The proposed framework is designed to address longstanding concerns around market access, pricing transparency, and operational bottlenecks that could hinder the growth of smaller operators and virtual network providers.

As part of its consultative rulemaking process, the NCC has invited industry stakeholders, telecom operators, investors, and other interested parties to submit comments on the draft framework by June 29, 2026.

A public consultation forum has also been scheduled for July 9, 2026, where feedback received from stakeholders will be reviewed before the rules are finalized.

Protecting Competition in the MVNO Market

At the heart of the proposed regulations is the Commission’s effort to prevent dominant Mobile Network Operators (MNOs) from engaging in anti-competitive practices that could disadvantage emerging MVNOs.

The NCC noted that the framework seeks to ensure fair access to network infrastructure while promoting healthy competition, innovation, and investment across the telecom ecosystem.

Industry observers believe the move could accelerate the growth of Nigeria’s nascent MVNO market by reducing entry barriers and creating clearer operating guidelines for both host operators and virtual network providers.

Faster Onboarding, Reduced Delays

One of the key highlights of the draft rules is the introduction of strict timelines for onboarding and interconnection processes.

Under the proposed framework, host network operators will be required to acknowledge MVNO connection requests within 10 days and provide technical readiness assessments within 20 days.

The regulations further stipulate that all commercial and technical agreements between parties must be concluded within 120 days, a provision aimed at preventing prolonged negotiations and unnecessary delays that could slow market entry.

New Pricing Framework

To address concerns around pricing discrimination, the NCC has proposed benchmark pricing structures covering data services, voice calls, SMS, and USSD offerings.

The Commission believes the measure will help prevent larger operators from leveraging their market power to squeeze out smaller competitors through predatory pricing or unfavorable wholesale terms.

The pricing framework is expected to improve transparency and provide MVNOs with greater certainty when designing products and services for consumers.

Clearer Operational Structure

The draft regulations also introduce a tiered operational model that clearly defines the roles, responsibilities, and service boundaries of different categories of MVNOs.

The framework outlines compliance obligations, revenue-sharing arrangements, and service delivery requirements, providing a clearer roadmap for operators seeking to participate in Nigeria’s evolving virtual network market.

Strengthening Nigeria’s Telecom Ecosystem

The NCC said the proposed rules are intended to encourage innovation, expand consumer choice, and stimulate investment within the telecommunications industry.

With Nigeria seeking to deepen broadband penetration and accelerate digital inclusion, analysts say a well-regulated MVNO ecosystem could help drive service innovation, improve competition, and extend connectivity to underserved segments of the market.

If adopted, the framework would mark one of the most comprehensive regulatory interventions aimed at supporting the development of the country’s emerging MVNO segment while ensuring fair competition among telecom operators.

The court in a ruling delivered on April 24, 2026, answered the prayers by Nairtime Nigeria Limited pending the determination of a substantive suit challenging regulatory actions linked to digital lending operations.

The interim order, contained in a Certified True Copy obtained on Tuesday, followed an ex parte application filed by Nairtime Holdings Limited and Nairtime Nigeria Limited, which approached the court over what they described as a threatened disruption of their business operations by the telecom operators.

In Suit No. FHC/ABJ/CS/779/2026, the plaintiffs argued that the defendants intended to suspend, discontinue, or otherwise interfere with their access to telecommunications platforms, including USSD channels, SMS, short codes, and billing services.

They contended that the planned action was based on directives allegedly arising from the Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations 2025.

The plaintiffs maintained that such actions would constitute unlawful interference with their contractual rights and business operations, noting that they are licensed Value Added Service providers operating under valid approvals issued by the Nigerian Communications Commission.

They further asserted that they had complied with all contractual obligations and that no valid notice of breach had been issued by the defendants.

Ruling on the motion, the court granted an order of “Interim Injunction restraining the 1st and 2nd Defendants/Respondents, whether by themselves, their officers, servants, agents, or privies, from suspending, restricting, discontinuing, or otherwise interfering with the access of the 2nd Plaintiff to their platforms, channels, short codes, SMS, USSD, billing services and other telecommunications-enabled services and operations during the subsistence of the 2nd Plaintiff’s valid licence issued by the Nigerian Communications Commission under and by virtue of the Nigerian Communications Act on the basis of the DEON Regulations issued by the Federal Republic of Nigeria.”

The court further held that telecom operators could not set aside agreed contractual notice periods and dispute-resolution mechanisms in a bid to comply with new regulatory directives.

The order specifically covers access to platforms, channels, short codes, SMS, USSD services, and other telecommunications-enabled operations utilised by Nairtime Nigeria Limited in delivering its airtime advance and digital lending services.

The court directed that the status quo be maintained pending the determination of the substantive suit, noting the subsistence of a valid licence held by the second plaintiff.

Too many ventures start with a shiny app or a complex AI model and then struggle when farmers refuse to adopt it. The farmers who need help the most are often the least forgiving of solutions that do not fit their daily reality.

Globally, there are about 570 million farms, and around 90% are small farms (less than 2 hectares). These smallholders produce roughly one‑third of the world’s food.

Their contribution is especially critical in Asia and sub‑Saharan Africa, where they form the backbone of food systems. In Nigeria, more than 80% of farmers are smallholders, contributing about 90% of the country’s agricultural production.

Yet they frequently face post‑harvest losses ranging from 15% to 50%, depending on crop and region, due to poor storage and weak market linkages. When agri‑tech founders ignore these realities, they risk building solutions that look good on paper but fail on the farm.

Start with the farmer, not the code

The first thing founders must get right is their starting point. They must ask farmers what they need, not what they want to sell.

This means frequent visits to fields, cooperative meetings and local markets, listening to questions about prices, weather, pests and transport.

Many farmers will say they want “better technology,” but they will explain that they really need higher income, lower risk and less uncertainty. Solutions that emerge from these conversations are more likely to be used and trusted.

Design for literacy, connectivity and cost

Farmers often work in areas with limited electricity, patchy mobile networks and low digital literacy. An app that requires constant data, a smartphone and a fast connection will not serve the farmers who need it most. Founders must choose simple interfaces, offline functionality, voice‑based options, USSD or SMS, and designs that work on basic phones.

They must also price their services so that a small increase in income can cover the cost. A solution that seems cheap to an urban investor may still be out of reach for a farmer earning a few hundred dollars a season.

Align incentives with real‑world risks

Smallholder farmers are risk‑averse for good reasons. They cannot afford failed experiments when a bad season can mean hunger or debt.

Agri‑tech ventures must show clear returns within one or two cycles. Input‑financing models, pay‑as‑you‑grow irrigation, and bundled packages that include training and insurance have worked because they spread the risk and reduce the upfront cost.

When farmers see that a new tool or service can increase their yield or income without pushing them deeper into debt, they are more willing to try it.

Build trust through local actors

Farmers trust fellow farmers, local extension agents, cooperative leaders and input dealers more than they trust a new app or website. Successful agri‑tech models embed themselves in existing networks instead of bypassing them.

They train lead farmers, collaborate with cooperatives, and work with local agents who can explain and support the technology. This slows down scaling but strengthens adoption, because trust is earned slowly and lost quickly.

Make data work for the farmer, not just the investor

Data is often collected to show impact to investors, not to help farmers make better decisions. Agri‑tech founders should ensure that every dataset they gather can be turned into simple, actionable advice: when to plant, when to harvest, how to store, where to sell.

Farmers who receive timely, relevant information they can understand are more likely to keep using the service. Where possible, data should also be shared back with farmers in ways that give them leverage in negotiations with buyers or lenders.

Plan for the long haul, not the short sprint

Finally, founders must think like farmers. Farming is a long cycle of planting, waiting, harvesting and replanting.

Agri‑tech ventures that treat smallholders as a short‑term growth channel will burn out. Building durable systems that reduce risk, improve markets and strengthen communities takes patience, iterative learning and a willingness to adapt.

Start small, listen closely, and let the farmer’s reality shape the roadmap. When agri‑tech founders get this right, they do not just serve underserved farmers; they stand alongside them.

Stanley Ugwubujoh is a Data Analytics Manager with 15+ years of experience in agri-tech, fintech, and communications, where he builds data systems, analytics, and machine learning solutions that improve efficiency and decision-making. He is also a Tech Coach and co-founder of Noblex Initiatives, using fashion-inspired teaching to simplify technology for young learners while promoting data literacy and mentorship.

This year the company is placed furthest in Completeness of Vision. Infobip views this third consecutive recognition as acknowledging its status as a global CPaaS powerhouse.

Magic Quadrant reports are a culmination of rigorous, fact-based research in specific markets, providing a wide-angle view of the relative positions of the providers in markets where growth is high and provider differentiation is distinct.

Providers are positioned into four quadrants: Leaders, Challengers, Visionaries and Niche Players.

The research enables customers to get the most from market analysis in alignment with their unique business and technology needs. As a Leader, Infobip is recognized for both its Ability to Execute and its Completeness of Vision.

Infobip powers conversations for some of the world’s most innovative businesses including Microsoft, Uber, Meta, NEXT, Digitaleo, AXA Partners, and the MoneyGram Haas F1 Team.

Its full-stack omnichannel platform spans voice, SMS, email, and Rich Communication Services (RCS), delivering advanced conversational capabilities and AI-enhanced experiences.

Complementing this, Infobip’s strategic partnerships with Deutsche Telekom AG, NVIDIA, Telefónica, and others highlight its commitment to driving innovation and building next-generation communication and AI infrastructures.

Infobip is accelerating the future of CPaaS through bold innovation in AI and automation. Its AI Hub seamlessly integrates agentic AI, generative AI and advanced analytics to drive scalable customer engagement.

At the same time, Infobip is driving global adoption of RCS Business Messaging and pioneering the expansion of the Network API ecosystem, reinforcing its leadership in emerging communication technologies.

Silvio Kutić, CEO at Infobip, said: 

“We’re not just participating in the evolution of communications; we are defining it in co-creation with our customers and partners. We will continue setting the pace in transforming how global enterprises connect, engage, and grow. We believe that being recognized by Gartner as a Leader is a strong validation of our continuous innovation and strategic foresight.”

Phone calls will now cost N18.33 per minute, SMS rising to N6.67, and a 1GB data bundle now priced at N479.17. 

This increase will affect daily communication and data usage, especially for Nigerians already hit with inflation and high costs of living. 

Users could increase reliance on platforms like WhatsApp and others for calls and messages but what about those without smartphones?

Well, let’s break down the proposed tariffs and analyze their financial impact on consumers and businesses.

The Breakdown of New Tariffs

The proposed 60% tariff increase will apply across mobile services, with the following adjusted costs:

• Phone Calls: The cost of making phone calls will jump from N11 to N18.33 per minute, a rise of N7.33 (66.5% increase).
• SMS: The price for sending text messages will increase from N4 to N6.67, a jump of N2.67 (66.75% increase).
• 1GB Data Bundle: The cost for 1GB of mobile data will increase from N287.5 to N479.17, an increase of N191.67 (66.67% increase).

These increases already show a considerable burden on consumers, especially considering the price elasticity of demand for mobile services. With these hikes, consumers may need to adjust their usage patterns, reducing their reliance on mobile communication or exploring more affordable alternatives.

Mathematical Analysis of the Impact

To better understand the financial impact, let’s apply a few calculations to daily telecom expenses based on average usage:

• Phone Call Costs: If a user spends 30 minutes per day on calls:
• • • Current cost: 30 minutes × N11 = N330 per day
    • New cost: 30 minutes × N18.33 = N550 per day
    • Increase: N550 – N330 = N220 increase per day
    • Annual cost increase: N220 × 365 = N80,300 annually

• SMS Costs: If a user sends 10 SMS messages daily:

• • • Current cost: 10 messages × N4 = N40 per day
    • New cost: 10 messages × N6.67 = N66.70 per day
    • Increase: N66.70 – N40 = N26.70 increase per day
    • Annual cost increase: N26.70 × 365 = N9,745.50 annually

• Data Bundle Costs: If a user purchases one 1GB data bundle every 3 days:

• • Current cost: N287.5 × 122 = N35,075 annually
  • New cost: N479.17 × 122 = N58,472.74 annually
  • Increase: N58,472.74 – N35,075 = N23,397.74 increase annually

Cumulative Impact on the Consumer

Taking the average consumer who spends on calls, SMS, and data bundles:

• Total annual cost increase for calls, SMS, and data:

• • Calls: N80,300
  • SMS: N9,745.50
  • Data: N23,397.74
  • Total increase: N80,300 + N9,745.50 + N23,397.74 = N113,443.24 annually

For an average Nigerian, this could wildly stretch their monthly budget. With over 200 million mobile subscribers in Nigeria, this surge in prices could splash through the economy, affecting consumer spending, business operations, and digital accessibility for underserved communities.

How will this Affect the Economy?

This telecom tariff increase will likely hit low-income individuals and small businesses hardest, as they rely on affordable communication to maintain both personal and professional interactions. The costs could lead to:

• Reduced Digital Access: With higher data costs, individuals may limit their online presence, curtailing opportunities for education, remote work, and e-commerce, thereby deepening the digital divide.
• Business Strain: Small businesses, particularly those relying on mobile phones for customer interactions and mobile banking services, may face increased operational costs, prospectively slowing down economic growth.
• Increased Costs of Living: Since mobile communication is a key aspect of daily life in Nigeria, higher telecom charges could contribute to an overall rise in the cost of living, making it harder for Nigerians to cope with inflation.

Conclusion and Recommendations

The proposed telecom tariff increase of 60% will undoubtedly add really high financial stress on consumers. While the government and telecom operators argue that the increase is necessary to sustain the industry due to high costs of operations, the burden on Nigerians could have far-reaching effects.

To mitigate the impact, the government could consider implementing subsidies for low-income users, promoting digital literacy, and investing in infrastructure that reduces the cost of telecom services. 

Ultimately, it all boils down to the country’s economy and a balance from the government.

Despite the notable progress in mobile banking and fintech, the continent continues to face a significant financial inclusion gap, with over half the population remaining unbanked.

This paradox is particularly evident in South Africa, where a sophisticated financial sector coexists with deep inequality.

To bridge this divide, South African banks are leapfrogging legacy hurdles by embracing technologies like generative AI (GenAI), focusing on socioeconomic trends and using advanced tools to reshape customer interactions and underwriting processes.

Breaking down barriers to the unbanked

Despite the fact that a high percentage of South Africans have access to formal financial products, a significant portion of the population remains effectively unbanked due to distrust of financial institutions, particularly within the informal sector.

To appeal to this market, the Banking, Financial Services, and Insurance (BFSI) sector is pursuing digital strategies that build trust by offering more accessible financial solutions.

In leveraging conversational banking and prioritising customer experience, South African BFSI players can attract tech-savvy users while retaining traditional customers, ultimately driving greater financial inclusion across the country.

By integrating AI, South Africa’s BFSI sector can enhance customer experiences and operational agility, ultimately driving financial inclusion and sustainable growth in the digital age.

The role of Generative AI in digitising access

GenAI is playing a decisive role in transforming the BFSI sector in South Africa. Banks are now leveraging AI-powered chatbots to provide 24/7 customer support, answer frequently asked questions, and personalise customer interactions at every touchpoint.

This not only improves customer satisfaction but also frees up human agents to handle more complex inquiries.

Furthermore, AI is revolutionising credit scoring, especially for underserved populations. By analysing alternative data sources like mobile phone usage and utility payment history, AI can assess creditworthiness for individuals who may not have a traditional credit score.

This helps to expand financial inclusion by providing access to credit for those who were previously excluded.

First address risks associated with AI

While AI offers significant benefits, it is essential to address the risks associated with its use. Organisations must be cautious when partnering with cloud-enabled service providers.

These providers should prioritise data privacy and security by adhering to strict regulations like General Data Protection Regulation (GDPR) and Protection of Personal Information Act (POPIA).

They should also employ advanced encryption techniques to protect sensitive customer data. Transparency is key; providers must inform customers about data usage and offer options for data control.

By partnering with reputable providers who prioritise these factors, organisations can mitigate the risks associated with AI and ensure the ethical and responsible use of technology.

The rise of fintech and digital-first banks

To serve diverse customer segments, South African banks are implementing tailored digital strategies. For affluent customers, banks offer personalised financial services through advanced digital platforms, including wealth management tools and investment advisory services.

For underserved populations, banks are focusing on accessible options like Unstructured Supplementary Service Data (USSD) banking and micro-lending.

By partnering with financial technology (fintech) companies, banks can reach underserved segments and offer innovative financial solutions.

The emergence of fintech and digital-first banks has increased competition and forced traditional banks to innovate.

These newer banks often offer more digital-friendly services and a focus on customer experience.

Driven by the need to innovate to survive, traditional banks have responded by investing in digital platforms and partnering with fintech companies to offer more convenient features like instant transfers and AI-powered customer support.

With the emergence of Rich Communication Services (RCS), companies are now able to offer a more enhanced customer experience compared to traditional Short Message Service (SMS).

Key features include multimedia support, file sharing, branding, and two-way communication. RCS also provides stronger security features, such as encryption and verification, to reduce the risk of fraud.

Future advancements in AI and digital banking

AI-driven credit scoring for the unbanked, voice and conversational banking in local languages, and AI-powered financial literacy tools are key areas for future development.

These advancements can further drive financial inclusion and growth in Africa’s BFSI sector. By leveraging AI and digital technologies, South Africa’s BFSI sector can overcome legacy challenges, foster financial inclusion, and contribute to the country’s economic growth.

This requires prioritising customer experience, addressing AI risks, and tailoring strategies to serve diverse populations.

Revolutionising Communication with Infobip‘s Call Link

With the advent of Infobip’s Call Link, the software has redefined communication between residents and staff in property complexes, streamlining information exchange through mobile phones, ensuring strict user privacy, unparaelled convenience, and positively impacting operational cost by reducing installation, infrastructure, and maintenance expense.

Krešo Žmak, VP of Products at Infobip, said:

“Call Link revolutionises live video and audio support, reflecting our unwavering commitment to a comprehensive video platform. Industry leaders like Vecindapp are showcasing innovative use cases, breaking barriers in technology access for the building services sector. Our dedication is clear: eliminate costs and enhance resident experiences through seamless integration.”

With Call Link, users interact remotely with their residential complexes, send requests via WhatsApp chatbot or SMS, and receive instant calls back from the reception staff, always ensuring that their personal data – phone numbers – are protected, without the risk of being viewed by other residents or staff members, a priority in communication digitisation processes, thanks to its integration via API.

Ease of Implementation and Savings

Infobip’s Call Link technology operates through Web Real-Time Communication (WebRTC), ensuring quick implementation and development, that can be configured via API or Portal where no technical effort is required.

Regarding costs, residential complexes and buildings achieve significant savings in installation, wiring, and maintenance as Vecindapp doesn’t require physical infrastructure. All that’s needed is a stable Wi-Fi connection and users’ mobile phones.

Thus, with Infobip’s Call Link active in Vecindapp, the maintenance cost that typically occurs every 5 years reduces by 95%.

Sergio Ríos Giraldo, Co-Founder of Vecindapp, said:

“Thanks to Infobip, we were able to address one of our constant needs requested by our clients without having to invest months in development and testing to validate the solution. Just a couple of configurations and the use of the channels that Infobip makes available to us were the key to serving our customers efficiently, securely, and without excessive costs.”

With Infobip’s Call Link, Vecindapp strengthens its mission to bring advanced technological solutions to the rapidly growing horizontal property sector in Colombia.

This communication ease joins the list of practical solutions Vecindapp provides, including integrated visitor management, correspondence, document handling, QR code management portals, circular dissemination, virtual surveys, and resource control information.

Across Africa and other emerging markets, community groups and associations play an important role in providing various essential services and protecting the interests of the collective.

They also facilitate accountability and self-governance that enables communities to function as effectively as possible.

Moni is pioneering a community finance model that builds on the importance of this form of group responsibility in African communities to improve access to essential financial services for small business owners across the continent.

According to the African Development Bank (AfDB), SMEs account for more than 90 percent of businesses and almost 80 percent of employment in Africa.

However, insufficient data and ineffective credit decisioning by traditional financial institutions have led to a $421 billion credit gap, with business owners unable to access the working capital they need to scale.

Moni has built a risk engine that combines financial data and business performance with social intelligence to enable more effective credit decisions for African SMEs.

Starting with Nigeria, small business owners with a good social reputation simply need to join a lending cluster with an invite from an existing Moni user and once eligibility has been confirmed, they can access financing in 5 minutes or less.

Once the loan is disbursed, the cluster shares responsibility for the loan, and members can access funds from an automated savings pot to bail out members if needed.

The Y Combinator-backed startup launched the pilot of its commcommunity-poweredns in August 2021 with 3,000 mobile money agents (more than 5,000 on the waiting list).

In 2022 alone, Moni disbursed more than $22 million in loans to more than 11,000 SMEs, with a 99 percent repayment rate.

The company is now building on the success of its community-powered model to deliver game game-changing financial services to a wider range of African SMEs who have previously been underserved by the traditional financial system.

According to Femi Iromini, CEO and co-founder of Moni, “Our community-powered business loans product is just one of the ways we are innovating around our unique context in Africa to make the most of what is already in place to deliver the financial services business owners need to create long long-lasting for themselves and their communities.

We have ample evidence to show that this approach works and we are excited to be bringing more businesses on board to drive the economic development we all want to see on the continent.”

]]> https://techeconomy.ng/moni-announces-plans-to-drive-growth-for-african-smes-through-loans/feed/ 0 https://techeconomy.ng/earlybrite-wins-lagos-state-lasric-research-grant/ https://techeconomy.ng/earlybrite-wins-lagos-state-lasric-research-grant/#respond Wed, 14 Dec 2022 07:39:13 +0000 https://techeconomy.ng/?p=91364 In an effort by the Lagos state government through Lagos state Science Research and Innovative Council (LASRIC)  to make Lagos one of the world’s knowledge hubs through the application of Science and Technology, the government established a grant program to help start-up tech companies Create wealth and growth, establish better infrastructure.

Earlybrite, an innovative Ed tech company, that offers to help children acquire in demand tech skills across Africa becomes a beneficiary of the LASRIC Five Million Naira grant.

The grant was presented during the Art Of Technology event on Friday, 9th December, 2022 in Lagos.

Mr. Olatunbosun Alake, Special Adviser on Innovation and Technology to the Lagos state government, onbehalf of the governor presented a cheque to Earlybrite which was received by Victor Tubotamuno, founder and CEO of Earlybrite.

In a statement, Mr Victor said the grant was a step stone for the company to continue offering these indemand tech skills to children within and across Lagos and also allow these children have access to these in utmost flexibility.

“We are looking forward to providing these tech courses in the most conducive situation, allowing these children learn these skills in their local language and even through flexible medium such as SMS, USSD, Whatsapp and other seamless channels.

He further stated that the company wishes to express gratitude to the Lagos state government and the commissioner for Science and technology; Mr Hakeem Fahm for the unique opportunity to enable innovators be able to build more localized contents and train more teachers to enable learners in the state thereby, actualizing its mission, “Creating wealth, growth and tackling societal challenges in Lagos State through the application of Science and Technology in a knowledge driven world”.

According to research carried out by cyber security firm: threat cloud, over 4 million attacks occur on a daily basis around the world. In this article, we will highlight and discuss common cyber attacks you may experience.

Attack 1: Malware

Malware or malicious software is a set of programs designed by cyber criminals to destroy computer systems, gain unauthorized access, and steal data from a system.

Malware can be classified into viruses, spyware, adware, worms, and Trojans. Let’s have a quick look at the types of malware:

Virus: A virus is a type of malware that causes harm to your computer system by slowing it down, and corrupting files.

Spyware: This refers to software that steals your private information, and sends it to a third party without your knowledge. Just like a spy, it’s hard to detect and transfers sensitive data to end users who can use it to defraud you.

Adware: Adware, also referred to as advertisement-supported software, displays unnecessary ads while you are surfing the internet. Adware is usually obtained when you unknowingly install a free app on your system that contains adware.

The ads popup so frequently that you can mistakenly click on them, and since some of them are laced with malicious links, you can mistakenly download a virus, without even knowing.

Worms: Once a worn finds its way into your device, it replicates itself with the aim to corrupt other computer systems. It is different from the virus as it doesn’t have to be attached to any software to cause damage. 

Trojan: Trojan is a malicious software program that seems legitimate, but when installed, causes damage and data loss to the computer system. The National Information Technology Development Agency (NITDA) has discovered two recent malware in Nigeria: ‘Flubot Spyware’ and ‘Saint Bot Malware’.

Flubot Spyware targets Android devices and sends fake security updates or app installations in the form of SMS. Unsuspecting Android users who install the spyware have their bank login details stolen which leads to financial loss.

Also, Flubot gains access to the contacts of such phones and sends similar SMS to them.

Saint Bot Malware is sent to the mail with a .zip file that masquerades as a Bitcoin wallet but in reality, it is a PowerShell script. Once the file is opened, malware is downloaded into the system. NITDA advises as a precaution you should always download software from the official website of the company offering it.

Attack 2: Phishing Attack

Phishing is a cyber-attack whereby scammers pose as a credible organization to collect personal information from you.

This cyber attack could be in the form of a text, email, or phone call. Phishers compose enticing messages that convince you to disclose your personal information. A phishing attack must be well thought out to ensure its success.

Planning a phishing attack usually involves the cybercriminal conducting social engineering on you, to profile you and find out what you are interested in. The phishing process is as follows:

• Preparing the hook: preparing a fake website example a fake Facebook login page

• Baiting: sending the fake login page to you via a link in an email, and urging you to act urgently

• Redirecting: once you take the bait and try to login, your credentials are harvested by the cybercriminal and you are redirected to the original Facebook page, so you don’t suspect anything

Attack 3: Malvertising

Malvertising, also known as malware advertising, uses online advertising to spread malware to users of a website. The attackers create malicious ads with JavaScript embedded which makes it difficult to differentiate them from legitimate ads.

Such ads are displayed on your system like the real ones. They are usually composed in an enticing way to make you click on them. Investment scams are notorious for malvertising as cybercriminals pose as fund managers, stockbrokers and some even claim to be online forex brokers to lure you in with promises of trading on a mobile app with zero risk and huge returns.

The common scam ads is related to forex trading apps that promote in Nigeria without regulation.

There are only a few Tier-1 regulated brokers that offer their forex trading apps in Nigeria on mobile via iOS & Android. But many unregulated & offshore forex brokers promote their apps mostly via JavaScript ads on popular illegal websites visited by Nigerians, but these are unsafe for users.

While advertising is not bad, you should not take investment advice from random unsolicited popups.

Endeavour to visit the Securities and Exchange Commission (SEC) website to verify any investment you come across online before committing your funds.

Attack 4: DDoS Attacks

A Distributed Denial of Service (DDoS) attack is an attempt to slow down a server or network by bombarding it with traffic. Simply put, DDoS prevents a server from attending to its users by overloading it with excessive data. When a server is too congested, it results in denial-of-service to the real users.

DDoS attacks are carried out with computers and devices that have been infected with malware. The hacker sends an instruction to these compromised systems and devices, also known as a botnet.

The botnet attacks a targeted IP address when instructed and causes the server to lag. The targeted network would be unable to serve its legitimate users. It is always difficult to separate the attack traffic from the legitimate traffic since the botnet is a real internet device.

Attack 5: Man in the Middle (MITM) Attacks

Man in the middle (MITM) attack is a cyber attack in which an attacker interrupts an existing conversation or data transfer. The attacker either eavesdrops or pretends to be a legitimate party, and steals private information from the victim.

A MITM attack undergoes two phases: interception and decryption. An attacker creates a Wi-Fi hotspot without a password and waits for victims to join the network.

Anyone who joins such a network grants the attacker access to any data they share online. This is known as an interception. This interception can be done via DNS, IP, and ARP spoofing.

Once the attacker gets in the ‘middle’ of the victim and his destination site, he steals the victim’s data. The victim’s data is usually encrypted, so he has to decode the data in order to use it (decryption). This decryption is done via HTTPS spoofing, SSL high jacking, & SSL spoofing.

MITM attacks are done very quickly without the knowledge of the victim. The attackers use the data collected to defraud the victim, for example, wipe his bank account balance.

Attack 6: Drive by Download

Cybercriminals make use of this method to introduce further malware to their victim’s system. You may be unaware of the malicious download since you don’t have to download any program.

A drive-by download is unique because you don’t have to download any program or open any attachment for it to be activated. So how does drive-by download work?

The drive-by download takes advantage of unsecured and outdated apps, web browsers, and operating systems.  You can be attacked by drive-by download in two ways:

• Authorization without complete information about an action: This happens when you either click a fake link or download a Trojan. You are ignorant about the consequences of such action thus, introducing drive-by download into your computer.

• No authorization and notification: Drive-by download creeps into your computer or mobile device without notification due to an outdated web browser or browsing on an infected website.

Attack 7: Password Attacks

A password attack is an attempt by cybercriminals to steal your password. According to research by cloud nine, 80% of breaches are connected with password issues. 

Cybercriminals devise several techniques to steal legitimate passwords which include phishing, key logging, and dictionary password attacks among others.

Firstly, Key logging is a process in which a hacker records keystrokes made on your keyboard after he installs a key logger in your device. A key logger is malicious software that, when installed, captures your keystrokes and sends them to the hacker. A key logger can also be a hardware device connected to your USB port, so a routine inspection of your computer is in place. 

Secondly, dictionary password attacks are carried out by guessing words and phrases that a user would likely use as passwords. Hackers have software that use every word in the dictionary, combined with phrases and numbers, to predict your password.

Attack 8: Rogue Security Software

Rogue security software is a malware that deceives its victims to think that they have a virus on their computer and offers a solution in the form of antivirus.

Unsuspecting victims pay and download the antivirus software. The ‘antivirus’ introduces malware into the system.

Protect your PC/Mobile Device

• Don’t open any attachments you are unsure of.
• Your password should include letters, numbers, and special characters in upper and lower case.
• Ensure that you update your apps and web browsers regularly.
• Use an ad blocker.
• Check email addresses to make sure they are from the right sources.
• Use internet security software on your devices.
• Add a password to your Wi-Fi hotspot.