👩🏾‍💻 Flutterwave Hit by N11bn Security Breach | 🛜 East Africa’s Internet Resumes After 4-day outage

Today’s Menu ☕️

👩🏾‍💻 Flutterwave Hit by Another Security Breach, ₦11 Billion Transferred to Unauthorised Accounts
🛜 East Africa’s Internet Resumes After Cable Cut, Highlighting Regional Vulnerability and Geopolitical Concerns
💰Accion initiates $152.5 million digital transformation fund to enhance financial inclusion in Africa
📽️ TikTok Challenges YouTube with 60-Minute Video Upload Test
☀️ d.light receives $3.4 million grant for solar power initiative in Ugandan refugee settlements

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👩🏾‍💻 FRAUD

Flutterwave Hit by Another Security Breach, ₦11 Billion Transferred to Unauthorised Accounts

Flutterwave, Africa’s renowned fintech unicorn, has confirmed a security breach that resulted in the unauthorised transfer of ₦11 billion ($7 million) to several accounts in April 2024. However, the company vehemently asserts that no customer funds or data were compromised during the incident.

The breach, the fourth reported in the past fourteen months, occurred despite Flutterwave’s efforts to strengthen its security systems after previous incidents. The company disclosed that the perpetrators transferred the funds to multiple accounts across five financial institutions, employing tactics to avoid triggering fraud checks.

While Flutterwave has not officially confirmed the exact amount lost, sources indicate that the figure could be as high as ₦20 billion ($13.5 million). The incident is under investigation by law enforcement agencies, with the fintech giant actively cooperating to track down the perpetrators...……continue reading

🛜 INTERNET

East Africa’s Internet Resumes After Cable Cut, Highlighting Regional Vulnerability and Geopolitical Concerns

Internet services across East Africa are back online after a four-day outage triggered by damage to two crucial undersea cables, EASSy and SEACOM. The disruption, affecting Kenya, Uganda, and other nations, was confirmed resolved on May 16th by major providers like Safaricom and Airtel Uganda.

However, the return of connectivity is tempered by lingering concerns about the region’s digital infrastructure and geopolitical tensions. The repair ship Léon Thévenin is en route to the damaged cable site, expected to complete repairs by May 18th. Yet, this incident is the second major outage in East Africa this year, following a February disruption also blamed on cable damage.

The frequency of these outages highlights the vulnerability of the region’s reliance on undersea cables for internet access. Experts emphasize the need for diversified infrastructure and backup systems to minimize future disruptions.......……continue reading

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💰 FINANCIAL INCLUSION

Accion initiates $152.5 million digital transformation fund to enhance financial inclusion in Africa

Accion, a non-profit organization dedicated to enhancing financial access, has unveiled the Accion Digital Transformation Fund, a substantial $152.5 million endeavour aimed at enabling conventional financial entities to better serve small businesses that are typically overlooked.

This new fund is specifically tailored to assist microfinance institutions and similar entities across regions such as Africa, South and Southeast Asia, and Latin America.

The primary objective of this initiative is to close the divide that exists between traditional financial service providers and small businesses that have not yet fully benefited from digital financial service...……continue reading

📽️ SOCIAL MEDIA

TikTok Challenges YouTube with 60-Minute Video Upload Test

TikTok, the social media giant renowned for its short-form video content, is testing the waters of long-form video with a new feature allowing select users to upload videos up to 60 minutes in length. This strategic move marks a significant shift from the platform’s signature bite-sized videos and positions it as a direct competitor to YouTube, the established leader in online video.

This development comes in response to growing demand from creators seeking more time to showcase their content. The extended duration opens up a wealth of opportunities for in-depth tutorials, detailed demonstrations, and even full-length episodes of television shows.

While TikTok’s short-form format catapulted it to global success, this expansion into long-form content signifies a calculated effort to broaden its appeal and capture a larger share of the online video market. By catering to creators who typically gravitate towards YouTube for longer videos, TikTok aims to solidify its position as a versatile platform capable of hosting a wide array of content...……continue reading

OTHER STORIES

• d.light receives $3.4 million grant for solar power initiative in Ugandan refugee settlements. In a targeted effort, d.light has committed to supplying 10,000 solar home systems at a subsidized rate to refugees hailing from South Sudan, the Democratic Republic of Congo, and other nations who have found refuge in the Northern and Western regions of Uganda…..read more

• Ethiopian firms D!NK and Gebeya forge partnership to transform talent management and multimedia services. Two prominent Ethiopian enterprises, D!NK Multimedia and Gebeya Inc, have recently unveiled a strategic alliance with the goal of revolutionizing the domains of talent management and multimedia services within Ethiopia and beyond its borders.…..read more

• Learning from Failed Products: A Critical Component of Organizational Growth. In the fast-paced world of product development, companies often find themselves navigating a landscape filled with both successes and failures. While success stories grab headlines and drive revenue, failed products are equally crucial for organizational learning and growth…..read more