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The Voice of Technology and Finance in Africa

March / April 2014 ÂŁ3.99

Prevention is better than cure Know Your Customer How mobile payment facilities create problems for banks and mobile network operators

Creating Simplicity from Complexity Interview with Bijan Sanii, President & CEO, INETCO

Africa’s High Hopes IBM shares his views on seizing the potential of new emerging technologies


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Welcome to Technology Banker – where African banking and technology meets! Implementing an enterprise-wide information security system has always been a major pain for businesses across the board. Today, with the advent of new technologies and the Internet’s omnipresence, criminals have eroded the benefits of the Internet and created havoc for many companies’ operations. Cyber-safety threats and the problems they can cause business is a critical topic. In this issue we look at both the prevalence of threats and the ways in which companies should go about defending against them and how banks are challenged by the speed of Internet adoption and particularly, the massive demand for mobile banking and payment systems. Bijan Sanii, President & CEO, INETCO Systems Ltd explains how his company is simplifying complex transactions, whilst we look at how CRDB Bank uses CR2’s POS solution to support its agency banking services across Tanzania. Naturally, security will always be top of the banking industry’s agenda. Technology adoption on the other hand, can be a sticking point as businesses get to grips with the ever-changing range of technologies available to them. We look at an IBM study that examines the resistance to technology adoption in African companies and how this could slow economic growth. I hope you enjoy this issue of Technology Banker. The team always wants feedback so we can continue to improve and give you the information you need to take your business forward.

Contact Details: Publisher - Stefan Grossetti Editor - Kirsten Morel Deputy Editor - John Bennett Sales & Marketing - Jenny Howard Managing Editor - Remi Akinjomo Head of Operations - Monika Derfinakova Technology Banker Website Technology Banker is a registered trademark of Technology Banker Group. All rights relating to the content of the publication are reserved to the rightful owners.

Technology Banker Offices: Head Office: 10th Floor, 88 Wood Street, London EC2V 7RS Tel: +44 (0) 208 528 1536 Fax: +44 (0) 208 528 1001

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Remi The contents of this publication are subject to copyright protection and reproduction in whole or part, whether mechanical or electronic is expressly forbidden without prior written consent of the editor. Views expressed in the publication do not necessarily reflect those of the editor or publisher. We welcome contributions, however, publication is at the discretion of the editor. We also take no responsibility for the return of materials. Whilst every care is taken to ensure accuracy, we cannot be held liable for any inaccuracies. All rights reserved. ©Technology Banker 2014 ISSN 2051-9443




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Banking News Telecom News Security News


Creating Simplicity from Complexity An interview with Bijan Sanii, President & CEO, INETCO Systems about the modern world of transaction banking.


Prevention is better than cure




Executive Interview with Bijan Sanii, President & CEO, INETCO Systems Ltd

FEATURES Know Your Customer A look at compliance for mobile payment facilities and how regulatory frameworks are needed for success.




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To the Editor: Mobile Banking: Opportunities and challenge 2014 article in your Jan/Feb issue was interesting but was the statement from Paul Edwards true That “The overall number of mobile banking users across Africa is still less than 50 Million? Is Paul talking about Mobile Banking and / or Mobile Money users? Kojo Alusa, Ghana

LETTERS TO THE EDITOR EDITOR’S FEEDBACK: In the article in question, whilst not being able to speak for Paul, it was our understanding that he was referring specifically to the use of mobile banking apps, provided by banks and which give access to account information as well as payment capabilities. Whilst many millions of people use mobile payment apps, actual mobile banking users are far fewer. In part, this is because Africa has an enormous unbanked population. Regards

To the Editor: Reading through the security News section of your jan/feb issue Tanzania draft security law. Could you point me to where I can read about the Africa Union cyber security law? Ben Omondi, Kenya

Kirsten Morel, Editor

EDITOR’S FEEDBACK: Information about the Africa Union cyber security framework can be found on the Africa Union website: Regards Kirsten Morel, Editor

To the Editor: I noticed you have been covering Mobile Technology a lot in each issue of your magazine. I agree Mobile was what brought Africa to the World stage and taught the rest of world how to adapt a piece of technology to meet their market needs. That is what I call innovation. Financial Technology I think go beyond just mobile.

EDITOR’S FEEDBACK: You are right to point out that there are many different topics to cover under the umbrella of banking technology and you will find that we have covered many of those you list, in recent issues.

We always work to provide a Johan Van Coller, South balance of topics Africa but some issues are used to focus on certain topics, such as mobile and naturally, these will be dominated by that technology. Regards


• Data management • Operational risk and corporate governance regulations in Africa Banks • Executive Interview • Technically Talking

Kirsten Morel, Editor


BANKING NEWS Ghana currency drop threatens administration The minority caucus in the Ghanaian parliament has moved against the government of the National Democratic Congress (NDC) claiming it has no solution to the current failing economy. MPs in the New Patriotic Party (NPP) believe that the issue stems from the Mahama administration offering ‘outmoded responses’ to the weakening currency and say that the government is ‘bereft of workable ideas’ for solving the country’s economic woes. MPs believe that the measures put in place by the administration to tackle the economic problems only further expose the government’s incompetence in tackling the economy. “There is nothing to suggest that this [the Mahama] administration can fix the economy since, thus far, whatever ideas this government is capable of generating and, indeed, has put forth have proved incapable of fixing the economy,” the minority stated in their release.

Ghana heads towards forex controls Ghana is heading towards a situation similar to the 1970s, with the introduction of strict foreign exchange controls. The concept has sparked concern among local and foreign investors, who anticipate they would result in a tougher operating environment. The prospect has also instigated a black market in the local currency, the cedi, which has been declining for over a year but is selling for three times the official rate, as people close foreign bank accounts, instead choosing to send their forex abroad. Exchange controls have now been introduced in a move to ban dollar transactions for purchases and sales within Ghana, which have become more common as people try to hedge against the weakening cedi. It is believed that this move is likely to hit South Africa’s mall developers and financiers, who have set tenant rentals in dollars, among other investors in the country.

Nigeria currency fall Nigeria’s naira rebounded from a record low against the dollar, after the Central Bank of Africa’s second-largest economy said it had intervened in the market and has enough reserves to keep supporting the currency. The currency weakened 0.4% on 13th February to 165.36 per dollar, the lowest closing level since Bloomberg started compiling data in 1999. Nigeria’s foreign-exchange reserves have fallen 16% since last year’s peak in May to $42 billion as of February 12th, the lowest level since October 2012.

Central Bank Governor calls for cheaper ATMs The Governor of the Central Bank of Nigeria, Mr. Lamido Sanusi, recently called for cheaper access to ATMs as well as pointing to the country’s move into biometric IDs in banking at the Udo Udoma & Belo-Osagie’s 30th anniversary lecture. During his speech, he focused on creating a Nigerian cashless payment system and discussed how the people of Nigeria do not use cards to retrieve money from ATMs, simply because it is too expensive for them to do so. Mr Sanusi addressed banks such as First Bank and Zenith, encouraging them to bring down the cost of banking and ATMs in order to put more money into people’s pockets and consequently boost the economy. “We had to force the banks to bring down the cost of using the ATMs,” said Mr Sanusi.


TELECOM NEWS Safaricom profits on M-pesa success Kenyan mobile operator Safaricom has seen profits soar on the back of its M-Pesa platform, a mobile-phone based money transfer and microfinancing service. Profits have rocketed during 2013, with the firm reporting a record $22 billion in wireless financial transactions, which accounts for more than 60% of the country’s gross domestic product, compared to $17.4 billion in mobile transactions reported a year earlier. The M-Pesa platform has more than 15 million subscribers and continues to gain widespread acceptance as the country’s primary system of payment for retail purchases and person-to-person money transfers.

SA regulator delays MTN cuts Following MTN’s commencement of court proceedings against the Independent Communications Authority of South Africa (ICASA) on 12th February 2014, the regulator has postponed its proposed move to cut call termination rates from 1st March to 1st May 2014, so that the application lodged by MTN could be heard on a less urgent basis. This two month delay could save MTN close to R300 million in potential interconnect revenue losses. In its court documents, MTN said that the new 2014 call termination rates will cost the company R142,931,363 in lost aggregated interconnect revenue per month, meaning that altogether it will save the company around R285,862,726. Even if MTN’s court battle with the regulator is unsuccessful, the two month delay caused by the legal challenge has already paid off generously for the mobile operator.

Algeria’s mobile market grows Algeria’s mobile market is growing much faster than expected after the country issued 3G licenses at the end of 2013. Telecommunications provider Ooredoo is a key factor in market growth, reporting strong net additions throughout 2013. Subscriptions in the country’s mobile market are expected to reach 43.6mn by 2017. Beyond the mobile market, investments in fixed infrastructure, which are concentrated on high-speed broadband networks, are expected to add impetus to the market.

Growth continues in Southern African market A recent Southern Africa market report from BMI shows that developments in the telecoms markets in Angola, Botswana, Mozambique, Mauritius, Namibia, Zambia and Zimbabwe recorded an average growth of 3.1% in Q2 2013, while Mozambique recorded the fastest growth at 6.8%, and Mauritius recorded the slowest growth at 0.4%. Out of these seven countries, the average mobile penetration rate in the coverage BMI looked at is 97.1%, while 3G as a proportion of total mobile penetration is expected to reach double figures in four countries during the forecast period. However, although internet penetration is rising on the back of mobile phones usage, broadband penetration still remains below 5%, held back by the high cost PCs and laptops.


SECURITY NEWS Cyber-attack risk to SA economy South Africa has been ranked as one of the least protected online countries in the world and is becoming incredibly attractive to cyber criminals. IT Governance SA, an information security consultancy has accused the South African government of not doing enough to regulate cybersecurity or to decrease cyber risks for the country’s organisations. South Africa suffered numerous high-level cyber-attacks in 2013 and although the Electronic Communications and Transactions Act 2002, which enforces cyber security in South Africa, is now being rewritten, there is uncertainty about when it will become law.

Phishing attacks on the rise The Anti-Phishing Working Group (APWG) has reported a 20% increase in phishing attacks in the third quarter of 2013, with crimeware attacks developing and growing, according to several established APWG metrics. The total number of unique phishing websites observed rose to 143,353 in Q3, up from Q2’s 119,101, with the increase thought attributable to rising numbers of attacks against money-transfer and retail and e-commerce websites. “In the 3rd quarter of 2013, we also saw a change in the phishing themes used by malware authors,” said APWG contributor, Carl Leonard of Websense Security Labs.. “An emphasis on social media-themed subjects, such as ‘Invitation to connect on LinkedIn’, is being employed to entice users who would be used to seeing such subjects.”

DDOS attacks getting larger DDOS (distributed-denial-of-service) attacks that exploit network time protocols (NTP) are getting larger and more frequent, according to website security firm CloudFlare, following an attack in early February on one of its clients. NTP attacks, which misuse user-datagram protocols to produce massive amounts of traffic, are increasing, according to John Graham-Cumming, a programmer with CloudFlare. “These attacks use reflection and amplification, which means that the source is hard to track down and the attacker is able to punch above their weight through the amplification attack.” However, Jason Polanich, CEO and co-founder of HackSurfer, a cybercrime data analysis firm, is unsure. “DDoS is always out there,” said Mr Polanich. “Sure, sizable DDoS is news, but unlike Spamhaus, we have yet to see reverberations, i.e., proof, [that the Feb. 10 attack] had a significant effect, like Spamhaus did, on many regions and networks.”

App security flaws abound Application security intelligence firm, Cenzic, has released a report demonstrating that nearly all current applications contain security vulnerabilities that leave them vulnerable to cyber-attack. The newly released Cenzic Application Security Trends Report 2014 registers security flaws in 96 percent of tested applications. The report, gathered by the Cenzic Managed Security team during its analysis of applications in production, shows that improvements in patch deployment and secure coding practices have made a slight impact on the incidence of vulnerabilities. However, the emergence of BYOD, cloud services and mobile applications – and the continued failure of organizations to detect and address exploits around information leakage, authentication and authorization, and session management are keeping vulnerabilities nearly ubiquitous. In fact, the median number of vulnerabilities per application – 14 – is actually greater than it was in the previous year – 13.


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Creating Simplicity from Complexity Technology Banker speaks to Bijan Sanii, President & CEO, INETCO Systems Ltd about the modern world of transaction banking.

Customers don’t care about complexity—they simply expect their transactions to work.”

- Bijan Sanii, President & CEO, INETCO



What are the main challenges banks face when it comes to managing transactions? Ultimately it comes down to delivering the best customer experience while keeping operational costs and lost revenues in check. To reach a growing mobile customer base, banks are heavily investing in technology initiatives such as mobile applications and more sophisticated, interactive ATMs. These new electronic transaction types are translating into massive new data sets that are rapidly growing bigger and more dynamic. To manage increasing transaction volumes, banks require more flexibility and insight into customer trends and how devices, service offerings, and backend infrastructure are performing.


As transaction complexity increases, what demands are customers making on their banks? Customers don’t care about complexity—they simply expect their transactions to “work”. If they make a transfer using their mobile banking app, they want to see the results when they look at their online banking dashboard. When they go into a branch, visit an ATM, jump online, or use a mobile app while on the move, they expect all these transactions to work together seamlessly. The onus is placed on banks to ensure that transactions aren’t “held up” or lost within their increasingly complex network.


How can banks work to meet these demands?

In the past, banks would be far more reactive: a problem would be brought to their attention by an angry customer, and they’d have to spend hours, if not days, with multiple teams trying to recreate the issue so that it could be addressed. As transaction complexity increases and customer patience decreases, this “traditional” approach to ATM monitoring and/or troubleshooting application and network issues is simply not good enough.

Forward thinking banks, like Nedbank, recognize that these demands have a direct effect on their bottom line. They now rely on a real-time transaction monitoring solution, like INETCO Insight, to provide complete, “onestop” visibility into all consumer transactions, across all retail banking channels. Within the first year, banking customers that have deployed INETCO Insight report an average 65-75% reduction in the time it takes to isolate transaction issues affecting the end customer experience.


Does transaction security become more difficult to maintain as transaction complexity increases? Is INETCO able to help identify security issues? In a world where services are becoming decentralized, incomplete transaction intelligence makes it hard to control management risk. The more complex a process becomes, the more open it is to potential attack. INETCO Insight helps to centralize monitoring and enrich analytics by capturing every transaction, regardless of the selfservice origin or network architecture. As new transaction security threats arise, new custom alerts for anomaly detection can be set. We have also worked hard to provide valuable trending graphs and a wide array of customized performance statistics that can lead to a reduced risk of undetected security breaches. For example, INETCO Insight can alert you to MAC errors: A Message Authentication Code (MAC) is a “token” that can be included within a message as it moves from, and comes back to, an ATM. Should a message sent not match a message received identically, a MAC error occurs. As INETCO Insight captures network data, if a criminal tries to intercept and alter messages travelling through an ATM network, this software can alert you to the MAC error produced in real-time to prevent this “man-in-the-middle” attack, as well as let you know from where the attack originated.


Banks have enormous amounts of data on their customers and their transactions. Do you feel banks and other financial services firms are capitalising on this? Creating business intelligence from Big Data has been difficult for banks. We believe that real-time transaction analytics play a big role in a bank’s ability to harness key customer intelligence and better capitalise on the Big Data opportunity.


How can banks move toward an environment in which they maximise the use of the data they have at their disposal? To maximise the profitability of their Big Data, banks need to adopt transaction analytics tools that holistically monitor their entire retail banking environment so they can correlate transaction data with the other marketing information they have on their customers. New transaction management systems such as INETCO Insight can be integrated into existing performance management and ticketing systems and make it easy to access complete and actionable transaction intelligence. This includes intelligence such as: ATM cash management statistics, insights into consumer or card trends, visibility into host and third party service provider behaviour, and a wide range of response code information and application payload message information that identifies the source and impact of a problem. If the data is too difficult to access, or displayed in an incomprehensible format—it simply won’t be used. That’s what makes the INETCO Insight solution so attractive: its agentless deployment makes it easy to integrate, and the intelligence the software displays through its transaction alerts, logs, models and dashboards is easy to understand and take action on.


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Your Customer

Mobile payment facilities have been eagerly adopted by customers across Africa, yet their use create problems for banks and mobile network operators wanting to maintain high compliance standards. Ian Ronayne explores the brave new world of mobile payments.

By its very nature, money remittance is a service prone to risk. Mix in technology, such as the mobile phone, the ability to transfer funds across borders and the customer anonymity prevalent in many services, and you have the potential for serious malpractice. Yet, it is well understood that mobile money payment remittance in and between countries with a low penetration of financial services represents one of the world’s great opportunities for economic

advancement. Moreover, this opportunity is set to grow. A recent study by Juniper Research suggests that nearly 400 million mobile phone users globally will use their handsets for mobile money transfer by 2018.

wrong, and we may end at best with stifled services, at worst with a widely discredited system.

What is perhaps taking longer is to grasp is the regulatory frameworks needed to both enable and secure this success, and the internal compliance measures needed to mitigate its potential risk. Get it right, and we have the solid groundwork in place to go from strength to strength. Get it

There has always been something of the ‘Wild West’ about mobile payment systems. In Europe, the development of services such as Premium Rate SMS caused a boom in micro-payments – and some decidedly questionable practices. Some people made a lot of money (especially mobile operators),

Wild West innovation


perhaps encouraging organisations such as the East African Community (EAC), with the support of the UN, to strengthen and harmonise e-commerce laws among its member states, which in turn will have an influence over mobile money services.

Know your customer

while some (mostly customers) were left wondering where theirs had gone. The whole system came tumbling down following revelations of manipulation, misappropriation and downright deception in some highprofile services. It was a salutatory lesson to mobile operators that if they are going to become involved in financial transactions – however small – they need to think and behave more like a financial institution.

Failing to track both customer and staff behaviour can lead to considerable issues for mobile operators and their banking partners.”

- Joël Winteregg, NetGuardians


Risk management and fraud mitigation should be deep in the DNA of most banks and it should be an increasingly high priority for mobile operators providing or planning to provide mobile remittance services, according to Joël Winteregg, CEO and CoFounder of financial software solutions specialist company NetGuardians. “Among African MNOs there has been an understandable emphasis on developing resilient infrastructure, establishing a point of sale network and maximising awareness of new mobile money services. And yet the cost of fraud – both external and internal – can affect the whole success of the venture.” As well as combatting localised fraud, MNOs need to be aware of expectations arising from international compliance bodies such as the Financial Action Task Force (FATF). Its push for higher standards in antimoney laundering (AML) practices and combating terrorist financing may well increasingly bring mobile operators as well as banks into its sights. FATF defines a financial institution as any organisation offering ‘money or value transfer services’ or those ‘issuing and managing means of payment.’ Mobile remittance and payment services fall firmly within these categories. And non-compliance can lead to whole countries appearing on the FAFT list of those with ‘strategic deficiencies’ when it comes to AML. It’s a threat that is

While regulation and anti-money laundering expectations may not be causing too many issues for MNOs yet, the ‘Know Your Customer’ compliance ethos placed on banks may be important for their operations too. It will be far more challenging to implement, however, in countries where prepaid services and anonymity are the norm. It’s important not to forget the principle, however, explains Joël, whose company recently completed a project to supply a fraud mitigation and risk management system to the Commercial Bank of Africa (CBA), one of East Africa’s largest privately owned banks. “Failing to track both customer and staff behaviour can lead to considerable issues for mobile operators and their banking partners,” he explained. “As mobile money services have grown, the focus has not necessarily been on financial security, with the result being considerable revenue leakage through both malicious fraud and a failure to close process loopholes. Investigating customer complaints takes a lot of time and can involve considerable internal effort. Better – and cheaper to detect potential problems before they arise than clean up afterwards.”

Long term difference So while the expectations of regulators towards mobile operators when it comes to mobile payments and remittance may be low presently, there is little to gain from ignoring the benefits of a solid approach to risk management and fraud mitigation. Getting to know your customer and your systems may well make the long-term difference in the success or otherwise of a MNO’s service.


Security Leads to Growth Technology Banker looks at the need for African nations and companies to work together against cybercrime for the benefit of economic growth.

Incredible economic growth, much of it driven by the application of new, often mobile technologies is today’s story in Africa. Just two decades ago, it would have been difficult to imagine any African country leading the way in technological development. However, the continent’s rapid realisation that mobile technologies can create opportunities for everyone to communicate and transact when they want and how they want by bypassing the poor landline infrastructure, has pushed Africa to the forefront of the digital age. This leap into the technological vanguard has however, brought with it a number of problems and perhaps the most threatening is the danger posed by cyber-attack. The figures overleaf show that devices in Africa suffer more than their fair share of malware encounters. In all but one of the five countries analysed, these encounters sit uncomfortably above the global average, with between a fifth and a third of computers encountering malware. This statistic alone shows the vulnerability of the African digital landscape, the growth of which has been driven by consumer use. Unfortunately, in the rush to get connected, governments, businesses and individuals have, to some extent, ignored the security element. This is because the pace of adoption of digital technologies has not been backed up by the regulation and education needed to protect the continent’s networks.

“Legislation should set out a timeline and framework whereby equipment and systems suppliers will be required to improve their products with safety and security in mind,” explains Contador Harrison, Software Director, Somocon Oy, Finland, in IDG Connect’s Africa 2013: Cybercrime, Hacking and Malware report. In many ways, it is the fact that the digitisation of Africa is being led by the consumer that is causing the problems. On the one hand, no business-led or government-led approach could have achieved the growth that the continent is seeing but the downside comes with the fact that networks cannot be protected when devices, with or without appropriate security, are being attached to it every day. This has led Harrison to demand a separation of networks, which, if his calls are heeded, would see the public network operating apart from a secure infrastructure reserved solely for government and national infrastructure.

Working hand-in-hand Banks, of course, need to maintain a client interface and this means they have to work with the public Internet. The reasons for the finance sector to become more deeply involved in a holistic approach to cybersecurity cannot be clearer, particularly when we see, countries like Egypt being ranked third globally for phishing attacks and over 40% of small and medium-sized businesses in Kenya failing to train their staff on security practices.

The losses caused by weak cybersecurity are tangible, as can be seen in the graphic overleaf. Estimates of hundreds of millions of dollars being lost from national economies is reason enough to act today but the growth of losses in the future, as economies expand, should provide all the motivation for companies and governments to work together to ensure that populations are educated about cybersecurity and that the regulatory framework is in place to ensure best practice across the board. As a nation, Kenya has seen the clear link between economic growth and a well-regulated digital environment. According to Kostya Reim, Managing Director of Security Risk Solutions, “the regulators have defined very clear guidelines and issued directives that are clear and implementable.” At the same time, “the government has recognized the risk and made information security a key requirement in their e-government strategic plan.” If Africa is to make the most of its economic potential, there can be no hiding from the fact that cybersecurity needs to be top of the agenda. It will not be easy but by working together, government, businesses and regulators can make an enormous contribution to reducing risks and helping their people and customers make the most of Africa’s digital revolution. ‘Cybersecurity infographic, see overleaf’



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Prevention is better than cure The IT department’s armoury against cyber-threats is wide-ranging but organisations cannot relax and need to look at their security environment as a whole, if they are to succeed in keeping their networks safe, writes Partha Srinivasan.

Banking IT systems are complex, depending on servers to store critical information, a network to provide branches with access the servers and teams to manage it all. Added to this, elements of the network have to be publicly accessible, thereby increasing the risk of vulnerabilities and the likelihood of attacks aimed at gaining access to sensitive information. In recent years, the results of attacks on banks have ranged from the


disruption of services through to the theft of customer identities, secure information, and personal gain. Whether for malicious amusement or theft, attacks of bank networks persist and are constantly changing. “Fraud, identity theft, spam, phishing and a host of other advanced malicious threats such as Advanced Persistent Threats (APT), Zero Days, and Distributed Denial of Service (DDoS) attacks are evolving as fast as

the technologies used to conduct business,” says Alain Penel, Vice President – Middle East at Fortinet. The range of attacks that banks need to be protected from is overwhelming, however, some are more common than others, and financial institutions are more likely to be subject to phishing attacks than anything else. As organisations look to capitalise on the growth in online services the need to maintain trust in security is critical.

“With every new [eBanking] service, organizations must implement security measures that can mitigate risk and prevent fraud,” - Miguel Braojos, Vice president of Sales, Southern EMEA, Middle East and Africa at SafeNet

“With every new [eBanking] service, organizations must implement security measures that can mitigate risk and prevent fraud,” says Miguel Braojos, Vice president of Sales, Southern EMEA, Middle East and Africa at SafeNet. “New services must be secure in order to build customer confidence that leads to long-term trust and loyalty. Unfortunately, online fraud continues to increase. Today’s news is full of stories of stolen passwords, hijacked sessions, and stolen database information. This not only results in significant financial losses, but also causes a strain on the trusted relationship between financial institutions and their customers.”

Identifying the threat As with most things in life, prevention is better than cure and for banks to succeed in this, they need to be able to identify threats as early as possible.

“Fraud, identity theft, spam, phishing and a host of other advanced malicious threats such as Advanced Persistent Threats (APT), Zero Days, and Distributed Denial of Service (DDoS) attacks are evolving as fast as the technologies used to conduct business’” - Alain Penel, Vice President – Middle East at Fortinet

There are plenty of indicators that can differentiate suspicious behaviour from normal user behaviour. Online, a sudden change in IP location should be considered as suspicious whilst browsing behaviour patterns can reveal genuine users from malicious events by analysing mouse and keyboard events and the use of links. Normal users will browse their account status and transfer history before making any transaction but malicious users tend to send transfer requests directly after logging in. A number of banks make use of early warning systems to detect irregular or suspicious activity on accounts. These systems make use of Artificial Intelligence (AI) techniques that learn to recognise patterns and by doing so are able to identify irregular usage that may be indicative of fraud.

“Fraud prevention techniques such as server side monitoring can help banks detect fraudulent transactions - Ghareeb Saad, Senior Security Researcher, Global Research & Analysis Team (GReAT), Kaspersky Labs Middle East

Pattern-spotting lies at the heart of prevention activities, as Ghareeb Saad, Senior Security Researcher, Global Research & Analysis Team (GReAT), Kaspersky Labs Middle East, explains. “Fraud prevention techniques such as server side monitoring can help banks detect fraudulent transactions by means of rule-based scoring algorithms and heuristic methods and by automatically identifying abnormal behaviour patterns in individual customers’ transactions. A customer-side application protects bank users from phishing and malware attacks using advanced anti-phishing techniques and by preventing key logging, screen scraping and webpage modification during online banking processes.” When it comes to detecting a virtual break in, financial institutions need to


adopt a number of measures including a two-factor setup of firewalls and intrusion detection systems able to provide early warning against hacking. Detection, however, can only occur after prevention has failed and banks should do all they can to put off attacks before they occur. Data encryption, mobile device control, and vulnerability assessments that constantly monitor the network for weak links and changes in access behaviour, all need to be part of the armoury.

Education is key One hugely important aspect of security, which is often overlooked is human error. A security system is only as good as the people that use it, which means that companies cannot rely on technology alone to keep them safe. User education is crucial to the development of effective security, particularly when it comes to making sure that staff do not fall prey to phishing scams and malicious emails that have the potential to cripple an entire banking network. The importance educating users is clearly evident in the infamous RSA attack in 2011. The security firm’s defences were penetrated when a staff member pulled an apparently authentic email from their junk mailbox. The message had been carefully crafted to appear relevant to


the target users and it took just one person clicking on the email’s attachment to bring down the firm’s defences. This small mistake cost RSA over $60 million and their customers suffered an enormous amount of inconvenience, as they had to reissue SecureID tokens to all personnel. As Manuel Corregedor, Operations Manager at Wolfpack Information Risk, South Africa, rightly points out, “Education about phishing is very important! It doesn’t matter how many security measures a bank has in place, if the user is “hacked” then the attacker will have access to the user’s online banking account or their personal information that can be used to commit identity fraud.” In Corregedor’s view, education cannot stop with phishing awareness courses, there is a need to raise awareness of the security environment, in general. “Awareness is not only about teaching users about phishing,” continues Corregedor. “A need to increase the level of information security awareness amongst both IT security practitioners and non-practitioners has been identified and so a website called Alert Africa was developed with the mission to raise awareness and improve collaboration on critical cybercrime topics using the latest web, animation, gaming & social media tools at our disposal. However, South Africa and other African

countries really need a national awareness programme to be established by government together with organisations. This type of collaboration will greatly increase the impact of the awareness campaigns as well as its reach.” With the huge range of cyber threats faced by banks, it is little surprise that the IT department’s armoury must be multi-faceted. At the technological level, Alain Penel highlights intelligent, preventative monitoring solutions that “provide organisations with control and knowledge - knowledge of who is connected to the network and the type of device being used. Based on this information, intelligent policies can be applied to that user, restricting access to parts of the network or applications as defined in the policy – for greater control.” At the human level, every organisation and, by implication, every CIO, must take responsibility for ensuring that staff have the latest information available to them in order to help them spot and avoid potential threats. However, as Corregedor points out, there is a need for a national level response that makes cybersecurity awareness a part of the culture, ensuring that individuals, regardless of where they work, have the knowledge they need to identify and avoid threats to themselves and those around them.



Leading with


Africa is on the cusp of an economic boom but are its companies ready to embrace technology in order to make the most of this potential?

The latest IBM study into technology adoption in African businesses shows that whilst there is a widespread understanding of the importance of technology to running a company in the 21st century, the reality is that adoption lags behind this understanding. The study’s headline statistics show this clearly, with 87% of the 180 business leaders questioned, saying that they believe emerging technologies are crucial to business success, however, rapid adoption of these technologies is only being seen by 53% of those asked. In this case, the technologies suggested as being crucial included cloud, analytics, social and mobile technologies. The context of the study is that Africa has the potential to expand


economically by $400 billion over the next six years, across a continent of over 50 countries, that’s not enormous growth per country but the reality is that there are some nations that won’t contribute significantly to that growth, whilst others, including those looked at by IBM (Egypt, Morocco, South Africa, Kenya, Nigeria), will be the engine rooms of economic growth across the continent. The acknowledgment that Africa leads the way in many areas is appropriate with “people on the continent adopting new technologies at a pace as fast as, or faster than, people in other parts of the world.” Facebook usage rates, the rise of M-pesa, the enormous mobile subscriber base are all used to illustrate this point and to show that Africa is already an innovative

continent, but whilst consumer use of technology is burgeoning, IBM found that back in the boardroom, the approach to technology adoption was far more cautious.

Driving business through technology There are three key areas identified as being the sticky points, two of which ultimately relate to infrastructure: a lack of skills and a lack of IT security investment. The third reflects inadequate attitudes in the boardroom, where thinking needs to move away from the idea of IT as merely a business enabler, to viewing IT as a strategic business element that attracts customers as much as it helps smooth process.

IBM General Manager for East Africa, Nicholas Nesbitt, gets it right when he says that “Africa is characterised by an innovative mindset and a billion-strong market ready for innovative products and solutions. Regardless of individual realities, the opportunity for business growth through IT adoption cannot be denied.” One third of those companies involved in the study are leading the

way in driving business development through technology adoption, according to IBM. These ‘pacesetters’ have grasped the need to develop and then engage with a strategic vision of how technology can drive the business forward and the leaders within the organisation “are focusing not just on the technology itself, but also on the systemic changes needed to transform the enterprise in more fundamental ways.” This systemic understanding is the key to truly grasping the nettle of IT as a transformational tool. Being able to understand the links between technology and the business, being

able to explain the benefits to the CEO and other colleagues, putting in place a skills development plan that will secure resources for the future and being able to overcome the security challenges that new technologies pose are all key aspects that an IT leader must have. To be honest, it’s asking a lot but Nesbitt is unequivocal in his analysis, “The Pacesetters in Africa’s business community have seen the potential and taken action to help them realise it. With the right strategy, their peers can follow suit.”


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Enabling the

Agency Model

CRDB Bank uses CR2’s POS solution to support its agency banking services across Tanzania.

Established in 1996, CRDB Bank Plc has flourished over the years to earn a reputation as a leading bank in Tanzania with a network of over 100 branches and 310 ATMs. CRDB Bank continuously looks for ways to innovate and cement its reputation nationally as a premier bank that holds an affinity for innovation. Primarily challenged with dispersed bank branch networks and weak infrastructure, only a reported 12% of the 40 million population in Tanzania can avail themselves of services from banking institutions. Via agency banking, CRDB Bank was a first mover in the space and identified a unique way to overcome this widespread issue in order to reach a huge proportion of unbanked segments. CRDB Bank has named its agency banking scheme in Swahili, as ‘FahariHuduma’. In a nutshell, the agency banking business model comprises a network of agents contracted by a bank to administer a set of selected banking services in

areas where the Bank is not already present. Agents are compensated on a per transaction/commission basis. On the customer side, after signing up and following verification of a manual application form, they are enrolled and issued with a Faharicard (a pre-paid VISA/ MasterCard) and starter pack. Upon receiving this card, the customer is then able to set their customised PIN and can immediately deposit cash and undertake transactions. “Our target is to grow the bank into a financial giant in East and Central Africa,” said CRDB Bank’s Chief Executive Officer, Dr Charles Kimei.

“With agency banking services, we are fostering strong relationships with native financial institutions in an effort to better serve our national ,population. We look forward to bringing Tanzania further along the road of economic prosperity via advanced banking service offerings and will eventually look to countries in our neighbouring region in order to replicate this successful model’’.

Dr Charles Kimei, Chief Executive Officer, CRDB


Martin Dolan, Chief Executive Officer, CR2

CRDB Bank has used the POS capabilities of CR2’s self-service banking platform to support a fully functioning agency banking network that uses GPRS and Ethernet technologies. POS is an effective way to serve customers where internet connectivity is limited and branches are not widespread. It remains a secure means to transact due to PIN protection. CRDB can manage their entire client relationship through CR2’s platform, enabling great customer service and consistency of offering across their distribution network. CRDB has reported that their agency banking scheme has been met with strong adoption and growth rates thus far. Transactions available through agents include cash withdrawals, cash deposits, cardless deposits (via Simbanking), bill payments, balance enquiries and forced PIN changes. The Tanzania Postal Corporation (TPC) for example, is a well-known agency partner of CRDB Bank within Tanzania. TPC has in the region of 200 branches and an estimated 25 ATMs, thus providing considerable reach to a number of customers that CRDB Bank may not have otherwise have had the opportunity to serve. CR2 is pleased with the success of the CRDB Bank project and is looking forward to supporting the Bank in


their next area of growth. Martin Dolan, Chief Executive Officer, CR2 expressed this by saying that “we are delighted to strengthen our relationship with CRDB and support them in the realisation of their self-service vision for Tanzania”. CR2 has proposed streamlining the customer acquisition process further via account creation by using the CR2 BankWorld solution capabilities. Other innovative services being explored to complement the existing solution include mobile to mobile

payment services and an electronic voucher remittance system where clients can send money to recipients which will be made immediately available throughout the bank’s entire ATM network. These will support growing customer enrolment numbers and would also offer a cost effective solution for the bank and customers alike.

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New Appointments The latest moves in Africa’s banking, telecommunications and technology sector.

Misys Scot Spear Position: Regional Sales Director for Middle East and Africa, Misys Scot Spear brings more than 25 years of software sales and marketing experience to Misys. In his new role, he will oversee new business development and client relationships across the MEA region. His background, proven delivery of results and leadership style will help Misys grow its business further in the MEA region. United Bank for Africa Abiola Bawuah Position: CEO Group’s operations in Ghana Being UBA Ghana’s first Ghanaian, as well as, first female MD/CEO, Mrs Bawuah brings a wealth of local flair, finesse and know-how, coupled with her enormous banking experience. Before her appointment with UBA, Mrs. Bawuah was an Executive Director at Zenith Bank. Telkom South Africa Enzo Scarcella Position: Chief Marketing Officer Enzo Scarcella has been appointed Chief Marketing Officer of Telkom. Previously, he was the Managing Executive of Marketing for Vodacom. Scarcella joined Vodacom in 2008 and has been responsible for launching the Player 23 campaign. Scarcella worked in various Brand and Marketing positions including positions in the broadcasting and clothing retail industries.

Other Appointments at a glance: Standard Chartered bank - Richard Etemesi, CEO for South Africa & Southern Africa Standard Chartered bank - Lamin Manjang, CEO for Kenya & East Africa Fundtech - Peter Reynolds, Managing Director for EMEA Sales Liquid Telecommunication Limited - Dr. Chabuka Jerome Kawesha, Managing Director for Zambia Unity Bank Plc - Henry James Semenitari, Managing Director and CEO


Mobile Money Transfer VTN VCASH and Western Union Mobile Money Transfer service with Western Union and VTN is an easy, fast and convenient way for VTN customers in Nigeria to receive money from abroad on their VCASH account.

In a few quick steps, a Western Union® Money Transfer can be added into a VTN VCASH account in Nigeria. 1 Western Union sender makes a money transfer at a Western Union® Agent location or online on a Western Union transactional website (where available). 2 Sender provides the VTN receiver the Western Union MTCN tracking number. 3 With the MTCN number, the VCASH customer can follow the Western Union menu prompts on their VTN phone to add the funds directly* onto their VCASH account! 4 The VCASH customer will enter their PIN, for user authentication. Additional information about the transaction may also be requested. (See diagram below) A 1. Send Money 2. Western Union 3. Check Balance 4. Mobile Top-up 5. Pay Bill Select

Western Union


1. Pick-up money

Western Union


Please enter 10-digit Western Union MTCN: _ (3 unsuccessful attempts will result in account blocking)






Western Union Please enter the amount you are expecting to receive: _ (3 unsuccessful attempts will result in account blocking)




Western Union


Western Union

Please enter your PIN to continue: _

Pick-up Confirmation: Western Union has deposited XXXXX into your account No. 00045XXX






5 The VCASH customer will receive an SMS notification confirming the deposit of funds into VCASH.

If the Western Union sender provides their mobile number on the Western Union Send Form, they will also receive a text message when the funds are delivered1.

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* Funds will be paid to receiver’s VTN VCASH account provider for credit to account tied to receiver’s mobile number. Additional third- party charges may apply, including SMS and account over-limit and cash-out fees. Funds availability subject to terms and conditions of service. See Send Form for Restrictions. ** Service options are determined by the mobile phone service provider. 1 Standard Message and Data rates may apply. VTN, VCASH and the VTN logo are trademarks of Virtual Terminal Network. © 2013 Western Union Holdings, Inc. All Rights Reserved.


MARCH EVENTS FOR YOUR DIARY What: CeBIT 2014 When: 10 - 14 March 2014 Where: Hannover, Germany Website:

What: Africa Trade Finance Week 2014 When: 17 - 19 March 2014 Where: The Westin, Cape Town, South Africa Website:

What: Cards and Payments Africa 2014 When: 18 - 19 March 2014 Where: Sandton Convention Centre, Johannesburg, South Africa Website:

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APRIL EVENTS FOR YOUR DIARY What: International Payments Summit 2014 When: 01 - 04 April 2014 Where: Hilton London Tower Bridge Hotel, London, UK Website:

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What: 9th Annual Middle East Retail Banking Forum When: 07 - 09 April 2014 Where: Dubai, UAE Website:

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What: Cloud World Forum MENA 2014 When: 14 - 15 April 2014 Where: Habtoor Grand Beach Resort & Spa Hotel Dubai Website:

What: Card Forum and Expo 2014 When: 22 - 25 April 2014 Where: Orlando, Florida, USA Website:

What: Cards and Payments Asia When: 23 - 24 April 2014 Where: Suntec Singapore International Convention & Exhibition Centre Singapore Website:

What: Future Bank Asia When: 23 - 24 April 2014 Where: Suntec Singapore International Convention & Exhibition Centre Singapore Website:



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Fiserv, Inc., a leading global provider of information management and electronic commerce systems for the financial services industry, providing integrated technology and services that create value and results for our clients.


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Global Bankers Institute is a Training, Communication and Consulting Firm dedicated to serving the financial services community. It provides modern training without sacrificing the principles on which today’s banks were built.

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GRGBanking, a leading provider of currency recognition and cash processing solutions in the global market with great potential and rapid development with comprehensive solutions widely used in Finance, Telecom, CIT, Railway and Retail sectors.

Entersekt is an innovator in transaction authentication and introducing an isolated communication channel between phone and financial institution that avoids reliance on the open Internet for user and transaction verification. Website:

INETCO and our global partner community provide business transaction management, communication gateway solutions, consulting and implementation services for the electronic processing and financial payments industry.

VCASH allows you to transfer and receive money locally and through Western Union using your phone or online, plus much more. VCASH is fully licensed by the Central Bank of Nigeria to deploy mobile payment services in Nigeria.

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Technology Banker March / April 2014  

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