🏦 GTBank refutes website cloning claim; confirms no instance of compromise of customer data

Today’s Menu ☕️

🏦 GTBank refutes website cloning claim; confirms no instance of compromise of customer data
💵 Flutterwave’s Legal Battle Intensifies as Court Rejects Police Bid to Recover Billions
🚙 Buyer steps in for Kenya’s Mobius Motors following shutdown notice
💰 Gaea Foods Secures Investment to Expand Operations and Empower Local Communities
🤖 xAI Launches Grok-2 and Grok-2 Mini in Beta, Enhancing AI Capabilities on X Platform

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🏦 BANKING

GTBank refutes website cloning claim; confirms no instance of compromise of customer data

GTBank, a Nigerian commercial bank, has issued a statement refuting claims that hackers had “seized the Bank’s website, cloned it and intercepted customer data.”

The bank however confirmed that there was an isolated incident of an attempt to compromise our website domain.

The hacking attempt took place just a day after the bank renewed its domain name, leading to a temporary disruption of the website that left customers unable to access online services. The bank was trending on social media due to complaints from customers who could not access online services.

Online Services have been restored and the bank has reassured its customers and stakeholders that the Bank’s website has not been cloned. It also stated that the bank does not store customer information on its website, and as such, there was no instance of compromise of customer data.

💵 PAYMENTS

Flutterwave’s Legal Battle Intensifies as Court Rejects Police Bid to Recover Billions

Flutterwave is embroiled in a complex legal battle as it grapples with the aftermath of a significant security breach that occurred in October 2023. The latest development in the saga saw a federal High Court in Abuja reject a police request to freeze and reverse billions of naira allegedly stolen from the company’s account.

The incident unfolded on October 12 and 13, 2023, when a system glitch enabled several Point of Sale (POS) merchants to exploit vulnerabilities in Flutterwave’s platform, facilitating unauthorised transfers of funds. Despite the magnitude of the breach, Flutterwave maintained that no customer funds were lost, attributing the incident to a system error.

In a bid to recover the stolen funds, the Inspector General of Police filed a motion in July 2024, seeking a court order to compel 12 banks and financial institutions to reverse the billions of naira allegedly transferred to numerous accounts belonging to unidentified individuals. The police argued that approximately 244 suspects were involved in the fraudulent scheme.…....continue reading

🚙 AUTOMOBILES

Buyer steps in for Kenya’s Mobius Motors following shutdown notice

Just a week after Mobius Motors, the Kenyan automaker with financial backing from Playfair Capital, announced its closure, the company has received a lifeline in the form of an acquisition proposal from an as-yet-unnamed buyer. Nicolas Guibert, a director at Mobius, issued a statement indicating that on August 14, the company agreed to an offer for the complete takeover of its shares by a prospective buyer. The parties involved are working towards finalizing the deal within a 30-day period.

In light of this development, Mobius has decided to defer a previously arranged meeting with its creditors, originally set for the upcoming Thursday. This postponement is to provide room for the ongoing discussions regarding the acquisition to continue without interruption.

The potential acquirer’s intentions could involve utilizing Mobius’s Nairobi assembly plant for the production of their own vehicle models or to carry on the manufacturing of Mobius’s vehicles, which are designed with small and medium-sized enterprises (SMEs) in mind, particularly those in infrastructure, agriculture, and supply sectors operating in hard-to-reach areas....…....continue reading

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💰INVESTMENTS

Gaea Foods Secures Investment to Expand Operations and Empower Local Communities

Gaea Foods Limited, a leading potato-processing company based in Nairobi, Kenya, has secured a new undisclosed investment from Pepea, an impact investment fund established by Oxfam Novib and managed by Goodwell Investments. This strategic investment is aimed at providing Gaea Foods with the necessary working capital to meet increasing demand from both new and existing customers, while also enhancing local value chains, improving the incomes of smallholder farmers, and empowering women stakeholders.

Founded in 2009 by Irene Mwangi, who serves as the CEO and Managing Director, Gaea Foods has steadily grown to become a key player in Kenya’s potato processing industry. With over 20 years of experience in the sector, Mwangi has leveraged her extensive network within the industry, connecting B2B buyers with potato farmers and aggregators. Under her leadership, Gaea Foods initially focused on trading whole potatoes but later transitioned into processing peeled and cut potatoes, supplying major fast-casual restaurants in Nairobi, including Steers and Nando’s.

The investment from Pepea is expected to significantly boost Gaea Foods’ operations. The company plans to double its workforce from 20 to 40 employees within the next year, further strengthening its capacity to meet growing market demand. Gaea Foods’ commitment to sustainable practices, such as converting potato peelings into fertilizer and animal feed, has also been highlighted as a key factor in the investment decision....…....continue reading

🤖ARTIFICIAL INTELLIGENCE

xAI Launches Grok-2 and Grok-2 Mini in Beta, Enhancing AI Capabilities on X Platform

Elon Musk’s AI startup, xAI, has taken a significant step forward with the official launch of Grok-2 and Grok-2 Mini, the latest AI models now available in beta exclusively to X Premium and Premium+ users. These models, successors to the previous Grok-1.5, are designed to elevate chat, coding, and reasoning tasks on the platform, with the added capability of image generation—a feature poised to revolutionize user interaction on the X platform.

A standout feature of Grok-2 is its ability to generate images directly on the X platform, powered by FLUX.1 from Black Forest Labs. However, this feature has not been without controversy. Early users have raised concerns about the lack of guardrails in Grok-2’s image generation, particularly in the context of political figures. With the U.S. presidential election approaching, there are growing fears that this tool could be exploited to spread misinformation........continue reading

OTHER STORIES

• Kenya Adopts Power Lines for Fibre Optic Network, Phasing Out Trench-Based Systems….read more

• AfDB pledges $10 million investment in KawiSafi Fund II for African climate-focused startups…read more

• How to Use LinkedIn to Advance Your Career as a Product Manager..……read more

• DRC launches its first Tier III certified data center in Kinshasa…read more

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