TechPression

Author: Yemi Olakitan

  • Proforce Nigerian-Built Armoured Vehicles Make Waves

    Proforce Nigerian-Built Armoured Vehicles Make Waves

    Proforce Limited, a provider of defence solutions that specializes in weapons, armoured vehicles, and personal protection, is expanding production lines in Ogun state for weapons and armoured personnel carriers.

    The only manufacturer of armoured vehicles in Sub-Saharan Africa, based in Ode-Remo, Ogun state, is producing more weapons and armoured vehicles to combat the rising level of insecurity and save the country enormous sums of money annually spent on importing arms, ammunition, and armoured personnel carriers.

    Ade Ogundeyin, the chief executive officer of Proforce Limited, produces mine-resistant ambush-protected vehicles (MRAPs) for the country’s security personnel. He also manufactures bulletproof vests that security personnel require urgently. MRAP refers to light tactical vehicles used by the United States military that are designed to withstand improvised explosive device attacks and ambushes.


    The company, which is headquartered in Ode-Remo, Ogun State, has created a thriving security and mobile protective products market in Nigeria and Africa.


    In 2008, Ogundeyin was motivated to incorporate the company as a provider of total defence solutions, specializing in armoured vehicles and personal protection. A Colombian company initially approached him to help them sell their armoured vehicles in Nigeria. He stated that he wanted to be a partner with the company rather than a sales representative, but the company denied his request.

     

    Things You Need To Know About Proforce Products

    In a recent Journalists Hangout at TVC, he stated, “We wanted a partnership with them, but the company let us down. Coincidentally, the company folded within three months, and we brought the equipment into the country.”

    In addition to a third burner that can withstand stress variance, the vehicle is equipped with a 360-degree camera. It can travel at 120 kilometres per hour on the road and 110 kilometres per hour off-road and weighs 15 tons.

    Proforce has designed and constructed the vehicles to aid Nigerian troops in their fight against terrorism in the northeast and throughout the country.

    It is 3,4 meters tall and has a 400-horsepower engine. The underbelly can withstand and deflect explosives up to 10 kilograms in weight. The MRAP is equipped with two 440-litre fuel tanks, allowing it to travel 1200 kilometres without refuelling. It has long, flat tires that allow it to travel 50 kilometres despite being fired upon.

    According to him, the Nigerian government at all levels has no reason to import any type of armoured vehicle because the ones produced locally are superior, more durable, and do not experience overheating issues.

    “The majority of MRAPs you see on the road have overheating engines and long flat tires, but this is not the case with our MRAPs,” he says. “They have been evaluated in the north-eastern United States. He added, “It has been able to withstand the test of time.”

    There is a general tendency to undervalue anything produced in Nigeria, but Proforce’s success in the country is altering this perception. The Nigerian military has placed orders for MRAPs and spare parts from Proforce.

     

    Challenges 

    Ogundeyin stated that poor electricity supply and foreign exchange volatility continue to be Proforce’s most significant challenges. According to him, the company imports some spare parts, and obtaining foreign exchange has been extremely difficult.

    According to him, the poor power supply has continued to have a negative impact on the company, as it spends a great deal on diesel to power its factory, thereby increasing production costs. The company’s current clientele consists of Chad, Rwanda, and Niger.
    “The majority of the MRAPs we are currently manufacturing is destined for Chad.

     

    Read Also : Red Hat and General Motors are teaming up to pave the way for the future of software-defined vehicles

     

    “The government has determined that our MRAPs are superior in this environment,” he stated. Employees are trained locally and internationally for their specific jobs. By doing so, the company is increasing its local capacity and giving rural residents the opportunity to collaborate with international companies like Proforce.

     

    The Road Ahead and New Developments

    On the organization’s long-term goals, he stated that its armoured vehicles will be used to combat terrorism on a global scale and will be present in every country on the continent.
    According to a recent report, Proforce and Belarus have signed a contract for the delivery of defence equipment, possibly including armoured vehicles. Belarus is set to become the first country in Europe to acquire defence products from Nigeria, according to a tweet from @DefenseNigeria.

    Belarus became the first European nation to purchase Nigerian defence products with this contract. Proforce, as well as the Nigerian and Belarussian governments, have not disclosed the date and party with whom the contract was signed in Belarus.

    In December 2021, Proforce introduced Mine Resistant Ambush Protected (MRAP) vehicles. The Proforce PF Viper is an infantry assault vehicle designed for FAST ATTACK (IAV). Designed to provide ballistic protection, ricochet capability, and mobility, this MRAP variant is lighter and more manoeuvrable. 

    The PROFORCE PF Viper is equipped with a fully independent suspension system that offers controlled mobility over any terrain. The monocoque body structure and optimized sidewall angles are intended to enhance the vehicle’s ballistic protection.
    Regarding Proforce Limited

     

    About Proforce 

    PROFORCE LIMITED was founded in 2008 as a provider of total defence solutions specializing in the manufacture of armoured vehicles and personal protection. The company’s primary objective is to provide confidence in protective mobility.

    It has created a thriving market for mobile security and protection products in Nigeria and Africa. PROFORCE has leveraged its extensive technical expertise to provide exceptional security solutions for Government Agencies, Corporate Bodies, Diplomatic Communities, and the Private Sector throughout Nigeria and Africa.

     

    The Benefits of Proforce Armoured Vehicles

    Provision of sufficient protective overlaps around door gaps and major joints.

    • On-site fabrication of ballistic glasses, thereby preventing rapid de-lamination.
    • Customized solution based on customer specifications.
    • Suspension enhancement based on additional weight.
    • Permitting customers to observe the production of the armoured vehicle.
    • Utilize only materials with international certification for ballistics. Ballistic glasses that have passed temperature, transmissible, multiple-hit, vibration, sand and dust tests are installed.
    • Insertion of run-flat tire components.
    • Utilizing ballistic steel and composite armour of the highest quality.
    • Expats from Proforce have over 120 years of combined armouring experience.
  • Google to Remove 900,000 Abandoned Apps from Play Store

    Google to Remove 900,000 Abandoned Apps from Play Store

    According to Android Authority, Google plans to remove nearly 900,000 abandoned apps from Play Store. Reports say available apps on the Google Play Store could decrease by nearly a third. Both Google and Apple have introduced measures to address abandoned apps or apps that have not been updated in the past two years.

    This amounts to 869,000 apps for Google, while Apple has approximately 650,000. According to CNET, Google intends to conceal these applications, making it impossible for users to download them until their developers update them. Both companies are taking these precautions to protect the security of their users.

     

    Read Also : Dis-Chem Loses 3.7 million Customer Records in Data Breach



    Older applications do not take advantage of Android and iOS updates, new APIs, or new development techniques that provide enhanced security. As a result, older applications may contain security flaws that newer applications do not, according to the report.


    Google Signs Deal to Pay 300 Publishers in Europe


    Meanwhile, Google has signed deals to pay more than 300 publishers in Germany, France, and four other EU countries for their news and will roll out a tool to make it easier for others to sign up too.

    According to Reuters, the move to be announced publicly later on Wednesday followed the adoption of landmark EU copyright rules three years ago that require Google and other online platforms to pay musicians, performers, authors, news publishers and journalists for using their work.

    News publishers, among Google’s fiercest critics, have long urged governments to ensure online platforms pay fair remuneration for their content. Australia last year made such payments mandatory while Canada introduced similar legislation last month. “So far, we have agreements that cover more than 300 national, local, and specialist news publications in Germany, Hungary, France, Austria, the Netherlands, and Ireland, with many
    more discussions ongoing,” says Sulina Connal, Google’s director for news and publishing partnerships.


    Two-thirds of this group are German publishers including Der Spiegel, Die Zeit and Frankfurter Allgemeine Zeitung.

     

    Read Also : New Twitter Circle Tool for Selected People

     

    “We are now announcing the launch of a new tool to make offers to thousands more news publishers, starting in Germany and Hungary, and rolling out to other EU countries over the coming months,” Connal said in the blog post.

    The tool offers publishers an extended news preview agreement that allows Google to show snippets and thumbnails for a licensing fee.

  • Flutterwave Expose: The Untold Story of an African Tech Giant

    Flutterwave Expose: The Untold Story of an African Tech Giant

    Flutterwave, one of Nigeria’s biggest digital unicorns, is currently facing claims of “insider trading, fraud, and perjury” and is under intense public scrutiny. This was exposed in an inquiry report on the company titled “Flutterwave: The African Unicorn Built on Quicksand” published by independent investigative journalist David Hundeyin.

    The report accused the company of fraud, dishonesty, and insider trading, casting a pall over one of Africa’s most coveted tech businesses.


    Flutterwave Alleged Fraud : Highlights of the Story

    The narrative was based on conversations with three former Flutterwave employees, with whom the investigative journalist said he had a lengthy conversation before publishing the story. Mr Olugbenga Agboola, the founder of Flutterwave, was the focus.

    Flutterwave’s Mr Agboola was accused of “insider trading” for proposing to buy “stock options” from employees at a “lower” price than the “market price.” According to US law, this was a crime that may result in jail time.

    One such claim was impersonation and double-dealing by the creator, Mr Agboola, using his contact as an employee of Access Bank (Nigeria’s largest bank by asset base) to give deals to Flutterwave unknown to naïve clients and Access Bank itself.

    Mr. Agboola was also working for Access Bank at the time, according to the story, while developing his Flutterwave.

    Flutterwave was also accused of engaging in “fraudulent” acts by negotiating with Arik Air without “paperwork,” thereby facilitating transactions without adequate documentation, according to the article.

    “Basically, someone at Arik formed a payments company to process payments for him, but he was using Flutterwave to do it.” So he got a percentage of every Arik sale – and Arik transactions were among Flutterwave’s highest – but there was no reseller agreement.

     

    Read Also : Reactions Trail Flutterwave Fraud Allegation



    Mr Hundeyin further accused legal firm Banwo and Ighodalo “B&I” of caving into the demand of Flutterwave by advising a customer to abandon a case against the Tech company after they had earlier warned the client otherwise,

    The investigation also accused Flutterwave investors of mainly disregarding some of the allegations, despite the fact that they were aware of them.

    This is the second in a series of pieces about Nigeria’s technology ecosystem. In the last two weeks, Tech Cabal released a “toxic workplace” piece accusing Ebunoluwa Okunbanjo, the now-suspended CEO of Bento Africa, of workplace harassment. Okunbajo has apologized for his actions.

     

    Flutterwave’s Success Story

    The 37-year-old Agboola is one of Africa’s most well-known entrepreneurs, thanks to Flutterwave’s status as an early mover in Nigeria’s online payments sector and its unparalleled $3 billion value.

    He has a reserved demeanour and offers few media interviews, although he appears on a number of lists aimed at highlighting African achievement, including Quartz Africa’s 2019 innovators, Fortune’s 2020 list, and TIME’s 2020 list (2021).

    Agboola’s profile has grown beyond his leadership at Flutterwave in the last year, thanks to a flurry of personal investments in other African firms. He received a Business Insider award for “Tech Investor of the Year” a few hours after the West Africa Weekly piece was published.

    Flutterwave has also ventured into corporate venture capital, co-leading a $3.4 million deal for Dapio, a UK-based fintech. The company’s $250 million financing in February would be used to fund investments and aggressive marketing.

    However, suspicions about Agboola and Flutterwave have grown in recent days after a former employee, Clara Wanjiku Odero, accused Agboola of bullying and the company of incompetence that led to fraud.

    Despite Flutterwave’s denial, Odero, now the CEO of a Softbank-backed Kenyan fintech Credrails, openly stood by her assertions. A story that appeared to depict her in a negative light while celebrating Flutterwave’s unicorn voyage may have led her to write about her experience at the company. During a retreat in Ghana this year, the company’s leadership, including Agboola, were interviewed for the piece.

    Following that private trip, the company is now facing public scrutiny over a number of issues raised in this week’s exposé, including a rumored US Securities and Exchange Commission ethics inquiry.

    Foreign investors, who are rapidly pouring money into African businesses, are concerned that they would be discouraged.

    When Flutterwave needed to finance $100 million in January 2021, it presented investors with a compelling set of numbers. Between 2018 and 2020, its revenue increased from $5 million to $55 million. With a margin of 48 per cent, gross profit was $26 million. Thanks to the efforts of approximately 270 employees, its services were utilised in 20 countries.

    The company anticipated that it would hit over half a billion dollars in gross profit by 2025, with a margin of over 50%, based on these data (as reported in an investor presentation), the licenses it had in six African nations, and plans to offer additional goods.

    In March 2021, Tiger Global and other investors gave Flutterwave $170 million, valuing the company at a billion dollars for the first time. It marked a meteoric rise for a company that had been valued at $150 million just 18 months before. Flutterwave has raised more money and is now worth more than $3 billion, making it Africa’s most valuable and talked-about tech company.

     

    What Does All of These Mean for African Startups?

    However, with the focus on Flutterwave—and African startups in general—becoming less flattering this month as a result of allegations of financial and personal misconduct against CEO Olugbenga Agboola, attention on Flutterwave—and African startups in general—has shifted away from sugar rush valuations.

    For the first time in African IT, corporate governance, ethics, and culture are the most talked-about topics among investors.

    Meanwhile, investors and other African tech aficionados argue that Agboola’s alleged conduct should not be used to discredit Flutterwave, describing the situation as more akin to a Travis Kalanick Uber moment than a Theranos disaster. Two former Flutterwave investors feel Agboola should be fired as CEO, but that the claims will have no impact on the company because it is already a major player in Africa’s digital economy.

    “Telling these stories is actually vital in how we expand our ecosystem into self-sustainability,” Jason Njoku, one of Nigeria’s pioneering internet pioneers and CEO of IrokoTV, was quoted as saying. That’s all that matters in the long run. What we have now is hyperbole taken to its logical conclusion. It’s something I’ve been saying for years. Money from emerging markets is flowing into Nigeria, with no checks and balances in place.”

    The piece has also gone viral on social media, with discussions taking place on Twitter spaces and ClubHouse, among other places. Mr Hundeyin also agreed to an audio chat on Twitter Spaces, where he discussed the story with listeners.

    Mr Ayo Ogunjobi, a social critic and blogger, said there are no perfect companies or persons in a conversation with him. “If the lights of investigations and criticism were to be shone on all companies, practically every one of them would have one or more terrible stories,” he claims. Because success brings scrutiny, jealousy, and attacks, I will not pass judgment on Mr Olugbenga Agboola.

    Furthermore, the head that wears the crown is uneasy. It’s possible that the story is true, but it’s also possible that it isn’t. That, in my opinion, should have no bearing on Flutterwave’s success as an economic organization. However, I will caution Nigerian journalists to be selective in their reporting because there are far more positive stories about African technology to share than negative ones. That is not to say that the media should not report the truth, but a deluge of bad headlines from our media might suffocate Africa’s fledgling tech sector.”

  • Power Ride Lotus Reveals Its First SUV, The Eletre

    Power Ride Lotus Reveals Its First SUV, The Eletre

    Lotus Cars Limited, a British automotive company headquartered in Norfolk, England, has revealed the Eletre, its first SUV and one of several electric models planned to launch over the next few years.

     

    Lotus Cars Ltd and the Eletre

    Lotus manufactures sports cars and racing cars noted for their lightweight and fine handling characteristics. Previously known by its codename Type 132, the Eletre will start
    production later this year at a new factory in Wuhan, China, Lotus said in a press release.
    This will make it the first Lotus produced outside the United Kingdom, although production of the company’s traditional sports cars is expected to remain there.

     

    Read Also : Airtel Africa Applies to IFC for $194 Million loan

     


    The Electre is based on a new dedicated EV platform called Electric Premium Architecture (previously Evolution). While Lotus is known for petite sports cars, the Eletre is fairly large even by SUV standards.

     

    Eletre Actual Size

    Measuring 200.9 inches, it is longer than a Range Rover. Lotus has not said exactly how much the Eletre weighs—roughly 2,000 kg (4,000 pounds)—but in a press release, the company claims substantial weight reduction from extensive use of carbon fiber and aluminum, and even the minimalist shape of the dashboard. The automaker is still trying to follow founder Colin Chapman’s maxim “simplify and add lightness,” it seems.

    The Eletre gets a dual-motor all-wheel-drive powertrain with
    outputs starting at 600 horsepower, according to Lotus. At least one version will be able to do 0-60 mph in less than three seconds, the automaker claims. Top speed is 161 mph.

    The electric SUV will have a batterAirtel Africa Applies to IFC for $194 Million loan capacity of over 100 kwh, enabling a 300-mile range, Lotus said. DC fast charging at up to 350 kw will add up to 250 miles of range in 20 minutes, the automaker claims.

     

    More About Eletre Design

    The exterior design emphasizes aerodynamics, with vents in the hood and behind the front
    wheels, as well as active shutters that open only when needed to direct cooling air to the battery pack, motors, and brakes. Camera pods replace exterior mirrors, but they won’t be available in all markets due to differing regulations.

    Lotus also promises to handle worthy of its reputation thanks to
    air suspension with adaptive dampers, active anti-roll bars, brake-based torque vectoring, and four-wheel steering.

    Notable tech features include a 15.1-inch touchscreen display, an
    available augmented reality head-up display and integrated lidar sensors for planned deliveries for China and Europe are scheduled to start in 2023, but Lotus has not confirmed availability or launch timing for the United States.

     

    Read Also : Orange Announces Collaboration For Smartphone Financing in Côte d’Ivoire



    In addition, Lotus is in the process of shifting its sports cars
    to the electric era, using another new platform dubbed E-Sport Architecture.

    The very limited production Evija kickstarted the brand’s electrification shift, but a higher-volume electric sports car is scheduled for 2026, which is a four-door coupe and a smaller SUV launching in 2023 and 2025, respectively.

    Lotus has a rich history of light-weighting along with producing
    designs that appeal to car enthusiasts. The Lotus Esprit S1, for instance, partly inspired the Tesla Cybertruck. driver-assist features that extend from the bodywork when in operation.

  • How Africa is Regulating Fintech Companies

    How Africa is Regulating Fintech Companies

    Technology advancement in finance “fintech’’ arrived in Africa with a lot of optimism, promise and potential to the extent that US search engine giant, Google announced that it will invest up to $50 million in African growth-stage companies, targeting Fintech. However, the Fintech industry is moving at the speed of light while government regulators are struggling to catch up.

    In 2021, there were 144 fintech startups in Nigeria. Compared to the previous years, the number of startups in this sector continues to increase. Nigeria has, in fact, some of the highest numbers of fintech startups in Africa.

    Generally, it has been projected that the sector will contribute about $180 Billion to Africa’s GDP by 2025.

    The progress made by Fintech companies such as Flutterwave, Paystack, Accelerex, Paga, Interswitch, E-tranzact, Carbon Paylater has made banking services easily available to more people in Nigeria and the continent as a whole. Banking services have become accessible on the internet. Customers can make remittances, take loans and make withdrawals or send money.

    While the progress recorded in that sector has been heartwarming, the government has not found it easy to regulate that sector because it is new terrain to regulators who have been used to traditional business operations for decades.


    There have been no specific regulations for Fintech in Nigeria. The Bank and Other Financial Institutions Act 2020, classifies other financial institutions as Payment Service Providers “PSP” and International Money Transfer Activities, regardless of whether their activities are conducted digitally or not.


    The Securities and Exchange Commission (SEC), which is primarily responsible for capital market regulation, announced its Regulatory Incubation Program (the RI Program), which is the SEC’s version of the CBN’s regulatory sandbox for Fintechs offering services and products in the Nigerian Capital Market space.

    Read Also : eCedi: Ghana Adopting Crypto-like Mobile Money


    While the SEC has been lauded for launching the RI Program, many have however expressed worry about the CBN’s restrictions on cryptocurrency exchanges. However, a good look at Africa’s Fintech regulatory framework must take into account the major cities in Africa where the sector is strongest.

    Fintech Companies in Lagos Nigeria.

    Lagos; Africa’s most populous nation, is ranked third among African FinTech hubs and 71st globally. It is one of the region’s biggest opportunities for FinTech with nearly 40% of the population unbanked and close to two-thirds under 25. In March 2018, the Central Bank of Nigeria (CBN), in collaboration with the Nigerian Interbank Settlement System, introduced a regulatory sandbox even as the CBN is developing a set of regulations for FinTech firms. In December 2019, Financial Services Innovators (FSI), a leading Nigerian community of FinTech entrepreneurs, regulators, companies, incubators, and developers, launched the first FinTech industry innovation sandbox in Nigeria.

    Nairobi, Kenya

    As one of the leading economies of Africa, Kenya’s financial inclusion has been at its forecast level for well over a decade, increasing by a projected six per cent in the African Development Bank (AfDB) statistics, in 2020.
    Similar to Nigeria, the Central Bank of Kenya (CBK) does not recognize cryptocurrency as a legal tender and has repeatedly cautioned the public from dealing with virtual currencies. However, in contrast to Nigeria’s regulatory environment, Kenya’s government has provided new startups with financing and lenient rules, resulting in increased fintech adoption throughout the nation.


    Fintech Scene Johannesburg, South Africa


    In 2020, the Global Fintech Index City ranked Johannesburg, South Africa as the first African country and 37th on the world’s Fintech startup ecosystem map alongside Kenya, Nigeria, Ghana, Egypt, and Uganda. It is also recognized as a fintech game changer in Africa.

    Read Also : ThriveAgric Secures $56.4 Million To Expand Across Africa


    The increase in fintech innovations in South Africa has improved the efficiency of the financial sector and strengthened the financial integration of all South Africans by addressing their daily needs and helping them to achieve financial targets.
    The Global FinTech Index 2020 identifies the four African cities of Johannesburg, Nairobi, Lagos and Cape Town among the top 100 FinTech ecosystems globally. The rankings reflect that these cities are home to Africa’s most valuable tech ecosystems and typically account for the most start-up investment received on the continent.


    Home to some of Africa’s leading banks, financial institutions and FinTech start-ups, Johannesburg is the continent’s largest FinTech hub with a global ranking of 62. South Africa is the only African country on the list to boast two FinTech hubs, with Johannesburg followed by its sister city of Cape Town at fourth place in Africa and 87th place globally. On the regulatory front, the South Africa Reserve Bank has overseen several initiatives including Project Khoka, a proof-of-concept interbank payment and settlement system based on Distributed Ledger Technology, and the Inter-Governmental FinTech Working Group (IFWG). In April 2020, the IFWG rolled out an innovation hub with a three-pronged approach of regulatory guidance, testing products and services through the regulatory sandbox, and an innovation accelerator to give firms the opportunity to connect with others using the hub.


    Mauritius Fintech Scene

    While Mauritius may not breathe the same rarefied air as South Africa, Kenya or Nigeria, it is clear that the small island nation is punching above its weight in the FinTech space. Incidentally, the Global FinTech Index 2020 highlights conducive regulation and small size as two ingredients of successful FinTech hubs. It notes that smaller cities tracked by the index do really well as “proof of the value of an ecosystem where people can connect easily.” On regulation, it stresses that conducive legislation tops the chart of a successful FinTech hub as FinTech-friendly regulations encourage investment.

    Read Also : Ghana Revenue Authority May Tax Netflix, Amazon, Others To Generate More Revenue

    Mauritius clearly has both factors going in its favour, as evidenced by the small size of the innovation ecosystem that facilitates networking and interactions among all members, and the focus on developing a regulatory framework that nurtures the growth of FinTech firms.


    No wonder then that the island economy counts among the handful of countries in the continent that have implemented a regulatory sandbox regime, under which its Economic Development Board (EDB) has granted licenses to at least 9 companies as of August 2019, including crowdfunding platforms, blockchain services, and crypto-currency exchanges.

    Fintech Scene in Tanzania


    Financial Technology /FinTech has been growing at a rapid pace in Tanzania. Part of the reason for this rapid rise is that Tanzanian regulators are actively encouraging FinTech innovation, as an emerging industry that uses technology to improve financial activities. FinTech done well is a powerful tool for achieving financial inclusion for Tanzania’s mass unbanked population. The need to harmonize all mobile-money platforms has forced the government to incorporate these platforms through the National Switch Interoperability agreement by Tanzania Communication Regulatory Authority (TCRA).


    The government provides Legal and Regulatory framework support but at the same time, government and MNO’s and firms that involve themselves with the FinTech business have entered into an MoU with the Financial Sector Deepening Trust (FSDT) to allow smooth flow of funding and technical know-how.


    There are over 21 million active mobile wallets in Tanzania, while those who use Mobile financial services stand at 16.6 million. This includes users of mobile banking, mobile lending and saving, money transfers, online mobile payment systems, scanning and tapping card payment aggregation, and international remittance business. This has led many banks to consider prioritizing mobile banking services.

  • Netflix Plans to Charge Users Who Share Their Passwords

    Netflix Plans to Charge Users Who Share Their Passwords

    Those who share their Netflix passwords with friends and family are in for a rude shock. Netflix has revealed that it is aware of such exchange of login details? Not only does Netflix knows about it, it is testing a new way of allowing account sharing, but for an additional fee.

    Sharing your Netflix password with someone for free outside your household may soon become a thing of the past.

    In a news release posted to its website Wednesday, the streaming giant announced that it will begin testing ways to make users sharing an account outside the household pay for such exchange of login details.

    What Netflix is saying

    “We’ve always made it easy for people who live together to share their Netflix account, with features like separate profiles and multiple streams in our Standard and Premium plans,” the company said in a statement. “While these have been hugely popular, they have also created some confusion about when and how Netflix can be shared.”

    The company stated that the improper sharing of accounts outside the household has affected Netflix’s “ability to invest in great new TV and films for our members,”
    The company’s terms of service say an account “may not be shared with individuals beyond your household,” a rule often flouted by subscribers.

    The test run of new prices to “add an extra member” on standard and premium plans will take place first in Chile, Costa Rica and Peru.

    Those who have been illicitly sharing passwords in those three countries can transfer profile information to new accounts or to the “extra member” subscriber accounts.

    “We recognize that people have many entertainment choices, so we want to ensure any new features are flexible and useful for members, whose subscriptions fund all our great TV and films,” Netflix said. “We’ll be working to understand the utility of these two features for members in these three countries before making changes anywhere else in the world.”

    What you should know About NetFlix Current Financial Standing 

    Netflix’s overall revenue in the fourth quarter of 2021 was nearly $7.7 billion, up from roughly $6.64 billion in the fourth quarter of 2020.

    Netflix’s yearly revenue in 2021 was about $30 billion dollars, maintaining the company’s extraordinary year-over-year increase over the prior decade.

    The video streaming site’s overall revenue reached around $30 billion in 2021, up from 1.67 billion US dollars a decade ago.

    Netflix has also suspended its service in Russia, a company spokesperson said. “Given the circumstances on the ground, we have decided to suspend our service in Russia,” the spokesperson said.

  • Technology in Nigeria’s Piracy Fights: What Somalia Can Learn

    Technology in Nigeria’s Piracy Fights: What Somalia Can Learn


    The Gulf of Guinea previously worn the title of the region with the highest rates of piracy attacks globally in the shipping corridor for years. The 5,000-nautical mile (nmi) coastline of the wider Gulf of Guinea offers seemingly idyllic conditions for shipping.

    It has numerous natural harbours and is largely free of weather-related chokepoints. It is also rich in hydrocarbons, fish, and other resources. These attributes provide tremendous potential for maritime commerce, resource extraction, shipping, and development. Indeed, container traffic in West African ports has grown 14 per cent annually since 1995, the fastest of any region in Sub-Saharan Africa.

    This economic boom, however, is threatened by pirates. In 2012, the Gulf of Guinea surpassed that of the Gulf of Aden (infamous for high-seas hijackings) as the region with the highest number of reported piracy attacks globally. These attacks also tended to be more violent. Given the limited maritime security presence of the West African coast, South American narcotics traffickers have found the region an attractive transit route to Europe.

    Oil theft and illegal bunkering plague the Gulf of Guinea.


    Nigeria alone loses between 40,000 and 100,000 barrels a day due to theft. With 40 per cent of the region’s annual catch estimated to be illegal, unregulated, or unreported, West Africa’s waters also endure the highest level of illegal fishing in the world.

    Trade partners have taken note. In 2013, almost all the estimated $10.2 billion worth of regional trade with the United Kingdom moving through the Gulf of Guinea was declared at risk of theft.

    Read Also : Cyberattacks Ravages European Oil Companies


    \With the increase in risk to ships, cargo, and seafarers, insurance premiums have soared, and companies have taken on additional burdens to secure their ships.

    However, efforts by the Federal Government of Nigeria in combating maritime crimes may have begun to yield results. The International Maritime Bureau (IMB), in a report, revealed a drastic reduction in the rate of piracy in the Gulf of Guinea.

    The Deep Blue Project


    The report said that piracy in the region dropped from 33 incidents in the last quarter of 2020 to six in the second quarter of 2021. IMB said the development gave credence to Nigeria’s efforts in combating piracy in the Gulf of Guinea, including the Integrated National Security and Waterways Protection Infrastructure, also called the Deep Blue Project.

    The IMB second quarter (Q2) 2021 report on the global reduction of piracy in 27 years in Nigeria, including the Gulf of Guinea region, stated that “the number of kidnappings in the Gulf of Guinea in the second quarter of 2021 is the lowest since Q2 of 2019.

    Director at IMB, Michael Howlett, said while it welcomes reduced piracy and armed robbery activity in the Gulf of Guinea, the IMB commended efforts by the Federal Government of Nigeria to tackle the challenge of piracy in the region, adding that reporting all incidents to the Regional Authorities and IMB PRC will ensure seafarers maintain pressure against pirates.

    Read Also: Cyber Crime Typology in Nigeria a sign of industrialization 

    “Bringing together maritime response authorities through initiatives – like Nigeria’s Deep Blue Project and Gulf of Guinea Maritime Collaboration Forum – will continue and strengthen knowledge sharing channels and reduce risk to seafarers in the region,” he said.

    How Nigeria did it

    Enhanced information sharing in the West and Central Africa sub-region. What technology was involved in Nigeria’s fight against piracy in the Gulf of Guinea? Reports reveal Drones and Choppers regularly deploy to combat piracy in the Gulf of Guinea. The government also use boats and aircraft to counter attacks on ships.

    The Situation in Somalia


    On the other hand, Somali pirates are checkmated by a patrol of the European Union Naval Force Somalia (EUNAVFOR), one of several initiatives to combat piracy against international shipping off the coast of Somalia.

    Twenty years ago, when the government of Somalia collapsed, few imagined that the country’s ongoing state of lawlessness would eventually spawn piracy on such a scale that the security of the western Indian Ocean region could be threatened. At first, many assumed that pirate attacks on passing ships could be quickly stifled.

    But the problem has grown into a global malady that so far has warranted seven United Nations resolutions, one of which authorized “all necessary means to repress piracy and armed robbery at sea.”

    According to the UN’s International Maritime Organization (IMO), the problem is global, with 276 acts of piracy or armed robbery against ships reported worldwide in 2010. With failed attempts added, the total climbed to 489, a 20 per cent increase from 2009. Although the South China Sea suffered the most attacks, Somalia came in second.

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    The economic losses are also enormous. The US-based non-governmental One Earth Future Foundation, in a recent study on naval piracy, estimated that Somali pirates extorted some $177 million in ransom in 2009 and $238 million the following year. Including the costs of higher insurance premiums, re-routing ships, anti-piracy security and the impact on regional economies, the total annual costs may range between $7 billion and $12 billion, the study finds.

    Justifications

    Some arrested Somali pirates and senior officials have sought to justify the explosion of piracy off East Africa by citing illicit activities of foreign vessels off the Somali coast. Somali fishermen have long complained that foreign ships have been hurting their livelihoods by overfishing nearby waters, often with large illegal nets.

    In any case, critical figures within Somalia’s Transitional Federal Government strongly believe there is a connection. “If the international community wants to limit acts of piracy,” says Deputy Premier Abdulrahman Adan Ibrahim Ibbi, “it has to help Somalis keep illegal foreign fishing and toxic waste dumping away from their coasts.”

    Change on the ground

    Ultimately, whatever measures are taken to contain Somali piracy on the high seas, long-term solutions must address the source of the problem: the political instability and ongoing warfare within Somalia itself. Nigeria’s political stability has helped it in the fight against piracy.

    “You cannot hope to tackle piracy in any kind of serious way without change on the ground in Somalia,” argues Roger Middleton, a maritime expert with the Chatham House think-tank in London. “This is not started on the ocean, and it’s not a problem that can be solved on the ocean.”

    Regional political leaders agree. “The solution to ocean piracy,” says Ugandan President Yoweri Museveni, “is to ensure a stable government in Somalia.”

    It will then be possible to use information technology, drones, choppers etc., to fight piracy in Somalia like it is done in Nigeria.

  • IoTFA 2022 : Johannesburg Gears up for the 5th IoT Forum Africa

    IoTFA 2022 : Johannesburg Gears up for the 5th IoT Forum Africa

    IoTFA 2022 is here, in the past few years, organizations of all sizes have had to adapt to a proliferation of new technologies such as artificial intelligence (AI), cloud computing, blockchain, 5G, and the Internet of Things (IoT).

    As a result, policymakers have come to conclude that, for IoT to function effectively, it will need more than just infrastructure – it will also need innovative solutions to ensure its sustainability and security. And while there is a real hype surrounding IoT, very few enterprises know how to actually make the most of it.

    This is why Johannesburg is gearing up for the fifth Internet of Things Forum Africa ( IoTFA 2022). This two-day hybrid conference is set to take place from 29 to 30 March 2022 at The Maslow Hotel, Johannesburg, South Africa.

    Under the theme, “Enabling Enterprise Transformation with IoT”, #IOTFA2022 will see hundreds of Africa’s top tech heavyweights become equipped with the knowledge and tools needed to plan and implement successful IoT projects going forward.

    The forum will also look into IoT, AI, and big data convergence, as well as sustainable ecosystems that can truly tap into this connected technology.
    This event will push for the evolution of IoT from the project stage into real-world production as soon as possible.

    Johannesburg Gears up for the 5th IoT Forum Africa
    The Speakers confirmed for IoTFA 2022 include:

    • Paul Morley– Enterprise Data Executive at Nedbank, Mathew Bernath – Head of Data Analytics at Rand Merchant Bank, Abe Wakama – Chief Executive Officer at IT News Africa
    • Maritza Curry– Data & Analytics Professional at RCS Group (South Africa)
    • Maciej Kaliszka – Head: Analytics (Corporate Investment Banking at Pan Africa)
    • Jawad Raza – SVP Head of Data Analytics, Big Data, AI at Meezan Bank Limited
    • Ian Oppermann – NSW Government Chief Data Scientist and Industry
    • Sarah Gadd – Head of Data and Artificial Intelligence at Credit Suisse
    • Hartnell Ndungi – Chief Data Officer (CDO) at ABSA Bank Kenya PLC
    • Amer Hussain – Senior Vice President Integrated Supply Chain Leader: India & International at Jubilant Foodworks Ltd (India), Alejandro Correa Bahnsen – PhD, Chief Artificial Intelligence Officer at Rappi (Colombia), Vukosi Sambo – Head of Data Solutions at Medscheme.

    Enabling Enterprise Transformation with IoT

    Internet of Things Forum Africa is the premier African event on the Internet of things. It pushes the narratives and boundaries of how IoT can deliver unprecedented intelligence to drive performance, growth, and profitability.

    The forum provides an opportunity for industry stakeholders to engage with 600+ executives, entrepreneurs, and solution providers in Johannesburg – for an event entirely focused on the Internet of Things.

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    Furthermore, the amount of data created by connected devices is a growing concern for businesses, and this year’s IOTFA2022 will discuss and assess new technologies and processes that will allow organisations to keep up with this huge influx of data. The forum will look into IoT big data convergence, management, processing, and building sustainable technological ecosystems.


    IoTFA 2022: Benefit to Attendees

    Attendees will learn from some of the most powerful brands, mavericks, and visionaries that are setting the pace for change and driving disruption in retail. Speakers will showcase their thought-leadership and share insights and experiences that shape solutions to critical business challenges. Exhibitors will reinforce their position as leading providers of technology solutions.

    Attendees will interact with world leaders in this sphere and learn how they have successfully implemented their IoT. They will learn more about the advancement in the Industrial Internet of Things


    They will connect digitally with hundreds of IoT decision-makers, vendors, analysts, and developers and find out the future of IoT in Africa. They will learn from real-world case studies and hear discussions about lessons learned and challenges faced in Africa’s drive towards Smart City, Industrial, and Enterprise IoT Implementations and prepare their organisation for a technology-powered future.

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    The highly anticipated conference is targeted at academics, specialists, thought leaders, IoT ecosystem participants, and experts, and will create a platform for all players to share their knowledge of real-world IoT trends, challenges, and solutions.

    For those looking for maximum exposure, sponsorship, and exhibition packages, this forum offers a great opportunity to showcase their brands, speak and present solutions to a select audience. Packages are available for all budgets, but spots are limited. 

  • Facebook sells its digital currency project

    Facebook sells its digital currency project

    Diem, the Facebook-backed digital currency project, has announced the sale of its technology for $182 million, capping a year-long initiative that attracted significant regulatory scrutiny.
    Facebook’s announcement in 2019 of plans to design a cryptocurrency and payment system raised immediate red flags for global finance officials, who expressed a barrage of criticism about the security and reliability of a private network.
    “The idea of Facebook doing a cryptocurrency was a bridge too far for regulators,” said analyst Rob Enderle of Enderle Group. They have made it clear they don’t trust Facebook with what they are doing now, we are not going to let it go into the money business.”
    Diem Networks’ US CEO Stuart Levey said in a statement that the initiative made progress, but “it nevertheless became clear from our dialogue with federal regulators that the project could not move ahead.”

    “Over the coming weeks, the Diem Association and its subsidiaries expect to begin the process of winding down,” the association’s statement said.
    The technology was bought by Silvergate Capital Corporation in California is a go-to for crypto projects, which put the sale price at $182 million.

    Silvergate bought development, deployment and operations infrastructure, as well as tools for running a blockchain-based payment network for payments as well as cross-border wire transfers.
    “As far as I can tell, Diem is dead,” Enderle said.
    “As we undertook this effort, we actively sought feedback from governments and regulators around the world, and the project evolved substantially and improved as a result,” the Diem association’s statement said. Facebook developed the technology, initially named Libra, and then entrusted control of the project to an independent entity based in Geneva.
    After the defection of several major partners such as PayPal, Visa and Mastercard, the organization scaled back its ambitions, before renaming itself Diem at the end of 2020.
    The so-called stable coin — a type of digital money tied to other kinds of assets — never launched. It was not clear what will become of related plans for Facebook-parent Meta to build a virtual wallet for holding cryptocurrency.
    “The combination of a stable coin issuer or wallet provider and a commercial firm could lead to an excessive concentration of economic power,” US regulators said in a 2021 report.
    “These policy concerns are analogous to those traditionally associated with the mixing of banking and commerce, such as advantages in accessing credit or using data to market or restrict access to products,” the report said.
    Facebook, which renamed itself, Meta, in October, has faced criticism on the dominant position it holds online, yet it’s not the only powerful organization interested in crypto.
    Creative Strategies analyst Carolina Milanesi wondered whether Libra-turned-Diem was, from the outset, part of Facebook’s vision of being a platform for the metaverse. “Cryptocurrency is going to get into the metaverse one way or another,” Milanesi said.
    “Maybe that is what Facebook is counting on and decided to leave the headache to someone else.”
    People are already buying real estate in immersive, virtual worlds referred to as the metaverse.
    The European Central Bank in July formally launched a pilot project to create a “digital euro,” in response to the growing popularity of electronic payments and the rise of cryptocurrencies. Central banks are also responding to increased demand for digital payment options as cash use continues to decline, a trend fueled by the pandemic and the desire to avoid contact.
    “There is a lot of distrust surrounding cryptocurrency, and a lot of us in the industry are convinced it is a big Ponzi scheme,” Enderle said. The Diem asset sale “is another red flag on crypto,” he added.

     

  • The Top 5 Cryptocurrencies to Watch Out For in 2022

    The Top 5 Cryptocurrencies to Watch Out For in 2022

    Here is a look at 5 cryptocurrencies investors should watch out for in March 2022:
    Bitcoin’s BTC

    Cryptocurrency has seen a lot of net accumulation from whales. Clemente, who is an on-chain analyst and the lead insights analyst at Blockware, said he remains bullish on Bitcoin. He stated, “Quite bullish for Bitcoin to see this prolonged regime of spot premium over perps. Summer 2021 regime lasted 88 days, we are currently on day 83 of this current regime.”


    He further stated in another tweet, “Am bullish BTC over next few months. Strong holding behaviour on-chain paired with a lot of relative dry powder sitting on exchanges, stacked beside in order books, & prolonged regime of spot premium over perps.” He also suggested that the interest rate hike expected from the U.S Fed is likely priced in. He stated, “March will be here next week, max hawkishness likely priced in.”


    In January, William Clemente had earlier stated that “Illiquid supply shock ratio continues to climb. This means that coins are moving from entities that hold less than 75% of the coins they take into entities that hold more than 75% of the coins they take in. In laymen’s terms, this shows that coins are moving to strong hands. The qualitative aspect of Bitcoin’s float looks very healthy. Of course, this is only one side of the equation. We can have all the holding behaviour in the world but if there’s no marginal demand stepping in it doesn’t translate to price appreciation.”

     

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    He was right, as we saw that big money players are coming back into the market, as February saw significant whale accumulation as Bitcoin dropped to $34,000 level.
    Bitcoin ended the month trading at $43,193.23.


    Decentraland’s MANA


    Decentraland was founded by Esteban Ordano and Ariel Meilich in 2015. The platform is a 3D virtual world, browser-based metaverse, that is built on the Ethereum blockchain. The platform seeks to incentivize a global network of users to operate a shared virtual world. The platform combines the power of two tokens; LAND and MANA, to deliver a unique gaming economy and virtual experience.


    LAND is a non-fungible token (NFT) used to define the ownership of land parcels representing digital real estate while MANA is the native token of the platform that facilitates purchases of LAND, as well as virtual goods and services used on the platform. Also, MANA acts like a governing token for the platform. This means it gives users the ability to vote on policy updates, LAND auctions and subsidies to improve the platform. Also, when LAND is auctioned, the MANA tokens used to purchase the parcels are burned, or removed from circulation, making the supply of MANA deflationary.


    Decentraland has been the platform to go to for many institutional investors looking to invest in the idea of a metaverse. JPMorgan, one of Wall Streets’ and America’s largest banks, becomes the first major banking giant to establish itself in the Metaverse by opening a lounge in Decentraland, an Ethereum based metaverse, created based on blockchain technology. Asides from this, in January, electronics giant Samsung opened a version of its New York store in Decentraland and in November 2021, Barbados established a metaverse embassy in Decentraland. Also, a few weeks ago, Decentraland hosted the first-ever metaverse wedding.


    Due to the huge traction Decentraland has been getting and the caliber of investors the project has been able to bring closer so far, it puts its governance token, MANA, on our watch list for March 2022.
    MANA ended the month trading $2.84.

    Sandbox’s SAND


    Sandbox is also a blockchain-based virtual world allowing users to create, build, buy, and sell digital assets in the form of a game using its native token called the SAND token. Sandbox was launched in 2011 by Pixowl and is built on the Ethereum ecosystem. It combines the powers of decentralized autonomous organizations (DAO) and non-fungible tokens (NFTs), to create a unique decentralized platform for a thriving gaming community.
    On the 29th of November the platform opened up part of its metaverse after four years of development, to 5,000 players for the first time via a multi-week, play-to-earn (P2E), Alpha event called The Sandbox Alpha.


    Since the platform opened up part of its metaverse, it has been racking up partnerships. Sandbox announced partnerships with American rapper Snoop Dogg and Warner Music, a major record label. Asides from this, they also partnered up with Warner Music Group (WMG), to create a musical theme park and concert venue within the gaming metaverse.
    The firm also recently launched its Metaverse Accelerator Program, which will push the development of the open metaverse by investing $50 million in startups. The token is also part of those in consideration to be invested in by Greyscale, one of the largest crypto asset management firms. Sandbox’s native token, SAND, ended the month trading $3.21.

    Cardano’s ADA


    Cardano is a proof-of-stake open-source blockchain that aims to “redistribute power from unaccountable structures to the margins to individuals,” helping to create a society that is more secure, transparent and fair. Cardano is one of the biggest blockchains to successfully use a proof-of-stake consensus mechanism, which is less energy-intensive than the proof-of-work algorithm relied upon by Bitcoin. Although the much larger Ethereum is going to be upgrading to PoS, this transition is only going to take place gradually.


    The Cardano blockchain has been a very significant leap upward in the level of transaction volume seen on the blockchain. Currently, of all the blockchains, Cardano is now ranked #2 in total transaction volume with an average daily volume of $12.85 billion as of the time of this writing, surpassing Ethereum. This is evident due to the increase in chain activity of the Cardano ecosystem as its first Decentralized Application, SundaeSwap launched in January. On SundaeSwap, users have complained about increased transaction settlement times due to the high volume of transactions seen on the blockchain.


    The ADA token is currently ranked #8 with a market capitalization of $32.5 billion as its price trades levels have not been seen since July 2021. Due to its increased on-chain activity and more people excited about the launch of its DApp, it makes it one to watch in March 2022. ADA ended the month trading at $0.9598.

    XRP


    XRP is the native token of the XRP Ledger and can be used as a currency to transact on the platform and other supported platforms.


    XRP, popularly known as the banker’s coin as made it to the list. This is because Ripple’s CEO Brad Garlinghouse took to Twitter to announce that his company has bought back its Series C shares which were sold to investors to raise funds in December 2019, at a $15 billion valuation.


    This news also comes while the Securities and Exchange Commission (SEC) case against Ripple is ongoing. In December of 2020, the SEC charged Ripple with allegations stating that its executives sold $1.3 billion worth of XRP in an unregistered securities offering. Ripple objected to the claims, saying that XRP should not be considered a security.
    One of the pillars of Ripple’s defense is that it simply did not know that its XRP token could be categorized as a security. Ripple argues that the SEC should have notified the company of its intentions before taking the matter to court. By not doing so, the agency denied Ripple what is known as fair notice.


    In the latest development concerning the case, Judge Analisa Torres has granted Ripple’s permission to respond to the SEC’s Memorandum of Law in support of the Motion to Strike fair notice defense, according to court documents. So far, ripple has been given the opportunity to unseal a series of 2012 documents whose contents is believed to show that the firm did not know that the XRP token could be categorized as a security, which the SEC claims the company knew.


    Many are predicting that Ripple will win the case and this has caused a whale to make a purchase of $700 million worth of XRP in the month of February. This is described as the second-biggest accumulation in the XRP’s history. Also, a former SEC official also predicts that the SEC will lose on the merits of the case against XRP. Attorney Joseph Hall stated, “I’m not entirely sure what the SEC is planning on proving in the XRP litigation… And I continue to think there is a pretty good chance that [the SEC] will lose on the merits.” This is why XRP makes our list for March. XRP ended the month trading