Kamusta,
Victoria from Techpoint here,
Here’s what I’ve got for you today:
- MTN data breach: Hackers make their demands
- Bolt launches electric tricycles in Lagis
- CBN slaps Paystack with a ₦250M fine
MTN data breach: Hackers make their demands
MTN Group has confirmed that the cyberattack it reported last week wasn’t just a glitch; it involved customer data and came with a demand from the hackers. While the company hasn’t said exactly which countries were affected, MTN Ghana revealed that approximately 5,700 customers may have been impacted, prompting Ghana’s Data Protection Commission to launch an investigation.
Besides, the fact that South Africa’s Information Regulator was notified suggests that users in its home country were hit.
The company says the info accessed was mostly basic stuff — names, surnames, and mobile numbers — but investigations are still ongoing. What’s clear is that the attackers made some kind of demand, though MTN hasn’t said what it was or how much they want.
Because the investigation is still active, MTN says it can’t share too many details right now. But if you’re one of the affected users, you’ll be getting a more detailed notice soon, in line with the law.
Cyberattacks on telecoms companies are becoming way too common. Just earlier this year, Cell C was hit with a ransomware attack, and in Namibia, Telecom Namibia lost over 600GB of customer data in a similar breach. In fact, South Africa’s telecoms sector now sees over 1,000 cyberattacks each week, according to Check Point.
Even though MTN says no major systems like billing or mobile wallets were compromised, experts warn that even just names and numbers can be dangerous. Hackers can use that info for phishing or identity theft, like tricking users into sharing banking logins or one-time passwords.
MTN is urging customers to stay alert: update your apps, use strong and unique passwords, and don’t click on shady links or answer sketchy calls. As more Africans go mobile, with mobile phone users expected to hit 751 million by 2030, telecoms companies are becoming prime targets for cybercriminals.
Bolt launches electric tricycles in Lagos
Imagine booking a keke (tricycle) on Bolt. Sounds unreal, right? But it’s happening. Bolt has launched electric tricycles in Lagos, Nigeria. They showed off the new fleet at a launch event, and it’s looking like a game-changer.
This move is in partnership with SGX Mobility, a company that builds electric vehicles. Bolt will handle getting the trikes to drivers, while SGX focuses on the production and design side. It’s all part of a plan to make rides cheaper and greener.
Per Caroline Wanjihia, Bolt’s Regional Director, the idea is to help drivers cut costs. No fuel stress, no big vehicle loan drama. Drivers will pay small-small under a lease-to-own model and become full owners of their trikes in two years.
SGX Mobility’s Dele Awofala added that they’ve already partnered with financial institutions to help drivers fund the down payment — ₦280,000 to get started. That’s way less than what traditional cars cost, even if the full price of the trikes wasn’t revealed.
Still, electric vehicles aren’t cheap, especially because the batteries alone can take up over 60% of the cost. But SGX says EVs need less maintenance, and they’ll set up battery swapping stations all over Lagos. The cost to swap will be less than half of petrol prices.
This isn’t Bolt’s first keke experiment; they actually launched one in Uyo back in 2020, and it’s still running quietly. As for Lagos, we’re still waiting to hear exactly where the new service will be available, how far the trikes can go, and what it’ll cost passengers.
CBN slaps Paystack with a ₦250M fine
Paystack just got slapped with a ₦250 million fine by Nigeria’s Central Bank, and it’s all because of its new consumer product, Zap by Paystack. Word on the street is that the regulator says Zap is acting like a wallet, which Paystack isn’t licensed to operate.
Zap, which launched in March, is a peer-to-peer money transfer app. But the CBN says it’s basically a deposit-taking product, which only banks or microfinance institutions are allowed to run. Paystack, on the other hand, only has a switching and processing licence, meaning it can move money around, but it’s not supposed to hold any.
Paystack isn’t saying much for now. Per Techcabal, the company is working with the regulator to review Zap, and won’t be making public comments out of respect for the process.
To make matters worse, Zap was already caught up in drama. A crypto startup, Zap Africa, accused Paystack of trademark infringement, and that legal battle is still ongoing.
Lately, the CBN has been cracking down on the fintech space. In 2024, it told at least six fintech companies, including big names like Moniepoint and OPay, to stop opening new bank accounts for now.
Why the heat? It’s all part of Nigeria’s push to clean up its financial system and look good in the eyes of international watchdogs like the Financial Action Task Force (FATF).
In case you missed it
- What is Legend Internet, Nigeria’s newest broadband player on the NGX?
What I’m watching
- Science Takes That Might Make You Angry | Compilation
- How Not Sleeping Actually Kills You
Opportunities
- Want to exhibit or attend the Lagos Startup Expo in June? Visit this website here.
- Flutterwave is hiring a crypto sales lead in Nigeria. Apply here.
- Baobabplus is looking for a fullstack developer. Apply here.
- PalmPay is recruiting a Senior Legal Officer (Commercial Contract). Apply here.
- Moove is looking for People Data and Operations Specialist. Apply here.
- Building a startup can feel isolating, but with Equity Merchants CommunityConnect, you can network with fellow founders, experts, and investors, gaining valuable insights and exclusive resources to help you grow your business. Click here to join.
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- Flutterwave is hiring to fill in several positions. Apply here.
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- Moniepoint is hiring for several roles. Apply here.
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Have a superb Thursday!
Victoria Fakiya for Techpoint Africa.
