Hello,
Delight from Techpoint here,
Here’s what I have for you today:
- Kenya’s MSEA hacked, government information allegedly sold on dark web
- AltSchool expands into Europe with hybrid learning
- IHS Towers to sell Kuwait stakes to Zain Group in $230M deal
Kenya’s MSEA hacked, government information allegedly sold on dark web
The Micro and Small Enterprise Authority (MSEA), a critical institution supporting Kenya’s micro and small enterprises, has fallen victim to a hacking attack that exposed sensitive government and organisational data on the dark web.
The compromised data includes confidential information, such as sensitive employee records, government correspondence, financial statements, and business registration details.
These data were discovered on dark web forums, allegedly listed for sale to the highest bidder at $100,000. Some information was already downloaded, raising concerns over possible misuse, including identity theft, fraud, and corporate espionage.
Hackers now have access to NLSBanking.com, which serves over 20 financial institutions in Asia and Africa, including the National Bank of Kenya, NIC Bank, and Sidan Bank.
Initial investigations revealed that the breach exploited vulnerabilities in MSEA's IT structure that had not been patched with recent security updates. Weak access controls and outdated software systems may have made the authority an easy target for hackers.
Additionally, the incident exposes more weaknesses in Kenya’s government institutions and raises concerns about other agencies’ data safety.
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MSEA is essential for empowering micro and small businesses because it collects critical data on registered enterprises, entrepreneurs, and funding programmes. Leaked financial operational data could harm thousands of businesses that rely on the agency's programmes.
Nigeria’s AltSchool enters Europe with Hybrid learning
Nigerian edtech startup AltSchool has entered Malta in Europe following its involvement in the SuperCharger Venture accelerator programme.
Since its inception in 2021, AltSchool has quickly gained prominence and has served over 100,000 students across Africa, fostering a diverse community of learners and producing graduates who have secured roles in top tech companies worldwide.
Why Europe? The region presents a unique opportunity for AltSchool as it ranks third among its registered users, and its edtech market is projected to grow by 7.9% between 2024 and 2029.
With a hybrid approach to be used as a base for in-person engagements, it is set to distinguish its stance in the European edtech market.
AltSchool’s move to Europe underscores the growing global influence of African edtech startups. It showcases the adaptability of solutions developed in emerging markets, proving that the solutions can address challenges even in developed countries.
With its European venture, AltSchool is poised to redefine how education technology bridges the regional divides in skill acquisition and career development.
While this expansion reflects the company’s confidence in scaling its model beyond the African continent, it will still maintain its stance in the African edtech ecosystem.
Read more about AltSchool’s Europe expansion here.
IHS Towers to sell Kuwait stakes to Zain Group in $230M deal
IHS Towers, a telecom infrastructure provider, has entered into a definitive agreement to sell its 70% stake in IHS Kuwait to Zain Group, a telco in the Middle East and Africa.
The deal includes approximately 1,675 telecom sites and an additional 700 sites managed in Kuwait.
Valued at $230 million, the transaction represents a 14.2x multiple of estimated EBITDA after leases, a premium compared to IHS Towers’ broader portfolio valuation of 7.15x.
Proceeds from the transaction are expected to reduce the company’s debt, reflecting its focus on financial stability.
IHS will retain its extensive global operations across ten markets, including Brazil, Nigeria, and South Africa.
Zain Group, which serves over 47 million customers across eight countries, aims to enhance its infrastructure capabilities through this acquisition, consolidating its position as one of Kuwait’s largest mobile network operators.
However, this transaction is subject to regulatory approvals and is expected to close in the first half of 2025.
In August 2024, IHS Towers considered selling off its Rwanda and Zambia businesses to settle its debt after laying off almost 100 employees following a massive loss in 2023.
In case you missed them
- I’m 37 and jobless by choice because of sickle cell
- Chinese eCommerce company, Temu becomes the most popular Android and iPhone app in Nigeria
What I'm watching and reading
- Behind the hacks: The Origin of Anonymous
- The Start-up of You by Reid Hoffman and Ben Casnocha
Opportunities
- Join Opeyemi Olugbemiro at Pitch Friday on December 13, 2024 and discover the art of storytelling that wins customers. Apply here.
- Flutterwave is currently looking to fill several vacancies. Apply here.
- Moniepoint is hiring for several roles. Apply here.
- Follow Techpoint Africa's WhatsApp channel to stay on top of the latest trends and news in the African tech space here.
Have a terrific Tuesday!
Sunny Delight for Techpoint Africa.
