General News
Sofia Zab, PalmPay CMO Highlights Strategies for Driving Digital Payment Adoption in Africa

At the recent Tech Unite Africa 2025 conference in Lagos, PalmPay’s Chief Marketing Officer, Sofia Zab, shared valuable insights on accelerating the shift from cash to digital payments in Africa, as the company introduced its latest innovation: the PalmPay Debit Card.
During a panel discussion, Zab addressed the critical barriers hindering digital payment adoption encountered by PalmPay when the company launched in Nigeria: reliability and cost. She noted that in 2019, many Nigerian consumers and merchants avoided digital payments due to frequent transaction failures and high fees.
To overcome these challenges, PalmPay developed a robust infrastructure ensuring a 99.95% transaction success rate and pioneered a user-friendly model with zero rated bank transfers, fee-free bill payments and cashback rewards.
“Once users experience the benefits, they don’t want to return to cash,” Zab stated. “The key to shifting consumer behaviour is making digital payments more convenient, more rewarding, and less stressful than using cash.” As consumers adopted cashless payments, they began seeking out merchants that would accept payment with transfer, driving digitisation in retail payments organically.
Zab also highlighted PalmPay’s inclusive approach to building a cashless ecosystem, especially in areas with unreliable internet access. Beyond its smartphone app, Nigerians can transact through PalmPay’s nationwide network of mobile money agents, who are equipped with multiple devices and SIM cards from various providers and can transact on behalf of users if a particular network is experiencing an outage.
In 2024, PalmPay went a step further by introducing a USSD code (*861#) for users without data access, and with the new PalmPay Debit Card, its customers now have another access point and can withdraw cash from ATMs or point-of-sale terminals when digital transactions are not feasible. “For us, the key is about meeting people where they are, rather than waiting for the perfect infrastructure to arrive”, Zab emphasized.
In alignment with its mission to drive financial access, PalmPay unveiled the PalmPay Debit Card at the conference. Developed in partnership with Verve, Africa’s largest domestic card scheme, the card offers zero maintenance fees, easy in-app application with nationwide delivery, and integration into PalmPay’s full suite of financial services – including cashback, merchant rewards, and high-yield savings. This initiative marks a significant milestone in PalmPay’s evolution into a comprehensive digital banking platform.
With over 35 million users on its smartphone app and a MSME network of 1.1 million agents and merchants across Nigeria, PalmPay continues to build one of the continent’s most dynamic fintech ecosystems, dedicated to redefining digital banking to be more personalised, comprehensive, and accessible to everyone.
General News
Cybervergent Selected as World Economic Forum’s 2025 Technology Pioneer Company

In affirmation of its global standing, Cybervergent, a Pan-African technology company that leverages artificial intelligence to transform how organisations manage risk, governance, privacy, and cybersecurity, has been selected as one of the World Economic Forum’s (WEF) Technology Pioneers for 2025—a global cohort spotlighting companies transforming industries through breakthrough technologies and responsible innovation.
The WEF, an international organisation committed to improving the state of the world through public-private collaboration, brings together global leaders to shape economic, technological, and societal agendas. Cybervergent now joins this global community.
The company is recognized for its innovative approach to building digital trust, reimagining how organisations manage cybersecurity, risk, privacy and governance.
Commenting on the company’s milestone, Adetokunbo Omotosho, CEO of Cybervergent, said, “I am honoured that Cybervergent has been named a Technology Pioneer by the World Economic Forum. This is more than an accolade — it’s a validation of our commitment to redefining cybersecurity, privacy, and risk management to build true digital trust.
“What makes this recognition even more meaningful is the fact that Cybervergent demonstrates innovation in AI and infrastructure can emerge from any region, challenging conventional perceptions.”
Some past recipients of the Technology Pioneer recognition, including Google, Spotify, and Airbnb have gone on to fundamentally reshape global industries.
As a member of the 2025 Technology Pioneers community, Cybervergent will be contributing to discussions shaping cybersecurity, AI, and cyber resilience across industries and the global digital economy.
General News
Moove Plans to Raise $1.2Bn Debt Round for US Autonomous Vehicle Expansion

Moove, an African mobility fintech startup, is on a quest to secure a $1.2 billion debt financing round to support the rollout of a fleet of autonomous vehicles.
This is in partnership with Alphabet Inc.’s Waymo in the United States, according to a Bloomberg report citing sources familiar with the matter.
The startup has since attracted backing, including from Uber Technologies Inc., and entered a strategic partnership with Waymo in December 2024 to provide financing for self-driving cars.
Ladi Delano, co-founder of Moove, noted that the company has a solid financial track record.
“Moove has built strong relationships with some of the world’s leading lenders. We have also fully repaid our first-ever debt facilities, which signals our maturity and marks a key milestone that demonstrates the strength of our platform as we enter the next phase of global autonomous-vehicle infrastructure deployment,” he said.
The round is reportedly oversubscribed, with strong participation from private credit firms and banks.
Waymo has also not made any official statement regarding the funding round. While final details are expected to be concluded in the coming weeks, the deal will mark a significant milestone for the firm as it ramps up its global ambitions.
Founded in 2020 by Nigerian entrepreneurs, Ladi Delano and Jide Odunsi, Moove began by providing vehicle financing for ride-hailing drivers in Africa’s largest cities.
General News
Firm Explores the Evolution of AI-powered Ransomware with Password-gated Capabilities

Kaspersky experts have revealed the inner workings of FunkSec — a ransomware group that illustrates the future of mass cybercrime: AI-powered, multifunctional, highly adaptive and operating on volume with ransoms as low as $10,000 to maximise profits.
Kaspersky’s Global Research and Analysis Team (GReAT) constantly monitors the ransomware threat landscape, where attacks continue to rise. According to the company’s latest State of Ransomware report, the share of users affected by ransomware attacks worldwide increased to 0.44% from 2023 to 2024, up by 0.02 percentage points.
While this percentage may appear modest compared to other cyber threats, it reflects the fact that attackers typically prioritise high-value targets rather than mass distribution, making each incident potentially devastating. Within this evolving landscape, FunkSec has emerged as a particularly concerning threat.
Active for less than a year since its emergence in late 2024, FunkSec has quickly surpassed many established actors by targeting government, technology, finance and education sectors. What sets FunkSec apart is its sophisticated technical architecture and AI-assisted development.
The group packages full-scale encryption and aggressive data exfiltration into a single Rust-based executable, capable of disabling over 50 processes on victim machines and equipped with self-cleanup features to evade defenses.
Beyond its core ransomware functionality, FunkSec has expanded its toolkit to include a password generator and a basic DDoS tool — both showing clear signs of code synthesis using large language models (LLMs).
FunkSec’s approach reflects the evolving landscape of mass cybercrime, combining advanced tools and tactics. Kaspersky’s GReAT experts highlight the key features that define their operations:
Password-Controlled functionality
GReAT experts discovered that FunkSec ransomware features a unique password-based mechanism that controls its operation modes. Without a password, the malware performs basic file encryption, while providing a password activates a more aggressive data exfiltration process in addition to encryption to steal sensitive data.
FunkSec packs full-scale encryption, local exfiltration and self-cleanup into a single Rust binary—without a side-loader or a companion script. That level of consolidation is uncommon and gives affiliates a plug-and-play tool they can deploy almost anywhere.
Use of AI in development
Code analysis shows that FunkSec is actively using generative artificial intelligence to create its tools. Many parts of the code seem to be automatically generated rather than manually written. Signs of this generic placeholder comments (such as “placeholder for actual check”) and technical inconsistencies, like commands for different operating systems that don’t align properly. Additionally, the presence of declared but unused functions—such as modules included upfront but never utilised — reflects how large language models combine multiple code snippets without pruning redundant elements.
“More and more, we see cybercriminals leveraging AI to develop malicious tools. Generative AI lowers barriers and accelerates malware creation, enabling cybercriminals to adapt their tactics faster.
By reducing the entry threshold, AI allows even less experienced attackers to quickly develop sophisticated malware at scale,” comments Marc Rivero, Lead Security Researcher at Kaspersky’s GReAT.
High-volume, low-ransom strategy
FunkSec demands unusually low ransom payments, sometimes as little as $10,000, and pairs this with the sale of stolen data at discounted prices to third parties. This strategy appears designed to enable a high volume of attacks, helping the group quickly establish its reputation within the cybercriminal underground. Unlike traditional ransomware groups that seek million-dollar ransoms, FunkSec employs a high-frequency, low-cost model — further underscoring its use of AI to streamline and scale operations.
Expands beyond ransomware
FunkSec has expanded its capabilities beyond the ransomware binary. Its dark leak site (DLS) hosts additional tools, including a Python-based password generator designed to support brute-force and password-spraying attacks, as well as a basic DDoS tool.
Advanced evasion
FunkSec employs advanced evasion techniques to avoid detection and complicate forensic analysis. The ransomware is capable of stopping over 50 processes and services to ensure thorough encryption of targeted files. Additionally, it includes a fallback mechanism to execute certain commands even if the user launching FunkSec lacks sufficient privileges.
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