Access HoldCo in final stages of regulatory approval to acquire ARM Pensions
Access HoldCo, the parent company of Access Bank, Nigeria’s largest lender by assets, is in the final stages of receiving regulatory approval from the Nigerian Stock Exchange (NGX) and the Nigerian Pension Commission to acquire ARM Pensions, Nigeria’s second-largest independent pension fund manager with over $2 billion of pension assets under management (AUM), a person with first-hand knowledge of the deal said. When fully approved, Access HoldCo plans to integrate ARM Pensions with its existing pension business, positioning itself as a dominant player in the $34.9 billion pension market, potentially challenging Stanbic IBTC for the top spot. Access HoldCo, originally a Pension custodian, bought Sigma Pension and First Guarantee Pension last year and merged them into Access Pension. Two regulatory bodies are scrutinizing the deal, looking out for financial stability and pensioner protection. While the NGX will assess the proposed acquisition through the lens of its listing rules and issuer guidelines, PenCom’s primary objective will be the interests of ARM Pensions’ contributors and beneficiaries, one pension fund manager who asked not to be named said. The planned acquisition has not been without its share of drama, with one publication reporting the deal as completed on Wednesday evening. Social media conversations also swirled around the acquisition, putting Access HoldCo, a publicly listed company, at risk of hefty fines from regulators, one bank executive claimed. It sent Access HoldCo into overdrive, with the company’s board holding two separate meetings on Thursday, one person in those meetings told TechCabal. ARM also held a company-wide meeting on Thursday to inform about the potential acquisition, one person in that meeting said while declining to share specifics. Founded in 2005, ARM Pensions offers a comprehensive range of pension products and services to both individuals and corporate clients. Its strong brand reputation and expertise in investment management have made it a trusted partner for millions of Nigerians saving for their retirement.
Read More👨🏿🚀TechCabal Daily – Mafab to launch 5G later this year
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية TGIF What are you doing later today? We’re going to be launching our comprehensive roundup of funding, acquisitions, and significant developments in Africa’s tech ecosystem for Q4, 2023. Join Moses Kemibaro, Nadayar Enegesi, and Ory Okolloh as they discuss The State of Tech Report for Q4 2023 by 11 AM (WAT) today. Want to attend? Click this link to register. In today’s edition Mafab to launch 5G later this year Nigerian agencies to spend $9.6 million on software Sama’s head is in the clouds Netflix records $8.8 billion in revenue Funding tracker The World Wide Web3 Events Telecom Nigeria has a new telco on the horizon Nigeria’s 5G scene has seen its fair share of interest with big telecoms like Airtel or MTN snapping up licences two years ago. One interesting bit, though, is that both telecoms will soon find themselves competing with a newcomer: Mafab Communications. Nigeria’s telecom regulator has announced that Mafab plans to launch its services later this year, which would increase the total number of telecom players to five, with three telecoms—MTN, Mafab and Airtel—offering 5G services. In December 2021, Mafab secured a 5G licence with a $273.6 million bid. Now, the Lagos-based telecom is set to launch 5G services across Nigeria, with about 30 cities currently boasting such coverage in the country. Unlike counterparts like MTN known for infrastructure sharing with IHS Towers, Mafab chose to build its network from the ground up, which required navigating regulatory hurdles like securing a Universal Access Service License (UASL) licence—an operational licence for the 5G spectrum, which cost ₦374.6 million ($415,521). Having secured the UASL licence in July 2022, Mafab now faces the task of investing billions to build its network infrastructure. Failed market entry attempts: After missing the August 24, 2022 deadline set by Nigeria’s telecom regulator to roll out the network across the country, the telco was granted a five-month extension to begin its own roll-out. However, there have been inconsistencies. Despite targeting six cities—Lagos, Abuja, Port Harcourt, Enugu, Kano, and Kaduna—for initial deployment, its 2023 launch in Abuja and Lagos, which was also an unveiling event of its new logo and brand name, Mcom, lacked concrete product demonstrations and a definitive launch date. The recent push to sell 5G routers before a confirmed network launch also raised questions about their readiness to hit the ground running. Zoom out: For MTN, who won the auction for the 3.5GHz 5G spectrum alongside Mafab, the telco became the first to roll out 5G in Nigeria and is now present in 13 cities and over 700 sites in Nigeria. Access payments with Moniepoint Moniepoint has made it simple for your business to access payments while providing access to credit and other business tools. Open an account today here. Public Sector Nigeria government agencies to spend $9.6 million on software Two key government agencies in Nigeria will spend a combined sum of ₦8.7 billion ($9.6 million) on software this year. The Nigeria Deposit Insurance Corporation (NDIC)—the body responsible for safeguarding your bank deposits—and the Federal Inland Revenue Service (FIRS), Nigeria’s tax office will spend ₦5.2 billion ($5.7 million) and ₦3.5 billion ($3.5 million) respectively on software it needs to run this year. The price isn’t right: While the price tag might have you howling, Nigeria has a long history of spending huge sums on software. Last year, it forked out ₦105.25 billion ($116 million) for BVAS Biometric tablets, the tech that allowed for voter verification during its last elections. One report revealed that the tablets were overpriced and surpassed market estimates by 30.4%. While the need for robust software for these agencies is undeniably evident, it still requires scrutiny as Nigerian agencies haven’t always gotten the tech right. The Nigerian government also approved ₦2.8 billion ($3.1 million) for digital census software for its 2023 census which it has postponed on multiple occasions. Several of the country’s agency websites are either inoperable or clunky. More spends: The National Pension Commission (NPC) and the Federal Competition and Consumer Protection Commission (FCCPC), have also budgeted ₦384 million ($498,000) and ₦255 million ($287,000) respectively for software acquisition this year. That’s a total of ₦9.3 billion ($10.4 million) across four agencies. Secure payment gateway for your business Fincra payment gateway enables you to easily collect Naira payments as a business; you can collect payments in minutes through cards, bank transfers and PayAttitude. Create a free account and start collecting NGN payments with Fincra. Cloud computing Sama activates multi-cloud integration in Kenya In 2023, Sama started the year with its head stuck in a cloud of lawsuits between its former content moderators and Meta. The company, which had ended its content moderation partnership with Meta, had to fire over 230 employees with whom it’s now locked in a court battle. This year, though, Sama’s head is in a different type of cloud. The platform which preps datasets for AI training, ensuring models meet high accuracy standards, now connects to three cloud storage providers: AWS, Google Cloud, and Microsoft Azure. Customers can now keep their data on their preferred cloud and Sama can still access it securely, train their models faster and more efficiently. What’s more, the new integration has rolled out in Kenya. With multi-cloud integrations, customer onboarding time reduces to one day, expediting the entire process by up to seven times. High cloud bills are a concern: Remember the Twiga Foods saga in Kenya? Where Twiga owed Incentro, a Google cloud reseller $261,000 in unpaid invoices. High data transfer charges and complex integrations can quickly burn through budgets. With Sama’s multi-cloud integration, your data stays on your chosen cloud platform (AWS, Google Cloud, or Microsoft Azure), potentially lowering data transfer and development expenses. Zoom out: In Kenya, the activation is supported by Safaricom Fiber Optic connectivity links, which enable the download and upload speeds required for Machine Learning models to operate well. Introducing Transfers to bank accounts in Ghana Paystack merchants
Read MoreNigeria’s telecom industry to see new operator “sometime this year”
The Nigerian telecoms industry should expect to see a new telecom operator sometime this year, the executive vice chairman of the Nigerian Communications Commission (NCC) said last week after Mafab Communications, a little-known telco company shared its launch plans with the commission. In December 2021, Mafab was one of two companies to win a 5G licence at an auction with a bid of $273.6 million, beating out Airtel Nigeria, one of the country’s top telecom operators. The company has now confirmed it will build its infrastructure from scratch rather than acquire or lease from existing players. But first, it will need to sort out some regulatory issues. “Mafab does not currently have a Universal Access Sẹrvice License (UASL), which is the operational license for the 5G spectrum, and will need to pay a ₦374.6 million fee,” said Rotimi Akapa, Partner and Head of Telecommunications, Media, and Technology, Advocaat Law Practice. “The UASL license will allow them to provide all telecommunications services such as 2G, 3G or any other technology,” added Akapa. Introduced in 2005, UASL covers services such as fixed telephony, wired or wireless; digital mobile (GSM) services; international gateway services; national long-distance services; and regional long-distance services. The NCC could not confirm if Mafab had applied for a UASL at the time of this report. Beyond this licence, building out its infrastructure will cost billions of dollars. “I am not sure such funding is presently available locally even if the banks were to be interested,” said Mr. Akapa. Mafab did not respond to TechCabal’s request for comments at the time of this report. Mafab stumbles on road to market Mafab has attempted to go to market a few times. In January 2023, it held a launch event in Abuja and Lagos and told those in attendance that it planned to deploy its service in “a few months.” There was no product demonstration at that event. In December 2023, it began pushing out messages on its social media channels encouraging potential subscribers to buy its 5G routers at ₦50,000. On its website, the ‘Get Mcom 5G’ and ‘View Coverage Area’ pages open to a form where users are asked to fill in their recharge request. Mafab’s entry into the market coincides with revenue pressures in the telecom industry caused by inflation and currency devaluation. Mafab’s entry would increase the number of players in the telecom market to five and those providing 5G services to three. The biggest winners will be consumers, who would have more network options to select from and possibly innovations from operators. Additionally, it would need significant resources to procure experienced and skilled manpower. There is also the matter of ensuring a sustainable power generation capacity to run Mafab’s operations. Like every industry in the country, electricity makes up a sizable chunk of telcos’ costs. While it is expected that Mafab will outsource its tower needs to one of the operators, it will still shoulder a growing expense driven mainly by energy costs. “The good thing is that there are several options open to them: they can opt to pay for the equipment and software required, enter into build operate and transfer arrangements, Turnkey arrangements or even revenue share arrangements,” Akapa said. Gbenga Adebayo, President of the Association of Licenced Telecommunication Organisation of Nigeria (ALTON), however, said the market is eagerly waiting for the launch of Mafab as more competition is needed to improve the quality of service, which will benefit the consumers. Two people who know say, Mafab is backed by wealthy local investors with deep political roots in the country.
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👨🏿🚀TechCabal Daily – Nigeria’s fraud-fighting faction
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy salary day It’s the day many people get paid only to find out that inflation has beaten the competition out of their salaries. Nigeria’s, for example, reached a 27-year high at 28.92% last month. And how will the country solve inflation? CBN governor Yemi Cardoso might have some ideas on how to score some good wins, but he’s keeping mum so far. At the NESG Event yesterday, Cardoso estimated that Nigeria’s headline inflation will moderate in 2024 to around 21%, adding fuel to reports that the bank will raise interest rates next month. While that is neither here nor there, what’s clear though, is today’s newsletter. Let’s go. In today’s edition Selar has built a $4 million business Nigerian financial institutions forge fraud-fighting faction OPay to block non-compliant accounts by March 1 Cova shuts down AltSchool launches in Kenya The World Wide Web3 Events Startups How Selar grew a $4 million creator platform with 21 employees In December, creator platform Selar ended the year by showing its creators some love. Designers, writers, and marketers across Nigeria received customised boxes with notes that advertised its newest product, Show Love. The simple campaign, according to chief marketing officer Milton Tutu, drove over 2,000 creators to use the platform within weeks. It’s a new year, and the platform has shared its 2023 numbers: over 150,000 creators made ₦4 billion ($4 million) in sales. How? From the get-go, Selar listened intently to creators’ needs. The platform, which was founded in 2016 by Douglas Kendyson, had a focus on addressing the needs of creators looking to sell digital products. Per Kendyson, it took four years of constant customer feedback and cold-calling creators to perfect the product. Success on a lean team: 2023 was a year where global creator platforms crumbled, with funding down by 58%. But Selar more than scaled through, doubling its 2022 numbers with a lean team. Kendyson shared some unusual cost-saving measures used at Selar, such as not providing custom email addresses for everyone, emphasising their commitment to efficiency. The startup’s revenue model—a 4%-6% commission on product sales, a subscription-based SaaS model, and earnings from a foreign exchange spread—is also proving to be sustainable. The platform’s growth, however, has a lot more interesting lessons. Read about it here. Access payments with Moniepoint Moniepoint has made it simple for your business to access payments while providing access to credit and other business tools. Open an account today here. Cybersecurity Nigerian banks and fintechs unite against fraud Last year, a number of Nigerian fintechs came together to collaborate in their fight against fraud. Codenamed “Operation Radar,” the idea was to create a united front and share information and data on bad actors. But save for its very cool name, Project Radar didn’t seem to do much and now financial institutions are back to the drawing board. They’re hoping another attempt at collaboration will work its magic. Everyone is running at a loss: This time, the banks are also looking for regulatory approval to launch their fraud-fighting mission. According to an insider, a presentation to the Central Bank is due by the end of Q1 2024. A recent report shows that deposit banks alone lost a staggering ₦9.75 billion ($10.8 million) in Q2 2023, a 276% increase compared to the same period in 2022, with Bureau de Change operators and banking agents emerging as key vulnerabilities, often serving as fraudsters’ cash-out channels. The Central Bank isn’t sitting idle: The CBN has been actively seeking solutions, mandating the establishment of fraud desks in financial institutions since 2015. Individual measures such as linking Tier-1 bank accounts to the Bank Verification Number (BVN) or National Identity Number (NIN) have been commended and also frowned upon, as industry experts argue that these measures haven’t stopped the bleeding. This time, things might be different. The new solution proposed by Nigerian banks and fintechs will see all financial institutions held accountable, including fintechs who are often blamed for lax security. Secure payment gateway for your business Fincra payment gateway enables you to easily collect Naira payments as a business; you can collect payments in minutes through cards, bank transfers and PayAttitude. Create a free account and start collecting NGN payments with Fincra. Regulation OPay to block non-compliant accounts by March 1 Starting March 1, 2024, OPay says it will block accounts that are non-compliant with Nigeria’s KYC regulations. Why? The Central Bank of Nigeria, last year, instructed that all tier 1 bank accounts—the lowest tier of a bank account—be linked with the NIN and BVN over concerns about increasing fraud cases. OPay has been under intense scrutiny over its porous KYC verification system. In October last year, Fidelity Bank, a Nigerian commercial bank blocked transfers to OPay and other neobanks over concerns that their lax KYC processes contributed to increased fraud cases. New reforms: The fintech has taken measured steps to restore the loopholes in its system. New customers will be required to link their BVN and NIN upon opening of accounts. The fintech also said it is working on perfecting its porous facial verification system which has long been explored by bad actors to impersonate people and commit fraud. The company faced scrutiny last year when users, who had registered for its vertical services such as ORide or OFood, reported unauthorised opening of bank accounts in their names. The twist: Although OPay seems to be addressing KYC methods and app security, some users assert that malicious actors are still attempting to infiltrate OPay’s system, evident in a viral video where a customer alleges impersonation and unauthorised opening of 10 business accounts in her name. Whether these incidents predate the fintech’s crackdown on such activities or are recent remains to be clarified. Introducing Transfers to bank accounts in Ghana Paystack merchants in Ghana can now send single and bulk transfers to Ghanaian bank accounts from the Paystack Dashboard and via API. Learn more → Shutdowns Wealthtech
Read MoreChange JAMB details like name, DOB, email, and more 2024
Ensuring that your personal information is accurate on your Joint Admissions and Matriculation Board (JAMB) profile is crucial for a smooth registration process. In this guide, we’ll walk you through the peculiarities involved to change or update your name, number, email, and date of birth (DOB) for JAMB in 2024. 1. Correcting JAMB name details If you need to make minor spelling corrections to your name, such as changing “Mari” to “Mary” or “Danel” to “Daniel,” you can do so without much hassle. This is a straightforward process during JAMB registration. Simply raise a ticket via the JAMB support centre online or visit an accredited JAMB registration CBT centre to get it done. Please note that you cannot change a name completely or significantly alter a name. For example, you can’t change from Daniel to Damola or Magdalene to Mary. Also, you cannot add or delete a name you have already registered your JAMB with. So you can’t go from Tunde Olubori John to Tunde Olubori. Similarly, you cannot go from John Okafor to John Nnamdi Okafor. 2. Change of name procedure for 2022 JAMB candidates and below For those who wrote JAMB from 2022 downwards and need to change their name, an indemnity form must be filled out, submitted to the institution, and sent back to JAMB. It’s a crucial step to ensure that the name change is reflected accurately in the JAMB records. 3. Important note on name changes Even if you obtain a court affidavit and change your name with NIMC after writing JAMB, it’s essential to understand that JAMB will not automatically update your name. Your change of name may be valid, but the records with JAMB will remain unchanged. 4. Changing date of birth Changing the date of birth is usually not allowed either. However, in error evident cases, it is allowed and a change of date of birth requires a payment of 15,000 Naira at an accredited JAMB CBT registration centre. It’s important to note that this correction must be done first on NIMC before the integration can be possible on JAMB. 5. Bio details and NIMC Before registering for JAMB 2024, it’s highly recommended to update any bio details with the National Identity Management Commission (NIMC). Especially, you are enjoined to ensure your O’level or A’level names tally with your NIN details before you register for JAMB. This ensures that your information is consistent across platforms and reduces the likelihood of discrepancies during the registration process. 6. Updating emails and phone numbers Once used, emails and phone numbers for JAMB cannot be changed. However, if a mistake has been made, you can raise a ticket to have the profile with incorrect details stepped down. This allows you to start fresh with accurate information. Final thoughts on change of name and other details on JAMB Proactive management of your personal information is key to a seamless JAMB registration process. Follow the outlined steps to ensure that your name, date of birth, and contact details are up to date for JAMB 2024. Also, always ensure to provide accurate and complete details any time you are undertaking any registration. It saves you the hassle of integration elsewhere or issues that may arise due to discrepancies.
Read MoreNigeria’s CBN governor keeps promising to tackle inflation but is light on details
Nigeria’s Central Bank governor, Olayemi Cardoso, expects headline inflation to decline to 21.4% in 2024 as the apex bank prepares for its first rate-setting meeting since July 2023. Cardoso, who spoke at an event on Wednesday, said inflation will moderate “due to the CBN’s inflation-targeting policy.” He made a similar statement in December 2023, although the CBN’s strategy remains unclear. Decreasing inflation in 2024 would significantly impact businesses, provide “a more predictable cost environment,” and lead to “lower policy rates,” said Cardoso. He also argued this would stimulate investment, fuel growth, and create job opportunities. The CBN is expected to raise interest rates at its next Monetary Policy Committee (MPC) meeting on February 26-27, 2024, even as headline inflation soared all through 2023 to a 27-year high of 28.9%, driven by food inflation. Under the acting CBN governor, Folashodun Shonubi, the bank raised interest rates twice. However, the new CBN governor took office last September and took a different approach, failing to call a rate-setting meeting in four months. His silence and lack of urgency has worried analysts and investors, particularly as the naira trades at some of its lowest levels amid a dollar shortage. Cardoso made his first policy speech as CBN governor last November at a gathering of bankers in Lagos, where he said monetary transmission mechanisms had rendered the rate meetings “largely ineffective.” Nigeria is expected to experience moderate inflationary pressures this year, the Nigerian Economic Summit Group (NESG), a think tank, said in its 2024 macroeconomic outlook. The report projects the country’s inflation rate to average 21.5% in 2024 compared with the estimated average of 24.5% in the previous year. This slowdown will be driven “by lower deficit monetisation structural, relative exchange rate stability and other heightened monetary measures by the Central Bank,” the report said.
Read MoreGreen light for crypto in SA? 50 applications shortlisted for first-ever licenses
South Africa’s crypto regulator has stated that 50 license applications have been referred to the licensing committee for review, with the decision on their status to be announced in “a few weeks.” South Africa‘s Financial Sector Conductor Authority (FSCA) will issue licences to crypto asset service providers (CASPs) in the next few weeks, and 50 crypto companies are hoping their applications will be approved. Gerhard van Deventer, the head of enforcement at the FSCA, confirmed the timeline in a media engagement on Wednesday morning. While 105 companies applied for the CASP license, only 50 applications were presented to the licensing committee in December. 20 companies also pulled their applications. Many in the crypto space see the move as a sign of an embracing of the technology in the country in the country. “The requirement for licensing is a move in the right direction as it validates the operations of crypto companies,” Christo De Wit, Luno country manager for South Africa, told TechCabal. Evolution of South Africa’s crypto regulatory landscape The earliest step in liberalising South Africa’s crypto regulatory landscape came in November 2018 when the SARB, in conjunction with the FSCA, South African Revenue Services (SARS) and the FIC established the Crypto Assets Regulatory Working Group. Brenton Naicker, currently principal and head of growth at CV VC, was a stakeholder in the working group and according to him, it contributed significantly towards the more friendly regulations. “The working group helped the regulators understand the operations of crypto as well as the risks and rewards associated with it,” Naicker told TechCabal. “Conversely, the regulators also gave crypto service providers an idea of their requirements regulation-wise.” In July 2021, the working group published a position paper [pdf] with recommendations for a revised South African policy, legal, and regulatory position on crypto assets. In August 2022, SARB issued guidelines for how financial institutions including banks could service crypto clients. The apex bank explicitly advised the institutions against refusing to serve crypto clients. “Obtaining reliable banking infrastructure is important for any crypto player and with licenses I think it will get easier, especially for newer players,” Blake Player, head of growth at VALR, told TechCabal. This was followed by the FSCA declaring crypto assets as financial products in October 2022, meaning they would fall within the regulatory jurisdiction of the FSCA which then opened applications for licenses in June 2023. Even startups and companies who aren’t necessarily crypto exchanges but have crypto products laud the move to license CASPs. Fintech startup Stitch, which has so far raised $52 million in funding, recently launched its “Pay with crypto” product. According to Junaid Dadan, co-founder and CEO, the crypto asset service provider license will help in formalising the industry, further driving adoption. “It’s an opportunity to grow the industry because it will open up banking for crypto companies as it will make it clear to banks which entities are legitimate or which ones are not,” Dadan told TechCabal. Cedric Jeannot, CEO of neobank Be Mobile Africa, which also has a pay-with-crypto product offering, concurs that the licensing move will contribute a lot towards growing crypto in the country. “By introducing licensing, the government is pushing for proper regulation which serves the commercial interests of all parties in the ecosystem positively,” concluded Jeannot.
Read MoreHow to raise JAMB ticket for complaints in 2024
The Joint Admissions and Matriculation Board (JAMB) strives to provide a seamless experience for candidates. However, you may encounter and need to solve common JAMB registration issues relating to NIN, profile code, or you may just have concerns regarding the examination. Sometimes you need to raise a ticket through the JAMB support system to address these issues. Here’s a step-by-step guide to help you navigate the process in 2024. Accessing the JAMB support page to raise a ticket To begin, visit the JAMB support page at https://www.jamb.gov.ng/support. On this page, you’ll find various options catering to different stakeholders within the JAMB ecosystem. 1. Development Partners and Center Support Tailored for Development Partners requiring assistance. 2. Professional test centres and registration centres Specific support for professionals involved in the JAMB process. 3. Candidate / General Support Ticket This is the option you should choose as a potential candidate or a past JAMB candidate. 4. Local Support Reserved for Servicom and JAMB staff handling candidate tickets. Initiating a Candidate / General Support Ticket Once you’ve selected the “Candidate / General Support Ticket” option, a pop-up will appear. Answer “YES” to proceed. This action directs you to a new page where you can articulate your complaint or issue. Providing details of your complaint The new page is thoughtfully designed with well-labelled spaces to input the necessary details of your complaint. Whether it’s a technical glitch, registration issue, or any other concern, take advantage of the provided spaces to be clear and concise in describing your problem. Response time frame from JAMB after raising a ticket After submitting your ticket, JAMB commits to responding within 24 hours. This quick turnaround ensures that your concerns are acknowledged and addressed promptly. The efficient response time is part of JAMB’s commitment to providing excellent support to candidates. Final thoughts on how to raise a JAMB ticket Raising a ticket through the JAMB support page is a proactive way to ensure that your concerns are heard and resolved swiftly. As a past candidate, current candidate or potential candidate, take advantage of this streamlined process to make your JAMB experience as smooth as possible in 2024 and beyond.
Read MoreSolving main JAMB issues 2024: NIN, password, profile code, OTP
Sometimes, navigating the JAMB registration can be a hassle, with common issues like password resets, NIN integration problems, and admission status uncertainties. This guide simplifies the process, offering practical solutions to streamline your experience and address these challenges efficiently. 1. Resolving JAMB password reset issues Are you grappling with password reset issues on your JAMB portal? And you aren’t receiving an OTP via your registered mail? Follow these steps to troubleshoot: Send a text with “PASSWORD (space) email address” to 55019 from your registered JAMB phone number. E.g PASSWORD kunleokokmaiko@gmail.com You should receive a default password for your JAMB account. That password should successfully reset your account for continued access. 2. Verifying and syncing JAMB with NIN Encountering a “No record found” message when syncing your JAMB registration with your NIN? That simply means your details can’t be pulled by 55019 because NIMC has not synced your details with JAMB yet. Here’s what you can do: Send your NIN digits alongside your issue to nimc-jamb2024@nimc.gov.ng If the Above does not work, you need to visit NIMC to complain and ensure proper integration of your details or visit a JAMB CBT registration centre to lodge a complaint. 3. JAMB Profile Code issues Not receiving your profile code despite sending the required SMS and waiting ample time? Take these steps: Send “RESEND” to 55109 for a reissue of your profile code. In many instances, you should get it this time. If the issue persists, raise a JAMB complaint ticket or visit an accredited JAMB registration centre. 4. Decoding ‘No Admission’ Status for JAMB DE Waiting for admission but stuck with a “No admission” status? Understand the dynamics: Confirm that your school has verified your results and sent a response to JAMB. Recognize that admission decisions lie with the specific institution, not JAMB. Exercise patience and persistence while awaiting updates on your admission status. Final thoughts ON solving JAMB issues like NIN Understanding the steps to troubleshoot common issues with the JAMB portal can significantly ease the frustrations faced by many students. Whether it’s a password reset, syncing details with NIN, or addressing admission concerns, proactive steps and patience can pave the way for a smoother academic experience.
Read MoreExclusive: Nigerian Banks and fintech join forces to tackle soaring fraud, seek CBN approval
In response to growing fraud incidents that have caused billions in losses, Nigerian banks and fintech companies are in talks for an industry collaboration to fight fraud, one high-ranking executive at a Nigerian bank told TechCabal. The proposed solution from those talks is expected to be presented to the Central Bank of Nigeria for approval by the end of Q1 2024, the same person said. Two fintech founders said they were aware of the conversations but said there’s still some way to go in finding common ground for the banks and fintechs. The industry-wide collaboration will create a solution that holds all financial institutions accountable for fraud, TechCabal learned. Two areas that may receive special focus include Bureau de Change operators and banking agents whom fraudsters usually turn to after successfully withdrawing the stolen funds, said one person close to those discussions. Deposit banks lost ₦9.75 billion to fraud in Q2 2023, a staggering 276% increase compared to the same period in 2022, according to data from the Financial Institutions Training Centre (FITC). The total losses from incidents of fraud amounted to ₦5.79 billion in Q2 2023. The CBN goes hard on fraud As fraud rises, the Central Bank of Nigeria is scrambling for solutions. In 2015, the regulator mandated all deposit money banks, mobile money operators, switches and all payment service providers to establish a fraud desk. The CBN argued that the fraud desk was an effective mechanism for receiving and responding promptly to fraud alerts. The apex bank has also slammed fines on banks and fintech companies found to have relaxed KYC rules. Since October 2023, licenced entities have paid hundreds of millions in fines,” said a fintech founder with first-hand knowledge of the companies which were fined. Some financial industry stakeholders have commended the apex bank for mandating that all Tier-1 bank accounts and wallets for individuals be linked to either the Bank Verification Number (BVN) or National Identity Number (NIN) or both by 1 March 2024. Others have argued that these measures are not enough. Collaboration hasn’t always worked Two banking executives said the CBN’s efforts have not translated into policies that bring circuit breakers into the system and lead to shared responsibility. They also pointed out that banks and fintech companies have attempted to solve the problem collaboratively in the past. A low-trust environment and a preference for building in silos have led to little or no results. There have also been efforts made by CBN, CeBIH, NFIU, and NSA to unite the operators, but the solutions have not been implemented. Financial institutions may continue to solve the problem individually TechCabal reported last year that Fidelity blocked Opay and other neobanks to mitigate exposure from fraud. Complaints from customers over the opening of accounts in their names without their consent also caused a stir. For the banks, one of the concerns is that when fraud is committed and it involves a fintech, it is impossible to get a refund. On the other hand, banks tend to make refunds to avoid public embarrassment and a loss of reputation. Ironically, even Nigeria’s big banks have also been accused of lax KYC and compliance measures. Last year, MTN Nigeria sued 18 banks after their customers received money from a breach of MoMo, the telco’s mobile money service. “Whenever fraudulent money enters your bank, money that is not consistent with a particular customer’s behaviour, the receiving bank will be the one to pause the check and not allow them to withdraw the money,” said one banking industry leader. A solution stakeholders recommend is to have a layered system where older customers with proven identities and a history of transactions get instant value while customers who have just opened their accounts or been around for less than a year get delayed value. The new customers would be allowed to see their money but cannot withdraw it until after a couple of hours or even a day. The delay gives the customer who has been defrauded enough time to make a complaint and for action to be taken by the third party or recipient bank.
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