Lagos Welcomes Africa’s First UNDP-Powered Fintech Hub

Today’s Menu ☕️

🧑🏽‍💻 Lagos Welcomes Africa’s First UNDP-Powered Fintech Hub, 42 Startups Selected
🔐 ngCERT Tackles Ransomware Outbreak Targeting Nigerian Cloud Services
📱 WhatsApp is testing “Voice Message Transcription” for Select Users
🤖 Microsoft and Apple Withdraw from OpenAI Board Amid Regulatory Pressure
💵 Innovate Africa Launches with $2.5M Angel Fund for Early-Stage Africa-Focused Startups

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🧑🏽‍💻 STARTUPs

Lagos Welcomes Africa’s First UNDP-Powered Fintech Hub, 42 Startups Selected

The United Nations Development Programme (UNDP), in a bold move to ignite Africa’s tech revolution, has launched a cutting-edge fintech hub at its innovation centre in Lagos, Nigeria. This landmark initiative is part of the UNDP’s ambitious $1 billion commitment to foster and accelerate the growth of technology startups across the continent.

The hub’s launch coincided with the unveiling of the inaugural Timbuktoo Fintech Startup Accelerator Programme, which has selected 42 promising startups from 31 African countries. These startups will receive comprehensive support, including funding, training, and mentorship, to help them refine their products and services and prepare for market entry...…....continue reading

🔐 CYBERSECURITY

ngCERT Tackles Ransomware Outbreak Targeting Nigerian Cloud Services

The Nigerian Computer Emergency Response Team (ngCERT) has issued an urgent warning regarding a significant increase in ransomware attacks targeting the nation’s critical cloud service providers. The primary perpetrator of these attacks is the Phobos ransomware group, a sophisticated cybercriminal organization known for its ransomware-as-a-service (RaaS) model.

Phobos operates by infiltrating vulnerable networks through phishing campaigns or exploiting weaknesses in Remote Desktop Protocol (RDP) ports. Once inside, the attackers deploy their ransomware payload, encrypting valuable data and demanding ransom payments for its release. This malicious activity poses a grave threat to various sectors, including government agencies, financial institutions, telecommunication companies, educational institutions, healthcare providers, and non-governmental organizations (NGOs).

NgCERT has observed a concerning rise in the use of Phobos ransomware, which allows even less technically skilled attackers to launch sophisticated cyberattacks. This accessibility has led to a surge in ransomware incidents, causing significant disruptions and financial losses for affected organisations..…....continue reading

🤖 ARTIFICIAL INTELLIGENCE

Microsoft and Apple Withdraw from OpenAI Board Amid Regulatory Pressure

Microsoft Corp. and Apple Inc. have unexpectedly decided not to take board roles at OpenAI, reflecting increasing regulatory concerns about Big Tech’s influence on artificial intelligence. Microsoft, which has invested $13 billion in the creator of ChatGPT, announced its withdrawal from the board in a letter to OpenAI seen by Bloomberg News. Apple was also set to join the board last week but has decided it will no longer take up the role

This decision comes amidst growing scrutiny from regulators in Europe and the U.S. about Microsoft’s significant influence over OpenAI. There is pressure on Microsoft to maintain a more independent relationship with OpenAI, given their substantial integration of OpenAI’s services into Microsoft’s Windows and Copilot AI platforms. Big Tech companies, including Microsoft, are heavily investing in AI technologies to drive future growth..…....continue reading

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📱SOCIAL MEDIA

Innovate Africa Launches with $2.5M Angel Fund for Early-Stage Africa-Focused Startups

Innovate Africa, an angel investment fund that supports early-stage founders in funding life-changing ideas, taking startups from conception to product and financing innovative ventures, has launched with an initial $2.5 million rollout. Co-founded by Kristin Wilson and Christian Idiodi, the sector-agnostic fund aims to support up to 20 startups in its first year to solve complex, recognised problems such as insecurity, unemployment, and poverty with purpose-driven technology.

With a mission to empower startups to thrive in Africa’s ever-evolving tech landscape, Innovate Africa Fund will provide insight-driven capital that helps founders accelerate the journey from Minimum Viable Product (MVP) to Product-Market Fit (PMF). The goal is to facilitate the infrastructure that enables founders to unlock growth through audacious problem-solving, supported by access to a comprehensive ecosystem of resources. ...…....continue reading

📱SOCIAL MEDIA

WhatsApp is testing “Voice Message Transcription” for Select Users

WhatsApp is taking a significant step towards enhancing user experience by introducing a new feature that transcribes voice messages into text. This innovative feature, currently available to select beta testers, aims to revolutionize how users interact with audio messages, offering increased accessibility and convenience.

WABetaInfo, a trusted source for WhatsApp updates, has reported that the voice message transcription feature is currently being rolled out to a limited number of beta testers on both iOS and Android platforms. This phased approach allows WhatsApp to gather feedback and refine the feature before a wider release.

The transcription feature is expected to be a game-changer for users who prefer reading over listening, especially in noisy environments or when discretion is required. It will also benefit individuals with hearing impairments, making voice messages more accessible and inclusive...…....continue reading

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