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Lagos Hosts Fintech Week to Celebrate Fintech Achievements

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To celebrate Fintech achievements and opportunities with focus on funds and payments, capital markets, insurance innovations, block chain and cyber security, the world’s attention will be on the city of Lagos as it hosts the Lagos Fintech Week in October.

In a statement signed by the chairman of organizing committee, Dr. Yele Okeremi said “Each day we will focus on a different topic. We shall ensure that there is plenty of time for networking and meeting other innovators”.

He added that there will be ‘Investor Summit’ that aims to enhance access to “funding for startups and improve the quality and quantity of Fintech investment deals in Nigeria”.

Lagos Fintech Week is a series of conferences, exhibitions, workshops, hackathons, meetups and awards. It would attract Fintech start-ups, technology companies, investors, financial institutions, research institutes and innovation professionals to engage the ecosystem in a stimulating discussions, demos and insightful debates.

Since Lagos is now innovations hub where diverse financial technology solutions and opportunities are being created daily, he informed, it is imperative that the city host Lagos Fintech Week, which has as its theme, Fintech: Exploring the Huge Opportunities. The event would hold from October 2 to 5, 2018 at Oriental Hotel, Lagos.

Citing reason for the hosting of the event in Lagos, Okeremi said Lagos boast a huge network of customers with an abundance of local and international talents in finance and entrepreneurship.

“Lagos has the ideal ecosystem for Fintech enterprises to succeed. Lagos has seen a vast increase in number of incubator and accelerator programmes over the past 6 years. Lagos offers many advantages for Fintech business.

This regional financial hub features a dynamic business culture, a growing technological infrastructure, a huge network of customers, regulatory support and a world-class talent pool.

“Alongside this, an increasing number of Fintech events have turned the industry into a bustling community, opening the door to greater expertise and increased support for enterprises, and providing countless opportunities for innovators to showcase ideas, meet industry experts, and access training and funding opportunities.

Okeremi added that different impactful activities that will showcase diverse opportunities for all participants at different categories are lined up at the summit.

These are opportunities the startups community to participate in the Hackceleration, learn from industry leaders and experts at the conferences, submit implemented solutions for the Fintech awards and network with the Fintech ecosystem.

Other opportunities include a window for investors and financial institutions to source for deals at the Investor Summit, Demo & Deal Day, listen to pitches at the Hackceleration demo day, share knowledge with fellow industry leaders and experts in the conferences, and listen to financial regulators at the conferences.

According to Dr. Okeremi, “the Lagos Fintech Hackceleration seeks the most innovative start-ups that can address problem statements contribute by the local and global Fintech community and the financial services industry.

“We are inviting start-ups to apply to the programme and demonstrate how they can innovate to address these problem statements. There will be five teams and we will match them with industry champions to customize their market-ready solutions into contextualized prototypes ready for adoption”.

The Chairman also mentioned that there will be workshop that will be organized by partners to gain insights and learn from industry experts that will hold in various venues across the city.

“There will be Open Banking Master class that will enable third party developers to build applications and services around financial institutions, as well as endows customers with greater financial empowerment and transparency. Underpinning open banking is open standards and technology to achieve these outcomes,” he said.

Explaining what the participants would benefits at the Master Class for Open Banking at the Lagos Fintech Week, which is a collaboration between Fintech 1000+ and Open Technology Foundation, Adedeji Olowe said through the Master class, “participants will get an in-depth understanding on open banking system, architecture and design, as well as firsthand experience that demonstrates the collaboration between Fintech to deliver real world applications swiftly to delight customers”.

Salami Abolore, MD/CEO of Riby Finance, the company that is hosting the Hackceleration at the Lagos Fintech Week, said that high-impact innovations are always the result of “motivated, multidisciplinary teams”, which is why among all applicants “we will carefully choose at most 60 participants for the Hackceleration.

“We are expecting active, knowledgeable and forward-thinking individuals and teams who realize that the only constant in business life are changes and improvements.

All innovative individuals and teams from Nigeria can participate at the event, as physical persons. The application is open until all available places are filled”, he said.

Other side attractions at the summit are Nigerian Fintech Awards, Demo and Deal Day. Demo and Deal Day will showcase promising Fintech startups and innovative technologies to local and global investors, with a view towards facilitating Fintech investment deals.


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INTERPOL Report Shows Cybercrime is West, East African Most Dominant Security Concern

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Cybercrime has emerged as a dominant security concern across Africa, with more than 30 percent of all reported crimes in Western and Eastern regions linked to cyber activity, according to the newly released 2025 Africa Cyberthreat Assessment Report by INTERPOL.

The report, based on data from African member states and private sector partners, reveals that two-thirds of surveyed countries describe cybercrime as constituting a medium to high share of total criminal cases.

This highlights how cyber-enabled criminal activity is evolving rapidly across the continent. The report identified alarming spikes in scam attempts, with some countries witnessing a 3,000 percent increase in suspected scam notifications in the past year.

Neal Jetton, INTERPOL’s Cyber Crime Director, warned that the threat landscape is evolving faster than enforcement responses.

“This fourth edition of the INTERPOL African Cyber Threat Assessment provides a vital snapshot of the current situation, informed by operational intelligence, extensive law enforcement engagement, and strategic private-sector collaboration.

“It paints a clear picture of a threat landscape in flux, with emerging dangers like AI-driven fraud that demand urgent attention. No single agency or country can face these challenges alone,” Jetton stated.

In the past year, suspected scam notifications rose by up to 3,000 per cent in some African countries, according to data from Kaspersky, one of several private sector partners that work with INTERPOL’s cybercrime directorate

Online scams, particularly through phishing, are the most frequently reported cybercrimes across the continent. Ransomware attacks and Business Email Compromise (BEC) incidents are also increasing, particularly in Nigeria, Kenya, South Africa, and Egypt.

“Ransomware detections in Africa also rose in 2024, with South Africa and Egypt suffering the highest number, at 17,849 and 12,281 detections respectively, according to data from Trend Micro, followed by other highly digitised economies such as Nigeria (3,459) and Kenya (3,030),” it stated.

Incidents included attacks on critical infrastructure, such as a breach at Kenya’s Urban Roads Authority (KURA), and on government databases, such as hacks of Nigeria’s National Bureau of Statistics (NBS), the report stated.

 


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GSK to Slash Cost of Malaria Jab to Less than $5

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The manufacturers of the world’s first malaria vaccine are set to slash the price by more than half by 2028 to less than$5 per dose.

GSK to Slash Cost of Malaria Jab to Less than $5

The manufacturers of the shot, known as RTS,S, said a phased reduction in cost would begin immediately, with an ultimate aim to reduce the price to less than $5.

The announcement could hardly come at a more critical moment.

Gavi, a major vaccination initiative which funds immunisations in the world’s poorest countries, is facing a major budget crunch.

In Brussels on Wednesday, Gavi’s replenishment event raised $9 billion to fund immunisation programmes over the next five years. While this sounds like a huge sum, it’s significantly less than the $11.9bn the group had been aiming for.

Governments around the world are cutting development spending dramatically.

The UK, for instance, cut its contribution to Gavi by 40 per cent in real terms, telling The Telegraph it was prioritising defence, while the US has pledged nothing at all.

Though America previously gave Gavi roughly $300m a year, the country’s new health secretary claimed without evidence that the organisation was ignoring vaccine safety.

The announcement from the British pharmaceutical giant GSK and Indian drugmaker Bharat Biotech will therefore be a relief to those trying to balance the books.

In a statement the companies said the price reduction demonstrated their “commitment to Gavi”, and was “driven by process improvements, expanded production capacity, cost-effective manufacturing, and minimal profit margins”.

By the time the price has fallen to below $5 per dose, a technology transfer agreement means Bharat will have taken over production, though GSK will continue to supply the adjuvant piece of the shot.

“For us, this is more than a cooperation, it’s a promise,” said Dr Krishna Ella, executive chairman of Bharat Biotech International Limited.

“By joining forces with GSK, and working closely with Gavi, and the WHO [World Health Organization], we are taking a real step toward closing the gap between vaccine supply and the urgent needs of children at risk of malaria.”

Each year, malaria still kills 500,000 people – the vast majority of them children aged five and under in sub-Saharan Africa.

According to WHO estimates, cases and deaths fell significantly between 2000 and 2015, but progress has since stalled.

Some have high hopes that RTS,S, as well as another vaccine called R21 developed by Oxford University, could prove critical in efforts to turn the tide.

In clinical trials, RTS,S reduced hospitalisations for severe malaria by 30 per cent.

But critics say the shot is too expensive and not as effective as existing tools, such as bed nets and antimalarials.

The reduction in price will bring it more in line with the cost of R21, which is priced at around $4 per dose.

Yet the cost will still add up, as both jabs require multiple shots. For RTS,S, this means four doses – the first three doses are given monthly, starting around five months of age, while the fourth dose is administered 15-18 months later.

Both jabs “provide reasonable short term efficacy – over about a year – so are a useful addition to other measures,” said Professor Nick White, a professor at the Mahidol-Oxford Tropical Medicine Research Unit who specialises in malaria.

“In the past GSK had limited production capacity – one of the reasons the R21 was developed. So reducing the price will be good and the two comparable vaccines can fight it out in the market place.”

A spokesperson for Gavi said the alliance’s goal is to “create sustainable demand backed by predictable financing so that companies – like GSK and Bharat – can continue investing in technology transfer and other efficiencies that bring down costs, thus making critical vaccines more available and affordable.

GSK’s decision to lower its prices, the spokesperson added, is “an important step for the global malaria vaccination programme, and our ability to make this lifesaving tool more widely available to those who need it the most”.

Gavi plans to help fund RTS,S in 12 African countries by the end of this year.

Previously, GSK has said it will supply up to 18 million vaccine doses between 2023 and the end of this year.

The company plans to supply 15 million doses annually from 2026-2028, a spokesperson told Reuters.


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Rack Centre Signs Collocation Deal with TelCables Nigeria

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Rack Centre, West Africa’s Tier III carrier- and cloud-neutral data centre, has struck a collocation agreement with TelCables Nigeria, an Angola Cables subsidiary.

TelCables Nigeria is delivering its high-capacity network and cloud infrastructure, as well as four international subsea cable systems (SACS, MONET, SEBRAS, and EllaLink), directly into Rack Centre’s regional carrier ecosystem as part of the agreement.

According to Angola Cables, the move provides reliable, low-latency south-bound routes to Europe, the Americas, and Latin America, reducing the danger of future cable disruptions along West Africa’s coast and enabling next-generation cloud services across the continent.

“Our unique Africa – to – Latin America route via SACS, combined with MONET, SEBRAS and EllaLink, gives customers the lowest – latency paths to the Americas and Europe,” said Fernando Fernandes, CEO of TelCables Nigeria.

“Businesses in latency sensitive sectors: financial services, content delivery and real-time communications will experience faster transactions, reduced lag and an enhanced user experience.

“By hosting at Rack Centre we also localise Clouds2Africa resources, price them in naira, and remove expensive ingress/egress charges or FX exposure.”

Rack Centre said its 13.5MW data centre campus designed with its recently launched LGS2 facility that delivers a design PUE of 1.35 and powered from sustainable energy sources, already hosts 70+ carriers, ISPs and network operators.

Lars Johannisson, CEO of Rack Centre, commented: “Adding a global operator of Angola Cables’ calibre through TelCables Nigeria dramatically deepens our connectivity fabric.

“We can now offer 99.95 % SLA routes to more destinations, enabling enterprises, governments and cloud providers to meet performance and data-residency requirements while keeping traffic local.”

 


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