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CBN’s Five Strategies for Fintech Growth in Nigeria

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CBN Outlines Five Strategies to Drive Nigeria’s Next Fintech Growth Stage

The Central Bank of Nigeria (CBN) has laid out five key outcomes it says will guide the next stage of fintech growth in Nigeria. CBN Governor Mr. Yemi Cardoso shared this plan in a goodwill message at the 3rd Business Journal Fintech & Financial Inclusion Roundtable 2026 in Lagos.

Cardoso said Nigeria’s fintech sector must deliver digital financial services that are reliable, secure, fair, and accessible to everyone. He stressed that Nigerians should be able to transact with confidence at all times, even during periods of high demand when systems face the most pressure.

CBN’s Vision for the Next Stage of Fintech Growth

Dr. Rakiya Yusuf, Director of Payments System Supervision, represented Cardoso at the event. She explained several priorities central to this next stage of fintech growth. “Charges should be clear, complaints resolved promptly and failed transactions addressed without unnecessary hardship to customers,” she said. She also noted that cybersecurity and fraud prevention must remain a shared responsibility. Institutions, she added, need to continually invest in secure technology, effective controls, and practical customer education.

Fair Competition Remains Central to CBN’s Strategy

Assistant Director at CBN, Mr. Babatunde Ajiboye, represented Yusuf and outlined another major strategy. He said competition must remain open and fair, with qualified participants having equal access to essential payment infrastructure. This point matters because it ensures smaller fintech players can compete alongside larger, more established institutions.

The apex bank made clear that it cannot achieve these goals working alone. Banks, fintech companies, mobile money operators, switches, processors, telecom companies, consumer groups, and government institutions all have important roles to play in making these outcomes a reality.

Looking Ahead: CBN’s Long-Term Digital Finance Goals

The CBN expressed optimism about where Nigeria’s digital financial ecosystem is headed. “The future of Nigeria’s digital financial ecosystem is promising,” the bank said. “Our population is young, entrepreneurial and increasingly connected. Our financial institutions have demonstrated a strong capacity for innovation.” The bank added that with the right regulation, responsible conduct, and sustained investment, Nigeria could build a digital financial system that serves as a model for both Africa and the wider world.

CBN Pledges Continued Support for Fintech Innovation

Cardoso promised that the CBN will keep supporting innovation that solves real problems, expands access, and strengthens the broader economy. At the same time, he made clear the bank will step in when needed.

“We will also continue to act where market conduct, concentration, weak governance or operational risks threaten customers or the stability of the system,” he said. “Our message is simple: innovation is welcome, fair competition is essential and public trust must remain at the centre of everything we do.”

Cardoso closed his message by commending the Business Journal Media Group for organizing the Roundtable. He encouraged participants to engage openly and work together to develop practical recommendations. These recommendations, he said, should help advance a safer, fairer, and more inclusive digital financial ecosystem across Nigeria.

FiberOne Targets 1M Fibre Broadband Subscribers

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FiberOne Sets Sights on One Million Fibre Broadband Subscribers in Five Years

Nigerian internet provider FiberOne has announced a bold goal: reaching one million fibre broadband subscribers within the next five years. This target comes as demand for reliable internet keeps rising across Nigeria, even though operators face high costs building and maintaining networks throughout Africa’s most populous country.

The Lagos-based company currently serves more than 40,000 subscribers. Chief Executive Officer Lanre Ore shared this figure and said FiberOne plans to tap into growing demand for high-speed connectivity to expand its reach nationwide.

“Despite the challenges, there are significant gaps to be solved, a young and ambitious population, and enormous room for innovation,” Ore said in a LinkedIn post. He revealed that he made these comments during an interview with PENRESA for an upcoming TIME Africa special focused on Nigeria.

What Reaching One Million Fibre Broadband Subscribers Would Mean

FiberOne’s target represents more than 20-fold growth from its current customer base. Hitting this goal will require the company to substantially expand its fibre network, boost network capacity, and win customers in markets it hasn’t yet entered.

FiberOne has not shared how much capital it needs to reach one million subscribers. The company also hasn’t disclosed how much fibre cable it plans to lay or whether it will seek outside funding to support this expansion.

Nigeria’s Fibre Broadband Market Grows More Concentrated

This ambitious target comes at a time when Nigeria’s internet service provider market keeps consolidating around fewer players. Active ISP subscriptions across the country stood at 352,006 by the end of 2025, according to data from the Nigerian Communications Commission. Three providers — FiberOne, Starlink, and Spectranet — together account for almost 70% of that market. At the time, FiberOne had 44,413 subscribers.

The broader market has also felt pressure from rising bandwidth, energy, and right-of-way costs. Meanwhile, mobile operators and satellite providers have stepped up competition, giving households and businesses more alternatives to traditional fixed broadband.

FiberOne’s Expansion Plans Beyond Current Markets

FiberOne has already signalled plans to grow beyond its established territory. In 2025, Ore told The PUNCH that the company intended to bring its high-speed fibre services to 15 states. This expansion specifically targets underserved areas, aiming to capture growing demand for fixed connectivity in places that lack it.

Enterprise Demand Fuels Fibre Network Expansion

Ore also pointed to a shift in FiberOne’s enterprise infrastructure. He explained that the company’s systems are evolving to support businesses that need large amounts of bandwidth, including artificial intelligence firms and fintech startups.

“We discussed the growing demand for reliable broadband and how our enterprise infrastructure is evolving to support the next generation of high-bandwidth businesses, including AI and fintech startups that are building the future from Africa,” Ore said.

This shift could open up a growing stream of enterprise demand for fibre operators like FiberOne. Companies increasingly rely on cloud computing, digital payments, data-heavy applications, and artificial intelligence tools — all of which require strong, dependable connectivity.

Diversifying Beyond Residential Fibre Services

For FiberOne, growing its enterprise business could help diversify a company long associated mainly with residential fibre-to-the-home services. Nigeria remains Africa’s largest telecom market, yet it has a large population that isn’t evenly connected. This gap leaves plenty of room for fixed broadband providers to grow.

Ore said FiberOne views Nigeria’s young population and existing connectivity gaps as a real opportunity, even while acknowledging the operating challenges the company still faces.

Hubtel Named Official Technology Partner for MoMo Lab

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Hubtel Partners With MMFL as Official Technology Partner for 2026 MoMo Fintech Lab

Ghanaian fintech company Hubtel has teamed up with Mobile Money Fintech Limited (MMFL) to support rising fintech talent across Ghana. Under this new deal, Hubtel now serves as the Official Technology Partner of the 2026 MoMo Fintech Lab, a national programme built to help fintech innovators turn their ideas into real, scalable businesses.

The programme launched officially on August 12, 2026, at the Accra Marriott Hotel. Several Hubtel executives attended the event, including Nana Owusu-Marfo, Head of Brand and User Experience; Francis Wilson, Head of Infrastructure and Payments; Patrick Asare-Frimpong, Head of Product Management; and Augustine Gyawu Adjei, Head of Engineering. Industry leaders, innovators, technology companies, and other stakeholders also joined the launch.

What the MoMo Fintech Lab Offers Innovators

The MoMo Fintech Lab runs for three months. During this time, emerging fintech talent will get access to hackathons, mentorship, and incubation support to help them build out their ideas. The programme wraps up with a national Demo Day, where participants can showcase what they’ve built.

Organizers designed the programme to reach beyond Accra. It will run across three zones Accra, Kumasi, and Tamale giving innovators outside the capital a real shot at participating too.

Hubtel Brings Payments Expertise as Official Technology Partner

As the programme’s Official Technology Partner, Hubtel will bring its experience in payments, technology, and product development to the table. The company aims to help turn promising ideas into practical tools that serve Ghana’s digital economy.

Nana Owusu-Marfo, Hubtel’s Head of Brand and User Experience, explained why this kind of support matters. “Ghana has never been short of good fintech ideas,” she said. “What has been missing is the route from an idea to something that works at scale, and that route is easier to walk when someone who has already walked it is standing beside you. That is what we are offering the innovators in this programme.”

Government Backs Homegrown Fintech Solutions

Samuel Nartey George, Ghana’s Minister for Communication, Digital Technology and Innovation, also attended the launch. He stressed how important it is for Ghana to build its own financial technology solutions rather than relying only on outside tools. He also urged investors and industry players to keep supporting emerging ventures long after the programme’s Demo Day ends.

“You can’t be treating tech startups the way you treat an industrial business,” George said. He argued that technology companies need patient capital that allows time for ideas to grow and mature.

MMFL Describes Long-Term Commitment to Ghana’s Fintech Sector

MMFL Chief Executive Officer Shaibu Haruna described the MoMo Fintech Lab as more than a short-term project. He called it a long-term commitment to strengthening Ghana’s fintech ecosystem, adding that this goal lines up closely with Hubtel’s own vision for the sector.

“For us to build an inclusive digital economy, we need everybody and every talent to come on board,” Haruna said.

Hubtel’s Broader Commitment to Ghana’s Tech Sector

Hubtel said its involvement in the MoMo Fintech Lab reflects a wider commitment to Ghana’s fintech and technology industry. The company wants to share its expertise with emerging innovators and help create conditions where fintech ideas can grow into real solutions. These solutions, Hubtel says, should address genuine challenges facing both businesses and everyday consumers across Ghana.

Mobility Fintech Startup Naran Raises $10M From Landel

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Naran Raises $10M From Landel to Scale Mobility Fintech Across Africa and Latin America

Naran, a UAE-based mobility financing startup, has raised $10 million in equity and debt funding from Landel, a UAE investment firm. This mobility fintech startup funding will help Naran grow its vehicle fleets in Colombia, Peru, Senegal, and Côte d’Ivoire. The money will also fund the company’s move into new markets, including the Middle East and North Africa region, along with new fintech product launches.

Bayaskhalan Alexeev and Alexander Gubarev founded Naran in 2025. Both co-founders previously worked at Yango, where they built and grew ride-hailing operations across Latin America and Africa. Naran offers rent-to-own financing for cars and motorcycles. This setup lets independent drivers access vehicles through flexible payment plans lasting 12 to 60 months. The company buys vehicles straight from manufacturers and partners with major ride-hailing and delivery platforms, including Yango and inDrive, to get underbanked drivers behind the wheel.

How This Mobility Fintech Startup Operates

Naran built its own fleet management system to run every part of its business. This system handles driver onboarding, payment scheduling, utilization tracking, telematics, and maintenance across all its markets. Because the company runs on one technology platform with a consistent operating model, it can expand efficiently into new regions.

The vehicle itself is just the starting point. Each financing contract helps a driver build their first formal repayment history. This repayment data forms the foundation of Naran’s larger goal: becoming an asset-backed financing platform for emerging markets, where vehicles and future credit products are backed by real assets and real repayment records.

Naran’s Infrastructure Extends Beyond Its Own Fleet

Naran designed its technology to serve more than just its own vehicles. The company plans to open its tech stack to third-party fleet operators across its markets. This includes offering fleet management software as a SaaS product, providing asset-backed debt financing for fleet expansion, and, in some cases, acquiring operators outright. Under this model, every fleet operator in Naran’s markets becomes a potential customer instead of a rival.

“We address a critical financing gap in emerging markets, where ride-hailing and delivery drivers can’t access traditional bank loans due to irregular income or limited credit histories,” said Bayaskhalan Alexeev, CEO and co-founder of Naran. He explained that Naran’s goal is to make vehicle ownership accessible to mobility entrepreneurs, helping them boost their income and build financial security. At the same time, the company solves a major problem for ride-hailing and delivery platforms: driver supply. Every financed vehicle becomes an active driver added to Naran’s partner networks.

For platform partners, Naran works as a supply engine. Every financed vehicle comes with a vetted, onboarded driver already attached. Naran also shares fleet utilization data with partners to help maximize hours on the road. The company welcomes supply partnerships with ride-hailing and delivery platforms expanding across Latin America, Africa, and the MENA region.

Why Africa and Latin America Offer Major Growth Potential

Nearly 88% of employment in sub-Saharan Africa remains informal, which limits access to both vehicle financing and steady employment. In cities like Abidjan, poor mobility options are estimated to cut national income by 4 to 5%. Still, demand keeps growing. Côte d’Ivoire ranks among the African countries with the highest ride-hailing usage on the continent. Ride-hailing also ranks among the most attractive jobs available, since drivers in Africa earn up to 130% more than workers in comparable-skill jobs, according to Oliver Wyman.

Africa’s shared mobility market is expected to nearly double by 2030, reaching approximately $8 billion. This growth would create more than 550,000 additional income opportunities, making it the fastest-growing region in the world for this sector.

Latin America already stands as one of the world’s busiest ride-hailing regions. São Paulo and Mexico City rank as the two busiest Uber cities on the planet. Nearly a third of the region’s population already uses ride-hailing services. Global players like DiDi and inDrive count Latin America among their fastest-growing markets, with the industry expanding at 17.8% annually through 2033.

Africa sits at an earlier stage of this same growth pattern. Ride-hailing users across the continent are expected to reach 268 million by 2029. Yet penetration remains below 20%, meaning most of the continent’s demand stays untapped.

Investor Confidence in the Mobility Fintech Startup Model

“Naran is a rare combination in emerging markets: an asset-backed business where every dollar deployed is secured by a revenue-generating, GPS-tracked vehicle, run by a team with deep operational experience in these exact markets,” said Aidar Musin, Managing Partner at Landel. He noted that the model generates hard collateral, daily cash flows, and proven unit economics. He added that Naran’s fleet management infrastructure makes the model scalable well beyond the company’s own fleet, and that Landel looks forward to supporting Naran’s next growth phase across Latin America and Africa.

Naran’s Growth Targets Through 2030

By 2030, Naran aims to operate across 10 countries. The company plans to create 30,000 income opportunities and deploy fleets totaling 10,000 cars and 20,000 motorcycles. Naran’s expansion also creates opportunities tied to UAE-based innovation, bringing cross-border business growth and new revenue streams into the UAE ecosystem.

Stanbic IBTC Upgrades Transaction Banking Platform

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Stanbic IBTC Upgrades Transaction Banking Platform With FinnAxia 9.0

Stanbic IBTC Bank has teamed up with Nucleus Software to upgrade its transaction banking platform to FinnAxia® 9.0. This move marks an important step forward in the two companies’ shared push to modernize how businesses handle their banking needs.

The upgrade strengthens Stanbic IBTC Bank’s transaction banking platform in several key areas. It boosts the bank’s ability to deliver integrated payments, collections, liquidity management, and cash management solutions. The new system also supports greater flexibility across daily operations, improves automation, and strengthens connectivity between systems. On top of that, it enhances the digital experience for customers and builds a scalable foundation for future growth.

Stanbic IBTC Strengthens Transaction Banking Capabilities

This development builds on more than ten years of partnership between Stanbic IBTC Bank and Nucleus Software. Customer expectations keep changing, and businesses now expect seamless, real-time, digitally enabled banking services. Both organizations are using technology to improve service delivery, boost operational efficiency, and support business growth.

Businesses across Africa increasingly want real-time payments, digital trade services, liquidity management, and connected banking experiences. As a result, financial institutions are investing heavily in technology platforms. These platforms must support faster innovation while still maintaining strong operational resilience, tight security, and customer-focused service.

How Technology Supports Changing Customer Needs

Eric Fajemisin, Executive Director of Corporate and Transaction Banking at Stanbic IBTC Bank, explained the significance of this milestone. “Our relationship with Nucleus Software has spanned a decade and forms part of our broader commitment to continuously strengthening the solutions and services we provide to clients,” he said. “As transaction banking continues to evolve, we remain focused on investing in capabilities that help businesses operate with greater speed, visibility and confidence.”

Fajemisin added that the shift to FinnAxia® 9.0 strengthens the bank’s transaction banking platform. It also improves the bank’s ability to deliver efficient, customer-focused solutions in a fast-changing environment.

Jesuseun Fatoyinbo, Head of Transaction Banking at Stanbic IBTC Bank, echoed this view. “Transaction banking today is about delivering intelligent, seamless and responsive experiences for customers,” Fatoyinbo said. He noted that the upgrade helps simplify customer journeys, improve operational efficiency, and roll out new features more quickly. The bank remains committed to offering solutions that grow alongside its clients’ needs.

FinnAxia 9.0 Supports Automation and Connectivity

Parag Bhise, Chief Executive Officer and Executive Director of Nucleus Software, shared his perspective on the partnership. “We value our long-standing relationship with Stanbic IBTC Bank and are pleased to support the Bank’s continued efforts to enhance its transaction banking capabilities,” Bhise said. He explained that FinnAxia® 9.0 was built to help financial institutions meet changing customer expectations through better automation, connectivity, and operational efficiency.

What This Means for the Future

Both companies describe this upgrade as the latest chapter in their long-running collaboration. Their shared goal remains the same: strengthen transaction banking capabilities and deliver solutions that keep pace with the evolving needs of businesses across Africa.

Cross-Border Payment Infrastructure: PalmPay’s Call at AEMF 2026

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PalmPay Calls for Stronger Cross-Border Payment Infrastructure at CBN Forum in Abuja

PalmPay Group joined Nigeria’s Central Bank at a major forum in Abuja to push for better cross-border payment infrastructure across Africa. The fintech company took part in the 7th Africa Emerging Markets Forum, known as AEMF 2026, held on July 29 and 30.

At the event, Chika Nwosu, Managing Director of PalmPay Nigeria, explained why Africa needs stronger, more connected payment systems. He said this kind of infrastructure will help drive the continent’s next stage of economic growth.

Why Cross-Border Payment Infrastructure Matters Now

The forum brought together policymakers, regulators, development institutions, and business leaders. Together, they discussed how better regional teamwork, digital innovation, and coordinated financial systems could bring African economies closer together.

Nwosu spoke during a session on a research paper called “Deepening Regional Economic Integration Through Cross-Border Payments, Fintech, Infrastructure, and Policy Coordination.” He argued that Africa must now shift its focus. Getting more people access to financial services is no longer enough on its own.

“The opportunity is no longer just connecting more people to financial services,” Nwosu said. “It is connecting African markets through financial services.” He added that true regional integration means businesses should be able to pay suppliers, receive payments, and expand across borders with confidence.

Building Safer Digital Payment Infrastructure

PalmPay stressed that reliability must sit at the heart of Africa’s digital shift. As payment networks link up more tightly across the region, cybersecurity becomes more important than ever. Strong security will help sustain growth and build public trust in digital finance.

The company restated its commitment to a safer financial ecosystem. It plans to keep investing in consumer education, industry partnerships, and its own security systems to protect users.

CBN Governor Pushes for African-Led Solutions

PalmPay’s message matched broader themes at the forum. Central Bank of Nigeria Governor Olayemi Cardoso called on Africa to stop merely using outside technology. Instead, he said the continent should start creating its own solutions for its own problems.

In a LinkedIn post shared by the CBN, Cardoso also spoke about unlocking women’s full role in the economy. He said, “Africa cannot fly with one wing.” This message lines up closely with PalmPay’s own push for inclusive finance.

PalmPay’s Track Record With Women Entrepreneurs

In 2025, PalmPay supported more than 3,000 women entrepreneurs in Kano and Kaduna. The company gave them digital banking tools and training opportunities to grow their businesses. PalmPay also continued expanding access to digital financial services for small and medium-sized businesses and other underserved communities. Reaching these groups remains a core priority for the company.

Okonjo-Iweala Urges Focus on Local Investment

During a fireside chat, WTO Director-General Dr. Ngozi Okonjo-Iweala also spoke up. She urged African leaders to focus on actually carrying out their plans, not just announcing them. She called for stronger regional integration and better conditions to attract local investment. Sustainable development, she said, starts with confidence from investors at home.

For PalmPay, these ideas reflect a shared belief. Africa’s next economic transformation will depend on more than signed agreements. It will depend on the systems that get built and actually work.

What Comes Next for PalmPay

PalmPay said it will keep strengthening Nigeria’s payment infrastructure going forward. The company plans to work closely with regulators, financial institutions, and other ecosystem partners. Together, they aim to build a more connected, secure, and inclusive digital economy across the region.

CBN Regulatory Sandbox Programme Opens August 12

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CBN Opens Second Cohort of Regulatory Sandbox Programme for Fintechs and Crypto Firms

Nigeria has opened the second round of its CBN Regulatory Sandbox Programme, giving virtual asset companies, fintechs, and financial technology firms a supervised space to test new products.

The Central Bank of Nigeria (CBN) announced that applications for this new round will open on August 12 and close on August 31, 2026. Companies interested in joining the CBN Regulatory Sandbox Programme must submit their applications within this window.

What the CBN Regulatory Sandbox Programme Covers

The programme has two main tracks. The first track focuses on Virtual Asset Service Providers, or VASPs. This track covers stablecoins, payment and settlement services, custody solutions, digital wallets, and related infrastructure.

The second track supports companies that are not VASPs but still use secure digital infrastructure. These firms rely on permission-based data sharing to improve payments, credit access, risk management, operational efficiency, and financial inclusion.

Who Regulates What in the New System

Under this new framework, the CBN will oversee virtual assets used specifically for payment-related activities. Meanwhile, the Securities and Exchange Commission (SEC) will continue regulating digital assets that function as securities. This division of labour aims to close regulatory gaps that previously left some digital finance activities unsupervised.

The CBN Regulatory Sandbox Programme builds on an earlier stablecoin supervisory pilot. That pilot involved major fintechs, including Flutterwave, Paystack, and Juicyway. The new sandbox will also work alongside the SEC’s Accelerated Regulatory Incubation Programme, which already admits digital asset companies into a supervised regulatory setting.

Companies Expected to Join the Sandbox

The CBN expects several types of companies to apply. These include stablecoin providers, crypto on- and off-ramp services, payment processors, settlement infrastructure operators, custody platforms, and wallet service providers.

This expansion follows President Bola Tinubu’s Executive Order from July 18. That order created the Virtual Asset Council, which the CBN chairs. The council coordinates virtual asset regulation across several government bodies. Its members include the SEC, the Nigeria Revenue Service, the Nigerian Financial Intelligence Unit, and the Office of the National Security Adviser.

Why This Matters for Nigeria’s Crypto Market

Nigeria ranks among Africa’s largest cryptocurrency markets. Chainalysis estimates that Nigerians transacted about $92.1 billion in cryptocurrencies between July 2024 and June 2025. Stablecoins increasingly play a role in these transactions, especially for payments and remittances sent home from abroad.

Given this scale, regulators want stronger oversight without stifling innovation. The CBN Regulatory Sandbox Programme offers a controlled way to test new financial products before they reach the wider public.

What Companies Need to Know Before Applying

The CBN made one point very clear. Joining the sandbox does not grant companies a licence to operate outside the approved testing rules. Successful applicants must still meet strict requirements. These cover consumer protection, cybersecurity, operational resilience, and regular regulatory reporting.

Companies that want to test new financial technology in Nigeria now have a clear path forward, but they must follow the rules closely from day one.

AI And Mobile Fraud Push Africa’s Cybercrime Losses To $484 Million

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Africa’s Cybercrime Losses More Than Double In One Year

Africa’s cybercrime losses jumped sharply, rising from $192 million in 2024 to $484 million in 2025. Criminals increasingly turned to artificial intelligence, mobile platforms, and cross-border networks to scale up their attacks, according to the 2026 African Cyberthreat Assessment Report from the International Criminal Police Organisation (INTERPOL).

The report named online scams as the most reported form of cybercrime across the continent. Ransomware, business email compromise, data breaches, financial fraud, and digital sextortion also continued to threaten individuals, businesses, and critical infrastructure throughout the year.

Artificial intelligence added a new layer of complexity to this threat landscape. Criminals used generative AI to automate attacks, impersonate real people, create convincing fake content, and slip past traditional security systems. Based on its full assessment, INTERPOL identified seven major threats currently shaping Africa’s digital security environment.

Ransomware Moves Beyond Extortion To Disrupting Public Services

Criminals now use ransomware for more than just demanding payment. INTERPOL found that attackers increasingly aim to disrupt public services and critical infrastructure too. The most damaging incidents in 2025 clustered in Southern and West Africa, where outdated systems, underfunded cybersecurity units, and weak reporting left many organisations exposed.

South Africa recorded 92% of all ransomware detections across Africa, based on TrendAI data cited in the report. Nigeria also featured prominently after a ransomware attack hit the Nigeria Customs Service in August 2025, disrupting cargo clearance at major ports. That disruption cost an estimated $18 million in storage fees and caused significant delays to imports.

Uganda’s Electricity Transmission Company Limited suffered a suspected ransomware attack that same month, compromising systems used to monitor the national power grid; backup protocols restored services. Namibia recorded two separate incidents in its telecom sector: one attack exposed a national provider’s customer database, while another disrupted core network functions at Paratus Telecom.

Business Email Compromise Turns Trust Into A Weapon

Business email compromise (BEC) continues to exploit one of the weakest points in digital security: human trust. Rather than attacking computer systems directly, criminals compromise email accounts or impersonate senior executives. They target employees in finance, procurement, and payroll, tricking them into transferring money or changing payment details.

Generative AI has made these attacks harder to spot, since criminals can now produce highly convincing messages that mimic an executive’s exact language and tone. TrendAI data cited by INTERPOL showed South Africa accounted for 70% of BEC detections across Africa in 2025, while Nigeria accounted for 29%.

The report highlighted one case from INTERPOL’s Operation Sentinel, where attackers based in Senegal attempted to divert $7.9 million from a petroleum company. Authorities managed to freeze the destination account, but the case showed how cybercriminal networks operating from Africa can target businesses in Europe and North America while spreading their infrastructure across multiple countries. INTERPOL said criminals typically identify employees who handle payments first, then use phishing or credential theft to break into their accounts before sending urgent, seemingly legitimate payment requests.

Online Scams Grow Into Organised Criminal Enterprises

Online scams have evolved far beyond isolated phishing attempts. They now operate as highly organised enterprises, often linked to dedicated scam centres and transnational crime networks. INTERPOL found that 72% of surveyed African countries reported scam centres operating within their borders, with Southern and West Africa recording the highest concentration.

Mobile money fraud ranked as the most common scam type, with 97% of responding countries flagging it as a major threat. Kenya alone detected 123,000 fraudulent SIM cards in 2025, giving criminals a route into SIM swaps and mobile wallet access. Ghanaians lost $1.3 million to similar fraud in just the first quarter of 2025, while Tanzania cut fraud attempts by 19% after tightening SIM registration rules.

Loan and microcredit scams also spread across West and Central Africa. Fraudulent fintech apps harvested victims’ personal data under the pretence of offering quick loans, and many victims later faced harassment and extortion.

Crypto Fraud Grows As Nigeria Becomes A Major Market

Cryptocurrency has become another key channel for fraud. INTERPOL estimated crypto transactions across the region reached $205 billion between July 2024 and July 2025, with Nigeria alone accounting for $92 billion of that total. Criminals exploited rising interest in digital assets through fake investment platforms, fraudulent trading schemes, and deepfake celebrity endorsements. In one major case, INTERPOL’s Operation Serengeti 2.0 dismantled a Zambia-based network responsible for an estimated $300 million in losses affecting around 60,000 victims.

AI Amplifies The Threat Of Digital Sextortion

Digital sextortion has also grown into a serious threat, as criminals combine social media, manipulated images, and AI-generated content to target victims. TrendAI recorded roughly 600,000 sextortion detections across Africa in 2025. South Africa accounted for 30% of these, followed by Kenya at 13%, Côte d’Ivoire at 11%, Ethiopia at 8%, and Angola at 4%.

Criminals typically build relationships with victims on social media before moving conversations to private messaging apps, where they use manipulated or fabricated material to apply pressure. Easier access to AI tools has made this threat harder to fight, since criminals can now generate convincing fake content from publicly available photos alone.

The report also flagged growing targeting of young people. Meta data cited by INTERPOL showed platforms removed 635,000 Instagram and Facebook accounts in 2025 for exploiting children, a tenfold jump from 2023. INTERPOL warned that sextortion is becoming increasingly scalable as criminals combine social media, AI-generated content, and automated messaging tools.

Data Breaches Continue Fuelling Wider Cybercrime

Data breaches increasingly serve as the starting point for other crimes. They give criminals personal and financial information they can later use for identity theft, fraud, ransomware, and business email compromise. The Shadowserver Foundation identified more than 6,000 exploitable vulnerabilities across Africa in 2025, concentrated mostly in South Africa, Kenya, and Nigeria.

South Africa accounted for 43.6% of detected vulnerabilities, followed by Kenya at 11.9% and Nigeria at 9.1%. Most of these involved outdated or unpatched routers, vulnerable VPNs, and misconfigured web systems. In Namibia, a telecom provider suffered a breach that exposed about 500,000 personal and financial records, reportedly linked to an unsecured administrative portal accessible from the open internet.

INTERPOL also recorded a 62% year-on-year rise in African-origin data appearing on dark web forums. The stolen data included identity documents, SIM card PINs, banking credentials, and mobile money account details, giving criminals plenty of opportunities to reuse compromised information long after the original breach.

Financial Fraud And Synthetic Identities Undermine Digital Trust

Cybercriminals are moving beyond stealing existing identities toward creating entirely synthetic ones, combining real personal information with fabricated details. According to INTERPOL, criminals use these synthetic identities to open bank accounts, secure digital loans, and register SIM cards under false names.

Nigeria’s NIN-SIM policy helped reduce certain types of fraud in 2024, but criminals simply adapted by shifting their activity toward countries and financial systems with weaker identity verification and KYC controls. SIM swap fraud remains another growing vulnerability, since controlling a victim’s phone number can unlock access to financial accounts and mobile money services. Kenya recorded a 327% increase in SIM swap fraud in 2025.

Money mule networks have further complicated the fight against financial cybercrime. Criminals recruit people, often through fake job ads, to receive and move illicit funds on their behalf. A 2025 survey cited by INTERPOL found that almost 77% of fraud-exposed individuals across Africa knew about money muling, but only 12% understood its legal consequences or recognised that participating could make them criminally complicit.

How AI Is Making Cybercrime Faster And More Scalable

Artificial intelligence increasingly acts as a force multiplier for cybercriminals, letting attacks that once required deep technical skill happen faster and at much larger scale. INTERPOL’s member country survey found that 55% of cybercrime cases in 2025 involved AI in some form: 47% involved occasional AI use, while 8% involved frequent use.

Criminals now deploy AI at nearly every stage of an attack, from identifying victims and writing phishing messages to producing deepfakes, generating synthetic identities, and adapting malicious software. Deepfake incidents increased sevenfold across Africa between the second and fourth quarters of 2024 alone. Criminals have used AI-generated audio and video to impersonate government officials, corporate executives, and public figures in fraudulent investment schemes. The report also flagged emerging malware that uses generative AI to adapt its own code, which could make traditional signature-based detection far less effective.

Law enforcement agencies are struggling to keep pace, however. Only 33% of surveyed agencies said they use AI for threat detection, and just 31% use it for digital forensics and open-source intelligence work. Only 8% of intelligence analysts had advanced AI expertise, while 92% of agencies pointed to a lack of technical expertise as the main barrier to adopting AI tools.

INTERPOL Calls For A Stronger Continental Response

With cybercriminals increasingly operating across borders and using AI to automate their work, INTERPOL called on African countries to strengthen both national capabilities and continental cooperation. The organisation recommended greater investment in national cybercrime units, including digital forensics labs, malware analysis platforms, and AI-powered threat detection systems, alongside specialised tools for mobile forensics, cryptocurrency tracing, and deepfake identification. It also called for dedicated teams focused on AI-enabled crime, crypto-asset investigations, and cyber-enabled human trafficking.

Beyond technology, INTERPOL identified cross-border cooperation as one of Africa’s biggest weaknesses in fighting cybercrime. It recommended that countries harmonise cybercrime definitions, evidence preservation procedures, and data-sharing protocols, while setting up a 24-hour regional contact network to speed up the exchange of digital evidence during major incidents.

The organisation also called for closer cooperation among law enforcement agencies, national Computer Emergency Response Teams, telecom operators, banks, and fintech companies. Under this proposed approach, mobile money operators and fintech platforms would integrate real-time fraud alerts with national cybercrime units, while telecom operators would strengthen identity verification during SIM registration and customer onboarding. INTERPOL further urged African countries to strengthen and harmonise their cybercrime laws and create expedited procedures for obtaining electronic evidence across borders, particularly in cases involving ransomware, BEC, and deepfake-enabled crimes.

Three-Year-Old African Fintech Moment Raises $22 Million Series A

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Moment Closes $22 Million Series A Round

Moment, a pan-African fintech, has announced the close of its $22 million (around R364 million) Series A funding round. AlphaCode Venture Partners led the round, marking a major step in this latest Moment Series A funding milestone for the company. General Catalyst, MultiChoice, and Canal+ also took part, with Canal+ joining as a fresh investor.

Since its founding three years ago, Moment has raised a total of $55 million, more than R900 million, to build what it calls one of the continent’s most advanced payment infrastructure businesses. The company offers a full suite of payment collection and revenue retention tools to corporate and enterprise merchants. Moment plans to use this new funding to deepen its network, improve its platform, and speed up expansion across Africa.

Why Investors Are Backing Moment’s Growth

Dominique Collett, General Partner at AlphaCode Venture Partners, explained why the firm chose to back Moment. She said Africa’s payment complexity has long acted as a hidden tax on commerce, hitting every business trying to grow on the continent and every household trying to take part in the digital economy.

Collett said Moment is dismantling that barrier at a continental scale, staying compliant while offering a product that the market’s largest enterprises have already tested and approved. She added that AlphaCode is backing Joel Yarbrough, Moment’s CEO, and his team as they build a defining piece of Africa’s financial infrastructure.

Africa’s Fragmented Payment Landscape

Africa’s payment systems remain notoriously fragmented, and payment habits vary dramatically from one market to the next. In South Africa, more than two-thirds of payments still happen in person at retail locations, even though most people there have bank accounts. Nigeria tells a different story, where instant bank transfers dominate, though cash, cards, and digital wallets all compete strongly too.

In many other markets, mobile money platforms have thrived thanks to low bank penetration. But these platforms remain scattered across dozens of separate operators, and no single provider has been able to offer merchants unified collections across every channel.

How Moment’s Payments Platform Solves This

Yarbrough said Moment was built specifically to solve this fragmentation problem. Within three years of launch, he said, Moment now processes payments for 10 million people every month across some of Africa’s leading brands.

The platform supports the full range of digital payment methods that people prefer locally, alongside an in-person payment network that spans more than two million physical locations. Yarbrough said the platform stays highly resilient too, processing 600,000 transactions a day despite the power and connectivity problems that commonly disrupt African markets. He added that Moment built its platform to handle the specific challenges of the African market, helping businesses get paid faster and at a lower cost.

Canal+ Sees Strong Opportunity In African Fintech

Thomas Follin, Chief Diversification Officer at Canal+, said his company examined Moment closely after acquiring MultiChoice. He described the team as genuinely impressed, noting that Moment had driven down costs while improving quality at the same time. Follin said Moment delivers world-class technology for enterprise-grade subscription and billing customers operating across Africa, and that Canal+ now sees a strong opportunity to work with Moment to expand digital financial access across the continent.

What Moment Offers Merchants And Billers

Moment gives billers and merchants, including insurers and subscription platforms, an extensive suite of collection tools. These include recurring payments, customer outreach tools, and failed payment recovery across both digital and in-person channels. Merchants can also link Moment directly to their enterprise billing systems.

Customers can pay however works best for them through Moment, using cards, mobile money, real-time bank transfers, eWallets, recurring bank debits, or in-person payments. Beyond its advanced APIs, Moment also offers low- and no-code tools that help merchants get up and running quickly, letting them collect payments and retain customers without needing heavy technical resources.

A Growing Partnership With Sanlam

Giulio di Giannatale, Technical Lead at Sanlam, said what excites Sanlam most about Moment isn’t just what the company does today, but the roadmap the two companies are building together. He pointed to plans for embedded insurance within payment flows, data-driven collection optimisation, and serving the mass market across Africa with flexible, customer-first payment options.

Di Giannatale called Moment a genuine innovation partner and said this funding round gives Moment the runway to accelerate what the companies have already proven works together. He said Sanlam looks forward to deepening that collaboration across the wider Sanlam group.

By optimising subscription and instalment payments, adding new locally preferred collection methods across Africa, and building smarter reconciliation and back-office clearing tools, Moment aims to help merchants collect payments confidently anywhere on the continent, while getting their money faster than before.

Nigeria’s Fintech Ecosystem Ranks Among Africa’s Largest, Lawmaker Says

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Nigeria’s Fintech Ecosystem Attracts Major Investment

Ahmadu Usman Jaha has said Nigeria’s fintech ecosystem has grown into one of the largest on the African continent. He noted that the country’s expanding payment ecosystem keeps attracting significant investment from both local and international sources.

Jaha made these comments recently in Lagos at the 2026 Stakeholders’ Retreat of the House Committee on Insurance and Actuarial Matters, held in collaboration with the Nigeria Deposit Insurance Corporation (NDIC). The event carried the theme “Strengthening Financial Safety Nets in an Era of Banking Sector Recapitalisation and Fintech Innovation.”

Fintech Growth Brings New Risks Alongside Progress

Jaha said fintech innovation had significantly improved financial inclusion and payment efficiency across Nigeria. However, he added that this rapid expansion had also introduced new risks and challenges for the wider financial system.

He listed several of these challenges directly. They include cyber resilience, operational risks, consumer protection, digital fraud, and open questions around how far deposit insurance coverage should extend to fintech users.

“Today, Nigeria’s banking industry continues to occupy a central position in our economy, with banking sector assets running into several trillions of naira and serving tens of millions of depositors across conventional banking channels and rapidly expanding digital platforms,” Jaha said. “Likewise, Nigeria’s fintech has become one of the largest in Africa, attracting substantial investment and processing billions of electronic payment transactions annually.”

Banking Sector Remains Central To Nigeria’s Economy

Jaha stressed that Nigeria’s banking industry remains central to the wider economy, pointing to its role in financial intermediation, savings mobilisation, and credit provision for businesses and households. He said this role hasn’t diminished even as fintech companies continue to grow their share of the payments landscape.

Lawmakers Commit To Strengthening Financial Safety Nets

Jaha reaffirmed the House of Representatives’ commitment to strengthening Nigeria’s financial safety architecture through appropriate legislative support. “As innovation accelerates, our responsibility as policymakers is to ensure that depositors’ protection, financial stability and consumer confidence evolve at the same pace,” he said.

He also pointed to the ongoing banking sector recapitalisation programme as an opportunity to strengthen financial institutions. According to Jaha, this process could enhance banks’ capacity to support Nigeria’s broader economic growth ambitions.

“The ongoing banking sector recapitalisation programme presents an opportunity to build stronger, better capitalised and more resilient financial institutions capable of supporting Nigeria’s aspiration to become a one-trillion-dollar economy,” he said.

What This Means For Nigeria’s Digital Economy

Jaha’s remarks highlight a balancing act facing policymakers as Nigeria’s fintech ecosystem continues to expand. Lawmakers must support continued innovation and investment while also building stronger safeguards around consumer protection, cyber resilience, and deposit insurance. As banking sector recapitalisation moves forward alongside this fintech growth, Nigeria’s financial system looks set to face increased scrutiny over how well its safety nets keep pace with digital transformation.