Tech

Nigerian fintech platform. Flutterwave, denies losing $4m client funds to hackers

Published

2 years ago

March 6, 2023

Nigerian financial services fintech, Flutterwave, has debunked reports that its systems were compromised by hackers leading to the loss of over $4 million of customer funds.

Various African tech publications had reported on Sunday that the Nigerian fintech had lost the amount to hackers who penetrated the company’s systems in early February, with the money allegedly disbursed to accounts in various financial institutions in the West African country.

But in a statement of denial issued on Monday by the company, Flutterwave dismissed the reports, insisting that the platform did not suffer any hacking attack.

‘’At Flutterwave, we understand that our customer’s personal and financial information is of the utmost importance. We take this responsibility seriously and understand that any potential security breach can cause anxiety and concern among our customers.’’ the company said.

‘’We want to reassure you that Flutterwave has not been hacked,” it added.

Flutterwave however admitted that in recent times, it has identified an unusual trend of transactions on some user’s profiles which was discovered during a routine check of its transactions monitoring system.

‘’Our team immediately launched a review (in line with our standard operating procedure), which revealed that some users who had not activated some of our recommended security settings might have been susceptible.’’

‘’We take pride in the fact that our security measures were able to address the issue before any harm could be done to our users,” the statement said.

Related Topics:Featured fintech Flutterwave Funds Hackers

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Tech

Huawei launches cloud service in Nigeria

Published

1 day ago

December 11, 2024

Isaac Dachen

Global technology company, Huawei, has launched its first African hyperscale local cloud service in Nigeria, making it the first international cloud provider to offer such services in the country.

The CEO of Huawei Nigeria, Chris Lu, who unveiled the new local cloud in Lagos on Wednesday, said it was powered by Tier 3+ data centres, providing ultra-fast services with a latency of just 15 milliseconds.

According to Lu, this will ensure that data storage and computing resources remain within Nigeria, benefiting local businesses and sectors, particularly fintech companies that require strict adherence to data protection laws.

At the launch event, themed “Leap Now With A Better Cloud,” Lu emphasised the company’s dedication to supporting Nigeria’s digital economy.

He noted that the initiative was a significant milestone towards meeting the country’s data protection regulation, and alignment with the Nigeria Data Protection Commission’s objectives to limit cross-border data transfer and have data kept within the country.

“With disruptive technology, we can transform our daily lives, our industries, and our economy. Not knowing where your data is stored is terrifying,” Lu said.

“The Huawei local cloud ensures your data and that of your customers are safely protected. Our local cloud provides better latency, better services, and ensures data sovereignty for our customers.

“Huawei’s is offering enhanced data sovereignty, reduced latency, and bolstered support for local businesses.The service aims to support Nigerian startups, SMEs, and the broader tech ecosystem and aligns with Nigeria’s regulatory environment and digital transformation goals.”

Beyond cloud technology, Huawei has invested heavily in Africa’s tech ecosystem, forming partnerships with governments and private entities to drive digital transformation.

Tech

SunCulture partners Turaco to empower Kenyan farmers with affordable climate insurance

Published

2 days ago

December 10, 2024

Isaac Dachen

Kenyan solar-powered irrigation solutions startup, SunCulture, has joined forces with leading mass-market insurtech company, Turaco, to launch a platform called “SunCulture Protect”, aimed at providing enhanced protection to small holder farmers using SunCulture’s pay-as-you-go (PAYG) devices.

According to Samir Ibrahim, the CEO of SunCulture, the partnership between two leading Kenyan tech companies will address the urgent need for risk mitigation tools, such as insurance, for the most vulnerable populations, enabling and expanding access to healthcare.

“As the impact from climate change escalates, the frequency and intensity of extreme weather events are expected to rise, negatively affecting health outcomes and pushing millions of Africans into poverty,” Ibrahim said.

“At SunCulture, our mission has always been to help small holder farmers grow more food and improve their livelihoods.

“Partnering with Turaco allows us to extend our commitment by not only providing sustainable energy solutions but also offering financial security and peace of mind to our customers and their families,” he said.

He also stated that SunCulture Protect offers essential health and life coverage, safeguarding customers and their families against unforeseen medical expenses and risks that are exacerbated by extreme weather events.

Ted Pantone, CEO of Turaco, who also commented on the partnership, said he believed affordable insurance should be accessible to everyone, especially those that are the most vulnerable to the impacts of climate change.

“Our partnership with SunCulture enables us to provide essential coverage that not only protects livelihoods but also fosters long-term resilience among small holder farmers,” he said.