Accelerex, one of Africa’s leading fintech companies, has announced the launch of its groundbreaking “Pay with Fingerprint” solution. This solution, the first to be deployed on Point of Sale (PoS) terminals in Nigeria, allows bank account holders to make secure and convenient payments at merchant locations using their fingerprints on biometric-enabled PoS devices.

Pay with Fingerprint leverages advanced biometric technology to offer a seamless payment experience while enhancing security for consumers and merchants. The solution addresses common challenges such as card fraud and the inconvenience of carrying physical cards, paving the way for a more efficient and secure payment ecosystem. Its enhanced security ensures that only the account holder can authorize transactions, significantly reducing the risk of fraud.

Convenience is at the heart of this payment feature. Customers can make payments quickly and effortlessly by simply placing their finger on the biometric PoS device. This streamlined process not only accelerates transactions but also eliminates the need for customers to carry their bank cards, making everyday purchases smoother and more efficient. Indeed, Pay with Fingerprint is set to transform the payment landscape in Nigeria.

Chuks Anakudo, the Managing Director of Accelerex Nigeria, conveyed his enthusiasm regarding the potential of Pay with Fingerprint to foster a more secure commercial environment for both business owners and consumers, as well as to facilitate swift and efficient transactional operations.

“The launch of Pay with Fingerprint is a testament to our unwavering commitment to revolutionize Nigeria’s payment infrastructure with secure, user-centric solutions that provide consumers with choices,” stated Mr. Anakudo.

With the introduction of Pay with Fingerprint, Accelerex is not only pioneering the development and customization of this technology but has also achieved an unprecedented certification for biometric PoS devices by the Nigeria Inter-Bank Settlement System (NIBSS). This dedication to cutting-edge solutions cements Accelerex’s position as a vanguard in the Nigerian fintech sector.

With a robust portfolio of payment products and a strong emphasis on customer satisfaction, Accelerex has been at the forefront of digital payment revolution in Africa, providing different categories of businesses with the tools and resources they require to succeed.

Accelerex has grown into a formidable player in the fintech industry and has established itself as the preferred physical payments partner to all merchant acquiring banks in Nigeria.

The fintech company has over 150,000 merchants and agent endpoints across Africa and has consistently ranked as a top provider of payment channel services (by value of transactions processed) in Nigeria since 2018. It currently operates in Nigeria, Ghana and East Africa, with plans to expand to other parts of the continent in the future.

Union Bank of Nigeria has announced the promotion of 337 employees across various departments. This significant milestone underscores the bank’s commitment to recognising and rewarding the hard work, dedication and outstanding contributions of its employees.

At a recent town hall meeting, the Managing Director/Chief Executive Officer (MD/CEO) of Union Bank, Yetunde Oni, reaffirmed the bank’s commitment to fostering a culture of excellence and growth.

She said these well-deserved promotions reflect this commitment and the bank’s continuous efforts to empower its workforce and drive organisational success.

Speaking after the announcement, Oni said: “Today, we celebrate the achievements of our colleagues who have demonstrated exceptional performance, leadership and dedication to Union Bank’s core values.

“The promoted employees have shown exemplary performance, contributing significantly to the success of their teams and the bank as a whole.

“These promotions are not only a testament to their hard work but also a reflection of our belief in their potential to drive our Bank forward.

“At Union Bank, we understand that our people are our greatest asset. By investing in their growth and recognising their achievements, we are building a stronger, more dynamic organisation.

“We are excited to see how our promoted colleagues will continue to inspire and lead within the bank.”

She added that the recognition is part of Union Bank’s broader strategy to nurture talent, encourage professional development and ensure that employees are well-equipped to meet the evolving needs of customers and stakeholders.

The MD/CEO reassured stakeholders that Union Bank remains committed to creating an inclusive and supportive work environment that promotes career advancement and personal growth.

The bank will continue to implement initiatives aimed at developing talent, enhancing employee engagement and driving operational excellence, she said.

Over 20 cryptocurrency hacking attacks led to a loss of $176 million in the month of June 2024, according to an analytics firm.

This year, the crypto market saw some signs of revival after the US SEC approved BTC and ETH ETFs in January.

In the subsequent months, the crypto sector valuation rose from 1.76 trillion in February to its current market cap of 2.32 trillion.

Hackers targeting the crypto sector to mint profits have been constantly on the lookout for victims, as per various research reports.

PeckShield’s Findings

Btcturk was the biggest cryptocurrency-related hacking event in June, according to a report by crypto analytics firm PeckShield.

In an official statement, Btcturk had announced that the attackers managed to access hot wallets, leading to uncontrolled withdrawals.

While BtcTurk had said that the financial loss from this incident amounted to EUR 51 million or $54.7 million, PeckShield estimates that the figure was much higher and somewhere around $100.25 million.

The hack of Lykke, a free to trade crypto exchange, was named the second biggest crypto hack in June, according to the firm.

This attack is projected to have resulted in a loss of $22 million.

Both, BtcTurk and Lykke are centralised exchanges which operate as government-controlled intermediaries between buyers and sellers of digital assets.