How Huawei became Nigeria’s biggest telecoms vendor and enterprise business
When Huawei launched in Nigeria in 1999, two years before its telecommunications revolution, very few people could have predicted it would become the country’s biggest telecoms vendor and build one of the country’s biggest enterprise business. In 1999, it entered a market with other big-name players like the Chinese multinational ZTE, Nokia, the Finnish giant, and Sweden-based Ericsson. These companies original equipment manufacturers (OEMs) doubled as infrastructure and service providers to telecom companies like MTN and Airtel. ZTE, for instance, was instrumental in building MTN Nigeria’s 2G and 3G networks. While ZTE and Ericsson have trimmed their operations in the last two decades, Huawei has been on the ascendancy, expanding its carrier and enterprise business. Today, its offerings include networking equipment like routers, firewalls, switches, servers, and storage devices; it provides data centre solutions and cloud services and deploys applications like mobile wallets for its customers. Huawei’s success in Nigeria is down to a mix of its pricing strategy and a bold decision to provide end-to-end solutions to customers in a market where its competitors often choose specialisation. “While IBM and Dell are synonymous with storage, and Cisco focuses on networking and security, Huawei provides everything by competing in both the carrier and enterprise businesses,” an industry insider with knowledge of Huawei’s business told TechCabal. Huawei declined to comment on any part of this story. A roll-call of ambitious projects Huwaei has sold servers and storage solutions for top Nigerian banks like UBA, Zenith, Access, and Fidelity. Other traditional banks Huawei serves include Keystone, First Bank, Unity Bank, UBA, and FCMB. In May 2023, a fire at Zenith Bank’s primary data center caused a service downtime, and attempts to switch to its disaster recovery center also failed, two people told TechCabal. That incident is thought to have convinced Zenith—a tier-1 bank with a market capitalisation of ₦1.1 Trillion—to sign a $10 million deal with Huawei for a storage solution, two people with direct knowledge of the deal said. Chinese-backed Huawei has secured other significant deals in Nigeria. Galaxy Backbone, a government-owned internet IT shared services provider, is one of its biggest clients. Huawei is building two data centers for Galaxy, said one person familiar with the project. Those data centers are part of a broader project called the National Information and Communication Technology Infrastructure Backbone (NICTIB). The first phase of the controversial project was completed in 2018 and the second phase—valued at $328 million—was also contracted to the Chinese company. Huawei has handled projects for the Lagos state government, the Nigerian Ports Authority (NPA), the Central Bank of Nigeria (CBN), Nigeria National Petroleum Corporation (NNPC), and Ikeja Electric. It was also a Technical Partner for the Nigeria Customs Modernisation Project in 2022. Before Huawei, there was Ericsson Ericsson was the market leader among mobile telecommunications vendors in Nigeria since 2009, said one person familiar with the company. The Swedish company’s biggest clients were MTN and Airtel. At the time, Nokia and Alcatel had already lost significant market share and were beating a retreat, according to two people with industry knowledge. But things began to change in 2014 as Huawei began its march to dominance by poaching several Ericsson employees. It then went after its Swedish competitor’s clients next. Huawei had a model: ‘You can use our equipment now, you don’t have to pay right away,’ said an ex-Ericsson employee. “Very quickly, they were able to win over a lot of the market share that Ericsson had. It was very easy for mobile telecommunication companies to swap out Ericsson to save costs.” Unlike Ericsson which only catered to telcos, Huawei had bigger ambitions. Jack of all trades Handling managed services is one of the most lucrative businesses in the telecommunication industry. Not only do OEMs get paid for maintenance, but they can also propose solutions to operators that involve buying more services or equipment. Huawei benefitted greatly from this. Huawei’s primary strategy is to sell one solution to a client and then ensure it upsells all its other inventory, according to a person familiar with the company’s thinking. “Huawei likes to position itself as the solution for every client,” the person said. Huawei currently offers managed services to Galaxy, Lagos State government on the enterprise side, according to a person familiar with the company. On the telco side, its clients include MTN and Airtel. It has also built data centres for Zenith Bank, MTN, Seplat Petroleum, and the Lagos state government, according to one person with direct knowledge of the deals. In 2020, MTN launched a Tier III data center built by Huawei. In 2021, Cloud Exchange, a system integrator IT company, launched Africa’s first uptime institute tier IV modular prefabricated data center in collaboration with Huawei. Huawei also offers cloud services. Opay, the Chinese fintech, runs on Huawei’s cloud architecture, a person with direct knowledge of the matter said. The cloud business is now a separate business entity, the person added. Huawei’s government playbook Huawei entered the government and enterprise business in 2015. The shift to enterprise was strategic, considering Nigeria’s place as the company’s most important African market. “We expect it [Nigeria] to remain the number-one global market for enterprise business,” Frank Li, Huawei Nigeria’s Managing Director at the time, said in a 2018 interview. The company secured an office in Abuja, the nation’s capital, the seat of the federal government, hoping to build a stronger relationship with the government. That move has generated results. Huawei now handles major contracts for the Nigerian government and in 2023, the company was awarded the National Productivity Merit Award by the Nigerian government. By August 2004—barely five years into the market, Huawei had invested more than $10 million into its Nigerian training center. By 2018, the figure had risen to $76 million. In December 2023, it launched a scholarship program in partnership with the Ministry of Communications, innovation, and digital economy. The company also invests in training employees and prioritises knowledge transfer. Yet, Huawei’s success story in Nigeria is not without controversy.
Read MoreFlutterwave shuts down Barter as it refocuses on enterprise and remittance business
Flutterwave, Africa’s biggest startup, is shutting down Barter, a virtual card service it launched in 2017, as it focuses on its enterprise and remittance business segments. The fintech told customers to withdraw their money in the app over the past month. “The decision to sunset Barter was based on a comprehensive analysis of market trends and evolving customer needs,” the fintech shared in a mail with TechCabal. Flutterwave is doubling down on proven winners by focusing on remittance and enterprise. In October, the fintech told TechCabal enterprise services was its biggest revenue driver. In comparison, Barter only accounted for about 1% of the company’s $2 billion-worth transactions, one of the company’s cofounders told Quartz Africa in 2018. “While retail remains important to us, our immediate focus is optimizing services for businesses and remittance solutions,” the company said. Meanwhile, Flutterwave’s remittance products, Send and Swap, aim to capture a significant market share in Africa’s $54 billion remittance market. It is unclear how much progress both products have made. Read also: Flutterwave’s new product Swap wants to solve Nigeria’s FX problems Barter is a storied product. When it launched in 2017, it was one of the first tech startups to offer Nigerians the ability to make international payments. “Barter will leverage on Flutterwave’s virtual card API and platform to allow users create an unlimited number of virtual dollar cards for single or repeat transactions,” said a TechCabal Daily announcing its launch in March 2017. But the product has seen its share of troubles. In 2022, Barter was unavailable for weeks because of “an update from the company’s card partner.”That partner was Union54, the Zambian card issuer that got hit with a $1.2 billion chargeback fraud attempt. Customers also complained about downtime issues with the platform and card rejections by merchants, including Netflix, Facebook, PayPal and Apple Music. Read also: Flutterwave appoints Olajumoke Adenowo as board member as fintech giant pursues international expansion Exclusive: Flutterwave’s biggest revenue driver in 2023 is its enterprise segment
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👨🏿🚀TechCabal Daily – How Eyowo’s pivot to fintech stumbled
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية TGIF Happy International Women’s Day! To celebrate #InternationalWomensDay, TechCabal brings you three female founders from Bamboo, SendStack, and SHOP F.A.W.L. They will be speaking on building startups in Africa, revenue being the cheapest form of funding, their thoughts on AI automation, and their hopes for the future. Catch them on our YouTube channel! In today’s edition How Eyowo’s pivot to fintech stumbled MTN recovers $7.8 million of stolen funds TowerCo secures new funds for Ugandan network expansion Nigeria releases guidelines for digital asset operators Funding tracker The World Wide Web3 Job openings Fintech How Eyowo’s pivot to fintech stumbled Depending on who you ask, Softcom was the dream place to work. The software agency had great perks for employees—including work retreats to Dubai and SA—and lucrative contracts from clients like Coca-Cola, MTN, and the Nigerian government. In 2021, the company stopped building software for its client and took an ambitious turn to produce a fintech giant in Eyowo. Everyone loved Eyowo. Early users also gushed about the product. Ex-employees believed they could change the world. However, five years down the road, salary delays, service outages, and ultimately, a revoked licence, meant that this bet failed. How did such a promising product with its sights on becoming a fintech giant run into problems? Dig Deeper here 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. Telecom MTN Nigeria recovers $7.85 million of the $14 million lost to MoMo glitch In June 2022, MTN Nigeria, the Nigerian arm of one of Africa’s largest telecom companies, disclosed a ₦22.3 billion ($14 million) mobile money fraud that involved 18 Nigerian banks on its mobile money platform— MTN MoMo. The fraud happened due to a glitch on the platform, one week after its launch in May 2022. Despite MTN’s ₦16 billion ($10 million) investment in MoMo, its 2022 financial report revealed that MoMo incurred a loss of ₦10.5 billion ($6.5 million) due to the glitch. The news: MTN has successfully recovered ₦12.5 billion ( $7.85 million) of the funds lost during the glitch in its mobile money service. However, the remaining balance of ₦9.5 billion ($5.97 million) will be absorbed by MTN Nigeria under a shared services cost agreement between the telecom company and its MoMo service. How has this loss affected MoMo’s service? As at June 2023—one year after its launch— the service was reportedly still seeking adoption by Nigerians. MTN Nigeria’s CEO, Toriola, noted slower-than-anticipated business development. Regulatory approval delays and challenges with NIN requirements hindered MoMo’s growth. However, Toriola expressed satisfaction with MoMo PSB wallet base, which has increased from 3.3 million monthly active users to 5.3 million, supported by 326,000 MoMo agents and 324,000 merchants. Meanwhile, MTN Nigeria has also swallowed its first loss in three years. The telecom reported a loss after tax of ₦137.0 billion ($86 million) in 2023 compared to profits of ₦348.7 billion ($218.9 million) in 2022, after a naira devaluation and rising cost of doing business ate into its margins. Investments TowerCo Uganda secures $40 million to expand network coverage in Uganda In July 2023, Ubuntu Towers Uganda rebranded into TowerCo of Africa Uganda after TowerCo of Africa (TOA)—a tower infrastructure company—acquired a 90% stake in Ubuntu Towers. Already managing a network of towers spanning 360 locations, with most utilising hybrid energy solutions, TowerCo is keen on adding more sites in a few years. Fueled by a $40 million investment, TowerCo Uganda wants to expand its reach by constructing 506 new towers in underserved areas in Uganda. The project aims to expand mobile network coverage in Uganda from 65% to 95%, reaching remote areas currently lacking access, and will enable rural communities to access 4G and 5G data services. The investment: The European Investment Bank, in partnership with ACP Trust Fund, will provide $16 million, and $12 million each will come from the Development Bank of Austria (OeEB) and the Belgian Investment Company for Developing Countries (BIO) over the next 10 years. Multiple mobile operators will share the towers and a significant portion will be solar-powered for sustainable development. The tower construction is expected to create 2,000 jobs and be completed within the next two years. TOA also operates in Madagascar, the Democratic Republic of Congo (DRC) and Tanzania. Zoom out: In other African countries like Zambia, following their announcement of digital centres for free internet access, the Zambian government plans to construct 60 new 4G mobile towers specifically targeting remote areas. No hidden fees or charges with Fincra Collect payments via Bank Transfer, Cards, Virtual Account & Mobile Money with Fincra’s secure payment gateway. What’s more? You get to save money for your business when you use Fincra. Start now. Crypto Nigeria releases guidelines for Digital Asset Operators Last year, Nigeria’s Security Exchange Commission (SEC) began processing the application of digital exchanges on its capital market, a move to attract the country’s young digitally-savvy population. The commission’s head of securities and licence investment at the time said it was going to register tokenized assets backed by equity, debt, and real estate. Now, as the NGX inches closer to including digital assets in the capital markets, it has released new guardrails to mitigate risks associated with the asset class. The news: Yesterday, the commission released new regulations aimed at licensing and registering new digital and virtual asset service provider (VASPs) entrants to the capital market. The regulations, aimed at reducing the participation of bad actors from trading in the capital market, packs a punch with three separate guidelines, including Countering the Financing of Terrorism (CFT), Anti-Money Laundering (AML), and Countering Proliferation Financing (CPF) onboarding manual. The new regulation is another litmus test for Nigeria’s crypto landscape which has seen Binance discontinue providing naira services in the country after the government blamed it for currency speculation and remanded two of its
Read MoreRecord funding in women-led healthtech startups sets agenda for founders
Women-led healthtech companies in Africa saw a significant bump in funding from investors in 2023, according to a new report by Salient Advisory. Rwandan-based startup Kasha, Kenya’s Maisha Meds, and Egypt-based startups Dawi Clinics and Chefaa cumulatively raised $52 million across 33 deals, and were responsible for a 2,000% increase in funding to women-led companies in Africa’s healthtech industry. According to Jessica Vermon, CEO of Maisha Meds, her company’s funding came from solving problems with a business model that’s different from competitors. “We’re meeting people where they first go to get care: at private drug shops, pharmacies, and clinics. And we’re using technology to make those places more digital, efficient, and accessible,” Vermon told TechCabal. In 2022, women-led companies in healthcare were only able to raise $2 million across 26 deals representing 1.4% of all healthtech funding. The report from Salient Advisory noted that Kasha’s $21 million Series B funding was the largest investment ever made in a woman-led health tech company in Africa. Additionally, funding to mixed-gender founding teams rose to 21% in 2023 from 10% in 2022. The funding in these companies follows what the Salient Advisory report described as an impressive year for the general healthtech space, which received $167 million in 2023. While the general healthtech funding was 2% lower than what investors deployed in 2022, it was better than the broader African tech ecosystem, which saw a 39% funding decline. Women-led startups in Africa have, over the years, been largely overlooked by venture capital and private equity investors. But 2023 was a relatively good year for gender financing. Women-led startups raised just above $200 million, a +7% positive growth on a year-on-year basis, data from Africa: The Big Deal showed. The 2,000% funding growth is the first time the gender financing gap in health tech startups —and the ecosystem in general— is narrowing. The funding accounted for 31% of the total investment in health tech companies in 2023. Investors in Maisha Meds and most of the other women-led companies include global development institutions such as USAID and the Bill & Melinda Gates Foundation. Funding from these institutions is mostly grants. Maisha Meds raised $5.25 million in scale-up stage 3 funding from USAID Development Innovation Ventures (DIV). Stage 3 grants are DIV’s highest level of funding awarded to innovators who have demonstrated the ability to scale up their proven solutions to critical challenges. Grants from institutions like the Bill & Melinda Gates Foundation, MSD, Cencora, Microsoft, and Chemonics have contributed to setting up women-led companies in health tech and the space in general. The report noted that over half (52%) of the 145 deals for African healthtech innovators in 2023 were grants indicating the important role that grants play in bridging funding gaps for early-stage healthtech innovators. This stands out as the largest source of grant funding on the continent. However, the total ticket size of grants was only 7% of the funding raised, with the average being $168,000. Equity funding in comparison, accounted for 91% of funding raised, with an average ticket size of $3.2 million. Experts say there are still barriers women founders or CEOs face in accessing private equity or venture capital funding. These barriers are not necessarily from investors’ bias against female founders or CEOs, but they could stem from these women prioritising things like family over their business, hence they don’t show up enough for investors to see them, according to Ibijoke Faborode, founder of Africa Female Founders Collective (AFFC). AFFC which launched in February is planning a programme in 2024 that helps women founders or CEOs create more time for their startups and meet more investors who are interested in investing in their sectors. The goal is to help these startups focus on building the innovations that make them attractive to investors and also address problems in society. Vermon pointed out that the specific women-led startups that were funded in the DIV round are those that are innovating on unique models for healthcare delivery, including a major emphasis on the last mile and underserved populations. Amaan Khalfan, CEO of Goodlife Pharmacy, East Africa’s largest private retail pharmacy chain, said investors would largely fund a business that has good record keeping and can position itself in a way that identifies the opportunities in the health tech space. Jenne Nwoke, founder of Clafiya, a digital health platform that has raised $610,000 to date mainly from venture capital, said women-led startups are not raising much from VCs because there is little intentionality behind funding women-led businesses. According to Nwoke, it would help if more VC funds were run by women entrepreneurs. However, she notes that women need to be more open in sharing funding opportunities. “For the next funding cycle, I’m going to be more intentional with the investors I want, i.e. finding investors who understand health, consumerism, and finance in Africa or in general,” she said.
Read MoreHow Eyowo’s bid to become a fintech giant hit the rocks
Eyowo had big dreams of becoming a fintech giant, and for a while, that dream was within reach. Softcom, a popular Nigerian startup founded in 2017, was once considered the dream workplace. The software development agency threw colourful end-of-year parties and flew employees to South Africa and Dubai on work retreats. It felt like the example of a modern Silicon Valley startup. Initially a B2B company, it had prominent clients like Coca-Cola, MTN, and the Nigerian government. However, in 2019, it shifted its focus from its client-side business to building consumer-facing products. That strategic shift resulted in Eyowo, one of Nigeria’s earliest digital banks. Hailed by many former employees as a game-changer, Eyowo scored an early win as the platform of choice for Tradermoni, a controversial collateral-free government loan to two million small business owners in 2019. Five years after that big win, Sofcom’s fortunes turned, with three rounds of layoffs, persistent delays in salary payment, and a revocation of Eyowo’s banking licence in 2023. Without a banking licence, Eyowo, with its promise of “making life better for everyone,” began scrambling to secure a banking partnership so its customers could get their deposits. While that involved many missed timelines, many customers began accessing their funds this week. Eyowo’s cofounders declined to comment on any part of this story. Four ex-Softcom employees blamed Eyowo’s troubles on a lack of experience in core banking and the company’s inability to change its strategic thinking to become consumer-facing. A glitchy goodbye for Eyowo “Eyowo’s licence revocation could have been avoided if the startup had hired professionals to handle regulatory compliance,” one person with knowledge of the business said. The same person claimed the CBN visited Eyowo to start a conversation and give recommendations months before the licence was withdrawn. TechCabal was unable to verify these claims independently. “It was a great product, but it was hard to keep up with the disappointments,” another ex-employee shared. One such disappointment was that the company’s founders, Yomi Adedeji and Omoseinde Olubayo, neglected payment discussions until the last minute. As a result, the startup was cut off from its cloud service provider four times for defaulting on payments, leading to service outages. These outages often sent the marketing team into overdrive. “The frequent disruptions eroded trust,” an ex-employee said. The company’s management and marketing team also had different growth and marketing strategies perspectives. While the founders preferred sponsoring events, the marketing team argued that these events added little value to the company and starved the team of funds for more effective campaigns. In 2021, Eyowo sponsored Marlian Fest, a concert by Nigerian artist Naira Marley and also sponsored Ake Festival, a book and arts festival, one year later. “They were waiting for virality, for that one big moment,” one person said of the management’s marketing approach. Softcom’s golden age “It was like a family, It was churchlike,” one former employee of Softcom’s work culture. Among former employees, the consensus was that the leadership team was supportive. One-on-one check-ins were the norm, and a flat organisational structure contributed to the sense that the company’s leadership was accessible. The company shared some of its yearly profits with employees and sponsored team bonding sessions to Dubai in 2017 and South Africa in 2018. In 2019, Softcom’s best-performing employees were treated to an all-expense-paid Dubai vacation. “We felt like we were going to change the world,” one former employee said. Softcom did change the world with its business solutions. Its enterprise business—which built bespoke websites and applications for top companies—was its cash cow. Through its Useforms app, a software with similar capabilities to Google Forms, the company carried out trade visibility research for MTN. Softcom also made learning management systems for Covenant University, National Open University, and Delta State University. The company also catered to FMCG companies, offering services like the “Eyowo rewards”—a raffle draw system that let customers win cash prizes by dialing customized USSD codes. One employee claims one of those contracts with Coca-Cola was worth ₦850 million *($578,584), and another with Honeywell was worth ₦65 million. TechCabal was unable to independently verify those figures. Softcom’s most lucrative deals were from government contracts, two former employees claimed. It built a website for the Consumer Protection Commission (CPC) and was involved with Npower, a government-backed empowerment scheme to solve youth unemployment. But things changed quickly when the startup lost N-power as a client. The loss of that contract may have convinced Softcom to focus on Eyowo as its next lucrative venture. In 2020 the company began a restructuring process that included a downsizing of its workforce in preparation for Eyowo X, the new and consumer-facing iteration of its fintech app. The complexities of a consumer-focused fintech This shift from being a software maker to a B2C fintech startup required a change in strategy. Softcom’s previous business model required less customer interaction and focus on scaling. But Eyowo operated in a different landscape that demanded frequent customer engagement. But both founders approached Eyowo with the Softcom mindset, leading to a chain of questionable decisions and unrealistic expectations, two persons familiar with the company said. “They should have treated Eyowo as a separate product without shuttering Softcom,” one former employee said. Alongside Eyowo X, it launched three other products: Kwik Sell, an inventory and stock management software, Usepass, an event management and ticketing system, and Useforms, a software with similar capabilities to Google Form. The company began conversations to raise $10 million for all four products in 2021, said sources directly involved. Ultimately, those fundraising conversations were unsuccessful. As Eyowo struggled to raise funds, it was burning through monies it had earned from the Softcom era and it soon ran into cash flow problems. “Former employees only began noticing when there were delays in salary payment in December 2021,” one person said. Towards the end of 2022, the company laid off about 20% of its 200 employees. “They didn’t cut costs early enough,”the same person said. Understanding the cash burn at Eyowo
Read MoreMTN Nigeria recoups ₦12.5 billion lost to mobile money glitch as monthly active users grow
MTN Nigeria, one of Nigeria’s largest telecom providers, has recovered over half of the ₦22 billion it lost when its Mobile Money service suffered a glitch in May 2022. The incident, which occurred one week after the launch of the mobile money service, highlights the scale of fraud in Nigeria’s financial services sector. While ₦12.5 billion ($7.85 million) has been recovered to date, the balance of ₦9.5 billion ($5.97 million) will be absorbed by MTN Nigeria due to a shared services cost agreement between the telco and MoMo service. “MTN Nigeria has fully provided for this amount,” a statement from its 2023 financials said . In Nigeria, MoMo is still gaining adoption, as TechCabal previously reported. “The development of the business has been slower than anticipated,” said Toriola, MTN Nigeria’s CEO, in the 2023 full-year report. Delays in regulatory approvals from the Central Bank and the inability of many prospective customers to meet the NIN requirement for Know Your Customer (KYC) were drawbacks to MoMo’s growth. However, Toriola expressed his satisfaction with the progress in building the MoMo PSB wallet base, and claimed monthly active users increased from 3.3 million in the year to 5.3 million. This growth was supported by 326,000 MoMo agents and 324,000 merchants in its ecosystem. MoMo PSB is optimistic about growing its reach via consumer education and leveraging its distribution network. The fintech hopes to include the provision of cross-border remittances to boost adoption and monetisation. “We will leverage the momentum from Q4 to accelerate the growth of wallets and adoption of services as we expand our merchant ecosystem,” Toriola added.
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Check your JAMB Mock Result for 2024
The anticipated 2024 Joint Admissions and Matriculation Board (JAMB) exams are approaching. Before then, many candidates who sit for the JAMB mock exams on March 7 would like to check their results to gauge their preparedness for the main JAMB exams. If you are one of them, here’s how to check your JAMB mock exam result for 2024 upon release: 1. Visit the JAMB Mock result portal Start by visiting the official JAMB Mock result portal at https://slipsprinting.jamb.gov.ng/CheckUTMEMockResults 2. Input your registration number Once on the portal, you’ll be prompted to input your JAMB registration number. Ensure that you have this number handy as it’s required for verification. 3. Check your JAMB Mock result After entering your registration number, click on the designated button to check your mock result. 4. Review Your UTME Mock result after check Your UTME Mock Result should now appear on the screen. Take note of your scores in each subject area to assess your performance. Final thoughts Remember, the UTME mock result serves as a valuable benchmark to guide your preparation for the main UTME scheduled to commence on April 19th, 2024. So it does not count if you pass or fail the mock exams. The examination that matters is the one starting on the 19th of April. Also, if you encounter a message stating, “You did not sit for Mock Examination” don’t fret. Simply wait for a while and recheck the portal later if you are sure you took the JAMB 2024 mock exams. That is it about how to check your 2024 JAMB mock exam results. On your main exam day in April, do not forget important materials including your JAMB registration/examination slip, a valid government-issued identification and writing materials. These variables will ensure you have no issues accessing the exam hall. Also it is strongly advised not to go to the exam hall with any electronic devices such as phones.
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Latest steps to apply for emergency KCB MPesa loans 2024
If you need quick financial assistance, accessing a loan through M-PESA, particularly the KCB M-PESA service, can be a convenient solution. Here’s a step-by-step guide on how to apply for emergency KCB MPESA loans: 1. Access M-PESA Menu Begin by accessing the M-PESA menu on your mobile phone. This is typically done through the M-PESA app or by dialling *234#. 2. Select Loans & Savings Once in the M-PESA menu, navigate to the “Loans & Savings” option. This will lead you to a list of available loan services. 3. Choose KCB M-PESA From the list of loan services, select “KCB M-PESA.” This will direct you to the KCB M-PESA platform where you can access loans and other financial services. 4. Select Loans on the MPESA Menu Within the KCB M-PESA platform, choose the “Loans” option. This will initiate the loan application process. 5. Request Loan Once you’ve selected the “Loans” option, proceed to request a loan. You may be prompted to input additional information such as loan terms and repayment options. 6. Enter Amount Specify the amount of money you wish to borrow. Ensure that it is within the allowable limit based on your eligibility and the terms of the loan service. 7. Enter M-PESA PIN & Submit After entering the loan amount, you will be required to enter your M-PESA PIN to authenticate the transaction. Once entered, submit the request. 8. Loans Deposit to MPESA account Upon successful submission, the loan amount will be deposited into your KCB M-PESA account. However, to access the funds, you’ll need to transfer the money from your KCB M-PESA account to your M-PESA wallet. 9. Transfer to M-PESA To access the loan funds, initiate a transfer from your KCB M-PESA account to your M-PESA wallet. This transfer is typically free of charge. Final thoughts on how to apply for emergency KCB MPesa loans 2024 These simple steps will help you easily apply for and access a loan through KCB M-PESA via the M-PESA platform, providing a convenient financial solution whenever you need it.
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New ways to link NIN with your major bank account 2024
In compliance with CBN regulatory directives, Nigerian banks have initiated comprehensive measures to facilitate the seamless linkage of customers’ National Identification Number (NIN) and Bank Verification Number (BVN) to their respective bank accounts. This process, essential for regulatory compliance and enhanced security, ensures a smoother banking experience. Here’s a concise guide on how to link your NIN to your bank account, simplifying the process across major Nigerian banks. 1. Link NIN to your GTB account Link your NIN swiftly by dialling *737*20*BVN# from your registered mobile number. Alternatively, access GTBank’s self-service portal on their official website, [www.gtbank.com), to link both your BVN and NIN seamlessly. If you prefer a hands-on approach, visit the nearest GTBank branch for assistance. 2. Link NIN to your United Bank for Africa (UBA) account Engage with Leo, UBA’s virtual assistant, by initiating a conversation with a simple “Hi” message. Follow the prompts to select NIN updates across various messaging platforms like Facebook, WhatsApp, Instagram, and Apple Messages. Alternatively, visit UBA’s official website, www.ubagroup.com and locate the self-service section for a guided process. 3. Link NIN to your Access Bank account Initiate the linkage process by dialling *901*11# from your registered phone number. Follow the on-screen instructions to input your NIN and BVN. Double-check your details and confirm to submit. Alternatively, navigate to Access Bank’s website, particularly the NIN/BVN Linkage section, to complete the process online. 4. Ecobank linkage to NIN Begin by visiting the designated Ecobank customer update portal at https://customerupdate.ecobank.com/ciu/login Provide your account details as prompted. Acknowledge the terms and conditions. Await an OTP, which will be sent to your registered email. Input the OTP and proceed. Select the option for statutory ID or identification update. Upload a scanned copy of your NIN document. Confirm your acceptance and submit the form. 5. Link your Zenith Bank account to NIN Swiftly link your NIN to your Zenith bank account by dialling *966*NIN# and following the prompts. Alternatively, access Zenith Bank’s internet banking platform and navigate to the “Account” section. Choose either “Update Account (NIN)” or “BVN Update” and fill out the required e-form for submission. Final thoughts on linking NIN with bank Diligently following these tailored instructions will help you link your NIN to your accounts across Ecobank, GTbank, Access Bank, Zenith Bank, and United Bank for Africa (UBA).
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👨🏿🚀TechCabal Daily – OpenAI fires back at Elon Musk
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy pre-Friday The argument that Internships are just about fetching coffee or running errands are no longer valid. Today’s internships, especially in tech, have become valuable learning experiences that offer real work value and contribute to career development. Entering Tech,—TechCabal’s newsletter for aspiring tech professionals—dives into using tech internships as a launchpad to success. In today’s edition Inside Verod-Kepple’s vision for African startups CBK licences 19 more digital lenders OpenAI fires back at Musk Ring Capital launches Africa-focused fund The World Wide Web3 Events Funding Inside Verod-Kepple’s vision for African startups As funding levels across the continent return to pre-pandemic levels, growth-stage startups are finding it increasingly difficult to raise funding. Verod-Kepple hopes to change that. The venture capital firm that has backed 11 growth-stage startups in two years with ticket sizes ranging between $1 million and $3 million, The $45 million fund is a successor to Kepple Africa Ventures, the early-stage investment firm that backed over 100 pre-seed and seed startups in three years with cheques worth between $50,000 and $150,000. Now, it has shed the seed-stage investing and speed that Kepple Africa was known for as it looks to increase its portfolio. The fund’s leadership team—Ory Okolloh, Ryosuke Yamawaki, and Satoshi Shinada—are looking to back “market-creating startups”. They also invest in startups that solve friction for businesses and the general public. In an interview with TechCabal, they shared their investment thesis and what they have learned from investing in more than 100 African startups across multiple sectors and countries. Here’s how Verod-Kepple is thinking about investments on the continent. 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. Regulation CBK grants licences to 19 digital lenders Before 2021, operating a digital lending business in Kenya was easy. Registration was all it took, leaving customer data protection and lending practices largely unchecked. This lack of oversight led to a chaotic market with predatory lenders. After defining new regulations in October 2021, the Central Bank of Kenya (CBK) decided to tighten its grip on the digital lending industry in September 2022, and issued a strict 3-day ultimatum to digital lenders to either comply with the new standards or face closure. Digital lenders were required to re-register with the CBK and submit to their oversight. By March 2023, a total of 32 licences had been granted from a pool of over 400 applications. One year later: The CBK has granted licence to 19 more digital lenders, bringing the total number of licenced Digital Credit Providers (DCPs) to 51. The new regulations aim to bring order, in response to issues such as high costs, unethical debt collection practices, and misuse of personal information by unregulated providers. Since March 2022, CBK has received 480 applications from entities seeking licensing as digital credit providers. However, many applicants are still in the process, awaiting the submission of required documentation. Zoom out: Another country taking its digital lending seriously is Nigeria. In August 2022, the Federal Competition and Consumer Protection Commission (FCCPC) implemented a new regulatory framework that requires all digital lenders to obtain a licence and register with the FCCPC before operating within the country. As of April 2023, Nigeria had approved 173 loan companies. AI OpenAI fires back at Elon Musk Last week, we brought you news of Elon Musk suing OpenAI, makers of ChatGPT for towing a for-profit route for the company. Now the fight seems to be heating up. Round two, fight: Musk who invested more than $44 million in OpenAI between 2016 and 2020, claimed the ChatGPT maker had derailed from its founding objectives of making AI free for the use of all. However, new email evidence from OpenAI shows that Musk was in on the for-profit mission. A hypocrite? Yesterday, OpenAI released a blog post detailing an email correspondence in which Musk had agreed with other chief executives at the company to go a for-profit route in 2017. That’s not all. The blog post also claimed that Musk proposed a merger with his startup, Tesla. Before the release of the blog post, Jason Kwon, an executive at OpenAI, sent out a memo that contained a rebuttal to one of Musk’s claims that the company was acting as a subsidiary of Microsoft. “We decide what to research and build, how to run the company, who our products serve, and how to live out our mission,” Jason Kwon, wrote in the Memo. Open AI’s revealing blog post puts Musk as a subject of scrutiny in the legal battle. It remains to be seen whose version of events holds water. No hidden fees or charges with Fincra Collect payments via Bank Transfer, Cards, Virtual Account & Mobile Money with Fincra’s secure payment gateway. What’s more? You get to save money for your business when you use Fincra. Start now. Investment Ring Capital launches Africa-focused fund In June 2023, French VC firm, Ring Capital successfully closed its Ring Mission impact fund—a fund that focuses on early-stage tech ventures in Europe—at €66 million ($71.9 million), exceeding their initial target of €50 million ($54.4 million). Following this achievement, Ring Capital has unveiled its latest venture—Ring Africa, another impact investment fund targeted at French-speaking West Africa. In addition to launching Ring Africa, Ring Capital has bolstered its leadership team with the appointment of Elisabeth Moreno as President of the Board. Moreno previously served as the French Delegate Minister for Gender Equality, Diversity, and Equal Opportunities. Investing in Sustainable Solutions: Ring Africa seeks to address pressing issues like climate change, transition to a formal economy, and improving agricultural productivity. They’ll partner with Mstudio, a startup studio based in Abidjan, to identify and support impactful ventures, with plans to establish a local investment team in the city. Mstudio, a firm with the ambition to build multiple sustainable companies across the francophone region launched
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