July Edition: Digital Chronicles Magazine

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DIGITAL C H R O N I C L E S

July 2022

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DIGITAL TRANSFORMATION why we need it

Charlette Desirée N'Guessan

CEO at 28, N'Guessan explains why the disruption culture is propelling her company to greater heights

PLUS

THE LION KING: his passion, his philosophy


ENJOY SAFER TECHNOLOGY ESET is a first class global company, protecting all aspect our digital life with cutting-edge expertise and advance machine learning technology https://www.eset.com/ng/


Digital chronicles FASTFORWARD>>

SHOWCASING YOUNG AFRICAN TECH TALENTS

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ll over Africa, young people are making positive impact; from the 24-year-old Shamim Kaliisa, an Ugandan championing artificial intelligence guided e-oncology;

Dr.(hc)Bharat Soni, Chief Information Security Officer GT Bank Plc.

to Joshua Moses, a Nigerian disrupting the cyber security knowledge economy at age 23; to Imane Berchane, a young Moroccan using robotics to enhance learning; youths in Africa have come of age in their quest for global digital disruption. Today we hear about innovation in the Fintech space, where several young Nigerians are lunching innovative digital products; through this print, Digital Chronicles is lending her voice, helping to showcase these young innovators, and sustaining a culture of recognition for these young achievers. In each edition, you will see a section featuring a Young African innovator. Also included is a section tagged Veteran Insight. The veteran section aims to promote knowledge sharing by featuring an industry veteran and C-suites executive . Kudos to the stellar team at Young CISO Network (YCN), for documenting and publishing the Digital Chronicles Magazine. It is my honor to formally lunch the maiden edition: writing the first magazine forward. Should you have comment, please feel free to reach out to the editors at info@youngcisonetwork.org. Thank you

Bharat

Editors Kayode Oladeinde Chinenye Ibiam Winnie Ijede Research Ifeoluwa Oloyde Segun Olaniyan Kemi Olapade Oluwatobi Ayodele Perfect Amoruwa Bukunmi Ojo Shorefunmi Bola-Saliu Multimedia Winnie Ijede Nneka Iwuoha Bunmi Olarewaju Tobi Mustapha Joy Etiku Sama Velma Andin Angela Aniekwe Logistics Izunna Ikewete Obilor Osondu Tomike Owoseje Strategic Advisors Daniel Adaramola Titilayo Eko Publishing Partners Ballanlay International


50 BEST COMPANIES TO WORK FOR IN 2022 The Best Companies to Work 2022

Employer of Choice are a delight. Join the Young CISO Network as we explore companies in Africa that are considered the best place to work

The ranking will be formed both from independent industry study and feedback from professionals all around the continent. Coming up in August, we will be reaching out to hearing your opinion on employers and employment conditions of choice. For participation enquiries, kindly visit https://youngcisonetwork.org/contact/

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Digital chronicles table of con tents 06 Industry News 08 Digital technologies for rapid economic growth 11 Veteran Insight

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10 Industry News

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16 Profile of a White Hat 18 Government and Regulations: Egyptian Government coordinates efforts 19 National News : Nigerian Federal Government probes two firms 20 Profile of Cloud Security advocate 23 Feature Story: Charlette Desirée N'guessan explains why this trend is propelling her company to greater heights

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30 Cyber News: Cryptocurrency Exchange news 31 Executive Insight: The Lion King, his passions, his philosophies

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digital chronicles

Digital Chronicles magazine showcases knowledge and practice in emerging technologies. We bring industry C-suite to discuss real issues; we promote an atmosphere of learning for all professionals. We show case young innovators, and promote rewards for innovation and talents

Lagos | Nairobi | Accra | Johannesburg Cairo | Kigali | Abidjan | Kinshasa https://youngcisonetwork.org/dc


Trending 6

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Apple said its fraud prevention system has stopped fraudulent transaction worth $1.5 billion. In a statement, covering 2021 transaction period., the company averted further 3.3 million stolen credit cards from making purchases in the App Store, and barred nearly 600,000 accounts from ever transacting again Apple stated. The company also noted that in 2021, it rejected 1.6 million vulnerable operations and app updates from its app store, because they contained vulnerabilities that impeded functionality.

July 2022

This figure, Apple explains, included over 835,000 problematic new apps, of which over 34,000 were apps containing hidden or undocumented features; 157,000 were spam, copycat, or otherwise misleading apps; and over 340,000 were privacyviolating apps. Furthermore, an additional 805,000 app updates were rejected or removed from the App store, as part of Apple’s App review process. While it helped more than 107,000 new developers publish applications in the App store, Apple also terminated more than 802,000 fraudulent developer accounts and prevented 153,000 developer enrollments over fraud concerns.


High severity cyber security bugs have been found in pre-installed app that comes with most android devices., Microsoft has disclosed.

stage remote and local attacks or be abused as vectors to obtain sensitive information by taking advantage of their extensive system privileges.

With these loopholes, attackers can use various privilege escalation techniques to access unauthorized resources on the android device; attackers can also steal sensitive user data. Android devices in this category include end user phones, handheld devises, and end user systems.

Explaining further, the weaknesses which have been assigned CVSS scores between 7.0 and 8.9 can allow command-injection to local privilege escalation.

According to experts, these vulnerable devices can potentially allow threat actors to

Command injection flaws (also known as shell injection) is a security vulnerability that allows an attacker to execute arbitrary operating system (OS) commands on the device that is running an application, and typically fully compromise the application and all its data. Local privilege escalation on the other hand happens when a user acquires the system rights beyond what is granted them.

July 2022

Trending

Microsoft Finds Critical Bugs in Pre-Installed Apps on Millions of Android Devices

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THE FUTURE OF WORK

DIGITAL TECHNOLOGIES FOR RAPID ECONOMIC GROWTH AND JOB CREATION IN AFRICA

For a continent whose working age population is increasing significantly, and it prosperity impaired by infrastructural and human capacity deficit, Africa is looking at key initiatives that would drive job creation for it thriving youth populace.

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nited Nations (UN) figures reveal that the top ten countries in the world with the highest share of young people are all in Africa

It is widely accepted that countries with younger people have significant opportunities ahead of them. A younger population translates to larger workforce, potential consumers, and more opportunities for innovation and economic growth. Despite this, Africa seems to have several untapped gems in its youth population. Africa, the second-largest continent is home to over 1.3 Billion people and the world's youngest population. According to expert, the continent's job market has been driven by economies which are largely commodity based than transformational. For a continent whose working age population is increasing significantly, and it prosperity impaired by infrastructural and human capacity deficit, Africa is looking at key initiatives that would drive job creation for it thriving youth populace. Leveraging Artificial intelligence, Robotics, Internet of Things (IoT), Drones technologies, the African Union with the support of the World Bank has embarked on this digital

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THE FUTURE OF WORK

Leveraging Artificial intelligence, Robotics, Internet of Things (IoT), Drones technologies, the African Union with the support of the World Bank has embarked on this digital transformation strategy, and hopes to build a digital single market with its vast populace empowered to access safe & securely digital channel by 2030 Source: East African Regional Analysis Of Youth Demographics

transformation strategy, and hopes to build a digital single market with its vast populace empowered to access safe & securely digital channel by 2030. Sitting at the Summit for Heads of State, the African Union is driving this ambitious Digital Transformation Agenda .

Digital technologies offer Africa a chance to unlock new pathways for rapid economic growth, and job creation. With Digital technologies Africa has the opportunity to diversify its source of wealth

The agenda tagged D4A aims to ensure that by 2030, every individual, business and government in the continent are digitally enabled and ready to thrive in the digital economy. Digital technologies offer Africa a chance to unlock new pathways for rapid economic growth, and job creation. With Digital technologies, Africa has the opportunity to diversify its source of wealth and increase opportunity for it thriving youth population.

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INDUSTRY NEWS

As the threat from Trojans continues to grow, experts are examining banking Trojans that are targeting Android mobile. In a research conducted by Zimperium, a team that analyzes thousands of applications learning models and other proprietary techniques, Zimperium reported that all the financial application they reviewed are available through the Google Play Store, with the analysis detailing what makes each malware family different and particularly malicious. What is a Banking Trojan? As the name implies, banking trojans are malicious applications that are disguised to trick a potential victim into

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believing they are legitimate, and can be hidden in apps such as productivity tools or games waiting for the right time to deploy, especially on mobile devices. “Mobile users and their finances are increasingly at risk of theft by these digital robbers behind banking trojans and financial services,” Zimperium said in the preface to its report. “No region is immune from these attacks, and as banking trojans continue to go through developmental updates with new features and capabilities, both the users and financial institutions continue to be at risk to this global economic threat.

July 2022

Banking Trojans Targeting Over a Billion Users with Financial Apps Zimperium said its research team uses state-of-the-art machine learning models and other proprietary techniques. That analysis formed the basis for the report.


VETERAN INSIGHT

Faheem Ali, CTO Elite Digital

VETERAN INSIGHT DIGITAL TRANSFORMATION- WHY WE NEED IT Faheem Ali , Chief Technology Officer (CTO) Elite Digital

D

igital transformation is a leading force in business today. In some cases, this is driven by so-called digital native organizations wreaking havoc on older companies. In some cases, those older companies are seizing the opportunity before the change is forced upon them.. But what is digital really? Who should own it within the enterprise? What processes and technologies are necessary to bring it to life? Let’s discuss the relevant definitions of digital, including the differences between digitization, digitalization, and digital transformation.

1 THE DIGITAL OPPORTUNITY The Digital Revolution The average Fortune 500 business takes roughly 20 years to reach a billion-dollar evaluation. Uber, WhatsApp, Snapchat, Oculus Rift, each took less than four. All of this means that digital immigrant organizations, those who were born prior to the digital age, need to think more like the digital native companies. Digital transformation requires four things. Let us explore this in the adjourning page.

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VETERAN INSIGHT

Fours Necessities of Digital Transformation Digital transformation requires four things. First, it is necessary to digitize your culture. This requires hiring for, and encouraging learning agility among your employees. New technologies and techniques emerge much faster than in the past. The technology that one is comfortable with today may be obsolete tomorrow. Will your employees be willing to retrain the more modern technologies and techniques? Secondly, it is necessary to use modern solutions, such as cloud and mobile-enabled technology rather than mainframe technology of the past. This internal component of digital transformation is often an afterthought. But not taking these steps can mean that you'll be a victim of your own success, unable to reap the rewards that higher demand might bring. Third, it is necessary to develop or hone an edge-based innovation function. This entails developing or recasting an existing research and development arm. Seeking new business opportunities that exploit digital technologies at the edge of current product or service offerings, or perhaps in adjacent spaces to the current offerings. Fourth, the rest of the business should think further about how digital opportunities can transform the core business. An eye toward better customer experience through digital channels should be paramount, as customers expect easier, intuitive, and compelling digital experiences when they become more sophisticated. They expect that you will have anticipated their desired journey through your offering. The digital revolution that is upon us is an enormous threat to a lot of businesses, but it also can be a tremendous opportunity for those who leverage the new ways of operating. What is Digital? The term digital is used in many ways these days, but what does it really mean? There are a variety of terms related to this that are noted, such as digitization, digitalization, digital transformation. Are these the same thing? Let me offer some definitions, as well as a couple of examples of each. Digitization is the conversion of analog or physical information to a digital format. Think of it as converting atoms to bits, creating digital opportunities in the process. Think of paper instruction manuals. Converting those from physical paper to a digital format represents digitization.

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About the Author Mr. Faheem Ali is an expert of Digital Transformation & Financial Inclusion, Risk, Compliance and Internal Control linkedin.com/in/faheem-ali-khowaja

Digitalization is the use of digital technologies and digitally enabled approaches to enable or improve business models and processes. For example, using smart glasses to provide mechanics with line of sight digital instructions can improve efficiency and reduce errors. Digital transformation is the coordinated digitalization change efforts at scale, diffused through the operating model and all aspects of the business, including people, processes, technologies and metrics. The goal of this is to bring meaningful outcomes to the organization. Integration of various digitalization initiatives, such as #AugmentedReality #AR #VR guided instructions, #3D


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KEY FACTS

The average Fortune 500 business takes roughly 20 years to reach a billion-dollar evaluation. Uber, WhatsApp, Snapchat, Oculus Rift, each took less than four. Digital transformation is the coordinated digitalization change efforts at scale, diffused through the operating model and all aspects of the business Digital transformation requires that you first digitize your culture. This requires hiring for and encouraging learning agility among your employees Digitization is the conversion of analog or physical information to a digital format. Think of it as converting atoms to bits, creating digital opportunities in the process. Digitalization is the use of digital technologies and digitally enabled approaches to enable or improve business models and processes. For example, using smart glasses to provide mechanics with line of sight digital instructions can improve efficiency and reduce errors

printed that have #InternetofThings #IoT enabled sensors connected with them. This can result in the fundamental transformation of the manufacturing process. This is an example of the digital transformation. Stages of Digital Maturity Is your company able to interact with customers online through your company website? Do you have an active social media presence through Twitter, Facebook, LinkedIn, Instagram? Do you advertise through digital channels, or have sophisticated digital communications leveraging email and other collaborative technology? How advanced or mature is your digital offering? Digitally active companies take advantage of the transactional, digital or e-commerce solutions to increase revenue. Combined with a basic level of analytics and operational improvements such as the introduction of agile development methods, organizations in this tier are

beginning to utilize the peripheral advantages of a digital organization. These organizations develop metrics or key performance indicators to gauge their progress or lack thereof and use that as the basis of further improvements. Digitally engaged organizations develop digital solutions and processes that can be found throughout the organization. As #Artificialintelligence or #AI becomes more prevalent in business applications, these organizations use rudimentary machine learning to improve decision making in big data analysis. Walmart is an example of a company that is now digitally competitive. Organizations on this tier have surpassed an #omnichannel experience and instead provide a channel agnostic customer journey through their products and services. This means that the experience in the store, on one's computer, or on one's phone would have many similarities. Greater levels of maturity are likely to translate to greater levels of value.

July 2022

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CYBER

KOLONY CROWDSOURCED SECURITY

Bug bounties, zero day vulnerabilities, responsible disclosure programs: put your mind a rest and let CyberKolony army work for you

crowdsourced security is a powerful tool for agile discovery of the security flaws, and it used by leading firms such as MTN, Google, Apple and Facebook

https://cyberkolony.com


NEWS

Almost 12% of all visits on Twitter may have originated from fake users, experts have warned. In a study conducted by CHEQ an Israeli firm, the study revealed that 11.71% of all traffic originating from the Twitter platform were either driven by bots or fake users. Using over 2000 parameters, CHEQ analyzed 5.21 million website visits originating from Twitter and uncovered range of botnet traffic including malware, click farms and automation tools, as well as other forms of fake, fraudulent and non-human traffic. The company was able to determine authenticity of each user visiting the platform before reaching their conclusion. What is a bot? A bot: gotten from Robot, is a software program that can execute commands, reply to messages, or perform routine tasks, as online searches, either automatically or with minimal human intervention. The data from CHEQ suggests that Twitter’s bot problem is probably larger than 5%. This report may have some credibility seeing that recently Tesla CEO Elon Musk says his deal to buy Twitter may suffer a setback unless the social media giant shows proof that less than 5% of the accounts on his platform are fake or spam.

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PROFILE OF A WHITE HAT Victor F. Olofinlade, Chief Information Security Officer @Payflo

Victor Olofinlade is a Pen-tester, Forensics expert, and cybersecurity Intelligence professional. In 2018, Victor Olofinlade was among the team of home groomed professionals that represented Nigeria at the Global Cyberlympics competition. The team to which he featured is an elite white hat hackers group, known as NaijaSecForce

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Read More


PROFILE At the Global Cyberlympics, Victor, and his team were able to put Nigeria on the map by taking the 8th position Globally. Even in the face of fierce competition Victor and his collogues defeated other teams from Egypt, Morocco, Kenya, Sudan, and Ghana to cling the top spot in Africa. They were subsequently selected to represent the African Continent at the finals, which held on September, 2018 in Atlanta GA, USA

Victor is a researcher, Dev-ops Engineer with specialties in setting up an IntelligenceDriven Security Operation Centre(SOC). He wears multiple hats (red, blue & purple) to protect organization's most treasured IT assets. His foray into cyber may have been inspired by a youthful movie named '24'. I wanted to be like one of the movie's main character he said. Referring to Chloe O'Brien Victor aspired to write programing codes. His first job interview would later be Java Developer, then subsequently he opted to become a researcher at a Federal University in Nigeria..

Victor holds an Executive Cert from MIT Sloan School of Management, also has bagged Professional Program cert at New York University, and Harvard University. He holds a double Master's at EURECOM, and Télécom Paris as well as a Bachelor of Technology at Federal University of Technology Akure., Nigeria.

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GOVERMENT AND REGULATIONS

The Egyptian Government’s Information and Decision Support Center (IDSC), in cooperation with the Egyptian Computer Emergency Readiness Team, held cybersecurity drills with the participation of various ministries.

This report has since been heralded by some Egyptian media which stated that Egypt Experienced 447% Increase in Cyber Crime Led by Fake Dating Apps.

The drills which were held on the two ministerial and government levels, were aimed at simulating scenarios of cyberattacks, and to enhance communication and coordination in assessing the response and readiness of the relevant parties in addressing cyber incidents at the national level.

Malware attacks in Middle East witness 17% increase, Kaspersky warned. With growth varying in each country in the region; the Sultanate of Oman, Kuwait, Bahrain, and Egypt witnessed a significant increase in malware attacks, which increased by 67%, 64%, 45%, and 32%, respectively, while Qatar and the UAE witnessed a lower increase, with rates of 16% and 7%, respectively,

According to Kaspersky, Egypt is one of the regions most vulnerable to malware, cyber- theft, and information hacking in the Middle East.

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This coordinated effort by the Egyptian government through its Information and Decision Support Center (IDSC), in cooperation with the Egyptian Computer Emergency Readiness Team has been applauded seeing that it is coordinating efforts to be prepared for future cyberattacks. The Readiness Team was in charge of the technical training of the participating parties and the provision of the necessary interactive platforms for the participating parties. The team also evaluated their technical roles and followed the implementation of their roles in the various scenarios, according to the statement.


NEWS

Nigerian Federal Government probes two firms over alleged data breach After an alleged cyber-attack on one of Nigeria’s Sport Betting site, the Nigeria Data Protection Bureau has issued an official statement stating it is investigating two firms. The Nigeria Data Protection Bureau has said it is investigating these two firms over an alleged breach of sensitive customer data. According to the bureau, the investigations are based on complaints received from customers of these firms, alleging the use of their personal data to open accounts. This report was contained in a statement issued by the Head, Legal, Enforcement and Regulations Lead of the Nigeria Data Protection Bureau, Mr. Babatunde Bamigboye. "At this stage, the objectives of the investigations as directed by the National Commissioner of the Bureau are to determine the impact of the breaches on the affected data subjects and the remedial actions taken by the concerned data controllers,” the NDPB said in a statement.

July 2022

The firms alleged to be complaisant include KC Gaming Networks (popularly refers to as Bet Naija) and Wema Bank Plc. KC Gaming Networks Limited who hold the Lagos State Lotteries Board license, is being probed over cyber-attack on its betting system platform, while Wema Bank is being investigated after allegations that the bank and its agents have been opening unauthorized accounts for customers with information sourced from their Bank Verification Number details. Wema Bank’s head marketing, communication, Funmilayo Falola, has since reacted stating the bank has not received any letter from NDPB regarding the customer Bridge issue. Falola who submitted the bank had begun investigation into the unsolicited account-opening claims said the bank did not open accounts without the owners’ permission.

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PROFILE OF A CLOUD SECURITY ADVOCATE Evelyn Kilel, Program Manager, Cloud Security - CxE at Microsoft

Evelyn Kilel is one of the luminaries in Cybersecurity as her accomplishments, skills and output in the field ring true. Her brainchild as a Co-founder of Shehacks Kenya, Evelyn has proved her dedication to supporting women's growth and transforming the dynamics of their involvement in cybersecurity communities across East Africa and Zimbabwe

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PROFILE

A graduate of Kabarak University. Evelyn currently works with Microsoft as a Program Manager in The Cloud Security Engineering, customer experience (CxE) team. She is at the forefront alongside her team driving usage and adoption of our Azure security services across Europe Middle East and Africa (EMEA). Evelyn has also tackled high profile projects such as Mpesa while serving her tenure at Safaricom plc under the designation of principal cyber assurance officer. While working at Safaricom PLC, she undertook a number of responsibilities geared towards securing the company’s assets. Some of Evelyn's achievement include performing security assessment and red team activities, reviewing reports and ensuring closure of open security issues, drafting threat models to assess and thereby curb threat exposure, execution of DevSecOps and application of best practices for automating software build, deployment, testing, and code promotion processes while adhering to security policies.

SHEHACKS KE INITIATIVES With a growing base of more than 1000 participants, 40 meetups and 3 conferences, Evelyn has supported in empowering women in the cyber security field to better their skills, increase their chances in landing better job placements and to top it all off, increase awareness among those still in academia. Through the SheHacks KE Initiatives, Evelyn is inviting top industry players to mentor prospecting students through weekly sessions in addition to contributing to the cyberspace through reviews and blog posts. She has also helped Shehacks take an initiative in championing a tenet to train parents and children on using online platforms, focusing on a safer cyberspace for latter mentioned party. Through the SheHacks KE initiative, Evelyn is supporting students through CTF (Capture The Flag) events and campus outreach programs providing training and awareness, inviting top industry players to mentor prospecting students

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FEATURE STORY

DISRUPTION CULTURE:

CHARLETTE DESIRÉE N'GUESSAN EXPLAINS WHY THIS TREND IS PROPELLING HER COMPANY TO YET GREATER HEIGHTS

C

harlette Desirée N'Guessan is part of the growing young tech entrepreneurs that is fueling changeinAfrica.

At age 28, Charlette has consistently stood out in a male dominated industry winning back-to-back awards. We had a chat with this young CEO; we wanted to understand how she has been able to navigate the company she cofounded in 2018. Listen to her as she speaks passionately about how her company is helping to revolutionize the digital divide in Africa.

INTRODUCTION Charlette is the Chief Executive Officer, CEO of Bace Group, a Ghana based software company that is using Artificial intelligence, and facial recognition technologies to solve digital challenges. Her company is helping to reduce the financial divide and promoting inclusion by creating digital identity software that helps customer verify either remotely or across the counter.

Charlette N'Guessan CEO Bace Group

"We operate a digital identification system that businesses, especially financial companies, can use to verify their clients remotely" Charlette says. "Because many customers live in remote cities and are not able to access financial services or visit the brick and mortar physical location of a Bank, we come into the picture to automate the process from an agent location making financial services possible for many Africans in remote locations".

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FEATURE STORY

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With the Bace Group platform, Africans in diaspora can also connect using to verify their identity ahead of subscribing for financial services. When we first explored how to deliver our solution to the market, our initial idea was to build a new software application that will automate digital identity end-to-end. We did our research and we eventually reached a conclusion that was not going to compete favorably. Banks already have existing application we concluded. Additionally, Bank customers may not want to move to a new app. That is when we realized a win-win approach was to provide an API as this is much easier for any existing platform to integrate with us while still addressing their problem.

Through her company Bace Group, Charlette is helping to reduce the financial divide and promoting inclusion in the African financial ecosystem BACE API IN ACTION The technology that drives the BACE GROUP platform is called BACE API. The Bace API uses facial recognition technology, enabling financial institutions to optimize their identity management process and easily check if a person’s identification is valid. API stands for Application Programing Interface. They are a set of software functions and procedures that allows the creation of platform that access the features or data of some other existing software or services. An application programming interface (API) connects between computers or between computer programs thus making services seamless, and straight through to the customer. Our API can be used in other sectors Charlette hinted.

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HOW THE BACE API WORKS In education, our API can be plugged to eLearning platform to verify student ahead of participation in an online class. The solution checks student ID, does onboarding, and verifies identity ahead of online examinations. Additionally, the BACE API can also be used for access control security to manage who can have access to the physical building of a corporate organization.

Our platform can support both remote customer and across-the-counter or agent based customers. For a physical location site, when the customer arrives the bank or agent location, the customer provides the teller with their ID card or some other documentation, and then the teller looks to check the image on the identification and confirm it matches with the output from our system.

Using the phone camera, Charlette added, our platform is able to verify user’s identities in real time. Our solution works by matching the live photo of a user to the image on passports or ID card. The customer also has an option of using a computer system. Using a webcam attached to a computer, the Base group product is able capture identity of the customer and verify the captured photo with live identity.

We had the option of using the customer’s fingerprint to verify their identity, we however believe that facial recognition is a more natural process, and this seats well with the process of verifying passports or some other paper ID, Charlette submitted.


HOW WE NAVIGATED THE DISRUPTION When asked on how her company has navigated the digital divide and achieved success within a short while, Charlette submitted: we began by studying the local market. We talked to banks, fintech companies, and some online businesses, and through those conversations, we observed a common trend. We noticed that Banks and financial institutions are spending heavily on infrastructure, people and process just to onboard customers. Because very few people have Digital identities in Africa, it makes it practically difficult to verify their identity. Banks specifically were spending a lot of money on KYC. KYC is a term used in the industry. KYC stands for Know Your Customer (KYC). According to SWIFTKYC are designed to protect financial institutions against fraud, corruption, money laundering and terrorist financing. KYC involves several steps to: establish customer identity; understand the nature of customers’ activities and qualify that the

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source of funds is legitimate. KYC also assesses money laundering risks associated with customers. In other to address the huge KYC and identity gap we piloted our facial recognition platform, which for us is a double edge sword, helping to solve both customer KYC problem as well as reducing the menace of cybercrime. Africa losses billions of dollars to cybercrime annually. If you research online, Africa is part of a global platform where footprint of cyber-attack and Bank fraud has been experienced. With our BACE API, we are adding value to help verify identity, minimize fraud, and helping to improve financial inclusion. Right now our focus is on the African market, Charlette hinted. This focus is premised on our research as we concluded some solution coming from abroad cannot verify dark skin, we had to step in to meet this demand; we are of the opinion this is peculiar for the African tech market.


FEATURE STORY

STEERING THE SHIP Aside her CEO leadership, Charlette is at home with the technologies her team uses to develop the Bace API. But that's not all this 28-year-old industry vanguard is skilled at. Charlette is also responsible for brand growth and business development, and has featured her product in reputable media such as Forbes, CNN, and BBC. Since her product release, Charlette has created a pipeline of potentials clients and partners in the financial industry, piloted the BACE API with several banks and fintech startups and have pitched to investors and secured a pre-seed investment for success of her product. Currently BACE GROUP has footprints in several African countries and it is undertaking market research and data collection in Ghana, Ivory Coast, Nigeria and Morocco.

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STRINGS OF AWARDS N’Guessan has stood out in a male dominated in industry winning back-to-back awards. In 2020, she was awarded the Royal Academy of Engineering Africa prize; the first woman to have won that award. According to the British Broadcasting Commission BBC, there were four finalists for the coveted award, winners were voted online by a live audience. Fifteen African were shortlisted from six countries in subSaharan Africa, each one of them received eight months of training and mentoring, during which they developed their business plans and learned to market their innovations,” After the rigorous process the then 26-year-old Charlette received $33,000, an equivalent of £25,000 as price award.

Charlette N'Guessan has been listed among the 100 Most Influential Young Africans, that’s according to the African Youth Awards. N'Guessan award could revolutionize cyber security and help curb identity fraud on the continent. that is how the CNN captured her story. The global news media, CNN then went on to submit: Charlette's tech story may have been inspired by her dad a mathematics professor. "My dad inspired my choice for studying STEM. I was actually really good in science-related courses. After high school, I went on to study software engineering at university," she said. Charlette N'Guessan has also been listed among the 100 Most Influential Young Africans, that’s according to the African Youth Awards. In 2020 she was named along other inspiring African including including Angola’s Finance Minister, Vera Esperança dos Santos Daves, Rwanda’s ICT Minister, Paula Ingabire, Sudan’s Minister of Youth, Wala’a Essam al-Boushi and Namibia’s deputy ICT minister, Emma Inamutila Theofelus. Other industry recognition in Charrette’s book of honors include the 80 African Women Advancing Artificial Intelligence in Africa and around the World., and Excellence Award in Disruptive and Emerging Technologies, an award delivered by Young CISO Network.

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RANSOMWARE ATTACKS SETTING NEW RECORDS There has been 80 percent increase in ransomware attacks year-over-year expert says... Ransomware attacks are setting new records. that is according expert. The most prevalent ransomware trends include double-extortion, supply chain attacks, ransomware-as-a-service, ransomware rebranding, and geo-political incited ransomware attacks, reported Zscaler, a cloud security company, headquartered in San Jose, California. The Zscaler report details the industries that are being targeted the most by cybercriminals; it also explains the damage caused by double-extortion and supply chain attacks, and catalogs the most active ransomware groups operating today. “Modern ransomware attacks require a single successful asset compromise to gain initial entry, move laterally, and breach the entire environment, making legacy VPN and flat networks extremely vulnerable,” said Deepen Desai, CISO of Zscaler. “Attackers are finding success exploiting weaknesses across businesses’ supply chains, as well as critical vulnerabilities like Log4Shell, PrintNightmare, and others. And with ransomware-as-a-service available on the darkweb, more and more criminals are turning to ransomware, realizing that the odds of receiving a big payday are high.”

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NEWS

Cryptocurrency exchanges like Binance, Quidax, amongst others may now be charged about N30.5 million by Nigeria’s Securities and Exchange Commission (SEC) to operate within the country. SEC introduced the fee following an update in its guidelines on digital asset operation in Nigeria. The guidelines which cover activities of Digital Asset Offering Platforms (DAOPs), Digital Asset Custodians (DACs), Virtual Assets Service Providers (VASPs), and Digital Assets Exchange (DAX) comes amid the restriction placed on cryptocurrency transactions in Nigeria by the Central Bank of Nigeria (CBN). According to the new SEC guidelines, the companies offering the sale of digital tokens that are considered securities must register with the regulator, and their application would

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be reviewed within 30 days to determine if the digital assets are worthy of being classified as security (assets). The Central Bank of Nigeria (CBN) in 2021 had ordered all registered Deposit Money Bank in Nigeria to discontinue transactions with agencies and persons dealing in cryptocurrency. The CBN later directed Banks to close accounts of these persons or agencies who hitherto has been involved in cryptocurrency transactions within their systems a move strongly supported by the sister agency SEC has seen sharp dissidence from major players.


EXECUTIVE BRIEF

THE LION KING HIS PASSION, HIS PHILOSOPHY

I

was born in Africa, raised in Africa, studied in Africa, worked in Africa, and have achieved success in Africa; beyond business success, one must always look for ways not only to give back, but also to empower the generation

coming behind so that they can go even further than we have. Those are the words of Mr. Tony O. Elumelu C.O.N, Chairman Heirs Holdings and Founder, of The Tony Elumelu Foundation. Through his his philanthropic work, Mr. Elumelu has been relentless in empowering the younger generation to become self-reliant, create jobs for others and wealth for the continent.

INTRODUCTION According to Forbes, Mr. Elumelu is ranked among Africa’s richest. In 1997, TOE as he is fondly called led a small group of investors to take over a small, floundering commercial bank in Lagos. He later turned it profitable within a few years and in 2005 he merged it with the United Bank for Africa. The Bank now has subsidiaries in 20 African countries and in the U.S and U.K. Still quoting Forbes: "Elumelu owns extensive real estate across Nigeria and a minority stake in mobile telecom firm MTN Nigeria." Mr. Elemelu also owns a controlling share in Transcorp, a publicly traded Nigerian conglomerate with interests in hospitality, agriculture, oil production and power generation. In a bid to draw inspiration, our team went on to research the amazing insight of this industry titan, we wanted to learn Mr. Elumelu's wealth creation foresight, looking at his principles, his passions and philosophies.

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EXECUTIVE BRIEF

WEALTH CREATION FORESIGHT

Wealth creation for me came from following my philosophy of Africapitalism, by investing in longterm strategic sectors... strategic leaders start by setting objectives, purpose, goals, and a vision driven by a bigger picture

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Strategic leaders think of ways to execute their vision and they are resilient in pulling them off. This action may have been seen in TOE’s strategic investment in the Oil and Gas sector in Nigeria. Not too long ago his business announced the acquisition of a 45% participating interest in Nigerian oil license OML 17. OML 17 has a production capacity of 27,000 barrels of oil equivalent per day and according to estimates, 2P reserves of 1.2 billion barrels of oil, with an additional 1 billion barrels of oil equivalent resources of further exploration potential. We have a very clear vision: creating Africa’s first integrated energy multinational, a global quality business, uniquely focused on Africa and Africa’s energy needs. The acquisition of such a high-quality asset, with significant potential for further growth is a strong statement of our confidence in Nigeria, the Nigerian oil and gas sector and a tribute to the extremely high-quality management team that we have assembled says Mr. Elumelu.


EXECUTIVE BRIEF

Mr. Elemelu’s vision is integrating sectors within the African economy. This is seen in his economic integration philosophy and approach in Africapitalism, a terminology that seems to have emanated from him style of leadership Fueled by the determination to improve lives & leave a legacy in the African private sector, Mr. Elemelu has embarked on a journey to revolutionize the insurance space. His investment in deploying technology, customer success schemes, democratization of sectorial wealth and operational excellence is phenomenal. As the saying goes, "legacy is not leaving something for people. It is leaving something in people, and the greatest legacy one can pass on to the next generation is not money nor other material things accumulated in one’s life, but rather a legacy of character and faith.." Mr. Elumelu's investment foresight is also seen in other publicly traded conglomerates including the financial services, hospitality, agriculture, telecoms, oil production, power generation and transportation. Indeed, his vision is integrating sectors within the African economy. This is seen in his economic integration philosophy and approach in Africapitalism, a terminology that seems to have emanated from his style of leadership. We need to invest in building our capacity to turn our resources into the value-added products that other African countries need. This is the essence of industrialization. When researched about his foray into the transportation sector, we discovered Mr. Ellumelu's has once written: "with effective transportation systems in place, finished goods and people can move freely across the African region. This will help increase intra-Africa trade and capital investment movement across Africa. "

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EXECUTIVE BRIEF HIS TRANSFORMATIONAL LEADERSHIP STYLE TURNING VISION INTO ACTION Talk about a business that exudes vision and can translate vision into action, Mr. Elemelu's businesses seems to exceed all expectations. In a recent publication TOE submitted: "success is made up of 1% dreams and 99% hard work. You must seek out opportunities and have a platform on which to start implementing your vision". The process of translating vision to action requires a lot of hard work, discipline, staying focused, and making sacrifices. t is important to define purpose with timeframes and milestones for measurement, then take the first step towards getting it done ; Mr. Elemelu submitted. Drawing inspiration from his acquisition of Standard Trust Bank. Mr. Elemelu and his partners had a clear purpose. "We developed timeframes to support our ambitions, which allowed us to work stage by stage, in the process we achieve our objectives, our visions our goals." For Tony Elemelu, excellence is a result of deliberate and consistent actions. You must have the determination to achieve excellence in every endeavor he says. This determination is seen resonate with his businesses.

HIS PASSION FOR YOUTH DEVELOPMENT Tony Elumelu is consistently creating an enabling operating environment for young people. "I always encourage African leaders to understand the value of having young demography that is successful. Any nation that doesn’t prioritize its youth cannot go far". His commitment for young leaders transformation is seen in Gen-U, a program targeted at the Sahel region, working closely to connect 100 million Sahelian youth to skilling, employment, entrepreneurship, and social impact opportunities by 2030. This program runs side-by-side with his Tony Elumelu Foundation, a program that has funded nearly 16,000 entrepreneurs and empowered over 1.5 million young people with training, mentorship, resources, and opportunities all on TEFConnect.com. To date the Tony Elumelu Foundation Entrepreneurship Programme has generated nearly 400,000 direct and indirect jobs, positively impacting lives and communities across the continent.

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Success is made up of 1% dreams and 99% hard work. You must seek out opportunities and have a platform on which to start implementing your vision. The process of translating vision to action requires a lot of hard work, discipline, staying focused, and making sacrifices


EXECUTIVE BRIEF Mr. Elemelu shared his perspective on strategic leadership with an enthusiastic audience. He spoke extensively on principles that has helped him build sustainable businesses across multiple sectors in Africa. Here are some of the golden principles I have applied in my career journey as a strategic leader, Mr Elemelu submitted . Strategic leaders start by setting objectives, purpose, goals, and a vision driven by the bigger picture. Strategic leaders think of ways to execute the vision and be resilient enough to pull it off. Strategic leaders set timelines. As you map out your purpose, map out the time frame it will take to accomplish each milestone. Strategic leaders communicate effectively. Communicate your vision to achieve clarity. The more people understand your purpose, the more they can help you achieve your goal. Great leaders think of culture, ethos, values, and principles because these ingredients are useful in providing strategic guidance while mobilizing people towards your desired destination. Strategic leadership is all about replicating oneself; training and developing a better version of yourself in other people. Strategic leaders are not myopic; they build to last. You must realize that the position you occupy as a leader today will be given to someone else someday and as such, institutionalize a legacy for the next generation that can outlive you.

All of us are aware of the human and economic costs of migration of human capacity. Africa loses talent. When we support young Africans and nurture entrepreneurs, we directly address the reasons for migration, help eliminate poverty, and impact the causes of security challenges in Africa

Recently Mr. Elemelu was honored with the Time 100 prestigious award. In his award speech, he presented "the world needs people like us; more than ever before. We should pull resources together; we should commit now to help in any way possible to economically empowering others." To all of us who have ‘made it’ in Africa, we owe it to the next generation to dedicate our expertise and energy to developing a crop of brilliant-minded Africans who would take excellence in leadership and entrepreneurship to the next level.

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INDUSTRY NEWS

Kenya Electricity Generating Company PLC (KenGen) is encouraging cryptocurrency companies to take advantage of the surplus geothermal power. Acknowledging the great amounts of power needed to “mine” cryptocurrencies, the company KenGen has extended an invitation to bitcoin mining companies to consider setting shop, and set up offices near its main geothermal power plant. Kenya Electricity Generating Company PLC (KenGen) a leading electric power generating company in East Africa was incorporated in 1954 under the Kenyan Companies Act as Kenya Power Company (KPC) with the mandate to generate electricity through the development, management and operation of power plants.

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In 1996 Government of Kenya started restructuring the energy sector with the goal of achieving efficient usage of resources earmarked for generation, transmission and distribution of electricity. Two years later, in January 1998, the management of KPC was separated from KPLC and renamed KenGen. Kenya is the top producer of geothermal energy in Africa with an equipment capacity of only 863 MW. Along the Rift Valley circuit alone, an estimated 10,000 MW of geothermal energy lies largely dormant. Peketsa Mwangi, KenGen’s geothermal development director said that they have been receiving requests from miners who want to purchase its energy. Kenya’s main geothermal production plant is located in Naivasha, about 120 km from the capital, Nairobi.

July 2022

Kenya is offering its surplus geothermal

power to crypto miners


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