Hello,
Victoria from Techpoint here,
Here's what I've got for you today:
- Credit bureau hit with enforcement notice after data breach
- Fintech fraud affects everyone
- Netflix subscribers to pay more in Nigeria
- NCC sues MTN Nigeria
- Sprints.ai gets $3 million
Credit bureau hit with enforcement notice after data breach
TransUnion, a credit bureau in South Africa, got hit with an enforcement notice from the Information Regulator after a data breach in March 2022.
This hacker group called N4ugthySecTU claimed it snagged a whopping 4TB of data, including info from 54 million South Africans. But TransUnion insists it's not that bad, saying only 5 million people were potentially affected, with another 5.2 million having just their ID numbers exposed.
Besides, TransUnion refused to cough up a $15 million ransom to stop the data from going public.
Anyway, the Information Regulator wasn't too pleased with TransUnion's handling of the breach. It discovered several issues, including TransUnion's failure to keep personal information confidential, weak access controls, and failure to follow security policies.
So, the Regulator laid down the law. TransUnion has to beef up its security measures, get an auditor to check its user accounts, and do a deep dive into the impact of the breach.
The credit bureau has until May 26, 2024, to get its act together and prove it’s sorted things out.
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Fintech fraud affects everyone
Yesterday, we talked about Patrick Johnson, a reformed Internet fraudster. Well, today let's dive into a different kind of fraud: fintech fraud.
So, back in 2022, there was a bit of a hiccup in the Nigerian fintech scene. Some startups had to hit a pause on their virtual card services because of issues at Union54, a startup that handled card issuing.
But Union54 wasn't the only one feeling the sting. Interswitch, a big player in the fintech game, reportedly lost a whopping ₦30 billion to chargeback fraud in 2023. It managed to claw back some of that cash, but still, that's a massive hit.
Now, Nigeria has come a long way in the world of digital finance over the past decade. But with great growth comes great challenges, and one of the big ones is fraud. And fintech fraud doesn't just hurt the companies — it hurts everyone.
You don’t think so? Well, Chimgozirim had a chat with Toyeeb Ibrahim, CEO of Leatherback, who made a good point: when fintech fraud goes down, it's not just about losing money or trust. It can lock people out of the global financial system altogether.
Whether you agree or not, check out Chimgozirim's full story for all the juicy details here. Then we can have a conversation.
Netflix subscribers to pay more in Nigeria
Netflix is shaking things up with its pricing in Nigeria! Starting April 1, 2024, it’s tweaking the rates for its plans.
The Standard Plan is going up from ₦3,600 to ₦4,000, while the Premium Plan, which gives you Ultra HD quality and four screens, is jumping to ₦5,000 from ₦4,400. Meanwhile, the Basic Plan stays put at ₦2,900, and the Mobile Plan is going up to ₦1,600 from ₦1,200.
It seems like Netflix is playing around with prices everywhere, not just in Nigeria. It has already raised prices in the UK, US, and France, and now it is Nigeria's turn.
However, the company says it’s doing it to keep the content flowing and the quality top-notch.
But wait, there is more! Netflix is thinking about throwing ads into the mix. It is testing ad-supported plans in some countries, but not in Nigeria yet. These plans could mean cheaper subscriptions for folks willing to sit through a few commercials.
Meanwhile, Netflix's 2023 Q4 report shows it’s still raking in the dough. Revenue's up, and it’s added a whopping 13.12 million new subscribers, with over 5 million coming from Europe, the Middle East, and Africa.
NCC sues MTN Nigeria
The Nigerian Copyright Commission (NCC) has thrown down the gauntlet, filing charges against MTN Nigeria Communications Ltd. and four others for allegedly infringing copyright.
The scoop reveals that the charges were lodged in the Federal High Court, Abuja Division, under Number FHC/ABJ/CR/111/2024.
So, who's in the hot seat? Alongside MTN Nigeria's CEO, Karl Toriola, the defendants include Nkeakam Abhulimen, Fun Mobile Ltd., and Yahaya Maibe.
Now, onto the nitty-gritty. The NCC claims that between 2010 and 2017, these folks were up to no good. They allegedly dabbled in the unauthorised sale, trade, and distribution of musical works by artist Maleke Idowu Moye without his say-so.
The alleged infringements include using Maleke's tunes as Caller Ring Back Tunes without his consent. The laundry list of allegedly pilfered tracks includes hits like "911," "Minimini-wanawana," and "Stop racism."
According to the NCC, these actions are a big no-no under Section 20 (2) (a) (b) and (c) of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.
However, the case is still up in the air, awaiting assignment to a judge, with no mention date set.
But what happens next? Well, under Section 37(2) of the Act, the aggrieved party could seek various remedies, including damages, injunctions, or even orders for inspection and seizure.
Sprints.ai gets $3 million
Sprints.ai, an Egyptian AI-powered edtech startup, has scored big with a $3 million bridge fundraising round. Disruptech Ventures led the investment, with EdVentures and CFYE also jumping on board.
Co-founded by Ayman Bazaraa (CEO) and Bassam Sharkawy, Sprints is revolutionising education by tackling the tech talent gap head-on.
The platform offers everything from talent assessments to personalised learning paths and guaranteed job placements.
Since kicking off in 2020, Sprints says it has racked up over 2.5 million learning hours and helped graduates secure jobs with 300+ tech companies worldwide.
The company’s goal? Nothing short of ambitious: educate 1 billion learners in 10 years. And with agile-based learning journeys covering AI, data science, mobile, web, and more, it's well on its way.
Bazaraa couldn't be happier about the funding boost. He credits their passionate team, spanning 12 countries, for the company's success.
With plans to expand into 10 new markets, Sprints is set to make an even bigger impact on the tech talent landscape, aiming to equip over 200,000 learners with the skills needed for tomorrow's workforce.
In case you missed it
- BasiGo raises $3 million to boost bus production in East Africa
- Egypt’s edtech startup Sprints is moving into 10 new markets with a $3 million bridge fund
- Reformed Internet scammer shares why he stopped being a fraudster
- Nigeria's tax agency sues Binance for tax evasion
- Telecel to take over MTN’s operations in two West African markets
What I'm reading and watching
- Here’s why AI search engines really can’t kill Google
- What causes addiction, and why is it so hard to treat? - Judy Grisel
- Are VIRGINS really hypocrites?
Opportunities
- Seedstars has announced INFUSE 2024, a global invitation for innovative applications aimed at fortifying health systems against climate threats and improving immunisation delivery. Apply here.
- Explore this website to find multiple job opportunities in Data that align with your preferences.
- If you are a software engineer, creative designer, product manager, design researcher, or a techie looking for an internship role, please, check out this website.
Have a wonderful Wednesday!
Victoria Fakiya for Techpoint Africa.
