Nigeria’s Central Bank issues new rules for contactless payments
Contactless transactions will be capped at N15,000 per transaction, with a daily maximum of N50,000. Nigeria’s financial regulator on Tuesday announced new guidelines for digital payment providers who offer contactless payment solutions. Contactless payments broadly refer to transactions where users pay by simply tapping or waving their payment devices at point-of-sale terminals. It is also called proximity payments. Under the new rules, users can tap or wave their devices (including smartphones and cards) that are enabled with contactless technology to make payments without needing to input a PIN to confirm the transaction. But such transactions will be limited to ₦15,000 ($19.65) for a single payment or ₦50,000 ($65.5) daily. Contactless payments are powered by radio frequency identification (RFID) or near-field communication (NFC) technology both of which allow enabled devices to initiate and authorise payment transactions without additional authorisation confirmation from the user. EMVCo—named for the organizations (Europay, Mastercard and Visa) that established it— works with payment industry stakeholders globally to set technical standards for smart payment cards and the POS readers that accept them. The COVID-19 pandemic is credited for accelerating the use of contactless payments. In 2020, the WHO urged a switch to contactless as part of measures to help slow the spread of COVID-19. In response 30 European countries raised their limits on contactless payments in the same year. In 2021 the UK contactless payment limits again to £100 in October 2021, making UK consumers among the world’s biggest spenders without having to confirm their identity. Three-quarters of all Mastercard transactions in Europe are contactless. In the UK, Visa says the figure is as high as 80% of in-person payments. Nigeria’s contactless payments rules place the burden of fraud with acquirers (i.e. the bank of the payment recipient), issuers (i.e. the bank of the customers) and merchants (the business) who offer contactless payment channels. Per the guidelines, they will be liable for fraudulent transactions “arising from their negligence and/connivance.” In addition, the guideline specifies that contactless payment be only enabled for users who have Bank Verification Numbers (BVNs). Contactless transactions that are higher than the limit will require additional authorisation in the form of a PIN, mobile code or biometric identification. Regulators in the US and Ecuador do not place any limits on single contactless transactions. To combat fraud Nigerian fintechs have moved to include ID verification as part of the onboarding process instead of simply placing limits on transactions. Paga, founded in 2009 recently announced that it would require all customers to pass additional ID verification regardless of their KYC level. Nigeria’s central bank said it considered the risks associated with contactless payments before limiting how much users can make with contactless payment methods. Limiting transaction amounts on contactless payments is a standard fraud mitigation risk. There is evidence that it works. According to the data analytics company, FICO, “data from UK Finance revealed that in 2020 there was a total of £574 million lost through card fraud. Of this, only £16 million represented contactless payment fraud. Against a total of £9.46 billion worth of contactless transactions, that equates to 1.8p worth of fraud in every £100 spent using contactless technology.” South Africa leads the way in contactless payments in Africa. In January Tech Central reported that more than half the customers of First National Bank (FNB) use contactless payments. “Consumers have shown a strong preference for contactless payments using their contactless-enabled cards or smart devices,” said Ashley Saffy, head of business development at FNB South Africa.
Read MoreFollowing chargeback fraud fiasco, Union54 is back with a superapp
Union54, the Zambian fintech startup whose operations got halted as a result of a chargeback fraud debacle last year, is launching a superapp in partnership with Mastercard. Following the $1.2 billion chargeback fraud fiasco which saw the startup halting operations for eleven months, Zambian fintech Union54 is back with another product: a superapp called ChitChat. ChitChat is a collaborative effort between Union54 and global payments technology company Mastercard and will enable users across Africa to send messages over an encrypted platform. ChitChat will also double as a social commerce platform, enabling users to send each other money, access a USD debit card, and purchase from digital storefronts within the app. ChitChat’s card and payments features, supported by Mastercard integration, will roll out in a beta for Angola, Tanzania, and Ghana with more markets to be added this year. “We are excited to announce our ChitChat product and at the same time, announce our expanded partnership with Mastercard,” said Perseus Mlambo, CEO of Union54. “We believe that mobile payments and chat platforms can be a powerful force for increasing trade across Africa, and we are committed to building a platform that accelerates this. We’ve built payments into a chat platform, giving everyone a USD card on demand – on our terms.” Union54 and Mastercard claim to have issued over 2 million cards to Africans through their partnership. “We are delighted to deepen our partnership with Union54 as we work towards creating a world beyond cash. Our collaboration will not only enable us to expand our reach into new markets, but it will also provide consumers with a secure and convenient way to access financial services,” said Gabriel Swanepoel, country manager at Mastercard, southern Africa. In July 2022, Union54 halted its services following an attempted $1.2 billion chargeback fraud which saw many African startups that previously used its card-issuing services rush to find alternatives. In an interview with TechCrunch in March this year, Mlambo stated that Union54 intended to use lessons from the event and their subsequent hiatus to re-enter the African fintech market, a promise which has culminated in the launch of ChiChat.
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Nigeria has suffered several data breaches recently, and its data protection commissioner wants to change that
The just-appointed commissioner for Nigeria’s new data protection bureau, Vincent Olatunji, tells TechCabal how he plans to end data breaches in the country. Earlier this month, Nigeria’s president, Bola Tinubu, signed the Nigeria Data Protection Bill 2023 into law. The new law, which went into effect immediately, was proposed by the immediate-past government of Muhammadu Buhari, and provides a legal framework for the protection of personal information and the practice of data protection in Nigeria. The law also creates a new national body for the enforcement of the provisions contained in the act. The new body—the Nigeria Data Protection Commission (NDPC)—will be headed by Vincent Olatunji. A certified public-private partnership specialist (IP3 Specialist) and a PECB-certified data protection officer, Olatunji joined the National Information Technology Development Agency (NITDA) in 2002, rose to the position of director in 2014, and became acting director-general in 2016. In February 2022, he was appointed the NDPB’s first national commissioner, and he has been tasked with protecting Nigerians and their data. How the bureau was created On a call with TechCabal, Olatunji said that the immediate former minister of the digital economy, Isa Pantami, was responsible for the creation of the Nigeria Data Protection Bureau (NDPB). The NDPB was initially a body under the National Information Technology Development Agency (NITDA), but for Nigeria to be in line with the ECOWAS Act on Personal Data Protection [pdf], there needed to be an independent supervisory authority for data protection. “We explained to the minister that it would be difficult to get results if we did not have a body specifically in charge of implementing data protection laws. He then sent a memo to the president, which was approved,” Olatunji said. The creation of the law and bureau is also in line with the right to privacy enshrined in Section 37 of the Nigerian Constitution. According to Olatunji, part of the president’s approval mandates that the NDPC be funded by NITDA and the Nigerian Communications Commission (NCC) for three years. “After that period, the bureau should be self-sustaining. We should be able to generate money to fund our activities and even create revenue for the government,” he said. Image Source: Faith Omoniyi/TechCabal. The powers of the Nigeria Data Protection Commission When asked how the commission would be able to enforce fines against international companies, Olatunji referenced Nigeria’s large market. “They know the market is here; they cannot afford not to obey our laws. We have already fined some financial institutions that did not comply with the laws, and they paid. Between the time we started and now, we have generated over ₦200 million for the government. However, we use a balanced approach so businesses can grow in Nigeria.” In an interview with Arise TV, Olatunji said that the commission has the power to create regulations for emerging technology and impose fines on companies that have committed a breach of data protection. “Going to the legislature to amend our laws before we can regulate emerging technologies would be too cumbersome. That’s why we made our laws flexible. The law empowers the bureau to issue regulations, which would be as powerful as the act itself,” he explained to TechCabal. Data protection in Nigeria is still in a dire state. In the first quarter of this year, Nigeria was ranked as the 32nd most breached country in the world. This coincided with a 64% increase in breaches from the previous quarter. When asked if the commission will investigate breaches even without a public complaint, Olatunji said, “That is one of the principal functions of the bureau. We can independently conduct investigations in any sector that has to do with personal data protection. If there is a data breach anywhere, we have the power to investigate, and whatever decision we make is binding. However, companies have the right to appeal, and the Supreme Court has the final say.” A corollary effect of the dire state of Nigeria’s data protection has been the unethical use of Nigerians personal data by companies. Last month, TechCabal wrote about the unethical debt collection methods employed by some loan apps. Although several loan apps have denied using customer data unethically, it is something that is on Olatunji’s radar. “From my experience with Soko Loan, I know that a lot of Nigerians have been damaged psychologically by the messages they send out to people. We started investigating them [loan apps] under NITDA, and now that we are independent, it’s one of the things we will focus on.” Olatunji added that because of the complexity of these loan applications, a multi-pronged approach by different regulators, such as the central bank, the Economic and Financial Crimes Commission (EFCC) and NITDA, would be employed to create regulations that would govern them. The Bureau can license, accredit, and register bodies to provide data protection compliance services. However, according to Olatunji, because the “expertise in data protection services in Nigeria is low”, the bureau has had to employ a public-private partnership model. “For instance, we have over 500,000 data controllers and processors, and each of these organisations should have a data protection officer, but there are not up to 10,000 certified data protection officers in the country.” To address this deficit, the bureau started licensing data protection compliance organisations. “They are companies that have expertise in data privacy and protection, who can go to companies, talk to them, create awareness, and assist with data privacy and protection policies. As of last count, these organisations are now offering about 17 different services that we did not even think about when we started this process. One good thing that has come out of this is that over 9,000 jobs were created within three years. We started by experimenting with about 17 [organisations], and now there are 168 [organisations],” he said. Olatunji also added that the bureau regularly conducts “quality checks” on the organisations and that 18 of these organisations have since had their licences revoked. Although there has been a clamour for data to be
Read MoreFNB and MTN sign MVNO partnership deal
South Africa’s second largest bank by customer base, First National Bank, has signed an agreement with MTN South Africa for the supply of network services for FNB Connect, the bank’s mobile virtual network operator (MVNO). In a statement, FNB and MTN stated that they have formed the collaboration to accelerate “access to reliable telecommunications and internet services for customers who use FNB Connect”. “Telecoms and ICT services are central to the integrated value propositions we offer our customers across financial and lifestyle services,” said FNB CEO Jacques Celliers in the statement. “In the months ahead, we will expand our range of services by introducing more cost-effective and tailored solutions for both individual and business customers. This includes internet-of-things solutions that empower businesses to improve efficiency and productivity.” FNB Connect already has an MVNO partnership with Cell C, which was the first mobile network operator in South Africa to introduce MVNO services. According to FNB, the Cell C partnership will run concurrently with the new MTN partnership to “[allow] customers to enjoy the best of both worlds in network quality”. South Africa’s fledgeling MVNO landscape Commenting on the FNB and MTN deal, Cell C’s chief officer for wholesale business, Stephen Morony, told local publication TechCentral, that they welcome the new competition in the MVNO space. “We look forward to our continued relationship with the FNB Connect team while welcoming competition in the MVNO space. Cell C is confident that our technology platform, our extensive MVNO partner experience, range of service offerings and value propositions are competitive and will serve our varied customer segments well, enabling ever more choice for the South African consumer,” he said. The South African MVNO industry has seen its value increase over the last few years, causing mobile network operators’ interest in offering the services to surge. FNB stated that its MVNO sold about R400-million in smartphones and other digital devices in the first half of the year. In September 2022, MTN announced its push into the business, stating that it would offer services to the likes of MTN Mobile and Mr. Price Mobile. “We are growing that part of the business quite significantly. We are building an MVNO platform as a service[…]we have a huge pipeline of MVNOs who want to come on board. We are open for business when it comes to MVNO. We will add far more than three,” said MTN South Africa CEO Charles Molapisi at the time. Also in September 2022, Cell C partnered with the country’s largest retail bank Capitec to launch an MVNO for the latter. Capitec is marketing the MVNO as a virtual mobile network that offers customers less expensive and perpetual data. Shoprite also launched its K’nectmobile MVNO in March 2021, supported by Cell C’s infrastructure via a roaming partnership with MTN. In January this year, Telkom also entered the scene, announcing that it would “leverage its extensive network footprint across South Africa to offer MVNOs the opportunity to provide quality services over its network – thereby enhancing the much-needed competition in the telecoms space”. The MVNO partnerships are in line with spectrum-licence requirements set by industry regulator ICASA for mobile network operators to benefit historically disadvantaged groups. But what exactly is an MVNO? An MVNO is a reseller of wireless communications services. It leases wireless capacity from a third-party mobile network operator (MNO) at wholesale prices and resells it to consumers at reduced retail prices under its business brand. Mobile network operators benefit from leasing this capacity because it would otherwise be unused, so they gain a profit by leasing it in bulk at wholesale prices. MVNOs benefit from being able to mark down their retail prices to a certain extent because they do not have to pay radio frequency spectrum licences and have no infrastructure to build or maintain. As a result of the low overhead, they can spend aggressively on marketing to increase their chances of selling capacity to consumers. A big market opportunity with its challenges According to a report by Mordor Intelligence on the South African MNO – MVNO Market – Growth, Trends, COVID-19 Impact, and Forecasts (2023 – 2028), the market is expected to register a CAGR of about 7.8% during the forecast period. The growth will be mainly driven by increasing demand in a wide range of applications including retail, cellular M2M, and media and entertainment. However, most MVNO players in South Africa, according to the report, function as wholesalers that purchase bandwidth in chunks from big carrier networks and sell at a discount to consumers. As a result, this market has a low-profit margin because the vendors offer cheaper rates to consumers by renting spectrum from major carriers which is costly. Despite much potential, the MVNO segment has faced slow growth in recent years due to unfair pricing for network access from large network operators. This will likely be remedied by the regulator Independent Communications Authority of South Africa (ICASA)’s order to mobile network operators to reduce roaming fees, including those of MVNOs, a solution which is likely to accelerate the growth of the segment.
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👨🏿🚀 TechCabal Daily – Pay with data
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Heads up Delivery times will vary for TC Daily over the next couple of weeks. Over the next couple of weeks, a small percentage of readers will get TC Daily at the usual time—7 AM WAT—while the majority of our readers may receive it 3 hours later, around 10 AM WAT. We apologise in advance, and we’ll work on getting back to a regular schedule soon In today’s edition Kenyans can now pay with data CBN sets limit on contactless payments Safaricom Ethiopia selects a new CEO Funding tracker The World Wide Web3 Event: The Moonshot Conference Job openings Telecoms Safaricom enables payments with internet bundles Safaricom CEO Peter Ndegwa Safaricom customers can now use internet bundles for payments. With this new development, millions of customers can use their internet data balance to pay for goods and services. This means customers can incur lesser charges with data payments, than traditional payment methods. The new payment option: Introducing “Lipa na Data”, users with a data balance of 5GB and above can conveniently make payments at shopping outlets by dialling *544*34# and using Paybill or till numbers. If a user’s data balance is below 5GB, they will be notified that they are not eligible for the service. Both Safaricom post-pay customers having a data balance of 5GB and above, and prepaid customers with no expiry bundles exceeding 5GB can access this service provision. For pricing, Ksh500 ($3.57) is equivalent to 7.7GB. This could mean that customers could pay more as 8GB of data on Safaricom presently costs Ksh1,000—although this option also includes 400 minutes of talk time or 1,000 SMSes. Zoom out: The introduction of this service complements Safaricom’s existing range of payment plans within the M-Pesa e-wallet. These include direct payments from user deposits and the Fuliza overdraft service, used by customers facing insufficient deposits to cover their purchase costs. You’ll be in good company Moniepoint has made it simple for your business to access payments while providing access to credit and other business tools. Open an account today on moniepoint.com/ng. Economy CBN sets transaction limit on contactless payment Image source: Zikoko Memes On Tuesday, the Central Bank of Nigeria set a transaction limit for contactless payments made through bank accounts and digital wallets. In a circular, the apex bank also issued a guideline for contactless payments to banks, other financial institutions, and payment service providers. Side bar: Contactlesspayments are exactly what they sound like. It’s using debit or credit cards to pay for stuff by simply swiping said cards next to the payment points. With contactless payments, you don’t need to use PINs or tokens, just swipe and go. The transaction limits: The daily cumulative transaction limit is set at ₦50,000 ($65.08), with a single transaction limit of ₦15,000 ($19.56). Transactions surpassing these limits are classified as higher-value transactions and will require verification and authorisation, accordingly. Furthermore, existing know-your-customer (KYC) requirements and limits on electronic payment channels will be applicable for such transactions. Any transaction that surpasses the designated daily cumulative limits must be conducted using contact-based technology. Zoom out: By issuing the guidelines, the CBN looks to fulfil its mandate of ensuring the safety and stability of the Nigerian financial system, and fostering a robust and secure payment system. Telecoms Safaricom Ethiopia appoints new CEO In more news about Safaricom, things are changing at Safaricom Ethiopia. Anwar Soussa, the CEO of Safaricom Ethiopia, is leaving the company in July, after a two-year stint at the helm. Wim Vanhelleputte, from MTN Group, will take over his role in September, the company has announced. Wim Vanhelleputte, CEO of Safaricom Ethiopia Before his role at MTN Group, Vanhelleputte was CEO of MTN Uganda, from 2016. And before that, from 2009 to 2015, Vanhelleputte served as the CEO of MTN Côte d’Ivoire. He briefly joined Airtel Africa between 2015 and 2016, first as the regional director for francophone Africa, and later as the cluster CEO for Airtel DRC and Congo. A necessary change? According to the company’s annual results, Safaricom’s Ethiopia expansion seems to be coming at the expense of the mobile network operator’s profitability. While its revenue saw an increase of 4.3%, its Ethiopian operations affected profitability, thanks to the costs associated with the market expansion. The company’s Ethiopian operating costs stood at almost Ksh20 billion ($146 million), which represents over 27% of the group’s overall operating costs. While Safaricom’s Kenyan operations reported over Ksh110 billion ($804 million) in profits, Safaricom Ethiopia incurred over Ksh21 billion ($154 million) in losses. Zoom out: Safaricom Ethiopia, which generated Ksh562.4 million (over $4 million) in revenue in the last financial year, started commercial operations in October 2022, after months of tests and customer onboarding. It has since grown its user base to over 4 million customers. TC Insights Funding Tracker Image source: TC Insights This week, Kenyan fashion e-commerce company, ShopZetu, raised $1 million in pre-seed funding. Chui Ventures led the round. Other participating investors included Launch Africa, Roselake Ventures, and Logos Ventures. Here are the other deals this week: Tappi, a Kenyan e-commerce company, secured a $180,000 grant from Orbit Startups. Ghana-based web3 startup, Mazzuma, raised an undisclosed amount of venture funding from Adaverse. Zoie, a South African-based health-tech company, also closed an undisclosed amount in funding from 4DX Ventures and E Squared Investments. That’s it for this week! Follow us on Twitter, Instagram, and LinkedIn for more funding announcements. Refer TC Daily and win great prizes Refer TC Daily and win great prizes. Not only do you get rewarded for your referrals, but you also automatically earn an entry into the grand prize draw at the end of the month. And what’s the grand prize, you ask? A blissful massage session that will melt away all your stress and leave you feeling rejuvenated! Scroll to the end and start sharing your unique referral link today. Crypto Tracker The World Wide Web3 Source: Coin Name Current Value Day Month Bitcoin $30,950 + 2.49% +
Read MoreIncreased electricity tariff will not impact startups as hard as it will their employees, experts say
From July 1, 2023, electricity distribution companies (DisCos) in Nigeria will increase electricity tariffs by over 40%, due to high exchange rates and inflation. Tech startups in Nigeria are expected to be affected less due to their remote work setting. However, remote workers will bear the brunt. Electricity distribution companies (DisCos) in Nigeria will increase electricity tariffs by over 40% from July 1, 2023. The surging inflation and recent unification of the country’s foreign exchange rate has been cited for this surge in pricing. The impact of the new electricity tariff will be felt across multiple verticals in Africa’s largest economy, and tech startups are not left out of this. “From an operational point of view, startups will do better than small businesses, but from a staff point of view, they are going to do worse because staff will spend more on electricity,” said Deji Olowe, CEO of Lendsqr. Olowe believes that the tariff increase might be an advantage to tech startups that work remotely, but said that their staff will bear the brunt as they would have to spend more on electricity. Babatunde Akin Moses, CEO of Sycamore, shares Olowe’s opinion. “Startups, their founders and employees will definitely face inflation, like every other Nigerian. Perhaps companies that are remote would feel it less if they do not operate an active office, but they will still feel it nonetheless because the cost of power [for employees] working from home will increase too,” he said. Remote workers employees will be hit the most Ngozi Chukwu, a writer with this publication, works mostly remotely from a shared apartment in the suburbs of Lagos. With an average of 15 hours of daily electricity supply—a luxury given Nigeria’s erratic power supply—Ngozi spends an average of ₦25,000 on electricity monthly. However, with the expected increase in electricity tariff, Ngozi might end up spending up to ₦35,000 monthly on electricity. Creo, a brand designer, is not given the luxury of 15 hours of daily electricity supply; he depends heavily on his generator and solar-powered generators. According to him, he spends an average of ₦23,000 to ₦30,000 monthly fuelling his generator. He also owns solar-powered generators, to augment the erratic power supply in his neighbourhood. “I spend a lot on generators. Now, I have to spend more on buying units of electricity. It’s not sustainable, because electricity could be cheaper,” Creo said. While remote workers already shuffle between alternatives to curtail erratic power supply, expensive and faulty internet networks pose another barrier to their work. Nigeria has one of the most expensive mobile data subscription packages in the world. The proposed electricity tariff increase means that these remote workers now have to spend more to power their devices, thereby reducing a portion of their income. How will startups rise to the occasion? While startup employees will be disproportionately affected by the increase in electricity tariffs, Olowe suggests that startups could potentially offer incentives to their employees to help them cope with the rising costs. However, he emphasises that this solution comes with a caveat. “Are startups going to increase or give extra bonus or cost of living adjustments to their staff? That’s a possibility. But remember that even the revenue for startups is also being impacted because their customers are impacted by the economy,“ he told TechCabal. “It’s going to be a tough time for everybody.” On the other hand, Akin Moses believes the increase in electricity tariff poses a dilemma for startups, forcing them to choose between raising prices or experiencing diminished profits. “When this [electricity tariff increase] is considered along with the recent subsidy removal, many startups may have no choice but to raise the prices of their products to customers. The alternative is to face increased cost and reduced profits,” he said.
Read MoreSmile Identity lays off eight employees as it increases its ‘focus on profitability’
Smile Identity, a KYC compliance and ID verification startup, has laid off eight employees in what it says is a move to achieve its profitability targets. Smile Identity helps startups like banks and fintechs perform identity checks for their customers and is one of the most recognisable names in the ID verification industry. The company confirmed to TechCabal that it laid off eight employees early in June. Part of the company’s email to TechCabal said, “To better navigate the changing macroeconomic landscape of the tech startup world, we decided to reduce our team size to focus on profitability and product development. We let go of 8 employees, representing less than 10% of our workforce.” The layoffs will come as a surprise to many, given that the company announced the completion of a $20 million Series B round funding in February 2023. Per TechCrunch, Smile Identity said the funding would be used to ramp up hiring efforts in East, Southern and Western Africa in line with its goal of expanding further along the continent. In April 2023, the startup acquired the Ghanaian identity verification software, Appruve, to expand its footprints across Africa and solidify its position as the continent’s leading identity verification and digital KYC provider. Smile Identity, founded by Mark Straub and William Bares, has been a major player in the African KYC space since 2017. Four years after its launch, Smile Identity is active in six African markets: Nigeria, Kenya, South Africa, Ghana, Rwanda and Uganda. It performs over a million identity checks monthly and has covered 250 million identities, serving clients like Paystack, Binance, Kuda, Paxful, and Chippercash, among others.
Read MoreMozilla is aiding Kenya’s upcoming tech startups with grants and acceleration
The Mozilla Africa Mradi Innovation Challenge in Nairobi is poised to help Kenyan tech entrepreneurs develop their products and be ready for market. This week, Mozilla Corporation hosted a two-day Mozilla Africa Mradi Innovation Challenge in collaboration with the Nairobi City County Government (NCCG) at the Arboretum Park in Nairobi. The challenge identified three tech startups—Getpayd, Deaf Elimu, and Hali Halisi—and three student innovators: Classify Me, Audred, and Mama Pesa. The innovators received grants of KES 13 million ($92,500). They will also receive technical assistance to develop their products further and position themselves in the market. During the ceremony, Nairobi County governor Sakaja A. Johnson said, “Nairobi City County Government is working with Mozilla Africa Mradi to ensure that tech startups and innovators get access to grants and are enabled to access venture capital investments locally and globally.” Why the Mozilla Africa Mradi Innovation Challenge is important Mozilla launched the programme to help African tech entrepreneurs and students develop their products and get them to market. The program seeks to provide technical support, grants, and market access to help these innovators bring their ideas to life. It is also designed to promote innovation led by the unique needs of users on the African continent. Mozilla says investing in African innovators can help create a more inclusive and equitable digital future for locals and others. Mozilla announced the Africa Mradi Innovation Challenge in Nairobi just last month. Over the years, and as part of its commitment to boosting innovation, the technology corporation has invested $20 million in fellowships and awards to support individual and collective actions that nurture innovations benefiting local communities in Africa. Mitchell Baker, CEO and chairwoman of Mozilla Corporation, said, “From 2015, Mozilla has distributed over $20 million through fellowships and awards to support individual and collective actions that nurture unique innovations that benefit communities.” Startups in Kenya by numbers According to the 2022 Kenya startup ecosystem report by Disrupt Africa, there are currently 308 active tech startups in Kenya, employing over 11,000 people. However, only 50% of these startups have undergone acceleration or incubation processes. The Africa Mradi Innovation Challenge aims to address this gap by providing resources and support to tech innovators in Kenya. Its goal is to help these innovators develop and grow their businesses, contributing to the overall advancement of the tech ecosystem in the country. The Digital Economy Blueprint reports that Kenya is a regional frontrunner in digital infrastructure access. Projections indicate that by 2030, around 55% of job roles in Kenya will require digital skills.
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How to share data on MTN and other networks 2023
In today’s interconnected world, the need to share data with friends, family, or colleagues has become increasingly important. And as we all know, the Nigerian Communications Commission (NCC) recently unified USSD codes for various activities on all networks. Therefore, this article provides a comprehensive guide on how to share data on MTN alongside other networks. 1. Understand MTN Data Sharing Before diving into the process, it is essential to familiarise yourself with MTN’s data sharing features. MTN provides an option called “Data Gifting” that allows you to share your data with other MTN subscribers. With this feature, you can transfer data bundles ranging from small packages to larger volumes, depending on how much data you have. 2. Choose a data bundle On how to share MTN data, you need to have a working data bundle for you to be able to transfer to someone else. MTN offers a variety of data bundles, including daily, weekly, and monthly options. Determine the amount of data you wish to buy. Please note that you’re usually allowed to share if you have a substantial amount of data. You may not be able to share from plans like daily or night plans, etc. 3. How to share data on MTN For you to send data on MTN, you no longer need to activate the data sharing feature unlike before. Now you simply start by dialling *321# on your mobile phone and follow the on-screen prompts. 4. Initiate the data transfer You will be prompted to choose either to gift data or share from SME, please choose ‘Gift’. At some point, you’ll need to enter the recipient’s MTN phone number and the amount of data you wish to send. Follow the instructions provided and confirm the transfer. Ensure that you enter the recipient’s number accurately to avoid any errors. See images of likely prompts while trying to share MTN data – 5. Confirm the transfer After confirming the transfer, MTN will deduct the appropriate amount of data from your data balance and credit it to the recipient’s phone number. Both you and the recipient will receive an SMS notification confirming the successful data transfer. The recipient can start using the shared data immediately. How to share data on other networks apart from MTN All you need to do is follow practically the whole processes outlined on how to transfer data on MTN. The prompts may read differently depending on each network provider, but the USSD code remains the same. Final thoughts on how to share data on MTN Sharing data on MTN is a simple and convenient process. By following the steps outlined in this article, how to share data on MTN to your friends, family, or colleagues will never be a problem.
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👨🏿🚀TechCabal Daily – Nigerian banks grow with fintech adoption
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy pre-Friday If you’re taking a course on Google Digital Skills for Africa, you have until July 24 to complete the course. Yesterday, Google announced to users that it’s moving the course to a new learning platform called Skillshop. This means any progress you have will be lost unless you’ve completed the course. If you’re yet to start a course though, worry not, Google says all the courses—and more—will be available on Skillshop. In today’s edition Fintech adoption drives growth from Nigerian banks MTN to generate own power in SA inDrive is licensed in Kenya SA’s new Identification Bill poses security concerns The World Wide Web3 Event: The Moonshot Conference Opportunities Economy Fintech adoption fuels Nigerian bank’s revenue growth in Q1 2023 Nigerian banks report remarkable revenue growth in Q1 2023, with ₦96.483 billion ($122,694,806) generated from electronic businesses. The remarkable growth is attributed to the increasing adoption of fintech solutions, resulting in a significant 23.84% increase, compared to the ₦77.907 billion ($99,010,408) recorded in the previous quarter in 2022. Image source: Tenor Top performing banks: PerNairametrics, UBA and Access Holdings emerged as the leading earners in e-business income, with UBA reporting ₦20.929 billion ($26,651,725) and Access Holdings earning ₦20.664 billion ($26,302,782). Zenith Bank, FirstBank, and GTBank followed closely behind with ₦12.079 billion ($15,379,970), ₦17.876 billion ($22,761,747), and ₦11.425 billion ($14,548,745), respectively. UBA, Access Bank, and Zenith Bank—two of the top tier-1 banks—played a pivotal role in propelling e-business income, accounting for 86% of the total generated in Q1 2023. More good news: In addition to the growth in e-business income, Nigerian banks witnessed a robust pretax profit of ₦446.722 billion($568,370,982) in Q1 2023, marking a significant 41.16% surge compared to the corresponding period in 2022. Zoom out: As more people use fintech to access financial services, banks are witnessing a corresponding surge in revenue. The positive trend observed reflects Nigerian banks’ ability to adapt to evolving customer demands and their readiness to leverage the expanding digital economy. You’ll be in good company Moniepoint has made it simple for your business to access payments while providing access to credit and other business tools. Open an account today on moniepoint.com/ng. Telecoms MTN to produce independent power in South Africa Image source: MTN MTN wants to take power into its own hands. MTN South Africa is aiming to become an independent power producer. The telecom wants to rely less on the state-owned power distributor Eskom which has been experiencing terrible load-shedding all year. How? The company plans to use five different technologies for energy generation within a single facility. The total capacity will be 4.5 megawatts, ensuring uninterrupted power supply even during load-shedding situations. The energy generation systems will be the first of their kind in South Africa, and it will be situated at MTN’s head office in Johannesburg. The head office currently features a hybrid facility comprising three energy systems: a 2-megawatt gas trigeneration system, a 330-kilowatt Concentrating Solar Power (CSP) Plant, and backup diesel generators. Additionally, MTN plans to expand the existing plant by adding a 4-megawatt Grid Tie Solar System (5-megawatt peak) and a 2-megawatt/6-megawatt-hour Battery Energy Storage System (BESS). Zoom out: During Phase 2 of the project, there will be additional expansion of solar and battery energy systems, creating the potential to supply excess energy back to the power grid. Mobility inDrive now licensed for ride-hailing in Kenya Image source: inDrive inDrive, an online ride-hailing application, has obtained the necessary licences to operate within Kenya. At a time when drivers from taxi companies like Uber and Bolt are advocating for increased fares and improved commissions, inDrive is entering the mobility market, giving riders and passengers a fare deal. What inDrive does differently: inDrive gives its customers power to bargain and accept the prices they can afford. It also allows drivers to accept, counter, or decline offers without facing penalties or charges. inDrive charges the drivers a maximum of 9.99% of the total cost, excluding any applicable value added tax (VAT). This fee is inDrive’s service charge for connecting the driver to the customer/rider. Zoom out: Based in Carlifonia, inDrive has gained global popularity, with over 150 million downloads, positioning itself as the second most downloaded mobility app worldwide. Legislation SA’s identification bill a recipe for disaster, says think tank South African think tank Free Market Foundation has warned that the proposed Identification Bill could result in privacy breaches and poses a threat to South Africans’ right to privacy. The South African parliament intends to repeal the Identification Act of 1997 and has published a draft National Identification Registration Bill to replace it. Image source: Giphy More on the new bill: Through the bill, the recording of identification information of everyone living in South Africa, whether temporarily or permanently, will be done on a “secure and efficient digital system”. The protection of data is assured, according to the bill, as is the privacy of personal information of individuals and the protection of national security interests, to ensure the official identification of individuals, prevent identity fraud and avert fraudulent transactions. The Free Market Foundation, however, has warned that the draft legislation poses a threat to South Africans’ right to privacy. Zoom out: If South Africa’s cybersecurity record is anything to go by, then there is reason to be concerned about possible breaches of data. Over the last year, several companies in the country, including Shoprite, Showmax, and even government departments, have been hit by data breaches. Refer TC Daily and win great prizes Refer TC Daily and win great prizes. Not only do you get rewarded for your referrals, but you also automatically earn an entry into the grand prize draw at the end of the month. And what’s the grand prize, you ask? 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