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Wednesday 29th March, 2023

Business

Uber Cuts 3,000 More Jobs, Shuts 45 Offices As COVID-19 Pandemic Bites Harder

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Uber confirmed Monday that it will cut 3,000 more jobs while closing dozens of offices and scaling back money-losing bets in order to slow steep revenue losses incurred due to the coronavirus pandemic.

Monday’s announcement by CEO Dara Khosrowshahi follows a media report over the weekend that more layoffs were imminent. 

Coupled with earlier cuts in May, the total of laid-off employees now stands at 6,700.

In an email to staff first reported by the Wall Street Journal, Khosrowshahi said the uptick in Uber Eats orders amid shelter-in-place rules throughout much of the world just isn’t enough to make up for the heavy losses in the rides business.

“You’ve heard me say it before: hope is not a strategy,” Mr Khosrowshahi wrote in an email to staff on Monday.

“While that’s easy to say, the truth is that this is a decision I struggled with. Our balance sheet is strong, Eats is doing great, Rides looks a little better, maybe we can wait for this damn virus out . . . I wanted there to be a different answer.

“As a leadership team, we had to take the time to make the right decisions, to ensure that we are treating our people well, and to make certain that we could walk you through our decision making in the sort of detailed and transparent manner you deserve,” the email read.

“Given the dramatic impact of the pandemic, and the unpredictable nature of any eventual recovery, we are concentrating our efforts on our core mobility and delivery platforms and resizing our company to match the realities of our business,” the company said in a statement.

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“That’s led us to some painful decisions today: we are stopping some of our non-core investments and reducing the size of our workforce by around 3,000 people, each of whom I want to personally thank for their contributions to Uber. As I said to our teams today, we are making these hard choices now so that we can move forward and begin to build again with confidence.”

He reiterated the impact of Covid-19 on its ride-share business, with journeys down 80 per cent globally.

“We’re seeing some signs of a recovery,” Mr Khosrowshahi said. “But it comes off of a deep hole, with limited visibility as to its speed and shape.”

As part of the move, the company said it would find “strategic alternatives” for its Uber Works division, which matched people with temporary jobs, launched just only last October.

It said it would wind down its Incubator and AI Labs units as well. Instead, it will focus on mobility and delivery sectors.

The office closures include one of its locations in San Francisco, and the winding down of its Singapore office in favour of a new Asia-Pacific hub, in a location to be determined.

Following the lead of Airbnb, which announced a 25 per cent workforce reduction earlier this month, Uber said it would create a talent directory for employees leaving the company as well as severance packages.

Uber’s stock price was up more than 8% over Friday’s close following the weekend report and subsequent confirmation as investors cheered the further cost reductions.

 

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Business

MTN’s Funso Aina Wins SABRE IN2 ‘Innovator Of The Year’ Award

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From L-R: Founder and Chair, PRovoke Media, Paul Holmes, presenting the 2023 SABRE Award for African Innovator of the Year (Brand) to Senior Manager, External Relations, MTN Nigeria, Funso Aina at the PRovoke EMEA Summit at Gesellschaftshaus Palmengarten, in Frankfurt, Germany on March 23, 2023.

Funso Aina, MTN Nigeria’s Senior Manager, External Relations, and one of Africa’s most decorated media and public relations professionals, has been announced ‘Innovator of the Year’ in the brands’ category at the highly respected SABRE IN2 awards.  

Awarded since 2013, the SABRE IN2 awards recognise excellent work that highlights the expanding scope of the PR profession, from content creation to the evaluation process using data and analytics to inform, enhance and evaluate campaign successes across the globe.

Aina’s recognition was announced by Provoke Media on February 15, 2023.

The award was presented at the PRovoke EMEA Summit in Gesellschaftshaus Palmengarten Frankfurt, Germany on Thursday, March 23, 2023.

CEO & Editor-in-chief, PRovoke Media, Arun Sudhaman said, “The media and communications industry is in the age of convergence, with every discipline demonstrating decent impressions to be most valuable to organisations and agencies.

The innovation SABRE awards recognise groundbreaking campaigns- having factual data analysis and implemented with the use of technology for evaluation by industry leaders. The award category spotlights professionals in agencies and brands that empower and enable reputation excellence within their organisations.”

This innovation award is a testament to Funso’s trailblazing efforts in media relations, through MTN Nigeria’s Media Innovation Programme (MIP): a six-month certificate programme for Nigerian media practitioners to increase the knowledge and skill base of the participants, help them understand the changing media landscape and how to effectively use technology to create impactful media content in the country and Africa at large.

During the study, 20 media practitioners from various media sectors engaged in capacity-building sessions to stir up their innovations and improve ways of practice to create sustainability in the industry.

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This was apparent in their study trip to the University of Witwatersrand, South Africa, where the participants engaged in interactive sessions on creativity and innovation, explored opportunities in the media business and brainstormed on solutions to some of the challenges to successfully running media businesses in Africa.

Funso, a member of the Nigerian Institute of Public Relations (NIPR), and a corporate communication professional with over two decades of experience emerged top across Europe, the Middle East and the African region (EMEA). He was named ‘Most Influential Public relations professional in Nigeria’ by the industry regulator, NIPR in 2022.

Aina says: “I am grateful for the recognition from SABRE and its dedication to acknowledging exceptional content produced by modern PR professionals. This award is inspiring for all of us at MTN; it emboldens our commitment to improving the media landscape and implementing our ‘Good Together’ initiative. I am convinced we still have feats to achieve in the industry, and with strategic thinking, we will cover even more grounds.”

Funso Aina has close to three decades of work experience in journalism, cultural diplomacy and telecommunications. He has various competencies and hands-on experience in public relations, corporate communications, media relations, public affairs and reputation and crisis management. He is a Fellow of the prestigious US State Department’s International Visitors Programme (IVP) and the British Commonwealth Press Union (CPU).

Before joining MTN Nigeria in 2009, he was Communications Manager of the British Council, Chief Correspondent at Punch newspapers, Assistant Editor with The Nation newspapers and Senior Reporter with Independent Communications Network Limited (ICNL), publishers of The News, Tempo magazines and PM newspapers.

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He holds a Bachelor of Arts degree in History (University of Ilorin, 1992) and a Master’s degree in International Relations (Obafemi Awolowo University, Ile-Ife, 1998).

 

 

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BANKING

ICSFS Receives Information Security Management System ISO/IEC 27001 Certification

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ICS Financial Systems Ltd, (ICSFS), the global software and services provider for banks and financial institutions, was awarded the Information Security Management System (ISMS) ISO/IEC 27001 Standard Certification for the Data Centre, IT Department, and ICS BANKS Banking Software Solution Services in February of 2023, recognizing the company’s adherence to the highest standards of information security.

ISO/IEC 27001 is the world’s best known Internationally respected independent information security management standard, focused on providing highly effective and integrated frameworks for the standardization of information security protocols and setting systematic, rigorous, and improved information security policies.

Digital Times Nigeria understands that the Compliance audit covered several areas including data centre security, information security policies, procedures, and controls, as well as Information Security Management Standards, subjecting the protocols and processes carried out by the Data Centre, IT departments, and ICS BANKS integrated solutions and digital platform services to thorough examination and refinement, placing best practice procedures, as well as enhancing the resilience and responsiveness of potential security events.

Ghassan Sarsak, CIO, ICS Financial Systems Ltd said, “Achieving ISO/IEC 27001 demonstrates ICSFS’s commitment to building and delivering secure products and solutions by adopting internationally recognized security standards and best practices throughout the software development lifecycle (SDLC) to address risk and meet compliance and regulatory requirements.

“The phenomenon of the current global digitalization of most banks’ financial services and the collaboration with emerging fintech players make it essential to adopt the best security standards and to constantly maintain vigilant security monitoring to detect and respond to security events.

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“Becoming ISO/IEC 27001 certified is a significant step forward in our capacity to continuously assess the cybersecurity challenges for banks and financial institutions and how vital compliance is to our clients and their businesses.”

Wael Malkawi, Executive Director, ICS Financial Systems Ltd stated: “As a prominent provider of Banking, Financial, and digital platform solutions; cybersecurity is the bedrock of our credibility and solid reputation. The achievement of the ISO/IEC 27001 certification represents a significant milestone for ICSFS and reinforces the company’s commitment to delivering world-class banking software solutions.

“This certification is a testament to our continued commitment to providing secure and reliable banking software solutions for our clients, giving them the confidence to focus on their core business operations, particularly in this disruptive digital era.”

Dr. Samir Abu Tahoun, Co-Founder & CEO of Security Management Technology Group (SMT) noted: “We would like to congratulate ICSFS for successfully completing all the standard requirements and obtaining the ISO 27001 certification for their Information Security Management System (ISMS).

“SMT Group team is grateful to be a part of the successful implementation of the ISO 27001 certification, this couldn’t be accomplished without the cooperation of all ICSFS team members and their management support.

“Businesses nowadays are under intense pressure to adequately protect the information entrusted to them in light of recent Cybersecurity incidents. The ISO 27001 certification confirms that a company has met the international standard for establishing, implementing, maintaining, and constantly improving ISMS.

“Delivering the highest standard of service to our clients is an integral part of our ethos and business operations. This certification is a testament to our commitment to this, and most importantly, to our colleagues and clients.

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“Once again, we would like to express our sincere gratitude and appreciation for all the effort given through this project, it was our pleasure working with your esteemed company, and we look forward to more successful collaboration.”

ICSFS invests in its software suites by utilising modern technology in launching new digital products, constructing a secured and agile integration, and keeping pace with new standards and regulations worldwide.

ICS BANKS software suite future-proofs banking activities by providing a broad range of features and capabilities with more agility and flexibility, to enrich customers’ journey experience, hence improving the trust and confidentiality between the customer and the bank.

The software has always been a pioneer in utilising the latest technology to serve financial institutions. In addition to its embedded Service-Oriented-Architecture (SOA), the system can be deployed on-premises, hybrid, or cloud.

 

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DIGITAL CURRENCY

Hyperspace Technologies Unveils Keymaster VAULT

Keymaster VAULT is a Low-Cost, Near Field Communication (NFC) technology-Based Hardware Wallet for the African Market

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Chidera Anyanebechi, General Manager, Hyperspace Technologies

Hyperspace Technologies, a Lagos-based Web3 startup specializing in next-level smart security infrastructure and key management systems, Monday announced the launch of its groundbreaking product, the Keymaster VAULT.

Designed to cater to the African market, Keymaster VAULT is a secure, NFC-based hardware wallet that stores private keys offline, offering an affordable and user-friendly alternative to expensive and complicated traditional hardware wallets.

Leveraging the simplicity of Near Field Communication (NFC) technology, the Keymaster VAULT allows users to securely access their digital assets by merely tapping their NFC-enabled devices.

Digital Times Nigeria understands that this eliminates complex installation processes, making the wallet an ideal choice for both cryptocurrency novices and experienced users.

With offline storage of private keys, the wallet significantly reduces the risk of hacks and malware attacks associated with online storage.

Chidera Anyanebechi, General Manager of Hyperspace Technologies said, “We wanted to create a wallet that combines the highest level of security with ease of use, making cryptocurrency storage accessible to a broader audience in Africa.”

“The Keymaster VAULT not only provides an affordable solution but also offers enterprise clients the ability to leverage blockchain-based identity and access management, which we believe will be a game-changer in the industry,” Anyanebechi explained.

The Keymaster VAULT’s advanced encryption technology ensures the utmost security for users’ digital assets.

Its compact design and portability make it a convenient choice for individuals and businesses looking to store their digital assets securely without breaking the bank or dealing with complicated setups.

“The African market has long been underserved when it comes to secure and affordable hardware wallet solutions,” added Anyanebechi.

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“We are excited to bring the Keymaster VAULT to our customers and empower them with a hardware wallet that not only protects their digital assets but also opens doors for innovative applications in blockchain-based identity and access management.”

The Keymaster VAULT is now available for purchase here, giving cryptocurrency enthusiasts and enterprise clients across Africa a secure, affordable, and user-friendly hardware wallet solution.

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