively monitoring leaks and prompting users to change leaked passwords immediately.


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World Energy Conferencing

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By Okoko Chidozie Christian

[email protected]; 09025179984.

In an increasing world, the effectiveness of meaningful human interaction becomes ever important.

World Energy Conferencing

The significance of networking remains at the very core of what we do; and to support this we strive to offer more opportunities through digital platforms to engage online year round.

Conferences as indispensable part of business could be a vital opportunity that is certain to reap one’s time, organizational commitment and lots more.

Research proven creditably reveals that conferencing provides a rare opportunity for key individuals within field specialism to come together collaboratively all over the world, in the same place, at the same time.

Such environment provides the perfect platform to network,

form partnership and exchange knowledge with both peers, and people from connected industries with whom one may not have previously connected.

A prospect such as this is sure to serve well both now and in the future.

Having known that conferences attract a unique and incredible mix of thinkers, leaders, experts and emerging talents with an existing predisposition to develop skills; it also stimulates industry progress and contribute to important global conversations.

World energy conferencing are energy-focused events set to draw in the world’s top businesses and their leaders to put the wheels of actions in motion against climate crisis and other major threats to the energy sectors and wider world as a result.

The later part of last year saw one of the world’s most pivotal sustainability events to date, COP28 reported in my previous article “Sustainability of Clean and Renewable Energy” on April 1st, 2024. The event saw world’s leaders take urgent actions and decisions on the transition away from fossil fuels and towards renewable and energy efficiency.

Undoubtedly, conference brings a wealth of forums, events, programmes which unite leaders about energy and industry’s interest topics, insights, guidance and tackling of some of the most pressing challenges.

These energy events will help in bringing together leading companies and talented people to provide business professional with high quality trade shows, digital solutions and connections, research reveals.

Some of the anticipated World energy events include World Utilities Conference Abu Dhabi, UAE (May 8-10,2024); International Conference in Energy Paris, France (14-15 May, 2024); Reuters Global Energy Transition New York, USA (7-8 June, 2024); Energy Tech Summit, Bilbao, Spain (10-11 April, 2024 ); Offshore Technology Conference, OTC in Houston Texas (6-9 May 2024), and many more.

World Energy Conferencing help companies and individuals to gain access to official media partnering and news publications for the world’s largest energy events thereby increasing their brand visibility through a variety of compelling content platforms helping to share latest innovations which are shaping the future of energy.

Also, connect industry leaders and passionate individuals from across the globe all committed to advancing the future of the energy industry in a path towards sustainable, renewable and affordable energy.

Technology expositions has helped a wide range of industry-leading companies to present energy-efficient products, energy management services and solutions.

Also, creates an environment for global think tank, powered by global innovation, pioneering minds and groundbreaking insights. As creating a new energy future require bold and different thinking, majority of these conferences regarded as the foremost events get accelerated global transition to clean energy, and bring leaders, policy-makers, investment incubators, corporate partners and world-class start-ups to work towards a greener tomorrow.

However, apart from being at the frontier of discovery on a global platform, conferencing witnesses the solution, ideas and game changers that matters amongst the world’s leading energy brands. It opens way for stakeholders to a unique occasion in examining critical insights, global drivers of energy prices and to network with energy specialists from other international companies of the world.

World energy conference platforms showcase advances in energy and a highly interactive experience that inspire progressive leadership thinking, collaborative and constructive actions. Regarding the concept of its most vital meetings, reflects its present and dedicated future to the entire society.

So, as we look ahead to the next 100years of energy mix; it is critical we consider not just the future of our energy technology, but also how we increase society’s energy literacy and create more inclusive bottom-up energy communities.


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