Merchant White label Solution

Merchant White label Solution

17 Expert Tips For Achieving The Maximum Benefits From A Pen Test

There’s never a day when cybersecurity isn’t a top issue for tech teams. Every company—no matter its size or profile—that relies on computing and data is a target for hackers, and the threat horizon is ever-expanding. Regularly assessing your cybersecurity protocols is an essential part of managing tech systems and digital assets.

The best way to test your defenses is to have an outside team actually try to breach them. That’s where penetration testing comes in. A pen test can give an organization’s cybersecurity systems a workout, prodding for weak spots and providing valuable feedback to help strengthen defenses. Below, 17 members of the Forbes Technology Council share smart steps to take both before and after a pen test to ensure you realize the maximum benefits from the exercise.

1. Conduct Red Team Exercises First

Tech teams should conduct red team exercises before a pen test. Red teaming involves imitating real-world attacks from external threats. Organizations can gain insights into their readiness and response capabilities by participating in such exercises. Correcting the gaps identified in red team exercises can prepare a tech team, ensuring the pen test provides the best value possible. – Cristian Randieri, Intellisystem Technologies

2. Engage In Thorough Asset Management

Before undergoing a pen test, tech teams should engage in thorough asset management, ensuring they catalog all hardware, software, and network components. This comprehensive inventory ensures that the pen test covers all potentially vulnerable areas and doesn’t miss crucial elements. – Sandro Shubladze, Datamam

3. Time The Test Carefully

The timing of your pen test is vital. If you do it too early, you’ll have updates and additions you’ll have to retest. If you do it too late, you can miss vulnerabilities and leave yourself exposed. Be thoughtful about the test and make sure you do it at the right time in relation to your company timeline and roadmap. – Jordan Yallen, MetaTope

4. Verify All Stakeholders Are Brought In

Before a pen test, it’s important to verify all stakeholders are brought into the project. The pen tester should be able to provide the clear steps required throughout the project life cycle. After the pen test, the most important thing is to close any findings that could put customer data at risk. Next would be to document all findings and either defer, mitigate, remediate or accept the risk. – Justin Rende, Rhymetec

5. Establish The Scope Of The Vulnerabilities

To prevent disrupting business-critical activities, conduct a pre-pen test call to establish the scope of the vulnerabilities, which can be general or focused on a specific area. After a pen test, review the results, remediate the findings based on criticality or the likelihood of vulnerability exploit, examine the repercussions of exploitability, and, due to new threats and risks, repeat the process. – Dr. Vivian Lyon, Plaza Dynamics

6. List Possible Security Issues, And Rank Them

Before a pen test, tech teams should make a list of any possible security issues and rank them by importance. This helps ensure the pen test doesn’t just find random errors but focuses on the biggest ones. This way, the test is more useful and efficient. – Margarita Simonova, ILoveMyQA

7. Balance Systems Harm With A Realistic Scenario

A pen test should avoid harming critical systems and operations, particularly in high-risk sectors such as healthcare or critical infrastructure. Simultaneously, it should mirror a real attack as closely as possible to yield value. Prior to the test, carefully consider these conflicting objectives. Plan strategically to strike a balance aligned with the organization’s threat model and risk tolerance. – Ilia Sotnikov, Netwrix

8. Ensure Open Communication With The Testers

Tech teams should ensure open communication with the pen testers to gain insights into their methodologies and findings. This knowledge exchange fosters a deeper understanding of the vulnerabilities and enables teams to implement effective security measures. The team can then document and share the knowledge obtained from the pen test internally, allowing it to pay dividends over time. – Austin Gadient, Vali Cyber

9. Form Focus Groups

It is crucial to form focus groups for every penetration test, particularly if the members are not familiar with the product. Developers may have a biased view due to their prolonged involvement with the project. Therefore, having an external perspective from individuals or a group can be beneficial in identifying potential vulnerabilities. – Igor Pertsiya, Hypra Fund

10. Manage Access Control

Access-control management is one of the steps a tech team must take after a pen test. This will ensure that an unauthorized user does not have continuing access to the software after the pen test exercise. Additionally, there should be documentation of the findings after the pen test that can serve as a knowledge bank for developing subsequent solutions. – Nihinlola Adeyemi, ErrandPay Limited

Read about Errandpay Limited Here

11. Leverage Artificial Intelligence To Analyze And Interpret The Results

Utilize AI-driven security platforms to analyze and interpret the pen test results in real-time. AI can quickly identify patterns and correlations, prioritize critical issues, and recommend targeted remediation strategies. Integrating AI with the pen test process ensures rapid response and continuous monitoring, making the exercise more proactive and impactful. – Jagadish Gokavarapu, Wissen Infotech

12. Identify Vulnerabilities And Weaknesses

A tech team should conduct a comprehensive review and analysis of the test results, identifying vulnerabilities and weaknesses. This step enables the team to prioritize remediation efforts and develop an action plan to promptly address critical issues. Regular communication and collaboration among team members during the process are also essential to ensure the maximum benefit. – Akaash RamakrishnanAdSkate Inc.

13. Create A List Of High-Priority Fixes

After a pen test, your tech team should create a list of high-priority fixes. I’ve found that noting what needs to change at the moment helps me assess the situation and make smarter decisions. This strategy is effective because everyone on the team can see and understand what needs to happen next in the development process. – Thomas Griffin, OptinMonster

14. Develop A Remediation Plan

One step tech teams should take is creating a remediation plan, which is vital for several reasons. First, it ensures that vulnerabilities found are fixed. Second, it helps prioritize what needs fixing first. Third, it tracks the progress of remediation. Finally, it ensures continuous improvement. – Giri Chodavarapu, Omnicell

15. Share The Results And Talk Through Solutions

After a pen test, instead of solely focusing on fixing vulnerabilities, tech teams should share the results with various stakeholders (including non-technical staff) and talk through solutions. This allows diverse perspectives to understand the implications of the findings, fostering a companywide culture of security awareness and turning the pen test into an organizational learning moment. – Marc Rutzen,

16. Implement Organization-wide Security ‘Best Practices

Meanwhile, use the pen test results to identify broader security gaps and implement security “best practices” across the organization. This may include improving access controls, updating software, and enforcing security policies. – Manan Shah, Avalance Global Solutions

17. Establish Ongoing Security Posture Reviews

After a penetration test, carefully review the findings to understand the vulnerabilities exploited and identify root causes. This should be a process that transforms the pen test from a one-time event into a catalyst for ongoing security posture reviews since the attack surface changes more often than we realize. – Ranghan Venkatraman, Rezilyens LLC

Nihinlola Adeyemi

20 DevOps Best Practices Tech Teams Too Often Overlook

The DevOps philosophy is simple: Bring development and operations teams closer together in the tech product-building process. Companies that swear by DevOps tout improvements in team speed, efficiency, and collaboration as well as higher-quality finished products.

While the theory may be uncomplicated, if it’s not executed properly and thoroughly, its advantages are unlikely to be achieved. Below, 20 members of the Forbes Technology Council discuss some DevOps best practices that are often overlooked by tech teams and why these practices are important pieces in the DevOps puzzle.

1. Adapting To External Changes

DevOps is not just a vision or a methodology; it’s a culture. How well it is adopted is reflected in the behavior of an organization. All organizations are fundamentally tech at the core. One DevOps practice that is often overlooked is updating predefined structures when external change is recognized. In a continually changing environment, it is essential for organizations to stay up to date. – Abhijit Mazumder, Tata Consultancy Services

2. Staying On Top Of Technical Debt

Working on technical debt is often deprioritized in favor of business needs, and the consequences might not be seen until everything crashes down. Teams often postpone software upgrades until the termination of official support. As a DevOps organization, you then have to allocate time and resources to catch up on missed upgrades. I recommend addressing small technical issues proactively before they escalate into problems. – Nadya Knysh, a1qa

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3. Change Management And Incident Management

DevOps principles are based on improving the coordination and communication between development and operations, which allows for faster, higher-quality software deliveries and improved customer experiences. It’s essential to consider change management and incident management when evaluating the cultural changes necessary in any DevOps undertaking—both are key capabilities of IT service management. – Ali Siddiqui, BMC Software

4. Documenting Processes And Configurations

A simple, but often overlooked, DevOps practice is the comprehensive documentation of processes and configurations. It aids in knowledge sharing, troubleshooting, and onboarding. It fosters collaboration, ensures continuity, and reduces individual dependency. Ensuring adherence requires consistent checks and quotas, as less experienced junior staff may resist implementation. – Sheraz Ahmed, STORM Partners

5. Incorporating Security In Solutions

Security is one aspect many DevOps teams ignore, and this is usually due to the urgency of delivering solutions. Too often, DevOps teams depend on the security in the cloud, assuming that it’s adequate to protect their code. In other cases, DevOps teams do not think security should be part of their processes, since there is a separate team that manages cybersecurity in the company. There is nothing as good as having a secured code! – Nihinlola Adeyemi, ErrandPay Limited

Read more about Errandpay Limited here.

6. Developing And Testing A Pre-Launch Playbook

Staging simulations (despite scale differences), version rollback, and snapshot recovery are crucial DevOps practices that are often overlooked, leading to cloud deployment outages. DevOps teams must create a playbook and extensively test these practices prior to launch to ensure stability, efficiency, and high-quality products and mitigate risks. – Suman Sharma, Procyon Inc.

7. Distributed Tracing

With the shift to cloud-native and microservices, distributed tracing has become a mission-critical tool for gaining complete observability over entire, end-to-end application flows. With the rise of OpenTelemetry, the industry-driven open source standard, barriers are removed so that teams can embrace distributed tracing for better business outcomes, including reduced mean time to repair and increased developer productivity. – Maya Mandel, Helios

8. Continuous Monitoring And Feedback Integration

Continuous monitoring and feedback integration is one of the most essential DevOps practices that is often overlooked. By regularly following this practice, teams can detect issues early on, refine the application for better stability and reliability, and make data-driven decisions that increase the chances of success. – Dhari AlAbdulhadi, Ubuy

9. Establishing An Environment Of Shared Success And Values

Software developers have a roadmap and a set of priorities; however, sometimes security can squash innovation. The companies that are successfully implementing DevSecOps flows are doing so by creating environments around shared success and values. This can also be achieved through the intentional addition of security personnel to the development teams. – Tim Reed, Lynx Software Technologies

10. Blameless Post-Mortems

One overlooked DevOps practice is conducting blameless post-mortems after incidents or deployments. This promotes a culture of transparency and learning rather than finger-pointing. It’s critical for continuous improvement, process refinement, and reducing future errors, thus enhancing product quality and team performance. – Amitkumar Shrivastava, Fujitsu

11. Creating And Maintaining Knowledge Assets

Creating, sharing, and maintaining knowledge assets is extremely important to the success of DevOps. Often, it’s a practice that does not get enough attention until the product is deployed—at which point, a team usually wishes they had spent more energy thinking through what was needed to enable their future agility and responsiveness. – Richard Ricks, Silver Tree Consulting and Services

12. Automated Security Scanning

Automated security scanning is a must in DevOps. Incorporating security testing in the pipeline detects vulnerabilities early, preventing breaches and reputational harm. Prioritizing security testing automation safeguards data builds user trust, and ensures system integrity. Moreover, it nurtures a security-conscious culture, encouraging teams to collectively uphold a secure development environment. – Gaurav Aggarwal, Avanade Inc.

13. Making DevOps A Companywide Initiative

Integrating DevOps into the company as a whole is a practice that can fully maximize the value of technology across the entire organization. Traditionally a combination of IT operations and software development, DevOps should be an organization-wide methodology that goes beyond these two sectors to create value for all departments. – AJ Abdallat, Beyond Limits

14. Configuration Management

Configuration management practices are typically pretty loose, often because of lax governance and discipline when it comes to the software development life cycle and DevOps management within an organization. Poor configuration management can cause issues in release management and production, making it difficult to establish the solid continuous integration and continuous delivery pipelines that are essential to DevOps’ value. – Leonard Lee, neXt Curve

15. Version Control

Version control is an often-overlooked practice. By implementing version control, teams can achieve greater stability, consistency, and agility in managing their infrastructure. This practice is consistent with the broader DevOps culture of treating infrastructure as code, and it promotes collaboration, automation, and efficiency throughout the software development and deployment life cycle. – Farhan MasoodSoloinsight Inc.

16. Proactive Systems Monitoring

A common oversight is neglecting proactive monitoring of systems. It’s not enough to simply react to issues as they occur. Proactive monitoring of infrastructure and applications allows teams to predict and mitigate potential issues before they affect end users, leading to increased reliability and a more positive user experience. – Sandro Shubladze, Datamam

17. Chaos Engineering

Often overlooked, chaos engineering involves intentionally introducing failures into a system to test its resilience. By simulating real-world disruptive scenarios, teams can uncover hidden vulnerabilities before they manifest in live environments. Rather than simply reacting to issues, this proactive approach ensures systems are robust and adaptable and downtime is minimized. – Andrew Blackman, EZ Cloud

18. Avoiding Fragmentation

In large enterprises, multiple teams often work at different speeds and at varying DevOps maturity levels. They might use different tools for similar tasks, creating silos and inefficiencies. This fragmentation can lead to significant problems, including compatibility issues, difficulties in collaboration, redundancy of efforts, and an overall slower pace of development and deployment. – Daniel Knauf, Material+

19. Reshuffling Teams

An often-overlooked DevOps practice is the periodic reshuffling of team compositions. By rotating team members between projects, teams can foster cross-pollination of ideas, knowledge sharing, and diverse problem-solving approaches. This enhances team adaptability and creates a more cohesive and collaborative environment, ultimately boosting productivity and innovation. – Jagadish Gokavarapu, Wissen Infotech

20. Knowing When Not To Follow DevOps Practices

Tech teams must recognize when not to follow DevOps practices to avoid adding unnecessary overhead and effort to more straightforward projects. Contrary to some beliefs, there can be a threshold where robust continuous integration and continuous delivery processes and workflow may increase development times instead of reducing them. – Dustin Verdin, Zipline Logistics

How to Trace POS Transactions?

In today’s digital age, the world of financial transactions has evolved significantly. Point of Sale (POS) systems have become a common way for businesses to process payments swiftly and efficiently. However, with this convenience comes questions about security and privacy. Can POS transactions be traced? Let’s delve into the digital paper trail and uncover the answers.

The Digital Paper Trail: Can POS Transactions Be Traced?

POS transactions, whether conducted in physical stores or online, leave a digital paper trail. This trail is crucial for businesses, financial institutions, and law enforcement agencies to maintain transparency, security, and accountability in the financial ecosystem.

Here’s how the process typically works:

1. Transaction Initiation:

When a customer makes a purchase using a debit or credit card at a physical store, the transaction is initiated. The card’s information, including the card number, expiration date, and sometimes a Personal Identification Number (PIN), is collected by the POS system.

In an online transaction, the same information is collected but in a digital format. This data is encrypted and sent to the payment processor.

2. Payment Processing:

The payment processor acts as an intermediary between the merchant and the cardholder’s bank or financial institution. It securely transmits the payment details for authorization.

3. Authorization:

The cardholder’s bank or financial institution receives the authorization request. It reviews the transaction details, checking for available funds and verifying the legitimacy of the transaction.

4. Approval or Decline:

Based on the authorization request, the cardholder’s bank approves or declines the transaction. If approved, it generates an authorization code.

5. Transaction Capture:

Upon approval, the POS system captures the transaction. This means that the funds are transferred from the cardholder’s account to the merchant’s account.

6. Settlement:

The funds from multiple captured transactions are settled in batches to the merchant’s account. The settlement involves the transfer of funds between financial institutions.

7. Record Keeping:

Throughout this process, a record of the transaction is created and maintained by various parties, including the merchant, the payment processor, and the cardholder’s bank.

Can These Transactions Be Traced?

Yes, POS transactions can be traced, but it’s important to understand that this tracing is typically performed by authorized entities for legitimate purposes:

  1. Transaction Records: Financial institutions, businesses, and payment processors maintain records of transactions. These records are accessible to authorized personnel and may be used for accounting, customer service, and dispute resolution.
  2. Security Measures: To ensure the security and privacy of sensitive financial data, transactions are encrypted during processing. This encryption helps protect data from interception by unauthorized parties.
  3. Legal and Regulatory Compliance: Financial transactions are subject to legal and regulatory oversight. In cases of suspected fraud or criminal activity, law enforcement agencies may obtain warrants to access transaction records.
  4. Privacy Concerns: It’s worth noting that businesses and financial institutions have a responsibility to protect customer data and use it only for lawful purposes. Privacy policies and regulations, such as the General Data Protection Regulation (GDPR), set standards for data protection.

What Does This Mean for Businesses and Consumers?

For businesses, the ability to trace POS transactions is crucial for maintaining financial records, providing customer service, and ensuring the security of financial data. It also enables businesses to identify and address any irregularities or discrepancies.

For consumers, knowing that POS transactions can be traced provides a level of security and accountability. It means that in the event of unauthorized transactions or disputes, there is a digital record that can be used to investigate and resolve the issue.


In the world of modern finance, POS transactions are an integral part of daily life. While these transactions can be traced, it’s important to understand that this tracing is conducted for legitimate purposes, including security, accountability, and regulatory compliance. Businesses and financial institutions are entrusted with the responsibility to safeguard customer data and ensure its lawful use. As technology continues to advance, the security and privacy of financial transactions remain a top priority for all stakeholders in the financial ecosystem.

How to Become a POS Agent in Nigeria

In Nigeria, where access to traditional banking services can be challenging, Point of Sale (POS) agents play a vital role in bridging the financial inclusion gap. If you’re wondering how to become a POS agent in Nigeria and be part of this financial revolution, you’re in the right place. In this guide, we’ll walk you through the process step by step, and we’ll also introduce you to ErrandPay, an agency banking organization that can simplify your journey.

Why Become a POS Agent in Nigeria?

Before diving into the “how,” let’s understand the “why.” Becoming a POS agent in Nigeria offers several compelling reasons:

  1. Financial Inclusion: Nigeria’s vast population includes many unbanked or underbanked individuals. As a POS agent, you provide them with access to basic banking services like cash withdrawals, deposits, and bill payments.
  2. Income Generation: Furthermore, acting as a POS agent can be a lucrative business opportunity. You earn commissions on transactions, making it a sustainable source of income.
  3. Community Impact: Meanwhile, you become a financial lifeline for your community, helping people access funds and manage their finances conveniently.
  4. Business Expansion: For existing business owners, adding POS services can attract more customers and increase foot traffic to your establishment.

Steps to Become a POS Agent in Nigeria

Now, let’s explore the steps to becoming a POS agent:

Step 1: Choose a Trusted Agency Banking Partner

Selecting the right agency banking organization is crucial. ErrandPay, for example, is a trusted name in the industry known for its seamless onboarding process, excellent support, and competitive commission rates.

Step 2: Meet the Requirements

Typically, you’ll need the following:

  • A registered business or a suitable location.
  • A valid means of identification.
  • A working smartphone.
  • Capital for initial float.

Step 3: Registration and Training

Additionally, enroll with your chosen agency banking partner. They will provide training on operating the POS terminal and the basics of financial transactions.

Step 4: Get Your POS Terminal

However, your agency banking partner will provide you with a POS terminal, SIM cards, and necessary software.

Step 5: Start Transactions

You’re now ready to serve customers. You can offer services like cash withdrawals, deposits, fund transfers, and bill payments.

Step 6: Promote Your Services

Spread the word about your POS services within your community. Meanwhile, word-of-mouth, fliers, and social media can be effective tools.

Step 7: Earn Commissions

Thus, with each successful transaction, you earn commissions. At the same time, these earnings can be a significant source of income.

ErrandPay: Simplifying Your Journey

ErrandPay, as an agency banking organization, stands out by simplifying the process of becoming a POS agent in Nigeria. Here’s how they can help:

  • Effortless Onboarding: ErrandPay’s streamlined onboarding process ensures you get started quickly and hassle-free.
  • Dedicated Support: However, they provide excellent customer support and ongoing training to help you maximize your earnings.
  • Competitive Commissions: Furthermore, ErrandPay offers competitive commission rates, ensuring you earn well for your services.
  • Robust Technology: With ErrandPay, you have access to reliable POS terminals and cutting-edge technology.

Becoming a POS agent in Nigeria with ErrandPay means you’re not just providing financial services; you’re becoming an agent of change, fostering financial inclusion and empowerment in your community.

Wrapping Up

Finally, becoming a POS agent in Nigeria is a rewarding venture that can bring financial independence and positively impact your community. Partnering with a trusted agency banking organization like ErrandPay can make the journey even more accessible and profitable. Therefore, join the financial inclusion revolution today and help bring banking services to every corner of Nigeria.

Security in Agency Banking Transactions

Setting Up a White Label Payment Solution for Your Business; Step-by-Step Guide

Firstly, in the ever-evolving world of online business, offering a seamless and secure payment experience is crucial. Also, a white-label payment solution can provide just that, allowing you to customize and brand a payment gateway as your own. Let’s dive into the step-by-step process of setting up a white-label payment solution for your business.

Step-by-step process of setting up a white-label solution for your business

1. Research and Choose a Provider

First, the first step is to research and choose a reliable white-label payment solution provider. Look for a company that aligns with your business’s needs and offers a robust set of features.

2. Plan Your Branding

Secondly, branding is key to a successful white-label solution. Customize the payment gateway’s appearance to match your brand’s identity. Incorporate your company logo, colors, and design elements to create a cohesive user experience.

3. Integration with Your Platform

However, integrate the white-label solution seamlessly into your existing platform. Whether you have an e-commerce website, mobile app, or subscription service, ensure that the payment process is smooth and user-friendly.

4. Ensure Security and Compliance

Moreover, security is paramount when handling financial transactions. Use keywords like “secure payment gateway” and “PCI compliance” to guide you in implementing robust security measures. However, customers should feel confident that their payment information is protected.

5. Test Transactions

Meanwhile, before going live, thoroughly test the payment solution with various transactions. Use test credit card information and simulate different scenarios to ensure the system operates flawlessly. This step is essential to catch any bugs or errors before customers encounter them.

6. Optimize SEO Elements

Additionally, to drive traffic to your payment solution, optimize SEO elements. Use your focus keyphrase “white label payment solution for business” strategically in your content. Craft a compelling meta description that entices users to click through to your solution.

7. Monitor and Improve

Lastly, after the solution is live, continuously monitor its performance. Track transaction success rates, user feedback, and any technical issues. Regularly update and improve your solution based on these insights.


In conclusion, setting up a white-label payment solution can significantly enhance your business’s payment process. By following these steps, you can create a branded, secure, and user-friendly payment gateway.

MFB v Agency Banking

What is the impact of white-label Agency Banking on Customer Data Security?

In the fast-evolving world of banking and finance, white-label agency banking has emerged as a powerful solution, enabling financial institutions to expand their reach and offer customizable banking services. However, with the increased use of technology and data, customer data security and privacy have become critical concerns. In this blog post, we will delve into the impact of white-label agency banking on customer data security and privacy. We will explore the measures financial institutions can implement to safeguard sensitive information while delivering a personalized banking experience.

What is White Label Agency Banking?

White-label agency banking enables banks to partner with third-party providers for branded banking services, reaching a broader customer base without in-house development. It offers cost-effectiveness and quicker market entry while requiring strong data security measures.

White-label agency banking allows financial institutions to collaborate with third-party providers to offer branded banking services to their customers. Through this partnership, banks can extend their services beyond traditional branches and cater to a wider customer base without the need for an office. White-label solutions provide a myriad of benefits, including cost-effectiveness and faster market entry. Additionally, they also necessitate robust data security measures.

Impact on Customer Data Security

  1. Data Encryption and Secure Transmission: Financial institutions leveraging white-label agency banking solutions must prioritize data encryption and secure transmission protocols. Implementing strong encryption ensures that customer data remains unintelligible to unauthorized users, both during storage and transmission.
  2. Identity Verification and Access Controls: Robust identity verification and access controls are vital to prevent unauthorized access to sensitive customer information. Multi-factor authentication and role-based access help restrict data access to authorized personnel only, reducing the risk of data breaches.
  3. Compliance with Data Protection Regulations: Financial institutions must adhere to relevant data protection regulations, such as GDPR, CCPA, or HIPAA, depending on their geographical location and the nature of the data collected. Compliance ensures that customer data is processed lawfully and transparently, enhancing customer trust.
  4. Regular Security Audits and Penetration Testing: Periodic security audits and penetration testing help identify vulnerabilities and weaknesses in the system. By proactively addressing these issues, financial institutions can stay ahead of potential threats and protect customer data from breaches.
  5. Vendor Due Diligence: Before partnering with a white-label agency banking provider, financial institutions should conduct thorough vendor due diligence. This process involves assessing the vendor’s security protocols, data handling practices, and compliance with industry standards.

Balancing Personalization and Privacy

White-label agency banking offers the advantage of customization, allowing financial institutions to tailor their services to meet individual customer needs. However, personalization must be balanced with privacy concerns. Here’s how financial institutions can achieve this balance:

  1. Anonymized Data for Personalization: Instead of storing personally identifiable information (PII) directly, financial institutions can use anonymized or aggregated data for personalization purposes. This approach preserves customer privacy while still providing a personalized experience.
  2. Transparent Data Handling Policies: Clearly communicate data handling policies to customers, outlining the types of data collected, how it is used, and the security measures in place. However, transparency fosters trust and empowers customers to make informed decisions about their data.
  3. Opt-In Personalization: Allow customers to opt-in for personalized services, respecting their preferences for data usage. Offering opt-in choices empowers customers and ensures that their privacy choices are honored.


White-label agency banking presents significant opportunities for financial institutions to expand their service offerings and provide personalized banking experiences. However, with this increased reliance on technology and data, ensuring customer data security and privacy is of utmost importance. By implementing robust data security measures, complying with data protection regulations, and maintaining transparency with customers, financial institutions can strike a balance between personalization and privacy. Safeguarding customer data not only builds trust and loyalty but also strengthens the overall resilience of the banking ecosystem.

Errandpay Flick

Agency Banking: A Catalyst for Financial Inclusion

In today’s rapidly evolving financial landscape, agency banking has emerged as a game-changer, particularly in emerging markets. This innovative approach to banking is enhancing financial services, bringing convenience and accessibility to customers who were previously underserved. In this blog post, we will explore the concept of agency banking, its benefits, challenges, and its opportunities.

Understanding Agency Banking in Enhancing Financial Services

Agency banking refers to a model where financial institutions, such as banks, partner with local retail agents to provide basic banking services to customers in remote or underserved areas. These retail agents act as intermediaries, offering a range of services, including cash deposits, withdrawals, fund transfers, and account balance inquiries. This approach leverages the existing retail infrastructure and networks, extending the reach of financial services to previously unbanked or underbanked populations.

The Benefits of Agency Banking in Enhancing Financial Services

  1. Improved Accessibility: Agency banking enables financial institutions to extend their services beyond traditional brick-and-mortar branches, reaching customers in remote areas with limited access to banking services. By leveraging local retail agents, financial services become more readily available, empowering individuals and businesses to manage their finances conveniently.
  2. Cost-Efficiency: For financial institutions, agency banking presents a cost-effective alternative to establishing and maintaining physical branches. By partnering with retail agents, banks can leverage existing infrastructure, reducing overhead costs while still expanding their customer base.
  3. Financial Inclusion: One of the most significant advantages of agency banking is enhancing financial services and promoting financial inclusion. By bringing banking services closer to underserved populations, agency banking helps individuals access basic financial services, such as savings accounts, loans, and insurance. This fosters economic empowerment, enabling individuals and businesses to participate more actively in the formal economy.

Challenges and Mitigation

While agency banking offers numerous advantages, it is not without challenges. Some key challenges include:

  1. Agent Reliability and Training: Ensuring that retail agents are reliable, trustworthy, and adequately trained to handle financial transactions is crucial. Proper agent selection, ongoing training, and monitoring mechanisms are essential to maintain service quality and security.
  2. Technological Infrastructure: Robust technological infrastructure is essential for seamless transactions and data security. Financial institutions need to invest in secure and scalable systems that can handle the increased volume of transactions generated by agency banking.
  3. Regulatory Environment: Agency banking operates within a regulatory framework that varies across countries. Financial institutions must navigate these regulatory requirements to ensure compliance while offering innovative and inclusive services.

Opportunities for Growth

Despite the challenges, agency banking presents significant opportunities for growth and innovation. Some key opportunities include:

  1. Mobile Technology: The widespread adoption of mobile technology in emerging markets has opened doors for mobile-based agency banking. Leveraging mobile apps and USSD (Unstructured Supplementary Service Data) codes, customers can access banking services directly from their smartphones, further enhancing convenience and accessibility.
  2. Partnerships with Fintech Companies: Collaborations between financial institutions and fintech companies can accelerate the growth of agency banking. Fintech firms bring expertise in digital technologies, user experience, and data analytics, enabling banks to offer more personalized and tailored services to customers.
  3. Value-Added Services: Beyond basic banking transactions, agency banking can evolve to offer value-added services such as microfinance, insurance products, and digital payments. This expansion of services can attract a broader customer base and generate additional revenue streams for both financial institutions and retail agents.


Agency banking has emerged as a transformative force in the financial services sector, particularly in emerging markets. By leveraging local retail agents and technology, financial institutions can extend their services to previously underserved populations. Similarly, they can promote financial inclusion and empower individuals and businesses. While challenges exist, strategic partnerships, technological advancements, and regulatory support pave the way for the continued growth of agency banking. As this innovative model gains momentum, it is poised to reshape the financial landscape of emerging markets. Finally, to offer a brighter future for millions of individuals seeking accessible and inclusive financial services

The Complete Guide to White Labeling Agency Banking: Creating Customized Solutions for Your Business

White label Agency Banking

White labeling agency banking solutions offer a powerful opportunity to establish your brand presence and provide customized financial services to your customers. In this comprehensive guide, we will walk you through the process of white-labeling agency banking and implementing a successful solution. Discover the benefits of white labeling and gain insights into the steps involved in creating a branded agency banking experience.

Understanding White Labeling in Agency Banking

However, white labeling in agency banking refers to the practice of rebranding existing banking services under your own brand name. It allows you to offer a customized solution to your customers while leveraging the technology of an established agency banking provider. Therefore, by white labeling, you can focus on building your brand identity and delivering a seamless customer experience.

Choosing the Right Agency Banking Provider

Initially, the first step in white labeling your agency banking services is to select a reputable agency banking provider. Consider factors such as their technology infrastructure, compliance capabilities, range of services, and track record in the industry. Look for a provider that offers white labeling options and is willing to work closely with you to create a tailored solution.

Defining Your Brand Identity and Customization

Meanwhile, once you have chosen an agency banking provider, it’s time to define your brand identity and customization preferences. This includes designing a visually appealing user interface, incorporating your brand logo and colors, and customizing the user experience to align with your brand values. Work closely with your agency banking provider to ensure that the white-labeled solution reflects your brand’s unique identity.

Integration and Testing

Furthermore, the next step is to integrate the white-labeled agency banking solution into your existing systems and test its functionality. Collaborate with your provider to establish secure data connections, and integrate APIs. Similarly, to ensure seamless communication between your systems and the agency banking platform. Thoroughly test the solution to ensure that it meets your requirements and provides a smooth customer experience.

Regulatory Compliance and Security

Likewise, as with any financial service, regulatory compliance and security are paramount. Work closely with your agency banking provider to ensure that the white-labeled solution adheres to all necessary rules and regulations. This includes data protection, encryption protocols, user authentication, and compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations.

Marketing and Launch

Once the white-labeled agency banking solution is fully integrated and tested, it’s time to market and launch your new branded services. Therefore, develop a marketing strategy to promote your agency banking offering, highlighting its unique features, and how it aligns with your brand values. Leverage various marketing channels such as social media, email campaigns, and targeted advertisements to reach your target audience.


Conclusively, white-labeling agency banking services provide an excellent opportunity to create a customized, branded financial solution for your business. By partnering with a reliable agency banking provider and following the steps outlined in this guide, you can successfully white-label your agency banking services. Similarly, you can offer a seamless, branded experience to your customers. Ultimately, embrace the power of white labeling and unlock the potential for growth and differentiation in the competitive financial services landscape.

Challenges that can come with a Multi-cloud strategy

17 New And Enhanced Challenges That Can Come With A Multi-cloud Strategy

As a company grows and its technology and data need to expand, adopting a multi-cloud strategy can be a smart move that comes with multiple benefits. Different cloud service providers bring different things to the table, and every business wants to ensure it has access to the bandwidth needed to give and receive reliable service.

However, a multi-cloud strategy can also usher in new challenges and exacerbate some existing ones, and it’s wise to be prepared for what could be coming. Below, 17 members of the Forbes Technology Council discuss some new and enhanced challenges that can come with managing a multi-cloud strategy and share advice to help businesses adapt and cope.

1. Managing Data Security And Compliance

One challenge in managing workloads across multiple cloud environments is ensuring data security and compliance. Businesses can prepare for this by implementing robust security policies, utilizing encryption and access control measures, and conducting regular audits to ensure adherence to industry standards and regulatory requirements. – Remo Peduzzi, ICR Informatik AG

2. Avoiding Data Fragmentation

In today’s business landscape, scaling your company naturally leads to an increase in the amount of data generated, processed, and stored, making cloud environments a necessity. However, this growth in data can result in fragmentation, making it crucial to take control of your data through automation and standardization before it becomes unmanageable. – Daniel Korogodski, First Bridge

3. Ensuring Reliable Tenant Access And Resource Security

Leveraging cloud technology across multiple cloud environments will enable business continuity in the event of downtime in any one of the environments. Two of the challenges l see will be maintaining access to the tenants and possible security issues. To prepare for this change, businesses should ensure that tenant access and resources within multiple cloud environments are adequately secured. – Nihinlola Adeyemi, ErrandPay Limited

4. Ensuring Integration And Compatibility Between Different Platforms

Ensuring seamless integration and compatibility between different cloud platforms is an understated challenge. With the increasing popularity of multi-cloud and hybrid cloud strategies, businesses may find themselves using multiple cloud providers, each with its own set of tools, APIs, and interfaces—blending all of them is a gargantuan engineering hurdle in itself. – Prashanth Balasubramanian, Striga

5. Getting The Most Out Of A Multicloud Strategy

Taking cloud-native approaches to developing applications and incorporating good design principles from the beginning can help companies make the most of multi-cloud services. Instead of focusing on managing workloads, it is better to design applications to take full advantage of the capabilities of cloud services. Embracing containerization through infrastructure as a service instead of traditional workload management can be beneficial when serverless architectures are not suitable. – Brad Mallard, Version 1

6. Monitoring Permissions

In my experience, basic controls are still an issue for many cloud deployments. Monitoring permissions for corporate data stored in AWS, Azure and other platforms is a fundamental control that is often reviewed only annually. This leaves corporate data at risk if permissions are not set correctly. – John Bruggeman, CBTS

7. Managing FinOps

Organizations are on multi-cloud platforms to avoid vendor lock-in or to manage business demands (or sometimes even by accident). Whatever the reasons for a multi-cloud strategy might be, FinOps—matching the available cloud budget with costs across the divisions within an organization—is the pinnacle of all the multi-cloud challenges organizations face. CFOs often lack a real-time, “single pane of glass” view of the budget versus spending trends across cloud platforms. – Srini Gajula, Sage IT INC

8. Controlling The Cost And Complexity Of Collaboration

One problem with multi-cloud setups is the cost and complexity of making them work together. Many providers make it prohibitively expensive to move data out of their clouds. In such cases, multi-cloud setups are not truly multi-cloud, as people are unable to take advantage of what each cloud offers. This makes simplicity, support, documentation, and an open platform important, particularly for startups. – Yancey Spruill, DigitalOcean

9. Balancing Cost And Carbon Optimization

One challenge that comes with a multi-cloud strategy is trying to balance minimizing costs and carbon optimization. The pace of change and agility demands faster analysis of where to place a workload to minimize both the cost and the carbon footprint. – Travis Greene, Micro Focus

10. Supporting Both On-Premises And Cloud Applications

We’re witnessing fragmentation across the data landscape in terms of technologies, vendors, and use cases. Organizations can’t operate in silos anymore; we have to be ready to support applications that are hosted both on-premises and in the cloud. Only with common tools and approaches will we see the efficiency gains this offers, allowing us to improve productivity and spend more time creating value. – Jakub Lamik, Redgate Software

11. Auditing Infrastructure Security

When data is scattered across multiple clouds, it is vulnerable to data breaches. As cloud providers constantly add new features to meet customer needs, IT teams must continuously audit and manage their infrastructure to ensure their cloud environments meet security requirements. Some best practices include strong encryption and automated monitoring tools to simplify the audit process. – Parvinder Walia, ESET

12. Coping With Increased Security Complexity

While a multi-cloud strategy comes with many benefits in terms of the ability to use the best cloud service provider for the workload, technology, and cost, it increases complexity in terms of security. Since each cloud platform is different, cloud defenders need to learn multiple technologies, and they often end up using separate security tools for each provider, complicating policy alignment and increasing workloads. – Avi Shua, Orca Security

13. Managing Machine Identities

Managing machine identities is a significant challenge for multi-cloud environments. Modern workloads driven by DevOps, containerization, or Internet of Things devices often require an extremely large number of machine identities in the form of digital certificates or keys. Without robust management, oversight, and automation, outages, security problems or even breaches can occur. – Ted Shorter, Keyfactor

14. Optimizing For The Strengths Of Different CSPs

Companies using multi-cloud strategies or delivering cloud-native technologies must be thoughtful in optimizing for the strengths of different cloud providers, seeking out the best models for data storage, GPU performance, tightest integration with end-user suites, and, of course, support for security capabilities and tools. There are differences, and prioritizing usage based on need is critical. – Devin Redmond, Theta Lake

15. Overcoming Data Gravity

Data gravity is the newest challenge. It can make moving data between cloud providers difficult, leading to delays and complexity in workload management. By building microservices with high availability in each cloud environment, businesses can optimize data processing and storage for each environment, reducing the need for data movement. – Darren Person, Circana

16. Codifying Infrastructure

As cloud environments grow more complex, infrastructure and code become more and more important. Codifying your infrastructure means you can tear an environment down and spin the entire thing back up with the click of a button. By codifying your infrastructure now, you will position yourself well to manage workloads that span multiple cloud environments in a scalable and secure way. – Tim Mitrovich, Artisan

17. Managing Cognitive Load

Cognitive load is becoming more of a challenge as the answer to every question continues to be “shift left.” Where will enterprises turn to find employees who can set up and secure networks while also writing code and managing deployed applications? Some estimates indicate that developers spend 20% of their time working on infrastructure rather than writing code that solves business problems. – Rick Kilcoyne, CloudBolt Software

Naira Redesign Policy: CBN Launches Cash Swap Programme in Rural/Underserved Areas

In furtherance of its Naira Redesign policy, the Central Bank of Nigeria (CBN) has sustained its nationwide awareness/sensitization programmes, enforced speedy collection of the new notes at CBN branches by the Deposit Money Banks (DMBs) and mandated issuance of the new notes through Automated Teller Machines (ATMs) to ensure distribution is fair. transparent and evenly spread across the country.
In addition to these measures and in recognition of the need to maximize the channels through which underserved and rural communities can exchange their Naira, the Bank is launching a cash swap programme in partnership with Super Agents & DMBs. The programme enables citizens in rural areas or those with limited access to formal financial services to exchange old Naira notes for redesigned notes

The initiative takes effect from Monday, January 23, 2023, as follows:

  1. The old N1000, N500, and N200 notes can be exchanged for the newly redesigned notes and/or the existing lower denominations (N100, N50, and N20, etc) which remain legal tender.
  2. The agent shall exchange a maximum of N10,000 per person. Amounts above N10,000 may be treated as a cash-in deposit into wallets or bank accounts in line with the cashless policy. BVN, NIN, or Voter’s card details of the customers should be captured as much as possible.
  3. To promote financial inclusion, this service is also available to anybody without a bank account. Agents may, on request instantly open a wallet or account, leveraging the CBN Tiered KYC Framework. This will ensure that this category of the populace is able to exchange or deposit their cash seamlessly without taking unnecessary risks or incurring undue costs.
  4. Agents shall sensitize customers on opening wallets/ bank accounts and the various channels for conducting electronic transactions.
  5. Designated agents are eligible to collect the redesigned notes from DMBs in line with the Revised Cash Withdrawal Limit policy. Agents are also permitted to charge cash-out fees for the cash swap transactions but are prohibited from charging any further commissions to customers for this service.
  6. Agents shall render weekly returns to their designated banks regarding the cash swap transactions. DMBs shall in tum render the same to the CBN on a weekly basis.
  7. Principals (Super Agents, MMOs, DMBs) shall be held accountable for their agents” adherence to the above guidelines.
  8. Cash Swap agents will be readily identifiable in all local governments, particularly those in rural areas.
    The CBN will continue to monitor the implementation of the programme and provide further guidance as may be necessary.


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