How to print JAMB 2024 mock exam slip
If you registered for the 2024 UTME and you also opted in for the optional mock examination, starting tomorrow, February 27th, 2024, you can print your mock notification slip to ensure a smooth experience on exam day. To print your JAMB mock slip, follow these simple steps: 1. Visit the official JAMB website Head over to jamb.gov.ng to access the necessary tools for printing your mock exam slip. 2. Navigate to the mock exam slip printing page Once on the website, locate the section for printing mock examination slips. You’ll find it via the menu icon on the top of the homepage. When you click the menu, scroll down, then you’ll find your next prompt right there. Better still, you can directly access the JAMB mock slip printing page through this link: https://slipsprinting.jamb.gov.ng/printmockexaminationslip 3. Enter required details Input the required information such as your JAMB registration number or email address used during registration. Ensure the details are accurate to avoid any issues with accessing your slip. 4. Verify and print JAMB mock exam slip After entering the necessary information, you should get your slip displayed to you. Afterwards, double-check to ensure accuracy. Once verified, proceed to virtually print your JAMB mock exam slip. You can then connect your PC or phone to a printer to get a hard copy of the document. If you encounter any error messages while trying to download, don’t panic. It could be due to the large number of candidates accessing the portal simultaneously. In such cases, try again later or during off-peak hours, like midnight, when the traffic is lower. 5. Visit a JAMB-approved CBT Centre If you encounter any difficulties printing your slip online, you can visit any JAMB-approved Computer-Based Test (CBT) centre. They will assist you in printing your mock exam slip hassle-free. Final thoughts on how to print your JAMB mock exam slip 2024 Remember, it’s essential to print your JAMB mock slip to know your exam venue, date, and time. This ensures you arrive well-prepared and on time for your mock examination. Don’t forget, the examination date remains March 7, 2024. So endeavour to print your mock exam slip at your earliest convenience.
Read MoreOjirehPrime becomes Pryme, seeks European banking licence
Nigerian fintech company OjirehPrime has changed its name to Pryme to expand to Europe, Central Asia, and the United Kingdom. The company said it has started applications to secure a European banking licence allowing it to reach the 12 million Africans (5.8 million are Nigerians) who live in Europe. Founded in 2018, Pryme provides digital banking services with access to loans and savings. Edoka Idoko, founder and CEO of the company, claimed Pryme now has 1 million downloads, with 250,000 month active users growing at 20% month-on-month. He also claimed the company processes N30 billion transactions monthly and $1.5 million annual recurring revenue. In 2023, Idoko said Pryme processed N330 billion transactions across 980,987 transaction counts. The CEO notes that from the beginning it was obvious that OjirehPrime was a mouth full, but it decided to retain the name until it was time to move to the next phase of the playbook. “Pryme has always been part of our plans and originally it’s supposed to be Prime but we needed that touch of creativity hence the introduction of ‘y’,” Idoko said. Pryme will also expand its product offering to include lending, insurance, and upgrading its bill payment offering. In July 2023, the company said it was in the market to raise $21 million in Series B funding, a big jump from the $1.2 million the company has raised since it was founded. Beyond the European market, Pryme said it has a long-term plan for the Asian market, precisely Uzbekistan. “Uzbekistan has a fast-growing tech environment, government support for the sector, and its market handshake with other economies,” Idoko said.
Read MoreIs Nigeria putting the cart before the horse with its AI ambitions?
In October 2023, two months after taking office, Bosun Tijani, Nigeria’s minister of communications, innovation, and digital economy, spoke about his strategic roadmap in an interview. One key takeaway from the eight-minute-long conversation was Nigeria’s bold dream for artificial intelligence (AI): “We want Nigeria to be one of the leading countries in AI in the world.” Tijani’s argument was simple: Nigeria must participate in developing the emerging technology to solve the nation’s problems. The minister discussed plans to create a comprehensive national AI strategy for Nigeria, following the footsteps of other African countries such as Tunisia, Mauritius, and Egypt. But Nigeria’s AI ambitions rubbed some Nigerians the wrong way and the pushback has been more than what Tijani envisaged. The criticism revolved around one point: Nigeria must address fundamental issues such as reliable electricity, food security, and poverty. To critics, pushing an AI agenda without fixing the basics puts the cart before the horse. In a nation that’s already struggling to tackle inflation and poverty, many consider the conversations around AI to be misplaced and premature. Yet it could be argued that Nigeria has made impressive technological progress despite these problems. Nigeria’s telecommunications revolution happened in 2001 when internet penetration was less than one percent. A similar argument can be made for the growth of Nigeria’s tech ecosystem, which led to the rise of homegrown multimillion-dollar startups. Nigeria is still far behind in the AI race compared to the rest of the world and Africa. Tunisia released its national AI strategy in 2019, while Nigeria has yet to develop one fully. “AI development is happening around the world in real-time. If Nigeria does not take its place, it will be left with the crumbs,” said Kehinde Olateru, CEO and Co-Founder of Zero Complex AI, a B2B technology startup, arguing that the development of AI will force rapid development in other areas. According to experts, if properly utilised, AI could optimise agriculture, improve healthcare delivery, and tackle security challenges – issues deeply intertwined with the very basics critics emphasise. AI’s uses in agriculture include pest and disease detection, harvesting and sorting, livestock management, and supply chain optimization, according to this TechCabal article, uses of AI in agriculture. In Senegal, there has been research into how combining algorithms with Internet of Things (IoT) detectors can develop sustainable automated irrigation systems. Africa’s AI market is projected to reach $6.9 billion in 2024, with widespread application across various sectors. There are concerns that focusing on AI would divert resources from crucial areas, but data suggests otherwise. Nigeria doesn’t have a mature AI ecosystem yet. In October 2023, Nigeria’s tech regulator, the National Information Technology Development Agency (NITDA) unveiled an AI research scheme to provide grants to startups and researchers. According to a new study on the state of AI in Africa, much work still has to be done in expanding computing facilities and data infrastructure. “Of the top 500 most powerful commercially available computer systems known to us, only one is located in Africa – in Morocco,” the report notes. If anything, balancing such lofty AI ambitions with immediate needs will require careful consideration. “Both can coexist. While we solve infrastructure challenges, we can build our capacity in AI,” Victor Famubode, an AI policy researcher told TechCabal. “It is not one or the other.”
Read MoreNigerian forex traders in hiding one week after nationwide EFCC raid
Following policy changes targeting Bureau de Change operators last week, operators and currency traders are staying away from street trading, three operators told TechCabal on Monday morning. At least two operators cited a fear of being arrested by officials of the Economic and Financial Crimes Commission (EFCC). The EFCC arrested over 100 currency traders in Lagos last week, according to a Nigerian publication, as FX volatility worsened. “A lot of BDC agents have been hiding since last week in fear of being arrested,” a trader at Masha, a spot where clusters of BDC operators could usually be found, told TechCabal. Abbas, another BDC operator who operates at Tejuosho, a shopping complex in Lagos, and a popular spot for currency traders, said he now operates from his office, instead of the open market where he used to make direct contact with new customers. In May 2023, Nigeria’s Central bank relaxed FX controls, hoping for stability and a harmonisation of rates. What happened instead was a steep fall in the value of the Naira, which the government is desperate to fix. The arrest of BDC operators is only the latest in a series of unorthodox policies. “[The CBN] believes that they are manipulating the market,” a person familiar with the CBN’s operations told TechCabal over a call. In the short term, the government and its supporters are hailing the short-term stability, with rates cooling to around ₦1500/$1 on Monday morning, down from ₦1800/$1 quoted on Friday, according to quotes from two currency traders. Nigerian authorities blocked access to the websites of crypto companies last week and also pegged rates on Binance, a global crypto exchange. The prevailing thinking on the government’s side is that speculators are taking advantage of the situation to artificially inflate prices, but many experts disagree, pointing out an absence of liquidity as the real cause of the problems. A source close to the CBN asserted to TechCabal that the change in the market, albeit positive, will only be temporary unless the apex bank makes systemic changes that will solve the liquidity problem. He shared optimism about some of the plans the apex bank has proposed to sustainably fix the problem. “The CBN may start funding Bureau de Change operators that have up-to-date records of their transactions. They may also increase interest rates and consequently encourage foreign investment into the country and reduce the demand for the dollar.” It has led to some short-term stability. This follows reports that the Central Bank of Nigeria, in collaboration with the National Security Adviser, raised task forces in the police force and the EFCC to raid and arrest speculators who the CBN says are engaging in illicit activities that are depreciating the naira.
Read MoreOne year after shutdown Botswana e-commerce startup Ponatshego owes customers $25,000
Botswana e-commerce startup Ponatshego still owes customers P350,000 (~$25K) for undelivered goods, one year after the startup shut down because of financial constraints. “It has been excuse after excuse from the cofounders, and it’s painful because that was a lot of money,” said one customer who paid P7,000 (~$505) for a gaming console in January 2023. Motshidisi Ngaiti, Ponatshego’s co-founder, told one customer he was trying to sell his car to settle the customer’s refunds following the liquidation of the business, according to messages seen by TechCabal. Another customer who paid P13,000 (~$940) for a laptop that was never delivered only received a refund of P4,000 (~$290) in July 2022. “They have not been taking my calls ever since then, and it’s like they have completely disappeared,” the person said. “I paid 50% of the company’s total debt, which was about P350,000 in total, comprising customer refunds and other debts,” Ngaiti told TechCabal, adding that the founders agreed to settle Ponatshego’s outstanding debts relative to their shareholding. Ngaiti also claimed he settled part of his business partner, William Whittle’s share of the debt. But Whittle refuted those claims. “I admit that some customers are yet to get refunds, and a process is currently underway to make sure that they get paid,” Whittle said. He declined to provide a timeline for the repayments. Founded in 2020, Ponatshego’s business model comprised shipping high-end goods to consumers who ordered through its online platform. The platform also had a marketplace for local brands to list their products. In May 2021, the startup raised a P250,000 (~$18,000) seed capital round from the Angel Network of Botswana (ANB). The company aimed to expand its business model to SADC countries, but its collapse and the debt left in its wake have left a bad taste in the mouths of customers. “I tried reporting the case to the relevant regulators, but I have given up now, “ one customer told TechCabal. “They have tainted local e-commerce platforms for me.”
Read MoreOlajumoke Adenowo joins Flutterwave’s board as fintech giant pursues international expansion
Flutterwave, Africa’s most valuable startup, has named Nigerian architect Olajumoke Adenowo as a member of its global board of directors, as part of the company’s efforts to drive its international expansion strategy. Adenowo, who is Flutterwave’s first independent non-executive board member, is expected to contribute to its goal of solidifying its pan-African and global positioning, the company said in a statement on Monday. With a successful career in architecture spanning over 35 years, CNN described her as “Africa’s Starchitect.” “Olajumoke’s insights and strategic vision will be invaluable assets as we continue to pioneer innovative solutions and drive impactful change across Africa and beyond,” Olugbenga GB Agboola, CEO and Founder of Flutterwave, said of the appointment. Adenowo hopes to draw on her “personal paradigm” and “global exposure” to bolster the company’s “mission of bridging Africa with the world’s markets.” She leads a large portfolio of local and international projects at the architectural firm AD Consulting. She became the first African and First black architect published by Rizzoli, thanks to her latest book, “Neo Heritage: Defining Contemporary African Architecture.” She was recognized as the 2020 Forbes Woman African Entrepreneur of the Year Award. Flutterwave, widely believed to be considering an Initial Public Offering (IPO) on the NASDAQ, remains bullish on international expansion. The fintech giant recently expanded into India, signing an agreement to offer its remittance product to Asia’s second-biggest economy. Since its founding in 2016, Flutterwave has rapidly expanded and now has a presence in about 30 African countries. In December 2023, the company named five new executives across its risk, compliance, and expansion departments one month after Oneal Bhambani, its former CFO, abruptly left the company. Flutterwave recently secured a court order to recover $24 million lost to unauthorized POS transactions.
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👨🏿🚀TechCabal Daily – Uber eyes Moove
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning Legend has it that if you open the spice cabinet of any well-meaning, chronically online Nigerian, you’re sure to find bottles of soy and oyster sauces. And even though soy sauces are traditionally used in East Asian cuisines, they’ve slowly influenced Nigerian plates…and food content creators are to blame thank. In the first edition of our latest vertical, The Algorithm, we take you behind the scenes on how these creators have spent the past four years redefining the taste palettes of Nigerians. In today’s edition Uber eyes Moove with $100 million investment Nigeria limits cash use for FX payments Nigeria compenates customers of shuttered MFBs FATF grey lists Kenya for the first time in 10 years Cell C is set to pay its $15 million debt The World Wide Web3 Job openings Investments Uber eyes Moove with $100 million investment It feels like it was just last week we wrote to you about Nigerian fintech Moove raising $10 million to expand further into India. Now, the company is mooving fast with an investment that could be worth 10x its last raise—and ⅓ of its total raise so far! The news: Ride-hailing giant Uber is exploring a potential investment of up to $100 million in the Nigerian fintech which specialises in vehicle financing for drivers in the gig economy. This moove, if finalised, would significantly boost Moove’s valuation to $750 million, further solidifying its position as a major player in Africa’s burgeoning tech scene. The potential investment, according to Bloomberg, is still currently under discussion, but it underscores Uber’s growing interest in deepening its presence in Africa’s booming ride-hailing market. In 2022, the platform recorded its 1 billionth-ride milestone on the continent. While the company has invested in over 40 companies globally, its potential investment in Moove could mark its first in Africa. Access payments with Moniepoint You don’t have to take our word for it. Give it a shot like he did Click here to experience fast and reliable personal banking with Moniepoint. Economy Nigeria limits cash use for FX payments Cash is no longer king in the Nigerian forex market. In its latest attempt to save the naira from further depreciation against the greenback, Nigeria’s apex bank has set a $500 limit on the purchase and sales of the dollar by cash. What this means is that if you want to buy or sell foreign currency exceeding $500 through a Bureau De Change (BDC) operator in Nigeria, you’ll need to use digital payment methods like bank transfers or online platforms. The new rule bars BDCs across the country from dealing with cash transactions above $500 for the purchase or sales of foreign currency. The move is the latest in the cards of methods used by the apex bank in curtailing the naira’s depreciation. While the CBN has implemented various regulations for BDCs in the past, this particular approach is a novel and untested method. This month, the CBN also introduced new tiers of licences for BDC operators in the country, increasing their share capital to ₦2 billion ($1.3 billion) and ₦500 million ($340 million) for Tier 1 and Tier 2 licenses respectively, way up from ₦35 million(~$24 million) previously charged for a general license. In addition to barring BDCs from engaging in street trading, the CBN also compelled a mandatory source of funds disclosure for individuals selling $10,000 or more to BDCs. Compared to international practices, some might argue that the CBN’s limitation on cash transactions for foreign currency exchange is uncommon. While many many countries regulate BDCs and money laundering activities, switching to digital transactions at a $500 cap limit is brow-raising. The blame game: The Nigerian government continues in its search for ways to bring the naira back on track. If Twitter chatter is to be believed, one of the ways it plans to do this is by cutting off BDCs whom the government has often blamed for its ailing currency and black market disparity. Regulation Nigeria compenates customers of shuttered MFBs In May of last year, Nigeria’s Central Bank (CBN) revoked the licences of 132 microfinance banks. The reasons the apex bank cited included inactivity, insolvency, failing to render returns, and a host of other stuff. For the thousands of Nigerian customers across these apps, this meant they lost access to every single dime locked tightly in the MFBs. Our reporting has now uncovered a new fact: the Nigerian Deposit Insurance Corporation (NDIC), the Nigerian agency that protects deposit banks, stepped in to offer some relief to the customers of the affected microfinance banks. Here’s what you need to know: As per notices released in May and August 2023, depositors with proof of claims can receive up to ₦200,000 ($242 at the time) per account. Customers with larger deposits, however, will have to wait for the NDIC to liquidate the banks’ assets and distribute the remaining funds as “liquidation dividends.” While banks like Eyowo Microfinance Bank have been applying to get their licences back, Eyowo restored interbank transfers througha partnership with Providus Bank in June 2023. This offered a glimmer of hope for its customers to gain access to their funds, but not for long, as the app became inaccessible weeks later. It’s going to take a while: As compensation efforts continue, the fate of many banks hangs in the balance. While the NDIC is exploring alternatives like shareholder investment, success isn’t guaranteed. Liquidation looms for most affected banks, and while Nigerian corporate laws require that liquidation be completed in 12 months, the same Act also allows the process to exceed the given time as long as the public is notified. Secure payment gateway for your business Fincra’s payment gateway enables you to easily collect Naira payments as a business; you can collect payments in minutes through bank transfers, cards, virtual accounts and mobile money. Create a free account and start collecting NGN payments with Fincra. Economy FATF grey lists
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Food creators are redefining the palate of Nigerians
One afternoon in 2018, Tosin Samuel, popularly known as TSpices, posted a step-by-step photo recipe for vegetable soup (Efo Riro) on Instagram. She had no idea that the single decision would forever change her social media experience and, consequently, her life. In a matter of hours, DMs and notifications poured in, with hundreds of people leaving messages and comments about how useful and amazing the food and recipe were. In three days, the number of followers she had on the app climbed from 100 to 5,000. TSpices, whose demeanour is cheerful and bright, continued posting food recipes, photos and then videos, growing her audience. She’s now one of the most followed food creators in the country, with about 1.1 million combined followers on Instagram, Twitter and TikTok. Not everytime you go out to eat How to make a simple 15 minutes Chinese stir fry for valentine Quick & Easy! pic.twitter.com/uBJaJU20wm — Tspices Kitchen (@Tspiceskitchen) February 13, 2024 If you’re active on social media, you probably already know that Nigerians are one of the biggest content consumers on the internet. According to this report by the World Economic Forum, Nigerians spend the longest time per day on social media, with the average user logged in for four hours —two hours more than the global average of two hours and twenty-seven minutes. Fareedah, a social media food creator, was diagnosed with an ulcer in 2019. This came with dietary restrictions, so she had to make a lot of adjustments to her diet. After signing up for an online nutrition class, Fareedah decided to make efforts to create healthy meals for herself, despite not being great at cooking. She started sharing food content on her Instagram, and soon began to receive a lot of comments about how good and healthy they looked. In no time, Fareedah built a community of about 14,000 followers on the app that revolved around healthy home-cooked meals. Her followers consist mainly of young people who are committed to eating well whilst exploring more ways to be creative with food. “People started to ask me for recipes and were recreating my meals,” she shared with TechCabal over a call. “It became some sort of accountability group for people who wanted to commit to eating more healthy foods.” Making a salad Making a smoothie Fareedah’s food One of Fareedah’s recipes Culinary schools in Nigeria typically cost upwards of ₦50,000, which is almost twice the minimum wage. This means that the most efficient way to learn how to make a great amuse-bouche is via the Internet. For Nigerians, it makes better sense to learn to cook from other Nigerians, as there are certain cultural nuances that these creators have. For example, Omuah Bello, a 27-year-old stylist who likes to cook, didn’t understand why she and her family didn’t enjoy the creamy pasta that she prepared. She tried different recipes from different creators on Instagram and YouTube until she eventually found one customized for the Nigerian palate by former Nigerian chef, Chef Obubu. This recipe had a lot less cream and a lot more seasoning, which made more sense to the Nigerian palate. While TSpices started with local Nigerian dishes, she has since moved and now incorporates food from different cultures around the world, which her audience loves. According to her, one of the most noteworthy things is that she makes these meals more accessible to the average Nigerian in terms of ingredients used and processes. When she started, one of the biggest challenges for her was her location. Residing in a small city like Lokoja means that she doesn’t have access to certain ingredients that can only be found in large stores. She had to make good use of the ingredients she had available at the time or use substitutes for some parts of the recipes, and so far, it has worked for her. TSpices’ ability to adapt and create alternatives with locally available ingredients resonates with the belief that everyone, regardless of location or resources, can embark on a flavorful culinary journey. “One of the biggest misconceptions is that certain foods are too fancy and people can’t prepare them [at home],” she told TechCabal. “If certain ingredients or tools are too difficult to source here, I find alternatives that work just as well for my audience, so they know that you can cook these nice meals from anywhere.” Food content on social media blew up in 2020 during the Covid-19 pandemic. Millions of people worldwide who were constrained to their homes started cooking to pass the time or spark joy, with nearly all of their favourite food spots closed down. Since then, food has become one of the most popular content categories on social media. Sharing videos, pictures and recipes of food has become a growing trend on social media, with the food hashtag on Instagram having about 519 million posts. On TikTok, #food has amassed over 555 billion views. The fusion of technology, creativity, and a genuine passion for food has democratized culinary knowledge. Juliet, a social media vendor, has learned to cook a lot of meals from Instagram. Before coming across a recipe on TSpice’s page, she only ate her white rice the Nigerian way; with stew. Now, she makes a mean stir-fry sauce, which she got right on her first attempt and is now one of her favourite things to eat. Since then, she has been able to replicate a wide variety of the foods and drinks she’s seen online. She now runs an online food business in her city, where she sells various meals ranging from stir-fry sauces to ramen noodles — all of which she learned to prepare from Instagram. According to her, the popularity of Asian mukbangs on TikTok, which are videos of people eating large quantities of food, typically Asian food, has helped her business. Influence and consumption have now become indistinguishable from each other, and the culinary revolution has spilled over into real-life dining experiences. Kizito, a chef at an Abuja restaurant, shared
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New tips and tricks to get more Blooks on Blooket 2024
One of the most exciting aspects of the Blooket educational platform is the different blook types, the adorable characters that add a fun twist to your learning experience. Here’s an article on discovering and understanding the fascinating world of blooks. Understanding Blooks rarities When you enter a Blooket game, you’ll have the opportunity to choose a blook, your virtual companion for the game. But before you make your selection, let’s take a closer look at the different rarities and blook types available: 1. Common Blooks These are the default blook types that everyone has access to. They feature various animals such as dogs, cats, sheep, owls, and more. Since they are freely available to all users. Any blook classified as common cannot be sold. 2. Uncommon Blooks Any blook here can be sold for $5 in Blooket. They include a wide array of characters from themed boxes like Medieval, Wonderland, Breakfast, Space, and more. Look out for unique creatures like elves, witches, astronauts, and pandas among others. 3. Rare Blooks With a value of $20 in Blooket, any blook in this category is highly sought after for their distinctiveness. From jesters and dragons to pufferfish and lemurs, a blook from this class adds an extra layer of excitement to your gaming experience. 4. Epic Blooks A blook in the epic category can be sold for $75, making them highly desirable. Keep an eye out for unicorns, spaceships, and French toasts among other captivating characters. 5. Legendary Blooks Legendary blooks are equally rare and valuable, fetching $75 in Blooket. With characters like mega bots and megalodon sharks, any blook that falls into this category is defined spectacular and unique. 6. Chroma Blooks The rarest of them all, chroma blooks are incredibly hard to obtain but fetch a whopping $300 when sold. From rainbow pandas to haunted pumpkins, these blooks are the crown jewels of any collection. Building your Blooks collection Now that you’re familiar with the different blook types and their rarities, it’s time to start building your collection. Here’s how you can acquire new blook(s): 1. Buying themed boxes Themed boxes contain a selection of blook(s) based on specific categories such as Medieval, Wonderland, Breakfast, and more. Each box offers a chance to randomly obtain one of the blooks it contains, so choose wisely and expand your collection. 2. Marketplace If you’re looking for a specific blook, you can visit the marketplace where users buy and sell blook(s). Keep an eye out for rare and legendary ones that might catch your interest. Exploring your stats and customization options As you journey through Blooket, take a moment to check your stats and explore customization options: 1. Stats Overview Your stats provide insights into your gaming journey, including the number of games played, tokens earned, and players defeated. Keep track of your progress and celebrate your achievements. 2. Class Pass Dive deeper into customization with the Class Pass feature, which allows you to create your own blooks. With a wide range of customization options available, unleash your creativity and design unique blooks that reflect your personality. Final thoughts With its diverse range of blook types and customization options, Blooket offers a captivating gaming experience that combines learning and fun. Whether you’re collecting rare blooks or customizing your own, there’s always something new to explore in the world of Blooket.
Read More₦200,000 deposit payout for customers of shuttered microfinance banks began in May 2023
The Nigerian Deposit Insurance Corporation (NDIC) has compensated some customers of 132 microfinance banks whose operating licences were revoked by Nigeria’s Central Bank in May 2023. According to two NDIC notices dated May and August 2023, customers of the affected banks will receive a maximum payment of ₦200,000 upon proof that they held deposits. The Central Bank revoked the licences of those banks for being “inactive, insolvent, failing to render returns, closing shop, or not providing the type of banking services for which they were licensed for more than six months.” The apex bank did not provide specific reasons for each affected bank. Two of the most prominent banks affected by the CBN action are Eyowo Microfinance Bank, backed by the fintech Softcom, and Purple Microfinance Bank. “Some of the banks believe the CBN wrongfully revoked their license and have been trying to make a case to regain their license, albeit under a different name,” said an NDIC agent who asked not to be named as he was not authorised to speak on the matter. Eyowo has repeatedly said it is engaging the CBN to regain its licence and resume operations. In June 2023, it entered into a short-lived partnership with Providus Bank, which allowed some customers access to their money. At least two customers said they were initially able to withdraw their funds from Eyowo after the Providus partnership, but the app became inaccessible weeks later. “Every microfinance bank affected by the revocation is undergoing this NDIC process, which is part of the CBN/NDIC procedure to either wind down fully revoked banks or reinstate successful applicants like us,” a highly-placed person at Eyowo said. Customers with bigger deposits need to wait it out The situation could be a little more complex for customers who had more than ₦200,000—the maximum the NDIC will pay— in their accounts. In some cases, the affected banks are engaging customers and reassuring them of the work being done to ensure they access their deposits. If the banks cannot make good on their promise, the customers will still have recourse to the NDIC. The government-backed insurer will assess the banks’ assets that lost their licenses and sell whatever it can. It will also recover their loans and sell whatever investments those banks have. “After liquidating the entity, the NDIC will pay depositors with more than ₦200,000 part or all of their remainder deposits as a “liquidation dividend.” While some banks are applying to get their licences back, there’s a real risk that they may be unsuccessful. The NDIC may eventually liquidate the bank’s assets to pay their depositors if they fail to convince the central bank that they are healthy institutions. “Liquidation is often the last resort,” an NDIC official who asked to speak anonymously told TechCabal. “After assessing the bank’s assets, we often try other measures, such as asking the shareholders to pump money into the bank.” In cases where that yields no response, the NDIC often tries to negotiate a takeover by another bank or get someone else to run the bank until things have stabilized.
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