Economic and Financial Crimes Commission (EFCC) has arrested four suspected bank hackers in Abuja for alleged conspiracy, unauthorized access to banks’ computer systems and fraudulent withdrawal of depositors’ funds.

The suspects are Chima Anthony Nwigwe, suspected leader of the hacking syndicate alongside three others: Effiong Victor Emmanuel, Mohammed Bello Mahmud, the managing director, Downstone Ultimate Limited, and Daminan Ali.

Dele Oyewale, spokesperson, EFCC, said in a statement on Tuesday, that the suspects were arrested in a sting operation in Abuja following actionable intelligence about their suspected involvement in hacking, compromising databases of commercial banks, thereby causing fraudulent transfers and withdrawals through different digital platforms.

He also noted that the suspects would be charged to court upon conclusion of investigations.

PalmPay, Nigeria’s  fintech platform, was awarded the Most Outstanding Fintech Driving Financial Inclusion at the prestigious BrandCom Awards 2024, held on October 26th.

The award, presented by Brand Communicator, celebrates Palmpay’s remarkable contribution to expanding financial inclusion across Nigeria.

The recognition from Brand Communicator reflects PalmPay’s commitment to bridging financial gaps and expanding access to reliable financial services for millions of Nigerians.. Since its launch in 2019, PalmPay has prioritized empowering underserved communities with innovative tools that enable seamless transactions.

“At PalmPay, we believe financial inclusion is the foundation for economic empowerment, and we’re dedicated to ensuring that every Nigerian has access to secure, user-friendly, and reliable financial services,” said Hanson Femi, Head of Marketing and Communications at PalmPay.

“This award highlights the collective efforts of our team and partners who work tirelessly to make financial services more accessible to underserved communities across the country.”

PalmPay’s broad suite of digital offerings, includes instant transfers, bill payments, and its newly launched USSD feature, which is designed to make banking easily accessible to all.

Today, PalmPay’s app serves over 35 million users and connects 1.2 million businesses through its network of mobile money agents and merchants, cementing its role as a leader in the Nigerian fintech ecosystem.

With operations in Nigeria, Ghana, Tanzania, Kenya, and key international hubs like London, Hong Kong, Hangzhou, and Shenzhen, PalmPay is continually expanding its reach and impact.

At the 79th United Nations General Assembly (UNGA) in New York, key stakeholders gathered at Semafor’s “The Next 3 Billion” summit to address pressing digital access inequalities affecting millions globally.

L-R: John Giusti; Mcebisi Jonas; Cena Lawson

MTN Group Chairman Mcebisi Jonas, Togolese Minister of Digital Economy and Transformation Cena Lawson, and GSMA Foundation President John Giusti participated in a panel discussion moderated by PBS NewsHour’s Amna Nawaz.

Jonas emphasised the gender gap in digital connectivity as a significant challenge, noting that while advancements have been made in areas like health and financial services, inconsistent policy frameworks across African nations hinder equitable access. “There is no one Africa,” he stated, highlighting the diverse challenges faced by different countries despite shared issues.

He also called for public-private partnerships to combat disparities in affordability and digital literacy; Proposing that collaboration among governments, private sector organisations, and international bodies is essential for addressing device affordability.

“Solving the issue of device affordability requires more than just telco efforts—it also depends on what governments contribute,” he asserted.

Giusti echoed these sentiments by identifying affordability and digital skills as the primary barriers to inclusion. He urged for innovative solutions to expand broadband access and enhance digital skills across Africa.

On her part, Minister Lawson highlighted Togo’s initiatives to improve connectivity through fixed broadband investments, emphasising the importance of international partnerships in making internet services more affordable.

The discussion underscored the urgency of addressing digital inequalities, with approximately 40% of the global population lacking mobile internet access, a staggering 58% of whom are in Africa.

The panellists agreed that closing this gap is vital for enhancing participation in economic and political processes, ultimately benefiting marginalised communities.

Semafor’s “The Next 3 Billion” summit also featured discussions with global leaders, including Nigeria’s Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization; Nigeria’s Akinwunmi Adesina, President of the African Development Bank Group; Olugbenga Agbo/ CEO of Flutterwave; Dr. Bosun Tijani, Nigeria’s Minister of Communications, Innovation, and Digital Economy; Sim Tshabalala, CEO of Standard Bank; Mark Suzman, CEO of Bill & Melinda  Gates Foundation, and Brad Smith, President and Vice Chair of Microsoft.