E-Financial
Polaris Bank and Amtis Skills Place Partner to Empower Young Designers
In its determination to produce the next generation of young designers who will go on to capture the imagination of the world in fashion, Polaris Bank partnered, with Amtis Skills Place, a body dedicated to producing contemporary vocational skills to young Nigerians to identify, train and mentor young designers through the 2024 Amtis Fashion Competition.
Since its inception in 2015, Amtis Skills Place has been committed to equipping young Nigerians with vocational skills, bridging the gap between traditional education and the evolving job market.
This year’s event, proudly sponsored by Polaris Bank brought together emerging designers aged 18 to 35 gathered to design garments inspired by vintage styles.
Teams include; fashion designers, makeup artists, and models working collaboratively.
Participants were judged on creativity, craftsmanship, teamwork, and adherence to the vintage theme, celebrating classic fashion eras; while empowering the next generation of entrepreneurs.
The competition, organized by Amtis Skills Place, culminated in an awards ceremony where three finalists emerged as winners. Wuraola Robert clinched the top prize of ₦500,000, while the second and third-place winners were awarded ₦300,000 and ₦200,000, respectively.
In an address to the participants delivered on behalf of Polaris Bank’s Managing Director/CEO, Kayode Lawal remarked: “Polaris Bank ensures that you achieve your dreams in the right perspective, which is why we partnered with Amtis Vintage Fashion.
“We can assure you that there will be bigger things in the coming year: a more expanded event, more content, more giveaways, and greater empowerment for the business sector.”
Omotunde Adebusola, Managing Director of Amtis Skills Place, commended Polaris Bank for their pivotal role in supporting entrepreneurship in the country especially, the competition saying: “We are deeply grateful to Polaris Bank for believing in our vision to nurture young talents. Their partnership made this year’s event a resounding success, and we look forward to even greater collaborations in the future.”
The overall winner, Wuraola Robert, expressed her gratitude after receiving the grand prize saying: “I am overwhelmed with joy and gratitude to Polaris Bank for this incredible opportunity.
“This competition has transformed my career, and I’m excited to invest this prize into growing my brand.”
The Amtis Vintage Fashion Competition exemplifies the mission of Polaris Bank and Amtis Skills Place by empowering participants to translate their creativity into viable careers.
Polaris Bank was adjudged Nigeria’s Best Bank for MSMEs of the Year in Business Day’s Banks and Other Financial Institutions (BAFI) Awards & Nigeria’s Best Bank in MSME Lending in the maiden MSME Awards organized by Nairametrics & The Economic Forum.
E-Financial
NITDA Warns Nigerians about Malware Stealing Banking Details
National Information Technology Development Agency (NITDA) has warned Nigerians about a dangerous banking malware that targets users worldwide through complex phishing schemes.
The warning was issued by NITDA’s Computer Emergency Readiness and Response Team (CERT) on Monday via social media.
The agency described the new version of Grandoreiro as a serious threat that uses sophisticated methods to steal sensitive information.
Malware, short for malicious software, refers to any intrusive software developed by cybercriminals (often called hackers) to steal data and damage or destroy computers and computer systems.
According to the agency, the malware employs “advanced techniques, including screen overlay attacks and remote device control, to steal sensitive information such as banking credentials and personal data.”
NITDA explained that the malware primarily spreads through phishing emails and fraudulent websites.
These deceptive platforms trick victims into downloading malicious software by disguising it as legitimate updates or documents.
Once installed, the malware can bypass security protections, giving attackers unauthorized access to users’ devices.
The agency warned that this could result in significant financial losses and potential identity theft.
The agency urged the public to exercise caution and adopt recommended security measures to mitigate the risk.
“Cyber threats like Grandoreiro are evolving, and users need to stay vigilant and adopt robust security practices to protect their information,” the agency advised.
NITDA recommended avoiding links and attachments from unknown emails, downloading software only from trusted sources, and enabling multifactor authentication for online banking and financial accounts.
The agency also emphasized the importance of keeping antivirus software updated, avoiding public Wi-Fi for financial transactions, and regularly monitoring bank accounts for unauthorized activities.
E-Financial
Dermalog Says Its Biometric System Ensures Bank ID Verification for over 64m Nigerians
Dermalog, German identification systems firm has said that a biometric platform it established for Nigeria nine years ago, in partnership with Central Bank of Nigeria(CBN), now facilitates ID verification for more than 64 million bank account owners.
A recent press release from the company recalls how in 2014 and 2015, it established a biometric verification system and a secure ABIS database infrastructure for 23 Nigerian banks using its cutting-edge face and fingerprint biometric software and hardware.
The idea of the project was to combat fraud which was endemic in the country’s banking sector at the time.
The joint engagement between the CBN and the Nigeria Inter Bank Settlement System (NIBSS) entailed biometrically enrolling bank customers and issuing them a Bank Verification Number (BVN) for Know Your Customer and for authentication during banking transactions. Over 40 million Nigerians had a BVN as of 2020.
The system was built in such a way as to link the BVN to all accounts held by a user across all of the participating banks, the company said in a 2017 case study.
Over the years, the Nigerian government has encouraged citizens to register for the BVN, threatening to shut down bank accounts not linked to the biometric bank ID.
Now, Dermalog said the system which has been deployed all over the country is proving vital “in combating fraud in the financial services sector and protecting account holders from unauthorized access to their savings.”
It noted that the system is also helping simplify access to financial services for citizens, marking a major push toward real financial inclusion.
Commenting on the journey covered by Dermalog in Nigeria, Günther Mull, company CEO, , said “over the past decade, our innovative technology has made a vital contribution to enhancing security in Africa’s largest economy.”
“Our collaboration with the Nigerian banking sector is a prime example of how biometrics can streamline access to essential everyday services while significantly improving security,” he added.
Dermalog said that beside helping to issue BVNs for secure and trustworthy banking transactions, the system it installed has also assisted the Nigerian government in purging more than 23,000 ‘ghost’ workers from the public services, leading to estimated monthly savings of $11 million.
E-Financial
Beware of Fraudulent Giveaways this Yuletide– Moniepoint MD Warns
Babatunde Olofin, managing director, Moniepoint Microfinance Bank, on Sunday warned Nigerians against falling victims to fraudsters who request account numbers for end-of-year rewards.
Olofin gave the advice in a telephone interview with the News Agency of Nigeria (NAN) in Lagos, while advising citizens not to share their account details online.
According to him, fraudsters have developed a technique where they send all manners of attractive offers for free gifts and cash, by asking the public to share account details to receive the rewards.
He also explained several other tactics including requests for people to pay certain amounts, while they lose the funds without the promised rewards and sometimes their identities stolen.
He added that some fraud victims end up innocently in jail because their accounts were used for money laundering and other advanced cybercrimes.
Olofin stressed the need for continued public enlightenment to educate Nigerians on cyber security.
He said during the Yuletide, fraudsters usually took advantage of people’s ignorance, hence the need for extra vigilance.
“My biggest advice is for people to stop sharing their account numbers in public. Some people are in prison because they had no idea what someone used their accounts for.
“People don’t love you as much to be giving you giveaways. So, you should know that they are harvesting your details. Your bank account is a private detail,” he said.
He advised that account details should be sent to people via private channels instead of posting them online.
He explained that it was important to verify genuine philanthropists doing actual giveaways before sharing any information for safety.
According to the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Nigerian banks lost N42.6 billion to fraudsters within the second quarter of 2024.
However, Olofin said that Moniepoint MFB had adequate firewalls to protect itself and its customers from all types of fraud because all four founders of the bank were experienced software engineers.
“We’ve built up a transaction monitoring and money laundering team that has set rules internally.
“Fraudsters do a lot of things. They structure funds. They know how internal system works,” he said.
He added that the bank was working closely with organisations like the Nigerian Fraud and the Nigerian Financial Intelligence Unit (NFIU) and the Economic and Financial Crimes Commission (EFCC) to be ahead of fraudsters.
The managing director said that collaboration with law enforcement and fraud experts was to understand fraud patterns better and then build more sophisticated controls into the banks system.
He said Moniepoint was building infrastructure for Micro, Small and Medium Enterprises (MSMEs) efficiency, adding that the bank’s loans system captured a wide range of small businesses without bias.
He also said that the bank was working closely with the office of the Vice President Kashim Shettima, to ensure loans and grants got to the mos remote parts of Nigeria.
Speaking on Moniepoint’s recent achievement of unicorn status, he said the feat meant more hard work for customers’ satisfaction and increased profit.
NAN reports that the bank joined the Nigeria unicorn status because its market valuation had surpassed one billion dollars.
(NAN)
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